EX-4.1





 Exhibit 4.1 

This FOURTH SUPPLEMENTAL INDENTURE (“Fourth Supplemental Indenture”), dated as of May 29, 2020, is entered into by and
between SCORPIO TANKERS INC., a corporation duly organized and existing under the laws of the Republic of The Marshall Islands (the “Company”), and DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation, as trustee
(the “Trustee”). 
 RECITALS 

WHEREAS, the Company and the Trustee have heretofore executed and delivered an indenture, dated as of May 12, 2014 (the
“Indenture”), providing for the issuance by the Company from time to time of its Securities to be issued in one or more Series; 

WHEREAS, Sections 2.01, 2.02 and 9.01 of the Indenture provide, among other things, that the Company and the Trustee may enter into
indentures supplemental to the Indenture to provide for the issuance of, and to establish the form, terms and conditions applicable to any Series of Securities; 

WHEREAS, the Company intends to create and provide for the issuance of a new Series of Securities to be designated as the “7.00% Fixed
Rate Senior Unsecured Notes due 2025” pursuant to this Fourth Supplemental Indenture (the “Notes”); 
 WHEREAS,
pursuant to Section 9.01(e) of the Indenture, the Trustee and the Company are authorized to execute and deliver this Fourth Supplemental Indenture to supplement the Indenture; and 

WHEREAS, all things necessary to make the Notes, when executed by the Company and authenticated and delivered by the Trustee, issued upon the
terms and subject to the conditions set forth hereinafter and in the Indenture and delivered as provided in the Indenture against payment therefor, valid, binding and legal obligations of the Company according to their terms, and all actions
required to be taken by the Company under the Indenture to make this Fourth Supplemental Indenture a valid, binding and legal agreement of the Company, have been done. 

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the sufficiency and adequacy of which are
hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.01    Definitions. (a) All capitalized terms used herein and not otherwise defined below shall
have the meanings ascribed thereto in the Indenture. 
 (b)    The following are definitions used in this Fourth
Supplemental Indenture, and to the extent that a term is defined both herein and in the Indenture, the definition in this Fourth Supplemental Indenture shall govern with respect to the Notes. 

“Cash and Cash Equivalents” means, as of a given date, the Company’s cash and cash equivalents as determined in
accordance with IFRS. 
 “Continuing Director” means a director who either was a member of the Board of Directors on the
Issue Date or who becomes a member of the Board of Directors subsequent to the Issue Date and whose election, appointment or nomination for election by the Company’s stockholders is duly approved by a majority of the continuing directors on the
Board of Directors at the time of such approval by such election or appointment. 
 “Credit Facility” means, with respect
to the Company or any Subsidiary of the Company, any debt or commercial paper facilities with banks or other lenders providing for revolving credit, term loans or letters of credit or any agreement treated as a finance or capital lease if and to the
extent any of the preceding items would appear as a liability upon a balance sheet of the specified Person prepared in accordance with IFRS. 

“IFRS” means the International Financial Reporting Standards as issued by the International Accounting Standards Board. 












 “Immaterial Subsidiary” means any Subsidiary of the Company whose net book
value of its assets or revenues is not in excess of 10.0% of the net book value of the consolidated Total Assets or consolidated vessel revenue of the Company as set out in the annual audited consolidated financial statements of the Company for the
immediately preceding fiscal year, provided, that, at no time shall (a) the total assets of all Immaterial Subsidiaries exceed 10.0% of the consolidated Total Assets of the Company or (b) the total vessel revenues calculated
with respect to all Immaterial Subsidiaries (calculated on a stand-alone basis), in the aggregate, exceed 10.0% of the consolidated vessel revenue of the Company, in each case as set out in the annual audited consolidated financial statements of the
Company for the immediately preceding fiscal year. 
 “Immediate Family Member” means an individual’s spouse, parent,
children and siblings. 
 “Issue Date” means May 29, 2020, the original issue date of the Notes. 

“Limited Permitted Asset Sale” means any sale, transfer, lease or other disposition of any of the Company’s or its
Subsidiaries’ assets (in the ordinary course of business or otherwise) during a single fiscal year, in a single transaction or series of transactions, (i) the Net Proceeds of which have not been applied pursuant to clauses 6.05(a)
through 6.05(f) of this Fourth Supplemental Indenture in accordance with the requirements of Section 6.05 of this Fourth Supplemental Indenture and (ii) that results in Net Proceeds in excess of the amount provided for in clause (a)
of the definition of Permitted Asset Sale, provided, that the Net Proceeds of such Limited Permitted Asset Sale represent consideration at the time of such sale, transfer, lease or other disposition at least equal to the fair market
value (including as to the value of all non-cash consideration), as determined in good faith by the Board of Directors, of the assets subject to such sale, transfer, lease or other disposition. Any Net
Proceeds that are not applied or invested as provided in clause (i) above and are in excess of the amount provided for in clause (a) of the definition of Permitted Asset Sale will constitute “Excess Proceeds.” For the
avoidance of doubt, a Limited Permitted Asset Sale may occur only once. Following the first occurrence of a Limited Permitted Asset Sale, no further Limited Permitted Asset Sale shall be permitted. 

“Net Borrowings” means, in respect of the Company, on a consolidated basis, as of a given date, the aggregate of the
following, without duplication: 
 (a)    Total Borrowings; less 

(b)    Cash and Cash Equivalents. 

“Net Proceeds” means the aggregate cash proceeds received by the Company or any of its Subsidiaries in respect of any Asset
Sale (including, without limitation, any cash received upon the sale or other disposition of any non-cash consideration received in any Asset Sale, but excluding any other consideration received in the form of
assumption by the purchaser of indebtedness or other obligations relating to the property or assets that are the subject of such Asset Sale or received in any other non-cash form and not disposed of for cash),
net of fees, commissions, expenses and other direct costs relating to such Asset Sale, including, without limitation, (a) fees and expenses related to such Asset Sale (including legal, accounting and investment banking fees, title and recording
tax fees and sales and brokerage commissions, and any relocation expenses and severance or shutdown costs incurred as a result of such Asset Sale), (b) all federal, state, provincial, foreign and local taxes paid or payable as a result of the Asset
Sale, (c) any escrow or reserve for adjustment in respect of the sale price of such assets established in accordance with IFRS and any reserve in accordance with IFRS against any liabilities associated with such Asset Sale and retained by the
seller after such Asset Sale, including liabilities related to environmental matters and liabilities under any indemnification obligations associated with such Asset Sale, except to the extent that such proceeds are released from any such escrow or
to the extent such reserve is reduced or eliminated, and (d) any indebtedness required by its terms to be repaid, repurchased, redeemed or otherwise retired upon the applicable Asset Sale. 

“Net Worth” means, as of a given date, the result of, without duplication: 

(a)    Total Assets, less 

(b)    Total Borrowings (without giving effect to any fair value adjustments pursuant to IFRS 13 Fair Value Measurement).


  
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 “Permitted Asset Sale” means: 

(a)    any sale, transfer, lease or other disposition of any of the Company’s or its Subsidiaries’ assets (in
the ordinary course of business or otherwise) in any transaction or series of transactions, such that (i) the aggregate market value of all assets so sold, transferred, leased or otherwise disposed of during any fiscal year may be up to (and
including) 15.0% of the aggregate market value of all of the Company’s and the Company’s Subsidiaries’ assets (on a consolidated basis) on the last day of the immediately preceding fiscal year and (ii) the Company receives, or
the relevant Subsidiary of the Company receives, consideration at the time of such sale, transfer, lease or other disposition at least equal to the fair market value (including as to the value of all non-cash
consideration), as determined in good faith by the Board of Directors, of the assets subject to such sale, transfer, lease or other disposition; 

(b)    (i) the actual or constructive total loss of a Vessel or the agreed or compromised total loss of a Vessel,
(ii) the destruction of a Vessel, (iii) damage to a Vessel to an extent as shall make repair thereof uneconomical or shall render such Vessel permanently unfit for normal use (other than obsolescence) or (iv) the condemnation,
confiscation, requisition for title, seizure, forfeiture or other taking of title to or use of a Vessel that shall not be revoked within 30 days, in each case as determined in good faith by the Board of Directors, provided, that the
aggregate market value of all assets included as a Permitted Asset Sale pursuant to this clause (b) during any fiscal year may not exceed 10.0% of the aggregate market value of all of the Company’s and the Company’s Subsidiaries’
assets (on a consolidated basis) on the last day of the immediately preceding fiscal year; and 
 (c)    any sale of a
Vessel entered into in connection with a sale and lease back transaction where concurrently with the sale of the Vessel, the Company or one or more of its Subsidiaries enter into a finance lease pursuant to which the Company or a Subsidiary has the
right or the obligation to purchase the Vessel at the termination of such lease. 
 “Permitted Business” means any business
conducted by the Company or any of its Subsidiaries as described in the Company’s annual report on Form 20-F for the year ended December 31, 2019 and any businesses that, in the good faith judgment
of the Board of Directors, are reasonably related, ancillary, supplemental or complementary thereto, or reasonable extensions thereof, including without limitation, the direct or indirect ownership, management, operation and chartering of Vessels
and any business incidental thereto. 
 “Permitted Holder” means (a) Emanuele Lauro, (b) Scorpio Services Holding
Limited, (c) any Immediate Family Member of Emanuele Lauro, or (d) one or more Affiliates of any person listed in (a), (b) or (c). 

“Redemption Date,” with respect to any Notes or portion thereof to be redeemed, means the date fixed for such redemption
pursuant to this Fourth Supplemental Indenture or such Notes. 
 “Related Assets” means (a) any insurance policies and
contracts from time to time in force with respect to a Vessel, (b) the Capital Stock of any Subsidiary of the Company owning one or more Vessels and related assets, (c) any requisition compensation payable in respect of any compulsory
acquisition of a Vessel, (d) any earnings derived from the use or operation of a Vessel and/or any earnings account with respect to such earnings, (e) any charters, operating leases, contracts of affreightment, Vessel purchase options and
related agreements entered and any security or guarantee in respect of the charterer’s or lessee’s obligations under such charter, lease, Vessel purchase option or agreement, (f) any cash collateral account established with respect to
a Vessel pursuant to the financing arrangement with respect thereto, (g) any building, conversion or repair contracts relating to a Vessel and any security or guarantee in respect of the builder’s obligations under such contract and
(h) any security interest in, or agreement or assignment relating to, any of the foregoing or any mortgage in respect of a Vessel and any asset reasonably related, ancillary or complementary thereto. 

“Total Assets” means, in respect of the Company on a consolidated basis, as of a given date, all of the assets of the Company
of the types presented on its consolidated balance sheet. 
 “Total Borrowings” means, in respect of the Company on a
consolidated basis, as of a given date, the aggregate of the following, without duplication: 
 (a)    the outstanding
principal amount of any moneys borrowed; plus 
 (b)    the outstanding principal amount of any acceptance under any
acceptance credit; plus 
 (c)    the outstanding principal amount of any bond, note, debenture or other similar
instrument; plus 
  

  
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 (d)    the book values of indebtedness under a lease, charter, hire
purchase agreement or other similar arrangement which obligation is required to be classified and accounted for as a capital lease obligation under IFRS (the amount of such obligation at any date will be the capitalized amount thereof at such date,
determined in accordance with IFRS); plus 
 (e)    the outstanding principal amount of all moneys owing in connection
with the sale or discounting of receivables (otherwise than on a non-recourse basis or which otherwise meet any requirements for de-recognition under IFRS); plus 

(f)    the outstanding principal amount of any indebtedness arising from any deferred payment agreements arranged
primarily as a method of raising finance or financing the acquisition of an asset (except trade payables); plus 

(g)    any fixed or minimum premium payable on the repayment or redemption of any instrument referred to in
clause (c) above; plus 
 (h)    the outstanding principal amount of any indebtedness of any Person of a type
referred to in clauses (a) through (g) of this definition which is the subject of a guarantee given by the Company to the extent that such guaranteed indebtedness is determined and given a value in respect of the Company on a consolidated
basis in accordance with IFRS. 
 Notwithstanding the foregoing, “Total Borrowings” shall not include any indebtedness or
obligations arising from derivative transactions entered into solely for purposes of protecting against interest rate or currency fluctuations. 

For purposes of the foregoing definitions and the covenants set forth in Article VI of this Fourth Supplemental Indenture, any accounting
term, phrase, calculation, determination or treatment used, required or referred to is to be construed in accordance with IFRS in effect as of December 31, 2019. 

“Vessels” means one or more shipping vessels primarily designed and utilized for the transport of cargo, including, without
limitation, bulk carriers, freighters, general cargo carriers, containerships and tankers, but excluding passenger vessels, or which are otherwise engaged, used or useful in any business activities of the Company, in each case together with all
related spares, equipment and any additions or improvements. 
 “Voting Stock” of any specified Person as of any date means
the Capital Stock of such Person that is at the time entitled to vote generally in the election of the Board of Directors of such Person. 

For purposes of the foregoing definitions and the covenants set forth in Article VI of this Fourth Supplemental Indenture, any accounting
term, phrase, calculation, determination or treatment used, required or referred to is to be construed in accordance with IFRS in effect as of December 31, 2019. 

Section 1.02    Other Definitions. 
  

			
	 Term
	  	Defined in Section of this Fourth Supplemental Indenture
	 “Additional Amounts”
	  	    8.01(a)
	 “Additional Interest”
	  	7.03
	 “Additional Notes”
	  	    2.04(f)
	 “Asset Sale”
	  	6.05
	 “Beneficial Owner” and “Beneficial Ownership”
	  	    4.01(a)
	 “Change of Control”
	  	4.01
	 “covenant defeasance”
	  	9.06
	 “DTC”
	  	2.03
	 “Event of Default”
	  	7.01
	 “Interest Payment Date”
	  	    2.04(c)
	 “legal defeasance”
	  	9.05
	 “Limited Permitted Asset Sale Purchase Date”
	  	6.05
	 “Limited Permitted Asset Sale Purchase Price”
	  	6.05
	 “Maturity Date”
	  	    2.04(b)
	 “Person”
	  	    4.01(a)
	 “Record Date”
	  	    2.04(c)
	 “Reporting Default”
	  	7.03
	 “Restricted Payments”
	  	6.04
	 “Specified Tax Jurisdiction”
	  	    8.01(a)
	 “Taxes”
	  	    8.01(a)


  
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 ARTICLE II 

APPLICATION OF SUPPLEMENTAL INDENTURE AND 

CREATION, FORMS, TERMS AND CONDITIONS OF
NOTES 
 Section 2.01    Application of this Fourth Supplemental Indenture. Notwithstanding
any other provision of this Fourth Supplemental Indenture, the provisions of this Fourth Supplemental Indenture, including the covenants set forth herein, are expressly and solely for the benefit of the Holders of the Notes established by this
Fourth Supplemental Indenture. The Notes constitute a separate Series of Securities as provided in Section 2.01 of the Indenture. 

Section 2.02    Creation of the Notes. In accordance with Section 2.01 of the Indenture, the Company
hereby creates the Notes as a separate Series of its Securities issued pursuant to the Indenture, as supplemented by this Fourth Supplemental Indenture. The Notes shall be issued initially in an aggregate principal amount of $28,100,000. 

Section 2.03    Global Notes. The Notes shall be issued in the form of Global Securities, duly executed by the
Company and authenticated by the Trustee, which shall be deposited with the Trustee as custodian for the Depository and registered in the name of “Cede & Co.,” as the nominee of the Depository. The Depository Trust Company
(“DTC”) initially shall serve as Depository for the Notes. So long as the Depository, or its nominee, is the registered owner of a Global Security, the Depository or its nominee, as the case may be, shall be considered the sole owner or
Holder of the Notes represented by such Global Security for all purposes under the Indenture, this Fourth Supplemental Indenture and under such Notes. Ownership of beneficial interests in such Global Security shall be shown on, and transfers thereof
will be effective only through, records maintained by the Depository or its nominee (with respect to beneficial interests of participants) or by participants or Persons that hold interests through participants (with respect to beneficial interests
of beneficial owners). 
 Section 2.04    Terms and Conditions of the Notes. The Notes shall be governed by
all the terms and conditions of the Indenture, as amended and supplemented by this Fourth Supplemental Indenture. The following provisions shall be terms of the Notes: 

(a)    Designation; Aggregate Principal Amount. The title of the Notes shall be as specified in the Recitals; and
the aggregate principal amount of the Notes shall be unlimited. 
 (b)    Stated Maturity. The Notes shall
mature, and the principal of the Notes shall be due and payable in Dollars to the Holders thereof, together with all accrued and unpaid interest thereon, on June 30, 2025 (the “Maturity Date”). 

(c)    Payment of Principal and Interest; Additional Amounts. The Notes shall bear interest at 7.00% per annum,
from and including May 29, 2020, or from the most recent Interest Payment Date (as defined hereafter) on which interest has been paid or duly provided for to, but excluding, the next succeeding Interest Payment Date, the Maturity Date or the
Redemption Date, as the case may be. Interest on the Notes shall also be paid on overdue principal, and, to the extent lawful, overdue installments of interest at the applicable interest rate for the Notes. Interest on the Notes shall be calculated
on the basis of a 360-day year comprised of twelve 30-day months. Interest on the Notes shall be payable quarterly in arrears in Dollars on March 30, June 30,
September 30 and December 30 of each year, commencing on June 30, 2020 (each such date, an “Interest Payment Date”). Payments of interest shall be made to the Person in whose name a Note (or predecessor Note) is
registered at the close of business on March 15, June 15, September 15 and December 15 (whether or not that date is a Business Day), as the case may be, immediately preceding such Interest Payment Date (each such date, a
“Record Date”). All payments in respect of the Notes shall include Additional Amounts as and to the extent set forth in Article VIII of this Fourth Supplemental Indenture. If any Interest Payment Date or the Maturity Date of
the Notes falls on a day that is not a Business Day, the payment of interest and/or principal, as the case may be, to be paid on such date shall be made on the next succeeding Business Day as if it were made on the date such payment was due, and no
interest shall accrue on the amounts so payable for the period from and after such Interest Payment Date or Maturity Date of the Notes, as the case may be, to such next succeeding Business Day. 

(d)    Registration and Form; Denomination. The Notes shall be issuable as registered securities without coupons.
The form of the Notes shall be as set forth in Exhibit A attached hereto, which is incorporated herein by reference. The Notes shall be issued and may be transferred only in minimum denomination of $25.00 and integral
multiples of $25.00 in excess thereof. 
 (e)    Further Issuance. Notwithstanding anything to the contrary
contained herein or in the Indenture, the Company may, from time to time, without giving notice to or seeking the consent of the Holders, create and issue further debt securities having the same interest rate, maturity and other terms (except for
the issue date, the public offering price and the first Interest Payment Date or interest payment amount) as, ranking equally and ratably with, the Notes (the “Additional Notes”). Such Additional Notes shall be consolidated with and
shall form a single Series with the previously outstanding Notes, including for purposes of voting and redemptions, and shall be fungible with the Notes for United States federal income tax purposes or will have a separate CUSIP number from that for
the Notes. No Additional Notes may be issued if an Event of Default has occurred and is continuing with respect to the Notes. 

  
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 (f)    Sinking Fund. The Notes are not entitled to any sinking
fund. 
 (g)    Registrar and Paying Agent. Section 2.04 of the Indenture shall be applicable to the Notes.
With respect to the Notes, the office or agency maintained by the Company for purposes of Section 2.04 of the Indenture shall be in the City of New York and shall initially be designated to be the Corporate Trust Office of the Trustee, as such
office of the Company. The Trustee initially shall be the Paying Agent and Registrar for the Notes. 

(h)    Currency. The Notes shall be issued in Dollars and all amounts payable in respect of principal or interest
shall be paid in Dollars. 
 (i)    Other Terms and Conditions. The Notes shall have such other terms and
conditions as provided in the form thereof attached as Exhibit A hereto. 
 ARTICLE III 

REDEMPTION 

Section 3.01    Notice of Redemption. In addition to the information required to be included in a notice under
Section 3.03 of the Indenture, a notice of redemption shall also state: the provision of the Indenture pursuant to which the Notes are being redeemed; the portion of the redemption price constituting accrued and unpaid interest; the amount of
Additional Amounts, if any, payable on the Redemption Date; that unless the Company defaults in making the redemption payment on the Notes called for redemption, interest on such Notes will cease to accrue on and after the Redemption Date (which
statement may be made in lieu of the statement required pursuant to clause (e) of Section 3.03 of the Indenture); and that the Notes called for redemption will become due on the Redemption Date. 

Section 3.02    Optional Redemption. The Company may redeem the Notes, at its option, in whole or in part, at
any time on or after June 30, 2022, upon providing not less than 30 nor more than 60 days’ prior notice to each Holder, at the following redemption prices (expressed as a percentage of the principal amount of the Notes to be redeemed),
plus accrued and unpaid interest, if any, to but excluding, the Redemption Date (subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date) if redeemed during the twelve month
period beginning on June 30 of the years indicated below: 
  

					
	 Year
	  	Redemption
Price	 
	 2022.
	  	 	102.0	% 
	 2023
	  	 	101.0	% 
	 2024 and thereafter
	  	 	100.0	% 

 Section 3.03    Optional Redemption Upon Change of Control. Prior to
June 30, 2022, the Company may redeem the Notes, at its option, in whole but not in part, at any time within 90 days of the occurrence of a Change of Control, upon providing not less than 30 nor more than 60 days’ notice to each Holder, at
a redemption price equal to 104% of the principal amount to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the Redemption Date (subject to the right of Holders of record on the relevant Record Date to receive Interest due
on the relevant interest Payment Date). 
 Section 3.04    Deposit of Redemption Price. If money sufficient
to pay the redemption price of all of the Notes or the portions thereof, to be redeemed on the applicable Redemption Date is irrevocably deposited with the Trustee or the Paying Agent on or before the applicable Redemption Date, then on and after
such Redemption Date, interest will cease to accrue on such Notes, or such portion thereof, called for redemption and such Notes will be deemed to be no longer outstanding. 

Section 3.05    Selection for Redemption. If fewer than all of the Notes are to be redeemed at any time, the
Registrar will select the Notes, or portions thereof, to be redeemed, in compliance with the requirements of DTC, or if DTC prescribes no method of selection, on a pro rata basis, by lot or by any other method the Registrar deems fair and
reasonable; provided, however, that Notes, and portions thereof, selected for redemption shall only be in amounts of $25.00 or integral multiples of $25.00. 

Section 3.06    Open Market Repurchases. Notwithstanding any provision herein or in the Indenture to the
contrary, the Company and its Affiliates may purchase Notes from investors who are willing to sell from time to time, either in the open market at prevailing prices or in private transactions at negotiated prices. Notes that the Company or any of
its Affiliates purchase may, at the Company’s discretion, be held, resold or canceled. 

  
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 ARTICLE IV 

CHANGE OF CONTROL 

Section 4.01    Change of Control. A “Change of Control” will be deemed to have occurred at
the time after the Notes are originally issued if 
 (a)    any “Person” (defined, for purposes of this
Article IV, as such term is used in Sections 13(d) and 14(d) of the Exchange Act), other than one or more Permitted Holders, is or becomes the “Beneficial Owner” (as defined in Rules
13d-3 and 13d-5 under the Exchange Act, except that for purposes of this clause (a) such Person shall be deemed to have “Beneficial Ownership” of all
shares that any such Person has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of more than 50% of the total voting power of the Voting Stock of the Company; 

(b)    the merger or consolidation of the Company with or into another Person or the merger of another Person with or into
the Company, or the sale of all or substantially all the assets of the Company (determined on a consolidated basis) to another Person other than (A) a transaction in which the survivor or transferee is a Person that is controlled by the
Permitted Holder or (B) a transaction following which, in the case of a merger or consolidation transaction, holders of securities that represented 100% of the Voting Stock of the Company immediately prior to such transaction (or other
securities into which such securities are converted as part of such merger or consolidation transaction) own directly or indirectly at least a majority of the voting power of the Voting Stock of the surviving Person in such merger or consolidation
transaction immediately after such transaction and in substantially the same proportion as before the transaction; or 

(c)    Continuing Directors cease to constitute at least a majority of the Board of Directors; or 

(d)    if after the Notes are initially listed on the New York Stock Exchange or another national securities exchange, the
Notes fail, or at any point cease, to be listed on the New York Stock Exchange or such other national securities exchange. For the avoidance of doubt, it shall not be a Change of Control if after the Notes are initially listed on the New York Stock
Exchange or another national securities exchange, such Notes are subsequently listed on a different national securities exchange and the prior listing is terminated. 

ARTICLE V 
 OFFER
TO PURCHASE 
 Section 5.01    Purchase Right at Option of Holders Upon Limited
Permitted Asset Sale. 
 (a)    On or before the 30th day after the occurrence of a Limited Permitted Asset Sale,
the Company will provide to all Holders and the Trustee and Paying Agent a written notice of the occurrence of the Limited Permitted Asset Sale and of the resulting purchase right. Such notice shall state, among other things: (i) the events
causing a Limited Permitted Asset Sale; (ii) the date of the Limited Permitted Asset Sale; (iii) the last date on which a Holder may exercise the repurchase right; (iv) the Limited Permitted Asset Sale Purchase Price; (v) the
Limited Permitted Asset Sale Purchase Date; (vi) the name and address of the Paying Agent; and (vii) the procedures that Holders must follow to require the Company to purchase their Notes. 

(b)    Simultaneously with providing such notice, the Company will publish a notice containing this information in a
newspaper of general circulation in The City of New York or publish the information on the Company’s website or through such other public medium as the Company may use at that time to achieve a broad dissemination of such notice. 

(c)    To exercise the Limited Permitted Asset Sale purchase right, a Holder must deliver, on or before the third Business
Day (or as otherwise provided in the notice provided for in Section 5.01(a) of this Fourth Supplemental Indenture), immediately preceding the Limited Permitted Asset Sale Purchase Date, the Notes to be purchased, duly endorsed for transfer,
together with a written purchase notice and the form entitled “Form of Purchase Notice” on the reverse side of the Notes duly completed, to the Paying Agent. Such notice must: 

(i)    if certificated, state the certificate numbers of the Notes to be delivered for purchase; 

(ii)    if not certificated, comply with requisite DTC procedures; 

(iii)    state the portion of the principal amount of Notes to be purchased, which must be $25.00 or a
multiple thereof; and 
 (iv)    state that the Notes are to be purchased by the Company pursuant to the
applicable provisions of the Notes and the Indenture, as amended and supplemented by this Fourth Supplemental Indenture. 
  

  
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 (d)    Holders may withdraw any purchase notice (in whole or in part) by
a written notice of withdrawal delivered to the Paying Agent prior to the close of business on the Business Day immediately preceding the Limited Permitted Asset Sale Purchase Date. The notice of withdrawal shall: 

(i)    state the principal amount of the withdrawn Notes; 

(ii)    if certificated Notes have been issued, state the certificate numbers of the withdrawn Notes; 

(iii)    if not certificated, comply with requisite DTC procedures; and 

(iv)    state the principal amount, if any, which remains subject to the purchase notice. 

(e)    On the Limited Permitted Asset Sale Purchase Date, the Company will, to the extent lawful, (i) accept for
payment all Notes or portions of Notes properly tendered pursuant to the Limited Permitted Asset Sale offer made by the Company, (ii) deposit with the Paying Agent at least one Business Day prior to the Limited Permitted Asset Sale Purchase
Date, an amount equal to the Limited Permitted Asset Sale Purchase Price in respect of all Notes or portions of Notes properly tendered pursuant to the applicable Permitted Limited Asset Sale offer made by the Company and (iii) deliver or cause
to be delivered to the Trustee the Notes properly accepted, together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being repurchased. If the Paying Agent holds money or securities sufficient
to pay the Limited Permitted Asset Sale Purchase Price of the Notes on the Limited Permitted Asset Sale Purchase Date then as of such Limited Permitted Asset Sale Purchase Date: 

(i)    the Notes will cease to be outstanding and interest will cease to accrue (whether or not book-entry
transfer of the Notes is made or whether or not the Notes are delivered to the Paying Agent); and 

(ii)    all other rights of the Holders will terminate (other than the right to receive the Limited
Permitted Asset Sale Purchase Price). 
 (f)    In connection with any offer to purchase Notes pursuant to a Limited
Permitted Asset Sale purchase notice, the Company will, to the extent applicable, comply with the requirements of Rule 14e-1 under the Exchange Act and any other applicable securities laws and regulations to
the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Limited Permitted Asset Sale. 

(g)    No Notes may be purchased at the option of Holders thereof upon a Limited Permitted Asset Sale if the principal
amount of the Notes has been accelerated, and such acceleration has not been rescinded, on or prior to such date. 
 ARTICLE VI 

COVENANTS 
 Except
as otherwise provided in this Article VI, the covenants set forth in this Article VI shall be applicable to the Company in addition to the covenants in Article 4 of the Indenture, which shall in all respects be applicable in respect of the
Notes. 
 Section 6.01    Limitation on Borrowings. The Company shall not permit Net Borrowings to equal or
exceed 70.0% of Total Assets. 
 Section 6.02    Limitation on Minimum Net Worth. The Company shall ensure
that its Net Worth always exceeds six hundred fifty million dollars ($650,000,000). 

Section 6.03    Restricted Payments. If (a) an Event of Default or an event or circumstance which, with
the giving of any notice or the lapse of time, would constitute an Event of Default has occurred and is continuing, (b) an Event of Default or an event or circumstance which, with the giving of any notice or the lapse of time, would constitute
an Event of Default would result therefrom, (c) the Company is not in compliance with Section 6.01 or Section 6.02 of this Fourth Supplemental Indenture, or (d) any payment of dividends or any form of distribution or return of
capital would result in the Company not being in compliance with Section 6.01 of Section 6.02 of this Fourth Supplemental Indenture, then none of the Company or any Subsidiary will declare or pay any dividends or return any capital to its
equity holders (other than the Company or a wholly-owned Subsidiary of the Company) or authorize or make any other distribution, payment or delivery of property or cash to its equity holders (other than the Company or a wholly-owned Subsidiary of
the Company), or redeem, retire, purchase or otherwise acquire, directly or indirectly, for value, any interest of any class or series of its equity interests (or acquire any rights, options or warrants relating thereto but not including convertible
debt) now or hereafter outstanding and held by Persons other than the Company or any wholly-owned Subsidiary, or repay any subordinated loans to equity holders (other than the Company or a wholly-owned Subsidiary of the Company) or set aside any
funds for any of the foregoing purposes (“Restricted Payments”). 

  
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 Section 6.04    Line of Business. The Company will not, nor
will the Company permit any of its Subsidiaries (other than an Immaterial Subsidiary) to, engage primarily in any business other than a Permitted Business. 

Section 6.05    Limitation on Asset Sales. The Company shall not, and shall not permit any Subsidiary to, in
the ordinary course of business or otherwise, sell, lease, convey, transfer or otherwise dispose of any of the Company’s, or of any such Subsidiary’s, assets (including Capital Stock and warrants, options or other rights to acquire Capital
Stock) (an “Asset Sale”), other than pursuant to a Permitted Asset Sale or a Limited Permitted Asset Sale, unless (A) the Company receives, or the relevant Subsidiary receives, consideration at the time of such Asset Sale at
least equal to the fair market value (including as to the value of all non-cash consideration), as determined in good faith by the Board of Directors, of the assets subject to such Asset Sale, and
(B) within 365 days after the receipt of any Net Proceeds from an Asset Sale, the Company or the relevant Subsidiary, as the case may be, shall apply all such Net Proceeds to: 

(a)    repay or prepay indebtedness under any Credit Facility secured by a lien on assets of the Company or any
Subsidiary; 
 (b)    acquire all or substantially all of the assets of, or any Capital Stock of, a person primarily
engaged in a Permitted Business; provided, that in the case of the acquisition of Capital Stock of any Person, such Person is or becomes a Subsidiary of the Company and will be subject to all restrictions described in this Fourth Supplemental
Indenture as applying to Subsidiaries of the Company existing on the Issue Date; 
 (c)    make a capital expenditure;

 (d)    acquire other assets that are not classified as current assets under IFRS and that are used or useful in a
Permitted Business (including, without limitation, Vessels and Related Assets); 
 (e)    repay unsecured senior
indebtedness of the Company or any Subsidiary (including any redemption, repurchase, retirement or other acquisition of the Notes); and 

(f)    any combination of the transactions permitted by the foregoing clauses (a) through (e), 

provided, that any sale, assignment, conveyance, transfer or lease of all or substantially all of the Company’s properties and assets to any
Person or Persons (whether in a single transaction or a series of related transactions) will be governed by the provisions described under Section 3.03 of this Fourth Supplemental Indenture and Article 5 of the Indenture, as amended and
supplemented by Section 9.02 of this Fourth Supplemental Indenture, and not by the provisions of this Section 6.05. 
 A (1) binding contract
to apply the Net Proceeds in accordance with clauses (b) through (d) above shall toll the 365-day period in respect of such Net Proceeds or (2) determination by the Company to apply all or a
portion of such Net Proceeds toward the exercise of an outstanding purchase option contract shall toll the 365-day period in respect of such Net Proceeds or portion thereof, in each case, for a period not to
exceed 365 days or, in the case of a binding contract to acquire one or more Vessels, until the end of the construction or delivery period specified in such binding contract, as the same may be extended, from the expiration of the aforementioned 365-day period, provided, that such binding contract and such determination by the Company, in each case, shall be treated as a permitted application of Net Proceeds from the date of such binding contract or
determination until and only until the earlier of (x) the date on which such acquisition or expenditure is consummated and (y) (i) in the case of a construction contract or any exercised purchase option contract, the date of expiration or
termination of such construction contract or exercised purchase option contract and (ii) in all other cases, the 365th day following the expiration of the aforementioned 365-day period. 

Pending the final application of any Net Proceeds, the Company or any of its Subsidiaries may apply Net Proceeds to the repayment or reduction of outstanding
indebtedness or otherwise invest the Net Proceeds in any manner that is not prohibited by the Indenture, as amended and supplemented by this Fourth Supplemental Indenture. 

  
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 If a Limited Permitted Asset Sale occurs at any time, the Company must, within 30 days of such Limited
Permitted Asset Sale, make pursuant to Article V of this Fourth Supplemental Indenture an offer to purchase Notes having a principal amount equal to the Excess Proceeds of such Limited Permitted Asset Sale. The price that the Company will be
required to pay (the “Limited Permitted Asset Sale Purchase Price”) shall be equal to 101.0% of the principal amount of the Notes to be purchased, plus accrued and unpaid interest to, but excluding, the Limited Permitted Asset Sale
Purchase Date (as defined below), subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date. If the offer to purchase is for less than all of the outstanding Notes and Notes
in an aggregate principal amount in excess of the purchase amount are tendered and not withdrawn pursuant to the offer, the Company will purchase Notes having an aggregate principal amount equal to the purchase amount on a pro rata basis,
with adjustments so that only notes in multiples of $25.00 principal amount will be purchased. The “Limited Permitted Asset Sale Purchase Date” will be a date specified by the Company that is not less than 20 nor more than 35
calendar days following the date of the Limited Permitted Asset Sale notice as described in Article V of this Fourth Supplemental Indenture. Any Notes purchased by the Company pursuant to such offer to purchase will be paid for in cash. 

Section 6.06    Compliance Certificate. Section 4.03 of the Indenture shall be superseded in its entirety
by the following: 
 The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year, an Officers’ Certificate stating that
a review of the activities of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to determining whether the Company has kept, observed, performed and fulfilled
its obligations under the Indenture, as amended and supplemented by the Fourth Supplemental Indenture, and further stating, as to such Officer signing such certificate, that to the best of his or her knowledge the Company is not in default in the
performance or observance of any of the terms, provisions and conditions of the Indenture, as amended and supplemented by this Fourth Supplemental Indenture (or, if a Default or Event of Default shall have occurred, describing all such Defaults or
Events of Default of which he or she may have knowledge and what action the Company is taking or proposes to take with respect thereto). In addition, the Company shall deliver to the Trustee, within 30 days after the occurrence thereof, written
notice in the form of an Officers’ Certificate of the occurrence of any Event of Default described in Section 7.01 of this Fourth Supplemental Indenture and any event of which such Officers become aware that with the giving of notice or
the lapse of time or both would become such an Event of Default, its status and what action the Company is taking or proposes to take with respect thereto. 

ARTICLE VII 
 EVENTS
OF DEFAULT 
 Section 7.01    Modifications of Certain Events of Default. The
Events of Default set forth in Section 6.01 of the Indenture shall be superseded in their entirety by the following Events of Default in this Section 7.01 (each an “Event of Default”): 

(a)    default in the payment of the principal or any premium on any Notes, or any Additional Amounts payable with respect
thereto, when such principal or premium becomes or such Additional Amounts become due and payable at Maturity; or 

(b)    default in the payment of any interest on the Notes, or any Additional Amounts payable with respect thereto, when
such interest becomes or such Additional Amounts become due and payable, and continuance of such default for a period of 30 days; or 

(c)    failure by the Company to perform or comply with the provisions of Article 5 of the Indenture (as amended and
supplemented by Section 9.02 of this Fourth Supplemental Indenture) relating to mergers and similar events; or 

(d)    failure by the Company to provide notice of a Limited Permitted Asset Sale or to redeem or repurchase Notes
tendered for redemption or repurchase following the occurrence of a Limited Permitted Asset Sale in conformity with Article V and Section 6.05 of this Fourth Supplemental Indenture; or 

(e)    default in the performance, or breach, of any covenant of the Company in the Indenture, as amended and supplemented
by this Fourth Supplemental Indenture, and continuance of such default or breach for a period of 60 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of
at least 25.0% in principal amount of the outstanding Notes, a written notice; or 
 (f)    the entry against the
Company of one or more final judgments or decrees for the payment of money in an aggregate amount in excess of $25.0 million, by a court or courts of competent jurisdiction, which final judgment or decree remains undischarged, unstayed or
unwaived for a period of 90 consecutive days following entry of such judgments or decrees; or 

  
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 (g)    the entry by a court having competent jurisdiction of: 

(i)    a decree or order for relief in respect of the Company or any Significant Subsidiary in an
involuntary proceeding under any applicable bankruptcy, insolvency, reorganization or other similar law and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or 

(ii)    a decree or order adjudging the Company or any Significant Subsidiary to be insolvent, or approving
a petition seeking reorganization, arrangement, adjustment or composition of the Company or any Significant Subsidiary and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or 

(iii)    a final and non-appealable order appointing a custodian,
receiver, liquidator, assignee, trustee or other similar official of the Company or any Significant Subsidiary of any substantial part of the property of the Company or any Significant Subsidiary or ordering the winding up or liquidation of the
affairs of the Company or any Significant Subsidiary; or 
 (h)    the commencement by the Company or any Significant
Subsidiary of a voluntary proceeding under any applicable bankruptcy, insolvency, reorganization or other similar law or of a voluntary proceeding seeking to be adjudicated insolvent or the consent by the Company or any Significant Subsidiary to the
entry of a decree or order for relief in an involuntary proceeding under any applicable bankruptcy, insolvency, reorganization or other similar law or to the commencement of any insolvency proceedings against it, or the filing by the Company or any
Significant Subsidiary of a petition or answer or consent seeking reorganization, arrangement, adjustment or composition of the Company or any Significant Subsidiary or relief under any applicable law, or the consent by the Company or any
Significant Subsidiary to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee or similar official of the Company or any Significant Subsidiary or any substantial part of
the property of the Company or any Significant Subsidiary or the making by the Company or any Significant Subsidiary of an assignment for the benefit of creditors, or the taking of corporate action by the Company or any Significant Subsidiary in
furtherance of any such action. 
 Section 7.02    Acceleration of Maturity; Rescission and Annulment.
Section 6.02(a) of the Indenture shall be applicable to the Notes, except that the references therein to “clauses (g) or (h) of Section 6.01” shall be replaced by a reference to “clauses (g) or (h) of
Section 7.01 of the Fourth Supplemental Indenture.” 

Section 7.03    Section 6.02(b) of the Indenture shall be superseded in its entirety by the
following: 
 Notwithstanding the foregoing, at the election of the Company, the sole remedy with respect to an Event of Default resulting from a
failure by the Company (x) to file with the Trustee pursuant to Section 314(a)(1) of the TIA any documents or reports that the Company is required to file with the SEC pursuant to Section 13 or Section 15(d) of the Exchange Act
or (y) to comply with its annual reporting obligations to the Trustee and the SEC as set forth in Section 4.02 of the Indenture, as amended and supplemented by the Fourth Supplemental Indenture (any such Event of Default, a
“Reporting Default”), shall, after the occurrence of such Reporting Default, consist exclusively of the right to receive additional interest (the “Additional Interest”) on the Notes at an annual rate equal to (i)
0.25% per annum of the outstanding principal amount of the Notes for each day during the 90-day period beginning on, and including, the date on which such Reporting Default first occurs and on which such
Reporting Default is continuing, and (ii) 0.50% per annum of the outstanding principal amount of the Notes for each day during the 90-day period beginning on, and including, the 91st day following the date on
which such Reporting Default first occurs and on which such Reporting Default is continuing. If the Company does not elect to pay the Additional Interest upon a Reporting Default as set forth herein upon the occurrence and continuation of a
Reporting Default, the Notes will be subject to acceleration as otherwise provided in the Indenture, as amended and supplemented by the Fourth Supplemental Indenture. If the Company elects to pay the Additional Interest upon a Reporting Default, the
Additional Interest shall accrue on all outstanding Notes from and including the date on which such Reporting Default first occurs until such violation is cured or waived and shall be payable in arrears on regular Interest Payment Dates; on the
181st day after such Reporting Default (if such violation is not cured or waived prior to such 181st day), the Additional Interest will cease to accrue on the Notes and the Trustee or the Holders of not less than 25% in principal amount of the
outstanding Notes may declare the principal of all the Notes to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by the Holders), and upon any such declaration such principal or such lesser amount
shall become immediately due and payable. 
 If the Company elects to pay the Additional Interest as the sole remedy during the first 180 days following the
occurrence of a Reporting Default, the Company shall notify in writing the Holders, the Paying Agent and the Trustee of such election at any time on or before the close of business on the fifth Business Day prior to the date on which such Reporting
Default would otherwise occur. Unless and until a Responsible Officer of the Trustee receives at the Corporate Trust Office such written notice, the Trustee may assume without inquiry that Additional Interest is not payable. 

  
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 ARTICLE VIII 

ADDITIONAL AMOUNTS 

Section 8.01    Additional Amounts. (a) All payments made by or on behalf of the Company under or with
respect to the Notes will be made free and clear of and without withholding or deduction for, or on account of, any present or future tax, duty, levy, impost, assessment or other governmental charge (including penalties, interest and other
liabilities related thereto) (hereinafter “Taxes”) unless the withholding or deduction of such Taxes is then required by law. If any deduction or withholding for, or on account of, any Taxes imposed or levied by or on behalf of the
government of the Republic of Marshall Islands or any political subdivision or any authority or agency therein or thereof having power to tax, or any other jurisdiction in which the Company (including any successor entity) is organized or is
otherwise resident for tax purposes, or any jurisdiction from or through which payment is made (including, without limitation, the jurisdiction of each paying agent) (each a “Specified Tax Jurisdiction”), will at any time be
required to be made from any payments made under or with respect to the Notes the Company will pay such additional amounts (the “Additional Amounts”) as may be necessary so that the net amount received in respect of such payments by
a Holder (including Additional Amounts) after such withholding or deduction will not be less than the amount such Holder would have received if such Taxes had not been withheld or deducted; provided, however, that the foregoing
obligation to pay Additional Amounts does not apply to: 
 (i)    any Taxes that would not have been so
imposed but for the Holder or beneficial owner of the Notes having any present or former connection with the Specified Tax Jurisdiction (other than the mere acquisition, ownership, holding, enforcement or receipt of payment in respect of the Notes);

 (ii)    any estate, inheritance, gift, sales, excise, transfer, personal property tax or similar tax,
assessment or governmental charge; 
 (iii)    any Taxes payable other than by deduction or withholding
from payments under, or with respect to, the Notes; 
 (iv)    any Taxes imposed as a result of the
failure of the Holder or beneficial owner of the Notes to complete, execute and deliver to the Company any form or document to the extent applicable to such Holder or beneficial owner that may be required by law or by reason of administration of
such law and which is reasonably requested in writing to be delivered to the Company in order to enable the Company to make payments on the Notes without deduction or withholding for Taxes, or with deduction or withholding of a lesser amount, which
form or document will be delivered within 60 days of a written request therefor by the Company; 

(v)    any Taxes that would not have been so imposed but for the beneficiary of the payment having
presented a Note for payment (in cases in which presentation is required) more than 30 days after the date on which such payment or such Note became due and payable or the date on which payment thereof is duly provided for, whichever is later
(except to the extent that the Holder would have been entitled to Additional Amounts had the Note been presented on the last day of such 30-day period); 

(vi)    any Taxes imposed on or with respect to any payment by the Company to the Holder if such Holder is
a fiduciary or partnership or Person other than the sole beneficial owner of such payment, to the extent that a beneficiary or settlor with respect to such fiduciary, a member of such partnership or the beneficial owner of such payment would not
have been entitled to Additional Amounts had such beneficiary, settlor, member or beneficial owner been the actual Holder of such Note; 

(vii)    any Taxes that are required to be deducted or withheld on a payment pursuant to European Council
Directive 2003/48/EC or any law implementing, or introduced in order to conform to, such directive; or 

(viii)    any combination of items (i) through (vii) above. 

(b)    If the Company becomes aware that it will be obligated to pay Additional Amounts with respect to any payment under
or with respect to the Notes, the Company will deliver to the Trustee and Paying Agent at least 30 days prior to the date of that payment (unless the obligation to pay Additional Amounts arises after the 30th day prior to that payment date, in which
case the Company will notify the Trustee and Paying Agent in writing promptly thereafter but in no event later than five calendar days prior to the date of payment) an Officers’ Certificate stating the fact that Additional Amounts will be
payable and the amount so payable. The Officers’ Certificate shall also set forth any other information necessary to enable the Paying Agent to pay Additional Amounts to Holders on the relevant payment date. The Trustee and Paying Agent will be
entitled to rely solely on such Officers’ Certificate as conclusive proof that such payments are necessary. The Company will provide the Trustee and Paying Agent with documentation evidencing the payment of Additional Amounts. 

 

  
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 (c)    The Company will make all withholdings and deductions required by
law and will remit the full amount deducted or withheld to the relevant governmental authority on a timely basis in accordance with applicable law. As soon as practicable, the Company will provide the Trustee and Paying Agent with an official
receipt or, if official receipts are not obtainable, other documentation evidencing the payment of the Taxes so withheld or deducted. Upon written request, copies of those receipts or other documentation, as the case may be, will be made available
by the Trustee and Paying Agent to the Holders of the Notes. 
 (d)    Whenever in the Indenture or this Fourth
Supplemental Indenture there is referenced, in any context, the payment of amounts based upon the principal amount of the Notes or of principal, interest or any other amount payable under, or with respect to, the Notes, such reference will be deemed
to include payment of Additional Amounts as described under this heading to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof. 

(e)    The Company will indemnify a Holder, within 10 Business Days after written demand therefor, for the full amount of
any Taxes paid by such Holder to a governmental authority of a Specified Tax Jurisdiction, on or with respect to any payment by on or account of any obligation of the Company to withhold or deduct an amount on account of Taxes for which the Company
would have been obligated to pay Additional Amounts hereunder and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant
governmental authority. A certificate as to the amount of such payment or liability delivered to the Company by a Holder will be conclusive absent manifest error. 

(f)    The Company will pay any present or future stamp, court or documentary taxes or any other excise or property taxes,
charges or similar levies that arise in any Specified Tax Jurisdiction from the execution, delivery, enforcement or registration of the Notes, the Indenture or any other document or instrument in relation thereof, or the receipt of any payments with
respect to the Notes, and the Company will indemnify the Holders for any such taxes paid by such Holders. 

Section 8.02    Obligations to Survive. The obligations described in Section 8.01 of this Fourth
Supplemental Indenture will survive any termination, defeasance or discharge of the Indenture and will apply mutatis mutandis to any jurisdiction in which any successor Person to the Company is organized or any political subdivision or
authority or agency thereof or therein. 
 ARTICLE IX 

FURTHER MODIFICATIONS TO INDENTURE 

Section 9.01    Outstanding Securities. Section 2.09 of the Indenture shall be applicable to the Notes,
except that the third paragraph shall be superseded in its entirety by the following: 
 If, on or after the Maturity of the Securities or
any redemption date or date for purchase of the Notes pursuant to an Offer to Purchase, the Trustee (or Paying Agent, other than the Company or an Affiliate of the Company) holds money sufficient to pay all amounts then due, those Notes payable or
to be redeemed or purchased on that date cease to be outstanding and interest on them ceases to accrue. 

Section 9.02    Successors. Section 5.01 and Section 5.02 of the Indenture shall be superseded in
their entirety by the following: 
 (a)    The Company will not 

(i)    consolidate with or merge with or into any Person or permit any Person to merge with or into the
Company, or 
 (ii)    sell, assign, convey, transfer, or otherwise dispose of all or substantially all
of its properties and assets, in one transaction or a series of related transactions, to any Person, or 

(iii)    lease all or substantially all of its assets, whether in one transaction or a series of
transactions, to one or more other Persons, unless 
 (A)    the successor Person, if any, is a
corporation, partnership, trust or other entity organized and validly existing under the laws of the Republic of the Marshall Islands, the United States of America, any State of the United States of America or the District of Columbia, the
Commonwealth of the Bahamas, the Republic of Liberia, the Republic of Panama, the Commonwealth of Bermuda, the British Virgin Islands, the Cayman Islands, the Isle of Man, Cyprus, Norway, Greece, Hong Kong, the United Kingdom, Malta, any Member
State of the European Union and any other jurisdiction generally acceptable, as determined in good faith by the Board of Directors, to institutional lenders in the shipping industries; 

 

  
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 (B)    such successor Person or Persons, if any,
expressly assumes by supplemental indenture executed and delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal of, and any interest on, all Notes and the performance or observance of every
covenant of the Indenture, as amended and supplemented by the Fourth Supplemental Indenture, on the part of the Company to be performed or observed; 

(C)    immediately after giving effect to the transaction, no Default or Event of Default has occurred and
is continuing; and 
 (D)    the Company delivers to the Trustee, prior to the consummation of the
transaction, an Officers’ Certificate and an Opinion of Counsel, each stating that the consolidation, merger or transfer and the supplemental indenture (if any) comply with the Indenture, as supplemented by the Fourth Supplemental Indenture.

 (b)    Upon the consummation of any transaction effected in accordance with these provisions, the successor Person
will succeed to, and be substituted for, and may exercise every right and power of, the Company under the Indenture, the Fourth Supplemental Indenture and the Notes with the same effect as if such successor Person had been named as the Company in
the Indenture. Upon such substitution, except in the case of (i) a lease or (ii) the sale, conveyance, transfer or disposition of less than all its assets, the Company will be released from its obligations under the Indenture, the Fourth
Supplemental Indenture and the Notes. 
 Section 9.03    Principal and Interest Inclusive. With respect to
the Notes, all provisions of this Fourth Supplemental Indenture and the Indenture relating to principal and interest, shall be understood to include, to the extent applicable, the Limited Permitted Asset Sale Purchase Price, any redemption price,
any Additional Amounts, any Additional Interest, and any other amounts then payable upon the Notes. 

Section 9.04    Satisfaction and Discharge. Section 8.01 of the Indenture shall be applicable to the
Notes, except that in Section 8.01(a)(ii) the phrase “have become due and payable, or” shall be deleted and in Section 8.01(a)(ii)(4), reference to Section 8.03 shall be changed to Section 9.05 of the Fourth
Supplemental Indenture. 
 Section 9.05    Legal Defeasance. Section 8.03 of the Indenture shall not
apply to the Notes, and shall be superseded by the provisions of this Section 9.05 of this Fourth Supplemental Indenture. After the 123rd day following the deposit referred to in clause (a) of this Section 9.05, the Company will be
deemed to have paid and will be discharged from its obligations in respect of the Notes and the Indenture, other than its obligations in Article 2 of the Indenture, and Sections 7.07 of the Indenture, Section 7.08 of the Indenture,
Section 8.05 of the Indenture and Section 9.07 of this Fourth Supplemental Indenture (“legal defeasance”), provided the following conditions have been satisfied: 

(a)    The Company has irrevocably deposited in trust with the Trustee, as trust funds solely for the benefit of the
Holders, money or U.S. Government Obligations or a combination thereof sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certificate thereof delivered to the Trustee, without
consideration of any reinvestment, to pay principal of and interest on the Notes to maturity or redemption, as the case may be, provided that any redemption before maturity has been irrevocably provided for under arrangements satisfactory to
the Trustee. 
 (b)    No default has occurred and is continuing on the date of the deposit or occurs at any time during
the 123-day period following the deposit. 
 (c)    The deposit will not result
in a breach or violation of, or constitute a default under, the Indenture, this Fourth Supplemental Indenture or any other agreement or instrument to which the Company is a party or by which it is bound. 

(d)    The Company has delivered to the Trustee 

(i)    either (x) a ruling received from the Internal Revenue Service to the effect that the
beneficial owners of the Notes to be defeased will not recognize income, gain or loss for federal income tax purposes as a result of the defeasance and will be subject to federal income tax on the same amount and in the same manner and at the same
times as would otherwise have been the case or (y) an Opinion of Counsel, based on a change in law after the date of this Fourth Supplemental Indenture, to the same effect as the ruling described in clause (x), and 

(ii)    an Opinion of Counsel to the effect that (i) the creation of the defeasance trust does not
violate the Investment Company Act of 1940, (ii) the Holders have a valid first priority Note interest in the trust funds (subject to customary exceptions), and (iii) after the passage of 123 days following the deposit, the trust funds will not
be subject to the effect of Section 547 of the United States Bankruptcy Code or Section 15 of the New York Debtor and Creditor Law. 
  

  
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 (e)    The Company has delivered to the Trustee an Officers’
Certificate and an Opinion of Counsel, in each case stating that all conditions precedent provided for herein relating to the defeasance have been complied with. 

Prior to the end of the 123-day period, none of the Company’s obligations under the Indenture or
the Fourth Supplemental Indenture will be discharged. Thereafter, the Trustee upon request will acknowledge in writing the discharge of the Company’s obligations under the Notes, the Indenture and the Fourth Supplemental Indenture except for
the surviving obligations specified above. 
 Section 9.06    Covenant Defeasance. Section 8.04 of the
Indenture shall not apply to the Notes, and shall be superseded by the provisions of this Section 9.06 of this Fourth Supplemental Indenture. After the 123rd day following the deposit referred to in clause (a) of Section 9.05 of this
Fourth Supplemental Indenture, the Company’s obligations set forth in Article IV of the Indenture (as amended and supplemented by Article VI of this Fourth Supplemental Indenture and any other covenants applicable to the Notes (and the failure
to comply with any such provisions shall not constitute a default or Event of Default under Section 7.01 of this Fourth Supplemental Indenture), and the occurrence of any event described in Section 7.01 of this Fourth Supplemental
Indenture shall no longer constitute Events of Default (“covenant defeasance”), provided the following conditions have been satisfied: 

(a)    The Company has complied with clauses (a), (b), (c), d(ii), (e) and (f) of Section 9.05 of this
Fourth Supplemental Indenture; and 
 (b)    the Company has delivered to the Trustee an Opinion of Counsel to the
effect that the beneficial owners of the Notes to be defeased will not recognize income, gain or loss for federal income tax purposes as a result of the defeasance and will be subject to federal income tax on the same amount and in the same manner
and at the same times as would otherwise have been the case. 
 Except as specifically stated above, none of the Company’s obligations
under the Indenture will be discharged. 
 Section 9.07    Reinstatement. If and for so long as the Trustee
is unable to apply any money or U.S. Government Obligations held in trust pursuant to Section 8.01 of the Indenture, or Sections 9.05 or 9.06 of this Fourth Supplemental Indenture by reason of any legal proceeding or by reason of any order
or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s obligations under the Indenture, the Fourth Supplemental Indenture and the Notes will be reinstated as though no
such deposit in trust had been made. If the Company makes any payment of principal of or interest on any Notes because of the reinstatement of its obligations, it will be subrogated to the rights of the Holders of such Notes to receive such payment
from the money or U.S. Government Obligations held in trust. 
 Section 9.08    Modification Without
Consent. With respect to the Notes, the following clauses (a) through (i) shall replace clauses (a) through (h) of Section 9.01 of the Indenture: 

(a)    to cure any ambiguity, omission, defect or inconsistency that does not adversely affect the rights of any Holder of
the Notes in any material respect; 
 (b)    to provide for the assumption by a successor corporation of the
Company’s obligations under the Indenture, as amended and supplemented by this Fourth Supplemental Indenture, in accordance with Article 5 of the Indenture, as amended and supplemented by Section 9.02 of this Fourth Supplemental
Indenture; 
 (c)    to secure the Notes; 

(d)    to add to the covenants of the Company for the benefit of the Holders of the Notes or to surrender any right or
power conferred upon the Company; 
 (e)    to provide for uncertificated Notes, at any time that the Notes are in
certificated form; 
 (f)    to evidence and provide for the acceptance of appointment of a successor Trustee with
respect to the Notes; 
 (g)    to comply with the requirements of the TIA and any rules promulgated under the TIA; 

(h)    to make any other change that does not adversely affect the rights of any Holder of the Notes in any material
respect; and 
 (i)    to conform the provisions of the Indenture, as amended and supplemented by this Fourth
Supplemental Indenture, or the Notes to the “Description of Notes” section of the preliminary prospectus supplement of the Company relating to the offering of the Notes, dated May 26, 2020, as further supplemented and/or amended by
the pricing term sheet relating to the Notes, dated May 26, 2020. 

  
 15 













 Section 9.09    Modification With Consent. With respect to
the Notes, the following clauses (a) through (k) shall replace clauses (a) through (i) of Section 9.03 of the Indenture: 

(a)    change the Maturity Date of the principal of, or any interest on, the Notes; 

(b)    reduce the principal amount of, or interest on, the Notes; 

(c)    change the interest rate applicable to the Notes; 

(d)    change the currency of payment of principal of, or interest on, the Notes or change any Note’s place of
payment; 
 (e)    impair the right of any Holder to receive payment of principal of, and interest on, such
Holder’s Notes on or after the due dates therefor or to institute suit for the enforcement of any payment on, or with respect to, the Notes; 

(f)    modify the provisions with respect to the purchase rights of the Holders pursuant to Article V and
Section 6.05 of this Fourth Supplemental Indenture in a manner adverse to the Holders of Notes; 
 (g)    change
the ranking of the Notes; 
 (h)    change the Company’s obligation to pay Additional Amounts on any Note; 

(i)    waive a Default or Event of Default in the payment of principal of, or interest, if any, on any Note (except a
rescission of acceleration of the Notes by the Holders of at least a majority in principal amount of the outstanding Notes and a waiver of the payment default that resulted from such acceleration); 

(j)    waive a redemption payment with respect to any Note or change any of the provisions with respect to the redemption
of the Notes; and 
 (k)    modify provisions with respect to modification, amendment or waiver (including waiver of
Events of Default), except to increase the percentage required for modification, amendment or waiver or to provide for consent of each affected Holder of the Notes. 

ARTICLE X 

MISCELLANEOUS 

Section 10.01    Ratification of Indenture. This Fourth Supplemental Indenture is executed and shall be
constructed as an indenture supplement to the Indenture, and as supplemented and modified hereby, the Indenture is in all respects ratified and confirmed, and the Indenture and this Fourth Supplemental Indenture shall be read, taken and constructed
as one and the same instrument. 
 Section 10.02    Trust Indenture Act Controls. If any provision of this
Fourth Supplemental Indenture limits, qualifies or conflicts with another provision that is required or deemed to be included in this Fourth Supplemental Indenture by the Trust Indenture Act, the required or deemed provision shall control. 

Section 10.03    Notices. All notices and other communications shall be given as provided in the Indenture.

 Section 10.04    Governing Law. With respect to the Notes, Section 10.11 of the Indenture shall be
superseded in its entirety by the following: 
 THE INDENTURE, THIS FOURTH SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE OR INSTRUMENTS ENTERED INTO AND, IN EACH CASE, PERFORMED IN THE STATE OF NEW YORK. 

  
 16 













 (a)    Any legal suit, action or proceeding arising out of or based upon
this Indenture (each a “Related Proceeding”) may be instituted in the federal courts of the United States of America located in the City and County of New York, Borough of Manhattan, or the courts of the State of New York in each
case located in the City and County of New York, Borough of Manhattan (collectively, the “Specified Courts”), and each party irrevocably submits to the exclusive jurisdiction (except for proceedings instituted in regard to the
enforcement of a judgment of any such court (a “Related Judgment”), as to which such jurisdiction is non-exclusive) of such courts in any such suit, action or proceeding. Service of any
process, summons, notice or document by mail to such party’s address set forth above shall be effective service of process for any suit, action or other proceeding brought in any such court. The parties irrevocably and unconditionally waive any
objection to the laying of venue of any suit, action or other proceeding in the Specified Courts and irrevocably and unconditionally waive and agree not to plead or claim in any such court that any such suit, action or other proceeding brought in
any such court has been brought in an inconvenient forum. Each of the Company and its subsidiaries not located in the United States irrevocably appoints Sting, LLC, a Delaware limited liability company, as its agent to receive service of process or
other legal summons for purposes of any such suit, action or proceeding that may be instituted in any state or federal court in the City and County of New York. 

(b)    With respect to any Related Proceeding, each party irrevocably waives, to the fullest extent permitted by
applicable law, all immunity (whether on the basis of sovereignty or otherwise) from jurisdiction, service of process, attachment (both before and after judgment) and execution to which it might otherwise be entitled in the Specified Courts, and
with respect to any Related Judgment, each party waives any such immunity in the Specified Courts or any other court of competent jurisdiction, and will not raise or claim or cause to be pleaded any such immunity at or in respect of any such Related
Proceeding or Related Judgment, including, without limitation, any immunity pursuant to the United States Foreign Sovereign Immunities Act of 1976, as amended. 

Section 10.05    Successors. All covenants and agreements in this Fourth Supplemental Indenture and the Notes
by the Company shall bind its successors and assigns, whether so expressed or not. 

Section 10.06    Counterparts. This Fourth Supplemental Indenture may be executed in several counterparts,
each of which shall be an original and all of which shall constitute but one and the same instrument. The exchange of copies of this Fourth Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective
execution and delivery of this Fourth Supplemental Indenture as to parties hereto and may be issued in lieu of the original Indenture and signature pages for all purposes. 

Section 10.07    Headings. The Article and Section headings of this Fourth Supplemental Indenture
are for convenience only and shall not affect the construction hereof. 
 Section 10.08    Cross-References.
To the extent this Fourth Supplemental Indenture supersedes or replaces a section of the Indenture, references to such section elsewhere in the Indenture shall be understood to refer to the section of this Fourth Supplemental Indenture superseding
or replacing such section. 
 Section 10.09    Trustee Not Responsible for Recitals. The recitals contained
herein and in the Notes, except the Trustee’s certificate of authentication shall be taken as the statements of the Company and neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes
no representations as to the validity or sufficiency of this Fourth Supplemental Indenture or of the Notes, except that the Trustee represents that it is duly authorized to execute and deliver this Fourth Supplemental Indenture, authenticate the
Notes and perform its obligations hereunder and that the statements made by it in a Statement of Eligibility on Form T-1 supplied to the Company are true and accurate, subject to the qualifications set forth
therein. Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application by the Company of the Notes or the proceeds thereof. 

The Trustee shall not be responsible in any manner whatsoever for or with respect to (i) the proper authorization hereof by the Company
by action or otherwise, (ii) the due execution hereof by the Company, or (iii) the consequences of any amendment herein provided for. 

  
 17 













 IN WITNESS WHEREOF, the parties have caused this Fourth Supplemental Indenture to be duly
executed as of the date first written above. 
  

			
	 COMPANY:
  

SCORPIO TANKERS INC.

		
	By:	 	 /s/ Brian M. Lee

	Name:	 	Brian M. Lee
	Title:	 	Chief Financial Officer














 
			
	 TRUSTEE:
  

DEUTSCHE BANK TRUST COMPANY AMERICAS, as trustee

		
	By:	 	Deutsche Bank National Trust Company
	
		
	By:	 	/s/ Chris Niesz
	Name:	 	Chris Niesz
	Title:	 	Vice President
	
		
	By:	 	/s/ Luke Russell
	Name:	 	Luke Russell
	Title:	 	Assistant Vice President














 EXHIBIT A 

FORM OF NOTE 
 THIS NOTE IS
A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY (AS DEFINED IN THE INDENTURE) OR A NOMINEE THEREOF. THIS NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON
OTHER THAN THE DEPOSITORY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE
DEPOSITORY TO A NOMINEE OF THE DEPOSITORY, OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY, OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY. 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO THE COMPANY (AS DEFINED BELOW) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 CUSIP NO. 80918T 208 ISIN NO. US80918T2087 

SCORPIO TANKERS INC. 
 7.00% FIXED
RATE SENIOR UNSECURED NOTE DUE 2025 
  

			
	$ 28,100,000	 	No.:                    

 SCORPIO TANKERS INC., a Marshall Islands corporation (hereinafter called the “Company”, which term
includes any successor corporation under the Indenture referred to below), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of $28,100,000 (TWENTY EIGHT MILLION ONE HUNDRED THOUSAND DOLLARS)
or such greater or lesser amount as may be set forth on Schedule I annexed hereto on June 30, 2025, and to pay interest thereon from and including May 29, 2020 or from the most recent Interest Payment Date on which interest has been paid
or duly provided for, quarterly on March 30, June 30, September 30 and December 30 in each year, commencing June 30, 2020, at the rate of 7.00% per annum, until the principal hereof is paid or made available for payment.
Interest on this Note shall be computed on the basis of a 360-day year of twelve 30-day months. If any Interest Payment Date or the Maturity Date falls on a day that is
not a Business Day, the required payment of interest or principal, as the case may be, shall be made on the next succeeding Business Day as if it were made on the date such payment was due and no interest shall accrue on the amount so payable for
the period from and after such Interest Payment Date or the Maturity Date, as the case may be, to such next Business Day. The interest so payable and punctually paid or duly provided for on any Interest Payment Date will, as provided in the
Indenture, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the Regular Record Date for such interest, which shall be March 15, June 15, September 15 and
December 15 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest which is payable but not punctually paid or duly provided for on any Interest Payment Date shall forthwith cease to be
payable to the registered Holder hereof on the relevant Regular Record Date by virtue of having been such Holder, and may be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on a
subsequent special record date (which shall be at least 10 days before the payment date) for the payment of such defaulted interest to be fixed by the Company, notice whereof shall be given to the Holders of Notes not less than 10 days prior to such
Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, all as more
fully provided in the Indenture. 
 Payment of the principal of and interest on this Note (including, without limitation, any purchase price
relating to a Limited Permitted Asset Sale offer to purchase) will be made at the office or agency of the Company maintained for that purpose in The Borough of Manhattan, The City of New York, in such coin or currency of the United States of America
as at the time of payment is legal tender for payment of public and private debts; provided, however, that, at the option of the Company, interest may be paid by check mailed to the address of the Person entitled thereto as such
address shall appear in the Security register; provided, further, that payment to DTC or any successor depository may be made by wire transfer to the account designated by DTC or such successor depository in writing. 












 This Note is one of a duly authorized issue of securities of the Company designated as its
7.00% Fixed Rate Senior Unsecured Notes due 2025 (herein called the “Notes”), issued under an Indenture, dated as of May 12, 2014 (the “Base Indenture”), between the Company and Deutsche Bank Trust Company
Americas, as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), as amended and supplemented by the Fourth Supplemental Indenture, dated May 29, 2020, between the Company and
the Trustee (the “Fourth Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Notes, and of the terms upon which the Notes are, and are to be, authenticated and delivered. This Note is one of the
Series designated on the face hereof, initially limited (subject to exceptions provided in the Indenture) to the aggregate principal amount of $28,100,000. 

If an Event of Default with respect to the Notes shall occur and be continuing, the principal of the Notes may be declared due and payable in
the manner and with the effect provided in the Indenture. 
 The Notes may not be redeemed prior to the Maturity Date, except as described
in Article III of the Fourth Supplemental Indenture. The Notes are not subject to any sinking fund. 
 Upon the occurrence of a Limited
Permitted Asset Sale, each Holder of Notes will have the right to require the Company to purchase all or a portion of such Holder’s Notes at a purchase price equal to 101.0% of the principal amount thereof plus accrued and unpaid interest, if
any, to but excluding the date of purchase, to the extent provided for in the Indenture. 
 The Indenture contains provisions permitting,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Notes issued under the Indenture at any time by the Company and the Trustee
with the written consent of the Holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal
amount of the Notes outstanding, on behalf of the Holders of all Notes of such Series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent
or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Notes issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not
notation of such consent or waiver is made upon this Note. 
 No reference herein to the Indenture and no provision of this Note or of the
Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Note, at the times, place and rate, and in the coin or currency, herein and in the Indenture prescribed.

 As provided in the Indenture and subject to certain limitations set forth therein and in this Note, the transfer of this Note may be
registered on the Security register upon surrender of this Note for registration of transfer at the office or agency of the Company maintained for that purpose in any place where the principal of and interest on this Note are payable, duly endorsed
by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Registrar duly executed by, the Holder hereof or by his attorney duly authorized in writing, and thereupon one or more new Notes of like tenor, of
authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 The
Notes are issuable only in registered form in the denominations of $25.00 or any integral multiple thereof. As provided in the Indenture and subject to certain limitations set forth in the Indenture, and in this Note, the Notes are exchangeable for
a like aggregate principal amount of Notes in different authorized denominations, as requested by the Holders surrendering the same. 
 No
service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith, other than in certain cases
provided in the Indenture. 
 Prior to due presentment of this Note for registration of transfer, the Company, the Trustee and any agent of
the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to
the contrary. 
 The Indenture contains provisions whereby (i) the Company may be discharged from its obligations with respect to the
Notes (subject to certain exceptions) or (ii) the Company may be released from its obligations under specified covenants and agreements in the Indenture, in each case if the Company irrevocably deposits with the Trustee money or U.S. Government
Obligations, or a combination thereof, in an amount sufficient, without consideration of any reinvestment, to pay and discharge the entire indebtedness on all Notes of this Series, and satisfies certain other conditions, all as more fully provided
in the Indenture. 
 This Note shall be governed by and construed in accordance with the laws of the State of New York applicable to
agreements made or instruments entered into and, in each case, performed in said State. 
 All terms used in this Note without definition
that are defined in the Indenture shall have the meanings assigned to them in the Indenture. 












 [Remainder of Page Intentionally Left Blank] 












 IN WITNESS WHEREOF, the Company has caused this Note to be to be duly executed as of the
date set forth below. 
  

			
	SCORPIO TANKERS INC.
		
	By:	 	 
		 	 Name:
 Title:   

		
	By:	 	 
		 	 Name:
 Title:   















 Trustee’s Certificate of Authentication 

This is one of the Securities of the Series designated therein referred to in the within-mentioned Indenture. 

Dated: May [__], 2020 
  

			
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as trustee
		
	By:	 	 
		 	Authorized Signatory














 ASSIGNMENT FORM 

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 
  

 
 PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING
NUMBER OF ASSIGNEE 
 PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE 

 

	
	                                      
                          
	
	                                      
                          
	
	                                      
                          

 the within Security and all rights thereunder, hereby irrevocably constituting and appointing attorney to transfer said
Security on the books of the Company, with full power of substitution in the premises. 
  

Dated:
                                         
            
 Signature:
                                         
      
 NOTICE: THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE WITHIN
INSTRUMENT IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATSOEVER. 
 Signature Guarantee: 

SIGNATURE GUARANTEE 
 Signatures
must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other
“signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 












 FORM OF PURCHASE NOTICE 

If you want to elect to have this Note purchased by the Company pursuant to Section 5.01 of the Fourth Supplemental Indenture, check the
box: 
 If you want to elect to have only part of this Note purchased by the Company pursuant to Section 5.01 of the Fourth
Supplemental Indenture, state the amount in principal amount: $ 
  

			
	 Dated:
                        
	  	 Your Signature:

 

		  	  

		  	(Sign exactly as your name appears on the other side of this Note.)
	 Signature

Guarantee:
                                         
                                         
                                         
                                         
                                         
               

	(Signature must be guaranteed)

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar,
which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 












 Schedule I 

SCHEDULE OF TRANSFERS AND EXCHANGES 

The initial principal amount of this Global Security is $28,100,000 (TWENTY EIGHT MILLION ONE HUNDRED THOUSAND DOLLARS). The following
increases or decreases in principal amount of this Global Security have been made: 
  

									
	 Date of Exchange
	 	 Amount of Decrease in
Principal Amount of this
Global
Security
	 	 Amount of Increase in
Principal Amount of
this
Global
Security
	 	 Principal Amount of this
Global Security following
such
Decrease or Increase
	 	 Signature of Authorized
Signatory of trustee
or
Custodian

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