Document:

Exhibit
10.5

 

AMENDED
AND RESTAted

 

Seanergy
maritime holdings corporation

2011 EQUITY INCENTIVE PLAN

 

Adopted
on JANUARY 18, 2021

 

ARTICLE I.

General

 

		1.1.	Purpose

 

The Seanergy
Maritime Holdings Corp. 2011 Equity Incentive Plan (the “Plan”) is designed to provide certain Key Persons (as
defined below), whose initiative and efforts are deemed to be important to the successful conduct of the business of Seanergy Maritime
Holdings Corp. (the “Company”), with incentives to (a) enter into and remain in the service of the Company
or its Affiliates (as defined below), (b) acquire a proprietary interest in the success of the Company, (c) maximize
their performance and (d) enhance the long-term performance of the Company.

 

		1.2.	Administration

 

(a)       Administration.
The Plan shall be administered by the Compensation Committee of the Company’s Board of Directors (the “Board”)
or such other committee of the Board as may be designated by the Board to administer the Plan (the “Administrator”);
provided that (i) in the event the Company is subject to Section 16 of the U.S. Securities Exchange Act of 1934,
as amended (the “1934 Act”), the Administrator shall be composed of two or more directors, each of whom is a “Non-Employee
Director” (a “Non-Employee Director”) under Rule 16b-3 (as promulgated and interpreted by the Securities
and Exchange Commission (the “SEC”) under the 1934 Act, or any successor rule or regulation thereto as in effect
from time to time (“Rule 16b-3”)), and (ii) the Administrator shall be composed solely of two or more directors
who are “independent directors” under the rules of any stock exchange on which the Company’s Common Stock (as
defined below) is traded; provided further, however, that, (A) the requirement in the preceding clause (i)
shall apply only when required to exempt an Award intended to qualify for an exemption under the applicable provisions referenced
therein, (B) the requirement in the preceding clause (ii) shall apply only when required pursuant to the applicable rules
of the applicable stock exchange and (C) if at any time the Administrator is not so composed as required by the preceding
provisions of this sentence, that fact will not invalidate any grant made, or action taken, by the Administrator hereunder that
otherwise satisfies the terms of the Plan. Subject to the terms of the Plan and applicable law, and in addition to other express
powers and authorizations conferred on the Administrator by the Plan, the Administrator shall have the full power and authority
to: (1) designate the Persons (as defined below) to receive Awards (as defined below) under the Plan; (2) determine the
types of Awards granted to a participant under the Plan; (3) determine the number of shares to be covered by, or with respect
to which payments, rights or other matters are to be calculated with respect to, Awards; (4) determine the terms and conditions
of any Awards; (5) determine whether, and to what extent, and under what circumstances, Awards may be settled or exercised
in cash, shares, other securities, other Awards or other property, or cancelled, forfeited or suspended, and the methods by which
Awards may be settled, exercised, cancelled, forfeited or suspended; (6) determine whether, to what extent, and under what
circumstances cash, shares, other securities, other Awards, other property and other amounts payable with respect to an Award shall
be deferred, either automatically or at the election of the holder thereof or the Administrator; (7) construe, interpret and
implement the Plan and any Award Agreement (as defined below); (8) prescribe, amend, rescind or waive rules and regulations
relating to the Plan, including rules governing its operation, and appoint such agents as it shall deem appropriate for the proper
administration of the Plan; (9)  correct any defect, supply any omission and reconcile any inconsistency in the Plan or any
Award Agreement; and (10) make any other determination and take any other action that the Administrator deems necessary or
desirable for the administration of the Plan. Unless otherwise expressly provided in the Plan, all designations, determinations,
interpretations and other decisions under or with respect to the Plan or any Award shall be within the sole discretion of the Administrator,
may be made at any time and shall be final, conclusive and binding upon all Persons.

 

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(b)       General
Right of Delegation. Except to the extent prohibited by applicable law, the applicable rules of a stock exchange or any charter,
by-laws or other agreement governing the Administrator, the Administrator may delegate all or any part of its responsibilities
to any Person or Persons selected by it; provided, however, that in no event shall an officer of the Company be delegated
the authority to grant Awards to, or amend Awards held by, the following individuals: (i) individuals who are subject to Section 16
of the 1934 Act, or (ii) officers of the Company (or directors of the Company) to whom authority to grant or amend Awards
has been delegated hereunder; provided, further, that any delegation of administrative authority shall only be permitted
to the extent it is permissible under applicable securities laws (including, without limitation, Rule 16b-3, to the extent
applicable) and the rules of any applicable stock exchange. Any delegation hereunder shall be subject to the restrictions and limits
that the Administrator specifies at the time of such delegation, and the Administrator may at any time rescind the authority so
delegated or appoint a new delegate. At all times, the delegatee appointed under this Section 1.2(b) shall serve in such capacity
at the pleasure of the Administrator.

 

(c)       Indemnification.
No member of the Board, the Administrator or any employee of the Company or an Affiliate (each such Person, a "Covered
Person") shall be liable for any action taken or omitted to be taken or any determination made in good faith with respect
to the Plan or any Award hereunder. Each Covered Person shall be indemnified and held harmless by the Company against and from
(i) any loss, cost, liability or expense (including attorneys' fees) that may be imposed upon or incurred by such Covered
Person in connection with or resulting from any action, suit or proceeding to which such Covered Person may be a party or in which
such Covered Person may be involved by reason of any action taken or omitted to be taken under the Plan or any Award Agreement
and (ii) any and all amounts paid by such Covered Person, with the Company's approval, in settlement thereof, or paid by such Covered
Person in satisfaction of any judgment in any such action, suit or proceeding against such Covered Person; provided that
the Company shall have the right, at its own expense, to assume and defend any such action, suit or proceeding and, once the Company
gives notice of its intent to assume the defense, the Company shall have sole control over such defense with counsel of the Company's
choice. The foregoing right of indemnification shall not be available to a Covered Person to the extent that a court of competent
jurisdiction in a final judgment or other final adjudication, in either case not subject to further appeal, determines that the
acts or omissions of such Covered Person giving rise to the indemnification claim resulted from such Covered Person's bad faith,
fraud or willful criminal act or omission or that such right of indemnification is otherwise prohibited by law or by the Company's
articles of incorporation or by-laws (in each case, as amended and/or restated). The foregoing right of indemnification shall not
be exclusive of any other rights of indemnification to which Covered Persons may be entitled under the Company's articles of incorporation
or by-laws (in each case, as amended and/or restated), as a matter of law, or otherwise, or any other power that the Company may
have to indemnify such Persons or hold them harmless.

 

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(d)       Delegation
of Authority to Senior Officers. The Administrator may, in accordance with and subject to the terms of Section 1.2(b),
delegate, on such terms and conditions as it determines, to one or more senior officers of the Company the authority to make grants
of Awards to employees of the Company and its Subsidiaries (as defined below) (including any such prospective employee) and consultants
of the Company and its Subsidiaries.

 

(e)       Award
Grants. Notwithstanding anything to the contrary contained herein, the Board may, in its sole discretion, at any time and from
time to time, grant Awards to Non-Employee Directors or administer the Plan with respect to such Awards, in which event the Board
shall have all the authority and responsibility granted to the Administrator herein with respect to such Awards. In determining
Awards to be granted under the Plan, the Administrator shall take into account such factors as it deem advisable, which may include
taking into account the Company’s performance, the Award recipient’s performance, and/or the satisfaction of any performance
goals or targets as may established from time to time.

 

		1.3.	Persons Eligible for Awards

 

The Persons eligible
to receive Awards under the Plan are those directors, officers and employees (including any prospective officer or employee) of
the Company and its Subsidiaries and Affiliates and consultants and service providers (including individuals who are employed by
or provide services to any entity that is itself such a consultant or service provider) to the Company and its Subsidiaries and
Affiliates (collectively, “Key Persons”) as the Administrator shall select.

 

		1.4.	Types of Awards

 

Awards may be
made under the Plan in the form of (a) “incentive stock options” that are intended to qualify for special U.S.
federal income tax treatment pursuant to Sections 421 and 422 of the Code (as defined below), as may be amended from time
to time, or pursuant to a successor provision of the Code, and which is so designated in the applicable Award Agreement, (b) non-qualified
stock options (i.e., any stock options granted under the Plan that are not “incentive stock options”), (c) stock
appreciation rights, (d) restricted stock, (e) restricted stock units and (f) unrestricted stock, all as more fully
set forth in the Plan. The term “Award” means any of the foregoing that are granted under the Plan. No incentive stock
option (other than an incentive stock option that may be assumed or issued by the Company in connection with a transaction to which
Section 424(a) of the Code applies) may be granted under the Plan to a Person who is not eligible to receive an incentive
stock option under the Code.

 

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		1.5.	Shares Available for Awards; Adjustments for Changes
in Capitalization

 

(a)       Maximum
Number. Subject to adjustment as provided in Section 1.5(c), the aggregate number of shares of common stock of the Company,
par value $.0001 (“Common Stock”), with respect to which Awards may at any time be granted under the Plan shall
be 4,000,000. The following shares of Common Stock shall again become available for Awards under the Plan: (i) any shares
that are subject to an Award under the Plan and that remain unissued upon the cancellation or termination of such Award for any
reason whatsoever; (ii) any shares of restricted stock forfeited pursuant to the Plan or the applicable Award Agreement; provided
that any dividend equivalent rights with respect to such shares that have not theretofore been directly remitted to the grantee
are also forfeited; and (iii) any shares in respect of which an Award is settled for cash without the delivery of shares to
the grantee. Any shares tendered or withheld to satisfy the grant or exercise price or tax withholding obligation pursuant to any
Award shall again become available to be delivered pursuant to Awards under the Plan.

 

(b)       Source
of Shares. Shares issued pursuant to the Plan may be authorized but unissued Common Stock or treasury shares. The Administrator
may direct that any stock certificate evidencing shares issued pursuant to the Plan shall bear a legend setting forth such restrictions
on transferability as may apply to such shares.

 

(c)       Adjustments.
(i)  In the event that any dividend or other distribution (whether in the form of cash, Company shares, other securities
or other property), stock split, reverse stock split, reorganization, merger, consolidation, split-up, combination, repurchase
or exchange of Company shares or other securities of the Company, issuance of warrants or other rights to purchase Company shares
or other securities of the Company, or other similar corporate transaction or event, other than an Equity Restructuring (as defined
below), affects the Company shares such that an adjustment is determined by the Administrator to be appropriate in order to prevent
dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan or with respect to an
Award, then the Administrator shall, in such manner as it may deem equitable, adjust any or all of the number of shares or other
securities of the Company (or number and kind of other securities or property) with respect to which Awards may be granted under
the Plan, including the maximum number of shares issuable to an individual as set forth in Section 1.5(d).

 

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(ii)       The
Administrator is authorized to make adjustments in the terms and conditions of, and the criteria included in, Awards in recognition
of unusual or nonrecurring events (including the events described in Section 1.5(c)(i) or the occurrence of a Change in Control
(as defined below), other than an Equity Restructuring) affecting the Company, any Affiliate, or the financial statements of the
Company or any Affiliate, or of changes in applicable rules, rulings, regulations or other requirements of any governmental body
or securities exchange, accounting principles or law, whenever the Administrator determines that such adjustments are appropriate
in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan
or with respect to an Award, including providing for (A) adjustment to (1) the number of shares or other securities of
the Company (or number and kind of other securities or property) subject to outstanding Awards or to which outstanding Awards relate
and (2) the Exercise Price (as defined below) with respect to any Award and (B) a substitution or assumption of Awards,
accelerating the exercisability or vesting of, or lapse of restrictions on, Awards, or accelerating the termination of Awards by
providing for a period of time for exercise prior to the occurrence of such event, or, if deemed appropriate or desirable, providing
for a cash payment to the holder of an outstanding Award in consideration for the cancellation of such Award (it being understood
that, in such event, any option or stock appreciation right having a per share Exercise Price equal to, or in excess of, the Fair
Market Value (as defined below) of a share subject to such option or stock appreciation right may be cancelled and terminated without
any payment or consideration therefor); provided, however, that with respect to options and stock appreciation
rights, unless otherwise determined by the Administrator, such adjustment shall be made in accordance with the provisions of Section 424(h)
of the Code.

 

(iii)       In
the event of (A) a dissolution or liquidation of the Company, (B) a sale of all or substantially all the Company’s
assets or (C) a merger, reorganization or consolidation involving the Company or one of its Subsidiaries (as defined below),
the Administrator shall have the power to:

 

(1)  provide
that outstanding options, stock appreciation rights and/or restricted stock units (including any related dividend equivalent right)
shall either continue in effect, be assumed or an equivalent award shall be substituted therefor by the successor corporation or
a parent corporation or subsidiary corporation;

 

(2)  cancel,
effective immediately prior to the occurrence of such event, options, stock appreciation rights and/or restricted stock units (including
each dividend equivalent right related thereto) outstanding immediately prior to such event (whether or not then exercisable) and,
in full consideration of such cancellation, pay to the holder of such Award a cash payment in an amount equal to the excess, if
any, of the Fair Market Value (as of a date specified by the Administrator) of the shares subject to such Award over the aggregate
Exercise Price of such Award (it being understood that, in such event, any option or stock appreciation right having a per share
Exercise Price equal to, or in excess of, the Fair Market Value of a share subject to such option or stock appreciation right may
be cancelled and terminated without any payment or consideration therefor); or

 

(3)  notify
the holder of an option or stock appreciation right in writing or electronically that each option and stock appreciation right
shall be fully vested and exercisable for a period of 30 days from the date of such notice, or such shorter period as the Administrator
may determine to be reasonable, and the option or stock appreciation right shall terminate upon the expiration of such period (which
period shall expire no later than immediately prior to the consummation of the corporate transaction).

 

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(iv)       In
connection with the occurrence of any Equity Restructuring, and notwithstanding anything to the contrary in this Section 1.5(c):

 

(A)       The
number and type of securities or other property subject to each outstanding Award and the Exercise Price or grant price thereof,
if applicable, shall be equitably adjusted; and

 

(B)       The
Administrator shall make such equitable adjustments, if any, as the Administrator may deem appropriate to reflect such Equity Restructuring
with respect to the aggregate number and kind of shares that may be issued under the Plan (including, but not limited to, adjustments
of the limitations set forth in Sections 1.5(a) and 1.5(d)). The adjustments provided under this Section 1.5(c)(iv) shall
be nondiscretionary and shall be final and binding on the affected participant and the Company.

 

(d)       Individual
Limit. Except for the limits set forth in this Section 1.5, no provision of this Plan shall be deemed to limit the number
or value of shares of Common Stock with respect to which the Administrator may make Awards to any Key Person. Subject to adjustment
as provided in Section 1.5(c), the total number of shares of Common Stock with respect to which incentive stock options may
be granted under the Plan to any one employee of the Company or a “parent corporation” or “subsidiary corporation”
(as such terms are defined in Section 424 of the Code) of the Company during any one calendar year shall not exceed 3,125,000.
Incentive stock options granted and subsequently cancelled or deemed to be cancelled (e.g., as a result of re-pricing) in
a calendar year count against the limit in the preceding sentence even after their cancellation.

 

		1.6.	Definitions of Certain Terms

 

(a)       “Affiliate”
shall mean (i) any entity that, directly or indirectly, is controlled by, controls or is under common control with, the Company
and (ii) any entity in which the Company has a significant equity interest, in either case as determined by the Administrator.

 

(b)       Unless
otherwise set forth in the applicable Award Agreement, in connection with a termination of employment or consultancy/service relationship
or a dismissal from Board membership, for purposes of the Plan, the term “for Cause” shall be defined as follows:

 

(i)       if
there is an employment, severance, consulting, service, change in control or other agreement governing the relationship between
the grantee, on the one hand, and the Company or an Affiliate, on the other hand, that contains a definition of “cause”
(or similar phrase), for purposes of the Plan, the term “for Cause” shall mean those acts or omissions that would constitute
“cause” under such agreement; or

 

(ii)       if
the preceding clause (i) is not applicable to the grantee, for purposes of the Plan, the term "for Cause" shall
mean any of the following:

 

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(A)      any
failure by the grantee substantially to perform the grantee’s employment or consulting/service or Board membership duties;

 

(B)        any
excessive unauthorized absenteeism by the grantee;

 

(C)        any
refusal by the grantee to obey the lawful orders of the Board or any other Person to whom the grantee reports;

 

(D)        any
act or omission by the grantee that is or may be injurious to the Company or any Affiliate, whether monetarily, reputationally
or otherwise;

 

(E)         any
act by the grantee that is inconsistent with the best interests of the Company or any Affiliate;

 

(F)         the
grantee’s gross negligence that is injurious to the Company or any Affiliate, whether monetarily, reputationally or otherwise;

 

(G)         the
grantee’s material violation of any of the policies of the Company or an Affiliate, as applicable, including, without limitation,
those policies relating to discrimination or sexual harassment;

 

(H)        the
grantee’s material breach of his or her employment or service contract with the Company or any Affiliate;

 

(I)          the
grantee’s unauthorized (1) removal from the premises of the Company or an Affiliate of any document (in any medium or
form) relating to the Company or an Affiliate or the customers or clients of the Company or an Affiliate or (2) disclosure
to any Person of any of the Company’s, or any Affiliate’s, confidential or proprietary information;

 

(J)          the
grantee’s being convicted of, or entering a plea of guilty or nolo contendere to, any crime that constitutes a felony or
involves moral turpitude; and

 

(K)         the
grantee’s commission of any act involving dishonesty or fraud.

 

Any rights the
Company or its Affiliates may have under the Plan in respect of the events giving rise to a termination or dismissal “for
Cause” shall be in addition to any other rights the Company or its Affiliates may have under any other agreement with a grantee
or at law or in equity. Any determination of whether a grantee’s employment, consultancy/service relationship or Board membership
is (or is deemed to have been) terminated “for Cause” shall be made by the Administrator. If, subsequent to a grantee’s
voluntary termination of employment or consultancy/service relationship or voluntarily resignation from the Board or involuntary
termination of employment or consultancy/service relationship without Cause or removal from the Board other than “for Cause”,
it is discovered that the grantee’s employment or consultancy/service relationship or Board membership could have been terminated
“for Cause”, the Administrator may deem such grantee’s employment or consultancy/service relationship or Board
membership to have been terminated “for Cause” upon such discovery and determination by the Administrator.

 

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(c)       “Code”
shall mean the Internal Revenue Code of 1986, as amended.

 

(d)       Unless
otherwise set forth in the applicable Award Agreement, “Disability” shall mean the grantee’s being unable to
engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected
to result in death or can be expected to last for a continuous period of not less than 12 months, or the grantee’s, by reason
of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last
for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than three months
under an accident and health plan covering employees of the grantee’s employer. The existence of a Disability shall be determined
by the Administrator.

 

(e)       “Equity
Restructuring” shall mean a non-reciprocal transaction between the Company and its stockholders, such as a stock dividend,
stock split, spin-off, rights offering or recapitalization through a large, nonrecurring cash dividend, that affects the shares
of Common Stock (or other securities of the Company) or the share price thereof and causes a change in the per share value of the
shares underlying outstanding Awards.

 

(f)       “Exercise
Price” shall mean (i) in the case of options, the price specified in the applicable Award Agreement as the price-per-share
at which such share can be purchased pursuant to the option or (ii) in the case of stock appreciation rights, the price specified
in the applicable Award Agreement as the reference price-per-share used to calculate the amount payable to the grantee.

 

(g)       The
“Fair Market Value” of a share of Common Stock on any day shall be the closing price on the Nasdaq Global Market, or
such other primary stock exchange upon which such shares are then listed, as reported for such day in The Wall Street Journal,
or, if no such price is reported for such day, the average of the high bid and low asked price of Common Stock as reported for
such day. If no quotation is made for the applicable day, the Fair Market Value of a share of Common Stock on such day shall be
determined in the manner set forth in the preceding sentence for the next preceding trading day. Notwithstanding the foregoing,
if there is no reported closing price or high bid/low asked price that satisfies the preceding sentences, or if otherwise deemed
necessary or appropriate by the Administrator, the Fair Market Value of a share of Common Stock on any day shall be determined
by such methods and procedures as shall be established from time to time by the Administrator. The “Fair Market Value”
of any property other than Common Stock shall be the fair market value of such property determined by such methods and procedures
as shall be established from time to time by the Administrator.

 

(h)       "Person"
shall mean any individual, firm, corporation, partnership, limited liability company, trust, incorporated or unincorporated association,
joint venture, joint stock company, governmental body or other entity of any kind.

 

(i)       “Repricing”
shall mean (i) lowering the Exercise Price of an option or a stock appreciation right after it has been granted, (ii) the
cancellation of an option or a stock appreciation right in exchange for cash or another Award when the Exercise Price exceeds the
Fair Market Value of the underlying shares subject to the Award and (iii) any other action with respect to an option or a
stock appreciation right that is treated as a repricing under (A) generally accepted accounting principles or (B) any
applicable stock exchange rules.

 

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(j)       Unless
otherwise set forth in the applicable Award Agreement, “Retirement” shall mean a grantee’s resignation of employment
or consultancy/service relationship or dismissal from the Board, with the Company’s or its applicable Affiliate’s prior
consent, on or after (i) his or her 65th birthday, (ii) the date on which he or she has attained age 60 and completed
at least five years of service with the Company or one or more of its Affiliates (using any method of calculation the Administrator
deems appropriate) or (iii) if approved by the Administrator, on or after his or her having completed at least 20 years
of service with the Company or one or more of its Affiliates (using any method of calculation the Administrator deems appropriate).

 

(k)       “Subsidiary”
shall mean any entity in which the Company, directly or indirectly, has a 50% or more equity interest.

 

ARTICLE II.

Awards Under The Plan

 

		2.1.	Agreements Evidencing Awards

 

Each Award granted
under the Plan shall be evidenced by a written certificate (“Award Agreement”), which shall contain such provisions
as the Administrator may deem necessary or desirable and which may, but need not, require execution or acknowledgment by a grantee.
The Award shall be subject to all of the terms and provisions of the Plan and the applicable Award Agreement.

 

		2.2.	Grant of Stock Options and Stock Appreciation Rights

 

(a)       Stock
Option Grants. The Administrator may grant non-qualified stock options and/or incentive stock options (collectively, “options”)
to purchase shares of Common Stock from the Company to such Key Persons, and in such amounts and subject to such vesting and forfeiture
provisions and other terms and conditions, as the Administrator shall determine, subject to the provisions of the Plan. Except
to the extent otherwise specifically provided in the applicable Award Agreement, no option will be treated as an “incentive
stock option” for purposes of the Code. Incentive stock options may be granted to employees of the Company and any “parent
corporation” or “subsidiary corporation” (as such terms are defined in Section 424 of the Code) of the Company.
In the case of incentive stock options, the terms and conditions of such Awards shall be subject to such applicable rules as may
be prescribed by Sections 421, 422 and 424 of the Code and any regulations related thereto, as may be amended from time to
time. If an option is intended to be an incentive stock option, and if for any reason such option (or any portion thereof) shall
not qualify as an incentive stock option for purposes of Section 422 of the Code, then, to the extent of such non-qualification,
such option (or portion thereof) shall be regarded as a non-qualified stock option appropriately granted under the Plan; provided
that such option (or portion thereof) otherwise complies with the Plan’s requirements relating to option Awards. It shall
be the intent of the Administrator to not grant an Award in the form of stock options to any Key Person who is then subject to
the requirements of Section 409A of the Code with respect to such Award if the Common Stock (as defined below) underlying
such Award does not then qualify as “service recipient stock” for purposes of Section 409A. Furthermore, it shall
be the intent of the Administrator, in granting options to Key Persons who are subject to Section 409A and/or 457 of the Code,
to structure such options so as to comply with the requirements of Section 409A and/or 457 of the Code, as applicable.

 

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(b)       Stock
Appreciation Right Grants; Types of Stock Appreciation Rights. The Administrator may grant stock appreciation rights to such
Key Persons, and in such amounts and subject to such vesting and forfeiture provisions and other terms and conditions, as the Administrator
shall determine, subject to the provisions of the Plan. The terms of a stock appreciation right may provide that it shall be automatically
exercised for a payment upon the happening of a specified event that is outside the control of the grantee and that it shall not
be otherwise exercisable. Stock appreciation rights may be granted in connection with all or any part of, or independently of,
any option granted under the Plan. It shall be the intent of the Administrator to not grant an Award in the form of stock appreciation
rights to any Key Person (i) who is then subject to the requirements of Section 409A of the Code with respect to such
Award if the Common Stock underlying such Award does not then qualify as “service recipient stock” for purposes of
Section 409A or (ii) if such Award would create adverse tax consequences for such Key Person under Section 457A
of the Code.

 

(c)       Nature
of Stock Appreciation Rights. The grantee of a stock appreciation right shall have the right, subject to the terms of the Plan
and the applicable Award Agreement, to receive from the Company an amount equal to (i) the excess of the Fair Market Value
of a share of Common Stock on the date of exercise of the stock appreciation right over the Exercise Price of the stock appreciation
right, multiplied by (ii) the number of shares with respect to which the stock appreciation right is exercised. Each Award
Agreement with respect to a stock appreciation right shall set forth the Exercise Price of such Award and, unless otherwise specifically
provided in the Award Agreement, the Exercise Price of a stock appreciation right shall equal the Fair Market Value of a share
of Common Stock on the date of grant; provided that in no event may such Exercise Price be less than the greater of (A) the
Fair Market Value of a share of Common Stock on the date of grant and (B) the par value of a share of Common Stock. Payment
upon exercise of a stock appreciation right shall be in cash or in shares of Common Stock (valued at their Fair Market Value on
the date of exercise of the stock appreciation right) or any combination of both, all as the Administrator shall determine. Repricing
of stock appreciation rights granted under the Plan shall not be permitted (1) to the extent such action could cause adverse
tax consequences to the grantee under Sections 409A or 457A of the Code or (2) without prior shareholder approval, to
the extent such approval would be required to be obtained by the Company pursuant to the applicable rules of any applicable stock
exchange on which the Common Stock is then listed, and any action that would be deemed to result in a Repricing of a stock appreciation
right shall be deemed null and void if it would cause such adverse tax consequences or if any requisite shareholder approval related
thereto is not obtained prior to the effective time of such action. Upon the exercise of a stock appreciation right granted in
connection with an option, the number of shares subject to the option shall be reduced by the number of shares with respect to
which the stock appreciation right is exercised. Upon the exercise of an option in connection with which a stock appreciation right
has been granted, the number of shares subject to the stock appreciation right shall be reduced by the number of shares with respect
to which the option is exercised.

 

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(d)       Option
Exercise Price. Each Award Agreement with respect to an option shall set forth the Exercise Price of such Award and, unless
otherwise specifically provided in the Award Agreement, the Exercise Price of an option shall equal the Fair Market Value of a
share of Common Stock on the date of grant; provided that in no event may such Exercise Price be less than the greater of
(i) the Fair Market Value of a share of Common Stock on the date of grant and (ii) the par value of a share of Common
Stock. Repricing of options granted under the Plan shall not be permitted (1) to the extent such action could cause adverse
tax consequences to the grantee under Sections 409A or 457A of the Code or (2) without prior shareholder approval, to
the extent such approval would be required to be obtained by the Company pursuant to the applicable rules of any applicable stock
exchange on which the Common Stock is then listed, and any action that would be deemed to result in a Repricing of an option shall
be deemed null and void if it would cause such adverse tax consequences or if any requisite shareholder approval related thereto
is not obtained prior to the effective time of such action.

 

		2.3.	Exercise of Options and Stock Appreciation Rights

 

Subject to the
other provisions of this Article II and the Plan, each option and stock appreciation right granted under the Plan shall be
exercisable as follows:

 

(a)       Timing
and Extent of Exercise. Options and stock appreciation rights shall be exercisable at such times and under such conditions
as determined by the Administrator and set forth in the corresponding Award Agreement, but in no event shall any portion of such
Award be exercisable subsequent to the tenth anniversary of the date on which such Award was granted. Unless the applicable Award
Agreement otherwise provides, an option or stock appreciation right may be exercised from time to time as to all or part of the
shares as to which such Award is then exercisable.

 

(b)       Notice
of Exercise. An option or stock appreciation right shall be exercised by the filing of a written notice with the Company or
the Company’s designated exchange agent (the “Exchange Agent”), on such form and in such manner as the Administrator
shall prescribe.

 

(c)       Payment
of Exercise Price. Any written notice of exercise of an option shall be accompanied by payment for the shares being purchased.
Such payment shall be made: (i) by certified or official bank check (or the equivalent thereof acceptable to the Company or
its Exchange Agent) for the full option Exercise Price; (ii) with the consent of the Administrator, which consent shall be
given or withheld in the sole discretion of the Administrator, by delivery of shares of Common Stock having a Fair Market Value
(determined as of the exercise date) equal to all or part of the option Exercise Price and a certified or official bank check (or
the equivalent thereof acceptable to the Company or its Exchange Agent) for any remaining portion of the full option Exercise Price;
or (iii) at the sole discretion of the Administrator and to the extent permitted by law, by such other provision, consistent with
the terms of the Plan, as the Administrator may from time to time prescribe (whether directly or indirectly through the Exchange
Agent), or by any combination of the foregoing payment methods.

 

    	 	11	 

     

    

 

(d)       Delivery
of Certificates Upon Exercise. Subject to Sections 3.2, 3.4 and 3.13, promptly after receiving payment of the full
option Exercise Price, or after receiving notice of the exercise of a stock appreciation right for which the Administrator determines
payment will be made partly or entirely in shares, the Company or its Exchange Agent shall (i) deliver to the grantee, or to such
other Person as may then have the right to exercise the Award, a certificate or certificates for the shares of Common Stock for
which the Award has been exercised or, in the case of stock appreciation rights, for which the Administrator determines will be
made in shares or (ii) establish an account evidencing ownership of the stock in uncertificated form. If the method of payment
employed upon an option exercise so requires, and if applicable law permits, an optionee may direct the Company or its Exchange
Agent, as the case may be, to deliver the stock certificate(s) to the optionee’s stockbroker.

 

(e)       No
Stockholder Rights. No grantee of an option or stock appreciation right (or other Person having the right to exercise such
Award) shall have any of the rights of a stockholder of the Company with respect to shares subject to such Award until the issuance
of a stock certificate to such Person for such shares. Except as otherwise provided in Section 1.5(c), no adjustment shall
be made for dividends, distributions or other rights (whether ordinary or extraordinary, and whether in cash, securities or other
property) for which the record date is prior to the date such stock certificate is issued.

 

		2.4.	Termination of Employment; Death Subsequent to
a Termination of Employment

 

(a)       General
Rule. Except to the extent otherwise provided in paragraphs (b), (c), (d), (e) or (f) of this Section 2.4 or
Section 3.5(b)(iii), a grantee who incurs a termination of employment or consultancy/service relationship or dismissal from
the Board may exercise any outstanding option or stock appreciation right on the following terms and conditions: (i) exercise
may be made only to the extent that the grantee was entitled to exercise the Award on the date of termination of employment or
consultancy/service relationship or dismissal from the Board, as applicable; and (ii) exercise must occur within three months
after termination of employment or consultancy/service relationship or dismissal from the Board but in no event after the original
expiration date of the Award.

 

(b)       Dismissal
“for Cause”. If a grantee incurs a termination of employment or consultancy/service relationship or dismissal from
the Board “for Cause”, all options and stock appreciation rights not theretofore exercised shall immediately terminate
upon the grantee’s termination of employment or consultancy/service relationship or dismissal from the Board.

 

(c)       Retirement.
If a grantee incurs a termination of employment or consultancy/service relationship or dismissal from the Board as the result of
his or her Retirement, then any outstanding option or stock appreciation right shall, to the extent exercisable at the time of
such Retirement, remain exercisable for a period of three years after such Retirement; provided that in no event may such
option or stock appreciation right be exercised following the original expiration date of the Award.

 

    	 	12	 

     

    

 

(d)       Disability.
If a grantee incurs a termination of employment or consultancy/service relationship or a dismissal from the Board by reason of
a Disability, then any outstanding option or stock appreciation right shall, to the extent exercisable at the time of such termination
or dismissal, remain exercisable for a period of one year after such termination or dismissal; provided that in no event
may such option or stock appreciation right be exercised following the original expiration date of the Award.

 

(e)       Death.

 

(i)       Termination
of Employment as a Result of Grantee’s Death. If a grantee incurs a termination of employment or consultancy/service
relationship or leaves the Board as the result of his or her death, then any outstanding option or stock appreciation right shall,
to the extent exercisable at the time of such death, remain exercisable for a period of one year after such death; provided
that in no event may such option or stock appreciation right be exercised following the original expiration date of the Award.

 

(ii)       Restrictions
on Exercise Following Death. Any such exercise of an Award following a grantee’s death shall be made only by the grantee’s
executor or administrator or other duly appointed representative reasonably acceptable to the Administrator, unless the grantee’s
will specifically disposes of such Award, in which case such exercise shall be made only by the recipient of such specific disposition.
If a grantee’s personal representative or the recipient of a specific disposition under the grantee’s will shall be
entitled to exercise any Award pursuant to the preceding sentence, such representative or recipient shall be bound by all the terms
and conditions of the Plan and the applicable Award Agreement which would have applied to the grantee.

 

(f)       Administrator
Discretion. The Administrator may, in writing, waive or modify the application of the foregoing provisions of this Section 2.4.

 

		2.5.	Transferability of Options and Stock Appreciation
Rights

 

Except as otherwise
specifically provided in this Plan or the applicable Award Agreement evidencing an option or stock appreciation right, during the
lifetime of a grantee, each such Award granted to a grantee shall be exercisable only by the grantee, and no such Award may be
sold, assigned, transferred, pledged or otherwise encumbered or disposed of other than by will or by the laws of descent and distribution.
The Administrator may, in any applicable Award Agreement evidencing an option or stock appreciation right, permit a grantee to
transfer all or some of the options or stock appreciation rights to (a) the grantee’s spouse, children or grandchildren
(“Immediate Family Members”), (b) a trust or trusts for the exclusive benefit of such Immediate Family Members
or (c) other parties approved by the Administrator. Following any such transfer, any transferred options and stock appreciation
rights shall continue to be subject to the same terms and conditions as were applicable immediately prior to the transfer.

 

    	 	13	 

     

    

 

		2.6.	Grant of Restricted Stock

 

 (a)       Restricted
Stock Grants. The Administrator may grant restricted shares of Common Stock to such Key Persons, in such amounts and subject
to such vesting and forfeiture provisions and other terms and conditions as the Administrator shall determine, subject to the
provisions of the Plan. A grantee of a restricted stock Award shall have no rights with respect to such Award unless such grantee
accepts the Award within such period as the Administrator shall specify by accepting delivery of a restricted stock Award Agreement
in such form as the Administrator shall determine and, in the event the restricted shares are newly issued by the Company, makes
payment to the Company or its Exchange Agent by certified or official bank check (or the equivalent thereof acceptable to the
Administrator) in an amount at least equal to the par value of the shares covered by the Award (which payment may be waived at
the time of grant of the restricted stock Award to the extent the restricted shares granted hereunder are otherwise deemed to
be fully paid and non-assessable).

 

(b)       Issuance
of Stock Certificate. Promptly after a grantee accepts a restricted stock Award in accordance with Section 2.6(a), subject
to Sections 3.2, 3.4 and 3.13, the Company or its Exchange Agent shall issue to the grantee a stock certificate or stock certificates
for the shares of Common Stock covered by the Award or shall establish an account evidencing ownership of the stock in uncertificated
form. Upon the issuance of such stock certificates, or establishment of such account, the grantee shall have the rights of a stockholder
with respect to the restricted stock, subject to: (i) the nontransferability restrictions and forfeiture provisions described
in the Plan (including paragraphs (d) and (e) of this Section 2.6); (ii) in the Administrator’s sole
discretion, a requirement, as set forth in the Award Agreement, that any dividends paid on such shares shall be held in escrow
and, unless otherwise determined by the Administrator, shall remain forfeitable until all restrictions on such shares have lapsed;
and (iii) any other restrictions and conditions contained in the applicable Award Agreement.

 

(c)       Custody
of Stock Certificate. Unless the Administrator shall otherwise determine, any stock certificates issued evidencing shares of
restricted stock shall remain in the possession of the Company until such shares are free of any restrictions specified in the
applicable Award Agreement. The Administrator may direct that such stock certificates bear a legend setting forth the applicable
restrictions on transferability.

 

(d)       Nontransferability.
Except as otherwise specifically provided in this Plan or the applicable Award Agreement evidencing a restricted stock Award, shares
of restricted stock granted under the Plan may not be sold, assigned, transferred, pledged or otherwise encumbered or disposed
of prior to the lapsing of all restrictions thereon. The Administrator at the time of grant shall specify the date or dates (which
may depend upon or be related to the attainment of performance goals and other conditions) on which the nontransferability of the
restricted stock shall lapse. The Administrator may, in any applicable Award Agreement evidencing a restricted stock Award, permit
a grantee to transfer all or some of the shares of restricted stock prior to the lapsing of all restrictions thereon to (i) the
grantee’s Immediate Family Members, (ii) a trust or trusts for the exclusive benefit of such Immediate Family Members or
(iii) other parties approved by the Administrator. Following any permitted transfer prior to the lapsing of all restrictions on
the restricted stock, any transferred shares of restricted stock shall continue to be subject to the same terms and conditions
as were applicable immediately prior to the transfer.

 

    	 	14	 

     

    

 

(e)       Consequence
of Termination of Employment. Unless otherwise set forth in the applicable Award Agreement, (i) a grantee’s termination
of employment or consultancy/service relationship or dismissal from the Board for any reason other than death, Disability or Retirement
shall cause the immediate forfeiture of all shares of restricted stock that have not yet vested as of the date of such termination
of employment or consultancy/service relationship or dismissal from the Board and (ii) if a grantee incurs a termination of
employment or consultancy/service relationship or dismissal from the Board as the result of his or her death, Disability or Retirement,
all shares of restricted stock that have not yet vested as of the date of such termination or departure from the Board shall immediately
vest as of such date. Unless otherwise determined by the Administrator, all dividends paid on shares forfeited under this Section 2.6(e)
that have not theretofore been directly remitted to the grantee shall also be forfeited, whether by termination of any escrow arrangement
under which such dividends are held or otherwise. The Administrator may, in writing, waive or modify the application of the foregoing
provisions of this Section 2.6(e).

 

		2.7.	Grant of Restricted Stock Units

 

(a)       Restricted
Stock Unit Grants. The Administrator may grant restricted stock units to such Key Persons, and in such amounts and subject
to such vesting and forfeiture provisions and other terms and conditions, as the Administrator shall determine, subject to the
provisions of the Plan. A restricted stock unit granted under the Plan shall confer upon the grantee a right to receive from the
Company, conditioned upon the occurrence of such vesting event as shall be determined by the Administrator and specified in the
Award Agreement, the number of such grantee’s restricted stock units that vest upon the occurrence of such vesting event
multiplied by the Fair Market Value of a share of Common Stock on the date of vesting. Payment upon vesting of a restricted stock
unit shall be in cash or in shares of Common Stock (valued at their Fair Market Value on the date of vesting) or both, all as
the Administrator shall determine, and such payments shall be made to the grantee at such time as provided in the Award Agreement,
which the Administrator shall intend to be (i) if Section 409A of the Code is applicable to the grantee, within the
period required by Section 409A such that it qualifies as a “short-term deferral” pursuant to Section 409A
and the Treasury Regulations issued thereunder, unless the Administrator shall provide for deferral of the Award intended to comply
with Section 409A, (ii) if Section 457A of the Code is applicable to the grantee, within the period required by
Section 457A(d)(3)(B) such that it qualifies for the exemption thereunder, or (iii) if Sections 409A and 457A of
the Code are not applicable to the grantee, at such time as determined by the Administrator.

 

(b)       Dividend
Equivalents. The Administrator may include in any Award Agreement with respect to a restricted stock unit a dividend equivalent
right entitling the grantee to receive amounts equal to the ordinary dividends that would be paid, during the time such Award is
outstanding and unvested, on the shares of Common Stock underlying such Award if such shares were then outstanding. In the event
such a provision is included in a Award Agreement, the Administrator shall determine whether such payments shall be (i) paid
to the holder of the Award, as specified in the Award Agreement, either (A) at the same time as the underlying dividends are
paid, regardless of the fact that the restricted stock unit has not theretofore vested, or (B) at the time at which the Award’s
vesting event occurs, conditioned upon the occurrence of the vesting event, (ii) made in cash, shares of Common Stock or other
property and (iii) subject to such other vesting and forfeiture provisions and other terms and conditions as the Administrator
shall deem appropriate and as shall be set forth in the Award Agreement.

 

    	 	15	 

     

    

 

(c)       Consequence
of Termination of Employment. Unless otherwise set forth in the applicable Award Agreement, (i) a grantee’s termination
of employment or consultancy/service relationship or dismissal from the Board for any reason other than death, Disability or Retirement
shall cause the immediate forfeiture of all restricted stock units that have not yet vested as of the date of such termination
of employment or consultancy/service relationship or dismissal from the Board and (ii) if a grantee incurs a termination of
employment or consultancy/service relationship or dismissal from the Board as the result of his or her death, Disability or Retirement,
all restricted stock units that have not yet vested as of the date of such termination or departure from the Board shall immediately
vest as of such date. Unless otherwise determined by the Administrator, any dividend equivalent rights on any restricted stock
units forfeited under this Section 2.7(c) that have not theretofore been directly remitted to the grantee shall also be forfeited,
whether by termination of any escrow arrangement under which such dividends are held or otherwise. The Administrator may, in writing,
waive or modify the application of the foregoing provisions of this Section 2.7(c).

 

(d)       No
Stockholder Rights. No grantee of a restricted stock unit shall have any of the rights of a stockholder of the Company with
respect to such Award unless and until a stock certificate is issued with respect to such Award upon the vesting of such Award
(it being understood that the Administrator shall determine whether to pay any vested restricted stock unit in the form of cash
or Company shares or both), which issuance shall be subject to Sections 3.2, 3.4 and 3.13. Except as otherwise provided in
Section 1.5(c), no adjustment to any restricted stock unit shall be made for dividends, distributions or other rights (whether
ordinary or extraordinary, and whether in cash, securities or other property) for which the record date is prior to the date such
stock certificate, if any, is issued.

 

(e)       Transferability
of Restricted Stock Units. Except as otherwise provided in an applicable Award Agreement evidencing a restricted stock unit,
no restricted stock unit granted under the Plan shall be assignable or transferable. The Administrator may, in any applicable Award
Agreement evidencing a restricted stock unit, permit a grantee to transfer all or some of the restricted stock units to (i) the
grantee’s Immediate Family Members, (ii) a trust or trusts for the exclusive benefit of such Immediate Family Members or
(iii) other parties approved by the Administrator. Following any such transfer, any transferred restricted stock units shall continue
to be subject to the same terms and conditions as were applicable immediately prior to the transfer.

 

		2.8.	Grant of Unrestricted Stock

 

The Administrator
may grant (or sell at a purchase price at least equal to par value) shares of Common Stock free of restrictions under the Plan
to such Key Persons and in such amounts and subject to such forfeiture provisions as the Administrator shall determine. Shares
may be thus granted or sold in respect of past services or other valid consideration.

 

    	 	16	 

     

    

 

ARTICLE III.

Miscellaneous

 

		3.1.	Amendment of the Plan; Modification of Awards

 

 (a)       Amendment
of the Plan. The Board may from time to time suspend, discontinue, revise or amend the Plan in any respect whatsoever, except
that no such amendment shall materially impair any rights or materially increase any obligations under any Award theretofore made
under the Plan without the consent of the grantee (or, upon the grantee’s death, the Person having the right to exercise
the Award). For purposes of this Section 3.1, any action of the Board or the Administrator that in any way alters or affects
the tax treatment of any Award shall not be considered to materially impair any rights of any grantee.

 

(b)       Stockholder
Approval Requirement. If (1) required by applicable rules or regulations of a national securities exchange or the SEC,
the Company shall obtain stockholder approval with respect to any amendment to the Plan that (i) expands the types of Awards
available under the Plan, (ii) materially increases the aggregate number of shares which may be issued under the Plan, except
as permitted pursuant to Section 1.5(c), (iii) materially increases the benefits to participants under the Plan, including
any material change to (A) permit, or that has the effect of, a Repricing of any outstanding Award, (B) reduce the price
at which shares or options to purchase shares may be offered or (C) extend the duration of the Plan, or (iv) materially
expands the class of Persons eligible to receive Awards under the Plan, or (2) the Administrator determines that it desires
to retain the ability to grant incentive stock options under the Plan thereafter, the Company shall obtain stockholder approval
with respect to any amendment to the Plan that (i) increases the number of shares that may be issued under the Plan or the
individual limit set forth under Section 1.5(d) of the Plan (except, in each case, as permitted pursuant to Section 1.5(c))
or (ii) expands the class of Persons eligible to receive incentive stock options under the Plan.

 

(c)       Modification
of Awards. The Administrator may cancel any Award under the Plan. The Administrator also may amend any outstanding Award Agreement,
including, without limitation, by amendment which would: (i) accelerate the time or times at which the Award becomes unrestricted,
vested or may be exercised; (ii) waive or amend any goals, restrictions or conditions set forth in the Award Agreement; or
(iii) waive or amend the operation of Sections 2.4, 2.6(e) or 2.7(c) with respect to the termination of the Award upon
termination of employment or consultancy/service relationship or dismissal from the Board; provided, however, that
no such amendment shall be made without shareholder approval if such approval is necessary to comply with any tax or regulatory
requirement applicable to the Award. However, any such cancellation or amendment (other than an amendment pursuant to Section 1.5,
3.5 or 3.16) that materially impairs the rights or materially increases the obligations of a grantee under an outstanding Award
shall be made only with the consent of the grantee (or, upon the grantee’s death, the Person having the right to exercise
the Award). In making any modification to an Award (e.g., an amendment resulting in a direct or indirect reduction in the
Exercise Price or a waiver or modification under Section 2.4(f), 2.6(e) or 2.7(c)), the Administrator may consider the implications,
if any, of such modification under the Code with respect to incentive stock options granted under the Plan and/or Sections 409A
and 457A of the Code with respect to Awards granted under the Plan to individuals subject to such provisions of the Code.

 

    	 	17	 

     

    

 

		3.2.	Consent Requirement

 

(a)       No
Plan Action Without Required Consent. If the Administrator shall at any time determine that any Consent (as defined below)
is necessary or desirable as a condition of, or in connection with, the granting of any Award under the Plan, the issuance or purchase
of shares or other rights thereunder, or the taking of any other action thereunder (each such action being hereinafter referred
to as a “Plan Action”), then such Plan Action shall not be taken, in whole or in part, unless and until such Consent
shall have been effected or obtained to the full satisfaction of the Administrator.

 

(b)       Consent
Defined. The term “Consent” as used herein with respect to any Plan Action means (i) any and all listings,
registrations or qualifications in respect thereof upon any securities exchange or under any federal, state or local law, rule
or regulation, (ii) any and all written agreements and representations by the grantee with respect to the disposition of shares,
or with respect to any other matter, which the Administrator shall deem necessary or desirable to comply with the terms of any
such listing, registration or qualification or to obtain an exemption from the requirement that any such listing, qualification
or registration be made and (iii) any and all consents, clearances and approvals in respect of a Plan Action by any governmental
or other regulatory bodies.

 

		3.3.	Nonassignability

 

Except as provided
in Sections 2.4(e), 2.5, 2.6(d) or 2.7(e), (a) no Award or right granted to any Person under the Plan or under any Award
Agreement shall be assignable or transferable other than by will or by the laws of descent and distribution and (b) all rights
granted under the Plan or any Award Agreement shall be exercisable during the life of the grantee only by the grantee or the grantee’s
legal representative or the grantee’s permissible successors or assigns (as authorized and determined by the Administrator).
All terms and conditions of the Plan and the applicable Award Agreements will be binding upon any permitted successors or assigns.

 

		3.4.	Taxes

 

(a)       Withholding.
A grantee or other Award holder under the Plan shall be required to pay, in cash, to the Company, and the Company and its Affiliates
shall have the right and are hereby authorized to withhold from any Award, from any payment due or transfer made under any Award
or under the Plan or from any compensation or other amount owing to such grantee or other Award holder, the amount of any applicable
withholding taxes in respect of an Award, its grant, its exercise, its vesting, or any payment or transfer under an Award or under
the Plan, and to take such other action as may be necessary in the opinion of the Company to satisfy all obligations for payment
of such taxes. Whenever shares of Common Stock are to be delivered pursuant to an Award under the Plan, with the approval of the
Administrator, which the Administrator shall have sole discretion whether or not to give, the grantee may satisfy the foregoing
condition by electing to have the Company withhold from delivery shares having a value equal to the amount of minimum tax required
to be withheld. Such shares shall be valued at their Fair Market Value as of the date on which the amount of tax to be withheld
is determined. Fractional share amounts shall be settled in cash. Such a withholding election may be made with respect to all or
any portion of the shares to be delivered pursuant to an Award as may be approved by the Administrator in its sole discretion.

 

    	 	18	 

     

    

 

(b)       Liability
for Taxes. Grantees and holders of Awards are solely responsible and liable for the satisfaction of all taxes and penalties
that may arise in connection with Awards (including, without limitation, any taxes arising under Sections 409A and 457A of
the Code) and the Company shall not have any obligation to indemnify or otherwise hold any such Person harmless from any or all
of such taxes. The Administrator shall have the discretion to organize any deferral program, to require deferral election forms,
and to grant or, notwithstanding anything to the contrary in the Plan or any Award Agreement, to unilaterally modify any Award
in a manner that (i) conforms with the requirements of Sections 409A and 457A of the Code (to the extent applicable),
(ii) voids any participant election to the extent it would violate Sections 409A or 457A of the Code (to the extent applicable)
and (iii) for any distribution event or election that could be expected to violate Section 409A of the Code, make the
distribution only upon the earliest of the first to occur of a "permissible distribution event" within the meaning of
Section 409A of the Code or a distribution event that the participant elects in accordance with Section 409A of the Code.
The Administrator shall have the sole discretion to interpret the requirements of the Code, including, without limitation, Sections 409A
and 457A, for purposes of the Plan and all Awards.

 

		3.5.	Change in Control

 

(a)       Change
in Control Defined. Unless otherwise set forth in the applicable Award Agreement, for purposes of the Plan, “Change in
Control” shall mean the occurrence of any of the following:

 

(i)       any
“person” (as defined in Section 13(d)(3) of the 1934 Act), company or other entity (other than (A) the
Company, (B) any trustee or other fiduciary holding securities under an employee benefit plan of the Company or an Affiliate
or (C) any company or other entity owned, directly or indirectly, by the holders of the voting stock of the Company in substantially
the same proportions as their ownership of the aggregate voting power of the capital stock ordinarily entitled to elect directors
of the Company directly or indirectly “controls” (as defined in Rule 12b-2 under the 1934 Act)) acquires
“beneficial ownership” (as defined in Rule 13d-3 under the 1934 Act), directly or indirectly, of more than
50% of the aggregate voting power of the capital stock ordinarily entitled to elect directors of the Company;

 

    	 	19	 

     

    

 

(ii)       the
sale of all or substantially all the Company’s assets in one or more related transactions to any “person” (as
defined in Section 13(d)(3) of the 1934 Act), company or other entity, other than such a sale (A) to a Subsidiary which
does not involve a material change in the equity holdings of the Company, (B) to an entity which has acquired all or substantially
all the Company’s assets (any such entity described in clause (A) or (B), the “Acquiring Entity”) if, immediately
following such sale, 50% or more of the aggregate voting power of the capital stock ordinarily entitled to elect directors of the
Acquiring Entity (or, if applicable, the ultimate parent entity that directly or indirectly has beneficial ownership of more than
50% of the aggregate voting power of the capital stock ordinarily entitled to elect directors of the Acquiring Entity) is beneficially
owned by the holders of the voting stock of the Company, and such voting power among the persons who were holders of the voting
stock of the Company immediately prior to such sale is, immediately following such sale, held in substantially the same proportions
as the aggregate voting power of the capital stock ordinarily entitled to elect directors of the Company immediately prior to such
sale;

 

(iii)       any
merger, consolidation, reorganization or similar event of the Company or any Subsidiary as a result of which the holders of the
voting stock of the Company immediately prior to such merger, consolidation, reorganization or similar event do not directly or
indirectly hold 50% or more of the aggregate voting power of the capital stock of the surviving entity ordinarily entitled to elect
directors of the surviving entity (or, if applicable, the ultimate parent entity that directly or indirectly has beneficial ownership
of more than 50% of the aggregate voting power of the capital stock ordinarily entitled to elect directors of the surviving entity)
and such voting power among the persons who were holders of the voting stock of the Company immediately prior to such sale is,
immediately following such sale, held in substantially the same proportions as the aggregate voting power of the capital stock
ordinarily entitled to elect directors of the Company immediately prior to such sale;

 

(iv)       the
approval by the Company’s stockholders of a plan of complete liquidation or dissolution of the Company; or

 

(v)       during
any period of 12 consecutive calendar months, individuals:

 

		(A)	who were directors of the Company on the first day of such period, or

 

		(B)	whose election or nomination for election to the Board was recommended or approved by at least
a majority of the directors then still in office who were directors of the Company on the first day of such period, or whose election
or nomination for election were so approved,

 

shall cease to constitute a majority
of the Board.

 

Notwithstanding
the foregoing, unless otherwise set forth in the applicable Award Agreement, for each Award subject to Section 409A of the
Code, a Change in Control shall be deemed to have occurred under this Plan with respect to such Award only if a change in the ownership
or effective control of the Company or a change in the ownership of a substantial portion of the assets of the Company shall also
be deemed to have occurred under Section 409A of the Code, provided that such limitation shall apply to such Award
only to the extent necessary to avoid adverse tax effects under Section 409A of the Code.

 

    	 	20	 

     

    

 

(b)       Effect
of a Change in Control. Unless the Administrator provides otherwise in an Award Agreement, upon the occurrence of a Change
in Control:

 

(i)       notwithstanding
any other provision of this Plan, any Award then outstanding shall become fully vested and any restriction and forfeiture provisions
thereon imposed pursuant to the Plan and the Award Agreement shall lapse and any Award in the form of an option or stock appreciation
right shall be immediately exercisable;

 

(ii)       to
the extent permitted by law and not otherwise limited by the terms of the Plan, the Administrator may amend any Award Agreement
in such manner as it deems appropriate;

 

(iii)       a
grantee who incurs a termination of employment or consultancy/service relationship or dismissal from the Board for any reason,
other than a termination or dismissal “for Cause”, concurrent with or within one year following the Change in Control
may exercise any outstanding option or stock appreciation right, but only to the extent that the grantee was entitled to exercise
the Award on the date of his or her termination of employment or consultancy/service relationship or dismissal from the Board,
until the earlier of (A) the original expiration date of the Award and (B) the later of (x) the date provided for
under the terms of Section 2.4 without reference to this Section 3.5(b)(iii) and (y) the first anniversary of the
grantee’s termination of employment or consultancy/service relationship or dismissal from the Board.

 

(c)       Miscellaneous.
Whenever deemed appropriate by the Administrator, any action referred to in paragraph (b)(ii) of this Section 3.5 may
be made conditional upon the consummation of the applicable Change in Control transaction. For purposes of the Plan and any Award
Agreement granted hereunder, the term “Company” shall include any successor to Seanergy Maritime Holdings Corporation.

 

		3.6.	Operation and Conduct of Business

 

Nothing in the
Plan or any Award Agreement shall be construed as limiting or preventing the Company or any Affiliate from taking any action with
respect to the operation and conduct of their business that they deem appropriate or in their best interests, including any or
all adjustments, recapitalizations, reorganizations, exchanges or other changes in the capital structure of the Company or any
Affiliate, any merger or consolidation of the Company or any Affiliate, any issuance of Company shares or other securities or subscription
rights, any issuance of bonds, debentures, preferred or prior preference stock ahead of or affecting the Common Stock or other
securities or rights thereof, any dissolution or liquidation of the Company or any Affiliate, any sale or transfer of all or any
part of the assets or business of the Company or any Affiliate, or any other corporate act or proceeding, whether of a similar
character or otherwise.

 

    	 	21	 

     

    

 

		3.7.	No Rights to Awards

 

No Key Person
or other Person shall have any claim to be granted any Award under the Plan.

 

		3.8.	Right of Discharge Reserved

 

Nothing in the
Plan or in any Award Agreement shall confer upon any grantee the right to continue his or her employment with the Company or any
Affiliate, his or her consultancy/service relationship with the Company or any Affiliate, or his or her position as a director
of the Company or any Affiliate, or affect any right that the Company or any Affiliate may have to terminate such employment or
consultancy/service relationship or service as a director.

 

		3.9.	Non-Uniform Determinations

 

The Administrator’s
determinations and the treatment of Key Persons and grantees and their beneficiaries under the Plan need not be uniform and may
be made and determined by the Administrator selectively among Persons who receive, or who are eligible to receive, Awards under
the Plan (whether or not such Persons are similarly situated). Without limiting the generality of the foregoing, the Administrator
shall be entitled, among other things, to make non-uniform and selective determinations, and to enter into non-uniform and selective
Award Agreements, as to (a) the Persons to receive Awards under the Plan, (b) the types of Awards granted under the Plan,
(c) the number of shares to be covered by, or with respect to which payments, rights or other matters are to be calculated
with respect to, Awards and (d) the terms and conditions of Awards.

 

		3.10.	Other Payments or Awards

 

Nothing contained
in the Plan shall be deemed in any way to limit or restrict the Company from making any award or payment to any Person under any
other plan, arrangement or understanding, whether now existing or hereafter in effect.

 

		3.11.	Headings

 

Any section,
subsection, paragraph or other subdivision headings contained herein are for the purpose of convenience only and are not intended
to expand, limit or otherwise define the contents of such subdivisions.

 

		3.12.	Effective Date and Term of Plan

 

(a)       Adoption;
Stockholder Approval. The Plan was adopted by the Board on January 12, 2011. The Board may, but need not, make the granting
of any Awards under the Plan subject to the approval of the Company’s stockholders.

 

(b)       Termination
of Plan. The Board may terminate the Plan at any time. All Awards made under the Plan prior to its termination shall remain
in effect until such Awards have been satisfied or terminated in accordance with the terms and provisions of the Plan and the applicable
Award Agreements. No Awards may be granted under the Plan following the tenth anniversary of the date on which the Plan was adopted
by the Board.

 

    	 	22	 

     

    

 

		3.13.	Restriction on Issuance of Stock Pursuant to Awards

 

The Company shall
not permit any shares of Common Stock to be issued pursuant to Awards granted under the Plan unless such shares of Common Stock
are fully paid and non-assessable under applicable law. Notwithstanding anything to the contrary in the Plan or any Award Agreement,
at the time of the exercise of any Award, at the time of vesting of any Award, at the time of payment of shares of Common Stock
in exchange for, or in cancellation of, any Award, or at the time of grant of any unrestricted shares under the Plan, the Company
and the Administrator may, if either shall deem it necessary or advisable for any reason, require the holder of an Award (a) to
represent in writing to the Company that it is the Award holder’s then-intention to acquire the shares with respect to which
the Award is granted for investment and not with a view to the distribution thereof or (b) to postpone the date of exercise
until such time as the Company has available for delivery to the Award holder a prospectus meeting the requirements of all applicable
securities laws; and no shares shall be issued or transferred in connection with any Award unless and until all legal requirements
applicable to the issuance or transfer of such shares have been complied with to the satisfaction of the Company and the Administrator.
The Company and the Administrator shall have the right to condition any issuance of shares to any Award holder hereunder on such
Person’s undertaking in writing to comply with such restrictions on the subsequent transfer of such shares as the Company
or the Administrator shall deem necessary or advisable as a result of any applicable law, regulation or official interpretation
thereof, and all share certificates delivered under the Plan shall be subject to such stop transfer orders and other restrictions
as the Company or the Administrator may deem advisable under the Plan, the applicable Award Agreement or the rules, regulations
and other requirements of the SEC, any stock exchange upon which such shares are listed, and any applicable securities or other
laws, and certificates representing such shares may contain a legend to reflect any such restrictions. The Administrator may refuse
to issue or transfer any shares or other consideration under an Award if it determines that the issuance or transfer of such shares
or other consideration might violate any applicable law or regulation or entitle the Company to recover the same under Section 16(b)
of the 1934 Act, and any payment tendered to the Company by a grantee or other Award holder in connection with the exercise
of such Award shall be promptly refunded to the relevant grantee or other Award holder. Without limiting the generality of the
foregoing, no Award granted under the Plan shall be construed as an offer to sell securities of the Company, and no such offer
shall be outstanding, unless and until the Administrator has determined that any such offer, if made, would be in compliance with
all applicable requirements of any applicable securities laws.

 

3.14.      Requirement
of Notification of Election Under Section 83(b) of the Code or Upon Disqualifying Disposition Under Section 421(b) of
the Code

 

(a)       Notification
of Election Under Section 83(b) of the Code. If an Award recipient, in connection with the acquisition of Company shares under
the Plan, makes an election under Section 83(b) of the Code (to include in gross income in the year of transfer the amounts
specified in Section 83(b) of the Code), the grantee shall notify the Administrator of such election within ten days of filing
notice of the election with the U.S. Internal Revenue Service, in addition to any filing and notification required pursuant
to regulations issued under Section 83(b) of the Code.

 

    	 	23	 

     

    

 

(b)       Notification
of Disqualifying Disposition of Incentive Stock Options. If an Award recipient shall make any disposition of Company shares
delivered pursuant to the exercise of an incentive stock option under the circumstances described in Section 421(b) of the
Code (relating to certain disqualifying dispositions) or any successor provision of the Code, the grantee shall notify the Company
of such disposition within ten days thereof.

 

		3.15.	Severability

 

If any provision
of the Plan or any Award is or becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any Person
or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Administrator, such provision shall
be construed or deemed amended to conform to the applicable laws or, if it cannot be construed or deemed amended without, in the
determination of the Administrator, materially altering the intent of the Plan or the Award, such provision shall be stricken as
to such jurisdiction, Person or Award and the remainder of the Plan and any such Award shall remain in full force and effect.

 

		3.16.	Sections 409A and 457A

 

To the extent
applicable, the Plan and Award Agreements shall be interpreted in accordance with Sections 409A and 457A of the Code and Department
of Treasury regulations and other interpretive guidance issued thereunder. Notwithstanding any provision of the Plan or any applicable
Award Agreement to the contrary, in the event that the Administrator determines that any Award may be subject to Section 409A
or 457A of the Code, the Administrator may adopt such amendments to the Plan and the applicable Award Agreement or adopt other
policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that
the Administrator determines are necessary or appropriate to (i) exempt the Plan and Award from Sections 409A and 457A
of the Code and/or preserve the intended tax treatment of the benefits provided with respect to the Award, or (ii) comply
with the requirements of Sections 409A and 457A of the Code and related Department of Treasury guidance and thereby avoid
the application of penalty taxes under Sections 409A and 457A of the Code.

 

		3.17.	Forfeiture; Clawback

 

The Administrator
may, in its sole discretion, specify in the applicable Award Agreement that any realized gain with respect to options or stock
appreciation rights and any realized value with respect to other Awards shall be subject to forfeiture or clawback, in the event
of (a) a grantee’s breach of any non-competition, non-solicitation, confidentiality or other restrictive covenants with
respect to the Company or any Affiliate or (ii) a financial restatement that reduces the amount of bonus or incentive compensation
previously awarded to a grantee that would have been earned had results been properly reported.

 

		3.18.	No Trust or Fund Created

 

Neither the Plan
nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the
Company or any Affiliate and an Award recipient or any other Person. To the extent that any Person acquires a right to receive
payments from the Company or any Affiliate pursuant to an Award, such right shall be no greater than the right of any unsecured
general creditor of the Company or its Affiliate.

 

    	 	24	 

     

    

 

		3.19.	No Fractional Shares

 

No fractional
shares shall be issued or delivered pursuant to the Plan or any Award, and the Administrator shall determine whether cash, other
securities, or other property shall be paid or transferred in lieu of any fractional shares or whether such fractional shares or
any rights thereto shall be canceled, terminated, or otherwise eliminated.

 

		3.20.	Governing Law

 

The Plan will
be construed and administered in accordance with the laws of the State of New York, without giving effect to principles of conflict
of laws.

 

    	 	25Exhibit 10.56

   

  Private & confidential

   

  Dated: 31 March, 2020

   

  ALPHA BANK A.E.

  (as Lender)

   

  - and -

   

  SQUIRE OCEAN NAVIGATION CO.

  (as borrower)

   

  -and-

   

  LEADER SHIPPING CO.

  (as collateral owner)

  

  	
          

          
          
             

          

          
            

          FOURTH SUPPLEMENTAL AGREEMENT

          in relation to a Loan Agreement originally dated

          4th November, 2015

          for a loan facility of (initially) up to US$33,750,173

           

          

          
          
             

          

          
          

        

  

   

   

   

  
  
     

  

  
     

  

  
   

  TABLE OF CONTENTS

   

  	CLAUSE	HEADINGS	PAGE
	 	 	 
	1.	Definitions	2
	 	 	 
	2.	Borrower’s Acknowledgment of Indebtedness	3
	 	 	 
	3.	Representations and warranties	3
	 	 	 
	4.	Agreement of the Lender	5
	 	 	 
	5.	Conditions	5
	 	 	 
	6.	Variations to the Principal Agreement	6
	 	 	 
	7.	Continuance of Principal Agreement and Security Documents	11
	 	 	 
	8.	Entire agreement and amendment	11
	 	 	 
	9.	Fees and expenses	12
	 	 	 
	10.	Miscellaneous	12
	 	 	 
	11.	Law and jurisdiction	12

   

  
  
     

  

  
     

  

  
   

  THIS AGREEMENT (hereinafter called “this Agreement”) is made this 31st day
    of March, 2020;

   

  B E T W E E N

   

  		(1)	ALPHA Bank A.E., a banking société anonyme incorporated in
          and pursuant to the laws of the Hellenic Republic with its head office at 40 Stadiou Street, Athens GR 102 52, Greece, acting, except as otherwise herein provided through its office at 93 Akti Miaouli, Piraeus, Greece (hereinafter called the “Lender”,
          which expression shall include its successors and assigns);

   

  		(2)	SQUIRE OCEAN NAVIGATION CO., a company duly incorporated and validly existing under the laws of the Republic of Liberia having its registered office at 80 Broad Street, Monrovia, Republic of Liberia
          (hereinafter called the “Borrower”, which expression shall include its successors); and

   

  		(3)	LEADER SHIPPING CO., a company duly incorporated and validly existing under the laws of the Republic of the Marshall Islands having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake
          Island, Majuro, Marshall Islands MH 96960 (hereinafter called the “Collateral Owner”, which expression shall include its successors);

   

  IS SUPPLEMENTAL to a loan agreement dated 4th November, 2015, as amended and/or
    supplemented by (1) a first supplemental agreement dated 28th July 2016 (the “First Supplemental Agreement”), (2) a second supplemental agreement dated 29th June 2018 (the “Second Supplemental Agreement”) and (3) a third supplemental agreement dated 1st day of July, 2019 (the “Third Supplemental Agreement”) made between (i) the Lender, as lender, (ii) the Borrower, as borrower and (iii) the Collateral Owner, as collateral owner (the said loan agreement as amended and/or
    supplemented by the First Supplemental Agreement, the Second Supplemental Agreement and the Third Supplemental Agreement is hereinafter called the “Principal Agreement”), on the terms and conditions of which the Lender agreed to advance and has
    advanced to the Borrower, a loan (the “Loan”) of up to United States Dollars Thirty three million seven hundred fifty thousand one hundred seventy three ($33,750,173), for the purpose therein specified (the Principal Agreement as hereby amended
    and/or supplemented and as the same may hereinafter be amended and/or supplemented called the “Loan Agreement”).

   

  W H E R E A S :

   

  		(A)	the Borrower and the Collateral Owner hereby acknowledge and confirm that (a) the Lender has advanced to the Borrower, the full amount of the Loan in the principal amount of United States Dollars Thirty three million
          seven hundred fifty thousand one hundred seventy three ($33,750,173) and (b) as of the Effective Date the principal amount of United States Dollars Twenty Six Million Eighty One Thousand Three Hundred Twenty Six and Twenty Five cents
            ($26,081,326.25 ) in respect of the Loan remains outstanding;

   

  		(B)	pursuant to a Guarantee dated 4th November 2015 as amended and/or supplemented by a first deed of amendment of guarantee dated 28th July, 2016 (the “First Amendment”), a second deed of amendment of guarantee dated 29th
          June 2018 (the “Second Amendment”) and a third deed of amendment of guarantee dated 1st day of July, 2019 (the “Third Amendment”) (the said Guarantee
          as amended and/or supplemented by the First Amendment, the Second Amendment and the Third Amendment is hereinafter called the “Guarantee”), Seanergy Maritime Holdings Corp., of the Republic
          of the Marshall Islands (the “Guarantor”) irrevocably and unconditionally guaranteed the due and timely repayment of the Loan, and the interest and default interest accrued thereon and the performance of all the obligations of the Borrower
          under the Loan Agreement and the Security Documents executed in accordance thereto;

   

  
  
    	 	1	 

  

  
     

  

  
   

  		(C)	the Borrower and the other Security Parties have requested the Lender to grant its consent to (inter alia): 

   

  		(a)	the amendment of the Security Requirement provisions in the Principal Agreement;

   

  		(b)	the amendment of the minimum liquidity covenant set out in Clause 8.1(j) (Liquidity) of the Principal Agreement;

   

  		(c)	the amendment of the repayment schedule set out in Clause 4.1 (Repayment) of the Principal Agreement;

   

  		(d)	the amendment of the control and ultimate beneficial ownership requirements provided in Clause 6.1 (m) (Shareholdings) and Clause 8.2 (s) (Control) of the Principal Agreement;

   

  		(e)	the amendment of the dividends covenants provided in Clause 8.2 (n) (Dividends) of the Principal Agreement;

   

  		(f)	the amendment of the financial covenants requirements provided in Clause 8.6 (Additional Financial Covenants – Compliance Certificate) of the Principal Agreement,

   

  and the Lender has agreed thereto conditionally upon terms that the Principal Agreement shall be amended in the manner hereinafter set out in
    Clause 6 of this Agreement.

   

  NOW THEREFORE IT IS HEREBY AGREED AS FOLLOWS:

  
     

    		1.	DEFINITIONS

  

   

  		1.1	Defined terms and expressions

   

  Words and expressions defined in the Principal Agreement and not otherwise defined herein (including the Recitals hereto) shall have the same meanings when used
    in this Agreement.

   

  		1.2	Additional definitions

   

  In addition, in this Agreement the words and expressions specified below shall have the meanings attributed to them below:

   

  “Effective Date” means the date whereby:

   

  		i.	All the conditions contained in Clause 5 of this Agreement have been satisfied, and

   

  
  
    	 	2	 

  

  
     

  

  
   

  		ii.	The Instalment Due has been paid on the due date for such payment, i.e. on the 1st day of April 2020 and proof of such payment is
          available to the Lender.

   

  “Guarantee Deed of Amendment No. 4” means the deed of amendment of the Guarantee to be executed by the Guarantor in favour of the Lender in form and
    substance satisfactory to the Lender.

   

  “Mortgage Amendment No. 1” means the amendment of the Mortgage to be executed by the Borrower in favour of the Lender over the Vessel.

   

  		1.3	Construction 

   

  In this Agreement

   

  		(a)	Where the context so admits words importing the singular number only shall include the plural and vice versa and words importing persons shall include firms and corporations;

   

  		(b)	clause headings are inserted for convenience of reference only and shall be ignored in construing this Agreement;

   

  		(c)	references to Clauses are to clauses of this Agreement save as may be otherwise expressly provided in this Agreement; and

   

  		(d)	all capitalised terms used herein and not otherwise defined herein shall have the meanings ascribed to them in the Loan Agreement.

  
     

    		2.	BORROWER’S ACKNOWLEDGMENT OF INDEBTEDNESS

  

   

  The Borrower hereby declares and acknowledges that as at the date hereof the outstanding principal
      amount of the Loan is United States Dollars Twenty Six Million Eighty One Thousand Three Hundred Twenty Six and Twenty Five cents ($26,081,326.25), which shall be repaid in accordance with Clause 4.1 (Repayment)
      of the Loan Agreement, and which amount is due to be reduced according to the scheduled payment of the Instalment Due (as defined hereinbelow) on its due date as per the terms hereof.

  
     

    		3.	REPRESENTATIONS AND WARRANTIES

  

   

  		3.1	Representations and warranties under the Principal Agreement

   

  The Borrower and the Collateral Owner hereby represent and warrant to the Lender as at the date hereof that the representations and warranties set forth in the
    Principal Agreement and the Security Documents (updated mutatis mutandis to the date of this Agreement) are (and will be on the Effective Date) true and correct as if all references therein to “this Agreement” were references to the Principal
    Agreement as amended and supplemented by this Agreement.

   

  
  
    	 	3	 

  

  
     

  

  
   

  		3.2	Additional representations and warranties

   

  In addition to the above, the Borrower and the Collateral Owner hereby represent and warrant to the Lender as at the date of this Agreement that:

   

  		a.	each of the Security Parties is duly formed, is validly existing and in good standing under the laws of the place of its incorporation and has full power to carry on its business as it is now being conducted and to
          enter into and perform its obligations under the Principal Agreement and this Agreement and has complied with all statutory and other requirements relative to its business and does not have an established place of business in any part of the
          United Kingdom or the USA;

   

  		b.	all necessary licences, consents and authorities, governmental or otherwise under this Agreement and the Principal Agreement have been obtained and, as of the date of this Agreement, no further consents or
          authorities are necessary for any of the Security Parties to enter into this Agreement or otherwise perform its obligations hereunder;

   

  		c.	this Agreement constitutes the legal, valid and binding obligations of the Security Parties thereto enforceable in accordance with its terms;

   

  		d.	the execution and delivery of, and the performance of the provisions of this Agreement do not, and will not contravene any applicable law or regulation existing at the date hereof or any contractual restriction
          binding on any of the Security Parties or its respective constitutional documents;

   

  		e.	no action, suit or proceeding is pending or threatened against the Borrower and the Collateral Owner or its assets before any court, board of arbitration or administrative agency which could or might result in any
          material adverse change in the business or condition (financial or otherwise) of any of the Borrower or the other Security Parties;

   

  		f.	none of the Security Parties is not and at the Effective Date will not be in default under any agreement by which it is or will be at the Effective Date bound or in respect of any financial commitment, or obligation;

   

  		g.	No US Tax Obligor: None of the Security Parties is a US Tax Obligor; and

   

  		h.	Sanctions:

   

  		(i)	None of the Security Parties is a Prohibited Person nor is controlled by, or acting directly or indirectly on behalf of or for the benefit of, a Prohibited Person and none of the Borrower, the Collateral Owner or the
          Guarantor controls a Prohibited Person; and

   

  		(ii)	To the best of the Security Parties’ knowledge, no proceeds of the Loan have been made available, directly or indirectly, to or for the benefit of a Prohibited Person or

   

  
  
    	 	4	 

  

  
     

  

  
   

  		(iii)	no proceeds of the Loan otherwise shall be, directly or indirectly, applied in a manner or for a purpose prohibited by Applicable Sanctions.

   

  		3.3	Survival

   

  The representations and warranties of the Borrower and the Collateral Owner in this Agreement shall survive the execution of this Agreement and shall be deemed
    to be repeated at the commencement of each Interest Period.

  
     

    		4.	AGREEMENT OF THE LENDER

  

   

  The Lender, relying upon each of the representations and warranties set out in Clause 3 hereby agrees with the Borrower and the Collateral Owner, subject to and
    upon the terms and conditions of this Agreement and in particular, but without limitation, subject to the fulfilment of the conditions precedent set out in Clause 5 that the Principal Agreement be amended in the manner more particularly set out in
    Clause 6.

  
     

    		5.	CONDITIONS

  

   

  		5.1	Conditions precedent

   

  The agreement of the Lender contained in Clause 4 shall be expressly subject to the condition that the Lender shall have received on or before the Effective
    Date in form and substance satisfactory to the Lender and its legal advisers:

   

  		a.	a certificate of good standing or other equivalent document issued by the competent authorities of the place of its incorporation in respect of each of the Borrower, the Collateral Owner and the Guarantor;

   

  		b.	resolutions duly passed by the Board of Directors of the Borrower, the Collateral Owner and the Guarantor and resolutions passed at a meeting of the shareholders of the Borrower and the Guarantor (and of any
          corporate shareholder thereof), if applicable, evidencing approval of this Agreement, the Mortgage Amendment No. 1 and/or the Guarantee Deed of Amendment No. 4 (as the case may be) and authorising appropriate officers or attorneys–in-fact to
          execute the same and to sign all notices required to be given under this Agreement on its behalf or other evidence of such approvals and authorisations as shall be acceptable to the Lender;

   

  		c.	all documents evidencing any other necessary action or approvals or consents with respect to this Agreement, including, but not limited to, Certificates of Incumbency issued by any of the Directors of the Borrower
          and the Guarantor evidencing approval of this Agreement, the Mortgage Amendment No. 1 and/or the Guarantee Deed of Amendment No. 4 (as the case may be) and authorising appropriate officers or attorneys-in-fact to execute the same and to sign all
          notices required to be given under this Agreement on its behalf or other evidence of such approvals and authorisations as shall be acceptable to the Lender;

   

  
  
    	 	5	 

  

  
     

  

  
   

  		d.	the original of any power(s) of attorney issued in favour of any person executing this Agreement, the Mortgage Amendment No. 1 and/or the Guarantee Deed of Amendment No. 4 on behalf of the Borrower, the Collateral
          Owner, and the Guarantor;

   

  		e.	a Certificate of Incumbency issued by any of the Directors of the Collateral Owner evidencing (inter alia) that the resolutions of the Board of Directors of the Collateral Owner and of the sole shareholder of the
          Collateral Owner, both dated 28 June 2018 have not been amended, modified, revoked and are in full force and effect;

   

  		f.	all documents evidencing any other necessary action or approvals or consents with respect to this Agreement;

   

  		g.	duly executed originals of the Mortgage Amendment No. 1 and the Guarantee Deed of Amendment No. 4 and, where appropriate, duly registered in favour of the Lender;

   

  		h.	evidence satisfactory to the Lender that the Borrower has paid or shall pay the next repayment instalment under the Principal Agreement falling due on the 1st April 2020 in the amount of Dollars Five Hundred Thousand ($500,000) (the “Instalment Due”) on such due date for such payment.; and

   

  		i.	such favourable legal opinions from lawyers acceptable to the Lender and its legal advisors as the Lender shall require.

  
     

    		6.	VARIATIONS TO THE PRINCIPAL AGREEMENT

  

   

  		6.1	Amendments

   

  In consideration of the agreement of the Lender contained in Clause 4, the Borrower hereby agrees with the
      Lender that (subject to the satisfaction of the conditions precedent contained in Clause 5, the provisions of the Principal Agreement shall be varied and/or amended and/or supplemented as follows, with effect from the Effective Date:

   

  		a.	the following new definition shall be added in alphabetical order to Clause 1.2 (Definitions) of the Principal Agreement reading as follows:

   

  “Fourth Supplemental Agreement” means the Fourth Supplemental Agreement dated 31 March, 2020 supplemental to this Agreement to be executed and
      made between (inter alios) the Borrower and the Lender whereby this Agreement shall be amended as there in provided;

   

  “Instalment Due” means, a repayment instalment in the amount of United States Dollars Five Hundred Thousand ($500,000) which is
      due and payable on 1st April 2020;

   

  
  
    	 	6	 

  

  
     

  

  
   

  		b.	the following definitions of Clause 1.2 (Definitions) of the Principal Agreement shall be amended so as to read as follows:

   

  “Balloon Instalment” means, the part of the Loan amounting to United States Dollars Fourteen million nine hundred seventy four
      thousand nine hundred fifty eight (US$14,974,958);

   

  “Final Maturity Date” means, the 31st date of
      December 2022;

   

  “Security Requirement” means, until the end of the Security Period, the amount in United States Dollars (as certified by the Lender whose
      certificate shall, in the absence of manifest error, be conclusively binding on the Borrower) which is at any relevant time (1) in excess of one hundred percent (100%) of the Loan commencing from the 1st January 2020 until and including the 31st of December 2020, (2) in excess of one hundred and ten percent (110%) of the
      Loan commencing from the 1st January, 2021 until and including the 31st of December
      2021, and (3) in excess of one hundred and fifteen percent (115%) of the Loan commencing from the 1st January, 2022 until and including the 31st of December 2022; For the avoidance of doubt, no Security Requirement is applicable until 31st March 2020; For
      the avoidance of doubt, it is hereby re-iterated that the Security Value shall (inter alia) include the Excess Value of the Collateral Vessel;”

   

  		c.	with effect as from the Effective Date, Clause 4.1 (Repayment) of the Principal Agreement shall be deleted in its entirety and replaced to read as follows:

   

  “Repayment. The Borrower shall and it is expressly undertaken by the Borrower to repay the outstanding principal amount of
      the Loan (resulting after payment of the Instalment Due) amounting as of the date of the Fourth Supplemental Agreement to Dollars Twenty Five Million Five Hundred Eighty One Thousand Three Hundred Twenty Six and Twenty Five cents
      ($25,581,326.25), by: (a) eleven (11) consecutive quarterly Repayment Instalments, the first of which falls due for payment on 30th June 2020 and each of the
        subsequent ones consecutively falling due for payment on each of the dates falling three (3) months after the immediately preceding Repayment Date with the last (the 11th)
        of such Repayment Instalments falling due for payment on the Final Maturity Date and (b) an additional bullet repayment of principal in the amount of Dollars Five Hundred Thousand ($500,000) to be made latest on the 1st day of October 2020 and (c) the Balloon Instalment payable together with the last (the 11th) Repayment
        Instalment on the Final Maturity Date; subject to the provisions of this Agreement, the amount of each of such Repayment Instalments shall be Dollars Nine hundred eighteen thousand seven hundred sixty and seventy five cents ($918,760.75),

   

  provided, that (a) if the last Repayment Date would otherwise fall after the Final Maturity Date, the last Repayment Date shall be the Final Maturity
      Date, (b) on the Final Maturity Date the Borrower shall also pay to the Lender any and all other moneys then due and payable under this Agreement and the other Security Documents and (c) if any of the Repayment Instalments shall become due on a day
      which is not a Banking Day, the due date therefor shall be extended to the next succeeding Banking Day unless such Banking Day falls in the next calendar month in which event such due date shall be the immediately preceding Banking Day.”

   

  
  
    	 	7	 

  

  
     

  

  
   

  		d.	Clause 6.1 (m) (Shareholdings) of the Principal Agreement shall be deleted in its entirety and replaced to read as follows:

   

  “Shareholdings 

   

  Throughout the Security Period:

   

  		i.	the person(s) disclosed to the Lender at the negotiation of this Agreement (A) do/does maintain and shall maintain at all times control of the Guarantor and (B) do/does and shall hold beneficially whether directly
            or indirectly the voting rights attaching to at least 25% of the shares issued and outstanding in the share capital of the Guarantor (including all shares issuable upon exercise of the conversion option under the Notes), but in all cases and
            for the avoidance of doubt no person(s) other than the said person(s) disclosed to the Lender at the negotiation of this Agreement shall gain control over the Guarantor without the prior written consent of the Lender to be given at the Lender’s
            sole discretion; and 

   

  		ii.	no change has been made directly or indirectly in the ownership, beneficial ownership, control or management of the Borrower or any share therein or of the Vessel (especially concerning class or flag);

   

  		iii.	the Borrower is and will continue to be until the Final Maturity Date a 100 % directly owned subsidiary of the Guarantor;

   

  For the purposes of this Clause 6.1 (m) (Shareholdings), “control” shall mean:

   

  		A.	the power (whether by way of ownership of shares, partnership units, proxy, contract, agency or otherwise) to:

   

  		i.	cast, or control the casting of, more than 50% of the maximum number of votes that might be cast at a general meeting of the Guarantor; or

   

  		ii.	appoint or remove all, or the majority, of the directors or other equivalent officers of the Guarantor; and/or

   

  		B.	the holding beneficially of more than 50% of the issued shares of the Guarantor (excluding any part of that issued shares that carries no right to participate beyond a specified amount in a distribution of either
            profits or capital).”

   

  		e.	Clause 8.1 (j) (Liquidity) of the Principal Agreement shall be deleted in its entirety and replaced to read as follows:

   

  
  
    	 	8	 

  

  
     

  

  
   

  “Liquidity: ensure that as from 1st January, 2020 and
      throughout the remainder of the Security Period the Borrower shall maintain a 30 days moving average balance of $500,000 (to be calculated on a quarterly basis every end of March, June, September and December of each Financial Year) for the
    Vessel. For the avoidance of any doubt the Liquidity under this Clause should always be included in the Liquidity of the Guarantor under Clause 8.6(a) (Liquidity) of this Agreement and under Clause 5.3(a) (Liquidity) of the Guarantee.”; 

   

  		f.	Clause 8.2 (n) (Dividends) of the Principal Agreement shall be deleted in its entirety and replaced to read as follows:

   

  “Dividends: declare or pay any dividends or distribute any of its present or future assets, undertakings, rights or revenues to any of its
      shareholders save as hereinafter provided: 

   

  		i.	the Borrower may declare or pay such dividends subject to no Event of Default having occurred and being continuing; and

   

  		ii.	the Guarantor may declare or pay such dividends subject to no Event of Default having occurred and being continuing.”

   

  		g.	Clause 8.2 (s) (Control) of the Principal Agreement shall be deleted and replaced to read as follows:

   

  “Control: throughout the Security Period permit: 

   

  		i.	the person(s) disclosed to the Lender at the negotiation of this Agreement (A) not to maintain at all times control of the Guarantor and (B) not to hold beneficially whether directly or indirectly
            the voting rights attaching to at least 25% of the shares issued and outstanding in the share capital of the Guarantor (including all shares issuable upon exercise of the conversion option under the Notes). In all cases and for the avoidance of
            doubt no person(s) other than the said person(s) disclosed to the Lender at the negotiation of this Agreement shall gain control over the Guarantor without the prior written consent of the Lender to be given at the Lender’s sole discretion; and
          

   

  		ii.	any change to be made directly or indirectly in the ownership, beneficial ownership, control or management of the Borrower or any share therein or of the Vessel (especially concerning class or flag);

   

  		iii.	any change to be made resulting in the Borrower not being a 100 % directly owned subsidiary of the Guarantor;

   

  For the purposes of this Clause 8.2 (s) (Control), “control” shall mean:

   

  		A.	the power (whether by way of ownership of shares, partnership units, proxy, contract, agency or otherwise) to:

   

  		i.	cast, or control the casting of, more than 50% of the maximum number of votes that might be cast at a general meeting of the Guarantor; or

   

  
  
    	 	9	 

  

  
     

  

  
   

  		ii.	appoint or remove all, or the majority, of the directors or other equivalent officers of the Guarantor; and/or

   

  		B.	the holding beneficially of more than 50% of the issued shares of the Guarantor (excluding any part of that issued shares that carries no right to participate beyond a specified amount in a distribution of either
            profits or capital).”

   

  		h.	Clause 8.6 (Additional Financial Covenants – Compliance Certificate) of the Principal Agreement shall be deleted in its entirety and replaced to read as follows:

   

  “Guarantor’s Financial Covenants - Compliance Certificate. The Borrower will ensure that, based on the relevant Accounting Information for that
      Financial Year or the relevant period, the Guarantor shall comply with the financial covenants set out below:

   

  Liquidity: the Guarantor shall procure and ensure that it is maintained throughout the Security Period, Corporate Liquidity (including any contractually
      committed but undrawn parts of the Notes) in an amount equal to $500,000 per Fleet Vessel. The compliance of the Guarantor with this undertaking shall be determined by the Lender in respect of each Financial Semester Day on the basis of the
      semi-annual unaudited financial statements of the Guarantor and in respect of each other quarter of each Financial Year on the basis of a letter of the Guarantor confirming the aforesaid liquidity.

   

  Calculations: For the purposes of this Clause 8.6: (a) no item shall be deducted or credited more than once in any calculation; and (b) any amount
      expressed in a currency other than Dollars shall be converted into Dollars in accordance with the Applicable Accounting Principles.

   

  “Corporate Liquidity” means the aggregate of (a) any amount standing to the credit of the Earnings Account and (b) all cash deposits legally and
      beneficially owned by the Guarantor and any member of the Group which are free from any security other than,

   

  (i)        in respect of any deposit held with the Lender, security created to secure the obligations of the Borrower under the Loan Agreement; 

   

  (ii)       in respect of deposits held with other lenders of the Group, security created to secure the obligations of the respective borrower(s) under the
      respective loan agreement(s); and

   

  (iii)       in respect of deposits held with other lenders of the Group as drydocking reserve cash under the respective loan agreement(s).

   

  FOR THE AVOIDANCE OF DOUBT Corporate Liquidity to include minimum liquidity requirements by the Lender and other lenders of the Group.”

   

  		i.	Schedule 3 of the Principal Agreement shall be deleted in its entirety.

   

  
  
    	 	10	 

  

  
     

  

  
   

  		6.2	Security Documents

   

  With effect as from the Effective Date the definition “Security Documents” shall be deemed to include the Security Documents as amended and/or supplemented in pursuance to the terms hereof and any document or documents (including if the context
      requires the Loan Agreement) that may now or hereafter be executed as security for the repayment of the Loan, interest thereon and any other moneys payable by the Borrower under the Principal Agreement and the Security Documents (as herein defined)
      as well as for the performance by the Borrower and the other Security Parties as defined in the Loan Agreement of all obligations, covenants and agreements pursuant to the Principal Agreement, this Agreement and/or the Security Documents.

   

  		6.3	Construction

   

  All references in the Principal Agreement to “this Agreement”, “hereunder” and the like and all references in the Security Documents to the “Loan Agreement” shall be construed as references to the Principal Agreement as amended and/or supplemented by this Agreement.

  
     

    		7.	CONTINUANCE OF PRINCIPAL AGREEMENT AND SECURITY DOCUMENTS

  

   

  Save for the alterations to the Principal Agreement, and the Security Documents made or to be made pursuant
      to this Agreement, and such further modifications (if any) thereto as may be necessary to make the same consistent with the terms of this Agreement, the Principal Agreement shall remain in full force and effect and the security constituted by the
      Security Documents executed by the Borrower and the other Security Parties shall continue to remain valid and enforceable and the Borrower, the Collateral Owner and the Guarantor hereby jointly and severally reconfirm their respective obligations
      under the Principal Agreement as hereby amended and under the Security Documents to which each of them is a party.

  
     

    		8.	ENTIRE AGREEMENT AND AMENDMENT

  

   

  		8.1	Entire Agreement

   

  The Principal Agreement, the other Security Documents, and this Agreement represent the entire agreement among the parties hereto with respect to the subject
    matter hereof and supersede any prior expressions of intent or understanding with respect to this transaction and may be amended only by an instrument in writing executed by the parties to be bound or burdened thereby.

   

  		8.2	Supplemental – Effect on Principal Agreement

   

  This Agreement is supplementary to and incorporated in the Principal Agreement, all terms and conditions whereof, including, but not limited to, provisions on
    payments, calculation of interest and Events of Default, shall apply to the performance and interpretation of this Agreement.

   

  
  
    	 	11	 

  

  
     

  

  
   

  		9.	FEES AND EXPENSES

   

  		9.1	Indemnity

   

  The Borrower agrees to pay to the Lender upon demand on a full indemnity basis and from time to time all costs, charges and expenses (including legal fees)
    incurred by the Lender in connection with the negotiation, preparation, execution and enforcement or attempted enforcement of this Agreement and any document executed pursuant thereto and/or in preserving or protecting or attempting to preserve or
    protect the security created hereunder and/or under the Security Documents.

   

  		9.2	Amendment fee

   

  The agreement of the Lender to the amendment of the Principal Agreement as herein provided shall be expressly subject to the condition that the Borrower shall
    pay to the Lender a non-refundable amendment fee of an amount of Dollars Seventy Five thousand ($75,000) payable as follows:

   

  		i.	Dollars Thirty Seven thousand five hundred ($37,500) on the date of signing of this Agreement; and

   

  		ii.	Dollars Thirty Seven thousand five hundred ($37,500) on the 1st day of July 2020.

   

  		9.3	Stamp duty etc.

   

  The Borrower covenants and agrees to pay and discharge all stamp duties, registration and recording fees and charges and any other charges whatsoever and
    wheresoever payable or due in respect of this Agreement and/or any document executed pursuant hereto.

  
     

    		10.	MISCELLANEOUS

  

   

  The provisions of Clause 14 (Assignment, Transfer, Participation, Lending Office) and Clause 16.1 (Notices) of the Principal
    Agreement shall apply to this Agreement as if the same were set out herein in full.

  
     

    12.        LAW AND JURISDICTION

  

   

  		12.1	Governing Law

   

  This Agreement and any non-contractual obligations arising out or in connection with it shall be governed by and construed in accordance with English law and
    the provisions of Clause 17 (Law and Jurisdiction) of the Principal Agreement shall apply mutatis mutandis to this Agreement as if the same were set out herein in full.

   

  		12.2	Third Party Rights

   

  No term of this Agreement is enforceable under the Contracts (Rights of Third Parties) Act 1999 by a person
      who is not a party to this Agreement.

   

  
  
    	 	12	 

  

  
     

  

  
   

  EXECUTION PAGE

   

  the borrower

   

  	SIGNED by	)	 
	Mr Stavros Gyftakis	)	 
	for and on behalf of	)	 
	SQUIRE OCEAN NAVIGATION CO.	)	/s/ Stavros Gyftakis
	of Liberia, in the presence of:	)	Attorney-in-fact

   

  	Witness: 	/s/ Dimitrios Sioufas	 	  
	Name:	Dimitrios Sioufas	 	 
	Address: 	13 Defteras Merarchias Str.,	 	 
	 	Piraeus, Greece	 	 
	Occupation: 	Attorney-at-law 	 	 

   

  the COLLATERAL OWNER

   

  	SIGNED by	)	 
	Mr Stavros Gyftakis	)	 
	for and on behalf of	)	 
	LEADER SHIPPING CO.	)	/s/ Stavros Gyftakis
	of Marshall Islands, in the presence of:	)	Attorney-in-fact

   

  	Witness: 	/s/ Dimitrios Sioufas	 	 
	Name:	Dimitrios Sioufas	 	 
	Address: 	13 Defteras Merarchias Str.,	 	 
	 	Piraeus, Greece	 	 
	Occupation: 	Attorney-at-law 	 	 

   

  THE LENDER

   

  	SIGNED by	)	 
	Mr. Konstantinos Sotiriou	)	/s/ Konstantinos Sotiriou
	and Mr. Konstantinos Flokos	)	Attorney-in-fact
	for and on behalf of	)	 
	ALPHA BANK A.E.	)	/s/ Konstantinos Flokos
	in the presence of:	)	Attorney-in-fact

   

   

  

  13

  
    
      

  

  LEADER SHIPPING CO.

   

  and

   

  V.SHIPS GREECE LTD.

   

  SHIP TECHNICAL MANAGEMENT AGREEMENT

   

  
    	 	 	 

  

  
     

  

    

  SHIP TECHNICAL MANAGEMENT AGREEMENT

   

  INDEX

   

  	PART	 	SUBJECT MATTER	 	PAGE NO.
	 	 	 	 	 	 
	Part I	 	Vessel Details	 	4
	Part II	 	Terms of Agreement	 	 
	 	 	1.	Definitions & Interpretation	 	6
	 	 	2.	Appointment of Managers	 	6
	 	 	3.	Basic Services	 	6
	 	 	3.1	Crewing	 	7
	 	 	3.2	Technical Management	 	8
	 	 	3.3	Purchasing	 	8
	 	 	3.4	Insurance	 	9
	 	 	3.5	Accounting and Budgeting	 	9
	 	 	3.6	Operations	 	10
	 	 	3.7	Information System Software	 	10
	 	 	3.8	Shipboard Oil Pollution Emergency Plan	 	11
	 	 	3.9	OPA	 	11
	 	 	3.10	Assistance with Sale of Vessel	 	11
	 	 	3.11	Vessel trading in high risk areas	 	11
	 	 	4.	Other Services	 	12
	 	 	5.	Managers’ Obligations	 	12
	 	 	6.	Owners’ Obligations	 	12
	 	 	7.	Documentation	 	13
	 	 	8.	Management Fee	 	14
	 	 	9.	Payments and Management of Funds	 	15
	 	 	10.	Managers’ Right to Sub-Contract	 	16
	 	 	11.	Responsibilities	 	16
	 	 	11.1	Force Majeure	 	16
	 	 	11.2	Liability to Owners	 	16
	 	 	11.3	Indemnity - General	 	16
	 	 	11.4	Indemnity - Tax	 	17
	 	 	11.5	Himalaya	 	17
	 	 	12.	Liens	 	17
	 	 	13.	Claims/Disputes	 	17
	 	 	14.	Auditing, Records	 	18
	 	 	15.	Inspection of Vessel	 	18
	 	 	16.	Compliance with Laws & Regulations	 	18
	 	 	17.	Duration of the Agreement	 	18
	 	 	17.1	Termination by Notice	 	18
	 	 	17.2	Termination by Default – Owners	 	18
	 	 	17.3	Termination by Default – Managers	 	19
	 	 	17.4	Liquidation	 	19
	 	 	17.5	Extraordinary Termination	 	19
	 	 	18.	Confidentiality	 	19
	 	 	19.	Suspension of Services	 	20
	 	 	20.	Law and Arbitration	 	20

   

  
    	 	 	 

  

  
     

  

    

  	 	 	21.	Amendments to Agreement	 	20
	 	 	22.	Time Limit for Claims	 	20
	 	 	23.	Condition of Vessel	 	20
	 	 	24.	Use of Associated Companies	 	21
	 	 	25.	Notices	 	21
	 	 	26.	Staff Loyalty	 	21
	 	 	27.	Entire Agreement	 	21
	 	 	28.	Partial Validity	 	21
	 	 	29.	Non Waiver	 	21
	Part III	 	Other Services	 	22-23
	Part IV	 	Fee Schedule	 	24
	Part V	 	Fleet Details	 	25
	Part VI	 	Initial Budget	 	26-28
	Part VII	 	Form of Novation Agreement	 	29-32

   

  
    	 	 	 

  

  
     

  

    

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  SHIP TECHNICAL MANAGEMENT AGREEMENT
          - PART I

   

  	 	1.	
          Vessel Details

          Name: LEADERSHIP

          Flag: BAHAMAS

          Type: BULK CARRIER

          IMO number: 9233923

           

        	
           

          GT/NT: 85379/56701

          Class: ABS

          Year Built: 2001

        	 
	 	2.	Owners	 	 
	 	 	Name: Leader Shipping Co.	 	 
	 	 	 	 	 
	 	2.1	Owners’ Registered Address (where the company is registered):	 
	 	 	 	 
	 	 	
          Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, MH96960

          c/o 1-3, Patriarchou Grigoriou Str. & 127, Vouliagmenis Ave., 16674 Glyfada, Athens Greece

           

          Country of Incorporation: Marshall Islands

        	 
	 	 	 	 
	 	2.2	Owners’ business establishment address (head office and principal place of business):	 
	 	 	 	 

  	 	 	
          Telephone Number: +30 210 8931507

          Contact Name: Konstantinos Galanis

        	
          Fax Number: +30 210 9638450

          Position: CTO

        	 
	 	 	 	 	 
	 	 	Email address: tec-ops@seanerqy.gr	 	 
	 	 	 	 	 
	 	2.3	Owners’ VAT registration number if business establishment address at 2.2 is in the European Union: N/A	 
	 	 	 	 	 
	 	3.	Managers	 	 
	 	 	Name:            V.Ships Greece Ltd.	 	 
	 	 	
          Registered Office: Par la ville place 14, Par la ville road, Hamilton HM 08, Bermuda,

          c/o Agiou Dionisiou 3, Piraeus

          Country of Incorporation: Bermuda

        	 
	 	 	 	 

  	 	 	Telephone Number: +30 210 4102210	Fax Number: +30 210 4294340	 
	 	 	Contact Name: Capt. Mauro Renaldi	Position: Managing Director	 
	 	 	 	 	 
	 	 	Email address: mauro.renaldi@vships.com	 	 
	 	 	 	 	 

  	 	
          4.   Date of Commencement of Agreement (Clause 2.1)

          Upon Owners delivery of the Vessel to the Managers

        	 
	 	5.  Notices to Owners : at the Owners’ executive offices in Greece, fax number and email address stated in Box 2	 
	 	 	 

  	 	6.	Notices to Managers:	
          at the address, fax number and email address stated in Box 3 with a copy to Marine Legal Services Limited, 1st floor, 63 Queen Victoria Street, London EC4N 4UA tel (44) (0)
            20 7329 2422 fax (44) (0) 20 7236 2894 email craig.brown@marinelegal.co.uk

           

        	 

   

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  It is mutually agreed between the party mentioned
    in Box 2 of Part I (hereinafter called “the Owners”) and the party mentioned in Box 3 of Part I (hereinafter called
    “the Managers”) that this Agreement consisting of PARTS I to VII inclusive shall be performed subject to the conditions
    contained herein. In the event of a conflict of conditions, the provisions of an applicable Appendix of Part III shall prevail
    over the provisions of PART II to the extent of such conflict but only in respect of the Management Service to be provided in terms
    of such applicable Appendix. In the event of a conflict between the Fee Schedule and the provisions of an applicable Appendix of
    Part III, the provisions of the Fee Schedule shall prevail.

   

  DATE OF AGREEMENT: 11 February 2015

   

  	
          Signature(s) (Owners)

          Leader Shipping Co.

        		
          Signature(s) (Managers)

          V.Ships Greece Ltd.

        
	 	 
		
	
          Stamatios Tsantanis

          Title: Director / President / Treasurer

        	
          Capt. Mauro Renaldi

          Title: Managing Director

        

   

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  SHIP TECHNICAL MANAGEMENT AGREEMENT
          - PART II

   

  	

        	1.	Definitions and Interpretation

  	

        	1.1	In this Agreement, in addition to terms defined in Part I, save where the context otherwise requires,
          the following words and expressions shall have the meanings hereby assigned to them.

  “Basic Services” means
    services relating to Crewing, Technical Management, Purchasing, Operations, Accounting and Budgeting, Information System Software,
    Shipboard Oil Pollution Emergency Plan, OPA and Assistance with Sale provided in accordance with Clause 3.

  “Crew Support Costs”
    means all expenses of a general nature not particularly referable to any individual vessel for the time being managed by the
    Managers and incurred for the purpose of providing an efficient and economic management service including, without prejudice to
    the generality of the foregoing, cost of crew standby pay, training schemes, cadet training schemes, study pay, recruitment and
    interviews.

  “Fee Schedule” means
    the Schedule comprising Part IV or any revised Fee Schedule prepared by the Managers after the date hereof and agreed by the Owners
    in writing to record adjustments to the fees payable from time to time under this Agreement.

  “Information System Software”
    means the Managers’ proprietary ship management software in executable object code form as described in Clause 3.7.1 as the
    same may be upgraded and updated from time to time.

  “ISM Code” means
    the International Management Code for the Safe Operation of Ships and for Pollution Prevention adopted by Resolution A.714 (18)
    of the International Maritime Organisation on 4 November 1994 and incorporated on 19 May 1994 into the SOLAS Convention 1974 as
    Chapter IX and any amendment thereto or substitution thereof.

  “ISPS Code” means
    the International Ship and Port Facility Security Code as adopted on 12 December 2002 by resolution 2 of the Conference of Contracting
    Governments to the International Convention for the Safety of Life at Sea 1974 and any amendment thereto or substitution thereof.

  “Management Services”
    means Basic Services and Other Services and all other functions performed by the Managers under the terms of this Agreement.

  “MLC” means the
    Maritime Labour Convention 2006 and any amendment thereto, substitution thereof and ratification of the Maritime Labour Convention
    2006 in the respective States national law.

  “OPA” means the
    United States Oil Pollution Act of 1990, regulations made thereunder, and any amendment thereto or substitution thereof.

  “Other Services” means
    any services provided by Managers affirmatively indicated in Part III of this Agreement.

  “Severance Costs” means
    the costs which the employers are legally obliged to pay to or in respect of the Crew as a result of the early termination of any
    contract for service on board the Vessel.

  “SMS” means a Safety
    Management System in accordance with the ISM Code.

  “SSP” means a Ship
    Security Plan in accordance with the ISPS Code.

  “STCW” means the
    International Maritime Organisation Convention on Standards of Training Certification and Watchkeeping for Seafarers 1978, as amended
    in 1995 and any amendment thereto or substitution thereof.

  “the Vessel” shall
    mean the vessel details of which are set out in Box 1 of Part I.

  	

        	1.2	Clause Headings are inserted for convenience and shall be ignored in construing this Agreement;
          words denoting the singular number shall include the plural number and vice versa; references to Parts are to Parts of this
          Agreement; references to Clauses are to Clauses of Part II except where otherwise expressly stated; and references to any enactment
          include any re-enactments, amendments and extensions thereof.

   

  	

        	2.	Appointment of Managers

  	

        	2.1	With effect from the date stated in Box 4 of Part I (the “Date of Commencement”) and
          continuing unless and until terminated as provided herein, the Owners hereby appoint the Managers and the Managers hereby agree
          to act as the managers of the Vessel in respect of the Management Services.

  	

        	2.2	In performing any of the Management Services the Managers shall, as agents for and on behalf of
          the Owners, have authority to take such steps as the Managers may from time to time in their reasonable discretion consider to
          be necessary to enable them to perform this Agreement in accordance with sound ship management practice.

   

  	

        	3.	Basic Services

  Subject to the terms and conditions
    herein provided, during the period of this Agreement the Managers shall carry out, as agents for and on behalf of the Owners, the
    Basic Services in accordance with the following provisions of this Clause.

   

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        	3.1	Crewing

  	

        	3.1.1	The Managers shall provide suitably qualified crew for the Vessel and its trade as required by
          the Owners in accordance with current STCW requirements as agents for and on behalf of the Owners, provision of which includes
          but is not limited to the following functions:

  	

        	(i)	select and engage Master, officers and crew (hereinafter collectively referred to as the “Crew”);
          where the Owners make a complaint about any member of the Crew the Managers will promptly investigate the same and if it proves
          to be justified, replace the Crew member concerned as soon as practicable;

  	

        	(ii)	ensure that the applicable requirements of the law of the flag of the Vessel are satisfied in respect
          of manning levels, rank, qualification and certification of the Crew, and employment regulations including Crew’s tax, social insurance,
          discipline and other requirements;

  	

        	(iii)	ensure that all members of the Crew have passed a medical examination with a qualified doctor certifying
          that they are fit for the duties for which they are engaged and are in possession of valid medical certificates which are valid
          for the duration of their service onboard the Vessel and issued in accordance with appropriate flag state requirements and P&I
          Club requirements; in the absence of applicable Flag state requirement medical certificate shall be dated no more than three (3)
          months prior to the respective Crew members leaving the country of domicile and maintained for the duration of their service on
          board the vessel;

  	

        	(iv)	arrange of transportation of the Crew, including repatriation;

  	

        	(v)	supervise the efficiency of the Crew and use the Manager’s standard crew appraisal system (written
          or electronic) and administration of all other Crew matters such as planning for the manning of the Vessel;

  	

        	(vi)	make payroll arrangements, including settling manning and agency expenses for the manning agents
          in the Crew’s country of origin and, if applicable, payment of Severance Costs;

  	

        	(vii)	if requested by the Owners, conducting union negotiations and making agreed payments to unions;

  	

        	(viii)	verify that the Crew shall have a command of the English of a sufficient standard to enable them
          to perform their duties safely;

  	

        	(ix)	operate the Managers’ Drug and Alcohol Policy;

  	

        	(ix)	arrange Crew training in accordance with the Managers’ policies but always in compliance with STCW
          (and as provided for in the budget), records of such training being maintained in the Manager’s standard format and will be provided
          to the Owners on a monthly basis.

  	

        	3.1.2	Crew Claims

  The Managers will provide such information
    as requested by relevant brokers and/or P&I Club managers to enable such brokers or managers to prepare and process all Crew
    insurance claims with the Owners’ approval.

  	

        	3.1.3	The Owners agree to implement in full the terms and conditions of employment under which the Crew
          is engaged by the Managers as agent for the Owners. The Owners shall be the employer of the Crew and under no circumstances shall
          the Managers be deemed to be the employer of the Crew. If the Vessel is covered by an ITF approved agreement the Owners authorize
          the Managers to sign the ITF Special Agreement on their behalf and agree to provide all information necessary for this purpose.
          The Managers to provide the Owners copies of the contracts of employment upon request.

  	

        	3.1.4	The Owners to approve the engagement of any member of the Crew within four (4) working days of
          receipt from the Managers of reasonable details of the proposed appointee. No response within the stipulated timeframe indicates
          tacit approval.

  	

        	3.1.5	In the event that any officers or ratings are supplied by the Owners or on their behalf, the Owners
          shall procure that they comply with the requirements of STCW and MLC. Owners will instruct such officers and ratings to obey all
          reasonable orders of the Managers.

  Any such officers or ratings shall,
    at the Owners’ cost, be trained in accordance with the Managers training matrix.

  	

        	3.1.6	The Managers shall procure that the Crew consent to processing of their personal data for legitimate
          business purposes. The Owners warrant that personal data of the Crew will be processed in accordance with the requirements of the
          Data Protection Act 1998 or any other applicable law or regulation.

  	

        	3.1.7	For the purposes of the MLC, the Owners shall be deemed “Shipowner” and under no circumstances
          whatsoever, notwithstanding the Managers agreeing to carry out specific obligations under the MLC on behalf of the Owners, shall
          the Managers be deemed “Shipowner”. It is a condition of this Agreement that the Owners shall provide all Crew with MLC
          compliant working and living conditions. The Owners shall ensure that, in case there is any

   

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  Seafarer Recruitment & Placement
    Service supplying any member of the Crew to the Vessel or any entity directly employing other persons to work onboard the Vessel,
    the latter shall provide to the Managers documentary evidence of MLC compliance issued under the provisions laid down by the applicable
    ratifying administration or, in the case of a non-ratifying administration, documentary evidence from a Recognised Organisation
    that is accepted by the flag administration of the Vessel.

  	

        	3.1.8	The Owners authorise the Managers to sign contracts of employment with the Crew as agent only for
          and on behalf of the Owners and/or to procure that a Seafarer Recruitment & Placement Service, in the country of domicile of
          a Crew member, signs contracts of employment with such Crew member as agent only for and on behalf of the Owners. The Managers
          to provide the Owners copies of all the contracts of employment upon request.

   

  	

        	3.2	Technical Management

  The Managers shall provide technical
    management which includes, but is not limited to the following functions:

  	

        	(i)	provision of personnel to supervise the maintenance and general efficiency of the Vessel;

  	

        	(ii)	arrangement and supervision of drydockings, repairs, modifications to and the upkeep of the Vessel
          to the standards agreed with the Owners provided that the Managers shall be entitled to incur the necessary expenditure, which
          is subject to Owners’ prior approval, to ensure that the Vessel will comply with all requirements and recommendations of the classification
          society and equipment manufacturers, and with the laws and regulations of the country of registry of the Vessel and of the places
          where she trades;

  	

        	(iii)	arrangement of periodic analysis of the bunker fuel, lubricating oils and chemicals by third parties
          (the costs being included in the Vessel’s running costs);

  	

        	(iv)	appointment of surveyors and technical consultants as the Managers may consider from time to time
          to be necessary, provided they are pre-approved by the Owners;

  	

        	(v)	visits to the Vessel by superintendents or other staff of the Managers for up to 20 days on board
          the Vessel in any calendar year (or pro rata for part of a calendar year) excluding the dry-docking period of the vessel
          and visits to the Vessel by superintendents or other staff of the Managers in excess of this allowance to be pre-approved in writing
          by the Owners;

  	

        	(vi)	notify and receive prior approval by the Owners of any non-budgeted item of expenditure;

  	

        	(vii)	notify and receive prior approval by the Owners if there is an operational need to exceed quarterly
          budget allowance as attached to this agreement under Part VI.

  	

        	(viii)	development, implementation and maintenance of an SMS and an SSP.

   

  	

        	3.3	Purchasing

  	

        	3.3.1	The Managers shall arrange for the supply of necessary victualling, stores, spares, provisions,
          lubricating oils and services (including drydock services) for the Vessel for any amount of up to US$5,000. With respect to the
          supply of any items of an amount between US$5,000 to US$10,000 the Managers shall request the Owners pre-approval, which should
          be provided within 48 hours from the Managers’ request. No response within such stipulated timeframe indicates tacit approval by
          the Owners. For any purchase above US$10,000, the Managers will advise the details and quotations to the Owners in writing requesting
          authority to proceed. The Owners have the right to arrange for any purchasing and shall advise the Managers accordingly. To enable
          the Managers to arrange such supplies on the most advantageous terms, the Managers shall be entitled to join with other parties
          in making arrangements for bulk purchase. The Managers are presently members of MARCAS Limited (“MARCAS”), an independent
          contracting association providing access to commodities and dry-dock services globally (www.marcas.org). MARCAS negotiates on behalf
          of its members with selected suppliers the best available price, terms and conditions for the bulk purchase of goods and services
          for the marine industry with the aim of offering to members and their clients savings on vessel technical operating costs.

  	

        	3.3.2	Details of the suppliers contracted by MARCAS and prices available for the Vessel at the time of
          supply shall be made available to Owners upon their request. Owners acknowledge that all information relating to prices is confidential
          and undertake not to disclose the same to third parties without the prior written consent of the Managers.

  	

        	3.3.3	Where MARCAS has negotiated terms and conditions with suppliers of any stores, spares provisions,
          or lubricating oils (“Goods”) and/or suppliers of services required by the Vessel, then the purchase of such Goods and
          services will, unless operational or other circumstances otherwise require, be undertaken with such

   

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  suppliers on the basis of the terms
    and conditions negotiated by MARCAS.

  	

        	3.3.4	MARCAS will where practicable obtain a best price charter from suppliers that the prices for all
          Goods and services purchased by MARCAS’s members will be the lowest prices available. If the Owners are able to obtain in good
          faith, on arms’ length terms, on a true like for like basis (including quality, certification, timing, manufacturer, place of supply,
          etc., but ignoring taxes and exchange rate fluctuations), the same Goods and/or services at a lower price than that obtained by
          MARCAS, the Owners will supply full details to the Managers who will promptly raise the matter with MARCAS and pass on to Owners
          any refund obtained by MARCAS from the supplier.

  	

        	3.3.5	The Owners have received details from the Managers of the business rules and operating procedures
          adopted by MARCAS, including provisions related to fees that MARCAS will retain as applicable, and agree to comply with such rules
          and operating procedures as the same may be amended from time to time.

  	

        	3.3.6	The Owners acknowledge that they are aware that prices obtained from suppliers require strict adherence
          to the payment terms agreed with suppliers (normally 45 days from date of invoice) and any failure by the Owners to provide the
          Managers with funds to settle sums due to suppliers on time will (in the absence of a good faith dispute) result in an immediate
          2% surcharge. The Managers are hereby expressly authorised to settle such surcharge charges from any sums held by them on
          behalf of Owners. The Owners further acknowledge that they are aware if payments to suppliers are regularly made late, or if suppliers
          are not satisfied with Owners’ credit rating, suppliers may refuse to supply at the prices and on the terms negotiated by MARCAS.

  	

        	3.3.7	The Owners acknowledge that the Managers may be requested by suppliers to disclose details of the
          beneficial ownership of the Owners and that the Managers may not be able to obtain the most advantageous terms from such suppliers
          should the Owners not agree to such disclosure.

  	

        	3.4	Insurance

  	

        	3.4.1	lf instructed by the-Owners,-the-Managers shall refer the Owners to brokers for the-placing of insurances and shall liaise between the brokers and the Owners to provide such information as may be required to
            make any claim, in each case in accordance with the following provisions.

  	

        	3.4.2	The-Managers shall arrange for brokers to place such insurances as the Owners shall have
            instructed or agreed, in particular as regards values, deductibles and franchises. At each renewal the Managers will liaise-with
            brokers and the Owners:

  (i) as to any changes in
      insured values required;

  (ii) in respect of premiums,
      franchises and deductibles and any other changes for the new policy year; and

  (iii) to update the budget
      to reflect changes in insurance-premiums.

  For the avoidance of doubt
      under no circumstances will the Managers be liable to the Owners for any losses which the Owners may incur as a result of the level
      of insured values.

  	

        	3.4.3	The Managers shall engage the services of their appointed insurance brokers to arrange such
            insurances.

  	

        	3.4.4	The Managers shall compile such statistics and enter into negotiations with such brokers
            and P & I Club managers as they consider necessary or desirable in order to arrange for such insurances to be placed.

  	

        	3.4.5	Once insurances are placed the Managers shall arrange for all cover notes to be checked and for all debit notes to be paid as required.

  	

        	3.4.6	The Managers shall have the right to obtain confirmation direct from the brokers, underwriter’s and P & I Clubs through whom the Vessel’s insurances are arranged that all premiums calls and contributions
            due have been paid and that insurances meet the Owners’ obligations under Clauses 6.3, 6.4 and 6.5. Where any premiums, calls and/or contributions are not paid; the Managers all be entitled to pay the same from and funds held by them for the
            Owners and/or to terminate this Agreement forthwith by notice in writing.

  	

        	3.4.7	Unless otherwise indicated by the Owners, the Managers shall provide such information as requested by the relevant brokers to enable such brokers handle and or procure the settling of all insurance average
            and salvage claims in connection with the Vessel.

   

  	

        	3.5	Accounting and Budgeting

  	

        	3.5.1	The Managers shall:

  	

        	(i)	maintain records of all costs and expenditure incurred hereunder as well as data necessary or proper
          for the settlement of accounts between the parties;

  	

        	(ii)	establish an accounting system for the Vessel and supply regular monthly reports (within 5 working
          days from the end of the preceding month) in accordance therewith in the Managers’ standard format or, on agreement of an additional
          fee, such other form as may be mutually agreed in writing with the Owners.

   

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        	3.5.2	The Managers shall present to the Owners annually a budget for the following calendar year in the
          Managers’ standard format. The budget for the period in 2015 following the date stated in Box 4 of Part I is set out in Part VI.

  	

        	3.5.3	The Owners shall notify the Managers of their acceptance and approval of the annual budget within
          14 days of presentation and in the absence of any response the Owners shall be deemed to have accepted the said budget. In the
          event that the Owners do not accept an annual budget presented by the Managers within the period aforesaid and that budget is,
          in the reasonable opinion of the Managers, fair and reasonable, the Managers shall be entitled to terminate this Agreement by notice
          in writing, in which event this Agreement shall terminate on the expiry of a period of one (1) month from the date upon which such
          notice is given.

  	

        	3.5.4	The Managers shall produce a monthly comparison between budgeted and actual expenditure of the
          Vessel in the Managers’ standard format or, on agreement of an additional fee, such other form as may be mutually agreed in writing
          accompanied by proper written justification of variances reports. In addition if required by the Owners the Managers shall produce
          quarterly forecast report on the annual budget.

  	

        	3.5.5	This Clause 3.5 is subject to the provisions of Part VI.

   

  	

        	3.6	Operations

  As required by the Owners, the Managers shall,
    as agents for the Owners, provide support on the following functions:

  	

        	(i)	Monitoring voyage instructions and liaising as appropriate with the Owners, the Owners’ brokers
          and charteres;

  	

        	(ii)	Appointment of agents; and

  	

        	(iii)	Arrangement of surveying of cargoes.

   

  	

        	3.7	Information System Software

  	

        	3.7.1	The Managers will, subject to the remaining provisions of this Clause 3.7, provide the Owners and
          the Vessel with the Information System Software to allow information from both the Vessel’s and the Managers’ office to be accessed
          directly by the Owners via the “PartnerShip Network” secure website. Financial, technical and operational information
          relating to the Vessel will be available from both the Vessel and office outputs, with the ability to “drill down” on
          accounts. This will provide the Owners with immediate access to the same information available to the Managers and to reports generated
          for the Owners, with a view to providing improved efficiency and cost savings to the Owners in his overview of the management of
          the Vessel.

  	

        	3.7.2	Should the Owners have existing software applications on board the Vessel which they wish to retain,
          the Owners will permit the Managers to carry out an on board audit to assess the suitability, compatibility with the Information
          System Software, and any risks or disadvantages associated with the continued use of such applications.

  	

        	3.7.3	The main features of the Information System Software at the date of this Agreement are:

  	

        	(i)	comprehensive management software providing single point of entry to the Vessel incorporating Crew
          administration, vessel noon reporting, operational and port reporting, defect and deficiency reporting and performance monitoring;

  	

        	(ii)	a ship to shore and shore to ship e-mail package providing cost efficient communications available
          to both Owners and their charterers; and

  	

        	(iii)	a computerised maintenance system including inventory control and automated purchase order handling.
          (An initial charge, to be agreed with Owners, may be made for the set-up of the maintenance database, depending on the system currently
          existing on board the Vessel).

  	

        	3.7.4	The costs for the Information System Software are set out in the Fee Schedule, and are included
          in the Vessel’s running costs, as follows:

  	

        	(i)	the license fee;

  	

        	(ii)	remote access from the Owners’ Office through the Managers’ Partnership network;

  	

        	(iii)	maintenance, updates and upgrades;

  	

        	(iv)	24 hour support;

  	

        	(v)	provision of anti-virus software and regular upgrades;

  	

        	(vi)	operational manuals on CD ROM and regular updates;

  	

        	(vii)	annual remote audit of the Vessel IT systems providing a system health check;

  	

        	(viii)	user manuals and training of the Crew in the use of the Information
            System Software; and

  	

        	(ix)	e-mail on board the Vessel.

  	

        	3.7.5	Such costs do not include:

  	

        	(i)	the costs of appropriate hardware on board the Vessel;

  	

        	(ii)	travel and other related costs for installation support of the Information System Software on board
          the Vessel;

  	

        	(iii)	the set-up cost of the data base for the maintenance system; the Client remains an

   

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  owner of the PMS data, which
    can be exported at any given time on request.

  	

        	(iv)	any specific reports specified by the Owners where new data/specialist reporting is required; and

  	

        	(v)	costs incurred pursuant to clause 3.7.2.

  	

        	3.7.6	Installation and set-up of the Information System Software will be undertaken on a date agreed
          between the Managers and the Owners having regard to the Vessel’s schedule and the availability of the Managers’ personnel.

  	

        	3.7.7	Solely for the duration of this Agreement the Managers hereby grant the Owners a personal, non-transferable
          non-exclusive license to use a single copy of the Information System Software as installed by the Managers on a single computer
          on board the Vessel.

  	

        	3.7.8	The Information System Software is owned by the Managers or its subsidiaries and is protected by
          applicable copyright and patent laws. The Owners may not copy the Information System Software (except for back-up purposes only)
          or any written materials which accompany it, and may not sell, rent, lease, lend, sub-license, reverse engineer or distribute the
          Information System Software or such written materials.

  	

        	3.7.9	The Managers do not warrant that the Information System Software will meet the Owners’ requirements
          or that the use or operation of the Information System Software will be uninterrupted or error free.

   

  	

        	3.8	Shipboard Oil Pollution Emergency Plan

  	

        	3.8.1	The Managers will prepare and obtain all necessary approvals for a shipboard oil pollution emergency
          plan (SOPEP) in a form approved by the Marine Environment Protection Committee of the International Maritime Organisation pursuant
          to the requirements of Regulation 26 of Annex I of the International Convention for the Prevention of Pollution from Ships, 1973,
          as modified by the Protocol of 1978 relating thereto, as amended (MARPOL 73/78).

  	

        	3.8.2	The SOPEP will be written in the English language and will be reviewed and updated from time to
          time. If required the Managers will arrange for the translation of the SOPEP into another language, the cost of translation being
          recoverable in terms of Clause 8.5.

  	

        	3.8.3	The Managers will also undertake regular training of the Crew in the use of the SOPEP including
          drills to ensure that the SOPEP functions as expected and that contact and information details specified are accurate.

   

  	

        	3.9	OPA

  	

        	3.9.1	If instructed by the Owners, the Managers will:

  	

        	(i)	arrange for the preparation, filing and updating of a contingency Vessel Response Plan in accordance
          with the requirements of OPA and instruct the Crew in all aspects of the operation of such plan;

  	

        	(ii)	identify and ensure the availability by contract or otherwise of a Qualified Individual, a Spill
          Management Team, an Oil Spill Removal Organisation, resources having salvage, firefighting, lightering and, if applicable, dispersant
          capabilities, and public relations/media personnel to assist the Owners to deal with the media in the event of discharges of oil.

  	

        	3.9.2	The Managers are expressly authorised as agents for the Owners to enter into such arrangements
          by Contract or otherwise as are required to ensure the availability of the services outlined in Clause 3.8.1. The Managers are
          further expressly authorised as agents for the Owners to enter into such other arrangements as may from time to time be necessary
          to satisfy the requirements of OPA or other Federal or State laws.

  	

        	3.9.3	The Owners will pay the fees due to third parties providing the services described above together
          with costs to the Managers if any. The level of fees will be included in the Vessel’s running costs.

  	

        	3.9.4	On termination of this Agreement, the Vessel Response Plan and all documentation will be returned
          to the Managers at the expense of the Owners, provided such expense does not exceed US$150.

   

  	

        	3.10	Assistance with Sale of Vessel

  The Managers shall, if requested,
    provide Owners with technical assistance in connection with any sale of the Vessel. The Managers will, if requested in writing
    by the Owners, comment on the terms of any proposed Memorandum of Agreement, but the Owners will remain solely responsible for
    agreeing the terms of any Memorandum of Agreement regulating any sale.

   

  	

        	3.11	Vessel trading in high risk areas

  In the event that the Vessel
    is to trade in a high risk area and in particular an area where piracy is prevalent, the Managers shall:

  	

        	(i)	Comply in full with the guidance provided by ‘Best Management Practices to Deter Piracy off the
          Coast of Somalia and in the Arabian Sea Area (BMP)’ as may be revised from time to time and also with any similar guidance which
          may be issued for other high risk areas.

   

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        	(ii)	Monitor daily guidance and updates provided by The Maritime Security Centre - Horn of Africa (MSCHOA) website (www.mschoa.org)
          as may be revised from time to time and advise the Vessel accordingly.

  	

        	(iii)	Comply with the Managers’ guidelines for ‘Transiting off the coast of Somalia, the Arabian Sea, Gulf of Aden and Red Sea’ as
          may be revised from time to time and also with any similar guidance which may be issued for other high risk areas. The Managers’
          guidelines set out their policy of full compliance with BMP and additional guidance and information on Self Protection Measures
          (SPM’s) and Citadels or Safe Areas. The Owners will be provided with a copy of the guidelines and costs for SPM’s will be included
          in the Vessel budget.

  	

        	(iv)	Where appropriate, ensure the Vessel follows the International Recommended Transit Corridor (IRTC), using the services of an
          escorted convoy if available or joining a group transit if not.

  	

        	(v)	Monitor routing recommendations for transiting high risk areas as provided by charterers and insurers and review the same as
          part of the risk assessment carried out for the transit concerned.

  	

        	(vi)	Provide sufficient Self Protection Measures (SPM) appropriate to the vessel type, size and speed with a view to protecting
          the Crew as far as possible in the event of an attack. To be determined by the risk assessment required by BMP for the transit
          concerned and before entering the high risk area.

  	

        	(vii)	Provide training for the Crew in BMP prior to transiting any high risk area.

   

  	

        	4.	Other Services

  	

        	4.1	Subject to the terms and conditions herein provided, during the period of this Agreement the Managers
          shall carry out, as agents for and on behalf of the Owners, such Other Services as shall have been indicated in Part III.

  	

        	4.2	Other Services shall be provided in accordance with the terms of the Appendices contained in Part
          III.

   

  	

        	5.	Managers’ Obligations

  	

        	5.1	The Managers undertake to use their best endeavours to provide the Basic Services, the Other Services
          and the Management Services as agents for and on behalf of the Owners in accordance with sound ship management practice and to
          protect and promote the interests of the Owners in all matters relating to the provision of Management Services provided however
          that the

  Managers in the performance of
    Management Services shall be entitled to have regard to their overall responsibility in relation to all vessels which may from
    time to time be entrusted to their management and in particular, but without prejudice to the generality of the foregoing, the
    Managers shall be entitled to allocate available supplies, manpower and services in such manner as in the prevailing circumstances
    the Managers in their reasonable discretion consider to be fair and reasonable.

  	

        	5.2	The Managers shall procure that the requirements of the law of the flag of the Vessel are satisfied
          and they shall be deemed to be “the Company” as defined by the ISM Code, assuming the responsibility for the operation
          of the Vessel and taking over the duties and responsibilities imposed by the ISM Code and by the ISPS Code.

  	

        	5.3	The Managers undertake the responsibility to cooperate fully with the Owner and/or any other third
          party audit firm the Owner chooses with regard to the establishment (design) and the annual testing of the internal controls followed
          by the Manager relating to the operations performed during providing the services described herein to the Owners (provision of
          Type II SSAE16 report included).

   

  	

        	6.	Owners’ Obligations

  	

        	6.1	The Owners shall pay all sums due to the Managers punctually in accordance with the terms of this
          Agreement. Time shall be of the essence in respect of the payment of all such sums.

  	

        	6.2	The Owners shall report (or where the Owners are not the registered owners of the Vessel procure
          that the registered owners report) to the flag state administration the details of the Managers as the Company as required to comply
          with the ISM Code.

  	

        	6.3	The Owners shall procure that throughout the period of this Agreement the Vessel will be insured
          at the Owners’ expense for not less than sound market value or entered for full gross tonnage, as the case may be, for:

  	

        	(i)	usual hull and machinery risks (including but not limited to Crew negligence) and excess liabilities;

  	

        	(ii)	protection and indemnity risks (including but not limited to pollution risks, diversion expenses
          and Crew risks);

  	

        	(iii)	freight, defense and demurrage;

  	

        	(iv)	war risks (including but not limited to blocking and trapping, protection and indemnity, terrorism
          and Crew risks); and

  	

        	(v)	in accordance with MLC, establish insurance to compensate Crew, and/or any officers or

   

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  ratings supplied by the Owners
    or on their behalf, for monetary loss that they may incur as a result of the failure of a recruitment and placement service or
    Owners under the employment agreement, to meet its obligations to them; and

  	

        	(vi)	such other optional insurances as may be agreed by the Owners (such as piracy, kidnap and ransom,
          loss of hire)

  in accordance with the best practice
    of prudent owners of vessels of a similar type to the Vessel, with sound and reputable insurance companies underwriters or associations
    (provided that, protection and indemnity risks must be placed with a member of the International Group of P&I Clubs) (“the
    Owners’ Insurances”).

  	

        	6.4	The Owners shall procure that all premiums and calls on the Owners’ Insurances are paid by their
          due date and that the Owners’ Insurances name the Managers and any additional party designated by the Managers as a joint assured
          for protection and indemnity risks (including pollution risks) and a named assured on all other policies, with the benefit of full
          cover. The Owners shall, if applicable, provide the Managers with written evidence thereof to the reasonable satisfaction of the
          Managers on or prior to the Date of Commencement and/or on the date on which the Managers notify the Owners of the appointment
          of any additional party and within seven (7) days of each renewal date. The Owners shall provide Managers with an appropriate certificate
          of insurance covering any and all liabilities under the MLC including but not limited to financial security in accordance with
          regulation 2.5.

  	

        	6.5	As between the Owners and the Managers, the Managers shall not be responsible for paying any premiums
          or calls arising in connection with such insurances. On termination of this Agreement (howsoever occasioned) or where the Owners
          make a change in the P&I Club in which the Vessel is entered, the Owners shall procure that the Managers and any additional
          party designated by the Managers as a joint or named assured shall cease to be a joint or named assured and that they are released
          from and/or secured for any and all liability for premiums and calls that may arise in relation to the period of this Agreement.
          For the avoidance of doubt, it is agreed that the Owners shall be liable for all deductibles applying to any insurance policy.

  	

        	6.6	Owners are responsible for the payment of any tonnage tax applicable at the country where this
          agreement will be officially registered, save as provided in Clause 9.4 of this Agreement.

  	

        	6.7	The Owners are responsible to maintain this management agreement for a minimum period of three
          (3) months. Such period will include any novation of this management agreement to V.Ships Limited, of Limassol Cyprus.

   

  	

        	7.	Documentation

  	

        	7.1	On or prior to the Date of Commencement the Owners will deliver to the Managers:

  (i) copies of the Vessel’s Certificate
    of Registry,

  (ii) copies of all the Vessel’s
    trading and classification certificates,

  (iii) a copy of the Owners’ certificate
    of incorporation,

  (iv) full details of any resident
    registered agent for the registered owner of the Vessel,

  (v) if applicable, a copy of
    the bareboat charterparty pursuant to which the Owners are disponent owners of the Vessel,

  (vi) in the case of a new vessel,
    the Owners will deliver a copy of the Building Contract and specification, and in the case of a second hand vessel, a copy of the
    Memorandum of Agreement in terms of which the Owners acquired the Vessel. The Owners shall be entitled to delete any confidential
    information (such as price) from the Building Contract or Memorandum of Agreement,

  (vii) if the Owners are not the
    registered owners or the bareboat charterer of the Vessel, in addition to the above, evidence satisfactory to the Managers of their
    beneficial interest in the Vessel and of their authorisation from the registered owners to enter into this Agreement,

  (viii) the name and address of
    the bank through which the Owners will pay funds due under this Agreement.

  In any event, the Managers reserve
    the right to request evidence satisfactory to them that the Owners are in goodstanding and that the person signing this Agreement
    on their behalf is duly authorized to do so.

  	

        	7.2	The Owners will on request provide the Managers with full details, in writing, of the registered
          Owners.

  	

        	7.3	The Owners shall be obliged to obtain any required guarantee, bond or other security including,
          without limitation, the SCAC code and International Carrier Bond as required in order to access the US Bureau of Customs and Border
          Protection automated manifest system, as required by 68 Fed Reg. 68139 and as amended, and USCG Certificate of Financial Responsibility
          for water pollution. The Owners shall also be obliged to obtain any permits, licences or the like required to be obtained by an
          operator of a vessel including, without limitation, the US EPA vessel general permit.

   

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        	7.4	At the request of the Owners, the Managers will promptly deliver a duly executed technical manager’s
          undertaking and subordination to the Owners’ lenders’ rights. The Managers further agree that they will cooperate with the Owners’
          lenders in providing such undertaking and subordination letter and any other further documentation which may be required by the
          Owners’ lenders.

   

  	

        	8.	Management Fee

  	

        	8.1	The Owners shall pay to the Managers a fee in the amounts stated in the Fee Schedule in respect
          of the Basic Services and Other Services which shall be payable by equal monthly installments, the first installment being payable
          on the Commencement of this Agreement and the payment of the agreed monthly budgeted amounts fifteen (15) days prior to the purchase
          of the Vessel including payment of the agreed pre-delivery budget and one (1) month fee applicable for the pre-delivery work in
          respect of the vessel and subsequent installments being payable monthly in advance and fees for Other Services (if applicable)
          shall be paid at the rates and times specified in the Fee Schedule.

  	

        	8.2	If the Managers’ superintendents or other staff spend more than 20 days onboard the Vessel in any
          calendar year but excluding the dry-docking period of the vessel (or pro rata for part of a calendar year) such days in
          excess of 20 on board the Vessel shall be charged at the rate of US$800 per man per day.

  	

        	8.3	Where a charterers vetting inspection may be required and a pre-inspection is requested, the costs
          of such additional services shall be charged to the Vessel’s account.

  	

        	8.4	If the Vessel is placed on time charter, any costs incurred in complying with charterers requirements
          (including, but not limited to, additional reporting requirements and visits to the charterers) will be paid by the Owners.

  	

        	8.5	The Managers shall, at no extra cost to the Owners, provide their own office accommodation, office
          staff and office stationery. The Owners shall reimburse the Managers for all expenses properly incurred under the terms of this
          Agreement on behalf of the Owners, including, without prejudice to the foregoing generality, postage and communication expenses
          (which the Managers shall allocate among all vessels managed by them on a basis which the Managers consider to be fair and reasonable
          having regard to the trade of the vessels, the nationality of the Crews and other relevant factors), Crew Support Costs (as included
          in the Vessel’s running costs), vessel documentation, administrative expenses of the SOPEP and SSP, travelling expenses and other
          out of pocket expenses properly and reasonably incurred by the Managers in pursuance of the Management Services. All the above
          costs will be incurred by the Managers, provided they have been approved by the Owners.

  	

        	8.6	In the event of the termination of this Agreement on the completion of the three (3) months minimum
          period (such period to include any period that this Agreement has been novated to V.Ships Limited, of Limassol Cyprus as provided
          in this Agreement) the fees payable to the Managers according to the provisions of Clause 8.1 shall, save as aftermentioned, be
          paid for a further period of two (2) calendar months from the effective date of termination. After that minimum period of the Agreement
          there will be only one (1) month fees applicable upon termination subject to agreement that the total value of management fees
          paid will be at least equivalent to five (5) months.

  	

        	8.7	Fees payable to the Managers will be reviewed annually and shall be adjusted as a minimum by reference
          to the retail price index relevant to the domicile of the Managers. Where Management Services are wholly or partly provided by
          third parties, the fees therefor shall be adjusted immediately to take account of increases in the cost of such services. The Managers
          will, however, use all reasonable endeavours in negotiations with such third parties to minimise such increases.

  	

        	8.8	All fees are exclusive of Value Added Taxes, if any, or other applicable taxes.

  	

        	8.9	Save as otherwise provided in this Agreement, all discounts, rebates and commissions obtained by
          the Managers in the course of the management of the Vessel shall be credited to the Owners.

  	

        	8.10	If as a result of collision, accident, emergency, or any other extraordinary circumstances, the
          Managers’ workload is increased beyond that which the parties could reasonably have anticipated, the Managers shall be entitled
          to reasonable additional remuneration having regard to the nature of the incident, the personnel and resources of the Managers
          deployed, and all other relevant circumstances including insurance recoveries.

  	

        	8.11	If the Owners decide to lay-up the Vessel and such lay-up lasts for more than two (2) months, an
          appropriate reduction of the management fee for the period exceeding the two (2) months until the Owners give written notice to
          remobilize the Vessel, shall be mutually agreed between the parties.

   

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        	9.	Payments and Management of Funds

   

  	

        	9.1	All sums paid to the Managers by or on behalf of the Owners and all moneys collected by the Managers
          under the terms of this Agreement (other than fees payable by the Owners to the Managers) shall be held to the credit of the Owners
          in a separate bank account or accounts which shall be operated by the Managers. The Owners agree to provide to the Managers all
          information and documentation reasonably required to comply with banking “know your customer” procedures.

  	

        	9.2	Where any sums howsoever arising and whether in respect of fees, budgeted expenditure, nonbudgeted
          expenditure, other liabilities (present, future, liquidated or unliquidated) or expenses are owed to the Managers in connection
          with the Vessel, the Managers shall be entitled but not obliged at any time or times to apply any sums standing to the credit of
          the accounts referred to in Clause 9.1 to settle such sums but shall in any event remain payable by the Owners to the Managers
          on demand.

  	

        	9.3	On or prior to the Date of Commencement the Owners shall provide to the Managers an amount equivalent
          to the prorated budgeted days’ expenditure from the Date of Commencement to the end of the first month in management. In addition
          all pre-delivery expenses are to be funded promptly by the Owners on request from the Managers. The Owners shall provide an amount
          equivalent to 1/12 of the annual budget for the first full month on or prior to the 1st day of the first full month
          of the management period. In subsequent months the Managers shall request amounts for the total anticipated monthly expenditure
          as laid out in clause 9.6.

  	

        	9.4	On or prior to the Date of Commencement the Owners shall provide to the Managers a sum of US$7,500,
          which shall be available to the Managers in their sole discretion for payment of any sum due under the terms of this Agreement,
          which sum will be held in the Manager’s bank account (“the Float”). The Owners agree that on termination of this Agreement
          the Managers shall be entitled to retain all or part of the Float in payment of any sums then outstanding under the terms of this
          Agreement and, subject thereto, the Managers shall reimburse the balance of the Float to the Owners within two (2) months after
          the termination of this agreement. On or prior to the Date of Commencement the Owners shall provide to the Managers a sum equal
          to 50% of the applicable Greek tonnage tax to be paid for the Vessel for the year 2015 (the “Tonnage Tax Amount”), which
          sum will be held in the Manager’s bank account. Such Tonnage Tax Amount will be provided to the Managers for the payment by the
          Managers to the Greek Authorities of the applicable Greek Tonnage Tax for the Vessel. Any balance of the Tonnage Tax Amount will
          be returned to the Owners immediately upon receipt thereof from the applicable Greek Authorities.

  	

        	9.5	The Owners agree that on termination of this agreement payment of all sums outstanding under the
          terms of the agreement are to be made in advance of the Vessel leaving management. The sum will include without prejudice to the
          generality of the foregoing, any amounts due to be paid to suppliers and other third parties (as evidenced, in the absence of manifest
          error, by an accounts payable listing produced by the Managers) and any outstanding accruals for items or services invoiced or
          delivered. The Owners irrevocably undertake to pay forthwith on request from the Managers any other sums which become due after
          the effective date of termination, but have been incurred during the prosecution of this Agreement.

  	

        	9.6	The Managers shall each month request (by letter, telex, fax or e-mail) from the Owners the funds
          required to run the Vessel for the ensuing month. Such request will be for the total of the anticipated monthly expenditure, including,
          without prejudice to the generality of the foregoing, any sums due to be paid to suppliers and other third parties in the ensuing
          month (as conclusively evidenced, in the absence of manifest error, by an accounts payable listing produced by the Managers) and
          any outstanding accruals for items or services invoiced or delivered. In addition, the Owners shall provide the Managers upon request
          with any funds which the Managers may reasonably request to cover any unbudgeted, unexpected, occasional or extraordinary item
          of expenditure. All such funds shall be received by the Managers within five (5) days after the receipt of such requests and shall
          be held to the credit of the Owners in the account(s) referred to in Clause 9.1. The Managers shall be entitled to allocate such
          funds in such manner as the Managers reasonably determine, and it shall not be open to the Owners to direct the Managers otherwise
          and under no circumstances shall any funds received be held on trust by the Managers for any specific purpose. In case there is
          any surplus of funds, same will be applied on the quarterly budget.

  	

        	9.7	Notwithstanding anything contained herein, the Managers shall in no circumstances be required to
          use or commit their own funds to finance the provision of the Management Services and all payments due shall be made punctually
          to the

   

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  Managers (and not any third party)
    in accordance with the terms of this Agreement in full without any deduction whatsoever.

  	

        	9.8	In addition to the funds referred to above the Owners shall pay and/or reimburse the Managers in
          respect of all expenses incurred prior to the Date of Commencement including, but not limited to, riding Crew wages, initial Crew
          movements, Crew standby expenses, communication and liaison expenses and ITF welfare contributions.

   

  	

        	10.	Managers’ Right to Sub-Contract

  	

        	10.1	The Managers shall be entitled to procure performance of the Managers’ obligations hereunder by
          their parent, subsidiary or associated companies or (in the case of Other Services) third parties (hereinafter collectively called
          the “Sub-Managers”) in accordance with the following provisions of this Clause 10.1, provided that the Owners have given
          their prior written consent:

  	

        	(i)	any such performance of all or any of the Managers’ obligations by the Sub-Managers shall be and
          constitute full and sufficient performance by the Managers of their obligations hereunder;

  	

        	(ii)	the Owners hereby agree with the Managers that insofar as the Sub-Managers perform the obligations
          of the Managers the Sub-Managers shall be entitled to the benefits of the provisions of Clause 11; and

  	

        	(iii)	any performance of the Managers’ obligations by the Sub-Managers shall be without prejudice to
          the rights of the Owners hereunder for any failure by the Managers in performance of the Managers’ duties and obligations hereunder
          and notwithstanding performance by the Sub-Managers the Managers shall remain responsible to the Owners for performance of their
          obligations hereunder.

  	

        	10.2	The provisions of Clause 10.1 shall remain in force notwithstanding termination of this Agreement.

   

  	

        	11.	Responsibilities

   

  	

        	11.1	Force Majeure

  	

        	11.1.1	Neither the Owners nor the Managers shall be liable for any loss or damage or total or partial
          failure to perform this Agreement (other than a failure to perform an obligation to pay money) caused wholly or partly by any circumstance
          or matter beyond the reasonable control of the relevant party, as the case may be, including (without limiting the generality of
          the foregoing) acts of God, acts of governmental authorities, fires, strikes, floods, epidemics, quarantine restrictions, wars,
          insurrections, riots, violent demonstrations, criminal offences (other than criminal offences attributable to each Party’s employees,
          agents or sub-contractors), acts and omissions of civil or military authority or of usurped power, requisition or hire by any governmental
          or other competent authority, embargoes.

  	

        	11.1.2	Where a party seeks to rely upon a force majeure event as described in Clause 11.1.1 it will advise
          the other party of the force majeure event at the earliest opportunity and also advise that party of the likely duration of such
          force majeure situation.

   

  	

        	11.2	Liability to Owners

  	

        	(i)	Without prejudice to Clause 11.1, the Managers shall be under no liability whatsoever to the Owners
          for any loss, damage, delay or expense of whatsoever nature, whether direct or indirect, (including but not limited to loss of
          profit arising out of or in connection with detention of or delay to the Vessel) and howsoever arising in the course of performance
          of the Management Services unless same is proved to have resulted solely from the negligence, gross negligence or wilful default
          of the Managers or their employees or agents, or sub-contractors employed by them in connection with the Vessel, in which case
          (save where loss, damage, delay or expense has resulted from the Managers’ personal act or omission committed with the intent to
          cause same or recklessly and with knowledge that such loss, damage, delay or expense would probably result) the Managers’ 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
          fee payable hereunder for Basic Services.

  	

        	(ii)	Notwithstanding anything that may appear to the contrary in this Agreement, the Managers shall
          not be responsible for any of the actions of the Crew even if such actions are negligent, grossly negligent or wilful, except only
          to the extent that they are shown to have resulted from a failure to discharge their obligations under Clause 3.1 in which case
          their liability shall be limited in accordance with the terms of this Clause 11.

   

  	

        	11.3	Indemnity - General

  Except to the extent and solely
    for the amount therein set out that the Managers would be liable under Clause 11.2, the Owners hereby undertake to keep the Managers
    and their employees, agents

   

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  and sub-contractors indemnified
    and to hold them harmless against all actions, proceedings, claims, demands or liabilities whatsoever or howsoever arising out
    of or in connection with the performance of this Agreement, including, but not limited to, any and all liability arising under
    the MLC, and against and in respect of all costs, loss, damages and expenses (including legal costs and expenses on a full indemnity
    basis) which the Managers may suffer or incur (either directly or indirectly) in the course of the performance of this Agreement.

   

  	

        	11.4	Indemnity - tax

  Without prejudice to the general
    indemnity set out in Clause 11.3, the Owners hereby undertake to keep the Managers, their employees, agents and sub-contractors
    indemnified and to hold them harmless against all taxes, imposts and duties levied by any government as a result of the trading
    or other activities of the Owners or the Vessel and that whether or not such taxes, imposts and duties are levied on the Owners
    or the Managers.

   

  	

        	11.5	“Himalaya”

  Subject to any provision of the
    Agreement to the contrary, it is hereby expressly agreed that no employee or agent of the Managers (including every sub-contractor
    from time to time employed by the Managers and the employees of such subcontractors) shall in any circumstances whatsoever be under
    any liability whatsoever to the Owners for any loss, damage or delay of whatsoever kind arising or resulting directly or indirectly
    from any act neglect or default on his part while acting in the course of or in connection with his employment and, without prejudice
    to the generality of the foregoing provisions in this Clause, every exemption, limitation, condition and liberty herein contained
    and every right, exemption from liability defence and immunity of whatsoever nature applicable to the Managers or to which the
    Managers are entitled hereunder shall also be available and shall extend to protect every such employee or agent of the Managers
    acting as aforesaid and for the purpose of all the foregoing provisions of this clause 11 the Managers are or shall be deemed to
    be acting as agent or trustee on behalf of and for the benefit of all persons who are or might be their servants or agents from
    time to time (including sub-contractors as aforesaid) and all such persons shall to this extent be or be deemed to be parties to
    this Agreement.

  	

        	11.6	The provisions of Clause 11 shall remain in force notwithstanding termination of this Agreement.

   

  	

        	12.	Liens

   

  	

        	12.1	The Owners hereby create a charge and equitable lien over the Vessel and Fleet in favour of the Managers in order to secure any sums due to the Managers by virtue of this Agreement. Such charge and or
            equitable lien shall be considered as a “Maritime Claim” as prescribed in the International Convention Relating to the Arrest of Sea Going Ships, Brussels May 10 1952 and any amendment thereto or substitution thereof, and the Owners recognise
            and accept that the Vessel, or any vessel within the Fleet, therefore can be arrested for any sums due to the Managers by virtue of this Agreement. For the purposes of the Supreme Court Act 1981, or equivalent legislation in other
            jurisdictions, this Agreement shall be deemed a supply contract in respect of goods and materials supplied to the Vessel for her operation and maintenance, and neither party hereto shall take issue and/or dispute either the right of lien or
            charge, or the corresponding right of arrest.

  	

        	12.2	The Owners hereby grant the Managers a lien upon any and all cargoes, bunkers, hire, sub
            hire, all freights, sub freights relating to the Vessel’s employment, or employment of any vessel within the Fleet, for any
            sums due to the Managers under this Agreements.

   

  	

        	13.	Claims/Disputes

   

  	

        	13.1	At the request of the Owners, the Managers shall handle and settle all claims arising out of the
          Management Services hereunder and keep the Owners informed regarding any incident of which the Managers become aware which gives
          or may give rise to claims or disputes involving third parties.

  	

        	13.2	The Managers shall, as instructed by the Owners, bring or defend actions, suits or proceedings
          in connection with matters entrusted to the Managers according to this Agreement.

  	

        	13.3	The Managers in cooperation with the Owners shall have power to obtain legal or technical or other
          outside expert advice in relation to the handling and settlement of claims and disputes or all other matters affecting the interests
          of the Owners in respect of the Vessel.

  	

        	13.4	The Owners shall arrange for the provision of any necessary guarantee bond or other security.

  	

        	13.5	The Owners shall pay to the Managers a fee for time spent by the Managers in carrying out their
          obligations under Clause 13 and such fee shall be mutually agreed by the Owners and the Managers (such fee to not exceed the rate
          of US$800 per man per day). In addition any costs incurred by

   

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  the Managers in carrying out
    their obligations according to Clause 13 shall be reimbursed by the Owners.

  	

        	13.6	The Owners agree to the use of MTI Network for crisis management response and agree to pay any
          fees additional to the annual retainer of MTI Network (as included in the budget) which may be incurred.

   

  	

        	14.	Auditing, Records

  	

        	14.1	The Managers shall at all times maintain and keep true and correct accounts and shall make the
          same available at the Managers’ offices for inspection and auditing by the Owners at such times as may be mutually agreed. The
          Owners agree that the Managers shall be entitled to charge for their reasonable costs and expenses should the Owners require hard
          copies of supplier invoices and related documentation.

  	

        	14.2	The Managers shall be entitled to electronically archive all of the Vessels’ records and arrange
          safe storage of the same, the costs being included in the Vessel’s running costs.

  	

        	14.3	All accounting and other records relating the Vessel will be retained by the Managers for a period
          of two (2) years after the date of termination, for whatever reason, of this Agreement, and thereafter shall be destroyed or, if
          electronically archived, expunged unless the Owners request the Managers to deliver such records to them at the Owners’ expense.

  	

        	14.4	The Managers may request and the Owners shall, in a timely manner, make available all documentation,
          information and records reasonably required by the Managers to enable them to perform the Management Services.

   

  	

        	15.	Inspection of Vessel

  The Owners shall have the right
    at any time to inspect the Vessel for any reason they consider necessary. The Owners will, where practicable, give reasonable notice
    to the Managers of their intention to visit the Vessel. After such inspection should Owners advise Mangers of reasonable comments
    about the Vessel’s condition and the Crew’s performance, Managers undertake to take necessary rectifying actions at the Owners
    expense.

   

  	

        	16.	Compliance with Laws and Regulations

  	

        	16.1	The parties will not do or permit anything to be done which might cause any breach or infringement
          of the laws and regulations of the country of registry of the Vessel, and of the places where she trades, provided always that
          the Managers’ obligations under this Clause will only relate to matters which the Managers are in fact capable of fulfilling and
          on the understanding that the Managers receive all necessary co-operation, information and funding from the Owners.

  	

        	16.2	All intended carriage, trade or voyages must be fully compliant with relevant international sanctions
          and prohibitions. Managers, Crew and Owners accept such requirement as a condition of this Agreement entitling the Managers to
          terminate the Agreement should there be a breach of international sanctions and prohibitions. The Owners shall indemnify and hold
          harmless the Managers, their employees, agents and subcontractors in respect of any consequence that may arise from the Vessel
          being arrested or detained, and should the Vessel not then be capable of immediate release, as a result of sanctions or prohibitions
          affecting the Owners’ banks and/or insurers.

   

  	

        	17.	Duration of the Agreement

   

  	

        	17.1	Termination by Notice

  This Agreement shall come into
    effect on the Date of Commencement for a minimum period of three (3) months and shall continue thereafter until terminated by either
    party giving to the other notice in writing, in which event this Agreement shall, subject as aftermentioned terminate on the expiry
    of a period of one (1) month from the date upon which such notice is received. Where the Vessel is not at a convenient port or
    place on the expiry of such period, this Agreement shall terminate on the subsequent arrival of the Vessel at a convenient port
    or place.

   

  It is hereby agreed between the
    Parties that this Agreement may be novated by the Owners to V.Ships Limited, of Limassol Cyprus at any time from the Date of Commencement
    by a sole written notice of the Owners to the Managers. The Managers hereby undertake to procure that V.Ships Limited, of Limassol
    Cyprus enters into a novation agreement. Upon the Owners’ notice to the Managers, the Owners, the Managers and V.Ships Limited,
    of Limassol Cyprus will enter into a novation agreement in the form attached in Part VII of this Agreement.

   

  	

        	17.2	Termination by default - Owners

  	

        	(i)	The Managers shall be entitled to terminate the Agreement with immediate effect by notice in writing
          if any moneys requested by the Managers from the Owners, shall not have been received in the Managers’ nominated account within
          ten (10) calendar days of

   

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  payment having been requested
    in writing by the Managers or if the Owners fail to comply to the reasonable satisfaction of the Managers with the requirements
    of clauses 6.3, 6.4 and 6.5 or if the Vessel is repossessed by a mortgagee.

  	

        	(ii)	If the Owners

  	

        	(a)	otherwise fail materially to meet their obligations hereunder for reasons within their control,
          or

  	

        	(b)	proceed with employment of or continue to employ the Vessel in the carriage of contraband, blockade
          running or in an unlawful and/or sanctionable trade, or on a voyage or in a manner which, in the opinion of the Managers, is unduly
          hazardous or improper, or potentially unlawful and/or sanctionable or

  	

        	(c)	fail to comply with any recommendation of the Managers which the Managers consider to be reasonable
          and non- compliance with which may affect the Managers’ reputation or its obligations under the ISM Code or any other applicable
          laws or regulations

  then the Managers may give written
    notice to the Owners specifying the default and requiring them to remedy it. In the event that the Owners fail to remedy such default
    (in the case of (a) above, if remediable) within a reasonable time to the reasonable satisfaction of the Managers, the Managers
    shall be entitled to terminate this Agreement with immediate effect by notice in writing.

   

  	

        	17.3	Termination by Default - Managers

  If the Managers fail materially
    to meet their obligations under this Agreement for reasons within the control of the Managers, the Owners may give written notice
    to the Managers specifying the default and requiring them to remedy it as soon as practically possible. In the event that the Managers
    fail to remedy such default within a reasonable period of time but in any case latest within fifteen (15) days from the date of
    the Owners’ notice, if remediable, to the reasonable satisfaction of the Owners, the Owners shall be entitled to terminate this
    Agreement with immediate effect by notice in writing.

   

  	

        	17.4	Liquidation

  The Parties to this Agreement
    shall be entitled to terminate this Agreement forthwith in the event of an order being made or resolution passed for the winding
    up, dissolution, liquidation or bankruptcy of the Owners of the Vessel (otherwise than for the purpose of reconstruction or amalgamation)
    or the Managers or if a receiver or similar officer is appointed to the Owners or the Managers or if either Party ceases to carry
    on business or make any special arrangement or composition with their creditors or if the Owners suspend payment under this Agreement.

   

  	

        	17.5	Extraordinary Termination

  This Agreement shall be deemed
    to be terminated in the case of the sale of the Vessel or its being bareboat chattered, if applicable and unless otherwise agreed,
    when the bareboat charter comes to an end or if the Vessel becomes a total loss or is declared as a constructive or compromised
    or arranged total loss or is requisitioned. Notwithstanding such deemed termination, fees shall be paid in accordance with the
    provisions of Clause 8.6.

   

  	

        	17.6	For the purpose of sub-clause 17.5 hereof:

  	

        	(i)	the date upon which the Vessel is to be treated as having been sold or otherwise disposed of shall
          be the date on which the registered owners cease to be registered as owners of the Vessel;

  	

        	(ii)	the Vessel shall not be deemed to be lost until either she has become an actual total loss or agreement
          has been reached with her Underwriters in respect of her constructive, compromised or arranged total loss or if such agreement
          with her underwriters is not reached it is adjudged by a competent tribunal that a constructive loss of the Vessel has occurred
          or a Notice of Abandonment is issued to underwriters.

  	

        	17.7	The termination of this Agreement shall be without prejudice to all rights accrued due between
          the parties prior to the date of termination.

  	

        	17.8	All outstanding fees and other sums payable by the Owners require to be paid in full on or prior to termination, for whatever reason, of this Agreement. Save where the Agreement is terminated by the Owners in
          accordance with Clause 17.3, the Managers shall be paid fees in accordance with Clause 8.6. The Owners shall also pay on demand Severance Costs together with repatriation costs and expenses.

   

  	

        	18.	Confidentiality

  	

        	18.1	As between the Owners and the Managers, the Owners hereby agree and acknowledge that all title
          and property in and to the management manuals of the Managers and other written material of the Managers concerning management
          functions and activities is vested in the Managers and the Owners agree not to disclose the same to

   

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  any third party and, on the termination
    of this Agreement, to return all such manuals and other material to the Managers. For the purposes of this Clause reference to
    “the Managers” includes the parent, subsidiary and associated companies of the Managers and any third parties providing
    Management Services.

   

  	

        	19.	Suspension of Services

   

  If, at any time, the Owners have
    failed to pay the sums due and owing, as set out in Clause 9, or are in breach of any other terms of this Agreement, in addition
    to the Managers’ rights pursuant to Clause 17 to terminate, the Managers shall, without prejudice to their liberty to terminate,
    be entitled to withhold/suspend the performance of any and all of their obligations hereunder (including, but not limited to, removal
    of Crew) and shall have no responsibility whatsoever for any consequences thereof, in respect of which the Owners hereby indemnify
    the Managers, and fees (as set out in the Fee Schedule) shall continue to accrue and any extra expenses resulting from such withholding
    shall be for the Owners’ account.

   

  	

        	20.	Law and Arbitration

  	

        	20.1	This Agreement shall be governed by English law and any dispute arising out of or in connection
          with this Agreement shall be referred to arbitration in London in accordance with the Arbitration Act 1996 and any amendment thereto
          or substitution therefor.

  	

        	20.2	The arbitration shall be conducted in accordance with the London Maritime Arbitrators’ (LMAA) Terms
          current at the time when the arbitration is commenced.

  	

        	20.3	Save as aftermentioned, the reference shall be to three arbitrators, one to be appointed by each
          party and the third by the two so appointed. A party wishing to refer a dispute to arbitration shall appoint its arbitrator and
          send notice of such appointment to the other party requiring the other party to appoint its arbitrator within fourteen (14) days
          of that notice and stating that it will appoint its arbitrator as sole arbitrator unless the other party appoints its own arbitrator
          and give notice that it has done so within the fourteen (14) days specified. If the other party does not appoint its own arbitrator
          and give notice that it has done so within the fourteen (14) days specified, the party referring the dispute to arbitration may,
          without the requirement of any further prior notice to the other party, appoint its arbitrator as sole arbitrator and shall advise
          the other party accordingly. The award of a sole arbitrator shall be as binding as if he had been appointed by agreement.

  	

        	20.4	In cases where neither the claim nor any counterclaim exceeds the sum of US$50,000 (or such other
          sum as the parties may agree) the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current at
          the time when the arbitration proceedings are commenced.

  	

        	20.5	Unless otherwise provided for in a separate agreement, the Owners hereby agree that any claim by
          any company providing services under clause 24 below shall, unless such company elects otherwise, be subject to English law and
          any dispute shall be referred to arbitration in accordance with the foregoing provisions of this clause 20.

  	

        	20.6	Except to the extent provided for in clauses 10, 11 and 20.5 no third party shall have the right
          to enforce any term of this Agreement.

   

  	

        	21.	Amendments to Agreement

  Any and all amendments will be
    agreed by all the parties in the Agreement and will be in writing.

   

  	

        	22.	Time Limit for Claims

  Any and all liabilities of either
    party to the other arising under this Agreement or otherwise in relation to the Vessel (except in the case of fraud) shall be deemed
    to be waived and absolutely barred on the relevant date unless prior to the relevant date written particulars of any claim (giving
    details of the alleged breach in respect of which such claim is made and a preliminary statement of the amount claimed) have been
    intimated in writing by the claimant by the relevant date, and any such claim shall be deemed (if it has not previously been satisfied,
    settled or withdrawn) to have been withdrawn unless arbitration proceedings have been commenced under Clause 20 prior to the expiry
    of six (6) months after the relevant date. For the purposes of this Clause 22, the “relevant date” is one year after
    the date of termination, for whatever reason, of this Agreement.

   

  	

        	23.	Condition of Vessel

  The Owners acknowledge that they
    are aware that the Managers are unable to confirm that the Vessel, its systems, equipment and machinery are free from defects,
    and agree that the Managers shall not in any circumstances be liable for any losses, costs, claims, liabilities and expenses which
    the Owners may suffer or incur resulting from preexisting or latent deficiencies in the Vessel, its systems, equipment and machinery.

   

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        	24.	Use of Associated Companies

  	

        	24.1	The Managers hereby disclose to the Owners that they may, in the course of performing Management Services, utilize the services of companies associated with the Managers. Without prejudice to the foregoing
          generality, associated companies of the Managers may be used in connection with inter alia travel, insurance, port agency catering and consultancy services. Where companies associated with the Managers provide services in
          connection with the above or any other matters, such companies will be entitled to charge and retain for their own benefit usual remuneration for the provision of their services (whether in the form of commission or fees). The Managers will send
          a list of the Associated Companies to Owners on or prior to the Date of Commencement.

  	

        	24.2	The Owners hereby consent to the arrangements set out in Clause 24.1.

   

  	

        	25.	Notices

  	

        	25.1	Any notice or other communication under or in relation to this Agreement (a “Communication”)
          may be sent by fax, registered or recorded mail, by personal delivery.

  	

        	25.2	The addresses of the parties for service of a Communication shall be as stated in Boxes 5 and 6
          respectively of Part I.

  	

        	25.3	A Communication shall be deemed to have been delivered and shall take effect:

  	

        	(i)	in the case of a fax on the day of transmission; and

  	

        	(iii)	if delivered personally or sent by registered or recorded mail at the time of delivery.

   

  	

        	26.	Staff Loyalty
	 	 	The
          Owners shall not and shall procure that their parent, subsidiary and associate companies shall not, without the written consent
          of the Managers, during the course of this Agreement or for a period of six (6) months following termination directly or indirectly
          offer any employment to any employee of the Managers engaged in providing Management Services or directly or indirectly induce
          or solicit any such person to take up employment with the Owners or any associated or affiliated company or use the services of
          any such person either independently or via a third party. In the event that the Managers agree to any of its employees accepting
          an offer of employment as aforesaid, the Owners shall pay to the Managers a sum equivalent to 25% of the new annual salary of
          that employee, payable within seven days of the date of the written agreement of the Managers. Such payment shall be construed
          as liquidated damages and not as a penalty, being the parties agreed reasonable estimate of the Managers’ loss. This clause will
          not apply to any staff recruited or seconded specifically from Seanergy for the Seanergy vessels.

   

  	

        	27.	Entire Agreement

  	

        	27.1	This Agreement constitutes the entire agreement and understanding between the parties with respect
          to the subject matter of this Agreement and (in relation to such subject matter) supersedes all prior discussions, understandings
          and agreements between the parties and all prior representations and expressions of opinion by the parties.

  	

        	27.2	Each of the parties acknowledges that it is not relying on any statements, warranties, representations
          or understandings (whether negligently or innocently made) given or made by or on behalf of the other in relation to the subject
          matter hereof and that it shall have no rights or remedies with respect to such subject matter otherwise than under this Agreement.
          The only remedy available shall be for breach of contract under the terms of this Agreement. Nothing in this clause shall, however,
          operate to limit or exclude any liability for fraud.

   

  	

        	28.	Partial Validity

  If any provision of this Agreement
    is or becomes or is held by any arbitrator or other competent body to be illegal, invalid or unenforceable in any respect under
    any law or jurisdiction, the provision shall be deemed to be amended to the extent necessary to avoid such illegality, invalidity
    or unenforceability, or, if such amendment is not possible, the provision shall be deemed to be deleted from this Agreement to
    the extent of such illegality, invalidity or unenforceability and the remaining provisions shall continue in full force and effect
    and shall not in any way be affected or impaired thereby.

   

  	

        	29.	Non Waiver

  No failure to exercise nor any
    delay in exercising any right, power, privilege or remedy under this Agreement shall in any way impair or affect the exercise thereof
    or operate as a waiver in whole or in part. No single or partial exercise of any right, power, privilege or remedy under this Agreement
    shall prevent any further or other exercise thereof or the exercise of any other right, power, privilege or remedy.

   

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  SHIP TECHNICAL MANAGEMENT AGREEMENT
          - PART III

   

  OTHER SERVICES

   

  APPENDIX
        1* - Chartering (only applicable if not deleted fee specified in Box 1 of the Fee
      Schedule)

   

  The Managers shall, in accordance
      with the Owner’s instructions, provide chartering services which term includes but is no limited to seeking and negotiating
      employment for the Vessel and the conclusion (including the execution thereof) of charterparties or other contracts relating to
      the employment of the Vessel. Consent thereto in writing (including telex or fax) shall be obtained from the Owners before any
      contract in respect of the Vessel’s employment is concluded.

   

  The fee for the foregoing services
      shall be such sum as is set out in the Fee Schedule.

   

  APPENDIX 2* - Post Fixture
          Services (only applicable if not deleted fee specified in Box 2 of the Fee Schedule)

   

  The Managers shall provide post
      fixture services which includes such of the following functions as have been agreed with the Owners:

   

  	

        	(i)	liaising with Owners, brokers and charterers in the negotiation of the fixture;

   

  	

        	(ii)	provision of voyage and time charter estimates;

   

  	

        	(iii)	checking the cargo specification with the Master and cargo shippers to ensure the Vessel
            is capable of the safe carriage of the cargo;

   

  	

        	(iv)	instructing the master regarding the fixture and issuing voyage orders;

   

  	

        	(v)	arranging on and off hire surveys;

   

  	

        	(vi)	preparation of accounts and calculation of hire and freights and/or demurrage and despatch
            moneys due from or due to the charterers of the Vessel if required by the Owners; and

   

  	

        	(vii)	arrangement of the payment to the Owners of all hire and/or freight revenues or other moneys
            of whatsoever kind to which Owners may be entitled arising out of the employment of or otherwise in connection with the Vessel.

   

  The
      fee for the foregoing services shall be such sum as is set out in the Fee Schedule.

   

  APPENDIX 3* - Surveys or
          other Consultancy Services (only applicable if not deleted – fee specified in Box 3 of the
      Fee Schedule)

   

  Any routine superficial inspections
      of ships afloat or other consultancy services will be undertaken on the following terms:

   

  	

        	1.	Any report issued by the Managers is issued solely to the person to whom it is addressed
            and under no circumstances is any part of it to be issued or made available to any other party.

   

  	

        	2.	Inspections are limited to those parts of the Vessel, her machinery equipment or records
            (if made available) which are actually exposed, uncovered or readily accessible and the Managers are unable to report on any other
            part of the Vessel, her machinery or equipment and shall have no responsibilities whatsoever in such respect.

   

  	

        	3.	The Managers are unable to report on the ship’s water tightness or integrity, the
            operational efficiency of its machinery or equipment, its suitability for any business or trade, or its stability characteristics.

   

  	

        	4.	The Managers shall in no circumstances be liable for any indirect, consequential or economic
            losses arising from any surveys of the Vessel or other consultancy services.

   

  	

        	5.	The Managers’ maximum liability for any loss arising from surveys or consultancy
            services shall be 10 times the fee payable therefor.

   

  	

        	6.	Fees in respect of routine superficial inspections afloat shall be charged at the rate
            of US$850 per day or part thereof. Fees for other consultancy services shall be agreed before work is commenced and unless otherwise
            agreed shall be payable on delivery of the report by the Managers.

   

  APPENDIX
          4* - Bunker Services (only applicable if not deleted – fee specified in Box 4 of the Fee Schedule)

   

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  The Mangers shall arrange for the
      provision of bunker fuel of the quality agreed with the Owners as required for the Vessel’s trade.

   

  The Managers shall be entitled
      to order bunker fuel through such brokers or suppliers as the Managers deem appropriate unless the Owners instruct the Managers
      to utilise a particular supplier which the Managers will be obliged to do provided that the Owners have made prior credit arrangements
      with such supplier. The Owners shall comply with the terms of any credit arrangements made by the Managers on their behalf.

   

  The Managers shall not in any circumstances
      have any liability for any bunkers which do not meet the required specification. The Managers will, however, take such action,
      on behalf of the Owners, against the supplier of the bunkers, as is agreed with Owners

   

  The fee for the foregoing services
      shall be such sum as is set out in the Fee Schedule.

   

  APPENDIX 5 - On Board Safety Audit
        and Safety Training (only applicable if not deleted - at no extra cost)

   

  	

        	1.	The Managers shall arrange on board safety audit and training which will include the following
          functions:

   

  	

        	(i)	preparation and updating of specialist safety manuals not already included in the SMS;

   

  	

        	(ii)	periodic on board safety audit and on board safety training;

   

  	

        	(iii)	reporting to the Vessel (via the Managers) on information gained from visits to other vessels and
          industry forums.

   

  	

        	2.	The cost of the foregoing services shall be such sum as is set out in the Fee Schedule and shall be included in the budget
          agreed with the Owners.

   

  	

        	3.	The Managers have entered into sub-contracts with third parties to permit them to supply this service.

   

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  SHIP TECHNICAL MANAGEMENT AGREEMENT
          - PART IV

   

  FEE SCHEDULE

   

  M/V “LEADERSHIP”

   

  	BASIC SERVICES (Clause 3 of Part II)	 	Amount	 	Frequency
	 	 	 	 	 
	Management Fee	 	US$10,800 per month	 	Monthly
	 	 	 	 	 
	Information System fees (Shipsure)	 	At cost (already in the budget)	 	Per year
	 	 	 	 	 
	Planned maintenance - data base development fee (maximum of 42 chargeable days)	 	At cost (already on the pre-delivery budget)	 	30 days of invoice
	 	 	 	 	 
	Crewing: Fixed Cost invoice - Crewing Costs (Part VI)	 	
          US$94,914 per year

          US$29,957 per year

        	 	Monthly
	 	 	 	 	 
	Other Crew costs (ITF, SEPF, PNO fee etc.)	 	At cost	 	Monthly
	 	 	 	 	 
	Management Expenses:	 	 	 	Monthly
	 	 	 	 	 
	Greek Tonnage Tax (if applicable)	 	 	 	50% Deposited in advance (15 days prior to commencement)

   

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  SHIP TECHNICAL MANAGEMENT AGREEMENT
          - PART V

   

  FLEET DETAILS

   

  N/A

   

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  SHIP TECHNICAL MANAGEMENT AGREEMENT
          - PART VI

   

  INITIAL BUDGET

   

  Crew

  The following Crew costs are charged at a fixed cost based on
    the agreed budget and subject to the Vessel’s

  Crew complement and trading area remaining unchanged (Fixed
    Cost Invoice - Crewing Costs):

  Recruitment costs to include:

  Manning and mobilization fees

  Medical costs

  Training costs

  Visa costs (excluding USA)

  Domestic travel

  Wage related union and social costs

  Flag required licenses

  MSO communications

  Bank charges (in relation to allotments by the local manning
    offices i.e. Manila)

  Working gear (2 Boiler suits and 1 pair of safety shoes)

   

  If the Vessel’s Crew complement and/or trading area are changed
    with the result that these costs increase the Owners agree that the fixed cost shall be revised as may be mutually agreed.

  The Managers shall not be required to provide to the Owners
    any invoices or related documentation other than the Fixed Cost Invoice.

   

  Other Crew costs are charged at cost including:

  Crew Travel

  Crew Wages

  ITF fee, SEPF

  PNO fee

  Victualling at US$8.00 (excluding bottle of water)

  D&A testing

  Crew welfare

  Mail for Crew

  Newslink

  Bank charges

   

  Technical

  Stores, Spares, Lub Oils, Surveys & Services, Chemicals,
    Repairs

   

  Safety & Risk

   

  Administration / Overheads

  Registration Expenses, Management Fees, Management Expenses,
    Other Costs

   

  OPERATING COSTS EXCL. DRYDOCKING

   

  Drydocking

  Dry docking Provision

  Extraordinary M&R

   

  OPERATING COSTS INCL. DRYDOCKING

   

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  Crew Compliment

   

  	1 	 	Master	Ukrainian
	2 	 	Chief Officer	Ukrainian
	3 	 	2nd Officer	Filipino
	4 	 	3rd Officer	Filipino
	5 	 	Chief Engineer	Ukrainian
	6 	 	2nd Engineer	Ukrainian
	7 	 	3rd Engineer	Filipino
	8 	 	4th Engineer	Filipino
	9 	 	Electrical Officer	Filipino
	10 	 	Bosun	Filipino
	11 	 	AB	Filipino
	12 	 	AB	Filipino
	13 	 	AB	Filipino
	14 	 	AB	Filipino
	15 	 	OS	Filipino
	16 	 	OS	Filipino
	17 	 	Oiler	Filipino
	18 	 	Oiler	Filipino
	19 	 	Oiler	Filipino
	20 	 	Fitter	Filipino
	21 	 	Wiper	Filipino
	22 	 	Cook	Filipino
	23 	 	Messman	Filipino

   

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  2015 Budget (all figures in USD)

   

  2015 OPERATING COSTS

  
     

  

   

  	Crew Wages	 	 	840,888	 
	Crew Travel	 	 	96,300	 
	Other Crew Costs	 	 	29,957	 
	Victualling	 	 	67,160	 
	Recruitment & Operational	 	 	94,914	 
	TOTAL CREW COSTS	 	 	1,129,219	 
	 	 	 	 	 
	Stores	 	 	127,500	 
	Spares	 	 	125,500	 
	LubOils	 	 	178,789	 
	Surveys & Services	 	 	29,000	 
	Repairs	 	 	88,500	 
	TOTAL TECHNICAL COSTS	 	 	549,289	 
	 	 	 	 	 
	Safety & Quality	 	 	30,750	 
	TOTAL SAFETY & QUALITY	 	 	30,750	 
	 	 	 	 	 
	Registration Expenses	 	 	0	 
	Management Fees	 	 	129,600	 
	Management Expenses	 	 	39,500	 
	Other Costs	 	 	12,500	 
	TOTAL GENERAL EXPENSES	 	 	181,600	 
	 	 	 	 	 
	ANNUAL OPERATING COSTS	 	$	1,890,858	 
	 	 	 	 	 
	DAILY OPERATING COSTS	 	$	5,180	 

   

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  PART VII

  Form of
          Novation Agreement

  Novation Agreement

    

  Date: [      ] 2015

   

  PARTIES:

   

  	

        	1	V.Ships Greece Ltd., of Bermuda, with registered address at Par la ville place 14, Par la
          ville road, Hamilton HM 08, Bermuda, c/o Agiou Dionisiou 3, (herein referred to as the “Existing Manager”)

   

  	

        	2	Leader Shipping Co., of the Marshall Islands, with registered address at Trust Company Complex,
          Ajeltake Road, Ajeltake Island, Majuro, MH96960 Marshall Islands (herein referred to as the “Owner”)

   

  	

        	3	V.Ships Limited, of Limassol Cyprus, with registered address at Zenas Gunther, 16-18, Agia
          Triada, 3035 Limassol, Cyprus (herein referred to as the “New Manager”)

   

  WHEREAS:

   

  	

        	A.	This Novation Agreement is supplemental to a Ship Management Agreement dated 11 February 2015 made
          between the Existing Manager and the Owner in respect of the vessel “LEADERSHIP” registered in the name of the
          Owner under the Bahamas flag with IMO no. 9233923 (the “Management Agreement”).

   

  	

        	B.	In accordance with Clause 17 of the Management Agreement, the Existing Manager and the Owner have
          agreed that the Management Agreement may be novated by the Owners to the New Manager at any time from the Date of Commencement
          (as defined in the Management Agreement) by a sole written notice of the Owners to the Managers.

   

  	

        	C.	The Owners have notified the Existing Manager on the novation of the Management Agreement and it
          has been agreed that the Existing Manager be released and discharged from the Management Agreement as from [          ]
          (the “Effective Date”) and that the Owner releases and discharges the Existing Manager with respect to the Management
          Agreement from the Effective Date upon the terms of the New Manager undertaking to perform in all respects the Management Agreement
          and be bound by all the terms of the Management Agreement in place of the Existing Manager.

   

  	

        	D.	The Management Agreement, as Annexed hereto, has not been amended, varied, cancelled, novated or
          terminated and represents the entire agreement between the Existing Manager and the Owner.

   

  NOW THEREFORE, in consideration
    of the premises and the mutual covenants herein set out, it is hereby agreed as follows:-

   

  	

        	1.	Novation and Release

   

  	

        	1.1	With effect from the Effective Date as defined in paragraph “C” above and by mutual agreement
          between the parties and in consideration of the mutual undertakings and releases herein contained, the New Manager shall substitute
          the Existing Manager under the Management Agreement and the New Manager shall as from the Effective Date assume all rights and
          obligations of the Existing Manager arising out of or in connection with the Management Agreement and agrees to be bound in all
          respects in place of the Existing Manager by the terms of the Management Agreement, which shall hereafter be

   

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  construed and treated in all
    respects as if the New Manager had been originally named as a party to the Management Agreement.

   

  	

        	1.2	The Owner hereby agrees to continue to be bound by the Management Agreement in all respects vis-a-vis the New Manager from the Effective Date and further agrees to release the Existing Manager from any further
          liability under
          the Management Agreement that may arise or be incurred from events after the Effective Date.

   

  	

        	1.3	Any issues or disputes arising between the Existing Manager and the New Manager in connection with
          the Management Agreement shall be resolved between themselves without involving or prejudicing the Owner.

   

  	

        	1.4	Nothing in this Novation Agreement shall affect or prejudice any claim or demand whatsoever which
          either the Owner or the Existing Manager may have against the other relating to matters arising prior to the Effective Date.

   

  	

        	2.	Amendments to the Management Agreement

   

  From the Effective Date, the following
    amendments are agreed to the Management Agreement:

   

  	

        	(a)	all references to the “Managers” in the Management Agreement shall be deemed to mean
          the New Manager and not the Existing Manager; and

   

  	

        	(b)	In Box 3 of Part I of the Management Agreement will be replaces as of the Effective Date with the
          following:

   

  	

        	3.	Managers

   

  	Name:                V.SHIPS LIMITED, of Limassol Cyprus
	 	 	 
	Registered Office: Zenas Gunther, 16-18, Agia Triada, 3035 Limassol, Cyprus Country of Incorporation: Cyprus	 	 
	 	 	 
	Telephone Number: +357 25848400	 	Fax Number: +357 255601700
	Contact Name: Capt. Alex Halavins	 	Position: General Manager
	 	 	 
	Email address: alex.halavins@vships.com	 	 

   

  	

        	3.	Law and Jurisdiction

   

  This Agreement is governed by and shall
    be construed in accordance with English law. Each party agrees with the others that, in the event of a dispute between them or
    any of them, such disputes shall be referred to arbitration in London, and the arbitration agreement between such parties shall
    be in the terms of clause 20 of the Management Agreement. In the event of a dispute involving all the parties, it is agreed that
    there shall be a consolidated reference to arbitration, and that if separate references are commenced they shall upon request of
    any party be consolidated.

   

  THIS AGREEMENT has been executed
    by the parties to this Agreement as a deed on the date specified at the beginning of this Agreement.

   

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  	Executed as a Deed	)
	By Capt. Mauro Renaldi	)
	for and on behalf of	)
	V.Ships Greece Ltd.	)
	of Bermuda	)
	in the presence of:	)
	 	 
	Executed as a Deed	)
	By Mr. Stamatios Tsantanis	)
	for and on behalf of	)
	Leader Shipping Co.	)
	of the Marshall Islands	)
	in the presence of:	)
	 	 
	Executed as a Deed	)
	By Capt. Alex Halavins	)
	for and on behalf of	)
	V.Ships Limited	)
	of Limassol Cyprus	)
	for and on behalf of	)
	the presence of:	)

   

  	Ship Technical Management Agreement	owners		managers		 

   

  
    	 	 	 

  

  
     

  

   

  	V.SHIPS SHIP MANAGEMENT AGREEMENT	Version Number	:	01-2013
	 	Page Number	:	32 of 32
	Doc:     VSMA	File	:	 
	 	 	 	 

   

  Annex - Copy of the Management Agreement
      dated 11 February 2015

   

  	Ship Technical Management Agreement	owners		managers		 

   

  
    	 	 	 

  

  
     

  

   

   

   

  Novation Agreement

   

  Date: 28 July 2015

   

  PARTIES:

   

  	

        	1	V.Ships Greece Ltd., of Bermuda, with registered address at Par la ville place 14, Par la
          ville road, Hamilton HM 08, Bermuda, c/o Agiou Dionislou 3, (herein referred to as the “Existing Manager”)

   

  	

        	2	Leader Shipping Co., of the Marshall Islands, with registered address at Trust Company Complex,
          Ajeltake Road, Ajeltake Island, Majuro, MH96960 Marshall Islands (herein referred to as the “Owner”)

   

  	

        	3	V.Ships Limited, of Limassol Cyprus, with registered address at Zenas Gunther, 16-18, Agia
          Triads, 3035 Limassol, Cyprus (herein referred to as the “New Manager”)

   

  WHEREAS:

   

  	

        	A.	This Novation Agreement is supplemental to a Ship Management Agreement dated 11 February 2015 made
          between the Existing Manager and the Owner in respect of the vessel “LEADERSHIP” registered in the name of the
          Owner under the Bahamas flag with IMO no. 9233923 (the “Management Agreement”),

   

  	

        	B.	In accordance with Clause 17 of the Management Agreement, the Existing Manager and the Owner have
          agreed that the Management Agreement may be novated by the Owners to the New Manager at any time from the Date of Commencement
          (as defined in the Management Agreement) by a sole written notice of the Owners to the Managers.

   

  	

        	C.	The Owners have notified the Existing Manager on the novation of the Management Agreement and it
          has been agreed that the Existing Manager be released and discharged from the Management Agreement as from 28 July 2015 (the “Effective
            Date”) and that the Owner releases and discharges the Existing Manager with respect to the Management Agreement from the
          Effective Date upon the terms of the New Manager undertaking to perform in all respects the Management Agreement and be bound by
          all the terms of the Management Agreement in place of the Existing Manager.

   

  	

        	D.	The Management Agreement, as Annexed hereto, has not been amended, varied, cancelled, novated or
          terminated and represents the entire agreement between the Existing Manager and the Owner.

   

  NOW THEREFORE, in consideration of the
    premises and the mutual covenants herein set out, it Is hereby agreed as follows

   

  	

        	1.	Novation and Release

   

  	

        	1.1	With effect from the Effective Date as defined in paragraph “C” above and by mutual
          agreement between the parties and in consideration of the mutual undertakings and releases herein contained, the New Manager shall
          substitute the Existing Manager under the Management Agreement and the New Manager shall as from the Effective Date assume all
          rights and obligations of the Existing Manager arising out of or in connection with the Management Agreement and agrees to be bound
          in all respects in place of the

   

  

   

  
    	 	 	 

  

  
     

  

    

  Existing Manager by the terms of
    the Management Agreement, which shall hereafter be construed and treated in all respects as if the New Manager had been originally
    named as a party to the Management Agreement.

   

  	

        	1.2	The Owner hereby agrees to continue to be bound by the Management Agreement in all respects vis-a-vis
          the New Manager from the Effective Date and further agrees to release the Existing Manager from any further liability under the
          Management Agreement that may arise or be incurred from events after the Effective Date.

   

  	

        	1.3	Any issues or disputes arising between the Existing Manager and the New Manager in connection with
          the Management Agreement shall be resolved between themselves without involving or prejudicing the Owner.

   

  	

        	1.4	Nothing in this Novation Agreement shall affect or prejudice any claim or demand whatsoever which
          either the Owner or the Existing Manager may have against the other relating to matters arising prior to the Effective Date.

   

  	

        	2.	Amendments to the Management Agreement

   

  From the Effective Date, the following amendments
    are agreed to the Management Agreement:

   

  	

        	(a)	all references to the “Managers” in the Management Agreement shall be deemed to mean
          the New Manager and not the Existing Manager; and

   

  	

        	(b)	In Box 3 of Part I of the Management Agreement will be replaces as of the Effective Date with the
          following:

   

  	3.	Managers	 
	 	
          Name:             V.SHIPS LIMITED, of Limassol Cyprus

          Registered Office: Zenas Gunther, 16-18, Agfa Trlada, 3035 Limassol, Cyprus

          Country of Incorporation: Cyprus

        
	 	 	 
	 	
          Telephone Number: 4-357 25848400

          Contact Name: Capt. Alex Halavins

        	
          Fax Number: +357 255601700

          Position: General Manager

        
	 	 	 
	 	Email address: alex.halavins@vships.com	 

   

  	

        	3.	Law and Jurisdiction

   

  This Agreement is governed by and shall be
    construed in accordance with English law. Each party agrees with the others that, in the event of a dispute between them or any
    of them, such disputes shall be referred to arbitration in London, and the arbitration agreement between such parties shall be
    in the terms of clause 20 of the Management Agreement. In the event of a dispute Involving all the parties, it is agreed that there
    shall be a consolidated reference to arbitration, and that if separate references are commenced they shall upon request of any
    party be consolidated,

   

  

   

  
    	 	 	 

  

  
     

  

   

  THIS AGREEMENT has been executed by
    the parties to this Agreement as a deed on the date specified at the beginning of this Agreement

   

  	Executed as a Deed	)	
	By Capt Mauro Renaldi	)
	for and on behalf of	)
	V.Ships Greece Ltd,	)
	of Bermuda	)
	in the presence of:	)

   

  	Executed as a Deed	)	
	By Mr. Stamatios Tsantanis	)
	for and on behalf of	)
	Leader Shipping Co.	)
	of the Marshall Islands	)
	in the presence of:	)

   

  	Executed as a Deed	)	
	By Capt Alex Halavins	)
	for and on behalf of	)
	V.Ships Limited	)
	of Limassol Cyprus	)
	for and on behalf of	)
	the presence of:	)

   

  
    	 	 	 

  

  
     

  

   

   

  ADDENDUM NO. 1 TO TECHNICAL MANAGEMENT
    AGREEMENT

   

  This Addendum No. 1 (this
    “Addendum”) dated as of March 18th, 2016, by and among LEADER SHIPPING CO., a company incorporated
    in the Marshall Islands whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, MH96960 Marshall
    Islands in Marshall Islands, (the “Owner”), and V.SHIPS LIMITED, a company incorporated in Limassol Cyprus
    whose registered office is at Zenas Gunther, 16-18, Agia Triada, 3035 Limassol, Cyprus (the “Manager”), to the
    Technical Management Agreement dated as of February 11th, 2015, by and among the Company and V.Ships Greece Ltd., as
    novated by a novation agreement dated as of July 27th, 2015 entered into between the Owner, the Manager and V.Ships
    Greece Ltd. (the “Agreement”) for the provision of technical management services by the Manager to the Owner
    for the mv Leadership (the “Vessel”). Capitalized terms used herein without definition shall have the respective
    meanings ascribed thereto (or incorporated by reference) in the Agreement, which also contains rules of usage that apply to terms
    defined therein and herein.

   

  RECITAL

   

  WHEREAS, the Owner
    and the Manager desire to enter into this Addendum No. 1 for the purpose of including words and expressions in Clause 1.1 of the
    Agreement.

   

  WHEREAS, the Owner
    and the Manager desire to enter into this Addendum No. 1 for the purpose of including a new Clause 3.12.

   

  WHEREAS, the Owner
    and the Manager desire to enter into this Addendum No. 1 for the purpose of amending the existing Clause 8.11 of the Agreement.

   

  NOW, THEREFORE,
    in consideration of the foregoing recitals and the mutual covenants herein contained, and for other good and valuable consideration,
    the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

   

  	

        	1.	Clause 1.1 of the Agreement

   

  The following words
    and expressions are hereby included in alphabetical order in Clause 1.1:

   

  “lay-up” means the lay-up
    for a period of more than 3 months during which the Vessel is moored in a secured location and all her systems are shut down with
    minimum ongoing maintenance to prevent deterioration of the Vessel’s hull structure and machinery. During this period, a
    specialist lay-up crew may be employed and/or only watchmen may be appointed by a contracted ‘housekeeping’ company to be selected
    by the Owner.

   

  
    	 	 	 

  

  
     

  

   

  “De-activation” means the
    period of time between the Vessel’s time of arrival at the Lay-up Site and until she is safely laid-up including but not
    limited to the preparations required for safely laying-up the Vessel as well as the notification of authorities governing the Vessel’s
    operations.

   

  “Flag State”
    means the State whose flag the Vessel is flying.

   

  “Lay-up Site”
    means the location in which the Vessel is laid up.

   

  “Lay-up Period”
    means the period of time after De-activation and before Re-activation.

   

  “Re-activation”
    means the period of time which is required for the Vessel to become fully operational in accordance with the applicable Class,
    Flag and international requirements; the Re-activation will commence upon the Owners’ initial notification to the Managers
    and will terminate when the Vessel is ready to sail from the Lay-up Site. The Re-activation will last for a period of not more
    than three (3) weeks.”

   

  	

        	2.	Clause 3.12 of the Agreement

   

  A new Clause 3.12
    is hereby added in the Agreement as follows:

   

  	

        	“3.12 	Lay up of Vessel

   

  In the event that the Owners
    decide to lay-up the Vessel, the Managers shall:

   

  	

        	A.	Provide in cooperation with the Owners the Vessel with instructions with regards to the procedures
          that shall be followed throughout the Lay-up Period for all phases of the project, lay-up, De-activation and Re-activation.

   

  	

        	B.	Use their best endeavors to perform the Management Services in accordance with sound layup industry
          practice, including but not limited to compliance with all relevant rules and regulations, and protection of the Vessel and surrounding
          environment in the case of emergency. The Managers shall have in place and maintain an emergency response plan. The Managers shall
          waive their right to claim any award for salvage performed on the Vessel and/or to protect the environment. The performance of
          the Management Services shall be conducted in a manner consistent with appropriate social responsibility

   

  	

        	C.	Notify the Owners in the event that, during the performance of the Management Services, the Managers
          become aware of any equipment or machinery that needs maintenance and/or repair. The Owners will decide whether the Vessel and/or
          her equipment or machinery is in need of maintenance and/or repair. However, if the maintenance and/ or repair are, in the Managers’
          opinion, critical for the Vessel’s safety and/or the surrounding environment the Managers have the right to take all necessary
          and prudent steps to effect such maintenance and/or repairs without consulting the Owners, provided that they will advise the Owners
          of such need as soon as practicably possible.

   

  	

        	D.	Maintain records of work carried out in performance of the Management Services;

   

  
    	 	 	 

  

  
     

  

   

  	

        	E.	Provide periodic written reports to the Owners of the observed condition of the Vessel and its
          equipment and machinery in a form and frequency agreed between the parties; and

   

  	

        	F.	Arrange necessary class and flag surveys to obtain lay-up classification and registry notations
          and further ensure that, throughout the Lay-up Period, that the Vessel is in possession of valid certificates to comply with the
          port authority, Flag State and Vessel’s classification society requirements.

   

  	

        	G.	Do any such actions to preserve the Vessel and her machinery and equipment in order to prevent
          damage or deterioration and to assist with subsequent Re-activation.

   

  In the performance
    of their management responsibilities under this Agreement, the Managers shall be entitled to have regard to their overall responsibility
    in relation to all vessels as may from time to time be entrusted to their management. In particular, but without prejudice to the
    generality of the foregoing, the Managers shall be entitled to allocate available supplies, manpower and services in such manner
    as in the prevailing circumstances the Managers in their absolute discretion consider to be fair and reasonable.

   

  In the event that the Owners
    decide to lay-up the Vessel, the Owners shall pay all sums to the Managers punctually in accordance with Clause 8.11 and the terms
    of this Agreement.”

   

  	

        	3.	Amended and Restated Clause 8.11 of the Agreement 

   

  Clause 8.11 of the Agreement
    is hereby amended and restated as follows:

   

  “8.11      If
    the Owners decide to lay-up the Vessel and such lay-up lasts more than two (2) months, no management fee shall be paid to the Managers
    for the period exceeding the two (2) months until the Owners give written notice to Re-activate the Vessel. The Owners shall reimburse
    the Managers for any costs that arise while the Vessel is laid up following the two (2) months provided these costs have been approved
    by the Owners.”

   

  IN WITNESS WHEREOF, the parties hereinabove
    have caused this Addendum No. 1 to the Agreement to be signed in duplicate by their respective and duly authorized representatives
    as of the date first written hereinabove.

   

  	LEADER SHIPPING CO.	 	V.SHIPS LIMITED
	 	 	 	 	 
	By:	/s/ Stamatios Tsantanis	 	By:	/s/ Alex Halavins

  	Name:	Stamatios Tsantanis	 	Name:	Capt. Alex Halavins
	Title:  	Director / President/ Treasurer	 	Title:	General Manager

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