Exhibit 10.20

	This Indemnification Agreement
(this “Agreement”) is

made as of 13 January 2012 by and between GasLog Ltd., a 

Bermuda exempted company (the
“Company”), and [Director] 

(the “Indemnitee”), a Director and/or Officer of the Company.
	 



 


WHEREAS it is essential to the Company to retain and
attract as Directors and Officers the most capable persons available, and


WHEREAS the Bye-laws of the Company (the “Bye-laws”)
require indemnification of the directors and officers of the Company to the fullest extent permitted under the Companies Act 1981
of Bermuda, as amended from time to time, except in matters involving fraud or dishonesty on the part of such persons;


WHEREAS it is the express policy of the Company to
indemnify its Directors and Officers so as to provide them with the maximum possible protection permitted by law, and


WHEREAS the Company does not regard the protection
available to the Indemnitee as adequate in the present circumstances, and realizes that the Indemnitee may not be willing to serve
as a Director and/or Officer without adequate protection, and the Company desires the Indemnitee to serve in such capacity;


NOW, THEREFORE, in consideration of the Indemnitee’s
service as a Director and/or Officer after the date hereof, the parties agree as follows:


1.                 
Definitions


1.1As used in this Agreement:


(a)The term “Proceeding”
shall include any threatened, pending or completed action, suit or proceeding, whether brought by or in the right of the Company
or otherwise and whether of a civil, criminal, administrative or investigative nature;


(b)The term “Expenses”
shall include, but is not limited to, (i) expenses of investigations, judicial or administrative proceedings or appeals, (ii) damages,
judgments, fines, amounts paid in settlement by or on behalf of the Indemnitee, (iii) attorneys’ fees and disbursements and
(iv) any expenses of establishing a right to indemnification under this Agreement; and


(c)The terms “Director”
and “Officer” shall include the Indemnitee’s service at the request of the Company as a director, officer,
employee or agent of another corporation, partnership, joint venture, trust or other enterprise as well as a Director and/or Officer
of the Company.







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2.                 
Indemnity of Director and/or Officer


Subject only to the limitations set forth
in Section 3, the Company will pay on behalf of the Indemnitee all Expenses actually and reasonably incurred by the Indemnitee
because of any claim or claims made against him in a Proceeding by reason of the fact that he is or was a Director and/or Officer.
The Company will also pay all such Expenses relating to the Indemnitee’s acting as a witness in a Proceeding and in respect
of any Proceeding relating to this Agreement or with respect to the Indemnitee’s entitlement to indemnification by the Company
pursuant to the Bye-laws or any statute, rule or otherwise.


3.                 
Limitations on Indemnity


3.1The Company shall not be
obligated under this Agreement to make any payment of Expenses to the Indemnitee.


(a)which payment it is prohibited by
applicable law from paying as indemnity;


(b)for which payment is actually made
to the Indemnitee under an insurance policy, except in respect of any excess beyond the amount of payment under such insurance;


(c)for which payment the Indemnitee
is indemnified by the Company otherwise than pursuant to this Agreement;


(d)resulting from a claim decided in
a Proceeding adversely to the Indemnitee based upon or attributable to the Indemnitee gaining in fact any personal profit or advantage
to which he was not legally entitled;


(e)brought about or contributed to
by the fraud or dishonesty of the Indemnitee seeking payment hereunder; provided, however, that the Indemnitee shall
be indemnified under this Agreement as to any claims upon which suit may be brought against him by reason of any alleged dishonesty
on his part, unless it shall be decided in a Proceeding that he committed (i) acts of active and deliberate dishonesty, (ii) with
actual dishonest purpose and intent, and (iii) which acts were material to the cause of action so adjudicated.


3.2For purposes of Sections
3 and 4, the phrase “decided in a Proceeding” shall mean a decision by a court, arbitrator(s), hearing officer or other
judicial agent having the requisite legal authority to make such a decision, which decision has become final and from which no
appeal or other review proceeding is permissible.


4.                 
Advance Payment of Costs


4.1Expenses incurred by the
Indemnitee in defending a claim against him in a Proceeding shall be paid promptly by the Company as incurred and in advance of
the final disposition of such Proceeding; provided, however, that Expenses of defence need






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  not be paid as incurred and in advance where it is decided in a Proceeding
  that the Indemnitee is not entitled to be indemnified pursuant to this Agreement.

4.2The Indemnitee hereby agrees
and undertakes to repay such amounts advanced if it shall be decided in a Proceeding that he is not entitled to be indemnified
by the Company pursuant to this Agreement or otherwise. The Indemnitee shall not be required to post bond or other security to
support this undertaking.


5.                 
Enforcement


If a claim under this Agreement is not
paid by the Company, or on its behalf, within 10 business days after a written claim has been received by the Company, the Indemnitee
may at any time thereafter bring suit against the Company to recover the unpaid amount of the claim and if successful in whole
or in part, the Indemnitee shall also be entitled to be paid the Expenses of prosecuting such claim.


6.                 
Subrogation


In the event of payment under this Agreement,
the Company shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee, who shall execute
all papers required and shall do everything that may be necessary to secure such rights, including the execution of such documents
necessary to enable the Company effectively to bring suit to enforce such rights.


7.                 
Insurance


The Company shall maintain an insurance
policy providing directors’ and officers’ liability insurance in such amounts as the Company shall reasonably determine
to be prudent for similarly situated companies whose securities are listed on the New York Stock Exchange, and the Indemnnitee
shall be entitled to coverage up to the maximum coverage made available for any director or officer of the Company.


8.                 
Company Assumption of Defence


The Company shall be entitled to participate
in the defence of any Proceeding or to assume the defence thereof, with counsel approved by the Indemnitee, which approval shall
not be unreasonably withheld, conditioned or delayed, upon the delivery to the Indemnitee of written notice of its election to
do so; provided, however, that in the event that (i) the use of counsel chosen by the Company to represent the Indemnitee
would present such counsel with an actual or potential conflict, (ii) the named parties in any such Proceeding (including any impleaded
parties) include both the Company and the Indemnitee and the Indemnitee shall conclude that there may be one or more legal defences
available to him that are different from or in addition to those available to the Company or (iii) any such representation by the
Company would be precluded under the applicable standards of professional conduct then prevailing, then the Indemnitee will be
entitled to retain separate counsel (but not more than one law firm plus, if applicable, local counsel in respect of any particular
Proceeding) at the Company’s expense.







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9.                 
Notice


9.1The Indemnitee, as a condition
precedent to his right to be indemnified under this Agreement, shall give to the Company notice in writing as soon as practicable
of any claim made against him for which indemnity will or could be sought under this Agreement, together with such information
and cooperation as it may reasonably require.


9.2Notice to the Company shall
be given at its principal office and shall be directed to the Company’s Secretary (or such other address as the Company shall
designate in writing to the Indemnitee).


9.3Notice shall be deemed
received if sent by prepaid mail or email properly addressed, the date of such notice being the date postmarked.


10.             
Saving Clause


If this Agreement or any portion thereof
shall be invalidated on any ground by any court of competent jurisdiction, the Company shall nevertheless indemnify the Indemnitee
to the full extent permitted by any applicable portion of this Agreement that shall not have been invalidated or by any other applicable
law.


11.             
Indemnification Hereunder Not Exclusive


Nothing herein shall be deemed to diminish
or otherwise restrict the Indemnitee’s right to indemnification under any provision of the constitutional documents of the
Company, under Bermuda law or under any contract or agreement or otherwise.


12.             
Applicable Law


The terms and conditions of this Agreement
and the rights of the parties hereunder shall be governed by and construed in all respects in accordance with the laws of Bermuda.
The parties to this Agreement hereby irrevocably agree that the courts of Bermuda shall have exclusive jurisdiction in respect
of any dispute, suit, action, arbitration or proceedings which may arise out of or in connection with this Agreement and waive
any objection to such proceedings in the courts of Bermuda on the grounds of venue or on the basis that they have been brought
in an inconvenient forum.


13.             
Changes in Law


In the event that a change in applicable
law after the date of this Agreement, whether by statute, rule or judicial decision, expands or otherwise increases the right or
ability of a Bermuda exempted company to indemnify (or to otherwise pay or advance Expenses as to any Proceeding for the benefit
of) a member of its board of directors or an officer of the Company, the Indemnitee shall, by this Agreement, enjoy the greater
benefits so afforded by such change. In the event that a change in applicable law after the date of this Agreement, whether by
statute, rule or judicial decision, narrows or otherwise reduces the right or ability of a Bermuda exempted company to indemnify
(or to otherwise pay or advance Expenses as to any Proceeding for the benefit of) a member of 






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its
  board of directors or an officer of the Company, such change shall have no
  effect on this Agreement or any of the Indemnitee’s rights hereunder, except and
  only to the extent required by law.

14.             
Counterparts


This Agreement may be executed in any
number of counterparts, each of which shall constitute the original.


15.             
Successors and Assigns


This Agreement shall be binding upon
the Company and its successors and assigns.


16.             
Continuation of Indemnification


The indemnification under this Agreement
shall continue as to the Indemnitee even though he may have ceased to be a Director and/or Officer and shall inure to the benefit
of the heirs and personal representatives of the Indemnitee.


17.             
Coverage of Indemnification


The indemnification under this Agreement
shall cover the Indemnitee’s service as a Director and/or Officer prior to or after the date of the Agreement.


AGREED by the Parties through their authorised signatories
on the date first written above:


 


 





	For, and on behalf of	 	For, and on behalf of
	 	 	 
	 	 	 
	GasLog Ltd.	 	 
	 	 	 	 
	 	 	 	 
	By	 	 	 
	 	 	 	[Director]