ADDENDUM NO 13 to MASTER MANAGEMENT AGREEMENT dated February 7th, 2008 between Euroseas Ltd and Eurobulk Ltd
Exhibit 4.37
ADDENDUM NO 13
to
MASTER MANAGEMENT AGREEMENT dated February 7th, 2008 between Euroseas Ltd and Eurobulk Ltd
This Addendum is made as of 1st February 2023 between Euroseas Ltd. (the “Company”), in its own capacity and as agent for each of its vessel owning subsidiaries identified in Schedule A hereto together with any additional subsidiaries that may acquire vessels in the future (the “Subsidiaries”) and Eurobulk Ltd. (the “Manager”).
1. REMUNERATION
Fees payable to Eurobulk were adjusted based on reported inflation for Greece (Dec 21 - Dec 22). Daily management fees were rounded at Euro 775/day/vessel while the executive services fees were rounded at US$ 2,150,000 per annum. Both with effect of 1st January 2023.
2. APPOINTMENT
The Company decided that it is beneficial to its needs to have a dedicated investor relationships officer. In that respect the Manager assigns ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ to the role. ▇▇▇▇▇▇ will report directly to the Company’s CFO.
3. TERMINATION
The Company decided that it was no longer necessary to utilize the services of the Manager in order to pursue the Business Combination as more specifically detailed in Addendum No12 of the MMA. To this effect the Company and the Manager have agreed that as of 30th November 2022 addendum no 12 of the MMA shall be terminated by mutual consent.
3. EXTENSION
Master Management Agreement was renewed for a five year term starting 1st January 2023. The term of the individual management agreements will coincide with the term at the MMA as set herein.
IN WITNESS WHEREOF, the parties have executed this Addendum to the Management Agreement as of the date first written above.
| Euroseas Ltd. | |
| By:____/s/ ▇▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇____ | |
| Name: ▇▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ | |
| Title: Chairman of the Board, President, CEO | |
| Eurobulk Ltd. | |
| By:__/s/ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇____ | |
| Name: ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ | |
| Title: Director |
Schedule A
to addendum no 12 to
Master Management Agreement dated February 7th, 2008
Antwerp Shipping Ltd, ▇▇▇▇▇▇▇▇ Islands-m/v Synergy Antwerp
Busan Shipping Ltd, ▇▇▇▇▇▇▇▇ Islands-m/v Synergy Busan
Oakland Shipping Ltd, ▇▇▇▇▇▇▇▇ Islands-m/v Synergy Oakland
Keelung Shipping Ltd, ▇▇▇▇▇▇▇▇ Islands-m/v Synergy Keelung
Gregos Shipping Limited, ▇▇▇▇▇▇▇▇ Islands - m/v EM Astoria
Noumea Shipping Limited, Liberia – m/v Evridiki G
▇▇▇▇▇▇ Maritime Ltd, Liberia – m/v ▇▇▇▇▇▇
▇▇▇▇▇▇▇▇ ▇▇▇▇ Shipping Ltd, ▇▇▇▇▇▇▇▇ Islands – m/v Aegean Express
Corfu Navigation Ltd - m/v EM Corfu
Bridge Shipping Ltd – m/v Akinada Bridge
▇▇▇▇▇▇▇▇▇ Shipowners Ltd, Liberia-m/v ▇▇▇▇▇▇▇▇▇ ▇
▇▇▇ Shipowners Ltd, Liberia-m/v ▇▇ ▇▇▇
Spetses Shipowners Ltd, Liberia-m/v Em Spetses
Hydra Shipowners Ltd, Liberia-m/v Em Hydra
▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ Ltd, Liberia-m/v ▇▇▇▇▇▇▇▇ ▇
▇▇▇▇▇▇ Maritime Ltd., ▇▇▇▇▇▇▇▇ Islands- m/v Gregos (▇▇▇▇ No. 4201)
Terataki Shipping Ltd., ▇▇▇▇▇▇▇▇ Islands – m/v Terataki (Hull No. 4202)
Marcos Shipping Ltd, ▇▇▇▇▇▇▇▇ Islands – ▇▇▇▇▇▇ ▇
▇▇▇▇▇▇▇▇ Shipping Ltd, ▇▇▇▇▇▇▇▇ Islands – m/v ▇▇▇▇▇▇▇▇ ▇
▇▇▇▇ Shipping Ltd, ▇▇▇▇▇▇▇▇ Islands – m/v ▇▇▇▇ P
Tender Soul Shipping Ltd, ▇▇▇▇▇▇▇▇ Islands – m/v Tender Soul (Hull No. 4236)
Leonidas Shipping Ltd, Marshal Islands – m/v ▇▇▇▇▇▇▇▇ ▇ (Hull No. 4237)
▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ Ltd, Liberia – m/v ▇▇▇▇▇▇ (▇▇▇▇ No. 4248)
▇▇▇▇▇▇▇▇▇ Shipping Ltd, Liberia – m/v ▇▇▇▇▇▇▇▇▇ ▇ (▇▇▇▇ No. 4249)
Pepi Shipping Ltd, Liberia – m/v Pepi Star (Hull No. 4250)
Dear Panel Shipping Ltd, Liberia – m/v Dear Panel (Hull No. 4251)
Symeon Shipping Ltd, Liberia – m/v ▇▇▇▇▇▇ ▇ (Hull No. 4252)