Contract analysis

I. Background of the Litigation On October 2, 2023, Northwind Maritime Corporation ("Northwind"), a corporation incorporated under the laws of the Republic of the marshall Islands with principal offices at 1700 Harbor Gateway, Suite 500, Stamford, Connecticut 06902, filed a complaint in the Supreme Court of the State of New York, New York County, Commercial Division, against TSL and its wholly owned subsidiary, Aegea

II. Summary of Key Litigation Events The litigation proceeded through significant motion practice and extensive discovery over the course of approximately thirteen months. On December 15, 2023, TSL filed a Motion to Dismiss Counts III and V of Northwind's complaint pursuant to CPLR § 3211(a)(7). By Decision and Order dated March 8, 2024, Justice Chen granted the motion in part, dismissing Count V in its entirety with

III. Settlement Resolution Following two full days of mediation and further negotiations between counsel, a settlement in principle was reached on October 29, 2024, at the conclusion of the mediation session. After several weeks of negotiation over the definitive documentation, the parties executed a Settlement Agreement and Mutual General Release (the "Settlement Agreement") on November 20, 2024. The material terms

IV. Funding Sources The total settlement amount of $7,850,000.00 will be funded from the following sources: • TSL Corporate Funds: $5,350,000.00, to be paid from TSL's general operating accounts; and • Oceanus Mutual Protection & Indemnity Club: $2,500,000.00, contributed pursuant to the terms of TSL's P&I club coverage under Policy No. OCE-P&I-2020-TSL-0047. Board approval by the Oceanus Mutual P&I Club Board of Dir

V. Conduct of TSL Directors and Officers We wish to bring the following facts to Castellan's attention regarding the conduct of TSL's directors and officers in connection with this matter. Throughout the entirety of the litigation, the claims asserted by Northwind were directed exclusively at TSL in its corporate capacity as disponent owner under the charter-party and at Aegean Fortuna Shipholding Ltd. as the registe

VI. Confirmation of No Anticipated D&O Claim Calderwood & Harkness LLP hereby confirms, on behalf of TSL, that based on the resolution of the above-captioned litigation, no claim under Castellan's D&O policy is anticipated in connection with this matter. Specifically: (a) No shareholder derivative action has been filed against any director or officer of TSL in connection with the M/V Aegean Fortuna charter-party disp

VII. Request for Acknowledgment We respectfully request that Castellan acknowledge receipt of this notice in writing at its earliest convenience. Any correspondence or communications regarding this matter may be directed to the following: Douglas Carmichael Partner Calderwood & Harkness LLP One Liberty Plaza, 50th Floor New York, NY 10006 Telephone: (212) 558-4127 Email: d.carmichael@calderwoodharkness.com Markos The

VIII. Reservation of Rights This letter is provided for informational purposes and in the interest of maintaining complete and transparent communications between TSL and its insurers. Nothing in this letter shall constitute, or be construed as, a waiver of any rights, claims, or defenses that TSL, or any of its directors or officers, may have under the D&O policy issued by Castellan, whether arising out of this matte