INTERNATIONAL SHIPPING ENTERPRISES, INC.International Shipping Enterprises, Inc. • April 18th, 2005 • Blank checks • Delaware
This letter will set forth our agreement to reimburse you for advances to, and payments made on behalf of, International Shipping Enterprises, Inc. (the “Company”) in connection with the Company’s proposed acquisition of Navios Maritime Holdings Inc. (the “Proposed Acquisition”).
STOCK PURCHASE AGREEMENT AMONG NAVIOS MARITIME HOLDINGS INC., NAVIOS MARITIME HOLDINGS INC. SHAREHOLDERS, ROBERT SHAW AND BRUCE HOAG (AS SHAREHOLDERS’ AGENT) AND INTERNATIONAL SHIPPING ENTERPRISES, INC. (BUYER) February 28, 2005Stock Purchase Agreement • April 18th, 2005 • International Shipping Enterprises, Inc. • Blank checks • New York
STOCK PURCHASE AGREEMENT (this “Agreement”) dated February 28, 2005 among International Shipping Enterprises, Inc. a Delaware corporation (“Buyer”), the Navios Maritime Holdings Inc. shareholders identified on Exhibit A hereto (each a “Shareholder” and collectively the “Shareholders”), Navios Maritime Holdings Inc. a Marshall Islands corporation (the “Company”), and Robert Shaw and Bruce Hoag, as designated agent on behalf of [certain] Shareholders (the “Shareholders’ Agent”). Capitalized terms used herein are defined in the glossary set forth in Section 11.13. All amounts set forth herein are in United States dollars.
