# EDGAR Filing Document

**Accession Number:** 0001794846
**File Stem:** 0001193125-23-081390
**Filing Date:** 2023-3
**Character Count:** 96463
**Document Hash:** 6772050e2775e2b8600c4e1460f0d17a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-081390.hdr.sgml**: 20230328

**ACCESSION NUMBER**: 0001193125-23-081390

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 5

**CONFORMED PERIOD OF REPORT**: 20230326

**FILED AS OF DATE**: 20230328

**DATE AS OF CHANGE**: 20230328

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Atlas Corp.
- **CENTRAL INDEX KEY:** 0001794846
- **STANDARD INDUSTRIAL CLASSIFICATION:** DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** 1T
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39237
- **FILM NUMBER:** 23766194

**BUSINESS ADDRESS:**
- **STREET 1:** 2600-200 GRANVILLE STREET
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6C 1S4
- **BUSINESS PHONE:** 604-638-2575

**MAIL ADDRESS:**
- **STREET 1:** 2600-200 GRANVILLE STREET
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6C 1S4

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

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**Form 6-K**

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**REPORT OF FOREIGN PRIVATE ISSUER** 

**PURSUANT TO RULE 13a-16 OR 15d-16**

**OF THE SECURITIES EXCHANGE ACT OF 1934** 

**Date of Report: March 26, 2023** 

**Commission File Number 001-39237**

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## ATLAS CORP.
**(Exact name of Registrant as specified in its Charter)** 

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**23 Berkeley Square** 

**London, United Kingdom** 

**W1J 6HE** 

**(Address of principal executive office)** 

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Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b)(1). Yes ☐ No ☒

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b)(7). Yes ☐ No ☒

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This report on Form 6-K of Atlas Corp., or this Report, is hereby incorporated by reference into: the Registration Statement of Atlas Corp. filed with the Securities and Exchange Commission, (the "***SEC***"), on May 30, 2008 on Form F-3D (Registration No. 333-151329), as amended on February 28, 2020, the Registration Statement of Atlas Corp. filed with the SEC on March 31, 2011 on Form S-8 (Registration No. 333-173207), as amended on February 28, 2020, the Registration Statement of Atlas Corp. filed with the SEC on June 20, 2013 on Form S-8 (Registration No. 333-189493), as amended on February 28, 2020, the Registration Statement of Atlas Corp. filed with the SEC on April 24, 2012 on Form F-3 (Registration No. 333-180895), as amended on March 22, 2013 and February 28, 2020, the Registration Statement of Atlas Corp. filed with the SEC on April 29, 2014 on Form F-3 (Registration No. 333-195571), as amended on March 6, 2017, April 19, 2017 and February 28, 2020, the Registration Statement of Atlas Corp. filed with the SEC on November 28, 2014 on Form F-3 (Registration No. 333-200639), as amended on March 6, 2017, April 19, 2017 and February 28, 2020, the Registration Statement of Atlas Corp. filed with the SEC on November 28, 2014 on Form S-8 (Registration No. 333-200640), as amended on February 28, 2020, the Registration Statement of Atlas Corp. filed with the SEC on March 12, 2015 on Form F-3D (Registration No. 333-202698), as amended on February 28, 2020, the Registration Statement of Atlas Corp. filed with the SEC on June 24, 2016 on Form S-8 (Registration No. 333-212230), as amended on February 28, 2020, the Registration Statement of Atlas Corp. filed with the SEC on August 25, 2017 on Form F-3 (Registration No. 333-220176), as amended on February 28, 2020, the Registration Statement of Atlas Corp. filed with the SEC on December 21, 2017 on Form S-8 (Registration No. 333-222216), as amended on February 28, 2020, the Registration Statement of Atlas Corp. filed with the SEC on April 13, 2018 on Form F-3D (Registration No. 333-224291), as amended on February 28, 2020, the Registration Statement of Atlas Corp. filed with the SEC on April 13, 2018 on Form F-3 (Registration No. 333-224288), as amended on May 3, 2018, May 7, 2018 and February 28, 2020, the Registration Statement of Atlas Corp. filed with the SEC on September 28, 2018 on Form F-3 (Registration No. 333-227597), as amended on February 28, 2020, the Registration Statement of Atlas Corp. filed with the SEC on January 18, 2019 on Form F-3 (Registration No. 333-229312), as amended on February 28, 2020, the Registration Statement of Atlas Corp. filed with the SEC on March 27, 2019 on Form F-3 (Registration No. 333-230524), as amended on February 28, 2020, the Registration Statement of Atlas Corp. filed with the SEC on May 11, 2020 on Form F-3 (Registration No. 333-238178), as supplemented on December 7, 2020, the Registration Statement of Atlas Corp. filed with the SEC on June 30, 2020 on Form S-8 (Registration No. 333-239578), the Registration Statement of Atlas Corp. filed with SEC on March 19, 2021 on Form F-3 (Registration No. 333-254536), the Registration Statement of Atlas Corp. filed with the SEC on July 16, 2021 on Form F-3 (Registration No. 333-257967), and the Registration Statement of Atlas Corp. filed with the SEC on March 25, 2022 on Form S-8 (Registration No. 333-263872).

**Information Contained in this Form 6-K Report** 

***Closing of Merger with Poseidon Acquisition Corp.***

On March 28, 2023, pursuant to the Agreement and Plan of Merger (the "***Merger Agreement***"), dated as of October 31, 2022, by and among Atlas Corp. ("***Atlas***" or the "***Company***"), Poseidon Acquisition Corp. ("***Poseidon***"), an entity formed by certain affiliates of Fairfax Financial Holdings Limited ("***Fairfax***"), certain affiliates of the Washington Family ("***Washington***"), David Sokol, Chairman of the Board of Directors of the Company, Ocean Network Express Pte. Ltd., and certain of their respective affiliates, and Poseidon Merger Sub, Inc., a wholly-owned subsidiary of Poseidon ("***Merger Sub***"), Merger Sub merged with and into the Company with the Company continuing as the surviving corporation and a wholly-owned subsidiary of Poseidon (other than with respect to the Company's preferred shares) (the "***Merger***").

At the effective time of the Merger (the "***Effective Time***"), pursuant to the Merger Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each common share of the Company (the "  ***Common Shares***") issued and outstanding immediately
prior to the Effective Time, other than Common Shares contributed to Poseidon immediately prior to the consummation of the Merger by Fairfax, Washington, Mr. Sokol and Bing Chen, President and CEO of the Company (together, the
"  ***Rollover Shares*** "), has been converted into the right to receive $15.50 per Common Share in cash (the "  ***Merger Consideration*** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In connection with the consummation of the Merger, the Company requested that the New York Stock Exchange
("  ***NYSE***") suspend trading of the Common Shares on NYSE and remove the Company's Common Shares from listing on NYSE. The Company also requested that NYSE file a notification of removal from listing of the Common Shares on
Form 25 with the SEC, and the Company's Common Shares will be delisted ten days following the filing of the Form 25. Shares of preferred stock of the Company issued and outstanding immediately prior to the Effective Time have not been affected
by the Merger and remain outstanding and continue to trade on the NYSE.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each restricted stock unit (an "  ***RSU***") and each phantom share granted under the
Company's incentive plans, if vested as of the Effective Time, has converted into the right to receive the Merger Consideration, plus, with respect to such RSUs, the value of any dividend-equivalent right payments accrued but not yet paid as of
the Effective Time. Each RSU that had not vested as of the Effective Time was converted into the right to receive, at the time at which such RSU would have been settled in Common Shares by its terms (as in effect immediately prior to the Effective
Time), a cash payment in an amount equal to the Merger Consideration, plus the value of any dividend-equivalent right payments accrued but not yet paid with respect to such RSU as of the Effective Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each option granted under the Company's incentive plans (an "  ***Option***") that was
outstanding as of the Effective Time has been automatically canceled and converted into (i) if vested, an amount equal to the amount by which the Merger Consideration exceeds the exercise price per Common Share of such Option, or (ii) if
not vested, the right to receive, at the time at which such Option would have become vested by its terms (as in effect immediately prior to the Effective Time), an amount equal to the amount by which the Merger Consideration exceeds the exercise
price per Common Share of such Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each unvested Common Share granted under the Company's incentive plans (a "  ***Restricted Share*** "), other than any Rollover Shares, has been canceled and converted into a right to receive, at the time at which such Restricted Share would have vested by its terms (as in effect immediately prior to the Effective Time),
the Merger Consideration, plus interest, plus the value of any dividend-equivalent right payments accrued but not yet paid with respect to such Restricted Share as of the Effective Time.

On March 26, 2023, the Company, Poseidon and Merger Sub entered into a letter agreement (the "***Letter Agreement***") with respect to certain terms of the Merger Agreement. Pursuant to the Letter Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Poseidon waived the requirement under the Merger Agreement that the Company obtain consent, clearance,
authorization or approval or alternatively repay, redeem or otherwise retire the 6.5% senior unsecured sustainability-linked bonds due 2026 (the "  ***2026 NOK Bonds***") of Seaspan Corporation, a wholly owned subsidiary of the
Company ("  ***Seaspan*** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Poseidon and Mr. Chen entered into an amendment to Mr. Chen's Rollover Agreement, dated October
31, 2022, between Poseidon and Mr. Chen, pursuant to which the number of Common Shares that Mr. Chen is permitted to exclude from the Rollover Equity (as defined in such Rollover Agreement) increased from 750,000 to 1,500,000 Common Shares.
Prior to the Effective Time, Mr. Chen notified Poseidon and the Company that he will exclude the entire 1,500,000 Common Shares from his Rollover Equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each of (i) 1,491,316 Restricted Shares subject to a Stock Grant Agreement, dated June 27, 2022, between
Mr. Chen, on the one hand, and the Company and Seaspan, on the other hand, and (ii) 4,000,000 Restricted Shares subject to a Stock Grant Agreement, dated March 28, 2022, between Mr. Sokol and the Company, were contributed at the
Effective Time to Poseidon in exchange for the issuance of Poseidon common shares equal to the applicable number of Restricted Shares contributed by Messrs. Chen and Sokol, with such contribution of Restricted Shares constituting
"  ***Rollover Equity***" under the Rollover Agreements, dated October 31, 2022, between Poseidon and each of Messrs. Chen and Sokol.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each RSU that was granted to Mr. Chen pursuant to a Restricted Stock Units Award Grant Notice and Agreement,
by and between the Company and Mr. Chen, dated as of June 24, 2020, that remains outstanding and subject to one or more unsatisfied vesting conditions as of immediately prior to the Effective Time (the "  ***Unvested CEO RSU*** "), will remain outstanding and, upon vesting, will settle in a number of Poseidon common shares equal to the number of Common Shares subject to the Unvested CEO RSU immediately prior to the Effective Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each unvested RSU (each an "  ***Unvested Executive RSU***") granted to each of Graham Talbot,
the Company's Chief Financial Officer, and Torsten Holst Pedersen, the Company's Chief Operating Officer, pursuant to Restricted Stock Units Award Grant Notice and Agreements, dated August 5, 2021, by and between, in each case, the
executive and the Company, will be treated in accordance with Section 2 of the Merger Agreement; provided that an additional interest component will be paid with any cash amount that becomes payable in respect of such Unvested Executive RSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Poseidon acknowledges that the Company has paid or will pay annual bonus payments for performance in 2022 to
certain employees of the Company, and has increased the base salary for 2023 and annual bonus opportunity for certain employees.

The foregoing description of the Merger Agreement and the Letter Agreement and the transactions contemplated thereby, including the Merger, does not purport to be complete, and is subject to, and qualified in its entirety by reference to the full text of the Merger Agreement, which was filed as Exhibit 2.1 to the Company's Current Report on Form 6-K filed with the SEC on November 1, 2022 and the Letter Agreement which is filed as Exhibit 2.2 to this Current Report on Form 6-K and incorporated herein by reference.

***Resignation of Members of the Board of Directors and Changes to Committees***

In connection with the closing and in accordance with the terms of the Merger Agreement, each of Lawrence Chin, John Chi Hung Hsu, Nicholas Pitts-Tucker, Steven Wallace and Katie Wade resigned as members of the Board of Directors of the Company and each of its subsidiaries. The remaining members of the Board of Directors of the Company are David L. Sokol, chair, Bing Chen and Lawrence Simkins. The Board of Directors appointed Messrs. Sokol and Simkins, who are considered independent directors under the requirements of Rule 10A-3 under the Securities Exchange Act of 1934, as the members of the Audit Committee. Under the listing standards of the NYSE, as the Company has only preferred shares listed for trading, the Company is not subject to other corporate governance requirements, including the requirement to have a compensation committee or a nominating/corporate governance committee comprised of directors who are independent under the listing standards of the NYSE. Accordingly, the Board of Directors has determined that, following the Effective Time, the entire Board of Directors will serve as members of the Compensation and Governance Committee.

***Supplemental Indenture With Respect to Exchangeable Notes***

Under the terms of an indenture, dated as of December 21, 2020, by and among the Company, Seaspan, and The Bank of New York Mellon, as trustee (the "***Indenture***") with respect to Seaspan's issued exchangeable notes (the "***Exchangeable Notes***"), the Merger and the delisting of the Common Shares from the NYSE are considered a "***Make-Whole Fundamental Change***" (as defined in the Indenture). In connection with the Merger, on March 28, 2023, the Company, Seaspan and the trustee entered into a Supplemental Indenture to the Indenture (the "***Supplemental Indenture***") providing that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the holder of each Note (the "  ***Holder***") that was outstanding as of the Effective Time will
have the right to exchange each $1,000.00 principal amount of such Note into a number of Units of Reference Property (as defined below) equal to the Exchange Rate (as defined below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the "  ***Exchange Rate***" immediately following the Effective Time will be 76.8935 Units of
Reference Property for each $1,000 principal amount of Exchangeable Notes (prior to giving effect to any Additional Shares (as defined in the Indenture) on account of a Make-Whole Fundamental Change) and a "  ***Unit of Reference Property***" means $15.50 in cash;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in connection with the Make-Whole Fundamental Change, a Holder will have the right, at its option, to exchange
all or any portion of a Holder's Exchangeable Notes at any time from or after the Effective Time and ending on May 22, 2023 (such period, the "  ***Make-Whole Exchange Period*** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If a Holder exchanges any Exchangeable Notes during the Make-Whole Exchange Period, the relevant Exchange Rate
will be increased to 81.1506 Units of Reference Property per $1,000.00 principal amount of the Exchangeable Notes (the "  ***Make-Whole Exchange Rate*** "), reflecting Additional Shares on account of a Make-Whole Fundamental Change of
4.2571 Units of Reference Property per $1,000.00 principal amount of the Exchangeable Notes.

Further details, together with formal notice of the Make Whole Fundamental Change (the "Notice"), will be provided to holders of the Exchangeable Notes as promptly as practicable. The Make-Whole Exchange Period may be extended based on the date of the Notice, if required pursuant to the Indenture. The foregoing description of the Indenture and the Supplemental Indenture does not purport to be complete, and is subject to, and qualified in its entirety by reference to the full text of the Indenture and the Supplemental Indenture, which are filed as Exhibit 4.1 and Exhibit 4.2, respectively, to this Current Report on Form 6-K and are incorporated herein by reference.

***2024 NOK Bonds and 2026 NOK Bonds***

As a result of the Merger, a De-Listing Event is expected to occur on or about April 7, 2023, as such term is defined in the respective indentures to the 2026 NOK Bonds and Seaspan's 6.5% senior unsecured sustainability-linked bonds due 2024 (the "***2024 NOK Bonds***"). Seaspan will notify the holders of the 2024 NOK Bonds and the 2026 NOK Bonds upon the occurrence of such De-Listing Event. Following the De-Listing Event, each holder of the 2024 NOK Bonds and the 2026 NOK Bonds will have a right to require Seaspan purchase all or some of the bonds held by such holder (a "***NOK Put Option***") at a price equal to 101% of the principal amount plus accrued interest. A holder may exercise a NOK Put Option no later than May 2, 2023 (being 15 business days after Seaspan's notice of the De-Listing Event and assuming such notice is given on April 7, 2023) (the "***NOK Exercise Period***"), with payment to be made on May 9, 2023 (being five business days after the end of the NOK Exercise Period and assuming Seaspan's notice of De-Listing Event is given on April 7, 2023).

***Bylaws***

On March 28, 2023, under the terms of the Merger Agreement and upon the merger of Merger Sub with and into the Company, the Amended and Restated Bylaws of the Merger Sub prior to the Merger became the Bylaws of the Company following the Merger. A copy of the Amended and Restated Bylaws of the Company, as in effect following the Merger, is filed as Exhibit 3.1 to this Current Report on Form 6-K.

***Press Release***

On March 28, 2023, the Company and Poseidon issued a press release announcing the completion of the Merger. A copy of this press release is furnished herewith as Exhibit 99.1 and incorporated by reference herein.

***Quarterly Dividend***

On March 13, 2023, the Board of Directors declared the first quarter dividend of $0.125 per share payable to common shareholders of record as of March 20, 2023. The dividend will be paid on March 31, 2023. At the instruction of the Company, the administrator of the Company's dividend reinvestment plan (the "***DRIP***") has determined: (i) not to re-invest the dividend payable with respect to the first quarter of 2023, and (ii) to terminate the DRIP as of March 30, 2023.

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**<u>EXHIBIT INDEX</u>**

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| | |
|:---|:---|
| **Exhibit**<br> **No.** |  |
| 2.1\* | [Agreement and Plan of Merger, by and among Atlas Corp., Poseidon Acquisition Corp. and Poseidon Merger Sub, Inc., dated as of October 31, 2022 (incorporated by reference to Exhibit 2.1 to the Current Report on Form 6-K filed by Atlas Corp. on November 1, 2022).](http://www.sec.gov/Archives/edgar/data/1794846/000119312522274489/d353336dex21.htm) |
| 2.2 | [Letter Agreement among Atlas Corp., Poseidon Acquisition Corp and Poseidon Merger Sub, Inc., dated as of March 26, 2023.](d489448dex22.htm) |
| 3.1 | [Amended and Restated Bylaws of Atlas Corp.](d489448dex31.htm) |
| 4.1 | [Indenture, dated as of December 21, 2020, by and among Atlas Corp., Seaspan Corporation and The Bank of New Your Mellon, as Trustee (incorporated by reference to Exhibit 4.1 to the Current Report on Form 6-K filed by Atlas Corp. on December 23, 2020).](http://www.sec.gov/Archives/edgar/data/1794846/000119312520326092/d24579dex41.htm) |
| 4.2 | [Supplemental Indenture, dated March 28, 2023 among Atlas Corp., Seaspan Corporation and The Bank of New York Mellon, as Trustee.](d489448dex42.htm) |
| 99.1 | [Press Release issued by Atlas Corp. on March 28, 2023 titled "Atlas and Poseidon Announce Completion of Acquisition by Poseidon Acquisition Corp."](d489448dex991.htm) |

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\* Certain schedules and similar attachments have been omitted pursuant to Item 601(a)(5) of Regulation S-K and will be provided to the SEC upon request.

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**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | ATLAS CORP. | ATLAS CORP. |
| Date: March 28, 2023 | By: | /s/ Andrew E. Derksen |
|  |  | Andrew E. Derksen |
|  |  | Corporate Secretary and General Counsel |

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## Exhibit 2.2

**Exhibit 2.2** 

**ATLAS CORP.** 

March 26, 2023

Poseidon Acquisition Corp Poseidon Merger Sub, Inc.

Ladies and Gentlemen:

We are writing with respect to that certain Agreement and Plan of Merger (the "<u>Merger Agreement</u>"), dated as of October 31, 2022, by and among Atlas Corp., a Marshall Islands corporation (the "<u>Company</u>"), Poseidon Acquisition Corp., a Marshall Islands corporation ("<u>Parent</u>"), and Poseidon Merger Sub, Inc., a Marshall Islands corporation and a wholly owned Subsidiary of Parent ("<u>Merger Sub</u>" and together with the Company and Parent, the "<u>Parties</u>" and each, a "<u>Party</u>"). Capitalized terms used but not otherwise defined in this Amendment shall have the meanings ascribed to such terms in the Merger Agreement.

This letter agreement (this "<u>Letter Agreement</u>") memorializes certain understandings and agreements by and among the Parties with respect to certain matters relating to the Merger Agreement and the Merger, such matters having been reviewed and agreed by the Special Committee of the Board of Directors of the Company. Upon execution of this Letter Agreement by all of the Parties, the terms hereof shall become legally binding upon and enforceable by each of the Parties, it being acknowledged by all of them that they have received good and valuable consideration therefor by the execution and delivery of this Letter Agreement and otherwise.

1. <u>2026 NOK Bonds</u>:

Parent and Merger Sub hereby agree that the Company's obligations under Section 6.08 of the Merger Agreement, are hereby irrevocably waived solely with respect to the indebtedness facility set out at row 1 of Section 9.02(e) of the Company Disclosure Schedule (the "<u>2026 NOK Bonds</u>"), and, accordingly, the Company shall have no obligation prior to and as a condition of the Closing to obtain any consent, clearance, authorization, approval, or waiver with respect to the 2026 NOK Bonds or to repay, redeem, or otherwise retire the 2026 NOK Bonds prior to and as a condition of the Closing.

In furtherance of the foregoing waiver, Parent and Merger Sub hereby agree that the condition to their obligations to consummate the Merger set forth in Section 9.02(e) of the Merger Agreement is hereby irrevocably waived solely with respect to the 2026 NOK Bonds, and such Section 9.02(e) shall be applied by the parties as if the 2026 NOK Bonds were not listed in Section 9.02(e) of the Company Disclosure Schedule. The parties further confirm their agreement that notwithstanding anything to the contrary in Section 6.01 or any other applicable provision of the Merger Agreement, the Company may, if required, repay or redeem any or all of the 2026 NOK Bonds using cash on hand of the Company and its Subsidiaries and/or proceeds of existing undrawn credit facilities of the Company and its Subsidiaries, all in accordance with the terms of the 2026 NOK Bonds as currently in effect, and this shall constitute a waiver and consent of Parent and Merger Sub with respect to any such repayment or redemption, to the extent necessary and appropriate.

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March 26, 2023

2. <u>Treatment of Certain Company Equity Awards</u>. Notwithstanding anything to the contrary in the Merger
Agreement (including Article 2 thereof) or in any other agreement contemplated by and entered into in connection with the Merger Agreement, the Parties hereby agree as follows, and provide their express consent to each of the following. They each
further waive any rights to assert such actions, whether alone or together with any other action, fact or occurrence, as a basis for claiming a breach of the provisions of the Merger Agreement or a failure of any condition set forth therein to be
satisfied (or that any such condition is incapable of being satisfied).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Company Restricted Shares</u>. Each of (i) the 1,491,316 Company Restricted Shares that are subject to
the June 27, 2022 Stock Grant Agreement, by and between Bing Chen, on the one hand, and the Company and Seaspan Corporation, on the other hand (the " <u>Chen RSA</u> "), and (ii) the 4,000,000 Company Restricted Shares that are
subject to the March 28, 2022 Stock Grant Agreement, by and between David Sokol, on the one hand, and the Company, on the other hand (the " <u>Sokol RSA</u> "), shall be contributed by Chen or Sokol (as applicable) to Parent in exchange
for the issuance by Parent to such individual of a number of newly issued shares of common stock of Parent equal to the number of shares contributed by such individual to Parent in accordance with the foregoing, and the parties will take all steps
reasonably necessary to effectuate the foregoing, including entering into amendments prior to or concurrent with and, in any case contingent upon, the Closing to each of Bing Chen and David Sokol's applicable Rollover and Contribution
Agreements with Poseidon Acquisition Corp., dated October 31, 2022 (each, a " <u>Rollover Agreement</u> ") (in the case of Bing Chen, as may be combined with his "Rollover Amendment" contemplated below), to cause the Company
Restricted Shares subject to each of the Chen RSA and the Sokol RSA to constitute "Rollover Equity" thereunder. For clarity, all other existing terms and conditions of the Chen RSA and the Sokol RSA (including without limitation all
vesting, forfeiture, and clawback provisions as may be contained therein) shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Amendments to Unvested Bing Chen Awards</u>. Solely with respect to each of the Company RSUs granted to Bing
Chen pursuant to that certain Restricted Stock Units Award Grant Notice and Agreement, by and among the Company and Mr. Chen, dated as of June 24, 2020 (the " <u>Chen RSU Award Agreement</u> "), that remains outstanding and subject
to one or more unsatisfied vesting conditions as of immediately prior to the Effective Time (each, an " <u>Unvested Chen RSU</u> "), each such Unvested Chen RSU shall remain outstanding and continue to be subject to the same terms and
conditions (including vesting and forfeiture conditions) as immediately prior to the Effective Time, as set forth in the applicable Company Stock Plan and the Chen RSU Award Agreement, except that each Unvested Chen RSU shall, if and when such
Unvested Chen RSU vests in accordance with its terms, settle in a number of common shares of common stock of Parent equal to the number of Company Common Shares subject to the Unvested Chen RSU immediately before the Effective Time, and the parties
will take all steps reasonably necessary, including amending the Chen RSU Award Agreement, to effectuate the foregoing. For clarity, all other existing terms and conditions of the Chen RSU Award Agreement (including without limitation all vesting,
forfeiture, and clawback provisions as may be contained therein) shall remain in full force and effect.

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March 26, 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Amendment to Executive Option Award Agreement.</u> Each of Parent and Merger Sub acknowledges that the
Company, on the one hand, and Bing Chen, on the other hand, will enter into an amendment, prior to or concurrently with the Closing, to Mr. Chen's Stock Option Grant Notice and Stock Option Agreement with the Company, dated June 24,
2020, to provide for the treatment prescribed by Section 2 of the Merger Agreement with respect to Mr. Chen's Company Options. <u> </u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Amendments to Company RSU Award Agreements</u>. Each of Parent and Merger Sub acknowledges that the Company,
on the one hand, and each of Graham Talbot and Torsten Holst Pedersen, on the other hand, will enter into amendments, prior to or concurrently with the Closing (collectively, the " <u>RSU Award Agreement Amendments</u> "), to their
respective Award Agreements with the Company, dated August 5, 2021, to provide for the treatment prescribed by Section 2 of the Merger Agreement with respect to such Persons' Company RSUs, plus payment of an additional interest
premium as described, and calculated in accordance with the formula set forth, in the RSU Award Agreement Amendments.

3. <u>Bonuses</u>. Parent and Merger Sub acknowledge that the Company has taken or will take the actions set forth
on Schedule A hereto with respect to annual bonus payments to be made to Company Employees (the " <u>Bonus-Related Actions</u> "). Parent and Merger Sub hereby consent to the Bonus-Related Actions (whether previously occurring or with
respect to the taking of such actions in the future, in any case, to the extent set forth on Schedule A hereto) and waive any rights to assert any Bonus-Related Action, whether alone or together with any other action, fact or occurrence, as a basis
for claiming a breach of the provisions of the Merger Agreement or a failure of any condition set forth therein to be satisfied (or that any such condition is incapable of being satisfied).

4. <u>Amendment of Rollover Agreement</u>. The Company acknowledges that Parent and Bing Chen will amend, prior to
the Closing, the Rollover Agreement between such Persons solely to (a) increase the number of Company Common Shares that may be excluded from the Rollover Equity (as defined therein) from 750,000 to 1,500,000 and (b) to effectuate the
characterization of all of 1,491,316 of Mr. Chen's Company Restricted Shares as "Rollover Shares" as contemplated by Section 2(a) above (the " <u>Rollover Amendment</u> ") and otherwise preserve all existing terms
and conditions of the Rollover Agreement. The Company hereby consents to entry into the Rollover Amendment and waives any rights to assert the Rollover Amendment, whether alone or together with any other action, fact or occurrence, as a basis for
claiming a breach of the provisions of the Merger Agreement (including the representations and warranties of Parent and Merger Sub set forth in Section 5.10) or a failure of any condition set forth therein to be satisfied (or that any such
condition is incapable of being satisfied).

5. <u>Dividend</u>. Notwithstanding anything to the contrary in the Merger Agreement or in any other agreement
contemplated by and entered into in connection with the Merger Agreement, Parent and Merger Sub hereby consent to the Company's declaration, and payment to the holders of Company Common Shares, of a $0.125 per share dividend with respect to the
Company's first fiscal quarter, and each of Parent and Merger Sub waive any rights to assert the declaration and/or payment of such dividend, whether alone or together with any other action, fact or occurrence, as a basis for claiming a breach
of the provisions of the Merger Agreement (including the provisions of Section 6.07) or a failure of any condition set forth therein to be satisfied (or that any such condition is incapable of being satisfied).

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March 26, 2023

6. <u>Closing Timing</u>. The Parties hereby agree that, subject to the prior satisfaction or waiver (to the
extent permissible) by applicable parties of the conditions set forth in Article 9 of the Merger Agreement (other than conditions that by their nature are to be satisfied at the Closing, but subject to the satisfaction or, to the extent permissible,
waiver of those conditions at the Closing), the Closing shall occur on March 28, 2023.

7. <u>Certain Other Matters:</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Timing</u>. The Parties hereby agree that the reference to "ten (10) Business Days prior to the
Effective Time" set forth in Section 2.03 of the Merger Agreement shall be replaced with "the Business Day prior to the Effective Time." The Company waives any rights to assert the fact that the Exchange Agreement was not entered
into on or prior to the tenth Business Day prior to the Effective Time, whether alone or together with any other action, fact or occurrence, as a basis for claiming a breach of the provisions of the Merger Agreement (including the provisions of
Section 2.03) or a failure of any condition set forth therein to be satisfied (or that any such condition is incapable of being satisfied).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Insurance</u>. The Parties hereby agree that purchase by either of the Company or the Surviving Corporation
(as defined in the Merger Agreement) of that certain directors' and officers' liability insurance package described in the documents with respect to such insurance provided to Parent on March 24, 2023 satisfies the requirement of
Section 7.02(d) of the Merger Agreement, and each of them waives any rights to assert the noncompliance with such provisions, whether alone or together with any other action, fact or occurrence, as a basis for claiming a breach of the
provisions of the Merger Agreement or a failure of any condition set forth therein to be satisfied (or that any such condition is incapable of being satisfied).

The Parties confirm that subject solely to the foregoing understandings, agreements, waivers, and consents the Merger Agreement remains in full force and effect in accordance with its terms and that agreements, waivers and consents reflected in this Letter Agreement pertain solely to the matters specified herein and are in accordance with, and subject to, the terms and conditions of Section 11.03 of the Merger Agreement. Further, the provisions of Sections 11.02, 11.06 – 11.14 of the Merger Agreement are hereby incorporated herein by reference, *mutatis mutandis*.

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Please confirm your agreement with and acceptance of the terms and conditions of this Letter Agreement, effective as of the date hereof, by countersigning and returning an executed copy of this Letter Agreement to me.

Sincerely,

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| | |
|:---|:---|
| **ATLAS CORP.** | **ATLAS CORP.** |
| By: | /s/ Andrew E. Derksen |
| Name: Andrew E. Derksen | Name: Andrew E. Derksen |
| Title: General Counsel & Corporate Secretary | Title: General Counsel & Corporate Secretary |
| By: | /s/ Nicholas Pitts-Tucker |
| Name: Nicholas Pitts-Tucker | Name: Nicholas Pitts-Tucker |
|  Title: Chairman, Special Committee of the Board of Directors of Atlas Corp. | Title: Chairman, Special Committee of the Board of Directors of Atlas Corp. |

---

---

| | |
|:---|:---|
|  ACCEPTED AND AGREED: | ACCEPTED AND AGREED: |
| **POSEIDON ACQUISITION CORP.** | **POSEIDON ACQUISITION CORP.** |
|  By: | /s/ David L. Sokol |
|  Name: David L. Sokol | Name: David L. Sokol |
|  Title: Chairman | Title: Chairman |
| **POSEIDON MERGER SUB, INC.** | **POSEIDON MERGER SUB, INC.** |
|  By: | /s/ David L. Sokol |
|  Name: David L. Sokol | Name: David L. Sokol |
|  Title: Chairman | Title: Chairman |

---

---

| | | |
|:---|:---|:---|
| cc: | Honigman LLP | Ocean Network Express Pte. Ltd. |
|  | Latham & Watkins LLP | Hamblin Watsa Investment Counsel Ltd. |
|  | Torys LLP | Washington Corporation |
|  | K&L Gates LLP | Gibson, Dunn & Crutcher LLP |
|  | Morris Nichols Arsht & Tunnell |  |

---

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**Exhibit A** 

<u>Bonus-Related Actions</u> 

1. In February 2023, the Company delivered letters to each participant in the Company's 2022 annual bonus
program notifying participants of their 2022 total bonus value based on applicable performance criteria and the form of payment thereof. Specifically, the Company determined that 2022 bonuses will be paid as follows: (i) one-third in cash on February 28, 2023; (ii) one-third in cash on the mid-June 2023 payroll; and (iii) the
final one-third to be paid in cash in equal installments during each of June 2023, June 2024 and June 2025, subject to the participant's continued employment or service with the Company or any of its
subsidiaries through the payment date (except that, for the long-term component of 2022 bonuses for the Company's executive leadership team members (specifically, Bing Chen, Torsten Pedersen, Graham Talbot, Andrew Derksen, and Peter Curtis),
the first installment was paid in February 2023 and the second and third installments will be paid in February 2024 and February 2025, respectively). The Company further provided that the June 2024 and June 2025 installments will include an
additional interest premium, based on an interest amount calculated using the average of the four preceding 90-day U.S. Treasury rates prior to the scheduled payment.

2. Also in the letters described above, the Company communicated to the applicable participant his or her base
salary for 2023 (to the extent different from their 2022 base salary) and annual bonus opportunity. The letters provided that 2023 bonuses, to the extent earned, will be paid as follows: (i) one-third in
cash in February 2024; (ii) one-third in cash in June 2024; and (iii) the final one-third based on a new plan to be adopted in 2023 following the Closing.

## Exhibit 3.1

**Exhibit 3.1** 

*As Adopted on March 28, 2023* 

**AMENDED AND RESTATED BYLAWS** 

**OF** 

**ATLAS CORP.** 

ARTICLE I

OFFICES

Section 1.1 *Registered Office*. The registered office of the Corporation in the Marshall Islands is Trust Company Complex, Ajeltake Road, Ajeltake Island, P.O. Box 1405, Majuro, Marshall Islands MH 96960.

Section 1.2 *Other Offices*. The Corporation may also have an office or offices at such other place or places as the Corporation's Board of Directors (the "**Board of Directors**" or the "**Board**") may from time to time determine or the business of the Corporation may require.

ARTICLE II

SHAREHOLDER MEETINGS

Section 2.1 *Place of Meetings*. Meetings of the shareholders of the Corporation for any purpose shall be held at such time and place, either within or without the Republic of the Marshall Islands, as shall be designated from time to time by the person calling the meeting.

Section 2.2 *Annual Meeting*. The annual meeting of shareholders of the Corporation shall be held on such day and at such time and place within or without the Republic of the Marshall Islands as the Board of Directors may determine for the purpose of electing directors and/or transacting any other proper business. The Chairman of the Board or, in the absence of the Chairman, another person designated by the Board, shall act as chairman of all annual meetings of shareholders.

Section 2.3 *Nature of Business at Annual Meeting of Shareholders*. No business may be transacted at an annual meeting of shareholders, other than business that is either (a) specified in the notice of meeting (or any supplement thereto) given by or at the direction of the Board of Directors (or any duly authorized committee thereof); (b) otherwise properly brought before the annual meeting by or at the direction of the Board of Directors (or any duly authorized committee thereof); or (c) otherwise properly brought before the annual meeting by any shareholder of the Corporation.

Section 2.4 *Special Meetings*. Unless otherwise required by law or the Corporation's Articles of Incorporation (as amended, the "**Articles of Incorporation**"), special meetings of the shareholders, for any purpose or purposes may be called only by (a) the Chairman of the Board, (b) the Board of Directors or (c) any shareholder holding at least a majority of the outstanding common shares. No other person or persons are permitted to call a special meeting, unless otherwise prescribed by law. No business may be conducted at the special meeting other than business specified in the notice. The Chairman, or in the absence of the Chairman, another person designated by the Board, shall act as the chairman of all special meetings of the shareholders.

Section 2.5 *Notice of Meetings*. Unless otherwise required by law or the Articles of Incorporation, notice of every meeting of shareholders shall state the date, hour, place and purpose of such meeting, and in the case of special meetings, shall also include the name of the person or persons at whose direction the notice is being issued, and shall be given personally or sent by mail or electronic transmission at least fifteen (15) but not more than sixty (60) days before such meeting, to each shareholder of record entitled to vote thereat and to each shareholder of record who, by reason of any action proposed at such meeting would be entitled to have his shares appraised if such action were taken, and the notice shall include a statement of that purpose and to that effect. If mailed, notice shall be deemed to have been given when deposited in the mail, directed to the shareholder at his address as the same

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appears on the record of shareholders of the Corporation or at such address as to which the shareholder has given notice to the Secretary. Without limiting the manner by which notice otherwise may be given effectively to shareholders, any notice to shareholders may be given by electronic transmission in the manner now or hereafter provided in Section 65(2) of the Marshall Islands Business Corporations Act (the "**BCA**") or any other applicable provision of the BCA. Notwithstanding anything herein to the contrary, all meetings of shareholders may be held electronically in accordance with the Marshall Islands Shareholder Meeting Regulations, 2020.

Section 2.6 *Waiver of Notice*. A written waiver of any notice, signed by a shareholder or director, or waiver by electronic transmission by such person, whether given before or after the time of the event for which notice is to be given, shall be deemed equivalent to the notice required to be given to such person. Neither the business to be transacted at nor the purpose of any meeting need be specified in such a waiver. Attendance at any meeting shall constitute waiver of notice except attendance for the express purpose of objecting at the beginning of the meeting to the transaction of any business because the meeting is not lawfully called or convened.

Section 2.7 *Shareholder List*. The Secretary shall prepare, certify and make a complete list of the shareholders entitled to vote at the meeting, arranged in alphabetical order with the address of and the number of voting shares registered in the name of each. Such list shall be produced and kept at the time and place of the meeting during the whole time thereof, and may be inspected by any shareholder who is present.

Section 2.8 *Quorum*. Unless otherwise required by law or the Articles of Incorporation, at all meetings of shareholders there must be present either in person or by proxy shareholders of record holding at least a majority of the voting power of the shares of the Corporation issued and outstanding and entitled to vote at such meetings in order to constitute a quorum, but if less than a quorum is present, a majority of the voting power of those shares present either in person or by proxy shall have power to adjourn any meeting until a quorum shall be present.

Section 2.9 *Adjournments*. Any meeting of shareholders, annual or special, may be adjourned from time to time to reconvene at the same or some other place, and notice need not be given of any such adjourned meeting if the time and place thereof are announced at the meeting at which the adjournment is taken. At the adjourned meeting, the Corporation may transact any business that may have been transacted at the original meeting. If the meeting is adjourned for lack of quorum, notice of the new meeting shall be given to each shareholder of record entitled to vote at the meeting. If after the adjournment the Board fixes a new record date for the adjourned meeting, a notice of the adjourned meeting shall be given to each shareholder of record on the new record date entitled to notice.

Section 2.10 *Vote Required*. At any meeting of shareholders at which a quorum is present, all matters shall be decided by a majority of the votes cast by the shareholders present in person or by proxy and entitled to vote, unless the matter is one for which, by express provision of statute, of the Articles of Incorporation or of these Bylaws, a different vote is required, in which case such express provision shall govern and control the determination of such matter.

Section 2.11 *Voting*. Except as otherwise provided by the Articles of Incorporation, every shareholder shall have one vote for each share registered in his name. Each shareholder may exercise such voting right either in person or by proxy, *provided, however,* that no proxy shall be valid after the expiration of eleven (11) months from the date such proxy was authorized unless otherwise provided in the proxy. A duly executed proxy shall be irrevocable if it states that it is irrevocable and if, and only as long as, it is coupled with an interest sufficient in the law of the Marshall Islands to support an irrevocable power. A shareholder may revoke any proxy that is not irrevocable by attending the meeting and voting in person or by filing an instrument in writing revoking the proxy or by filing another duly executed proxy bearing a later date with the Secretary of the Corporation.

Section 2.12 *Action by Shareholders Without a Meeting*. Any action required or permitted to be taken by the shareholders of the Corporation, or any action which may be taken at a meeting of the shareholders, may be taken without a meeting if a consent in writing, setting forth the action so taken, is signed by all the shareholders entitled to vote with respect to the subject matter thereof. An electronic transmission consenting to an action to be taken and transmitted by a shareholder or proxyholder, or by a person or persons authorized to act for a shareholder or proxyholder, shall be deemed to be written and signed for the purposes of this Section 2.12, provided that any

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such electronic transmission sets forth or is delivered with information from which the corporation can determine (a) that the electronic transmission was transmitted by the shareholder or proxyholder or by a person or persons authorized to act for the shareholder or proxyholder and (b) the date on which such shareholder or proxyholder or authorized person or persons transmitted such electronic transmission.

Section 2.13 *Fixing of Record Date for Meeting*. In order that the Corporation may determine the shareholders entitled to notice of or to vote at any meeting of the shareholders or any adjournment thereof, the Board of Directors may fix, in advance, a record date, and which record date shall not be more than sixty (60) nor less than fifteen (15) days prior to the date of such meeting. If no record date is fixed by the Board of Directors, the record date for determining shareholders entitled to notice of or to vote at a meeting of the shareholders shall be at the close of business on the day next preceding the day on which notice is given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held. A determination of shareholders of record entitled to notice of or to vote at a meeting of the shareholders shall apply to any adjournment of the meeting; *provided, however,* that the Board of Directors may fix a new record date for the adjourned meeting.

ARTICLE III

DIRECTORS

Section 3.1 *Powers*. The Board of Directors shall have the powers set forth in the Articles of Incorporation and these Bylaws.

Section 3.2 *Number*. The number of persons constituting the Board of Directors shall be as set forth in the Articles of Incorporation.

Section 3.3 *Election*. Directors shall be elected in the manner set forth in the Articles of Incorporation.

Section 3.4 *Nomination of Directors*. Nominations of persons for election to the Board of Directors may be made at any annual or special meeting of shareholders (a) by or at the direction of the Board of Directors (or any duly authorized committee thereof) or (b) by any shareholder of the Corporation.

Section 3.5 *Resignations*. Any director of the Corporation may resign at any time, by giving notice in writing or by electronic transmission to the Board, the Chairman of the Board, the Chief Executive Officer or the Secretary of the Corporation. Such resignation shall take effect after receipt of the applicable notice of resignation by the Board, the Chairman of the Board, the Chief Executive Officer or the Secretary of the Corporation at the time specified in such notice or, if no time is specified, immediately upon receipt of such notice by the Board, the Chairman of the Board, the Chief Executive Officer or the Secretary of the Corporation. Unless otherwise specified in such notice, the acceptance of such resignation shall not be necessary to make it effective.

Section 3.6 *Removal*. Directors shall be removed in the manner set forth in the Articles of Incorporation.

Section 3.7 *Vacancies*. Vacancies shall be filled in the manner set forth in the Articles of Incorporation.

Section 3.8 *Chairman of the Board*. The directors shall elect one of their members to be Chairman of the Board. As of the date of the adoption of these Bylaws, the Chairman shall be David L. Sokol. The Chairman of the Board shall perform such duties as may from time to time be assigned by the Board. The Chairman of the Board shall be subject to the control of and may be removed from such office by the Board (but shall remain a director).

Section 3.9 *Regular Meetings*. Regular meetings of the Board of Directors may be held without notice at such time and place, within or without the Republic of the Marshall Islands, as shall from time to time be determined by the Board of Directors.

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Section 3.10 *Special Meetings*. Special meetings of the Board of Directors may be called only upon the written request of the Chairman of the Board, any two (2) members of the Board of Directors or any Shareholder or group of Shareholders holding at least a majority of the outstanding common shares. A Special meeting of the Board of Directors shall be held at the time and place, in or outside the Republic of the Marshall Islands, specified in the notice thereof. The Chairman of the Board or the Secretary shall call such special meeting of the Board of Directors within ten (10) days of the receipt by the Secretary of the written request to call a special meeting of the Board of Directors.

Section 3.11 *Notice of Special Meeting*. Notice of the date, time and place of each special meeting of the Board of Directors shall be given to each director at least forty-eight (48) hours prior to such meeting, unless the notice is given orally or delivered in person, in which case it shall be given at least twenty-four (24) hours prior to such meeting. For the purpose of this section, notice shall be deemed to be duly given to a director if given to him personally (including by telephone) or if such notice be delivered to such director by mail, email, facsimile or electronic transmission to his last known address, email address or facsimile number. Notice of any meeting of directors need not be given to any director who submits a signed waiver of notice, whether before or after the meeting, or who attends the meeting except when the director attends the meeting for the express purpose of objecting at the beginning of the meeting to the transaction of business because the meeting is not lawfully called or convened.

Section 3.12 *Quorum*. At all meetings of the Board of Directors, the greater of (i) one-third of the entire Board of Directors and (ii) a majority of the directors at the time in office, present in person or by conference telephone, shall constitute a quorum for the transaction of business. If a quorum shall not be present at any meeting of directors, the directors present thereat may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present.

Section 3.13 *Organization*. Meetings shall be presided over by the Chairman of the Board, or in the absence of the Chairman of the Board, by such other person as the directors may select. The Board of Directors shall keep written minutes of its meetings. The Secretary of the Corporation shall act as secretary of the meeting, but in the absence of the Secretary, the Chairman of the meeting may appoint any person to act as secretary of the meeting.

Section 3.14 *Voting*. Except as otherwise provided by applicable law, the Articles of Incorporation or these Bylaws, all matters presented to the Board shall be approved by a vote of the majority of the directors, present in person or by conference telephone, at any meeting of the Board at which a quorum is present. The Chairman shall not have any extra or tie-breaking vote.

Section 3.15 *Action by Directors Without a Meeting*. Unless otherwise restricted by the Articles of Incorporation or these Bylaws, whenever the vote of the directors at a meeting thereof is required or permitted to be taken in connection with any corporate action by any provisions of the statutes or of the Articles of Incorporation or of these Bylaws, the meeting and vote of the directors may be dispensed with if all the directors who would be entitled to vote upon the action, if such meeting were held, shall consent in writing or by electronic transmission to such corporate action being taken.

Section 3.16 *Directors' Meeting by Conference Telephone*. Any one or more members of the Board of Directors or of any committee thereof may participate in a meeting of such Board of Directors or committee, as the case may be, by means of a conference telephone or similar communications equipment allowing all persons participating in the meeting to communicate with each other. Participation by such means shall constitute presence in person at a meeting.

Section 3.17 *Compensation*. The Board of Directors shall have the authority to fix the compensation of directors for their services. A director may also serve the Corporation in other capacities and receive compensation therefor.

Section 3.18 *Interested Directors*. No contract or other transaction between the Corporation and one or more of its directors, or between the Corporation and any other corporation, firm, association or other entity in which one or more of its directors are directors or officers, or have a substantial financial interest, shall be either void or voidable for this reason alone or by reason alone that such director or directors are present at the meeting of

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the Board, or of a committee thereof, which approves such contract or transaction, or that his or their votes are counted for such purpose:(a) if the material facts as to such director's interest in such contract or transaction and as to any such common directorship, officership or financial interest are disclosed in good faith or known to the Board or committee, and the board or committee approves such contract or transaction by a vote sufficient for such purpose without counting the vote of such interested director, or, if the votes of the disinterested directors are insufficient to constitute an act of the Board as defined in Section 55 of the BCA, by unanimous vote of the disinterested directors; or (b) if the material facts as to such director's interest in such contract or transaction and as to any such common directorship, officership or financial interest are disclosed in good faith or known to the shareholders entitled to vote thereon, and such contract or transaction is approved by vote of such shareholder. Common or interested directors may be counted in determining the presence of a quorum at a meeting of the Board or of a committee which authorizes the contract or transaction.

Section 3.19 *Chairman of the Board*. The Chairman of the Board, if there be one, shall preside at all meetings of the shareholders and of the Board, subject to Sections 2.2, 2.4 and 3.13 in the event of the Chairman's absence from a meeting. The Chairman of the Board shall perform such other duties as may from time to time be assigned by the Board. The Chairman of the Board is not an officer of the Corporation and shall not be an executive unless so specified by his appointment to an office within the Corporation.

ARTICLE IV

COMMITTEES

Section 4.1 *Constitution and Powers*. Except as otherwise provided by applicable law, the Articles of Incorporation or these Bylaws, the Board may, by resolution adopted by a majority of the entire Board, designate one or more committees (in addition to the mandatory Standing Committees set forth in Section 4.2). Each committee shall consist of one or more directors of the Corporation and the composition of each such other committee shall be in compliance with the applicable Requirements (if any). Any committee, to the extent permitted by law (including the Requirements) and provided in the resolution establishing such committee, shall have and may exercise all the powers and authority of the Board of Directors in the management of the business and affairs of the Corporation, and may authorize the seal of the Corporation, if any, to be affixed to all papers that may require it. Each committee shall keep regular minutes and report to the Board of Directors when required. Unless a greater voting requirement is established by the entire Board of Directors, committees act and approve matters by a vote of a majority of the committee members. No committee shall have the authority to take the actions prohibited by Section 57(1) of the BCA (which, as of the date hereof, provides that no committee shall have the authority as to the following matters: (a) the submission to shareholders of any action that requires shareholders' authorization under the BCA; (b) the filling of vacancies in the Board of Directors or in a committee; (c) the fixing of compensation of the directors for serving on the Board of Directors or on any committee; (d) the amendment or repeal of the Bylaws, or the adoption of new Bylaws; or (e) the amendment or repeal of any resolution of the Board of Directors which by its terms shall not be so amendable or repealable).

Section 4.2 *Standing Committees.* The Board of Directors shall have an Audit Committee and such other committees (the Audit Committee, together such other committees, the "**Standing Committees**"), as may be required from time to time by the stock exchange listing requirements, if any (the "**Requirements**"). The Audit Committee (and such other Standing Committee as may be mandated by the Requirements) shall be composed entirely of "independent directors" within the meaning of the Requirements applicable to such committee. Except as may be required by the Requirements, each Standing Committee shall consist of two (2) (or such greater number as the Board of Directors may designate) directors, and the composition of each such Standing Committee shall be in compliance with the applicable Requirements, if any. Each Standing Committee shall have a written charter, which shall be approved by the Board of Directors and state the purpose and authority of such committee. Standing Committee charters shall be reviewed annually to reflect the activities of the respective committees, changes in applicable Requirements and other relevant considerations, and proposed revisions to such charters shall be approved by the Board of Directors.

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ARTICLE V

OFFICERS

Section 5.1 *Officers*. The Board shall elect a Secretary. The Board may, subject to any consent of the shareholders required under the Articles of Incorporation, elect from time to time such other officers as, in the opinion of the Board, are desirable for the conduct of the business of the Corporation. Any two or more offices may be held by the same person unless otherwise prohibited by law, the Articles of Incorporation or these Bylaws; and *provided, however,* that no officer shall execute, acknowledge or verify any instrument in more than one capacity if such instrument is required by law, the Articles of Incorporation of the Corporation or these Bylaws to be executed, acknowledged or verified by two or more officers (unless at the time of execution only one person holds all officer positions).

Section 5.2 *Chief Executive Officer*. The Chief Executive Officer shall have supervisory authority over the business, affairs and property of the Corporation, and over the activities of the executive officers of the Corporation. The Chief Executive Officer may enter into and execute in the name of the Corporation, powers of attorney, contracts, bonds and other obligations which implement policies established by the Board. The Chief Executive Officer shall have all authority incident to the office of Chief Executive Officer, shall have such other authority and perform such other duties as may from time to time be assigned by the Board and shall report directly to the Board. If so elected by the Board, subject to any consent of the shareholders required under the Articles of Incorporation, the Chairman of the Board may be the Chief Executive Officer or any other officer.

Section 5.3 *Chief Financial Officer*. The Chief Financial Officer shall be the principal financial officer of the Corporation and shall have such powers and perform such duties as may from time to time be assigned by the Chief Executive Officer or the Board. Without limiting the generality of the foregoing, the Chief Financial Officer may sign and execute contracts and other obligations pertaining to the regular course of his or her duties which implement policies established by the Board.

Section 5.4 *Chief Operating Officer*. The Chief Operating Officer, if elected, shall have general supervision of the daily business, affairs and property of the Corporation. The Chief Operating Officer shall have all authority incident to the office of Chief Operating Officer, and shall have such other authority and perform such other duties as may from time to time be assigned by the Chief Executive Officer or the Board.

Section 5.5 *Vice Presidents*. The Vice Presidents, if elected, shall have such powers and shall perform such duties as may from time to time be assigned to them by the Chief Executive Officer or the Board. Without limiting the generality of the foregoing, Vice Presidents may enter into and execute in the name of the Corporation contracts and other obligations pertaining to the regular course of their duties which implement policies established by the Board.

Section 5.6 *Treasurer*. If elected, the Treasurer shall, if required by the Board, give a bond for the faithful discharge of duties, in such sum and with such sureties as may be so required. Unless the Board otherwise declares by resolution, the Treasurer shall have custody of, and be responsible for, all funds and securities of the Corporation; receive and give receipts for money due and payable to the Corporation from any source whatsoever; deposit all such money in the name of the Corporation in such banks, trust companies or other depositories as the Board may designate; against proper vouchers, cause such funds to be disbursed by check or draft on the authorized depositories of the Corporation signed in such manner as shall be determined by the Board, and be responsible for the accuracy of the amounts of all funds so disbursed; regularly enter or cause to be entered in books to be kept by the Treasurer or under the Treasurer's direction, full and adequate accounts of all money received and paid by the Treasurer for the account of the Corporation; render to the Board, any duly authorized committee of the Board of Directors or the Chief Executive Officer, whenever they or any of them, respectively, shall require the Treasurer to do so, an account of the financial condition of the Corporation and of all transactions of the Treasurer; and, in general, have all authority incident to the office of Treasurer and such other authority and perform such other duties as may from time to time be assigned by the Chief Executive Officer or the Board. Any Assistant Treasurer shall, in the absence or disability of the Treasurer, perform the duties and exercise the powers of the Treasurer and shall have such other duties and have such other powers as the Board may from time to time prescribe.

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Section 5.7 *Controller*. If elected, the Controller shall be the chief accounting officer of the Corporation. The Controller shall, when requested, counsel with and advise the other officers of the Corporation and shall perform such other duties as may from time to time be assigned by the Chief Executive Officer, or the Chief Financial Officer of the Board.

Section 5.8 *Secretary*. The Secretary shall act as secretary of all meetings of the shareholders and of the Board at which the Secretary is in attendance; shall keep the minutes thereof in the proper book or books to be provided for that purpose; shall see that all notices required to be given by the Corporation in connection with meetings of shareholders and of the Board are duly given; shall be the custodian of the seal of the Corporation and shall affix the seal or cause it or a facsimile thereof to be affixed to all certificates for stock of the Corporation and to all documents or instruments requiring the same, the execution of which on behalf of the Corporation is duly authorized in accordance with the provisions of these Bylaws; shall have charge of the stock records and also of the other books, records and papers of the Corporation relating to its organization and acts as a corporation, and shall see that the reports, statements and other documents related thereto required by law are properly kept and filed, all of which shall, at all reasonable times, be open to the examination of any director for a purpose reasonably related to such director's position as a director; and shall, in general, have all authority incident to the office of Secretary and such other authority and perform such other duties as may from time to time be assigned by the Chief Executive Officer or the Board.

Section 5.9 *Assistant Treasurers*, *Assistant Controllers and Assistant Secretaries.* Any Assistant Treasurers, Assistant Controllers and Assistant Secretaries, if elected, shall perform such duties as from time to time shall be assigned to them by the Chief Executive Officer or the Board or by the Treasurer, Controller, if any, or Secretary, respectively. An Assistant Treasurer, Assistant Controller or Assistant Secretary need not be an officer of the Corporation and shall not be deemed an officer of the Corporation unless elected by the Board.

Section 5.10 *Removal*. Any officer may be removed, either with or without cause, by the Board at any meeting thereof, subject to any consent of the shareholders required under the Articles of Incorporation.

Section 5.11 *Resignation*. Any officer may resign at any time by giving notice to the Board, the Chairman of the Board, the Chief Executive Officer or the Secretary of the Corporation in writing or by electronic transmission. Any such resignation shall take effect at the time therein specified or if no time is specified, immediately. Unless otherwise specified in such notice, the acceptance of such resignation shall not be necessary to make it effective.

Section 5.12 *Vacancies*. A vacancy in any office because of death, resignation, removal, disqualification or any other cause may be filled at any time by the Board.

Section 5.13 *Bank Accounts*. In addition to such bank accounts as may be authorized in the usual manner by resolution of the Board, the Chief Financial Officer or the Treasurer, with approval of the Chief Executive Officer may authorize such bank accounts to be opened or maintained in the name and on behalf of the Corporation as the Chief Executive Officer shall deem necessary or appropriate; provided, however, that payments from such bank accounts are to be made upon and according to the check of the Corporation as shall be specified in the written instructions of the Chief Financial Officer or the Treasurer or Assistant Treasurer of the Corporation with the approval of the Chief Executive Officer.

ARTICLE VI

FORM OF SHARES; ISSUANCE OF SHARES; SHARE CERTIFICATES

Section 6.1 *Registered Form*. The shares of any class or series may be represented by certificates in form meeting the requirements of law or may be uncertificated, as approved by the Board of Directors. Certificates shall be signed by an officer(s) and/or a director. These signatures may be facsimiles if the certificate is countersigned by a transfer agent other than the Corporation itself or its employees.

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Section 6.2 *Terms and Conditions of Issuance*. Subject to the terms of the Articles of Incorporation, shares of the Corporation may be issued at such times, for such considerations and on such terms as may be established from time to time by the Board of Directors in its sole discretion without the approval of the shareholders.

Section 6.3 *Number of Shares Represented by Certificates*. Share certificates may be issued to represent more than one share. If shares held by a shareholder are represented by one share certificate, and if such shareholder disposes of part of his or her shares, such shareholder shall be entitled to request the issuance of a share certificate representing such shareholder's remaining shares.

ARTICLE VII

LOST AND MUTILATED CERTIFICATES

If any shareholder can prove to the satisfaction of the Board of Directors or any transfer agent or registrar of the Corporation, that any share certificate has been mutilated, mislaid or destroyed, then, at such shareholder's written request, a duplicate may be issued by the Board of Directors or any transfer agent or registrar of the Corporation on such terms and conditions as the Board of Directors may deem fit. Upon the issuance of the duplicate share certificate (on which it shall be noted that such certificate is a duplicate), the original share certificate shall be null and void vis-à-vis the Corporation. A mutilated share certificate may be exchanged for a duplicate certificate upon delivery of the mutilated certificate to the Board of Directors or any transfer agent or registrar of the Corporation. In case any person who has signed or whose facsimile signature has been placed upon a certificate shall have ceased to be such officer or director before such certificate is issued, it may be issued by the Corporation with the same effect as if he/she were such officer or director at the date of issue. ****

ARTICLE VIII

SHAREHOLDERS REGISTER; TRANSFER OF SHARES; NOTICES

Section 8.1 *Shareholders Register*. The Board of Directors, or registrar or transfer agent, shall keep a shareholders register (the "**Register**"), which contains the names and addresses of all registered shareholders, the number and class of shares held by each shareholder, and the dates when the shareholders became owners of record together with any additional information required by the BCA from time to time. The Board of Directors shall regularly maintain the Register, including the registration in the Register of any issue, transfer and cancellation of shares.

Section 8.2 *Addresses to be Furnished, Etc*. Each shareholder is required to provide such shareholder's address to the Corporation and any beneficial ownership information required under the BCA. The Corporation shall be entitled for all purposes to rely on the name and address of the aforementioned persons as entered in the Register. Such person may at any time change such person's address as entered in the Register by means of a written notification to the Corporation at its principal office, or any transfer agent or registrar of the Corporation.

Section 8.3 *Access to Register*. At the request of a shareholder, the Board of Directors shall furnish an extract of the Register, free of charge, insofar as it relates to such person's interest in a share.

Section 8.4 *Location of Register*. The Register shall be kept by the Board of Directors at the Corporation's principal office, or by a registrar or transfer agent designated thereto by the Board of Directors at such other location as it may deem fit. In case the Register is kept at any location other than the Corporation's principal office, then the registrar or transfer agent shall be obligated to send to the principal office of the Corporation a copy thereof from time to time. In case a registrar or transfer agent is appointed by the Board of Directors, then such registrar or transfer agent shall be authorized and, as the case may be, obligated to exercise the rights and fulfill the obligations set out in this Article with respect to the Register. The Register may be maintained electronically.

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ARTICLE IX

BOOKS AND RECORDS

Section 9.1 *Books of Account*. The Board of Directors shall cause to be kept proper records of account with respect to all transactions of the Corporation as required by the BCA and in particular with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all sums of money received and expended by the Corporation and the matters in respect of which the receipt and expenditure relates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all sales and purchases of goods by the Corporation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all assets and liabilities of the Corporation.

Section 9.2 *Minutes*. The Board of Directors shall cause minutes to be duly entered in the books provided for the purpose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) of all elections and appointments of Officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) of the names of the Directors present at each meeting of the Board of Directors and of any committee appointed by the Board of Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) of all resolutions and proceedings of general meetings of the Board of Directors and meetings and committees appointed by the Board of Directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) of all meetings of the shareholders and of actions taken on consent by the shareholders.

Section 9.3 *Place Where Books of Account and Minutes are Kept*. The Corporation shall maintain its books of account and minutes in the location approved by the Board of Directors.

ARTICLE X

GENERAL PROVISIONS

Section 10.1 *Term of Financial Year*. The financial year of the Corporation shall run from the first day of January of each year up to and including the last day of December of such year.

Section 10.2 *Seal*. The corporate seal, if any, shall have inscribed thereon the name of the Corporation, the year of its organization and the words "Corporate Seal, Marshall Islands." Said seal may be used by causing it or a facsimile thereof to be impressed or affixed or reproduced or otherwise. The seal shall be in, charge of the Secretary. If and when so directed by the Board of Directors or a committee thereof, duplicates of the seal may be kept and used by the Treasurer or by an Assistant Secretary or Assistant Treasurer.

Section 10.3 *Section Headings*. Section headings in these Bylaws are for convenience of reference only and shall not be given any substantive effect in limiting or otherwise construing any provision herein.

Section 10.4 *Inconsistent Provisions*. In the event that any provision of these Bylaws is or becomes inconsistent with any provision of the Articles of Incorporation, the BCA or any other applicable law, the provision of these Bylaws shall not be given any effect to the extent of such inconsistency but shall otherwise be given full force and effect.

Section 10.5 *Electronic Transmission*. For purposes of these Bylaws, "electronic transmission" means any form of communication, not directly involving the physical transmission of paper, including the use of, or participation in, one or more electronic networks or databases (including one or more distributed electronic networks or databases), that creates a record that may be retained, retrieved and reviewed by a recipient thereof, and that may be directly reproduced in paper form by such a recipient through an automated process.

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ARTICLE XI

AMENDMENTS

Section 11.1 *By the Shareholders.* These Bylaws may be amended by the affirmative vote of the holders of not less than 66-2/3% in the aggregate of the voting power of the outstanding common shares of the Corporation, in addition to any other approval of the shareholders required by the Articles of Incorporation.

Section 11.2 *By the Directors.* These Bylaws may, subject to provisions of applicable law, be adopted, amended and repealed by the Board of Directors subject to the receipt of any shareholder approval required by the Articles of Incorporation; provided, that Section 11.1 may be amended only with the affirmative vote of not less than 66-2/3% of the outstanding common shares of the Corporation entitled to vote and any other approval of the shareholders required by the Articles of Incorporation.

## Exhibit 4.2

**Exhibit 4.2** 

SEASPAN CORPORATION

AND

ATLAS CORP.

AND

THE BANK OF NEW YORK MELLON,

as Trustee

SUPPLEMENTAL INDENTURE

March 28, 2023

3.75% Exchangeable Senior Notes due 2025

**SUPPLEMENTAL INDENTURE** dated as of March 28, 2023 (this "**Supplemental Indenture**"), among Seaspan Corporation, a Republic of the Marshall Islands corporation with limited liability and wholly owned subsidiary of the Parent (the "**Company**"), Atlas Corp., a Republic of the Marshall Islands corporation (the "**Parent**") and The Bank of New York Mellon, as trustee under the Indenture referred to below (the "**Trustee**").

W I T N E S S E T H:

WHEREAS, the Company, the Parent and the Trustee are parties to an Indenture, dated as of December 21, 2020 (the "**Indenture**"), pursuant to which the Company issued its 3.75% Exchangeable Senior Notes due 2025 (the "**Notes**");

WHEREAS, the Company entered into an Agreement and Plan of Merger, dated as of October 31, 2022 (as it may be amended from time to time, the "**Merger Agreement**"), by and among the Parent, Poseidon Acquisition Corp., a Marshall Islands corporation ("**Poseidon**") and Poseidon Merger Sub, Inc., a Marshall Islands corporation and a wholly owned Subsidiary of Poseidon ("**Merger Sub**");

WHEREAS, pursuant to the Merger Agreement and subject to the terms and conditions therein, Merger Sub will merge with and into the Parent (the "**Merger**"), whereupon the separate corporate existence of Merger Sub shall cease, and the Parent will continue as the surviving corporation in the Merger and a wholly owned subsidiary of Poseidon;

WHEREAS, pursuant to the Merger Agreement and subject to the terms and conditions therein, at the effective time of the Merger (the "**Effective Time**"), each common share, par value $0.01 per share, of the Parent (the "**Parent Common Share**") issued and outstanding immediately prior to the Effective Time (other than the Parent Common Shares held by Fairfax Financial Holdings Limited, Washington Family and David Sokol) will be exchanged into the right to receive $15.50 per share in cash;

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WHEREAS, Section 7.07(a) of the Indenture provides that upon the occurrence of any Merger Event, then, at and after the effective time of the transaction, the Holder of each Note shall have the right to exchange each $1,000 principal amount of Notes into, in lieu of Parent Common Shares, the Reference Property, and Section 7.07(b) of the Indenture provides that, in connection with such Merger Event, the Company, the Parent or the successor or purchasing Person, as the case may be, shall execute with the Trustee, without consent of the Holders, a supplemental indenture permitted under Section 14.01(g), providing for such change in the right to exchange each $1,000 principal amount of Notes;

WHEREAS, pursuant to Section 14.01(g) of the Indenture, the Company, the Parent and the Trustee may enter into indentures supplemental to the Indenture for the purpose of providing for the exchange of the Notes into Reference Property and effecting any other changes to the terms of the Notes required under the Indenture in connection therewith;

WHEREAS, in connection with the execution and delivery of this Supplemental Indenture, the Trustee has received an Officer's Certificate and an Opinion of Counsel as contemplated by Sections 1.02, 1.03, 7.07(c), 11.03, 11.08 and 14.04 of the Indenture;

WHEREAS, the Company and Parent have requested and hereby request that the Trustee execute and deliver this Supplemental Indenture and have satisfied all requirements necessary to make this Supplemental Indenture a valid and binding instrument, enforceable against each of the Company and the Parent in accordance with its terms.

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Company, the Parent and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders as follows:

ARTICLE I

DEFINITIONS

Section 1.01 <u>Definitions in this Supplemental Indenture</u>. A term defined in the Indenture has the same meaning when used in this Supplemental Indenture unless such term is otherwise defined herein or amended or supplemented pursuant to this Supplemental Indenture. The words "herein," "hereof," "hereunder," and words of similar import refer to this Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision.

ARTICLE II

EFFECT OF MERGER ON EXCHANGE RIGHT

Section 2.01 <u>Exchange Right</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company and Parent expressly agree that, in accordance with Section 7.07 of the Indenture, from and after the Effective Time, (a) the Holder of each Note that was outstanding as of the Effective Time shall have the right to exchange each $1,000.00 principal amount of such Note into a number of Units of Reference Property equal to the Exchange Rate, (b) the Exchange Rate immediately following the Effective Time will be 76.8935 Units of Reference Property for each $1,000 principal amount of Notes (prior to giving effect to any Additional Shares on account of a Make-Whole Fundamental Change) and (c) a "unit of Reference Property" shall mean $15.50 in cash.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The provisions of the Indenture, as modified herein, including without limitation, (i) all references and provisions respecting the terms "Common Shares," "Exchange Price," "Exchange Rate," "Daily Exchange Value," "Daily VWAP," "Ex-Dividend Date," "Last Reported Sale Price," "Observation Period," "Exchange Consideration," "VWAP Market Disruption Event," and "VWAP Trading Day" shall continue to apply, *mutatis mutandis*, to the Holders' right to convert their Notes into Units of Reference Property. The Exchange Rate shall be adjusted as a result of events occurring subsequent to the date hereof with respect to the Reference Property as nearly equivalent as may be practicable to the adjustments of the Exchange Rate provided for in Article VII of the Indenture.

ARTICLE III

MISCELLANEOUS

Section 3.01 <u>Ratification of Indenture</u>. The Indenture, as supplemented by this Supplemental Indenture, is in all respects ratified and confirmed, and this Supplemental Indenture shall be deemed part of the Indenture in the manner and to the extent herein and therein provided.

Section 3.02 <u>Conflict with Indenture</u>. To the extent not expressly amended or modified by this Supplemental Indenture, the Indenture shall remain in full force and effect. If any provision of this Supplemental Indenture is inconsistent with any provision of the Indenture, the provision of this Supplemental Indenture shall control.

Section 3.03 <u>Successors</u>. All the covenants, stipulations, promises and agreements by the Company or Parent contained in this Supplemental Indenture shall bind their respective successors and assigns whether so expressed or not.

Section 3.04 <u>Governing Law</u>. THIS SUPPLEMENTAL INDENTURE, THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. EACH OF THE COMPANY, THE PARENT, EACH HOLDER BY ACCEPTANCE OF A NOTE AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE, THE SECURITIES OR THE TRANSACTIONS CONTEMPLATED THEREBY.

Section 3.05 <u>Counterparts</u>. This Supplemental Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.

------

The words "execution," "signed," "signature," and words of like import in this Supplemental Indenture shall be deemed to include electronic signatures or electronic records, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

Section 3.06 <u>Headings</u>. The headings of the Articles and Sections of this Supplemental Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof.

Section 3.07 <u>Severability</u>. In case any provision in this Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and such provision shall be ineffective only to the extent of such invalidity, illegality or unenforceability.

Section 3.08 <u>Trustee Not Responsible for Recitals</u>. The recitals and statements herein contained are made solely by the Company and the Parent and not by the Trustee, and the Trustee assumes no responsibility for the correctness thereof. The Trustee makes no representation as to the validity, adequacy or sufficiency of this Supplemental Indenture. All of the provisions contained in the Indenture in respect of the rights, privileges, protections, benefits, immunities, powers, and duties of the Trustee shall be applicable in respect of this Supplemental Indenture as fully and with like force and effect as though set forth in full herein.

Section 3.09 <u>Compliance with Trust Indenture Act</u>. This Supplemental Indenture shall comply with the TIA.

[*Signature Pages Follows*]

------

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

---

| | |
|:---|:---|
| **SEASPAN CORPORATION** | **SEASPAN CORPORATION** |
| By: | /s/ Andrew E. Derksen |
|  | Name: Andrew E. Derksen |
|  | Title: General Counsel |
| **ATLAS CORP.** | **ATLAS CORP.** |
| By: | /s/ Andrew E. Derksen |
|  | Name: Andrew E. Derksen |
|  | Title: Corporate Secretary and General Counsel |
| **THE BANK OF NEW YORK MELLON,**<br> as Trustee | **THE BANK OF NEW YORK MELLON,**<br> as Trustee |
| By: | /s/ Francine Kincaid |
|  | Name: Francine Kincaid |
|  | Title: Vice President |

---

[*Signature Page to Supplemental Indenture*]

## Exhibit 99.1

**Exhibit 99.1** 

**Atlas and Poseidon Announce Completion of Acquisition by Poseidon Acquisition Corp.** 

LONDON and TORONTO, March 28, 2023 – Atlas Corp. ("Atlas" or the "Company") (NYSE: ATCO) and Poseidon Acquisition Corp. ("Poseidon"), an entity formed by certain affiliates of Fairfax Financial Holdings Limited ("Fairfax"), certain affiliates of the Washington Family ("Washington"), David Sokol, Chairman of the Board of Atlas, and Ocean Network Express Pte. Ltd. ("ONE"), and certain of their respective affiliates, today announced the completion of the previously announced transaction pursuant to which Poseidon acquired all outstanding common shares of Atlas not already owned by Fairfax, Washington and Mr. Sokol. Pursuant to the terms of the Agreement and Plan of Merger, dated October 31, 2022, by and among the Company, Poseidon and Poseidon Merger Sub, Inc. ("Merger Sub"), Merger Sub merged with and into the Company (the "Merger"), with the Company continuing as the surviving company in the Merger. Each Atlas common share issued and outstanding immediately prior to the effective time of the Merger, other than common shares held by Fairfax, Washington and Mr. Sokol, was converted into the right to receive $15.50 per share in cash. In addition, as previously announced, the first quarter dividend of $0.125 per share payable to common shareholders of record as of March 20, 2023 will be paid on March 31, 2023.

In connection with the consummation of the Merger, the Company requested that trading of the common shares on the New York Stock Exchange (the "NYSE") be suspended with immediate effect (the "delisting"). Atlas preferred shares will remain outstanding and continue to trade on the NYSE.

Each of the Merger and the delisting constitutes a "Make-Whole Fundamental Change" under that certain indenture dated as of December 21, 2020, by and among the Company, Seaspan Corporation, a wholly owned subsidiary of the Company and The Bank of New York Mellon, as trustee, governing the exchangeable senior notes due 2025.

**Advisors** 

Morgan Stanley & Co. LLC is serving as financial advisor to the Special Committee and Gibson, Dunn & Crutcher LLP and Morris, Nichols, Arsht & Tunnell LLP are serving as legal advisors to the Special Committee. Citi is serving as financial advisor to ONE and Latham & Watkins LLP is serving as legal advisor to ONE. Torys LLP is serving as legal advisor to Fairfax, K&L Gates LLP is serving as legal advisor to Washington, and Honigman LLP is serving as legal advisor to David Sokol and Poseidon.

**About Atlas** 

Atlas is a leading global asset management company, differentiated by its position as a best-in-class owner and operator with a focus on disciplined capital deployment to create sustainable shareholder value. We target long-term, risk-adjusted returns across high-quality infrastructure assets in the maritime sector, energy sector and other infrastructure verticals. For more information visit atlascorporation.com.

**About Fairfax** 

Fairfax Financial Holdings Limited is a holding company which, through its subsidiaries, is primarily engaged in property and casualty insurance and reinsurance and the associated investment management.

**Forward-Looking Statements** 

This release contains "forward-looking statements." All statements, other than statements of historical facts, that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future are forward-looking statements. You are cautioned not to rely on these forward-looking statements, which speak only as the date of this release. The Company undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this release. These statements are based on current expectations of future events, are not guarantees of future performance

------

and are subject to risks, uncertainties and other factors, some of which are beyond the Company's control and are difficult to predict. If underlying assumptions prove inaccurate or unknown risks or uncertainties materialize, actual events could vary materially from the Company's expectations. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements found in the Company's filings with the SEC, which include, but are not limited to, those found in the Company's Annual Report on Form 20-F for the year ended December 31, 2022, filed with the SEC on March 16, 2023, the Company's Proxy Statement filed as an exhibit to Schedule 13e-3, filed with the SEC on January 9, 2023, and the Company's other filings with the SEC.

For further information:

Atlas Contacts:

Investor Inquiries:

Will Kostlivy

Investor Relations

Atlas Corp.

Tel. +1-888-829-0013

Email: IR@atlascorporation.com

Fairfax Financial Holdings Limited Contacts:

John Varnell

Vice President, Corporate Development

Tel. +1-416-367-4941