CL 1-Agreement. The Lessor hereby agrees to let the above-described yacht to the Charterer and not to enter into any other agreement for the charter for the same yacht for the same period. The Charterer agrees to hire the yacht and to pay the Charter Fee, the security deposit and any other agreed charges in accordance with the terms foreseen by this bareboat Charter Party, on or before the dates specified herein.

CL 2-Delivery. The Lessor undertakes to use due diligence in delivering the yacht to the Charterer at the port of delivery on the agreed date in full commission,
seaworthy, fully fitted, clean, in good condition throughout, with adequate equipment, supplies, fittings and accessories and with the documentation and
safety equipment pescribed by law.

CL 3-Delay in delivery. 1) If, for any reason other than force majeure, the Lessor should be unable to put the yacht at the Charterer's disposal in the port and at the times agreed, the Lessor will be entitled, to deliver another yacht with similar characteristics within 3 days and will refund the Charterer
for the period of the delay at the pro-rata daily Charter Rate. Should the delay in delivery exceed the aforesaid period, the Charterer will be entitled:
a) to repudiate this Charter Party upon condition that notice in writing to this effect is given to the Lessor within the following 24 hours , in this case the Lessor will immediately refund all amounts already paid to him by the Charterer, with interest thereon, and will be liable for any consequentdamages;
b) to confirm the Charter Party, in which case the Charter Fee will run from the time of the actual delivery of the yacht, though no extension of the charter period will be allowed unless otherwise agreed. 2) If however the delay in delivery is caused by force majeure, and if the Charter Party
is

thereby cancelled, the Lessor will not be liable for payment of the damages caused by such delay but will merely refund the amounts advanced by the Charterer, without interests.

CL 4-Ship's inventory. Prior to the delivery and to the re-delivery of the yacht the Lessor and the Charterer (or the Captain) shall jointly draw up a statement relating to the yacht's supplies presently on board. The yacht shall be delivered with full fuel tanks and must be redelivered with full fuel tanks.The
Charterer will make good any shortages and/or breakages ascertained at time of re-delivery.

CL 5-Use of the yacht, limits and restrictions. The Charterer shall use the yacht with particular diligence and shall use her exclusively as a pleasure vessel cruising, within the cruising area indicated on page 1 of this Charter
Party, between safe and secure ports and anchorages where the yacht may enter, remain and set sail in complete safety and always respecting the technical characteristics reported in the yacht's navigation license. For no reason whatsoever
shall this area include nations at war, nations involved in militay operations, revolutions and riots. In particular, the Charterer shall not at any time carry passengers or goods nor carry out any type of trading whatsoever nor shall
he bring or keep on board illegal drugs(even if for personal use), weapons or any other object or document the possession and /or detention of which is prohibited by the countries of the cruising area. Moreover the Charterer shall
respect the minimum number of persons to be present on board and shall not leave the mooring when navigation has been forbidden by the competent Authority and/or when the meteomarine conditions and /or the condition of the yacht are
such as to compromise the

safety of the yacht and/or of the persons on board the yacht. Unless prior written authorisation is given by the Lessor the yacht shall not be used in regattas nor other competitions nor used for dangerous water sports which may
be detrimental to the safety and integrity of the yacht. Neither the Charterer nor any other person on board shall bring or keep any animals on board without the specific consent of the Lessor.

CL 6-Re-delivery. At the end of the charter period the yacht will be re-delivered by the Charterer to the Lessor at the port of redelivery at the agreed time,
free of any encumbrances or burdens resulting from obligations undertaken by the Charterer, and in as good a condition as when delivery was taken, except for fair wear and tear arising from ordinary use. In the case of damages to
the yacht's furnishings, fittings and equipment the Charterer, before disembarking, shall refund the Lessor for the damages caused at the current market price should it not prove possible to make immediate repairs or replacement. Should
it prove necessary to effect repairs for Charterer's account, the Charterer shall in any case indemnify the Lessor for the time required to effect such repairs should these be carried out after the end of the charter period. The
Charterer may re-deliver the yacht to the port of re-delivery and disembark prior to the end of the charter period but any such early re-delivery shall not entitle the Charterer to any refund whatsoever, even partial, of the Charter
Fee.

CL 7-Delay in re-delivery. Should the Charterer, for any reason attributable to him, fail to re-deliver the yacht in accordance with the terms of this Charter
Party, the Charterer shall pay the lessor a demurrage at the rate of the daily Charter Fee increased by 100% for every day (or fractional part of a day in excess of 2 hours) until such time as re-delivery is effected. If the delay
in re-delivery exceeds 24 (twenty-four) hours the Charterer shall also be liable to indemnify the Lessor for any loss or damage which the Lessor shall suffer by reason of deprivation of the yacht and/or cancellation of a subsequent Charter
Party and/or delay in delivery to, any subsequent user of the yacht. Should the Charterer decide to interrupt or terminate the cruise in a port other than that designated in this Charter Party, any period of time necessary for the
retun of the yacht to the port of re-delivery in excess of the charter period will be considered as a delay. The cost of transporting or transferring the yacht to the port of re-delivery is for Charterer's account.

CL 8-Cancellation. If, at any time before the commencement of the charter period, the Charterer is unable, for reasons beyond his control, to perform this Charter
Party he shall immediately give written notice to the Lessor. In this case the Lessor shall be entitled to retain all amounts already received, without any refund of damages. Should the Lessor be able to stipulate a new Charter
Party for the use of the yacht for the same charter period, then the Lessor shall refund to the Charterer such nett balance as may remain from the re-letting fee (if the terms of the new Charter Party are discounted with respect to this
Charter Party) after deduction of all expenses ( including brokerage commissions) incurred in respect of both this and any new Charter Party.

CL 9-Suspension of the Charter fee, disablement or total loss of the yacht. If, after redelivery of the yacht to the Charterer, the yacht is disabled by
engine breakdown or any other cause which has not been brought about by the Charterer such as to prevent the reasonable use of the yacht , then the following rules will apply: a) if the period of disablement exceeds 24 consecutive hours,the
charter fee shall be suspended from the date and time when the yacht is disabled until such time as the yacht is fit to resume service; the Lessor shall remain liable for the consumption of fuel for the duration of the period of disablement
and these will be calculated at the price of the last supplies. No extension of the charter period shall be allowed unless it be mutually so agreed.
b) If, however, the disablement should exceed 48 consecutive hours when in Italian waters or 72 hours when in foreign waters, or the yacht should be lost, the Charterer may demand the termination of this Charter Party by means of immediate
notice in writing to the Lessor, and shall be entitled to the refund of the pro rata Charter Fee for that part of the charter period not enjoyed.In this circumstances re-delivery of the yacht shall be accepted as effected where
the disablement occurred of where the yacht lies. The Charterer shall also be entitled to recover from the Lessor the travelling and accommodation costs necessary for returning himself, his guests and the Captain to the port
of re-delivery or to his place of usual residence, whichever shall be the nearest.
Each and every time that a breakdown occurs resulting in a period of disablement of the yacht the Charterer shall draw up a report on the event.

CL 10-Bad weather conditions. The Lessor shall not be liable for any delays in the departure of the yacht or interruptions in her cruising due to bad weather
conditions or to orders issued by the Port Authority. In such cases the Charter Party will be considered as effective even if the yacht may be unable to go to sea for several days.

CL 11-Maintenance. The Lessor shall arrange for all repairs required as the result of force majeure or of wear and tear due to the normal use of the yacht under the terms of this Charter Party as well as for those deriving from a
hidden vice of the yacht and her parts. The Charterer shall provide for normal maintance (oil changes, care of the engine, batteries, winches, sails etc.)
in order to maintain the yacht in the same conditions of efficiency and seaworthiness as when delivery was taken. Should urgent and impellent repairs be required the Charterer may effect same directly and the Lessor shall refund to the Charterer
the cost of those repairs carried out on Lessor's account upon condition of the Charterer obtaining Lessor's prior authorisation.

CL 12-Running costs. The Charterer will sustain the expenditures relating to the use and consumptions of the yacht for the charter period and in particular
for: fuel, water, electricity, harbour fees and dues anchorage and mooring dues, custom's and local taxes, pilotage costs and the costs consequent to the use of the yacht's radiophone equipment. If it is not possible to determine
the cost of the use of the yacht's radiophone at the end of the charter period, then the Charterer shall pay an amount estimated by the Lessor until such time as supporting documents can be obtained.

CL 13-Command of the yacht. The choice of Captain must be approved by the Lessor. The Lessor or his representative shall be entitled to ask the proposed Captain
to supply evidence of his qualifications to Command the yacht. If the knowledge and the capacity of the licence holder are considered as not sufficient for the type of the yacht chartered, for the safety of the yacht and of the persons,
the Lessor or his representative may ask the Charterer to arrange for a replacement. Any dispute will be put to one of the members of the Examing Board of the Maritime
Office which is territorially competent in respect of the Port of Delivery of the yacht, such Board being formed in accordance with Art.4 of Ministerial Decree dated 4th March 1977, and his decision will be final. Should the Captain
be a party other than the Charterer, then said Captain shall also sign this charter Party.

The Captain shall untertake all those obligations entailed under this CharterParty as well those entailed by Law.

CL 14-The duties of the Captain. The Captain must pay particular attention to the Maritime Authority when the latter forbids navigation for any reason whatsoever (bad weather, danger of the area etc.)Should any of the weather
conditions be of an intensity in excess for force 5 Beaufort Scale, the Captain must not leave the port or, if the Yacht is in navigation, he must seek to berth in the nearest port or safe place. Should the yacht anchor near the coast
the Captain must ensure that the yacht is never left without supervision, which must be adequate in respect of the circumstances and the place. The Captain must enter in the log book the arrivals and departures from port, the atmospheric
conditions and the hours cruised each day using the engine. The Captain, the Charterer and his Guests undertake to respect all the laws of the countries visited including those regarding Custom's declarations, port Authority/Customs'
regulations and the current fishing (including underwater fishing) regulations. Using the same means the Captain must also inform the Lessor or his representative of any accidents, averages, damages and anomalies which may have occured on
the yacht. Moreover the Master must immediately inform (using the afore- mentioned means ) the Lessor or his representative of any accidents, averages, damages and anomalies which may have occurred on board the yacht. The calculation of
the hours ( as indicated in clause 9 ) will run from the time that written notice is received.

CL 15-Insurance. The Lessor expressly untertakes to insure, and keep insured, at his own care and expense , the yacht for the entire duration of the Charter
period , against all customar navig.risks including special average and third party claims for the Maximum Sum (4/4), so that the Charterer is relieved of all and any liability for any average or damage to the yacht or to Third parties.
The Lessor shall also arrange for a separate insurance policy with a leading Insurance Comp.,covering civil liability resulting from the use of the yacht during the Charter Period and covering all persons on board.

CL 16-Brokerage Commissions. Any Broker's commissions in respect of the stipulation of this Charter Party, shall be paid by the Lessor. If this Charter Party shall
not be performed by either of the Parties or in the event of Cancellation by mutual agreement, whatever the reason may be, any commission earned by the Broker will not be returned.

CL 17-Force Majeure. For the purposes of this Charter Party "Force Majeure" means, including but not limited to, any cause whatsoever attributable to acts, facts,
events, non-happenings, accidents or Acts of God beyond the reasonable control of the Lessor or the Charterer (including but not limited to stikes, lock-outs or other labour disputes, civil commotion, revolutions, invasion, war fire,
explosion, sabotage, piracey, storm, collision, grounding or other accidents at sea)

CL 18-Sub-Charter and assignment of the Charter Party. The Charterer shall not sub-let or assign the acht to other parties for any whatsoever.

CL 19-Remuneration for assistance, salvage and recovery. Any benefits deriving from all and any derelicts, towage services, salvage or any other assistence
and salvage service rendered by the yacht during the period of this Charter Party (after paying the Captain's proportion, the hire for the relevant period not enjoyed by the Charterer, damages sustained by the yacht and all the expenses
by the Lessor and by the Charterer – including legal costs and those for materials and fuel consumed during the salvage operations) shall be shared equally between the Lessor and the Charterer. All actions and steps taken by
the Lessor to secure the assistence or salvage remuneration will be binding on the Charterer and the Captain.

CL 20-Request for towage/assistance. The Charterer and/or the Captain shall be dierctly liable for any obligations deriving from operations of towage and/or
assistance requested of other Units, except in cases of true and real danger for the persons on board and safety of yacht which do not derive from actions and/or omissions on the part of said Charterer and/or Captain.

CL 21-Applicable Law. With regard to any points not specifically stipulated and/or foreseen in the present Charter Party, express reference is made to the relevant current Italien legislation.

CL 22-Arbitration. Any dispute arising in connection with this bareboat Charter Party shall be regulated in accordance with italian law and the specific giurisdiction
of the Court of Naples.