International Shipping Enterprises, Inc. Garden City, NY 11530 May 27, 2005International Shipping Enterprises, Inc. • June 3rd, 2005 • Blank checks
Reference is hereby made to the Stock Purchase Agreement dated February 28, 2005 (“SPA”) among Navios Maritime Holdings, Inc. (“Navios”), the Shareholders of Navios, the Shareholders Agent, and International Shipping Enterprises, Inc. (“ISE”). Capitalized terms used herein but not otherwise defined herein shall have such meanings as defined in the SPA. We have agreed to amend and modify the SPA as follows:
