ADDENDUM NO.1 MASTER MANAGEMENT AGREEMENT dated February 7th, 2008 between Euroseas Ltd and Eurobulk Ltd
Exhibit 4.10
ADDENDUM
NO.1
MASTER
MANAGEMENT AGREEMENT dated February 7th, 2008
between
Euroseas
Ltd and Eurobulk Ltd
This
Addendum is made as of February 7th 2009 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”).
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1.
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RENUMERATION
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Lump sum
fee payable to Eurobulk adjusted based on 4.2% reported inflation for Greece
(2008 inflation rate). Daily management fees were rounded at Euro 655/day/vessel
and executive services fees at US$ 1,150,000 usd per annum as of January 1st 2009.
Daily management fees for vessels in lay-up were agreed at 50% of the fees when
vessel is in operation, i.e. US$ 327.50 /day/vessel.
For sake
of clarity, it is mentioned that whilst this agreement is in place, management
fees of all subsidiary shipowning companies are as specified in the Master
Management Agreement as hereby amended.
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2.
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APPOINTMENT
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Konstantinos
Siadimas will perform the services of Euroseas’s Internal Auditor
replacing Xx Xxxxxx Xarhas as of February 9th
2009.
IN
WITNESS WHEREOF, the parties have executed this Addendum to the Management
Agreement as of the date first written above.
By: /s/ Xxxxxxxxx X.
Xxxxxx
Name:Xxxxxxxxx
X. Xxxxxx
Title:
CEO
Eurobulk
Ltd.
By: /s/ Nokalaos
Xxxxxx
Name:
Xxxxxxxx Xxxxxx
Title:
Director
