Document:

EXHIBIT 4.04

 

 

MSC INDUSTRIAL DIRECT CO., INC.

 

AMENDED AND RESTATED ASSOCIATE STOCK
PURCHASE PLAN

 

 

The following are the provisions of the
Amended and Restated MSC Industrial Direct Co., Inc. Associate Stock Purchase Plan (the "Plan").

 

	 	1.	Purpose.

 

The purpose of the Plan is to provide Associates
of MSC Industrial Direct Co., Inc. (the "Company") and its Subsidiaries with an opportunity to purchase shares
of the Company's Class A Common Stock. The Plan is intended to qualify as an "employee stock purchase plan" under Section
423 of the Code. The provisions of the Plan will be construed so as to extend and limit participation consistent with the requirements
of the Code.

 

	 	2.	Definitions.

 

(a) "Associate" shall mean
any person, including an officer, who is customarily employed by the Company or one of its Designated Subsidiaries, for at least
twenty (20) hours per week and more than five (5) months in a calendar year.

 

(b) "Board" shall mean the
Board of Directors of the Company.

 

(c) "Class A Common Stock"
shall mean the Class A Common Stock, $.001 par value, of the Company.

 

(d) "Code" shall mean the
Internal Revenue Code of 1986, as amended.

 

(e) "Compensation" shall
mean all regular straight time gross earnings and commissions, and shall include payments for overtime, shift premium, incentive
compensation, incentive payments, bonuses and other compensation.

 

(f) "Continuous Status as an Associate"
shall mean the absence of any interruption or termination of service as an Associate. Continuous Status as an Associate shall not
be considered interrupted in the case of a leave of absence agreed to in writing by the Company or a Subsidiary, provided that
such leave is for a period of not more than 90 days or re-employment upon the expiration of such leave is guaranteed by contract
or statute.

 

(g) "Contributions" shall
mean all amounts credited to the account of a participant pursuant to the Plan.

  

(h) "Designated Subsidiaries"
shall mean the Subsidiaries which have been designated by the Board in its sole discretion as eligible to participate in the Plan.

 

(i) "Exercise Date" shall
mean the last business day of each Offering Period of the Plan.

 

    	 

    	 

    

 

(j) "Fair Market Value" shall
mean as of any date (i) the closing sale price of the Class A Common Stock on the New York Stock Exchange on such date or, if such
day is not a business day, as of the immediately preceding business day, (ii) if there is no sale of the Class A Common Stock on
such Exchange on such business day, the average of the bid and asked prices on such Exchange at the close of the market on such
business day, and (iii) if the Class A Common Stock is no longer traded on such Exchange, as determined by the Board in its reasonable
discretion.

 

(k) "Offering Date" shall
mean the first day of each Offering Period of the Plan.

 

(l) "Offering Period" shall
mean a period of three (3) months commencing on the following dates of each year except as otherwise determined by the Company:

 

	 	(i)	November 1,

 

	 	(ii)	February 1,

 

	 	(iii)	May 1, and

 

	 	(iv)	August 1.

 

(m) "Purchase Price" shall
mean 90% of the Fair Market Value of the Class A Common Stock on the Exercise Date, unless otherwise determined by the Board in
its discretion. Subject to Section 19 hereof, the Board may from time to time, in its discretion and without shareholder approval,
change the method for calculating the Purchase Price, provided that the Purchase Price may not be less than the lesser of (a) 85%
of the Fair Market Value of the Company’s Class A Common Stock on the Offering Date and (b) 85% of the Fair Market Value
on the Exercise Date.

 

(n) "Subsidiary" shall mean
a corporation, domestic or foreign, of which not less than 50% of the voting shares are held by the Company or a Subsidiary, whether
or not such corporation now exists or is hereafter organized or acquired by the Company or a Subsidiary.

 

	 	3.	Eligibility.

 

(a) All Associates are eligible to participate
in such Offering Period under the Plan commencing on the first day of the month following the completion of both the month in which
he or she was hired and the next full calendar month, subject to the requirements of Section 5 and the limitations imposed by Section
423(b) of the Code.

 

(b) An Associate shall not be granted an option
under the Plan, if:

 

(i)         
immediately after the grant, the Associate (or any other person whose stock would be attributed to such Associate pursuant to Section
424(d) of the Code) would own shares and/or hold outstanding options to purchase shares possessing five percent (5%) or more of
the total combined voting power or value of all classes of shares of the Company; or

 

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(ii)         the
rate of withholding under such option would permit the Associate's rights to purchase shares under all "employee stock purchase
plans" (described in Section 423 of the Code) of the Company and its Subsidiaries to accrue (i.e., become exercisable) at
a rate which exceeds Twenty-Five Thousand Dollars ($25,000) of Fair Market Value of such shares (determined at the time such option
is granted) for each calendar year in which such option is outstanding at any time.

 

	 	4.	Offering Periods.

 

(a) The Plan shall be implemented by consecutive
Offering Periods with a new Offering Period to begin on or about November 1, February 1, May 1 and August 1 of each year (or at
such other time or times as may be determined by the Board). The first Offering Period shall begin on November 1, 1998.

 

(b) The Board will have the power to change
the duration and/or the frequency of an Offering Period with respect to any future offerings without shareholder approval if such
change is announced at least fifteen (15) days prior to the scheduled beginning of the first Offering Period to be affected.

 

	 	5.	Participation.

 

(a) An eligible Associate may become a participant
in the Plan by completing a subscription agreement provided by the Company, designating a percentage, between one percent (1%)
and fifteen percent (15%) of such Associate's Compensation, to be withheld as a payroll deduction and paid as his or her Contribution
to the Plan, and submitting the subscription agreement to the Company’s human resources department, or such other person
or group as designated by the Company, prior to the applicable Offering Date. Once enrolled, the Associate shall remain enrolled
in each subsequent Offering Period of the Plan at the designated payroll deduction unless the Associate withdraws from an Offering
Period by providing the Company with a written notice of withdrawal in accordance with Section 10 or files a new subscription agreement
prior to the applicable Offering Date changing the Associate's designated payroll deduction.

 

(b) Payroll deductions begin on the first
payroll date during the applicable Offering Period and end on the last payroll date on or prior to the Exercise Date of the Offering
Period to which the subscription agreement is applicable, unless sooner terminated by the participant as provided in Section 10.

 

	 	6.	Method of Payment of Contributions.

 

(a) Payroll deductions shall be made on each
payroll date during the Offering Period in an amount between one percent (1%) and fifteen percent (15%) (in whole number increments)
of a participant's Compensation on each such payroll date.

 

(b) All payroll deductions made by a participant
will be credited to his or her account under the Plan.

 

(c) A participant may not make any additional
payments into the account.

 

    	-3-

    	 

    

 

(d) A participant may discontinue his or her
participation in the Plan as provided in Section 10, or may change the rate of his or her payroll deduction during an Offering
Period by completing and filing with the Company a new authorization for payroll deduction, provided that the Board may, in its
discretion, impose reasonable and uniform restrictions on a participant's ability to change the rate of payroll deductions. The
change in rate shall be effective no later than fifteen (15) days following the Company's receipt of the new authorization. A participant
may decrease or increase the amount of his or her payroll deductions as of the beginning of an Offering Period by completing and
filing with the Company, at least fifteen (15) days prior to the beginning of such Offering Period, a new payroll deduction authorization.

 

(e) Notwithstanding the foregoing, to the
extent necessary, but only to such extent, to comply with Section 423(b)(8) of the Code and Section 3(b) herein, a participant's
payroll deductions may be automatically decreased to zero percent (0%) at any time during any Offering Period. Payroll deductions
shall commence at the rate provided in such participant's subscription agreement at the beginning of the next succeeding Offering
Period, unless terminated by the participant as provided in Section 10.

 

	 	7.	Grant of Option.

 

(a) An eligible Associate participating in
an Offering Period may purchase shares of the Company's Class A Common Stock on the Exercise Date with the Contributions accumulated
on or prior to such Exercise Date.

 

(b) The number of whole and fractional shares
to be purchased on the Exercise Date shall be determined by dividing the Purchase Price into the Contributions accumulated in the
participant's account as of the Exercise Date.

 

(c) The maximum number of shares of the Class
A Common Stock which may be purchased during each Offering Period by a participant shall not exceed 5,000 shares, and the purchase
is subject to the limitations set forth in Sections 3(b) and 12.

 

	 	8.	Exercise of Option.

 

(a) Unless a participant withdraws from the
Plan as provided in Section 10, the Associate's option for the purchase of shares will be exercised automatically on the Exercise
Date of each Offering Period.

 

(b) The maximum number of whole and fractional
shares will be determined based on the Purchase Price and the accumulated Contributions in the participant's account.

 

(c) The shares purchased will be issued to
the participant as promptly as practicable after the Exercise Date.

 

(d) The option to purchase shares hereunder
is exercisable only by the participant.

 

(e) Notwithstanding anything in the Plan to
the contrary, any shares acquired by a participant hereunder after the first Offering Date subsequent to January 6, 2004 may
not be assigned, transferred, pledged or otherwise disposed of in any way by the participant for a period of forty-five (45) days
(or such other longer or shorter time period (including 0 days) as may be established by the Board in its sole discretion)
following the date on which the participant acquired such shares as a result of the exercise of such participant's option.

 

    	-4-

    	 

    

 

	 	9.	Delivery.

 

As promptly as practicable after the Exercise
Date of each Offering Period, the Company shall arrange the delivery of shares to each participant by means of direct deposit into
the participant's brokerage account.

 

	 	10.	Voluntary Withdrawal; Termination of Employment.

 

(a) A participant may withdraw all, but not
less than all, of the payroll deductions credited to his or her account and not yet used to exercise his or her option under the
Plan at any time prior to an Exercise Date by giving written notice to the Company on a form provided for such purpose. If the
participant withdraws from an Offering Period, all of the participant's payroll deductions credited to his or her account will
be paid to the participant as promptly as practicable after receipt of the notice of withdrawal, his or her option for such Offering
Period will be automatically canceled, and no further payroll deductions for the purchase of shares will be made during such Offering
Period or subsequent Offering Periods, except pursuant to a new subscription agreement filed in accordance with Section 5 hereof.

 

(b) Upon termination of the participant's
Continuous Status as an Associate prior to an Exercise Date of an Offering Period for any reason, including retirement or death,
the payroll deductions accumulated in his or her account will be returned to him or her as promptly as practicable after such termination
or, in the case of death, to the person or persons entitled thereto under Section 14, his or her option will be automatically canceled
and he or she will be deemed to have elected to withdraw from the Plan.

 

(c) A participant's withdrawal from an Offering
Period will not have any effect upon his or her eligibility to participate in a succeeding Offering Period or in any similar plan
that may hereafter be adopted by the Company; provided, that the Board may, in its discretion and subject to compliance with Section
423 of the Code (or any successor rule or provision or any applicable law or regulation), impose reasonable and uniform restrictions
on a participant's ability to participate in succeeding Offering Periods.

  

	 	11.	Interest.

 

No interest shall accrue on the Contributions
of a participant in the Plan.

 

	 	12.	Stock.

 

(a) The maximum number of shares of the Company's
Class A Common Stock made available for sale under the Plan is 1,500,000 and is subject to adjustment upon changes in the capitalization
of the Company.

 

(b) If the total number of shares subject
to options granted exceeds the number of shares available under the Plan, the Company will make a pro rata allocation of the shares
remaining available for option grant in a practical and equitable manner. A written notice will be distributed to each Associate
stating the reduction of the number of shares due to the adjustment and the corresponding reduction in the Contribution.

 

    	-5-

    	 

    

 

(c) The participant will have no interest
or voting right in shares covered by his or her option until such option has been exercised.

 

(d) Shares to be delivered to a participant
under the Plan will be registered in the name of the participant.

 

	 	13.	Administration.

 

The Board, or a committee appointed by the
Board, will:

 

(a) Supervise and administer the Plan and
will have full power to adopt, amend and rescind any rules deemed desirable and appropriate and consistent for the administration
of the Plan.

 

(b) Construe and interpret the Plan in its
sole and absolute discretion, and make all other determinations necessary or advisable for the administration of the Plan.

 

	 	14.	Designation of Beneficiary.

 

(a) A participant may file a written designation
of a beneficiary who is to receive cash, if any, from the participant's account under the Plan in the event of such participant's
death.

 

(b) Designation of a beneficiary may be changed
by the participant at any time by written notice.

 

(c) In the event of the death of a participant
and in the absence of a beneficiary validly designated under the Plan who is living at the time of such participant's death, the
Company will deliver the cash to the executor or administrator of the estate of the participant, or if no such executor or administrator
has been appointed (to the knowledge of the Company), then the Company, in its discretion, may deliver the cash to the spouse or
to any one or more dependents or relatives of the participant.

 

	 	15.	Transferability.

 

a) Neither Contributions credited to a participant's
account nor any rights with regard to an option to purchase shares under the Plan may be assigned, transferred, pledged or otherwise
disposed of in any way (except as provided in Section 14).

 

b) Any such attempt at assignment, transfer,
pledge or other disposition shall be without effect, except that the Company may treat such act as an election to withdraw funds
in accordance with Section 10.

 

	 	16.	Use of Funds.

 

All Contributions received or held by the
Company under the Plan may be used by the Company for any corporate purpose, and the Company shall not be obligated to segregate
such Contributions.

 

    	-6-

    	 

    

 

	 	17.	Reports.

 

An individual Account Statement will be
given to participating Associates promptly following each Exercise Date. The Account Statement will report:

 

(a) amount of Contributions,

 

(b) per share Purchase Price,

 

(c) number of shares purchased, and

 

(d) remaining cash balance (if any).

 

	 	18.	Adjustments Upon Changes in Capitalization; Corporate Transactions.

 

In
the event of any stock dividend, stock split, combination or exchange of shares, recapitalization or other change in the capital
structure of the Company, corporate separation or division of the Company (including, but not limited to, a split-up, spin-off,
split-off or other distribution to Company stockholders, other than a normal or special cash dividend), sale by the Company of
all or a substantial portion of its assets (measured on either a stand-alone or consolidated basis), reorganization, rights offering,
partial or complete liquidation, merger or consolidation in which the Company is the surviving corporation, or any other corporate
transaction or other event involving the company and having an effect similar to any of the foregoing, the Board shall make such
substitution or adjustments in (a) the number and kind of shares made available for sale under the Plan, (b) the number and kind
of shares or other property, including cash, subject to outstanding options, (c) the Purchase Price for outstanding options under
the Plan and (d) other characteristics or terms of the options, as necessary or appropriate to equitably reflect such corporate
transaction or other event and to prevent dilution or enlargement of participants’ rights under the Plan.

 

In the event of the dissolution or liquidation
of the Company, or a merger, reorganization or consolidation in which the Company is not the surviving corporation, the Board,
in its discretion, may accelerate the exercise of each option and/or terminate the same within a reasonable time thereafter.

  

	 	19.	Amendment or Termination.

 

The Board may at any time terminate or amend
the Plan in whole or part. Except as provided in Section 18 or as necessary to comply with applicable law, stock exchange rules
or accounting rules, no such termination may affect options to purchase shares previously granted, nor may an amendment make any
change in any option which has been granted which adversely affects the rights of any participant. In addition, to the extent necessary
to comply with Section 423 of the Code (or any successor rule or provision or any applicable law or regulation), the Company shall
obtain shareholder approval in such manner as required.

 

20. Notices. All notices or
other communications by a participant to the Company under or in connection with the Plan shall be deemed to have been duly given
when received in the form specified by the Company at the location, or by the person, designated by the Company for the receipt
thereof.

 

    	-7-

    	 

    

 

	 	21.	Conditions Upon Issuance of Shares.

 

(a) Shares shall not be issued with respect
to an option to purchase, unless the exercise of such option and the issuance and delivery of such shares pursuant thereto shall
comply with all applicable provisions of law, domestic or foreign, including, without limitation, the Securities Act of 1933, as
amended, the Securities Exchange Act of 1934, as amended, the rules and regulations promulgated thereunder, and the requirements
of any stock exchange upon which the shares may then be listed.

 

(b) As a condition to the exercise of an option,
the Company may require the person exercising such option to represent and warrant at the time of any such exercise that the shares
are being purchased only for investment and without any present intention to sell or distribute such shares if, in the opinion
of counsel for the Company, such a representation is required by any of the aforementioned applicable provisions of law.

 

(c) Each participant agrees, by entering the
Plan, to promptly give the Company notice of any disposition of shares purchased under the Plan where such disposition occurs within
two (2) years after the date of grant of the option pursuant to which such shares were purchased.

 

	 	22.	Term of Plan; Effective Date.

 

The Plan shall continue in effect for a
term of ten (10) years from November 1, 2014, unless sooner terminated under Section 19. Continuance of the Plan shall be subject
to approval by the shareholders of the Company at the Company’s 2015 Annual Meeting of Shareholders. Such shareholder approval
shall be obtained in the manner required under the New York Business Corporation Law.

  

	 	23.	No Rights to Continued Employment.

 

Neither this plan, nor the grant of any
option hereunder, shall confer any right on any Associate or restrict the right of the Company or any Subsidiary to terminate such
Associate’s employment or service to the Company or such Subsidiary.

 

	 	24.	Responsibility.

 

Neither the Company, the Board, any Subsidiary,
nor any director, officer or employee of the Company or any Subsidiary shall be liable to any Associate under the Plan for any
mistake of judgment or omission or wrongful act unless resulting from willful misconduct or intentional misfeasance.

 

	 	25.	Governing Law.

 

The validity, construction and effect of
the Plan and any rules and regulations relating to the Plan shall be determined in accordance with the internal laws of the State
of New York and any applicable United States federal laws.

 

 

 

    	-8-EX-10.14

 Exhibit 10.14 

REGISTRATION RIGHTS AGREEMENT 
 by
and among 
 EURONAV N.V. 
 and

 THE SHAREHOLDERS NAMED HEREIN 

dated as of                     

                    , 2015 

 REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement (this “Agreement”), dated as of
                    , 2015, is entered into by and among EURONAV N.V., a Belgian corporation (the
“Company”), and the shareholders set forth on the signature page of this Agreement (together with their successors and Permitted Transferees who become a party to this Agreement pursuant to Section 3.03, the
“Shareholders” and each, a “Shareholder”). 
 RECITALS 

WHEREAS, the Company intends to list its Ordinary Shares on the New York Stock Exchange in connection with a proposed initial public offering
of its Ordinary Shares in the United States; 
 WHEREAS, the Reference A Shareholders (as defined below) beneficially own 19,003,509 of the
Company’s issued and outstanding Ordinary Shares (as defined below), and Reference B Shareholders (as defined below) beneficially own 15,135,039 of the Company’s issued and outstanding Ordinary Shares, in each case before giving effect to
the proposed initial public offering; and 
 WHEREAS, the Parties desire to establish the Shareholders’ right and the Company’s
obligation to cause the registration of the Registrable Securities (as defined below) pursuant to the Securities Act (as defined below). 

NOW, THEREFORE, in consideration of the premises, representations, warranties, covenants and agreements contained herein, and for other good
and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, intending to be legally bound hereby, the Parties hereby agree as follows. 

ARTICLE I 

DEFINITIONS 

Section 1.01 Definitions. When used in this Agreement with initial capital letters, the following terms have the meanings
specified or referred to in this Section 1.01: 
 “Affiliate” means, with respect to any Person, any other
Person who, directly or indirectly (including through one or more intermediaries), controls, is controlled by, or is under common control with, such Person, including any partner, member, stockholder or other equity holder of such Person or manager,
director, officer or employee of such Person. For purposes of this definition, “control,” when used with respect to any specified Person, shall mean the power, direct or indirect, to direct or cause the direction of the management and
policies of such Person, whether through ownership of voting securities or partnership or other ownership interests, by contract or otherwise; and the terms “controlling” and “controlled” shall have correlative meanings. 

“Agreement” has the meaning set forth in the Preamble. 

 “Applicable Law” means all applicable provisions of (a) constitutions,
treaties, statutes, laws (including the common law), rules, regulations, decrees, ordinances, codes, proclamations, declarations or orders of any Governmental Authority; (b) any consents or approvals of any Governmental Authority; and
(c) any orders, decisions, advisory or interpretative opinions, injunctions, judgments, awards, decrees of, or agreements with, any Governmental Authority. 

“Board” means the Board of Directors of the Company. 

“Business Day” means a day other than a Saturday, Sunday or other day on which commercial banks in the City of New York,
State of New York, or the City of Antwerp, Belgium, are authorized or required to close. 
 “Demand Registration” has
the meaning set forth in Section 2.01. 
 “Capital Stock” means any preferred shares, the Ordinary Shares and
any other class or series of capital stock or other equity securities of the Company, whether authorized as of or after the date hereof. 

“Claims” has the meaning set forth in Section 2.06(a). 

“Commission” shall mean the U.S. Securities and Exchange Commission. 

“Company” has the meaning set forth in the Preamble. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor federal statute, and the rules
and regulations thereunder, which shall be in effect at the time. 
 “Fiscal Year” means the twelve (12) month
period ending December 31. 
 “Fully Diluted Basis” means, as of any date of determination: (a) with respect to
all Capital Stock, all issued and outstanding Capital Stock of the Company and all Capital Stock issuable upon the exercise or conversion of any outstanding Stock Equivalents as of such date, whether or not such Stock Equivalent is at the time
exercisable or convertible; or (b) with respect to any specified type, class or series of Capital Stock, all issued and outstanding shares of Capital Stock designated as such type, class or series and all such designated shares of Capital Stock
issuable upon the conversion or exercise of any outstanding Stock Equivalents as of such date, whether or not such Stock Equivalent is at the time exercisable or convertible. 

“Governmental Authority” means any federal, state, local or foreign government or political subdivision thereof, or any
agency or instrumentality of such government or political subdivision, or any self-regulated organization or other non-governmental regulatory authority or quasi-governmental authority (to the extent that the rules, regulations or orders of such
organization or authority have the force of law), or any arbitrator, court or tribunal of competent jurisdiction. 

  
 2 

 “Hedging Transactions” means any short sale (whether or not against the box) or
any purchase, sale or grant of any right (including, without limitation, any put or call option) with respect to any security (other than a broad-based market basket or index) that includes, relates to or derives any significant part of its value
from the Ordinary Shares. 
 “Initial Public Offering” means the first to occur of the initial sale of Ordinary Shares
of the Company in a U.S. public offering, by the Company in an underwritten public offering led by a U.S. nationally recognized underwriting firm and/or, if agreed by the Company and the Shareholders, by a shareholder of the Company pursuant to an
effective registration statement under the Securities Act. 
 “Inspector” has the meaning set forth in
Section 2.04(a). 
 “Listing” means the listing of the Ordinary Shares on the NYSE or Nasdaq other than in
connection with an Initial Public Offering, if agreed by the Company and the Shareholders. 
 “Lock-Up Period” has the
meaning set forth in Section 2.03. 
 “Long-Form Registration” has the meaning set forth in Section
2.01(a). 
 “Ordinary Share” means, the ordinary shares of the Company, no par value, and any other
class of common stock of the Company and any securities issued in respect thereof, or in substitution therefore, in connection with any stock split, dividend or combination, or any reclassification, recapitalization, merger, consolidation, exchange
or similar reorganization. 
 “Ordinary Share Equivalent” means any option to purchase any Ordinary Shares or any other
security or obligation that is by its terms, directly or indirectly, convertible into or exchangeable or exercisable for Ordinary Shares, and any option, warrant or other right to subscribe for, purchase or acquire Ordinary Shares or Ordinary Share
Equivalents (disregarding any restrictions or limitations on the exercise of such rights). 
 “Ownership Ratio” means the
relative percentage of Ordinary Shares owned by a Shareholder to the total number of Ordinary Shares outstanding, all on a Fully-Diluted Basis. 

“Permitted Transferee” means, in respect of a Reference A Shareholder, a Reference A Shareholder Permitted Transferee,
and, in respect of a Reference B Shareholder, a Reference B Shareholder Permitted Transferee. 
 “Person” means an
individual, corporation, partnership, joint venture, limited liability company, Governmental Authority, unincorporated organization, trust, association or other entity. 

“Piggyback Registration” has the meaning set forth in Section 2.02(a). 

  
 3 

 “Prospectus” means the prospectus or prospectuses included in any
Registration Statement, as amended or supplemented by any prospectus supplement with respect to the terms of the offering of any portion of the Registrable Securities covered by such Registration Statement and by all other amendments and supplements
to the prospectus, including post-effective amendments and all material incorporated by reference in such prospectus or prospectuses. 

“Records” shall have the meaning set forth in Section 2.04(a). 

“Reference A Shareholder Permitted Transferee” means (a) any individual who is a beneficial owner of shares of a
Reference A Shareholder as of the date of this Agreement; (b) any Person, directly or indirectly (including through one or more intermediaries), controlled by such individual in (a); and (c) subject to the approval of the Company, such
additional Persons to be identified by the Reference A Shareholders by written notice to the Company. 
 “Reference A
Shareholders” means, collectively, each of Peter G. Livanos, Tanklog Holdings Ltd., Ceres Investments Partners Ltd. and Chiara Holdings, and any Permitted Transferees of them who become a party to this Agreement pursuant to Section
3.03. 
 “Reference B Shareholder Permitted Transferee” means (a) any individual who is a beneficial owner of
shares of a Reference B Shareholder as of the date of this Agreement; (b) any Person, directly or indirectly (including through one or more intermediaries), controlled by such individual in (a); and (c) any child (including adoptive
relationships) of such individual in (a). 
 “Reference B Shareholders” means, collectively, each of Marc Saverys and
Saverco NV, and any Permitted Transferees of them who become a party to this Agreement pursuant to Section 3.03. 

“Reference Shareholder” means the Reference A Shareholders or the Reference B Shareholders, as applicable, and
“Reference Shareholders” means them both. 
 “Registrable Securities” means (a) any Ordinary
Shares held by a Shareholder or issuable upon conversion, exercise or exchange of Shares owned by a Shareholder at any time, and (b) any Ordinary Shares issued or issuable with respect to any shares described in subsection (a) above by way
of a stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization (it being understood that for purposes of this Agreement, a Person shall be deemed to be a holder of
Registrable Securities whenever such Person has the right to then acquire or obtain from the Company any Registrable Securities, whether or not such acquisition has actually been effected). As to any particular Registrable Securities, such
securities shall cease to be Registrable Securities when (i) a Registration Statement covering such securities has been declared effective by the Commission and such securities have been disposed of pursuant to such effective Registration
Statement, (ii) such securities are sold under circumstances in which all of the applicable conditions of Rule 144 (or any similar 

  
 4 

 
provisions then in force) under the Securities Act are met, (iii) such securities could be freely resold in a single transaction in the U.S. public market without registration (or reliance
on Rule 144 under the Securities Act) pursuant to Section 4(a)(1) of the Securities Act together with all other Registrable Securities of such Shareholder at such time; (iv) such securities are otherwise transferred and such securities may
be resold without subsequent registration under the Securities Act, or (v) such securities shall have ceased to be outstanding. 

“Registration Statement” means any registration statement of the Company which covers any of the Registrable Securities
pursuant to the provisions of this Agreement, including the Prospectus, amendments and supplements to such Registration Statement, including post-effective amendments, all exhibits and all materials incorporated by reference in such Registration
Statement. 
 “Securities Act” means the Securities Act of 1933, as amended, or any successor federal statute, and the
rules and regulations thereunder, which shall be in effect at the time. 
 “Selected Courts” has the meaning set forth in
Section 3.06(b). 
 “Selling Expenses” means all underwriting discounts, selling commissions and stock
transfer taxes applicable to the sale of Registrable Securities, and fees and disbursements of counsel for any holder of Registrable Securities, except for the reasonable fees and disbursements of one U.S. counsel and one local counsel for the
holders of Registrable Securities required to be paid by the Company pursuant to Section 2. 

“Shareholder” has the meaning set forth in the Preamble. 

“Shares” means (a) the Ordinary Shares; (b) preferred stock; and (c) any other Capital Stock, in each
case together with any Stock Equivalents thereon, purchased, owned or otherwise acquired by a Shareholder as of or after the date hereof, and any securities issued in respect of any of the foregoing, or in substitution therefor, in connection with
any stock split, dividend or combination, or any reclassification, recapitalization, merger, consolidation, exchange or similar reorganization. 

“Short-Form Registration” has the meaning set forth in Section 2.01(a). 

“Stock Equivalents” means any option to purchase any Capital Stock or any other security or obligation that is by its
terms, directly or indirectly, convertible into or exchangeable or exercisable for Shares, and any option, warrant or other right to subscribe for, purchase or acquire Shares or Stock Equivalents (disregarding any restrictions or limitations on the
exercise of such rights). 
 “Valid Business Reason” has the meaning set forth in Section 2.01(c). 

  
 5 

 ARTICLE II  

REGISTRATION RIGHTS 

Section 2.01 Demand Registration Right. 

(a) At any time and from time to time, commencing upon the expiration of the Lock Up Period, and ending twelve (12) calendar months from
the date on which the Ordinary Shares have been registered under the Exchange Act, each of the Reference A Shareholders and the Reference B Shareholders (or, in either case, one or more members thereof acting together) may request registration under
the Securities Act of all or any portion of the Registrable Securities representing in the aggregate not less than ten percent (10%) of the issued and outstanding Ordinary Shares beneficially owned by the Reference A Shareholders taken as a
whole or the Reference B Shareholders taken as a whole, as applicable, on Form F-1 or S-1 or any successor form thereto (each a “Long-Form Registration”); provided, however, that a Long-Form Registration may be
requested for Registrable Securities representing in the aggregate less than ten percent (10%) of the issued and outstanding Ordinary Shares held by such Reference Shareholder taken as a whole, if the request consists of all remaining
Registrable Securities held by that Reference Shareholder as a group. During the first twelve (12) calendar months from the date on which the Ordinary Shares have been registered under the Exchange Act, each of the Reference A Shareholders as a
group and the Reference B Shareholders as a group may make only one demand for a Long-Form Registration under this Agreement; provided, that a Registration Statement shall not count as a registration requested under this
Section 2.01(a) unless and until it has become effective. The request for the Long-Form Registration shall specify the approximate number of Registrable Securities required to be registered. Upon receipt of such request, the Company
shall promptly (but in no event later than five (5) days following receipt thereof) deliver notice of such request to all other holders of Registrable Securities who shall then have twenty (20) days from the date such notice is given to
notify the Company in writing of their desire to be included in such registration. The Company shall cause a Registration Statement on Form F-1 or S-1 (or any successor form) to be filed with the Commission within sixty (60) days after the date
on which the initial request is given and shall use its commercially reasonable best efforts to cause such Registration Statement to be declared effective by the Commission as soon as practicable thereafter. 

(b) After the Initial Public Offering or the Listing, and commencing twelve (12) calendar months after the Ordinary Shares have been
registered under the Exchange Act, the Company shall use its best efforts to qualify and remain qualified to register securities under the Securities Act pursuant to a Registration Statement on Form F-3 or S-3 or any successor form thereto. At such
time as the Company shall have qualified for the use of a Registration Statement on Form F-3 or S-3, each of the Reference A Shareholders and the Reference B Shareholders (or, in either case, one or more members thereof acting together) shall have
the right to request an unlimited number of registrations, each of all or any portion of the Registrable Securities in the aggregate not less than ten percent (10%) of the issued and outstanding Ordinary Shares beneficially owned by the
Reference A Shareholders taken as a whole or the Reference B Shareholders taken as a whole, as applicable, on Form F-3 or S-3 or any similar short-

  
 6 

 
form registration (each a “Short-Form Registration” and, together with each Long-Form Registration, a “Demand Registration”); provided, however,
that a Short-Form Registration may be requested for Registrable Securities representing in the aggregate less than ten percent (10%) of the issued and outstanding Ordinary Shares held by such Reference Shareholder taken as a whole, if the
request consists of all remaining Registrable Securities held by that Reference Shareholder as a group. After the Initial Public Offering or the Listing, and commencing twelve (12) calendar months after the Ordinary Shares have been registered
under the Exchange Act, if, at any time, the Company shall not qualify or remain qualified to register securities under the Securities Act pursuant to a Registration Statement on Form F-3 or S-3 or any successor form thereto, each of the Reference A
Shareholders as a group and the Reference B Shareholders as a group shall have the right to request one (1) Long-Form Registration during each twelve (12) calendar month period during which such lack of qualification shall continue, with
the initial such period commencing on the date on which the Company shall not qualify or remain qualified to register securities under the Securities Act pursuant to a Registration Statement on Form F-3 or S-3 or any successor form thereto;
provided, that a Registration Statement shall not count as such a registration requested unless and until it has become effective. Each Demand Registration request shall specify the approximate number of Registrable Securities requested to be
registered. Upon receipt of such request, the Company shall promptly (but in no event later than five (5) days following receipt thereof) deliver notice of such request to all other holders of Registrable Securities who shall then have ten
(10) days from the date such notice is given to notify the Company in writing of their desire to be included in such registration. The Company shall cause a Registration Statement on Form F-3 or S-3 (or any successor form) to be filed with the
Commission within sixty (60) days after the date on which the initial request is given and shall use its commercially reasonable best efforts to cause such Registration Statement to be declared effective by the Commission as soon as practicable
thereafter. If requested as a Short-Form Registration by the Reference A Shareholders or the Reference B Shareholders (or one or more members thereof acting together), the Company shall file a shelf Registration Statement under Rule 415 covering the
sale of Registrable Securities from time to time in one or more transactions to be described in a Prospectus supplement. In such event, once the shelf Registration Statement is effective, the Company shall, upon demand, prepare and timely file
Prospectus supplements requested by the holders of Registrable Securities participating in such registration, necessary for all such sales to proceed; provided that the provisions set out in Sections 2.01(c) (other than the first sentence), (d),
(e) and (f), shall apply to any demand for a Prospectus supplement under this section. 
 (c) The Company shall not be obligated to
effect any Demand Registration within sixty (60) days after the effective date of a previous Demand Registration or a previous Piggyback Registration (as defined below) in which holders of Registrable Securities were permitted to register, and
actually sold, at least fifty percent (50%) of the Registrable Securities requested to be included therein. The Company may postpone for up to thirty (30) days the filing or effectiveness of a Registration Statement for a Demand
Registration if the Company’s Board determines in its reasonable good faith judgment that such Demand Registration would (i) materially interfere with a material acquisition, corporate organization or other similar transaction involving
the Company (a “Valid 

  
 7 

 
Business Reason”); (ii) require premature disclosure of material information that the Company has a bona fide business purpose for preserving as confidential; or
(iii) render the Company unable to comply with requirements under the Securities Act or Exchange Act; provided that in such event the holders of a majority of the Registrable Securities initiating such Demand Registration shall be
entitled to withdraw such request and, if such request is withdrawn, such Demand Registration shall not count as one of the permitted Demand Registrations hereunder and the Company shall pay all registration expenses in connection with such
registration. The Company may delay a Demand Registration hereunder no more than 90 days, in the aggregate, in any period of 365 consecutive days, and the Company shall give notice to Shareholders of its determination to postpone a Registration
Statement. If the Company shall give any notice of postponement of any Registration Statement pursuant to this Section 2.01, the Company shall not, during the period of postponement, register any equity security of the Company, other
than pursuant to a Registration Statement on Form F-4 or Form S-8 (or otherwise in connection with any employee benefits plan). If the Company shall give any notice of postponement of a Registration Statement, the Company shall, at such time as the
Valid Business Reason that caused such withdrawal or postponement no longer exists (but in no event later than three months after the date of the notice notifying the Shareholders of the postponement), use its commercially reasonable efforts to
effect the registration under the Securities Act of the Registrable Securities covered by the postponed Registration Statement in accordance with this Section 2.01 (unless the holders of a majority of the Registrable Securities
initiating such Demand Registration shall have withdrawn such request, in which case the Company shall not be considered to have effected an effective registration for the purposes of this Agreement). 

(d) If the holders of a majority of the Registrable Securities included in a Demand Registration elect to distribute the Registrable
Securities covered by their request through an underwriter or broker or dealer, they shall so advise the Company. The holders of a majority of the Registrable Securities included in such Demand Registration shall select the investment banking firm
or firms to act as the managing underwriter or underwriters or broker or dealer in connection with such offering, provided that such selection shall be subject to the consent of the Company, which consent shall not be unreasonably withheld or
delayed. 
 (e) If a Demand Registration involves an underwritten offering and the managing underwriter of the requested Demand Registration
advises the Company and the holders of Registrable Securities in writing that in its opinion the number of Ordinary Shares proposed to be included in the Demand Registration, including all Registrable Securities and all other Ordinary Shares
proposed to be included in such underwritten offering, exceeds the number of Ordinary Shares which can be sold in such underwritten offering and/or the number of Ordinary Shares proposed to be included in such registration would adversely affect the
price per share of the Registrable Securities proposed to be sold in such underwritten offering, the Company shall include in such Demand Registration (i) first, the number of Ordinary Shares that the holders of Registrable Securities propose
to sell, and (ii) second, the number of Ordinary Shares proposed to be included therein by any other Persons (including Ordinary Shares to be sold for the account of the Company and/or other holders of Ordinary Shares) allocated

  
 8 

 
among such Persons in such manner as they may agree. If the managing underwriter determines that less than all of the Registrable Securities proposed to be sold can be included in such offering,
then the Registrable Securities that are included in such offering shall be allocated pro rata among the respective holders thereof on the basis of the number of Registrable Securities owned by each such holder or in such other manner as they may
agree. 
 (f) The Company shall be obligated to cooperate with the Shareholders and provide its officers for (i) two multi-day marketed
roadshows and other customary marketing activities (including one-on-one meetings with prospective purchasers of the Registrable Securities) for each of the Reference A Shareholders as a group and the Reference B Shareholders as a group during any
365-day period, with the initial period commencing on the date on which the Ordinary Shares have been registered under the Exchange Act, and (ii) a reasonable number of marketing calls for each one-day or overnight offering (including block
trades) by each of the Reference A Shareholders and the Reference B Shareholders, including any bank-executed sales in connection with a Hedging Transaction by either Reference Shareholder. To the extent one Reference Shareholder has made a demand
for a Demand Registration including a multi-day marketed roadshow, and the other Reference Shareholder joins in that demand pursuant to Section 2.01(b), including for such multi-day marketed roadshow, such roadshow shall count as one of
the two multi-day marketed roadshows to which each Reference Shareholder as a group is entitled pursuant to this Section 2.01(f) during the applicable 365-day period, with the initial period commencing on the date on which the Ordinary
Shares have been registered under the Exchange Act. In the event one or more Reference Shareholders join in such a demand including a multi-day marketed roadshow, each shall be entitled to have their Ordinary Shares registered and marketed in
accordance with their relative Ownership Ratios. 
 Section 2.02 Piggyback Registration. 

(a) Whenever the Company proposes to register any of its Ordinary Shares under the Securities Act (other than a registration effected solely to
implement an employee benefit plan or in connection with the registration of shares to be issued as consideration in a business combination or share exchange, or a registration statement on Forms F-4, S-4, S-8 or any successor form thereto or
another form not available for registering the Registrable Securities for sale to the public), whether for its own account or for the account of one or more other shareholders of the Company and the form of Registration Statement to be used may be
used for any registration of Registrable Securities (a “Piggyback Registration”), the Company shall give prompt written notice (in any event no later than fifteen (15) days prior to the filing of such Registration Statement) to
the Shareholders of its intention to effect such a registration and, subject to Section 2.02(b) shall include in such registration all Registrable Securities held by the Shareholders with respect to which the Company has received written
requests for inclusion from any Shareholder within fifteen (15) days after the Company’s notice has been given; provided that the Company may limit the number of Registrable Securities of a selling Shareholder under any or all
Piggyback Registrations to the Ownership Ratio; and further provided that the Company, if requested by a demanding Shareholder, may in 

  
 9 

 
its sole discretion, include more than such Shareholder’s Ownership Ratio. The Company may postpone or withdraw the filing or the effectiveness of any Piggyback Registration at any time in
its sole discretion, upon written notice to the Shareholders, without prejudice, however, to the right of a Shareholder to immediately request that such registration be effected as a Demand Registration. A Piggyback Registration shall not be
considered a Demand Registration for purposes of Section 2.01 of this Agreement. 
 (b) If a Piggyback Registration is initiated
as a primary underwritten offering on behalf of the Company and the managing underwriter advises the Company and the holders of Registrable Securities (if any holders of Registrable Securities have elected to include Registrable Securities in such
Piggyback Registration) in writing that in its opinion the number of Ordinary Shares proposed to be included in such registration, including all Registrable Securities and all other Ordinary Shares proposed to be included in such underwritten
offering, exceeds the number of Ordinary Shares which can be sold in such offering and/or that the number of Ordinary Shares proposed to be included in any such registration would adversely affect the price per share of the Ordinary Shares to be
sold in such offering, the Company shall include in such registration (i) first, the number of Ordinary Shares that the Company proposes to sell, (ii) second, the number of Ordinary Shares requested to be included therein by holders of
Registrable Securities, allocated pro rata among all such Shareholders on the basis of the number of Registrable Securities owned by each such Shareholder or in such manner as they may otherwise agree; and (iii) third, the number of Ordinary
Shares requested to be included therein by holders of Ordinary Shares (other than holders of Registrable Securities), allocated among such holders in such manner as they may agree. 

(c) If a Piggyback Registration is initiated as an underwritten offering on behalf of a holder of Ordinary Shares other than Registrable
Securities, and the managing underwriter advises the Company in writing that in its opinion the number of shares of Ordinary Shares proposed to be included in such registration, including all Registrable Securities and all other Ordinary Shares
proposed to be included in such underwritten offering, exceeds the number of Ordinary Shares which can be sold in such offering and/or that the number of Ordinary Shares proposed to be included in any such registration would adversely affect the
price per Common Share to be sold in such offering, the Company shall include in such registration (i) first, the number of Ordinary Shares requested to be included therein by the Shareholder(s) requesting such registration and by the holders
of Registrable Securities, allocated pro rata among such Shareholders on the basis of the number of Ordinary Shares (on a Fully Diluted Basis) and the number of Registrable Securities, as applicable, owned by all such Shareholders or in such manner
as they may otherwise agree; and (ii) second, the number of Ordinary Shares requested to be included therein by other holders of Ordinary Shares, allocated among such holders in such manner as they may agree. 

(d) If any Piggyback Registration is initiated as a primary underwritten offering on behalf of the Company, the Company shall select the
investment banking firm or firms to act as the managing underwriter or underwriters in connection with such offering; provided, however, that the holders of a majority of the Registrable Securities included in the registration may
select an investment banking firm to act as the co-managing underwriter in connection with such offering. 

  
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 Section 2.03 Lock-Up Agreement. Each holder of Registrable Securities
participating in such registration agrees that in connection with an Initial Public Offering and upon the request of the managing underwriter, if any, of any registration effected pursuant to Section 2.02, it shall not, without the prior
written consent of such managing underwriter and subject to customary exceptions, during a period beginning on seven (7) days prior to the effectiveness of such Registration Statement and ending on ninety (90) days after the effectiveness
of such Registration Statement (the “Lock-Up Period”), offer, sell, pledge, offer to sell, contract to sell (including any short sale), grant any option to purchase, enter into any derivative transaction which would have the same
effect as a sale or otherwise dispose of, or make any public announcement of the intention to take any of the foregoing actions with respect to: (i) any Ordinary Shares which may be deemed to be beneficially owned by the undersigned on the date
hereof in accordance with the rules and regulations of the Securities and Exchange Commission, (ii) any Ordinary Shares which may be issued upon exercise of a stock option or warrant or upon conversion of a convertible security, and
(iii) any other security convertible into or exchangeable for Ordinary Shares (including any of the Company’s convertible preferred equity securities and convertible notes), or enter into any Hedging Transaction relating to the Ordinary
Shares. In this connection, notwithstanding the previous sentence, it shall be a condition of this Agreement that each Shareholder sign a lock-up in favor of the representative of the underwriters prescribing a Lock-Up Period of not longer than 90
days at the time and in the form agreed by between the Company and such representative. 
 Section 2.04 Registration
Procedures.  
 (a) If and whenever any of the Reference A Shareholders or Reference B Shareholders (or, in either case,
one or more members thereof acting together) request that any Registrable Securities be registered pursuant to the provisions of this Agreement, the Company shall use its commercially reasonable best efforts to effect the registration and the sale
of such Registrable Securities in accordance with the intended method of disposition thereof, and pursuant thereto the Company shall as soon as reasonably practicable: 

(i) subject to Section 2.01(a) and Section 2.01(b), prepare and file with the Commission a Registration Statement with
respect to such Registrable Securities, which form shall be selected by the Company and shall comply as to form in all material respects with the requirements of the applicable form and include all financial statements required by the Commission to
be filed therewith, and use its reasonable best efforts to cause such Registration Statement to become effective; 
 (ii) prepare and file
with the Commission such amendments, post-effective amendments and supplements to such Registration Statement and the Prospectus used in connection therewith as may be necessary to keep such Registration Statement effective until all of such
Registrable Securities have been disposed of, and to comply 

  
 11 

 
with the provisions of the Securities Act with respect to the disposition of such Registrable Securities in accordance with the intended methods of disposition set forth in such Registration
Statement; 
 (iii) within a reasonable time before filing such Registration Statement, Prospectus or amendments or supplements thereto,
furnish to (x) each Shareholder, (y) to one U.S. counsel and one local counsel for the holders of Registrable Securities participating in such registration as a group (selected by the holders of a majority of the Registrable Securities
included in the registration), and (z) to each underwriter, if any, of the securities to be covered by the relevant Registration Statement, copies of such documents proposed to be filed with the Commission, and other documents as such
Shareholders, counsel or underwriter may reasonably request in order to facilitate the public sale or other disposition of the Registrable Securities, which documents shall be subject to the review of such counsel; 

(iv) notify such selling Shareholders and each managing underwriter, if any, promptly after the Company receives notice thereof, of the time
when (a) when the relevant Registration Statement, any pre-effective amendment, the prospectus or any prospectus supplement related thereto, any post-effective amendment to such Registration Statement or any free writing prospectus has been
filed and, with respect to such Registration Statement or any post-effective amendment, when the same has become effective; (b) of the receipt by the Company of any notification with respect to the suspension of the qualification of any
Registrable Securities for sale under the securities or blue sky laws of any jurisdiction or the initiation of any proceeding for such purpose; and (c) if at any time the representations and warranties contemplated by any underwriting
agreement, securities sale agreement, or other similar agreement, relating to the offering shall cease to be true and correct in all material respects; 

(v) furnish, without charge, to such selling Shareholders such number of copies of the Prospectus included in such Registration Statement
(including each preliminary Prospectus) and any supplement thereto (in each case including all exhibits and documents incorporated by reference therein) and such other documents as such selling Shareholders may reasonably request in order to
facilitate the disposition of the Registrable Securities; 
 (vi) use its reasonable best efforts to register or qualify such Registrable
Securities under such other securities or “blue sky” laws of such jurisdictions as such selling Shareholders or any managing underwriter, if any, reasonably request and do any and all other acts and things which may be reasonably necessary
or advisable to enable such selling Shareholders or underwriters, if any, to consummate the disposition in such jurisdictions of the Registrable Securities; provided that the Company shall not be required to qualify generally to do business
as a foreign corporation, subject itself to general taxation or consent to general service of process in any jurisdiction where it would not otherwise be required to do so but for this Section 2.04(a)(vi); 

(vii) notify such Shareholders and each managing underwriter, if any, at any time when a Prospectus relating thereto is required to be
delivered, but in any event 

  
 12 

 
promptly after the Company becomes aware of the existence of any fact as a result of which the Prospectus included in such Registration Statement, any free writing prospectus or the information
conveyed to any purchase at the time of sale to such purchaser, contains an untrue statement of a material fact or omits any fact necessary to make the statements therein not misleading, or any supplement or amendment is required to comply with law,
and promptly prepare and file with the Commission and furnish to each Shareholder and each managing underwriter, if any, a reasonable number of copies of a supplement or amendment to such Prospectus so that, as thereafter delivered to the purchasers
of such Registrable Securities, such Prospectus shall not contain an untrue statement of a material fact or omit to state any fact necessary to make the statements therein not misleading or comply with law; 

(viii) make available for inspection by such Shareholders, any underwriter participating in any disposition pursuant to such Registration
Statement and one attorney, accountant or other agent retained by such selling Shareholders or any underwriter (collectively, the “Inspectors”), all financial and other records, pertinent corporate documents and properties of the
Company (collectively, the “Records”), and cause the Company’s officers, directors and employees to supply all information reasonably requested by any such Inspector in connection with such Registration Statement and customary
in such a transaction; 
 (ix) provide a transfer agent and registrar (which may be the same entity) and obtain a CUSIP number or ISIN
number for all such Registrable Securities not later than the effective date of such registration; 
 (x) use its reasonable best efforts to
cause such Registrable Securities to be listed on each U.S. national securities exchange on which the Ordinary Shares are then listed or, if the Ordinary Shares are not then listed, on the NYSE or Nasdaq; 

(xi) in connection with an underwritten offering, enter into such customary agreements (including underwriting and lock-up agreements in
customary form) and take all such other customary actions as such selling Shareholders or the managing underwriter of such offering reasonably request in order to expedite or facilitate the disposition of such Registrable Securities, including,
without limitation, making any necessary filings and taking any actions necessary to comply with the requirements of the Financial Industry Regulatory Authority, Inc. 

(xii) otherwise use its reasonable best efforts to comply with all applicable rules and regulations of the Commission and make available to
its shareholders an earnings statement (in a form that satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder) no later than thirty (30) days after the end of the 12-month period beginning with the first
day of the Company’s first full fiscal quarter after the effective date of such Registration Statement, which earnings statement shall cover said 12-month period, and which requirement will be deemed to be satisfied if the Company timely files
complete and accurate information on Forms 10-Q, 10-K and 8-K, or Forms 20-F or 6-K, under the Exchange Act and otherwise complies with Rule 158 under the Securities Act; 

  
 13 

 (xiii) furnish to such selling Shareholders and each underwriter, if any, with (i) a legal
opinion of the Company’s outside counsel, dated the effective date of such Registration Statement (and, if such registration includes an underwritten public offering, dated the date of the closing under the underwriting agreement), in form and
substance as is customarily given in opinions of the Company’s counsel to underwriters in underwritten public offerings; and (ii) “comfort” letters signed by the Company’s independent certified public accountants in form and
substance as is customarily given in accountants’ letters to underwriters in underwritten public offerings; 
 (xiv) without limiting
Section 2.04(a)(vi) above, use its reasonable best efforts to cause such Registrable Securities to be registered with or approved by such other governmental agencies or authorities as may be necessary by virtue of the business and operations of
the Company to enable the holders of such Registrable Securities to consummate the disposition of such Registrable Securities in accordance with their intended method of distribution thereof; 

(xv) notify such selling Shareholders promptly of any request by the Commission for the amending or supplementing of such Registration
Statement or Prospectus or for additional information; 
 (xvi) advise such selling Shareholders promptly after it shall receive notice or
obtain knowledge thereof, of the issuance of any stop order by the Commission suspending the effectiveness of such Registration Statement or the initiation or threatening of any proceeding for such purpose and promptly use its reasonable best
efforts to prevent the issuance of any stop order or to obtain its withdrawal at the earliest possible moment if such stop order should be issued; 

(xvii) to the extent deemed to be an underwriter or a controlling person of the Company, permit such selling Shareholders to provide comments
on such Registration Statement and to request the insertion therein of language, furnished to the Company in writing, which in the reasonable judgment of such Shareholder and one counsel for all such selling Shareholders should be included; 

(xviii) take no direct or indirect action prohibited by Regulation M under the Exchange Act; provided, however, that to the
extent that any prohibition is applicable to the Company, the Company will use reasonable efforts to take such action as is necessary to make any such prohibition inapplicable; 

(xix) take all reasonable action to ensure that any free writing prospectus utilized in connection with any registration covered by
Section 2.01 or Section 2.02 complies in all material respects with the Securities Act, is filed in accordance with the Securities Act to the extent required thereby, is retained in accordance with the Securities Act to the
extent required thereby and, when taken together with the related prospectus, will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading; 

  
 14 

 (xx) otherwise use its reasonable best efforts to take all other steps necessary to effect the
registration of such Registrable Securities contemplated hereby. 
 (b) Expenses. All expenses incurred by the Company in complying
with its obligations pursuant to this Agreement and in connection with the registration and disposition of Registrable Securities, including, without limitation, all registration and filing fees, underwriting expenses (other than fees, commissions
or discounts), expenses of any audits incident to or required by any such registration, fees and expenses of complying with securities and “blue sky” laws, printing expenses, fees and expenses of the Company’s counsel and accountants,
and reasonable fees and expenses of one United States counsel and one local counsel for the holders of Registrable Securities participating in such registration as a group (both such counsels to be selected by the holders of a majority of the
Registrable Securities included in the registration) shall be paid by the Company in connection with any Demand Registration or Piggyback Registration, provided, that, if local counsel to the Company advises that it may act both for the
Company and the applicable Shareholders, then such Shareholders shall also retain such local counsel at the Company’s request. All Selling Expenses relating to Registrable Securities registered pursuant to this Agreement shall be borne and paid
by the holders of such Registrable Securities, in proportion to the number of Registrable Securities registered for each such Shareholder. 

Section 2.05 No Required Sale. Nothing in this Agreement shall be deemed to create an independent obligation on the part of any
holder of Registrable Securities to sell any Registrable Securities pursuant to any effective Registration Statement. 

Section 2.06 Indemnification. 

(a) The Company shall indemnify and hold harmless, to the fullest extent permitted by law, each holder of Registrable Securities, such
holder’s officers, directors, managers, members, partners, stockholders and Affiliates, each underwriter, selling group member or any other Person acting on behalf of such holder of Registrable Securities and each other Person, if any, who
controls any of the foregoing Persons within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, against all losses, claims, actions, damages, liabilities, joint or several, expenses (including reasonable
fees of counsel and any amounts paid in any settlement effected with the Company’s consent, which consent shall not be unreasonably withheld or delayed) and actions or proceedings (whether commenced or threatened) to which any of the foregoing
Persons may become subject under the Securities Act or otherwise (collectively, “Claims”), insofar as such Claims arise out of or are based upon any untrue or alleged untrue statement of a material fact contained in any Registration
Statement, Prospectus, preliminary Prospectus, free writing prospectus (as defined in Rule 405 promulgated under the Securities Act), or any amendment thereof or supplement thereto, any “issuer information” filed or required to be filed
pursuant to Rule 433(d) under the Securities Act, any oral or written communication with potential investors undertaken in reliance on Section 5(d) of the Securities Act, any road show as defined in Rule 433(h) under the
Securities Act (a “road show”) or otherwise included in a pricing disclosure package, or caused by any omission or alleged omission to state therein a material fact required to be stated therein or

  
 15 

 
necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, or any violation or alleged violation by the Company of the Securities Act or
any other similar federal or state securities laws or any rule or regulation promulgated thereunder applicable to the Company and relating to action or inaction required of the Company in connection with any such registration, qualification or
compliance; and shall reimburse such Persons for any legal or other expenses reasonably incurred by any of them in connection with investigating or defending any such Claims, except insofar as the same are caused by or contained in any information
furnished in writing to the Company by such holder expressly for use therein. 
 (b) In connection with any Registration Statement in which
a holder of Registrable Securities is participating, each such holder shall furnish to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such Registration Statement or Prospectus
and, to the extent permitted by law, shall, severally and not jointly, indemnify and hold harmless (in the same manner and to the same extent as set forth in paragraph (a) of this Section 2.06, the Company, each director of the Company,
each officer of the Company who shall sign such Registration Statement, each underwriter, broker and each Person who controls any of the foregoing Persons within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
Act, but only to the extent that such untrue statement or omission is contained in any information or affidavit so furnished in writing by such holder; provided, that the obligation to indemnify shall be limited to the net proceeds (after
underwriting fees, commissions or discounts) actually received by such holder from the sale of Registrable Securities pursuant to such Registration Statement. 

(c) Promptly after receipt by an indemnified party of notice of the commencement of any action or proceeding involving a Claim referred to in
this Section 2.06, such indemnified party shall, if a Claim in respect thereof is made against an indemnifying party, give written notice to the latter of the commencement of such action or proceeding. The failure of any indemnified party to
notify an indemnifying party of any such action shall not (unless the party to whom notice was not given was unaware of the proceeding to which such notice would have related and was materially prejudiced by the failure to give such notice) relieve
the indemnifying party from any liability in respect of such action that it may have to such indemnified party hereunder. In case any such action or proceeding is brought against an indemnified party, the indemnifying party shall be entitled to
participate in and to assume the defense of the claims in any such action that are subject or potentially subject to indemnification hereunder and, unless in the reasonable opinion of outside counsel to the indemnified party a conflict of interest
between such indemnified and indemnifying parties may exist in respect of such Claim, to assume the defense thereof jointly with any other indemnifying party similarly notified to the extent that it may wish, with counsel reasonably satisfactory to
such indemnified party, and after written notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, the indemnifying party shall not be responsible for any legal or other expenses subsequently
incurred by the indemnified party in connection with the defense thereof; provided, that if (i) the indemnifying party and the indemnified party shall have mutually agreed to the retention of such counsel, (which shall be one firm,
together with local counsel) (ii) the named parties to any such 

  
 16 

 
proceeding (including any impleaded parties) include both the indemnifying party and the indemnified party and representation of both parties by the same counsel would be inappropriate due to
actual or potential differing interests between them or (iii) the indemnifying party shall have failed to assume the defense and employ counsel acceptable to the indemnified party within a reasonable period of time after notice of commencement
of the action, then in any such case, the indemnifying party shall not have the right to assume the defense of such action on behalf of such indemnified party without such indemnified party’s prior written consent (but, without such consent,
shall have the right to participate therein with counsel of its choice) and such indemnifying party shall reimburse such indemnified party and any Person controlling such indemnified party for that portion of the fees and expenses of any counsel
retained by the indemnified party which is reasonably related to the matters covered by the indemnity provided hereunder. If the indemnifying party is not entitled to, or elects not to, assume the defense of a claim, it shall not be obligated to pay
the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified
party and any other of such indemnified parties with respect to such claim. In such instance, the conflicting indemnified parties shall have a right to retain one separate counsel, chosen by the holders of the Registrable Securities included in the
registration, at the expense of the indemnifying party. No indemnifying party shall, without the written consent of the indemnified party effect the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or
threatened action or claim in respect of which indemnification may be sought hereunder (whether or not the indemnified party is an actual or potential party to such action or claim) unless such settlement, compromise or judgment (x) includes an
unconditional release of the indemnified party from all liability arising out of such action or proceeding and (y) does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any indemnified
party. The indemnification provided for hereunder shall not apply to amounts paid in settlement of any such Claim referred to in this Section 2.06 if such settlement is effected without the prior written consent of the indemnifying party
(which consent shall not be unreasonably withheld or delayed). 
 (d) If the indemnification provided for hereunder is held by a court of
competent jurisdiction to be unavailable to an indemnified party with respect to any Claim referred to herein, then the indemnifying party, in lieu of indemnifying such indemnified party hereunder, shall contribute to the amounts paid or payable by
such indemnified party as a result of such Claim in such proportion as is appropriate to reflect the relative benefits received by the indemnifying party on the one hand and the indemnified party on the other from the offering effected pursuant to
the registration of the Registrable Securities. If, however, the allocation provided by the immediately preceding sentence is not permitted by applicable law then each indemnifying party shall contribute to such amount paid or payable by such
indemnified party in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault of the indemnifying party on the one hand and the indemnified party on the other in connection with the statements or
omissions which resulted in Claims, as well as any other relevant equitable considerations; provided, that the maximum amount of liability in respect of such contribution shall be limited, in the case of each holder of Registrable Securities,
to 

  
 17 

 
an amount equal to the net proceeds (after underwriting fees, commissions or discounts) actually received by such holder from the sale of Registrable Securities. The relative benefits received by
the indemnifying party on the one hand and the indemnified party on the other shall be deemed to be in the same proportion as the net proceeds from the offering (before deducting expenses) actually received by each party from the sale of Ordinary
shares effected pursuant to such registration, as set forth in the table on the cover page of the Prospectus. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether
the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the indemnifying party on the one hand or the indemnified party on the other and the
parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties agree that it would not be just and equitable if contribution pursuant hereto were determined by pro rata
allocation or by any other method or allocation which does not take account of the equitable considerations referred to herein. No Person guilty or liable of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be
entitled to contribution from any Person who was not guilty or liable of fraudulent misrepresentation. 
 (e) The indemnity and contribution
agreements contained herein shall be in addition to any other rights to indemnification or contribution which any indemnified party may have pursuant to law or contract and shall remain operative and in full force and effect regardless of any
investigation made or omitted by or on behalf of any indemnified party and shall survive the transfer of any Registrable Securities by any such party. 

(f) The indemnification and contribution required by this Section 2.06 shall be made by periodic payments of the amount thereof
during the course of the investigation or defense, as and when bills are received or expense, loss, damage or liability is incurred. 

Section 2.07 Participation in Underwritten Registrations. No Person may participate in any registration hereunder which is
underwritten unless such Person (a) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements approved by the Person or Persons entitled hereunder to approve such arrangements and (b) completes and
executes all reasonable questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting arrangements. 

Section 2.08 Rule 144 Compliance. With a view to making available to the holders of Registrable Securities the benefits of Rule
144 under the Securities Act and any other rule or regulation of the Commission that may at any time permit a holder to sell securities of the Company to the public pursuant to a registration on Form F-3 or S-3 (or any successor form) or without
registration under the Securities Act within the limitation of the exemptions provided by (A) Rule 144 of the Securities Act, as such rule may be amended from time to time, or (B) any similar rule or regulation hereafter adopted by the
Commission, the Company shall: 

  
 18 

 (i) make and keep public information available, as those terms are understood and defined in Rule
144 under the Securities Act, at all times after the Registration Date; 
 (ii) file with the Commission in a timely manner all reports and
other documents required of the Company under the Securities Act and the Exchange Act, at any time after the Company has become subject to such reporting requirements; 

(iii) take such further action as any holder of Registrable Securities may reasonably request, to the extent required from time to time to
enable such holder to sell Registrable Securities without registration as described above in this Section 2.08; and 
 (iv)
furnish to any holder so long as the holder owns Registrable Securities, promptly upon request, a written statement by the Company as to its compliance with the reporting requirements of Rule 144 under the Securities Act and of the Securities Act
and the Exchange Act, a copy of the most recent annual or quarterly report of the Company, and such other reports and documents so filed or furnished by the Company as such holder may reasonably request in connection with the sale of Registrable
Securities without registration. 
 Section 2.09 Preservation of Rights. The Company shall not (a) grant any registration
rights to Persons other than the Shareholders which are more favorable than or inconsistent with the rights granted hereunder, or (b) enter into any agreement, take any action, or permit any change to occur, with respect to its securities that
violates or subordinates the rights expressly granted to the holders of Registrable Securities in this Agreement. 
 Section 2.10
Termination. This Agreement shall terminate and be of no further force or effect when the outstanding Registrable Securities shall cease to be Registrable Securities; provided, however, that the indemnities provided for under
Section 2.06 of this Agreement shall survive termination of this Agreement. 
 Section 2.11 Ownership Reporting. The
Company agrees that it will provide assistance to the Shareholders (or the ultimate beneficial owners of the Ordinary Shares held by such Shareholders) in connection with the filing of beneficial ownership reports on Schedule 13D or Schedule 13G (or
any successor form) or, if it shall become applicable, Section 16 or any other provision of the Exchange Act, including the payment of reasonable fees and expenses of counsel incurred in connection therewith, such fees not to exceed $20,000 in
respect of each Schedule 13D (or any successor form) or amendment thereto and $10,000 in respect of each Schedule 13G (or any successor form) or amendment thereto. 

Section 2.12 Nominees for Beneficial Owners. If Registrable Securities are held by a nominee for the beneficial owner thereof, the
beneficial owner thereof may, at 

  
 19 

 
its option, be treated as the holder of such Registrable Securities for purposes of any request or other action by any holder of such Registrable Securities pursuant to this Agreement (or any
determination of any number or percentage of shares constituting Registrable Securities held by any holder of such Registrable Securities contemplated by this Agreement), provided that the Company shall have received assurances reasonably
satisfactory to it of such beneficial ownership. 
 ARTICLE III 

MISCELLANEOUS 

Section 3.01 Notices. All notices, demands, requests, consents, approvals and other communications required or permitted hereunder
shall be in writing and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified, return receipt requested, postage prepaid, (iii) delivered by reputable air courier
service with charges prepaid, or (iv) transmitted by hand delivery, telegram or facsimile, addressed as set forth below or to such other address as such Party shall have specified most recently by written notice given in accordance herewith, in
each case with a copy to an e-mail address separately provided to each other Party. Any notice or other communication required or permitted to be given hereunder shall be deemed effective (a) upon hand delivery or delivery by facsimile, with
accurate confirmation generated by the transmitting facsimile machine, at the address or number designated below (if delivered on a Business Day during normal business hours where such notice is to be received), or the first Business Day following
such delivery (if delivered other than on a Business Day during normal business hours where such notice is to be received) or (b) on the second Business Day following the date of mailing by express courier service, fully prepaid, addressed to
such address, or upon actual receipt of such mailing, whichever shall first occur. The addresses for such communications shall be: 
 If to
the Company: 
 Euronav N.V. 

De Gerlachekaai 20 
 2000
Antwerpen 
 Belgium 
 Tel: 011
32 3 247 44 11 
 Fax: 011 32 3 247 44 09 

Email:                      

Attention:                      

with a copy (which shall not constitute notice) to: 

Seward & Kissel LLP 

Attention: Gary J. Wolfe, Esq. 

One Battery Park Plaza 
 New York,
NY 10004 

  
 20 

 Facsimile: +1-212-480-8421 

E-Mail: wolfe@sewkis.com 
 If to
the Shareholders: 
 All notices to be sent to the Shareholders pursuant to this Agreement shall be sent to or made at the address set forth
below such party’s signature to this Agreement. 
 with a copy (which shall not constitute notice) to: 

Cravath, Swaine & Moore LLP 

Attention: William P. Rogers, Jr. 

825 8th Avenue 
 New York, NY
10019 
 Tel: 212-474-1270 

Fax: 212-474-3700 
 E-Mail:
wrogers@cravath.com 
 Either Party may from time to time change its address for notices under this Section 3.01 by
giving at least ten (10) days’ prior written notice of such changed address to the other Party. 
 Section 3.02
Counterparts. This Agreement may be executed in multiple counterparts, each of which may be executed by less than all of the Parties and shall be deemed to be an original instrument, and all of which together shall constitute one and the same
instrument. All such counterparts may be delivered between the Parties by facsimile or other electronic transmission, which shall not affect the validity thereof. 

Section 3.03 Modification or Amendment of Agreement; Waiver; Transferees.  

(a) Neither this Agreement nor any term hereof may be amended, waived, discharged or terminated other than by a written instrument signed by
all Parties. No waiver of any of the provisions of this Agreement shall be deemed to or shall constitute a waiver of any other provision hereof (whether or not similar). The failure of any Party to insist on strict compliance with this Agreement, or
to exercise any right or remedy under this Agreement, shall not constitute a waiver of any rights provided under this Agreement, nor estop the Parties from thereafter demanding full and complete compliance nor prevent the Parties from exercising
such a right or remedy in the future. 
 (b) Each Shareholder shall be entitled to transfer the benefits of this Agreement to any Permitted
Transferee of such Shareholder to whom it shall transfer all or any of its Registrable Securities and to any Permitted Transferee of such Shareholder who shall succeed to the ownership of such Registrable Securities by operation of law or by way of
inheritance or the laws of descent and distribution, and any such transferee 

  
 21 

 
shall similarly be entitled to transfer the benefits of this Agreement to any Permitted Transferee of such transferee; provided that each Shareholder agrees that it shall cause any such
transferee to become a party to this Agreement by executing a counterpart of this Agreement and delivering the same to the Company. The Company shall not be required to effect the registration of any transfer of shares by a Shareholder unless it
shall have received such a signed counterpart of this Agreement. Upon execution and delivery of such counterpart of this Agreement by the transferee, this Agreement shall be effective with respect to any such transferee without the need for any
action on the part of the Company or any other Shareholder. 
 Section 3.04 Successors and Assigns. This Agreement shall be
binding upon, inure to the benefit of and be enforceable by the Parties and their respective successors and permitted assigns and transferees. 

Section 3.05 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York
(without giving effect to conflict of laws principles thereof). 
 Section 3.06 Specific Enforcement; Consent to Jurisdiction;
Waiver of Jury Trial. 
 (a) The Parties acknowledge and agree that irreparable damage would occur in the event that any of
the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that either Party shall be entitled to an injunction or injunctions to prevent or cure breaches of the
provisions of this Agreement by the other Party and to enforce specifically the terms and provisions hereof or thereof in the Selected Courts (as defined below), this being in addition to any other remedy to which either Party may be entitled by law
or equity. Any requirements for the securing or posting of any bond with respect to such remedy are hereby waived by each of the parties hereto. Each Party further agrees that, in the event of any action for an injunction or other equitable remedy
in respect of such breach or enforcement of specific performance, it will not assert the defense that a remedy at law would be adequate. 

(b) Each Party (i) hereby irrevocably submits to exclusive jurisdiction of the United States District Court for the Southern District of
New York or if such suit, action or proceeding may not be brought in such court for jurisdictional reasons, in the Supreme Court of the State of New York, New York County (collectively, the “Selected Courts”) for the purposes of any
suit, action or proceeding arising out of or relating to this Agreement; and (ii) hereby waives any objection to venue being laid in the Selected Courts, whether based on the grounds of forum non conveniens or otherwise. Each Party consents to
process being served in any such suit, action or proceeding by mailing a copy thereof by registered or certified mail, postage prepaid, or by recognized international express carrier or delivery service, to such Party at the address in effect for
notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing in this Section 3.06 shall affect or limit any right to serve process in any other manner
permitted by law. 

  
 22 

 (c) The Parties hereby irrevocably, to the extent not prohibited by applicable law that cannot be
waived, waive and covenant that they will not assert (whether as plaintiff, defendant or otherwise) any right to trial by jury in any action, proceeding or claim brought by any Party or beneficiary thereof on any matter whatsoever arising out of or
in any way connected with this Agreement, whether sounding in contract, tort or otherwise, and agree that any of them may file a copy of this paragraph with any court as written evidence of the knowing, voluntary and bargained-for agreement among
the parties irrevocably to waive its right to trial by jury. Any action, proceeding or claim brought by any Party or beneficiary thereof on any matter whatsoever arising out of or in any way connected with this Agreement, will instead be tried in a
court of competent jurisdiction by a judge sitting without a jury. 
 Section 3.07 Entire Agreement. This Agreement sets
forth the entire agreement and understanding of the Parties relating to the subject matter hereof and supersedes all prior and contemporaneous agreements, negotiations and understandings between the Parties, both oral and written, relating to the
subject matter hereof. 
 Section 3.08 Severability. Each provision of this Agreement shall be considered separable and,
if for any reason any provision or provisions hereof are determined to be invalid or contrary to applicable law, such invalidity or illegality shall not impair the operation of or affect the remaining portions of this Agreement. Upon such
determination that any term or other provision is invalid or illegal, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner to the end
that the transactions contemplated hereby are fulfilled to the extent possible. 
 Section 3.09 Headings. The headings in this
Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. All section references are to this Agreement unless otherwise expressly provided. 

Section 3.10 Further Assurances. From and after the date of this Agreement, upon the request of the a Party, each other
Party shall execute and deliver such instruments, documents and other writings as may be reasonably necessary or desirable to confirm and carry out and to effectuate fully the intent and purposes of this Agreement. 

[Signature Page Follows] 

  
 23 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date
first written above by their respective officers thereunto duly authorized. 
  

			
	The Company:
	
	EURONAV N.V.
		
	By:	 	  

	Name:
	Title:
	
	The Shareholders:
	
	SAVERCO NV
		
	By:	 	  

	Name:
	Title:
	
	Address for Notice:
	
	MARC SAVERYS
		
	By:	 	  

	Name:
	Title:
	
	Address for Notice:

  
 24 

			
	TANKLOG HOLDINGS LIMITED
		
	By:	 	  

	Name:
	Title:
	
	Address for Notice:
	
	CERES INVESTMENT PARTNERS
		
	By:	 	  

	Name:
	Title:
	
	Address for Notice:
	
	CHIARA HOLDINGS
		
	By:	 	  

	Name:
	Title:
	
	Address for Notice:
	
	PETER G. LIVANOS
		
	By:	 	  

	Name:
	Title:
	
	Address for Notice:

  
 25

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