Exhibit I
SALE AGREEMENT
Of Xxxxxxx Shipping Limited shares worth US$ 3,500,000
This agreement is dated on Friday 24th of October 2003 and is made between:
(1) Xx. Xxxxxxx Xxxx-Xxxxxxx of 00 Xxxxxxxxx Xxxxxx Xxx Xxxxxx XX 00000
(hereinafter the "Seller") and
(2) Xx. Xxxxx Xxxx-Xxxxxxx of Park Palace, Avenue de la Xxxxx, Xxxxxx XX 00000
(hereinafter the "Buyer") The Seller and Buyer agree on the following:
(A) The Seller, through STELSHI HOLDING LTD. is the beneficial owner of a
number of fully paid ordinary shares of 0.02 United States dollars
each, in the Capital of Xxxxxxx Shipping Limited, a company listed in
the NYSE.
(B) The Buyer, through STELPHI HOLDING LTD. is also a shareholder in
Xxxxxxx Shipping Limited.
(C) STELSHI HOLDING LTD. will sell to STELPHI HOLDING LTD a number of
shares of Xxxxxxx Shipping Limited.
(D) The number of shares to be sold represent the equivalent in value to
the sum of US$3,500,000 (Three million five hundred thousand US
dollars) net of any charges and commissions when that is divided by
the average closing price of the shares as traded in the NYSE for the
period from 24th October 2003 to 6th November 2003, discounted by 5%.
(E) This Agreement shall be governed by English law.
/s/ Xxxxxxx Xxxx-Xxxxxxx /s/ Polys Xxxx-Xxxxxxx
------------------------ ----------------------
Signed by the Seller Signed by the Buyer
Xx. Xxxxxxx Xxxx-Xxxxxxx Xx. Xxxxx Xxxx-Xxxxxxx
21719.0001 #439349