EX-10.2



 Exhibit 10.2 
  





 
 NAVIGATOR HOLDINGS LTD 

2008 RESTRICTED STOCK PLAN 







 TABLE OF CONTENTS 

 

									
	1.    	  	Purpose	  	 	1	  
			
	2.	  	Definitions	  	 	1	  
			
	3.	  	Administration	  	 	2	  
		  	(a)    	  	Authority of the Committee	  	 	2	  
		  	(b)	  	Manner of Exercise of Committee Authority	  	 	3	  
		  	(c)	  	Limitation of Liability	  	 	3	  
			
	4.	  	Stock Subject to Plan	  	 	3	  
		  	(a)	  	Overall Number of Shares Available for Delivery	  	 	3	  
		  	(b)	  	Application of Limitation to Grants of Awards	  	 	3	  
		  	(c)	  	Availability of Shares Not Issued under Awards	  	 	4	  
		  	(d)	  	Stock Offered	  	 	4	  
			
	5.	  	Eligibility	  	 	4	  
			
	6.	  	Specific Terms of Awards	  	 	4	  
		  	(a)	  	General	  	 	4	  
		  	(b)	  	Restricted Stock	  	 	4	  
			
	7.	  	Certain Provisions Applicable to Awards	  	 	5	  
		  	(a)	  	Termination of Employment	  	 	5	  
		  	(b)	  	Stand-Alone, Additional, Tandem, and Substitute Awards	  	 	5	  
		  	(c)	  	Form and Timing of Payment under Awards; Deferrals	  	 	5	  
		  	(d)	  	Non-Competition Agreement	  	 	5	  
			
	8.	  	Subdivision or Consolidation; Recapitalization; Reorganization	  	 	5	  
		  	(a)	  	Existence of Plan and Awards	  	 	5	  
		  	(b)	  	Subdivision or Consolidation of Shares	  	 	6	  
		  	(c)	  	Corporate Recapitalization	  	 	6	  
		  	(d)	  	Additional Issuances	  	 	7	  
			
	9.	  	General Provisions	  	 	7	  
		  	(a)	  	Restricted Securities	  	 	7	  
		  	(b)	  	Transferability	  	 	7	  
		  	(c)	  	Right of First Refusal	  	 	7	  
		  	(d)	  	Purchase Option	  	 	9	  
		  	(e)	  	Taxes	  	 	11	  
		  	(f)	  	Changes to this Plan and Awards	  	 	11	  
		  	(g)	  	Limitation on Rights Conferred under Plan	  	 	11	  
		  	(h)	  	Unfunded Status of Awards	  	 	11	  
		  	(i)	  	Nonexclusivity of this Plan	  	 	11	  
		  	(j)	  	Fractional Shares	  	 	12	  
		  	(k)	  	Severability	  	 	12	  
		  	(l)	  	Governing Law	  	 	12	  
		  	(m)	  	Conditions to Delivery of Stock	  	 	12	  
		  	(n)	  	Plan Effective Date and Duration of Plan	  	 	12	  








 NAVIGATOR HOLDINGS LTD. 

2008 Restricted Stock Plan 

1. Purpose. The purpose of the Navigator Holdings Ltd. 2008 Restricted Stock Plan (the “Plan”) is to provide a
means through which Navigator Holdings Ltd., a Marshall Islands company (the “Company”), and its Subsidiaries may attract and retain able persons as employees, directors and consultants of the Company and its Subsidiaries,
and to provide a means whereby those persons upon whom the responsibilities of the successful administration and management of the Company and its Subsidiaries rest, and whose present and potential contributions to the welfare of the Company and its
Subsidiaries are of importance, can acquire and maintain stock ownership, or awards the value of which is tied to the performance of the Company, thereby strengthening their concern for the welfare of the Company, and its Subsidiaries, and their
desire to remain employed. A further purpose of this Plan is to provide such employees, directors and consultants with additional incentive and reward opportunities designed to enhance the profitable growth of the Company. Accordingly, this Plan
primarily provides for the granting of Restricted Stock. 
 2. Definitions. For purposes of this Plan, the following terms shall be
defined as set forth below, in addition to such terms defined in Section 1 hereof: 
 (a) “Award” means a
Restricted Stock Award, together with any other right or interest granted to a Participant under this Plan. 
 (b)
“Beneficiary” means one or more persons, trusts or other entities which have been designated by a Participant, in his or her most recent written beneficiary designation filed with the Committee, to receive the benefits
specified under this Plan upon such Participant’s death or to which Awards or other rights are transferred if and to the extent permitted under Subsection 9(b) hereof. If, upon a Participant’s death, there is no designated Beneficiary or
surviving designated Beneficiary, then the term Beneficiary means the persons, trusts or other entities entitled by will or the laws of descent and distribution to receive such benefits. 

(c) “Board” means the Company’s Board of Directors. 

(d) “Code” means the Internal Revenue Code of 1986, as amended from time to time, including regulations thereunder and
successor provisions and regulations thereto. 
 (e) “Committee” means a committee of two or more directors
designated by the Board to administer this Plan. 
 (f) “Effective Date” means September 16, 2008. 

(g) “Eligible Person” means all officers and employees of the Company or of any Subsidiary, and other persons who
provide services to the Company or any of its Subsidiaries, including directors of the Company. An employee on leave of absence may be considered as still in the employ of the Company or a Subsidiary for purposes of eligibility for participation in
this Plan. 

  
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 (h) “Exchange Act” means the Securities Exchange Act of 1934, as amended
from time to time, including rules thereunder and successor provisions and rules thereto. 
 (i) “Participant” means
a person who has been granted an Award under this Plan which remains outstanding, including a person who is no longer an Eligible Person. 

(j) “Person” means any person or entity of any nature whatsoever, specifically including an individual, a firm, a
company, a corporation, a partnership, a limited liability company, a trust or other entity; a Person, together with that Person’s Affiliates and Associates (as those terms are defined in Rule 12b-2 under the Exchange Act, provided that
“registrant” as used in Rule 12b-2 shall mean the Company), and any Persons acting as a partnership, limited partnership, joint venture, association, syndicate or other group (whether or not formally organized), or otherwise acting jointly
or in concert or in a coordinated or consciously parallel manner (whether or not pursuant to any express agreement), for the purpose of acquiring, holding, voting or disposing of securities of the Company with such Person, shall be deemed a single
“Person.” 
 (k) “Qualifying Public Offering” shall mean a firm commitment underwritten
public offering of Stock for cash where the shares of Stock registered under the Securities Act are listed on a national securities exchange. 

(l) “Restricted Stock” means Stock granted to a Participant under Subsection 6(b) hereof, that is subject to certain
restrictions and to a risk of forfeiture. 
 (m) “Securities Act” means the Securities Act of 1933 and the rules and
regulations promulgated thereunder, or any successor law, as it may be amended from time to time. 
 (n) “Stock”
means the Company’s common stock, par value $0.01, and such other securities as may be substituted (or resubstituted) for Stock pursuant to Section 8. 

(o) “Subsidiary” means with respect to the Company, any corporation or other entity of which a majority of the voting
power of the voting equity securities or equity interest is owned, directly or indirectly, by the Company. 
 3. Administration. 

(a) Authority of the Committee. This Plan shall be administered by the Committee except to the extent the Board elects to administer
this Plan, in which case references herein to the “Committee” shall be deemed to include references to the “Board.” Subject to the express provisions of the Plan, the Committee shall have the
authority, in its sole and absolute discretion, to (i) adopt, amend, and rescind administrative and interpretive rules and regulations relating to the Plan; (ii) determine the Eligible Persons to whom, and the time or times at which,
Awards shall be granted; (iii) determine the amount of cash and the number of shares Restricted Stock Awards that shall be the subject of each Award; (iv) determine the terms and provisions of each Award agreement (which need not be
identical), including provisions defining or otherwise relating to (A) the extent to which the transferability of shares of Stock issued or transferred pursuant to any Award is restricted, (B) except as otherwise provided herein, the
effect of termination of employment, or the service relationship with the Company, of a Participant on the Award, and (C) the effect of approved 

  
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leaves of absence (consistent with any applicable regulations of the Internal Revenue Service); (v) accelerate the time of exercisability of any Award that has been granted;
(vi) construe the respective Award agreements and the Plan; (vii) delegate its duties under the Plan to such agents as it may appoint from time to time; and (viii) make all other determinations, perform all other acts, and exercise
all other powers and authority necessary or advisable for administering the Plan, including the delegation of those ministerial acts and responsibilities as the Committee deems appropriate. In making such determinations, the Committee shall take
into account the nature of the services rendered by the respective Eligible Persons, their present and potential contribution to the Company’s success, and such other factors as the Committee in its sole discretion shall deem relevant. The
Committee may correct any defect, supply any omission, or reconcile any inconsistency in the Plan, in any Award, or in any Award agreement in the manner and to the extent it deems necessary or desirable to carry the Plan into effect, and the
Committee shall be the sole and final judge of that necessity or desirability. The determinations of the Committee on the matters referred to in this Subsection 3(a) shall be final and conclusive. 

(b) Manner of Exercise of Committee Authority. Any action of the Committee shall be final, conclusive and binding on all persons,
including the Company, its Subsidiaries, stockholders, Participants, Beneficiaries, and transferees under Subsection 9(b) hereof or other persons claiming rights from or through a Participant. The express grant of any specific power to the
Committee, and the taking of any action by the Committee, shall not be construed as limiting any power or authority of the Committee. The Committee may delegate to officers or managers of the Company or any Subsidiary, or committees thereof, the
authority, subject to such terms as the Committee shall determine, to perform such functions, including administrative functions, as the Committee may determine. 

(c) Limitation of Liability. The Committee and each member thereof shall be entitled to, in good faith, rely or act upon any report or
other information furnished to him or her by any officer or employee of the Company or a Subsidiary, the Company’s legal counsel, independent auditors, consultants or any other agents assisting in the administration of this Plan. Members of the
Committee and any officer or employee of the Company or a Subsidiary acting at the direction or on behalf of the Committee shall not be personally liable for any action or determination taken or made in good faith with respect to this Plan, and
shall, to the fullest extent permitted by law, be indemnified and held harmless by the Company with respect to any such action or determination. 

4. Stock Subject to Plan.  

(a) Overall Number of Shares Available for Delivery. Subject to adjustment in a manner consistent with any adjustment made pursuant to
Section 8, the total number of shares of Stock reserved and available for issuance in connection with Awards under this Plan shall not exceed 3,000,000 shares. 

(b) Application of Limitation to Grants of Awards. No Award may be granted if the number of shares of Stock to be delivered in
connection with such Award exceeds the number of shares of Stock remaining available under this Plan minus the number of shares of Stock issuable in settlement of or relating to then-outstanding Awards. The Committee may adopt reasonable counting
procedures to ensure appropriate counting, avoid double counting (as, for example, in the case of tandem or substitute awards) and make adjustments if the number of shares of Stock actually delivered differs from the number of shares previously
counted in connection with an Award. 

  
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 (c) Availability of Shares Not Issued under Awards. Shares of Stock subject to an Award
under this Plan that expire or are canceled, forfeited, settled in cash or otherwise terminated without an issuance of shares to the Participant, including (i) the number of shares withheld in payment of any exercise or purchase price of an
Award or taxes relating to Awards, and (ii) the number of shares surrendered in payment of any exercise or purchase price of an Award or taxes relating to any Award, will again be available for Awards under this Plan. 

(d) Stock Offered. The shares to be delivered under the Plan shall be made available from (i) authorized but unissued shares of
Stock, (ii) Stock held in the treasury of the Company, or (iii) previously issued shares of Stock reacquired by the Company, including shares purchased on the open market. 

5. Eligibility. Awards may be granted under this Plan only to Persons who are Eligible Persons at the time of grant thereof or
in connection with the severance or retirement of Eligible Persons.  
 6. Specific Terms of Awards.  

(a) General. The Committee may impose on any Award or the exercise thereof, at the date of grant or thereafter (subject to Subsection
9(f)), such additional terms and conditions, not inconsistent with the provisions of this Plan, as the Committee shall determine, including terms requiring forfeiture of Awards in the event of termination of employment by the Participant, or
termination of the Participant’s service relationship with the Company, and terms permitting a Participant to make elections relating to his or her Award. The Committee shall retain full power and discretion to accelerate, waive or modify, at
any time, any term or condition of an Award that is not mandatory under this Plan. The Company and the Participant shall enter into an Award agreement evidencing the specific terms and conditions governing the Award at the time of grant. 

(b) Restricted Stock. The Committee is authorized to grant Restricted Stock to Participants on the following terms and conditions: 

(i) Grant and Restrictions. Restricted Stock shall be subject to such restrictions on transferability, risk of forfeiture and other
restrictions, if any, as the Committee may impose, which restrictions may lapse separately or in combination at such times, under such circumstances (including based on achievement of performance goals and/or future service requirements), in such
installments or otherwise, as the Committee may determine at the date of grant or thereafter. During the restricted period applicable to the Restricted Stock, the Restricted Stock may not be sold, transferred, pledged, hypothecated, margined or
otherwise encumbered by the Participant. 
 (ii) Certificates for Stock. Restricted Stock granted under this Plan may be evidenced in
such manner as the Committee shall determine. If certificates representing Restricted Stock are registered in the name of the Participant, the Committee may require that such certificates bear an appropriate legend referring to the terms, conditions
and restrictions applicable to such Restricted Stock, that the Company retain physical possession of the certificates, and that the Participant deliver a stock power to the Company, endorsed in blank, relating to the Restricted Stock. 

  
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 (iii) Dividends and Splits. Unless otherwise determined by the Committee, any dividends,
whether in cash or in kind, which are paid on a share of Restricted Stock shall not be subject to any restrictions or risks of forfeiture which may be associated with the Restricted Stock with respect to which such dividend has been paid. As a
condition to the grant of an Award of Restricted Stock, the Committee may require or permit a Participant to elect that any cash dividends paid on a share of Restricted Stock be automatically reinvested in additional shares of Restricted Stock or
applied to the purchase of additional Awards under this Plan. Unless otherwise determined by the Committee, Stock distributed in connection with a Stock split shall be subject to restrictions and a risk of forfeiture to the same extent as the
Restricted Stock with respect to which such Stock has been distributed. 
 7. Certain Provisions Applicable to Awards.  

(a) Termination of Employment. Except as provided herein, the treatment of an Award upon a termination of employment or any other
service relationship by and between a Participant and the Company or any Subsidiary shall be specified in the agreement controlling such Award. 

(b) Stand-Alone, Additional, Tandem, and Substitute Awards. Awards granted under this Plan may, in the discretion of the Committee, be
granted either alone or in addition to, in tandem with, or in substitution or exchange for, any other Award or any award granted under another plan of the Company, any Subsidiary, or any business entity to be acquired by the Company or a Subsidiary,
or any other right of a Participant to receive payment from the Company or any Subsidiary. Such additional, tandem and substitute or exchange Awards may be granted at any time. If an Award is granted in substitution or exchange for another Award or
award, the Committee shall require the surrender of such other Award or award in consideration for the grant of the new Award. In addition, Awards may be granted in lieu of cash compensation. 

(c) Form and Timing of Payment under Awards; Deferrals. Subject to the terms of this Plan and any applicable Award agreement, payments
to be made by the Company or a Subsidiary upon the settlement of an Award may be made in such forms as the Committee shall determine, including without limitation cash, Stock, other Awards or other property, and may be made in a single payment or
transfer, in installments, or on a deferred basis. 
 (d) Non-Competition Agreement. Each Participant to whom an Award is granted
under this Plan may be required to agree in writing as a condition to the granting of such Award not to engage in conduct in competition with the Company or any of its Subsidiaries for a period after the termination of such Participant’s
employment with the Company and its Subsidiaries as determined by the Committee. 
 8. Subdivision or Consolidation; Recapitalization;
Reorganization.  
 (a) Existence of Plan and Awards. The existence of this Plan and the Awards granted hereunder shall not
affect in any way the right or power of the Board or the stockholders of the Company to make or authorize any adjustment, recapitalization, reorganization or other change in the Company’s capital structure or its business, any merger or
consolidation of the Company, any issue of debt or equity securities ahead of or affecting Stock or the rights thereof, the dissolution or liquidation of the Company or any sale, lease, exchange or other disposition of all or any part of its assets
or business or any other corporate act or proceeding. 

  
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 (b) Subdivision or Consolidation of Shares. The terms of an Award and the number of shares
of Stock authorized pursuant to Section 4 for issuance under the Plan shall be subject to adjustment from time to time, in accordance with the following provisions: 

(i) If at any time, or from time to time, the Company shall subdivide as a whole (by a Stock split, by the issuance of a distribution on Stock
payable in Stock, or otherwise) the number of shares of Stock then outstanding into a greater number of shares of Stock, then (A) the maximum number of shares of Stock available in connection with the Plan or Awards as provided in
Section 4 shall be increased proportionately, and the kind of shares or other securities available for the Plan shall be appropriately adjusted, (B) the number of shares of Stock (or other kind of shares or securities) that may be acquired
under any Award shall be increased proportionately, and (C) the price (including the exercise price) for each share of Stock (or other kind of shares or securities) subject to then outstanding Awards shall be reduced proportionately, without
changing the aggregate purchase price or value as to which outstanding Awards remain exercisable or subject to restrictions. 
 (ii) If at
any time, or from time to time, the Company shall consolidate as a whole (by reverse Stock split, or otherwise) the number of shares of Stock then outstanding into a lesser number of shares of Stock, (A) the maximum number of shares of Stock
available in connection with the Plan or Awards as provided in Section 4 shall be decreased proportionately, and the kind of shares or other securities available for the Plan shall be appropriately adjusted, (B) the number of shares of
Stock (or other kind of shares or securities) that may be acquired under any Award shall be decreased proportionately, and (C) the price (including the exercise price) for each share of Stock (or other kind of shares or securities) subject to
then outstanding Awards shall be increased proportionately, without changing the aggregate purchase price or value as to which outstanding Awards remain exercisable or subject to restrictions. 

(iii) Whenever the number of shares of Stock subject to outstanding Awards and the price for each share of Stock subject to outstanding Awards
are required to be adjusted as provided in this Subsection 8(b), the Committee shall promptly prepare, and deliver to each Participant, a notice setting forth, in reasonable detail, the event requiring adjustment, the amount of the adjustment, the
method by which such adjustment was calculated, and the change in price and the number of shares of Stock, other securities, cash, or property purchasable subject to each Award after giving effect to the adjustments. 

(iv) Adjustments under Subsections 8(b)(i) and (ii) shall be made by the Committee, and its determination as to what adjustments shall be
made and the extent thereof shall be final, binding, and conclusive. No fractional interest shall be issued under the Plan on account of any such adjustments. 

(c) Corporate Recapitalization. In the event of changes in the outstanding Stock by reason of recapitalization, reorganizations,
mergers, consolidations, combinations, exchanges or other relevant changes in capitalization occurring after the date of the grant of any Award and not otherwise provided for by this Section 8, any outstanding Awards and any agreements
evidencing such Awards shall be subject to adjustment by the Committee at its discretion as to the number and price of shares of Stock or other consideration subject to such Awards. In the event of any such change in the outstanding Stock, the share
limitations provided in Section 4 may be appropriately adjusted by the Committee, whose determination shall be conclusive. 

  
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 (d) Additional Issuances. Except as hereinbefore expressly provided, the issuance by the
Company of shares of stock of any class or securities convertible into shares of stock of any class, for cash, property, labor or services, upon direct sale, upon the exercise of rights or warrants to subscribe therefor, or upon conversion of shares
or obligations of the Company convertible into such shares or other securities, and in any case whether or not for fair value, shall not affect, and no adjustment by reason thereof shall be made with respect to, the number of shares of Stock subject
to Awards theretofore granted or the purchase price per share, if applicable. 
 9. General Provisions. 

(a) Restricted Securities. Prior to a Qualifying Public Offering, the Stock to be issued under this Plan, which may be issued in
reliance on the exemption from registration set forth in Rule 701, shall be deemed to be “restricted securities” as defined in Rule 144, as each such rule has been promulgated by the Securities and Exchange Commission under the Securities
Act as from time to time in effect and applicable to the Plan and Participants. Resales of such Stock by the holder thereof shall be in compliance with the Securities Act or an exemption therefrom. Such Stock may bear a legend if determined
necessary by the Committee in substantially the following form: 
 “THE SHARES OF STOCK REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS. THE SHARES MAY NOT BE OFFERED FOR SALE, SOLD, PLEDGED, TRANSFERRED, OR OTHERWISE DISPOSED OF UNTIL THE HOLDER HEREOF PROVIDES EVIDENCE SATISFACTORY TO NAVIGATOR
HOLDINGS LTD. (WHICH, IN THE DISCRETION OF NAVIGATOR HOLDINGS LTD., MAY INCLUDE AN OPINION OF COUNSEL SATISFACTORY TO NAVIGATOR HOLDINGS LTD.) THAT SUCH OFFER, SALE, PLEDGE, TRANSFER, OR OTHER DISPOSITION WILL NOT VIOLATE APPLICABLE FEDERAL OR STATE
LAWS.” 
 (b) Transferability. Awards shall not be transferable other than by will or the laws of descent and distribution. 

(c) Right of First Refusal. If any Participant (“Transferor”), regardless of whether such Participant is the
original holder of the Award contemplated in this Subsection 9(c), proposes to sell, transfer, assign, hypothecate, make gifts of or in any manner dispose of, encumber, or alienate (each individually constituting a
“Transfer”) to a transferee, any Stock, obtained in connection with any Award held by such Transferor, either pursuant to a bona fide offer (“Offer”) from a potential transferee
(“Offeror”) or by effecting a gift of the Stock (“Gift”) to a donee (“Donee”) without consideration, then the Transferor must comply with the provisions of this Subsection 9(c),
including, without limitation, acknowledging and allowing the applicable time periods to lapse with respect to the rights of the Company as provided herein, before accepting any such Offer or otherwise affecting the Transfer of any Stock pursuant to
such Offer, or affecting any such Gift. 

  
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 (i) Statement of Offer. Before accepting any Offer or affecting any Gift, the Transferor
shall obtain from the Offeror or Donee, as the case may be, a statement (“Statement”) in writing addressed to the Transferor and signed by the Offeror or Donee, setting forth: (A) the date of the Statement (the
“Statement Date”); (B) the number of shares of Stock covered by the Offer or Gift and, in the case of an Offer, the price per share to be paid by the Offeror and the terms of payment of such price; (C) the
Offeror’s or Donee’s willingness to be bound by the terms of this Subsection 9(c) and execute and deliver to the Company such documentation as required under this Subsection 9(c); (D) the Offeror’s or Donee’s name, address
and telephone number; and (E) the Offeror’s or Donee’s willingness to supply any additional information about himself or herself as may be reasonably requested by the Company. Promptly upon receipt of a Statement, and before accepting
the Offer or affecting the Gift to which the Statement relates, the Transferor shall deliver to the Company (1) a copy of the Statement and (2) in the case of an Offer, evidence reasonably satisfactory to the Company as to the
Offeror’s financial ability to consummate the proposed purchase. 
 (ii) Company Rights. Subject to the provisions of Subsection
9(c)(i), upon receipt of a copy of the Statement, the Company shall have the exclusive right and option (the “Right”), but not the obligation, to purchase all of the shares of Stock that the Offeror proposes to purchase from
the Transferor or, in the case of a Gift, that the Transferor proposes to give to the Donee (collectively, “Subject Securities”) (A) in the case of an Offer, for the per share price and on the terms as set forth in the
Statement; provided, however, that if the purchase price is payable in whole or in part in property (which term shall include the securities of any issuer other than the Company) other than cash, the Company may pay, in lieu of such
property, a sum of cash equal to the fair market value of such property as determined by the Transferor and the Company in good faith or, if the Transferor and the Company do not agree on the fair market value of such property within five days after
the Company delivers written notice (as described below) of its intention to exercise the Right, then the Transferor and the Company shall select one independent appraiser (with each of the Transferor and the Company jointly bearing one-half of the
expense of the appraiser) to determine the fair market value of that property and the appraised fair market value of that property as determined by such appraiser shall be deemed the fair market value of that property for purposes of this Subsection
9(c)(ii), or (B) in the case of a Gift, the fair market value of the Subject Securities, as determined in good faith by the Company; provided that the Transferor may elect to retain the Subject Securities rather than sell the Subject Securities
at the fair market value as determined by the Company by giving written notice thereof to the Company within five days after such determination by the Company is received in writing by the Transferor. The Company shall exercise the Right by giving
written notice thereof to the Transferor. Upon exercising the Right, the Company shall have the obligation, to the extent it lawfully may do so, to purchase the Subject Securities within 30 days after the date of the Company’s receipt of its
copy of the Statement on and subject to the terms and conditions hereof. If the terms of the purchase include the Transferor’s release of any pledge or encumbrance on the Subject Securities and the Transferor shall have failed to obtain the
release of the pledge or encumbrance by the purchase date, at the Company’s option the purchase shall occur on the scheduled date with the purchase price reduced to the extent of all unpaid indebtedness for which the Subject Securities are then
pledged or encumbered. Failure by the Company to exercise the Right, or failure by the Company to otherwise perform its obligations under this Subsection 9(c)(ii), within the 30 day period herein prescribed shall be deemed an election by the Company
not to exercise the Right. If the Company exercises the Right and is unable for any reason to perform its obligations thereunder in accordance with this Subsection 9(c), the Company may assign all or a portion of its rights under the Right to any
one or more of the Company’s stockholders (other than the Transferor) (“Assignee Stockholder”), as the Board shall determine, in its sole and absolute discretion. 

  
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 (iii) Purchase of Less Than All Shares. Anything in Subsection 9(c) to the contrary
notwithstanding, the Company and any Assignee Stockholder individually may, pursuant to the exercise of the Right, purchase fewer than all of the Subject Securities provided that such Persons in the aggregate purchase all, and not less than all, of
the Subject Securities, and it shall be a condition precedent to the obligation of any of such Persons to purchase any Subject Securities, that all, and not less than all, of the Subject Securities have been elected to be purchased pursuant to the
exercise of the Right. 
 (iv) Failure to Exercise Right or Consummate Transaction. If the Company elects not to exercise the Right,
or if the Right is exercised and the obligations to be performed thereunder by the Company are not performed in accordance with this Subsection 9(c), or if the Company’s rights are assigned to an Assignee Stockholder and such Assignee
Stockholder fails to perform his or her obligations under the assigned Right in accordance with this Subsection 9(c), then, subject to the application of any applicable state or federal securities laws, the Transferor may dispose of all of the
Subject Securities within 90 days after the date of the Statement at the per share price and on the terms, if any, as set forth in the Statement free and clear of the terms of this Subsection 9(c); provided, however, that (A) any
subsequent transfer by the Offeror or Donee, as applicable, shall once again be subject to this Subsection 9(c) and (B) if the sale or gift of the Subject Securities is not consummated within such 90-day period, then the Transfer of any such
Stock shall once again be subject to the terms of this Subsection 9(c). 
 (v) Legend. To assure the enforceability of the
Company’s rights under this Subsection 9(c), until the date of a Qualifying Public Offering, each certificate or instrument representing Stock or an Award held by him, her, or it may, in the Committee’s discretion, bear a conspicuous
legend in substantially the following form: 
 “THE SHARES [REPRESENTED BY THIS CERTIFICATE] [ISSUABLE PURSUANT TO THIS AGREEMENT] ARE
SUBJECT TO THE COMPANY’S RIGHT OF FIRST REFUSAL IN THE CASE OF A TRANSFER AS PROVIDED UNDER THE NAVIGATOR HOLDINGS LTD. 2008 RESTRICTED STOCK PLAN AND/OR AN AWARD AGREEMENT ENTERED INTO PURSUANT THERETO. COPIES OF SUCH PLAN AND AWARD AGREEMENT
ARE AVAILABLE UPON WRITTEN REQUEST TO THE COMPANY AT ITS PRINCIPAL EXECUTIVE OFFICES.” 
 (vi) Expiration. The rights and
obligations pursuant to this Subsection 9(c) hereof will terminate upon the date of a Qualifying Public Offering. 
 (d) Purchase
Option. 
 (i) Except as otherwise expressly provided in any particular Award, if a Participant ceases to be employed by or perform
services for the Company or its Subsidiaries for any reason at any time, the Company (and/or its designee(s)) shall have the option (the “Purchase Option”) to purchase, and the Participant (or the Participant’s executor


  
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or the administrator of the Participant’s estate in the event of the Participant’s death, or the transferee of the Stock or Award in the case of any disposition, or the
Participant’s legal representative in the event of the Participant’s incapacity) (hereinafter, collectively with such Participant, the “Grantor”) shall sell to the Company and/or its designee(s), all or any portion
(at the Company’s option) of the shares of Stock issued pursuant to this Plan and held by the Grantor (such shares of Stock herein referred to as the “Purchasable Shares”). 

(ii) The Company shall give notice in writing to the Grantor of the exercise of the Purchase Option within one year of the date of the
termination of the Participant’s employment or service relationship. Such notice shall state the number of Purchasable Shares to be purchased and the determination of the Board of the fair market value per share of such Purchasable Shares. If
no notice is given within the time limit specified above, the Purchase Option shall terminate. 
 (iii) The purchase price to be paid for
the Purchasable Shares purchased pursuant to the Purchase Option shall be, the fair market value per share as of the date of the notice of exercise of the Purchase Option times the number of shares being purchased. The purchase price shall be paid
in cash. The closing of such purchase shall take place at the Company’s principal executive offices within ten (10) days after the purchase price has been determined. At such closing, the Grantor shall deliver to the purchasers the
certificates or instruments evidencing the Purchasable Shares being purchased free and clear of all liens and encumbrances (if any), duly endorsed (or accompanied by duly executed stock powers) and otherwise in good form for delivery, against
payment of the purchase price by check of the purchasers. In the event that, notwithstanding the foregoing, the Grantor shall have failed to obtain the release of any pledge or other encumbrance on any Purchasable Shares by the scheduled closing
date, at the option of the purchasers, the closing shall nevertheless occur on such scheduled closing date, with the cash purchase price being reduced to the extent of all unpaid indebtedness for which such Purchasable Shares are then pledged or
encumbered. 
 (iv) To assure the enforceability of the Company’s rights under this Subsection 9(d), until the date of a Qualifying
Public Offering, each certificate or instrument representing Stock or an Award held by him, her, or it may, in the Committee’s discretion, bear a conspicuous legend in substantially the following form: 

“THE SHARES [REPRESENTED BY THIS CERTIFICATE] [ISSUABLE PURSUANT TO THIS AGREEMENT] ARE SUBJECT TO AN OPTION TO REPURCHASE PROVIDED UNDER
THE PROVISIONS OF THE NAVIGATOR HOLDINGS LTD. 2008 RESTRICTED STOCK PLAN AND/OR AN AWARD AGREEMENT ENTERED INTO PURSUANT THERETO. COPIES OF SUCH PLAN AND AWARD AGREEMENT ARE AVAILABLE UPON WRITTEN REQUEST TO THE COMPANY AT ITS PRINCIPAL EXECUTIVE
OFFICES.” 
 (v) The Company’s rights under this Subsection 9(d) shall terminate upon the date of a Qualifying Public Offering.


  
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 (e) Taxes. The Company and any Subsidiary is authorized to withhold from any Award
granted, or any payment relating to an Award under this Plan, including from a distribution of Stock, amounts of withholding and other taxes due or potentially payable in connection with any transaction involving an Award, and to take such other
action as the Committee may deem advisable to enable the Company and Participants to satisfy obligations for the payment of withholding taxes and other tax obligations relating to any Award. This authority shall include authority to withhold or
receive Stock or other property and to make cash payments in respect thereof in satisfaction of a Participant’s tax obligations, either on a mandatory or elective basis in the discretion of the Committee. 

(f) Changes to this Plan and Awards. The Board may amend, alter, suspend, discontinue or terminate this Plan or the Committee’s
authority to grant Awards under this Plan without the consent of stockholders or Participants, except that any amendment or alteration to this Plan, including any increase in any share limitation, shall be subject to the approval of the
Company’s stockholders not later than the annual meeting next following such Board action if such stockholder approval is required by any federal or state law or regulation or the rules of any stock exchange or automated quotation system on
which the Stock may then be listed or quoted, and the Board may otherwise, in its discretion, determine to submit other such changes to this Plan to stockholders for approval; provided, however, that, without the consent of an affected
Participant, no such Board action may materially and adversely affect the rights of such Participant under any previously granted and outstanding Award. The Committee may waive any conditions or rights under, or amend, alter, suspend, discontinue or
terminate any Award theretofore granted and any Award agreement relating thereto, except as otherwise provided in this Plan; provided, however, that, without the consent of an affected Participant, no such Committee action may
materially and adversely affect the rights of such Participant under such Award. 
 (g) Limitation on Rights Conferred under Plan.
Neither this Plan nor any action taken hereunder shall be construed as (i) giving any Eligible Person or Participant the right to continue as an Eligible Person or Participant or in the employ or service of the Company or a Subsidiary,
(ii) interfering in any way with the right of the Company or a Subsidiary to terminate any Eligible Person’s or Participant’s employment or service relationship at any time, (iii) giving an Eligible Person or Participant any
claim to be granted any Award under this Plan or to be treated uniformly with other Participants or employees or other service providers, or (iv) conferring on a Participant any of the rights of a stockholder of the Company unless and until the
Participant is duly issued or transferred shares of Stock in accordance with the terms of an Award. 
 (h) Unfunded Status of Awards.
This Plan is intended to constitute an “unfunded” plan for certain incentive awards. 
 (i) Nonexclusivity of this Plan.
Neither the adoption of this Plan by the Board nor its submission to the stockholders of the Company for approval shall be construed as creating any limitations on the power of the Board or a committee thereof to adopt such other incentive
arrangements as it may deem desirable. Nothing contained in this Plan shall be construed to prevent the Company or any Subsidiary from taking any corporate action which is deemed by the Company or such Subsidiary to be appropriate or in its best
interest, whether or not such action would have an adverse effect on this Plan or any Award made under this Plan. No employee, beneficiary or other person shall have any claim against the Company or any Subsidiary as a result of any such action.


  
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 (j) Fractional Shares. No fractional shares of Stock shall be issued or delivered pursuant
to this Plan or any Award. The Committee shall determine whether cash, other Awards or other property shall be issued or paid in lieu of such fractional shares or whether such fractional shares or any rights thereto shall be forfeited or otherwise
eliminated. 
 (k) Severability. If any provision of this Plan is held to be illegal or invalid for any reason, the illegality or
invalidity shall not affect the remaining provisions hereof, but such provision shall be fully severable and the Plan shall be construed and enforced as if the illegal or invalid provision had never been included herein. 

(l) Governing Law. All questions arising with respect to the provisions of the Plan and Awards shall be determined by application of the
laws of the State of New York, without giving effect to any conflict of law provisions thereof. The obligation of the Company to sell and deliver Stock hereunder is subject to applicable laws and to the approval of any governmental authority
required in connection with the authorization, issuance, sale, or delivery of such Stock. 
 (m) Conditions to Delivery of Stock.
Nothing herein or in any Award granted hereunder or any Award agreement shall require the Company to issue any shares with respect to any Award if that issuance would, in the opinion of counsel for the Company, constitute a violation of the
Securities Act or any similar or superseding statute or statutes, any other applicable statute or regulation, or the rules of any applicable securities exchange or securities association, as then in effect. At the time of any grant of a Restricted
Stock Award, the Company may, as a condition precedent to the settlement of any Restricted Stock Award, require from the Participant (or in the event of his or her death, his or her legal representatives, heirs, legatees, or distributees) such
written representations, if any, concerning the holder’s intentions with regard to the retention or disposition of the shares of Stock being acquired pursuant to the Award and such written covenants and agreements, if any, as to the manner of
disposal of such shares as, in the opinion of counsel to the Company, may be necessary to ensure that any disposition by that holder (or in the event of the holder’s death, his or her legal representatives, heirs, legatees, or distributees)
will not involve a violation of the Securities Act or any similar or superseding statute or statutes, any other applicable state or federal statute or regulation, or any rule of any applicable securities exchange or securities association, as then
in effect. 
 (n) Plan Effective Date and Duration of Plan. This Plan has been adopted by the Board effective as of September 16,
2008. No further Awards may be granted under the Plan after ten (10) years from the date the Plan is adopted by the Board. The Plan shall remain in effect until all Awards have been settled or forfeited. 

  
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