Contract
Exhibit 4.46
This TERMINATION AGREEMENT (this "Agreement") is dated as of 30th December 2016 and entered into by and between:
| (1) |
EASTERN MED CONSULTANTS INC., a company organized and existing under the laws of Xxxxxxxx Islands having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Xxxxxxxx Islands MH96960 ("Eastern Med"); and
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| (2) |
BASSET HOLDINGS INC., a company organized and existing under the laws of Xxxxxxxx Islands having its registered office at Trust Company Complex:. Ajeltake Road, Ajeltake Island, Majuro, Xxxxxxxx Islands MH96960 ("Basset")
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(collectively referred to as "Parties", and individually as "Party")
WHEREAS:
| A. |
Eastern Med and Basset have entered into a Consultancy Agreement dated 17th July 2012 with effect as of 1" June 2012 as amended and novated from time to time (the "Consultancy Agreement") pursuant to which Basset was engaged to act as consultant for Eastern Med and Ocean Rig UDW Inc. of Cayman Islands ("UDW") and for any affiliates, subsidiaries or holding companies thereof, as directed by Eastern Med, in relation to the duties of the Executive Vice President ("EVP") of UDW and Basset was entitled to receive from Eastern Med the compensation referred therein.
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| B. |
The Parties have mutually agreed to terminate at no cost the Consultancy Agreement with effect as of 31st December 2016.
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NOW THEREFORE the Parties hereto agree as follows:
| 1. |
THAT the Consultancy Agreement shall be terminated at no cost and shall be no longer in force and effect with effect as of 31st December 2016 (the "Effective Date").
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| 2. |
THAT from the from the Effective Date the Parties hereby mutually release and discharge each other and any of its affiliates, subsidiaries or holding companies and its officers, directors and employees from and against any and all monetary claims, costs, damages, liabilities, and/or any other debts whatsoever which either of the Parties hereto now has or may hereafter have, against the other Party hereto, by reason of, or in connection with the Consultancy Agreement and/or the termination of the Consultancy Agreement pursuant to the provisions of this Agreement.
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IN WITNESS WHEREOF the Parties hereto have executed this Agreement as of the date first above written.
(Signature page to follow.)
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For and on behalf of
EASTERN MED CONSULTANTS INC.
/s/ Xxxxxxx Xxxxx
Name: Xx. Xxxxxxx Xxxxx
Title: Director or OMEGA SERVICES LIMITED, Sole Director of Eastern Med
Consultants Inc. Xx. Xxxxxxx Xxxxx
Director Omega Services Limited 0/0 Xxxxxxxxx Xxxxxx Xxxxxxxx XXX 0000 |
For and on behalf of
BASSET HOLDINGS INC.
/s/ Xxxxxxxx Xxxxxxxxxx
Name: Xxxxxxxx Xxxxxxxxxx Title: Sole Director |
