NORDLYS PLAN EDIT JAN 2017

Retirement , transfer and non-participation
Article 14
A) A shareholder can only sell their shares with written permission of the agent.
B) A shareholder can terminate their participation by:
i) In the event of bankruptcy, insolvency or if a legal person, dissolution, on the date of
the application for suspension of the bankruptcy or the decision to dissolve .
ii) by transfer of the share in accordance with paragraph C of this Article .
iii) a decision of the shareholders taken by a majority of at least two/ thirds of all votes
cast, due to an important reason.
C) In case shareholders are part pursuant to paragraph B (ii) of this section wishes to sell his
share can put it up for sale can send an official sealed request to the agent. If the agent replied
that he wishes to acquire the share, the purchase price between the parties will be determined
by mutual agreement. If within thirty days, it has not led to an agreement in respect of the purchase
price, after the part was offered to the agent this consultation and the agent communicates
not want to proceed with the purchase, the shareholder has the right to put the share up
for sale for a period of one year starting directly one month after negotiation with the agent.
The shareholder may not sell their share at a lower price then the agent has bid. An acquisition
by a third party as referred to above, in which the stipulations to be taken into account client in
Article 5 is opposite the agent , if and when it is approved in writing by the Agent, which notice
shall contain at least the name of the buyer, as well as his address and place of residence and
the purchase price for which the part is sold. The agent is responsible for the endorsement of
the acquisition in the books of the shipping company.
D ) In the event of retirement at paragraph B (i) and (iii) the departing shareholder has shares
valued as recorded in the company accounts as well as in the reserve capital at the date of retirement.
The Agent is irrevocably authorized to perform all acts which aim at the shareholders
in respect of the retiring shareholder and the remaining shareholders should come together to
produce the money.
Termination of Shipping Company
Article 15
A) The shipping company may be dissolved by a decision from the shareholders with a majority
of at least two / thirds of all votes cast .
B ) At the termination of the shipping company the shareholders are entitled to the value of
their shares capital which is currently
in the books of the company.
C) If the company terminates its
business the shares will be liquidated
by the agent . As soon as possible
The provisions of Article 7 remains
during liquidation.
D ) In case of liquidation, the shareholders
do not have the right to
retain the name of the shipping
company unless permission is given
by the other shareholders.
E) Liquidation profit is distributed
in proportion to the number of
shares held. The liquidation loss is
carried to the limit of the amount of
their participation. A shareholder
never needs to pay more than the
value of the shares purchased.
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