Document:

EX-10.37

Table of Contents

 Exhibit 10.37 

FORM OF 
 REGISTRATION
RIGHTS AGREEMENT 
 THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”), is made and entered into as of
                    , 2015 by and between Poseidon Containers Holding Corp., a Marshall Islands corporation (the “Company”)
and Poseidon Containers Holdings LLC, a Marshall Islands limited liability company (“Poseidon LLC”). Poseidon LLC, those employees of the Company or its subsidiaries who become parties to this Agreement pursuant to
Section 11.4 (collectively, the “Management Stockholders”) and any Person that becomes a party to this Agreement after the date hereof pursuant to Section 11.5 (any such Person, an “Outside
Investor”) are hereinafter referred to collectively as the “Stockholders,” and each of them a “Stockholder.” Capitalized terms used herein without definition are defined in Section 10.

 WHEREAS, the parties hereto wish to set forth certain rights and obligations with respect to the registration of the shares of Common
Stock under the Securities Act. 
 NOW, THEREFORE, in consideration of the mutual covenants and obligations set forth in this Agreement and
for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
  

	 	1.	Registrations Upon Request 

  

	 	1.1	Requests by Poseidon LLC 

 At any time, Poseidon LLC shall have the right to request that
the Company effect the registration under the Securities Act of all or a portion of the Registrable Securities owned by Poseidon LLC, each such request to specify the intended method or methods of disposition thereof. Upon any such request, the
Company will promptly, but in any event within fifteen (15) days, give written notice of such request to all holders of Registrable Securities and thereupon the Company will, subject to Section 1.4, use its best efforts to effect the
prompt registration under the Securities Act of: 
 (a) the Registrable Securities which the Company has been so requested to
register by Poseidon LLC, and 
 (b) all other Registrable Securities which the Company has been requested to register by the
holders thereof by written request given to the Company by such holders within fifteen (15) days after the giving of such written notice by the Company to such holders, 

all to the extent required to permit the disposition of the Registrable Securities so to be registered in accordance with the intended method or methods of
disposition of Poseidon LLC. 
 Notwithstanding the foregoing, but subject to the rights of holders of Registrable Securities
under Section 2, (a) if the Board determines in its good faith judgment, after consultation with a firm of nationally recognized underwriters, that a requested registration under this Section 1.1 will have a material and
adverse effect on the offering price or marketability of the securities being sold in a then contemplated IPO, the Company may defer the filing (but not the preparation) of the registration statement which is required to effect such registration
during the period starting with the 30th day immediately preceding the date of anticipated filing by the Company of the registration statement and ending on the later of (i) a date 60 days following the effective date of the registration
statement relating to such IPO or (ii) such later date (not to 

Table of Contents

 
exceed 180 days) as may be required by the managing underwriter of the IPO, provided that at all times the Company is in good faith using all reasonable efforts to cause such registration
statement to be filed as soon as possible and provided, further, that such period shall end on such earlier date as may be permitted by the underwriters of such underwritten public offering, and (b) if the Company shall at
any time furnish to Poseidon LLC a certificate signed by the president of the Company stating that the Company has pending or in process a material transaction (including, but not limited to, a financing transaction), the disclosure of which would,
in the good faith judgment of the Board, materially and adversely affect the Company, the Company may defer the filing (but not the preparation) of a registration statement to be filed pursuant to this Section 1.1 for up to sixty (60) days
(but the Company shall use its best efforts to complete the transaction and file the registration statement as soon as possible). 
  

	 	1.2	Registration Statement Form 

 A registration requested pursuant to Section 1.1 shall
be effected by the filing of a registration statement on a form agreed to by Poseidon LLC. 
  

	 	1.3	Expenses 

 The Company shall pay all registration expenses in connection with any
registration requested under Section 1.1; provided that each seller of Registrable Securities shall pay all registration expenses to the extent required to be paid by such seller under applicable law and all underwriting discounts and
commissions and transfer taxes, if any. 
  

	 	1.4	Priority in Demand Registrations 

 If a registration pursuant to Section 1.1
involves an underwritten offering, and the managing underwriter (or, in the case of an offering which is not underwritten, a nationally recognized investment banking firm) shall advise the Company in writing (with a copy to each Person requesting
registration of Registrable Securities) that, in its opinion, the number of securities requested, and otherwise proposed to be included in such registration, exceeds the number which can be sold in such offering without materially and adversely
affecting the marketability or offering price of the securities being sold in such registration, the Company shall include in such registration, to the extent of the number which the Company is so advised can be sold in such offering without such
material adverse effect, first, the Registrable Securities of Poseidon LLC, the Management Stockholders, if any, and the Outside Investors, if any, on a pro rata basis (based on the number of shares of Registrable Securities
owned by each such Stockholder), and second, the securities, if any, being sold by the Company. Notwithstanding the foregoing, the Management Stockholders, if any, shall not be entitled to participate in any such registration requested by
Poseidon LLC to the extent that the managing underwriter (or, in the case of an offering that is not underwritten, a nationally recognized investment banking firm) shall determine in good faith and in writing (with a copy to each affected Person
requesting registration of Registrable Securities), that the participation of management would materially and adversely affect the marketability or offering price of the securities being sold in such registration, it being understood that the
Company shall include in such registration that number of shares of the Management Stockholders which can be sold in such offering without materially and adversely affecting the marketability or offering price of the other securities to be sold in
such registration. In the event of any such determination under this Section 1.4, the Company shall give the affected holders of Registrable Securities notice of such determination and in lieu of the notice otherwise required under
Section 1.1. 
  

	 	2.	Incidental Registrations 

 If the Company at any time proposes to register any of its
equity securities under the Securities Act for its own account (including, but not limited to, a shelf registration statement on Form F-3 or 

  
 2 

Table of Contents

 
Form S-3 or Form F-3/ASR or S-3/ASR to the extent the Company qualifies as a well-known seasoned issuer at the filing date and is eligible to register for resale the Registrable Securities on
such Form F-3/ASR or Form S-3/ASR, but other than pursuant to a registration on Form F-4, S-4 or S-8 or any successor form), then the Company shall give prompt written notice to all holders of Registrable Securities regarding such proposed
registration. Upon the written request of any such holder made within 15 days after the receipt of any such notice (which request shall specify the number of Registrable Securities intended to be disposed of by such holder and the intended method or
methods of disposition thereof), the Company shall use its best efforts to effect the registration under the Securities Act of such Registrable Securities on a pro rata basis in accordance with such intended method or methods of disposition,
provided that: 
 (a) (i) the Company shall not include Registrable Securities in such proposed
registration to the extent that the Board shall have determined, after consultation with the managing underwriter for such offering, that it would materially and adversely affect the marketability or the offering price of the securities being sold
in such registration to include any Registrable Securities in such registration and (ii) the Company shall not include Registrable Securities of any Management Stockholder, if any, in any proposed registration pursuant to this
Section 2 to the extent that the managing underwriter (or, in the case of an offering that is not underwritten, a nationally recognized investment banker) shall determine in good faith that the participation of such Management Stockholder, if
any, would materially and adversely affect the marketability or the offering price of the securities being sold in such registration and provided, further, that in the event of any such determination under clause (i) or (ii), the
Company shall give the affected holders of Registrable Securities notice of such determination and in lieu of the notice otherwise required by the first sentence of this Section 2; 

(b) if, at any time after giving written notice (pursuant to this Section 2) of its intention to register equity
securities and prior to the effective date of the registration statement filed in connection with such registration, the Company shall determine for any reason not to register such equity securities, the Company may, at its election, give written
notice of such determination to each holder of Registrable Securities and, thereupon, shall not be obligated to register any Registrable Securities in connection with such registration (but shall nevertheless pay the registration expenses in
connection therewith), without prejudice, however, to the rights of Poseidon LLC that a registration be effected under Section 1.1; 

(c) if in connection with a registration pursuant to this Section 2, the managing underwriter of such registration (or, in
the case of an offering that is not underwritten, a nationally recognized investment banking firm) shall advise the Company in writing (with a copy to each holder of Registrable Securities requesting registration thereof) that the number of
securities requested and otherwise proposed to be included in such registration exceeds the number which can be sold in such offering without materially and adversely affecting the marketability or offering price of the securities being sold in such
registration, then in the case of any registration pursuant to this Section 2, the Company shall include in such registration to the extent of the number which the Company is so advised can be sold in such offering without such material adverse
effect, first, the securities, if any, being sold by the Company, and second, the Registrable Securities of Poseidon LLC, the Management Stockholders, if any, and the Outside Investors, if any, on a pro rata basis (based on the
number of shares of Registrable Securities owned by each such Stockholder); and 
 (d) the Company shall have no obligation
under this Section 2 to use its best efforts to effect any registration of Registrable Securities which any Management Stockholder, if any, or Outside Investor, if any, has requested to be registered, unless Registrable Securities owned by
Poseidon LLC or its Permitted Transferees shall be included in such registration or unless Poseidon LLC in its sole discretion determines otherwise. 

  
 3 

Table of Contents

 The Company shall pay all registration expenses in connection with each registration of
Registrable Securities requested pursuant to this Section 2, provided that each seller of Registrable Securities shall pay all registration expenses to the extent required to be paid by such seller under applicable law and all
underwriting discounts and commissions and transfer taxes, if any. No registration effected under this Section 2 shall relieve the Company from its obligation to effect registrations under Section 1.1. 

 

	 	3.	Registration Procedures 

 If and whenever the Company is required to use its best efforts
to effect the registration of any Registrable Securities under the Securities Act pursuant to Section 1.1 or Section 2, the Company shall promptly: 

(a) prepare, and as soon as practicable, but in any event within sixty (60) days thereafter, file with the Commission, a
registration statement with respect to such Registrable Securities, make all required filings with FINRA and use its best efforts to cause such registration statement to become effective as soon as practicable; 

(b) prepare and promptly file with the Commission such amendments and 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 for so long as is required to comply with the provisions of the Securities Act and to complete the disposition
of all securities covered by such registration statement in accordance with the intended method or methods of disposition thereof, but in no event for a period of more than twelve months after such registration statement becomes effective; 

(c) furnish copies of all documents proposed to be filed with the Commission in connection with such registration to
(i) counsel selected by Poseidon LLC in the case of a registration pursuant to Section 1.1 and otherwise the Majority Holders, and which counsel may also be counsel to the Company, and (ii) each seller of Registrable
Securities (or in the case of the initial filing of a registration statement, within five business days of such initial filing) and such documents shall be subject to the review of such counsel; provided that the Company shall not file any
registration statement or any amendment or post-effective amendment or supplement to such registration statement or the prospectus used in connection therewith to which such counsel shall have reasonably objected on the grounds that such
registration statement amendment, supplement or prospectus does not comply (explaining why) in all material respects with the requirements of the Securities Act or of the rules or regulations thereunder; 

(d) furnish to each seller of Registrable Securities, without charge, such number of conformed copies of such registration
statement and of each such amendment and supplement thereto (in each case including all exhibits and documents filed therewith) and such number of copies of the prospectus included in such registration statement (including each preliminary
prospectus and any summary prospectus) and any other prospectus filed under Rule 424 under the Securities Act, in conformity with the requirements of the Securities Act, and such other documents, as such seller may reasonably request in order to
facilitate the disposition of the Registrable Securities owned by such seller in accordance with the intended method or methods of disposition thereof; 

(e) use its best efforts to register or qualify such Registrable Securities covered by such registration statement under the
securities or blue sky laws of such jurisdictions as each seller shall reasonably request, and do any and all other acts and things which may be necessary or advisable to enable such seller to consummate the disposition of such Registrable
Securities in such jurisdictions in accordance with the intended method or methods of disposition thereof, 

  
 4 

Table of Contents

 
provided that the Company shall not for any such purpose be required to qualify generally to do business as a foreign corporation in any jurisdiction wherein it is not so qualified,
subject itself to taxation in any jurisdiction wherein it is not so subject, or take any action which would subject it to general service of process in any jurisdiction wherein it is not so subject; 

(f) use its best efforts to cause all Registrable Securities covered by such registration statement to be registered with or
approved by such other governmental agencies, authorities or self-regulatory bodies as may be necessary by virtue of the business and operations of the Company to enable the seller or sellers thereof to consummate the disposition of such Registrable
Securities in accordance with the intended method or methods of disposition thereof; 
 (g) furnish to Poseidon LLC: 

(i) an opinion of counsel for the Company experienced in securities law matters, dated the effective date of the registration
statement (and, if such registration includes an underwritten public offering, the date of the closing under the underwriting agreement), and 

(ii) a “comfort” letter (unless the registration is pursuant to Section 2 and such a letter is not otherwise
being furnished to the Company), 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), signed by the independent
public accountants who have issued an audit report on the Company’s financial statements included in the registration statement, 

covering (in the case of (i) and (ii)) such matters as are customarily covered in opinions of issuer’s counsel and in
accountants’ letters delivered to the underwriters in underwritten public offerings of securities and such other matters as Poseidon LLC may reasonably request; 

(h) notify each seller of any Registrable Securities covered by such registration statement at any time when a prospectus
relating thereto is required to be delivered under the Securities Act of the happening of any event or existence of any fact as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement
of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing, and, as promptly as is practicable, prepare and furnish to
such seller a reasonable number of copies of a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the purchasers of such securities, such prospectus shall not include an untrue statement of a
material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing; 

(i) otherwise comply with all applicable rules and regulations of the Commission, and make available to its security holders,
as soon as reasonably practicable, an earnings statement of the Company (in form complying with the provisions of Rule 158 under the Securities Act) covering the period of at least 12 months, but not more than 18 months, beginning with the first
month after the effective date of such registration statement; 
 (j) notify each seller of any Registrable Securities
covered by such registration statement (i) when the prospectus or any prospectus supplement or post-effective amendment has been filed, and, with respect to such registration statement or any post-effective amendment, when the same has become effective, (ii) of any request by the Commission for amendments or supplements to such registration statement or to amend or to supplement such
prospectus or for 

  
 5 

Table of Contents

 
additional information, (iii) of the issuance by the Commission of any stop order suspending the effectiveness of such registration statement or the initiation of any proceedings for
that purpose and (iv) of the suspension of the qualification of such securities for offering or sale in any jurisdiction, or of the institution of any proceedings for any of such purposes; 

(k) use every reasonable effort to obtain the lifting of any stop order that might be issued suspending the effectiveness of
such registration statement at the earliest possible moment; 
 (l) use its best efforts (i) (A) to
list such Registrable Securities on any securities exchange on which the equity securities of the Company are then listed or, if the equity securities of the Company are not then listed, on the NYSE or Nasdaq and (ii) to provide a
transfer agent and registrar for such Registrable Securities not later than the effective date of such registration statement and to instruct such transfer agent (A) to release any stop transfer order with respect to the certificates
with respect to the Registrable Securities being sold and (B) to furnish certificates without restrictive legends representing ownership of the shares being sold, in such denominations requested by the sellers of the Registrable
Securities or the lead underwriter; 
 (m) enter into such agreements and take such other actions as Poseidon LLC, counsel to
the Majority Holders (if applicable), or the underwriters reasonably request in order to expedite or facilitate the disposition of such Registrable Securities, including, without limitation, preparing for, and participating in, such number of
“road shows” and all such other customary selling efforts as the underwriters reasonably request in order to expedite or facilitate such disposition; 

(n) furnish to any holder of such Registrable Securities such information and assistance as Poseidon LLC or, if applicable,
counsel to the Majority Holders, may reasonably request in connection with any “due diligence” effort which Poseidon LLC or counsel to the Majority Holders, as the case may be, deems appropriate; and 

(o) use its best efforts to take all other steps necessary to effect the registration of such Registrable Securities
contemplated hereby. 
 As a condition to its registration of Registrable Securities of any prospective seller, the Company may require such
seller of any Registrable Securities as to which any registration is being effected to execute powers-of-attorney, custody arrangements and other customary agreements appropriate to facilitate the offering and to furnish to the Company such
information regarding such seller, its ownership of Registrable Securities and the disposition of such Registrable Securities as the Company may from time to time reasonably request in writing and as shall be required by law in connection therewith.
Each such holder agrees to furnish promptly to the Company all information required to be disclosed in order to make the information previously furnished to the Company by such holder not materially misleading. 

The Company agrees not to file or make any amendment to any registration statement with respect to any Registrable Securities, or any
amendment of or supplement to the prospectus used in connection therewith, which refers to any holder of Registrable Securities, or otherwise identifies any holder of Registrable Securities as the holder of any Registrable Securities, without the
consent of such holder, such consent not to be unreasonably withheld or delayed, unless such disclosure is required by law. 
 By
acquisition of Registrable Securities, each holder of such Registrable Securities shall be deemed to have agreed that upon receipt of any notice from the Company of the happening of any event of the kind described in Section 3(h), such holder
will promptly discontinue such holder’s disposition of Registrable Securities pursuant to the registration statement covering such Registrable 

  
 6 

Table of Contents

 
Securities until such holder’s receipt of the copies of the supplemented or amended prospectus contemplated by Section 3(h). If so directed by the Company, each holder of Registrable
Securities will deliver to the Company (at the Company’s expense) all copies, other than permanent file copies, in such holder’s possession of the prospectus covering such Registrable Securities at the time of receipt of such notice. In
the event that the Company shall give any such notice, the period mentioned in Section 3(a) shall be extended by the number of days during the period from and including the date of the giving of such notice to and including the date when each
seller of any Registrable Securities covered by such registration statement shall have received the copies of the supplemented or amended prospectus contemplated by Section 3(h). 

 

	 	4.	Underwritten Offerings 

  

	 	4.1	Underwriting Agreement 

 If requested by the underwriters for any underwritten offering
pursuant to a registration requested under Section 1.1 or Section 2, the Company shall enter into an underwriting agreement with the underwriters for such offering, such agreement to be reasonably satisfactory in substance and form to the
underwriters and to Poseidon LLC (unless Poseidon LLC is not participating in such registration, in which case, counsel to the Majority Holders). Any such underwriting agreement shall contain such representations and warranties by the Company and
such other terms and provisions as are customarily contained in agreements of this type, including, without limitation, indemnities to the effect and to the extent provided in Section 8. Each holder of Registrable Securities to be distributed
by such underwriter who owns 10% or more of the Common Stock of the Company (computed on a fully-diluted basis) at the time of the such offering shall be a party to such underwriting agreement and may, at such holder’s option, require that any
or all of the representations and warranties by, and the agreements on the part of, the Company to and for the benefit of such underwriters be made to and for the benefit of such holder of Registrable Securities and that any or all of the conditions
precedent to the obligations of such underwriters under such underwriting agreement shall also be conditions precedent to the obligations of such holder of Registrable Securities. The Management Stockholders and Outside Investors, if any, in their
capacities as stockholders and/or controlling persons (but not in their capacities as managers of the Company) shall not be required by any underwriting agreement to make any representations or warranties to or agreements with the Company or the
underwriters other than representations, warranties or agreements regarding such holder, the ownership of such holder’s Registrable Securities and such holder’s intended method or methods of disposition and any other representation
required by law or to furnish any indemnity to any Person which is broader than the indemnity furnished by such holder pursuant to Section 8.2. 
  

	 	4.2	Selection of Underwriters 

 If the Company at any time proposes to register any of its
securities under the Securities Act for sale for its own account pursuant to an underwritten offering, the Company will have the right to select the managing underwriter (which shall be of nationally recognized standing) to administer the offering,
but if Poseidon LLC and its affiliates at such time own at least 10% of the number of shares of Common Stock they own on the date hereof, only with the approval of Poseidon LLC, such approval not to be unreasonably withheld. Notwithstanding the
foregoing sentence, whenever a registration requested pursuant to Section 1.1 is for an underwritten offering, Poseidon LLC will have the right to select the managing underwriter (which shall be of nationally recognized standing) to administer
the offering, but only with the approval of the Company, such approval not to be unreasonably withheld. 
  

	 	5.	Holdback Agreements 

 (a) If and whenever the Company proposes to
register any of its equity securities under the Securities Act for its own account (other than on Form F-4, Form S-4 or S-8 or any successor 

  
 7 

Table of Contents

 form) or is required to use its best efforts to effect the registration of any
Registrable Securities under the Securities Act pursuant to Section 1.1 or Section 2, each holder of Registrable Securities agrees by acquisition of such Registrable Securities not to effect any sale or distribution, including any sale
pursuant to Rule 144 under the Securities Act, or to request registration under Section 1.1 of any Registrable Securities within seven days prior to and 90 days (unless advised by the managing underwriter that a longer period, not to exceed 180
days, is required, or such shorter period as the managing underwriter for any underwritten offering may agree) after the effective date of the registration statement relating to such registration (the “Trigger Date”), except
as part of such registration or unless, in the case of a sale or distribution not involving a public offering, the transferee agrees in writing to be subject to this Section 5, even if such Registrable Securities cease to be Registrable
Securities upon such transfer; provided that, with respect to any shelf registration statement on Form S-3 or F-3 (or Form F-3/ASR or S-3/ASR to the extent the Company qualifies as a well-known seasoned issuer at the filing date and is
eligible to register for resale the Registrable Securities on such Form F-3/ASR or S-3/ASR), the Trigger Date shall be the pricing of any offering made under such registration statement. If requested by such
managing underwriter, each holder of Registrable Securities agrees to execute an agreement to such effect with the Company and consistent with such managing underwriter’s customary form of holdback agreement. 

(b) The Company agrees not to effect any public sale or distribution of its equity securities or securities convertible into or
exchangeable or exercisable for any of such securities within seven days prior to and 90 days (or such longer period, not to exceed 180 days, which may be required by the managing underwriter, or such shorter period as the managing underwriter may
agree) after the Trigger Date with respect to any registration statement filed pursuant to Section 1.1 (except (i) as part of such registration, (ii) as permitted by any related underwriting agreement,
(iii) pursuant to an employee equity compensation plan, (iv) pursuant to an acquisition or strategic relationship, bank or asset financing or similar transaction or (v) pursuant to a registration on Form F-4,
S-4 or S-8 or any successor form); provided that, with respect to any shelf registration statement on Form S-3 or F-3 (or Form F-3/ASR or Form S-3/ASR to the extent the Company qualifies as a well-known seasoned issuer at the filing date and
is eligible to register for resale the Registrable Securities on such Form F-3/ASR or Form S-3/ASR), the Trigger Date shall be the pricing of any offering made under such registration statement. In addition, if, and to the extent requested by the
managing underwriter, the Company shall use its best efforts to cause each holder (other than any holder already subject to Section 5(a)) of its equity securities or any securities convertible into or exchangeable or exercisable for any of such
securities, whether outstanding on the date of this Agreement or issued at any time after the date of this Agreement (other than any such securities acquired in a public offering or in the public markets), to agree not to effect any such public sale
or distribution of such securities during such period, except as part of any such registration if permitted, and to cause each such holder to enter into an agreement to such effect with the Company and consistent with such managing
underwriter’s customary form of holdback agreement. 
  

	 	6.	Preparation; Reasonable Investigation 

 In connection with the preparation and filing of
each registration statement registering Registrable Securities under the Securities Act, the Company shall give counsel to the holders of such Registrable Securities so to be registered the opportunity to participate in the preparation of such
registration statement, each prospectus included therein or filed with the Commission, and each amendment thereof or supplement thereto, and shall give such counsel access to the financial and other records, pertinent corporate documents and
properties of the Company and its subsidiaries and opportunities to discuss the business of the Company with its officers and the independent public accountants who have issued audit reports on its financial statements in each case as shall be
reasonably requested by such counsel in connection with such registration statement. 

  
 8 

Table of Contents

	 	7.	No Grant of Future Registration Rights 

 The Company shall not grant any other demand or
incidental registration rights to any other Person without the prior written consent of Poseidon LLC, so long as Poseidon LLC, together with its affiliates, continue to own at least 10% of the number of shares of Common Stock that Poseidon LLC owns
on the date hereof. No third party Person shall be granted rights to register any shares of the Company that have priority in any registration to the rights of the Management Stockholders, if any, hereunder, unless such rights also have priority in
such registration over the rights granted to Poseidon LLC hereunder. 
  

	 	8.	Indemnification 

  

	 	8.1	Indemnification by the Company 

 In the event of any registration of any Registrable
Securities pursuant to this Agreement, the Company shall indemnify, defend and hold harmless (a) each seller of such Registrable Securities, (b) the directors, members, stockholders, officers, partners, employees, agents and
affiliates of such seller, (c) each Person who participates as an underwriter in the offering or sale of such securities and (d) each person, if any, who controls (within the meaning of Section 15 of the Securities Act
or Section 20 of the Exchange Act) any of the foregoing against any and all losses, claims, damages or liabilities (or actions or proceedings in respect thereof), jointly or severally, directly or indirectly, based upon or arising out of
(i) any untrue statement or alleged untrue statement of a fact contained in any registration statement under which such Registrable Securities were registered under the Securities Act, any preliminary prospectus, final prospectus or
summary prospectus contained therein or used in connection with the offering of securities covered thereby, or any amendment or supplement thereto, or (ii) any omission or alleged omission to state a fact required to be stated therein or
necessary to make the statements therein not misleading; and the Company will reimburse each such indemnified party for any legal or any other expenses reasonably incurred by them in connection with enforcing its rights hereunder or under the
underwriting agreement entered into in connection with such offering or investigating, preparing, pursuing or defending any such loss, claim, damage, liability, action or proceeding, except insofar as any such loss, claim, damage, liability, action,
proceeding or expense arises out of or is based upon an untrue statement or omission made in such registration statement, any such preliminary prospectus, final prospectus, summary prospectus, amendment or supplement in reliance upon and in
conformity with written information furnished to the Company by such seller expressly for use in the preparation thereof in accordance with the second sentence of Section 8.2. Such indemnity shall remain in full force and effect, regardless of
any investigation made by such indemnified party and shall survive the transfer of such Registrable Securities by such seller. If the Company is entitled to, and does, assume the defense of the related action or proceedings provided herein, then the
indemnity agreement contained in this Section 8.1 shall not apply to amounts paid in settlement of any such loss, claim, damage, liability, action or proceeding if such settlement is effected without the consent of the Company (which consent
shall not be unreasonably withheld or delayed). 
  

	 	8.2	Indemnification by the Sellers 

 The Company may require, as a condition to including any
Registrable Securities in any registration statement filed pursuant to Section 1.1 or Section 2 that the Company shall have received an undertaking satisfactory to it from each of the prospective sellers of such Registrable Securities to
indemnify and hold harmless, severally, not jointly, in the same manner and to the same extent as set forth in Section 8.1, the Company, its directors, officers, employees, agents and each person, if any, who controls (within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act) the 

  
 9 

Table of Contents

 
Company, with respect to any statement or alleged statement in or omission or alleged omission from such registration statement, any preliminary prospectus, final prospectus or summary prospectus
contained therein, or any amendment or supplement thereto, if such statement or alleged statement or omission or alleged omission was made in reliance upon and in conformity with written information furnished to the Company by such seller expressly
for use in the preparation of such registration statement, preliminary prospectus, final prospectus, summary prospectus, amendment or supplement. The Company and the holders of the Registrable Securities in their capacities as stockholders and/or
controlling persons (but not in their capacities as managers of the Company) hereby acknowledge and agree that, unless otherwise expressly agreed to in writing by such holders, the only information furnished or to be furnished to the Company for use
in any registration statement or prospectus relating to the Registrable Securities or in any amendment, supplement or preliminary materials associated therewith are statements specifically relating to (a) transactions between such holder
and its affiliates, on the one hand, and the Company, on the other hand, (b) the beneficial ownership of shares of Common Stock by such holder and its affiliates and (c) the name and address of such holder. If any additional
information about such holder or the plan of distribution (other than for an underwritten offering) is required by law to be disclosed in any such document, then such holder shall not unreasonably withhold its agreement referred to in the
immediately preceding sentence of this Section 8.2. Such indemnity shall remain in full force and effect, regardless of any investigation made by or on behalf of the Company or any such director, officer or controlling person and shall survive
the transfer of such Registrable Securities by such seller. The indemnity agreement contained in this Section 8.2 shall not apply to amounts paid in settlement of any such loss, claim, damage, liability, action or proceeding if such settlement
is effected without the consent of such seller (which consent shall not be unreasonably withheld or delayed). The indemnity provided by each seller of Registrable Securities under this Section 8.2 shall be limited in amount to the net amount of
proceeds actually received by such seller from the sale of Registrable Securities pursuant to such registration statement. 
  

	 	8.3	Notices of Claims, etc. 

 Promptly after receipt by an indemnified party of notice of the
commencement of any action or proceeding involving a claim referred to in the preceding paragraphs of this Section 8, such indemnified party shall, if a claim in respect thereof is to be made against an indemnifying party, give written notice
to the indemnifying party of the commencement of such action or proceeding, provided that the failure of any indemnified party to give notice as provided herein shall not relieve the indemnifying party of its obligations under the preceding
paragraphs of this Section 8, except to the extent that the indemnifying party is materially prejudiced by such failure to give notice. In case any such action is brought against an indemnified party, the indemnifying party shall be entitled to
participate therein and 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 notice from the
indemnifying party to such indemnified party of its election so to assume the defense thereof, the indemnifying party will not be liable to such indemnified party for any legal or other expenses subsequently incurred by the latter in connection with
the defense thereof except for the reasonable fees and expenses of any counsel retained by such indemnified party to monitor such action or proceeding. Notwithstanding the foregoing, if such indemnified party reasonably determines, based upon advice
of independent counsel, that a conflict of interest may exist between the indemnified party and the indemnifying party with respect to such action and that it is advisable for such indemnified party to be represented by separate counsel, such
indemnified party may retain other counsel, reasonably satisfactory to the indemnifying party, to represent such indemnified party, and the indemnifying party shall pay all reasonable fees and expenses of such counsel. No indemnifying party, in the
defense of any such claim or litigation, shall, except with the consent of such indemnified party, which consent shall not be unreasonably withheld, consent to entry of any judgment or enter into any settlement which does not include as an
unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect of such claim or litigation. 

  
 10 

Table of Contents

	 	8.4	Other Indemnification 

 Indemnification similar to that specified in the preceding
paragraphs of this Section 8 (with appropriate modifications) shall be given by the Company and each seller of Registrable Securities with respect to any required registration (other than under the Securities Act) or other qualification of such
Registrable Securities under any federal or state law or regulation of any governmental authority. 
  

	 	8.5	Indemnification Payments 

 Any indemnification required to be made by an indemnifying
party pursuant to this Section 8 shall be made by periodic payments to the indemnified party during the course of the action or proceeding, as and when bills are received by such indemnifying party with respect to an indemnifiable loss, claim,
damage, liability or expense incurred by such indemnified party. 
  

	 	8.6	Other Remedies 

 If for any reason any indemnification specified in the preceding
paragraphs of this Section 8 is unavailable, or is insufficient to hold harmless an indemnified party, other than by reason of the exceptions provided therein, then the indemnifying party shall contribute to the amount paid or payable by the
indemnified party as a result of such losses, claims, damages, liabilities, actions, proceedings or expenses in such proportion as is appropriate to reflect the relative benefits to and faults of the indemnifying party on the one hand and the
indemnified party on the other and the statements or omissions or alleged statements or omissions which resulted in such loss, claim, damage, liability, action, proceeding or expense, as well as any other relevant equitable considerations. The
relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue statement of a material fact or the omission to state a material fact relates to information supplied
by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statements or omissions. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. Notwithstanding the other provisions of this Section 8, in respect of
any claim for indemnification pursuant to this Section 8, no indemnifying party (other than the Company) shall be required to contribute pursuant to this Section 8.6 any amount in excess of (a) the net proceeds received and
retained by such indemnifying party from the sale of its Registrable Securities covered by the applicable registration statement, preliminary prospectus, final prospectus, or supplement or amendment thereto, filed pursuant hereto minus
(b) any amounts previously paid by such indemnifying party pursuant to this Section 8 in respect of such claim, it being understood that insofar as such net proceeds have been distributed by any indemnifying party to its partners,
stockholders or members, the amount of such indemnifying party’s contribution hereunder shall be limited to the net proceeds which it actually recovers from its partners, stockholders or members based upon their relative fault and that to the
extent that such indemnifying party has not distributed such net proceeds, the amount such indemnifying party’s contribution hereunder shall be limited by the percentage of such net proceeds which corresponds to the percentage equity interests
in such indemnifying party held by those of its partners, stockholders or members who have been determined to be at fault. No party shall be liable for contribution under this Section 8.6 except to the extent and under such circumstances as
such party would have been liable for indemnification under this Section 8 if such indemnification were enforceable under applicable law. 

  
 11 

Table of Contents

	 	9.	Representations and Warranties 

 Each Stockholder represents and warrants to the Company
and each other Stockholder that: 
 (a) such Stockholder has the power, authority and capacity (or, in the case of any
Stockholder that is a corporation, limited liability company or limited partnership, all corporate, limited liability company or limited partnership power and authority, as the case may be) to execute, deliver and perform this Agreement; 

(b) in the case of a Stockholder that is a corporation, limited liability company or limited partnership, the execution,
delivery and performance of this Agreement by such Stockholder has been duly and validly authorized and approved by all necessary corporate, limited liability company or limited partnership action, as the case may be; 

(c) this Agreement has been duly and validly executed and delivered by such Stockholder and constitutes a valid and legally
binding obligation of such Stockholder, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting or relating to creditors’ rights generally and general principles of
equity; and 
 (d) the execution, delivery and performance of this Agreement by such Stockholder does not and will not
violate the terms of or result in the acceleration of any obligation under (i) any material contract, commitment or other material instrument to which such Stockholder is a party or by which such Stockholder is bound or
(ii) in the case of a Stockholder that is a corporation, limited liability company or limited partnership, the certificate of incorporation, certificate of formation, certificate of limited partnership, by-laws, limited liability company
agreement or limited partnership agreement, as the case may be. 
  

	 	10.	Definitions 

 For purposes of this Agreement, the following terms shall have the
following respective meanings: 
 Affiliate: a Person that directly, or indirectly through one or more intermediaries, controls, or
is controlled by, or is under common control with, the Person specified. 
 Board: the board of directors of the Company. 

Commission: the Securities and Exchange Commission. 

Common Stock: the common stock of the Company, par value $0.01 per share. 

Exchange Act: 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. 
 FINRA: the Financial Industry Regulatory Authority. 

IPO: the initial public offering of Common Stock. 

Management Stockholders: Poseidon LLC, those employees of the Company or its subsidiaries who become parties to this Agreement pursuant
to Section 11.4. 
 Majority Holders: the holders of at least 51% of the Registrable Securities that are participating in the
registration at issue. 
 Nasdaq: the Nasdaq Stock Market. 

NYSE: the New York Stock Exchange. 

  
 12 

Table of Contents

 Person: an individual, corporation, partnership, limited liability company, joint venture,
association, trust or other entity or organization, including a government or political subdivision or an agency or instrumentality thereof. 

Registrable Securities: the shares of Common Stock beneficially owned (within the meaning of Rule 13d-3 of the Exchange Act) by
Poseidon LLC, the Management Stockholders, if any, the Outside Investors, if any, or the Permitted Transferees (as such term is defined in Section 11.2), except for any shares of Common Stock beneficially owned or held by a
Management Stockholder, if any, that (a) were issued to such Management Stockholder pursuant to an effective registration statement under the Securities Act on Form S-8 or (b) may be sold by such Management Stockholder in one
transaction pursuant to Rule 144 under the Securities Act. As to any particular shares of Common Stock, such securities shall cease to be Registrable Securities when (i) a registration statement with respect to the sale of such
securities shall have become effective under the Securities Act and such securities shall have been disposed of in accordance with such registration statement, (ii) a registration statement with respect to the sale of such securities
shall have become effective under the Securities Act and such securities have been disposed of pursuant thereto, (iii) they shall have been sold to the public pursuant to Rule 144 under the Securities Act, (iv) they shall
have been otherwise transferred other than to a Permitted Transferee and subsequent disposition of them shall not require registration or qualification of them under the Securities Act or any similar state law then in force or (v) they
shall have ceased to be outstanding. Any and all shares of Common Stock which may be issued in respect of, in exchange for, or in substitution for any Registrable Securities, whether by reason of any stock split, stock dividend, reverse stock split,
recapitalization, combination or otherwise, shall also be “Registrable Securities” hereunder. 
 Registration Expenses: all
expenses incident to the Company’s performance of or compliance with any registration pursuant to this Agreement, including, without limitation, (i) registration and filing fees, (ii) fees and expenses of complying with
securities or blue sky laws, (iii) fees and expenses associated with listing securities on an exchange, (iv) word processing, duplicating and printing expenses, (v) messenger and delivery expenses,
(vi) transfer agents’, trustees’, depositories’, registrars’ and fiscal agents’ fees, (vii) fees and disbursements of counsel for the Company and of its independent public accountants, including the
expenses of any special audits or “cold comfort” letters, (viii) reasonable fees and disbursements of any one counsel retained by the sellers of Registrable Securities, which counsel shall be designated in the manner specified
in Section 3(c), and (ix) any fees and disbursements of underwriters customarily paid by issuers or sellers of securities, but excluding underwriting discounts and commissions and transfer taxes, if any. 

Securities Act: 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. 
  

	 	11.	Miscellaneous 

  

	 	11.1	Rule 144, etc. 

 If the Company shall have filed a registration statement pursuant to the
requirements of Section 12 of the Exchange Act or a registration statement pursuant to the requirements of the Securities Act relating to any class of equity securities, the Company shall file the reports required to be filed by it under the
Securities Act and the Exchange Act and the rules and regulations adopted by the Commission thereunder, and shall take such further action as any holder of Registrable Securities may reasonably request, all to the extent required from time to time
to enable such holder to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by (a) Rule 144 under the Securities Act, as such rule may be amended from time to time,
or (b) any successor rule or regulation hereafter adopted by the Commission. Upon the request of any holder of Registrable Securities, the Company shall deliver to such holder a written statement as to whether it has complied with such
requirements. 

  
 13 

Table of Contents

	 	11.2	Successors, Assigns and Transferees 

 This Agreement shall be binding upon and inure to
the benefit of the parties hereto and their respective permitted successors and assigns under this Section 11.2. The provisions of this Agreement which are for the benefit of a holder of Registrable Securities shall be for the benefit of and
enforceable by any transferee of such Registrable Securities; provided that such transferee acquires such Registrable Securities in accordance with all of the terms of the Limited Liability Company Agreement of Poseidon LLC and pursuant to an
express assignment from the transferor; and provided, further, that such transferee executes a joinder agreement agreeing to be bound by all of the transferor’s obligations hereunder, including, without limitation, Section 5
hereof, copies of which shall have been delivered to the Company (each such transferee, a “Permitted Transferee”). Notwithstanding anything herein to the contrary, unless Poseidon LLC otherwise consents (such consent not to
be unreasonably withheld), the Management Stockholders, if any, must exercise all rights hereunder on behalf of any of their Permitted Transferees and all other parties hereto shall be entitled to deal exclusively with the Management Stockholders,
if any, and rely on the consent, waiver or any other action by the Management Stockholders, if any, as the consent, waiver or other action, as the case may be, of any such Permitted Transferees of such Management Stockholders, if any. 

 

	 	11.3	Amendment and Modification 

 This Agreement may be amended, modified or supplemented by
the Company with the written consent of Poseidon LLC and a majority (by number of shares) of any other holders of Registrable Securities whose interests would be adversely affected by such amendment, modification or supplement; provided that
the interests of any existing holders of Registrable Securities shall not be adversely affected by an amendment, modification or supplement of this Agreement that provides for or has the effect of providing for an additional grant of incidental
registration rights with a lower or the same priority as the rights held by such existing holders of Registrable Securities, as long as any such grant of incidental registration rights with the same priority are pari passu with those held by
such existing holders of Registrable Securities. 
  

	 	11.4	Management Stockholders 

 Notwithstanding anything in this Agreement to the contrary, the
Company may, with the consent of Poseidon LLC (and only the consent of Poseidon LLC), admit employees of the Company to this Agreement and designate such Stockholders as “Management Stockholders” for all purposes of this Agreement,
provided that any such Management Stockholder executes and delivers a joinder agreement to this Agreement and such other agreements or documents as may reasonably be requested by the Company. 

 

	 	11.5	Outside Investors 

 Notwithstanding anything in this Agreement to the contrary, the
Company may, with the consent of Poseidon LLC (and only the consent of Poseidon LLC), admit one or more Persons to this Agreement and designate such Person as an “Outside Investor” for all purposes of this Agreement, provided that any such
Outside Investor executes and delivers a joinder agreement to this Agreement and such other agreements or documents as may reasonably be requested by the Company.  

  
 14 

Table of Contents

	 	11.6	Governing Law; Submission to Jurisdiction 

 This Agreement shall be governed by and
construed in accordance with the internal laws of the State of New York without giving effect to any choice or conflict of law provision or rule (whether of the State of New York or any other jurisdiction). Any legal suit, action or proceeding
arising out of or based upon this Agreement or the transactions contemplated hereby may be instituted in the federal courts of the United States or the courts of the State of New York in each case located in the City and County of New York, Borough
of Manhattan, and each party hereto irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding. Service of process, summons, notice or other document by mail to such party’s address set forth herein
shall be effective service of process for any suit, action or other proceeding brought in any such court. The parties hereto irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or any proceeding in such
courts and irrevocably waive and agree not to plead or claim in any such court that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. 

 

	 	11.7	Invalidity of Provision 

 The invalidity or unenforceability of any provision of this
Agreement in any jurisdiction shall not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability of this Agreement, including that provision, in any other jurisdiction. 

 

	 	11.8	Notices 

 All notices, requests, demands, letters, waivers and other communications
required or permitted to be given under this Agreement shall be in writing and shall be deemed to have been duly given if (a) delivered personally, (b) mailed, certified or registered mail with postage prepaid,
(c) sent by next-day or overnight mail or delivery or (d) sent by fax, as follows: 
  

	 	(i)	If to the Company, to: 

 Poseidon Containers Holdings Corp. 

c/o Technomar Shipping Inc. 

3-5 Menandrou Street 
 14561,
Kifissia 
 Athens, Greece 

Attention: Secretary 
 with a
copy to Poseidon LLC at its address set forth in (ii) below and to: 
 Seward & Kissel LLP 

One Battery Park Plaza 
 New
York, New York 10004 
 Telephone: (212) 574 - 1200 

Attention: Gary J. Wolfe 
  

	 	(ii)	If to Poseidon LLC, to it at: 

 c/o Kelso & Company 

320 Park Avenue, 24th Floor 

New York, New York 10022 
 Fax:
212-223-2379 
 Attention: General Counsel 

  
 15 

Table of Contents

 or to such other Person or address as any party shall specify by notice in writing to the Company. All such
notices, requests, demands, letters, waivers and other communications shall be deemed to have been received (w) if by personal delivery on the day after such delivery, (x) if by certified or registered mail, on the fifth
business day after the mailing thereof, (y) if by next-day or overnight mail or delivery, on the day delivered, or (z) if by fax, on the day delivered, provided that such delivery is confirmed. 

 

	 	11.9	Headings; Execution in Counterparts 

 The headings and captions contained herein are for
convenience and shall not control or affect the meaning or construction of any provision hereof. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and which together shall constitute one
and the same instrument. 
  

	 	11.10	Injunctive Relief 

 Each of the parties recognizes and agrees that money damages may be
insufficient and, therefore, in the event of a breach of any provision of this Agreement the aggrieved party may elect to institute and prosecute proceedings in any court of competent jurisdiction to enforce specific performance or to enjoin the
continuing breach of this Agreement. Such remedies shall, however, be cumulative and not exclusive, and shall be in addition to any other remedy which such party may have. 
  

	 	11.11	Term 

 This Agreement shall be effective as of the date hereof and shall continue in
effect thereafter until the earlier of (a) its termination by the consent of the parties hereto or their respective successors in interest and (b) the date on which no Registrable Securities remain outstanding. 

 

	 	11.12	Further Assurances 

 Subject to the specific terms of this Agreement, each of the Company
and the Stockholders shall make, execute, acknowledge and deliver such other instruments and documents, and take all such other actions, as may be reasonably required in order to effectuate the purposes of this Agreement and to consummate the
transactions contemplated hereby. 
  

	 	11.13	Entire Agreement 

 This Agreement, as from time to time amended in accordance with the
terms hereof constitutes the entire agreement and the understanding of the parties hereto with the matters referred to herein. This Agreement and the agreements referred to in the preceding sentence supersede all prior agreements and understandings
between the parties with respect to such matters. 

  
 16 

Table of Contents

 IN WITNESS WHEREOF this Agreement has been signed by each of the parties hereto, and shall be
effective as of the date first above written. 
  

			
	POSEIDON CONTAINERS HOLDINGS CORP.
		
	By:		  

	Name:		
	Title:		
	
	POSEIDON CONTAINERS HOLDINGS LLC
		
	By:		  

	Name:		
	Title:		

  
 17 

Table of Contents

  

 
 REGISTRATION RIGHTS AGREEMENT 

POSEIDON CONTAINERS HOLDINGS CORP. 

Dated as of             , 2015 

 
  

 

  
 1 

Table of Contents

 TABLE OF CONTENTS 

 

									
	 	  	 	  	 	  	Page	 
	1.	  	Registrations Upon Request	  	 	1	  
		  	1.1	  	Requests by Poseidon LLC	  	 	1	  
		  	1.2	  	Registration Statement Form	  	 	2	  
		  	1.3	  	Expenses	  	 	2	  
		  	1.4	  	Priority in Demand Registrations	  	 	2	  
			
	2.	  	Incidental Registrations	  	 	2	  
			
	3.	  	Registration Procedures	  	 	4	  
			
	4.	  	Underwritten Offerings	  	 	7	  
		  	4.1	  	Underwriting Agreement	  	 	7	  
		  	4.2	  	Selection of Underwriters	  	 	7	  
			
	5.	  	Holdback Agreements	  	 	7	  
			
	6.	  	Preparation; Reasonable Investigation	  	 	8	  
			
	7.	  	No Grant of Future Registration Rights	  	 	9	  
			
	8.	  	Indemnification	  	 	9	  
		  	8.1	  	Indemnification by the Company	  	 	9	  
		  	8.2	  	Indemnification by the Sellers	  	 	9	  
		  	8.3	  	Notices of Claims, etc.	  	 	10	  
		  	8.4	  	Other Indemnification	  	 	11	  
		  	8.5	  	Indemnification Payments	  	 	11	  
		  	8.6	  	Other Remedies	  	 	11	  
			
	9.	  	Representations and Warranties	  	 	12	  
			
	10.	  	Definitions	  	 	12	  
			
	11.	  	Miscellaneous	  	 	13	  
		  	11.1	  	Rule 144, etc.	  	 	13	  
		  	11.2	  	Successors, Assigns and Transferees	  	 	14	  
		  	11.3	  	Amendment and Modification	  	 	14	  
		  	11.4	  	Management Stockholders	  	 	14	  
		  	11.5	  	Outside Investors	  	 	14	  
		  	11.6	  	Governing Law; Submission to Jurisdiction	  	 	15	  
		  	11.7	  	Invalidity of Provision	  	 	15	  
		  	11.8	  	Notices	  	 	15	  
		  	11.9	  	Headings; Execution in Counterparts	  	 	16	  
		  	11.10	  	Injunctive Relief	  	 	16	  
		  	11.11	  	Term	  	 	16	  
		  	11.12	  	Further Assurances	  	 	16	  
		  	11.13	  	Entire Agreement	  	 	16	  

  
 iEX-10.38

 Exhibit 10.38 

POSEIDON CONTAINERS HOLDINGS CORP. 

FORM OF 2015 EQUITY INCENTIVE PLAN 

ARTICLE I. 
 General

 1.1. Purpose 
 The Poseidon
Containers Holdings Corp. 2015 Equity Incentive Plan (the “Plan”) is designed to provide certain Key Persons (as defined below), whose initiative and efforts are deemed to be important to the successful conduct of the business of
Poseidon Containers Holdings Corp. (the “Company”), with incentives to (a) enter into and remain in the service of the Company or its Subsidiaries and Affiliates (as such terms are defined below), (b) acquire a proprietary
interest in the success of the Company, (c) maximize their performance and (d) enhance the long-term performance of the Company. 
 1.2.
Administration 
 (a) Administration. The Plan shall be administered by the Compensation Committee of the Company’s Board of
Directors (the “Board”) or such other committee of the Board as may be designated by the Board to administer the Plan (the Compensation Committee or such other committee, as applicable, the “Administrator”); provided that
(i) in the event the Company is subject to Section 16 of the U.S. Securities Exchange Act of 1934, as amended (the “1934 Act”), the Administrator shall be composed of two or more directors, each of whom is a
“Non-Employee Director” (a “Non-Employee Director”) under Rule 16b-3 (as promulgated and interpreted by the Securities and Exchange Commission (the “SEC”) under the 1934 Act, or any successor rule or
regulation thereto as in effect from time to time (“Rule 16b-3”)), and (ii) the Administrator shall be composed solely of two or more directors who are “independent directors” under the rules of any stock exchange on
which the Company’s Common Stock (as defined below) is traded; provided further, however, that, (A) the requirement in the preceding clause (i) shall apply only when required to exempt an Award (as defined below) intended to qualify
for an exemption under the applicable provisions referenced therein, (B) the requirement in the preceding clause (ii) shall apply only when required pursuant to the applicable rules of the applicable stock exchange and (C) if at any
time the Administrator is not so composed as required by the preceding provisions of this sentence, that fact will not invalidate any grant made, or action taken, by the Administrator hereunder that otherwise satisfies the terms of the Plan. Subject
to the terms of the Plan, applicable law and the applicable rules and regulations of any stock exchange on which the Common Stock is listed for trading, and in addition to other express powers and authorizations conferred on the Administrator by the
Plan, the 

  
 1 

 
Administrator shall have the full power and authority to: (1) designate the Key Persons to receive Awards under the Plan; (2) determine the types of Awards granted to a participant
under the Plan; (3) determine the number of shares to be covered by, or with respect to which payments, rights or other matters are to be calculated with respect to, Awards; (4) determine the terms and conditions of any Awards;
(5) determine whether, and to what extent, and under what circumstances, Awards may be settled or exercised in cash, shares, other securities, other Awards or other property, or cancelled, forfeited or suspended, and the methods by which Awards
may be settled, exercised, cancelled, forfeited or suspended; (6) determine whether, to what extent, and under what circumstances cash, shares, other securities, other Awards, other property and other amounts payable with respect to an Award
shall be deferred, either automatically or at the election of the holder thereof or the Administrator; (7) construe, interpret and implement the Plan and any Award Agreement (as defined below); (8) prescribe, amend, rescind or waive rules
and regulations relating to the Plan, including rules governing its operation, and appoint such agents as it shall deem appropriate for the proper administration of the Plan; (9) correct any defect, supply any omission and reconcile any
inconsistency in the Plan or any Award Agreement; and (10) make any other determination and take any other action that the Administrator deems necessary or desirable for the administration of the Plan. Unless otherwise expressly provided in the
Plan, all designations, determinations, interpretations and other decisions under or with respect to the Plan or any Award shall be within the sole discretion of the Administrator, may be made at any time and shall be final, conclusive and binding
upon all Persons (as defined below). 
 (b) General Right of Delegation. Except to the extent prohibited by applicable law, the
applicable rules of a stock exchange or any charter, by-laws or other agreement governing the Administrator, the Administrator may delegate all or any part of its responsibilities to any Person or Persons selected by it; provided,
however, that in no event shall an officer of the Company be delegated the authority to grant Awards to, or amend Awards held by, the following individuals: (i) individuals who are subject to Section 16 of the 1934 Act, to the
extent applicable, or (ii) officers of the Company to whom authority to grant or amend Awards has been delegated hereunder or directors of the Company; provided, further, that any delegation of administrative authority shall only
be permitted to the extent it is permissible under applicable securities laws (including, without limitation, Rule 16b-3, to the extent applicable) and the rules of any applicable stock exchange. Any delegation hereunder shall be subject to the
restrictions and limits that the Administrator specifies at the time of such delegation, and the Administrator may at any time rescind the authority so delegated or appoint a new delegatee. At all times, the delegatee appointed under this
Section 1.2(b) shall serve in such capacity at the pleasure of the Administrator. 
 (c) Indemnification. No member of the
Board, the Administrator or any officer or employee of the Company or any Subsidiary or Affiliate or any of their agents (each such Person, a “Covered Person”) shall be liable for any action taken or omitted to be taken or any
determination made in good faith with respect to the Plan or any Award hereunder. Each Covered Person shall be indemnified and held harmless by the Company against and from (i) any loss, cost, liability or expense (including attorneys’
fees) that may be imposed upon or incurred by such Covered Person in connection with or resulting from any action, suit or proceeding to which such Covered Person may be a party or in which such Covered Person may be involved by reason of any action
taken or 

  
 2 

 
omitted to be taken under the Plan or any Award Agreement and (ii) any and all amounts paid by such Covered Person, with the Company’s approval, in settlement thereof, or paid by such
Covered Person in satisfaction of any judgment in any such action, suit or proceeding against such Covered Person; provided that the Company shall have the right, at its own expense, to assume and defend any such action, suit or proceeding
and, once the Company gives notice of its intent to assume the defense, the Company shall have sole control over such defense with counsel of the Company’s choice. The foregoing right of indemnification shall not be available to a Covered
Person to the extent that a court of competent jurisdiction in a final judgment or other final adjudication, in either case not subject to further appeal, determines that the acts or omissions of such Covered Person giving rise to the
indemnification claim resulted from such Covered Person’s bad faith, fraud or willful criminal act or omission or that such right of indemnification is otherwise prohibited by law or by the Company’s articles of incorporation or bylaws (in
each case, as amended and/or restated). The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which Covered Persons may be entitled under the Company’s articles of incorporation or bylaws (in
each case, as amended and/or restated), as a matter of law, or otherwise, or any other power that the Company may have to indemnify such Persons or hold them harmless. 

(d) Delegation of Authority to Senior Officers. The Administrator may, in accordance with and subject to the terms of
Section 1.2(b), delegate, on such terms and conditions as it determines, to one or more senior officers of the Company, the authority to make grants of Awards to Key Persons who are employees of the Company or any of its Subsidiaries or
Affiliates (including any such prospective employee) or consultants or service providers to (including Persons who are employed by or provide services to any entity that is itself a consultant or service provider to) the Company or any of its
Subsidiaries or Affiliates. 
 (e) Awards to Non-Employee Directors. Notwithstanding anything to the contrary contained herein, the
Board may, in its sole discretion, at any time and from time to time, grant Awards to Non-Employee Directors or administer the Plan with respect to such Awards. In any such case, the Board shall have all the authority and responsibility granted to
the Administrator herein with respect to such Awards. 
 1.3. Persons Eligible for Awards 

The Persons eligible to receive Awards under the Plan are those directors, officers and employees (including any prospective director, officer
or employee) of the Company and/or its Subsidiaries and Affiliates and consultants and service providers to (including Persons who are employed by or provide services to any entity that is itself a consultant or service provider to) the Company and
its Subsidiaries and Affiliates (collectively, “Key Persons”) as the Administrator shall select. 
 1.4. Types of Awards 

Awards may be made under the Plan in the form of (a) non-qualified stock options (i.e., stock options that are not “incentive stock
options” for purposes of Sections 421 and 422 of the Code (as defined below)), (b) stock appreciation rights, 

  
 3 

 
(c) restricted stock, (d) restricted stock units, (e) dividend equivalents, (f) unrestricted stock and (g) other equity-based or equity-related Awards, all as more fully
set forth in the Plan. The term “Award” means any of the foregoing that are granted under the Plan. 
 1.5. Shares Available for Awards;
Adjustments for Changes in Capitalization 
 (a) Maximum Number. Subject to adjustment as provided in Section 1.5(c), the
aggregate number of shares of common stock of the Company, par value $0.01(“Common Stock”), that may delivered pursuant to Awards granted under the Plan shall be equal to eight percent (8.0%) of the issued and outstanding Common
Stock, as measured at the time of the closing of the Company’s initial public offering. The following shares of Common Stock shall again become available for Awards under the Plan: (i) any shares that are subject to an Award under the Plan
and that remain unissued upon the cancellation or termination of such Award for any reason whatsoever; (ii) any shares of restricted stock forfeited pursuant to the Plan or the applicable Award Agreement; provided that any dividend
equivalent rights with respect to such shares that have not theretofore been directly remitted to the grantee are also forfeited; and (iii) any shares in respect of which an Award is settled for cash without the delivery of shares to the
grantee. Any shares that are held back to satisfy the exercise price or tax withholding obligation pursuant to any stock options or stock appreciation rights granted under the Plan shall again become available to be delivered pursuant to Awards
under the Plan. 
 (b) Source of Shares. Shares issued pursuant to the Plan may be authorized but unissued Common Stock or treasury
shares. The Administrator may direct that any stock certificate evidencing shares issued pursuant to the Plan shall bear a legend setting forth such restrictions on transferability as may apply to such shares. 

(c) Adjustments. (i) In the event that any dividend or other distribution (whether in the form of cash, Company shares, other
securities or other property), stock split, reverse stock split, reorganization, merger, consolidation, split-up, combination, repurchase or exchange of Company shares or other securities of the Company, issuance of warrants or other rights to
purchase Company shares or other securities of the Company, or other similar corporate transaction or event, other than an Equity Restructuring (as defined below), affects the Company shares such that an adjustment is determined by the Administrator
to be appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan or with respect to an Award, then the Administrator shall, in such manner as it may deem equitable,
adjust any or all of the number of shares or other securities of the Company (or number and kind of other securities or property) with respect to which Awards may be granted under the Plan. 

(ii) The Administrator is authorized to make adjustments in the terms and conditions of, and the criteria included in, Awards in recognition
of unusual or nonrecurring events (including the events described in Section 1.5(c)(i) or the occurrence of a Change in Control (as defined below), other than an Equity Restructuring) affecting the Company, any Affiliate, or the financial
statements of the Company or any Affiliate, or of changes in applicable rules, rulings, regulations or other requirements of any governmental body or securities exchange, accounting principles or law, whenever the

  
 4 

 
Administrator determines that such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan or
with respect to an Award, including providing for (A) adjustment to (1) the number of shares or other securities of the Company (or number and kind of other securities or property) subject to outstanding Awards or to which outstanding
Awards relate and (2) the Exercise Price (as defined below) with respect to any Award and (B) a substitution or assumption of Awards, accelerating the exercisability or vesting of, or lapse of restrictions on, Awards, or accelerating the
termination of Awards by providing for a period of time for exercise prior to the occurrence of such event, or, if deemed appropriate or desirable, providing for a cash payment to the holder of an outstanding Award in consideration for the
cancellation of such Award (it being understood that, in such event, any option or stock appreciation right having a per share Exercise Price equal to, or in excess of, the Fair Market Value (as defined below) of a share subject to such option or
stock appreciation right may be cancelled and terminated without any payment or consideration therefor); provided, however, that with respect to options and stock appreciation rights, unless otherwise determined by the Administrator,
such adjustment shall be made in accordance with the provisions of Section 424(h) of the Code. 
 (iii) In the event of (A) a
dissolution or liquidation of the Company, (B) a sale of all or substantially all the Company’s assets or (C) a merger, reorganization or consolidation involving the Company or one of its Subsidiaries, the Administrator shall have the
power to: 
 (A) provide that outstanding options, stock appreciation rights, restricted stock units (including any related dividend
equivalent right) and/or other Awards granted under the Plan shall either continue in effect, be assumed or an equivalent award shall be substituted therefor by the successor entity or a parent entity or subsidiary entity; 

(B) cancel, effective immediately prior to the occurrence of such event, options, stock appreciation rights, restricted stock units (including
each dividend equivalent right related thereto) and/or other Awards granted under the Plan outstanding immediately prior to such event (whether or not then exercisable) and, in full consideration of such cancellation, pay to the holder of such Award
a cash payment in an amount equal to the excess, if any, of the Fair Market Value (as of a date specified by the Administrator) of the shares subject to such Award (or the value of such Award, as determined by the Administrator, if not based on the
Fair Market Value of shares) over the aggregate Exercise Price of such Award (or the grant price of such Award, if any, if applicable)(it being understood that, in such event, any option or stock appreciation right having a per share Exercise Price
equal to, or in excess of, the Fair Market Value of a share subject to such option or stock appreciation right may be cancelled and terminated without any payment or consideration therefor); or 

(C) notify the holder of an option or stock appreciation right in writing or electronically that each option and stock appreciation right
shall be fully vested and exercisable for a period of 30 days from the date of such notice, or such shorter period as the Administrator may determine to be reasonable, and the option or stock appreciation right shall terminate upon the expiration of
such period (which period shall expire no later than immediately prior to the consummation of the corporate transaction). 

  
 5 

 (iv) In connection with the occurrence of any Equity Restructuring, and notwithstanding anything
to the contrary in this Section 1.5(c): 
 (A) The number and type of securities or other property subject to each outstanding Award
and the Exercise Price or grant price thereof, if applicable, shall be equitably adjusted; and 
 (B) The Administrator shall make such
equitable adjustments, if any, as the Administrator may deem appropriate to reflect such Equity Restructuring with respect to the aggregate number and kind of shares that may be issued under the Plan (including, but not limited to, adjustment of the
limitation set forth in Section 1.5(a)). The adjustments provided under this Section 1.5(c)(iv) shall be nondiscretionary and shall be final and binding on the affected participant and the Company. 

1.6. Definitions of Certain Terms 
 (a)
“Affiliate” shall mean (i) any entity that, directly or indirectly, is controlled by, controls or is under common control with, the Company and (ii) any entity in which the Company has a significant equity interest, in either
case as determined by the Administrator. 
 (b) Unless otherwise specifically set forth in the applicable Award Agreement, in connection
with a termination of employment or consultancy/service relationship or a dismissal from Board membership, for purposes of the Plan, the term “for Cause” shall be defined as follows: 

(i) if there is an employment, severance, consulting, service or other agreement governing the relationship between the grantee, on the one
hand, and the Company or any Subsidiary or Affiliate, on the other hand, that contains a definition of “cause” (or similar phrase), for purposes of the Plan, the term “for Cause” shall mean those acts or omissions that would
constitute “cause” under such agreement; or 
 (ii) if the preceding clause (i) is not applicable to the grantee, for
purposes of the Plan, the term “for Cause” shall mean any of the following: 
 (A) any failure by the grantee substantially to
perform the grantee’s employment or consulting/service or Board membership duties; 
 (B) any excessive unauthorized absenteeism by the
grantee; 
 (C) any refusal by the grantee to obey the lawful orders of the Board or any other Person to whom the grantee reports; 

(D) any act or omission by the grantee that is or may be injurious to the Company or any Subsidiary or Affiliate, whether monetarily,
reputationally or otherwise; 

  
 6 

 (E) any act by the grantee that is inconsistent with the best interests of the Company or any
Subsidiary or Affiliate; 
 (F) the grantee’s gross negligence that is injurious to the Company or any Subsidiary or Affiliate, whether
monetarily, reputationally or otherwise; 
 (G) the grantee’s material violation of any of the policies of the Company or any
Subsidiary or Affiliate, as applicable, including, without limitation, those policies relating to discrimination or sexual harassment; 

(H) the grantee’s material breach of his or her employment or service contract with the Company or any Subsidiary or Affiliate; 

(I) the grantee’s unauthorized (1) removal from the premises of the Company or any Subsidiary or Affiliate of any document (in any
medium or form) relating to the Company or any Subsidiary or Affiliate or the customers or clients of the Company or any Subsidiary or Affiliate or (2) disclosure to any Person of any of the Company’s, or any Subsidiary’s or
Affiliate’s, confidential or proprietary information; 
 (J) the grantee’s being convicted of, or entering a plea of guilty or
nolo contendere to, any crime that constitutes a felony or involves moral turpitude; and 
 (K) the grantee’s commission of any act
involving dishonesty or fraud. 
 Any rights the Company or any Subsidiary or Affiliate may have under the Plan in respect of the events
giving rise to a termination or dismissal “for Cause” shall be in addition to any other rights the Company or any Subsidiary or Affiliate may have under any other agreement with a grantee or at law or in equity. Any determination of
whether a grantee’s employment or consultancy/service relationship is (or is deemed to have been) terminated “for Cause” shall be made by the Administrator, provided that, if there is an employment, severance, consulting,
service or other agreement governing the relationship between the grantee, on the one hand, and the Company or any Subsidiary or Affiliate, on the other hand, that contains a definition of “cause” (or similar phrase), for purposes of the
Plan, any determination of whether such grantee’s employment or consultancy/service relationship is (or is deemed to have been) terminated “for Cause” shall be made as provided in such agreement. If, subsequent to a grantee’s
voluntary termination of employment or consultancy/service relationship or involuntary termination of employment or consultancy/service relationship without Cause, it is discovered that the grantee’s employment or consultancy/service
relationship could have been terminated “for Cause”, the Administrator may deem such grantee’s employment or consultancy/service relationship to have been terminated “for Cause” upon such discovery and determination by the
Administrator, provided that, if there is an employment, severance, consulting, service or other agreement governing the relationship between the grantee, on the one hand, and the Company or any Subsidiary or Affiliate, on the other hand,
that contains a definition of “cause” (or similar phrase), for purposes of this sentence, any determination of whether such 

  
 7 

 
grantee’s employment or consultancy/service relationship may be deemed to have been terminated “for Cause” shall be made by the person(s) responsible for determining whether
“cause” (or similar phrase) existed under such agreement. 
 (c) “Code” shall mean the Internal Revenue Code of 1986, as
amended. 
 (d) Unless otherwise specifically set forth in the applicable Award Agreement, “Disability” shall mean the
grantee’s being unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less
than 12 months, or the grantee receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the grantee’s employer by reason of any medically determinable physical or
mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months; provided that if there is an employment, severance, consulting, service or other agreement governing the
relationship between the grantee, on the one hand, and the Company or any Subsidiary or Affiliate, on the other hand, that contains a definition of “disability” (or similar phrase), for purposes of the Plan, the term “Disability”
shall have the meaning ascribed to “disability” (or such similar phrase) under such agreement. The existence of a Disability shall be determined by the Administrator; provided that, if there is an employment, severance, consulting, service
or other agreement governing the relationship between the grantee, on the one hand, and the Company or any Subsidiary or Affiliate, on the other hand, that contains a definition of “disability” (or similar phrase), for purposes of the
Plan, any determination of whether a “Disability” exists for purposes of the Plan in respect of such grantee shall be made as provided in such agreement. 

(e) “Equity Restructuring” shall mean a non-reciprocal transaction between the Company and its stockholders, such as a stock
dividend, stock split, spin-off, rights offering or recapitalization through a large, nonrecurring cash dividend, that affects the shares of Common Stock (or other securities of the Company) or the share price thereof and causes a change in the per
share value of the shares underlying outstanding Awards. 
 (f) “Exercise Price” shall mean (i) in the case of options, the
price specified in the applicable Award Agreement as the price-per-share at which such share can be purchased pursuant to the option or (ii) in the case of stock appreciation rights, the price specified in the applicable Award Agreement as the
reference price-per-share used to calculate the amount payable to the grantee. 
 (g) The “Fair Market Value” of a share of Common
Stock on any day shall be the closing price on the New York Stock Exchange, or such other primary stock exchange upon which such shares are then listed, as reported for such day in The Wall Street Journal (or, if not reported in The Wall Street
Journal, such other reliable source as the Administrator may determine), or, if no such price is reported for such day, the average of the high bid and low asked price of Common Stock as reported for such day. If no quotation is made for the
applicable day, the Fair Market Value of a share of Common Stock on such day shall be determined in the manner set forth in the preceding 

  
 8 

 
sentence for the next preceding trading day. Notwithstanding the foregoing, if there is no reported closing price or high bid/low asked price that satisfies the preceding sentences, or if
otherwise deemed necessary or appropriate by the Administrator, the Fair Market Value of a share of Common Stock on any day shall be determined by such methods and procedures as shall be established from time to time by the Administrator. The
“Fair Market Value” of any property other than Common Stock shall be the fair market value of such property determined by such methods and procedures as shall be established from time to time by the Administrator. 

(h) “Person” shall mean any individual, firm, corporation, partnership, limited liability company, trust, incorporated or
unincorporated association, joint venture, joint stock company, governmental body or other entity of any kind. 
 (i) “Repricing”
shall mean (i) lowering the Exercise Price of an option or a stock appreciation right after it has been granted, (ii) the cancellation of an option or a stock appreciation right in exchange for cash or another Award when the Exercise Price
exceeds the Fair Market Value of the underlying shares subject to the Award and (iii) any other action with respect to an option or a stock appreciation right that is treated as a repricing under (A) generally accepted accounting
principles or (B) any applicable stock exchange rules. 
 (j) “Subsidiary” shall mean any entity in which the Company,
directly or indirectly, has a 50% or more equity interest. 
 ARTICLE II. 

Awards Under The Plan 
 2.1. Agreements
Evidencing Awards 
 Each Award granted under the Plan shall be evidenced by a written certificate (“Award Agreement”), which
shall contain such provisions as the Administrator may deem necessary or desirable and which may, but need not, require execution or acknowledgment by a grantee. The Award shall be subject to all of the terms and provisions of the Plan and the
applicable Award Agreement. 
 2.2. Grant of Stock Options and Stock Appreciation Rights 

(a) Stock Option Grants. The Administrator may grant non-qualified stock options (“options”) to purchase shares of Common
Stock from the Company to such Key Persons, and in such amounts and subject to such vesting and forfeiture provisions and other terms and conditions, as the Administrator shall determine, subject to the provisions of the Plan. No option will be
treated as an “incentive stock option” for purposes of the Code. It shall be the intent of the Administrator to not grant an Award in the form of stock options to any Key Person who is then subject to the requirements of Section 409A
of the Code with respect to such Award if the Common Stock underlying such Award does not then qualify as “service recipient stock” for purposes of Section 409A. Furthermore, it shall be the intent of the Administrator, in granting

  
 9 

 
options to Key Persons who are subject to Section 409A and/or Section 457A of the Code, to structure such options so as to comply with the requirements of Section 409A and/or
Section 457A of the Code, as applicable. 
 (b) Stock Appreciation Right Grants; Types of Stock Appreciation Rights. The
Administrator may grant stock appreciation rights to such Key Persons, and in such amounts and subject to such vesting and forfeiture provisions and other terms and conditions, as the Administrator shall determine, subject to the provisions of the
Plan. The terms of a stock appreciation right may provide that it shall be automatically exercised for a payment upon the happening of a specified event that is outside the control of the grantee and that it shall not be otherwise exercisable. Stock
appreciation rights may be granted in connection with all or any part of, or independently of, any option granted under the Plan. It shall be the intent of the Administrator to not grant an Award in the form of stock appreciation rights to any Key
Person (i) who is then subject to the requirements of Section 409A of the Code with respect to such Award if the Common Stock underlying such Award does not then qualify as “service recipient stock” for purposes of
Section 409A or (ii) if such Award would create adverse tax consequences for such Key Person under Section 457A of the Code. Furthermore, it shall be the intent of the Administrator, in granting stock appreciation rights to Key
Persons who are subject to Section 409A and/or Section 457A of the Code, to structure such stock appreciation rights so as to comply with the requirements of Section 409A and/or Section 457A of the Code, to the extent applicable.

 (c) Nature of Stock Appreciation Rights. The grantee of a stock appreciation right shall have the right, subject to the terms of
the Plan and the applicable Award Agreement, to receive from the Company an amount equal to (i) the excess of the Fair Market Value of a share of Common Stock on the date of exercise of the stock appreciation right over the Exercise Price of
the stock appreciation right, multiplied by (ii) the number of shares with respect to which the stock appreciation right is exercised. Each Award Agreement with respect to a stock appreciation right shall set forth the Exercise Price of such
Award and, unless otherwise specifically provided in the Award Agreement, the Exercise Price of a stock appreciation right shall equal the Fair Market Value of a share of Common Stock on the date of grant; provided that in no event may such
Exercise Price be less than the greater of (A) the Fair Market Value of a share of Common Stock on the date of grant and (B) the par value of a share of Common Stock. Payment upon exercise of a stock appreciation right shall be in cash or
in shares of Common Stock (valued at their Fair Market Value on the date of exercise of the stock appreciation right) or any combination of both, all as the Administrator shall determine. Repricing of stock appreciation rights granted under the Plan
shall not be permitted (1) to the extent such action could cause adverse tax consequences to the grantee under Section 409A or Section 457A of the Code or (2) without prior shareholder approval, to the extent such approval would
be required to be obtained by the Company pursuant to the applicable rules of any applicable stock exchange on which the Common Stock is then listed, and any action that would be deemed to result in a Repricing of a stock appreciation right shall be
deemed null and void if it would cause such adverse tax consequences or if any requisite shareholder approval related thereto is not obtained prior to the effective time of such action. Upon the exercise of a stock appreciation right granted in
connection with an option, the number of shares subject to the option shall be reduced by the number of shares with respect to which the stock appreciation right is 

  
 10 

 
exercised. Upon the exercise of an option in connection with which a stock appreciation right has been granted, the number of shares subject to the stock appreciation right shall be reduced by
the number of shares with respect to which the option is exercised. 
 (d) Option Exercise Price. Each Award Agreement with respect
to an option shall set forth the Exercise Price of such Award and, unless otherwise specifically provided in the Award Agreement, the Exercise Price of an option shall equal the Fair Market Value of a share of Common Stock on the date of grant;
provided that in no event may such Exercise Price be less than the greater of (i) the Fair Market Value of a share of Common Stock on the date of grant and (ii) the par value of a share of Common Stock. Repricing of options granted
under the Plan shall not be permitted (1) to the extent such action could cause adverse tax consequences to the grantee under Section 409A or Section 457A of the Code or (2) without prior shareholder approval, to the extent such
approval would be required to be obtained by the Company pursuant to the applicable rules of any applicable stock exchange on which the Common Stock is then listed, and any action that would be deemed to result in a Repricing of an option shall be
deemed null and void if it would cause such adverse tax consequences or if any requisite shareholder approval related thereto is not obtained prior to the effective time of such action. 

2.3. Exercise of Options and Stock Appreciation Rights 

Subject to the other provisions of this Article II and the Plan, each option and stock appreciation right granted under the Plan shall be
exercisable as follows: 
 (a) Timing and Extent of Exercise. Options and stock appreciation rights shall be exercisable at such
times and under such conditions as determined by the Administrator and set forth in the corresponding Award Agreement, but in no event shall any portion of such Award be exercisable subsequent to the tenth anniversary of the date on which such Award
was granted. Unless the applicable Award Agreement otherwise specifically provides, an option or stock appreciation right may be exercised from time to time as to all or part of the shares as to which such Award is then exercisable. 

(b) Notice of Exercise. An option or stock appreciation right shall be exercised by the filing of a written notice with the Company or
the Company’s designated exchange agent (the “Exchange Agent”), on such form and in such manner as the Administrator shall prescribe. 

(c) Payment of Exercise Price. Any written notice of exercise of an option shall be accompanied by payment for the shares being
purchased. Such payment shall be made: (i) by certified or official bank check (or the equivalent thereof acceptable to the Company or its Exchange Agent) for the full option Exercise Price; (ii) with the consent of the Administrator,
which consent shall be given or withheld in the sole discretion of the Administrator, by delivery of shares of Common Stock having a Fair Market Value (determined as of the exercise date) equal to all or part of the option Exercise Price and a
certified or official bank check (or the equivalent thereof acceptable to the Company or its Exchange Agent) for any remaining portion of the full option Exercise Price; or (iii) at the sole discretion of the Administrator and to the

  
 11 

 
extent permitted by law, by such other provision, consistent with the terms of the Plan, as the Administrator may from time to time prescribe (whether directly or indirectly through the Exchange
Agent), or by any combination of the foregoing payment methods. 
 (d) Delivery of Certificates Upon Exercise. Subject to
Sections 3.2, 3.4 and 3.13, promptly after receiving payment of the full option Exercise Price, or after receiving notice of the exercise of a stock appreciation right for which the Administrator determines payment will be made partly or
entirely in shares, the Company or its Exchange Agent shall (i) deliver to the grantee, or to such other Person as may then have the right to exercise the Award, a certificate or certificates for the shares of Common Stock for which the Award
has been exercised or, in the case of stock appreciation rights, for which the Administrator determines will be made in shares or (ii) establish an account evidencing ownership of the stock in uncertificated form. If the method of payment
employed upon an option exercise so requires, and if applicable law permits, an optionee may direct the Company or its Exchange Agent, as the case may be, to deliver the stock certificate(s) to the optionee’s stockbroker. 

(e) No Stockholder Rights. No grantee of an option or stock appreciation right (or other Person having the right to exercise such
Award) shall have any of the rights of a stockholder of the Company with respect to shares subject to such Award until the issuance of a stock certificate to such Person for such shares or an account in the name of the grantee evidences ownership of
stock in uncertificated form. Except as otherwise provided in Section 1.5(c), no adjustment shall be made for dividends, distributions or other rights (whether ordinary or extraordinary, and whether in cash, securities or other property) for
which the record date is prior to the date such stock certificate is issued or the date an account evidencing ownership of the stock in uncertificated form notes receipt of such stock. 

2.4. Termination of Employment/Service; Death Subsequent to a Termination of Employment/Service 

(a) General Rule. Except to the extent otherwise provided in paragraphs (b), (c), (d), (e) or (f) of this
Section 2.4 or Section 3.5(b)(iii), or unless otherwise specifically set forth in the applicable Award Agreement or the grantee’s relevant employment, severance or consulting agreement with the Company or a Subsidiary or Affiliate, a
grantee who incurs a termination of employment or consultancy/service relationship with the Company and its Subsidiaries and Affiliates may exercise any outstanding option or stock appreciation right on the following terms and conditions:
(i) exercise may be made only to the extent that the grantee was entitled to exercise the Award on the date of termination of employment or consultancy/service relationship, as applicable; and (ii) exercise must occur within three months
after termination of employment or consultancy/service relationship but in no event after the original expiration date of the Award; it being understood that (A) then outstanding options and stock appreciation rights shall not be affected by a
change of employment or consultancy/service relationship with the Company and its Subsidiaries and Affiliates so long as the grantee continues to be a director, officer or employee of, or a consultant or service provider to (or a Person employed by
or providing services to any entity that 

  
 12 

 
is itself a consultant or service provider to), the Company or any of its Subsidiaries or Affiliates and (B) neither sick-leave or military conscription, alone and without termination of
employment or consultancy/service relationship with the Company and its Subsidiaries and Affiliates, shall be treated as a termination of employment or consultancy/service relationship with the Company and its Subsidiaries and Affiliates. 

(b) Dismissal “for Cause”. If a grantee incurs a termination of employment or consultancy/service relationship with the
Company and its Subsidiaries and Affiliates “for Cause”, all options and stock appreciation rights not theretofore exercised shall immediately terminate upon such termination of employment or consultancy/service relationship. 

(c) Retirement. If a grantee incurs a termination of employment or consultancy/service relationship with the Company and its
Subsidiaries and Affiliates as the result of his or her retirement (as defined below), then any outstanding option or stock appreciation right shall, to the extent exercisable at the time of such retirement, remain exercisable for a period of three
years after such retirement; provided that in no event may such option or stock appreciation right be exercised following the original expiration date of the Award. For this purpose, unless otherwise specifically set forth in the applicable
Award Agreement, “retirement” shall mean a grantee’s resignation of employment or consultancy/service relationship with the Company and its Subsidiaries and Affiliates (i) on or after his or her 65th birthday, (ii) on or
after the date on which he or she has attained age 60 and completed at least five years of service with the Company or one or more of its Subsidiaries or Affiliates (using any method of calculation the Administrator deems appropriate) or
(iii) if approved by the Administrator, on or after his or her having completed at least 20 years of service with the Company or one or more of its Subsidiaries or Affiliates (using any method of calculation the Administrator deems
appropriate). 
 (d) Disability. If a grantee incurs a termination of employment or consultancy/service relationship with the Company
and its Subsidiaries and Affiliates by reason of a Disability, then any outstanding option or stock appreciation right shall, to the extent exercisable at the time of such termination, remain exercisable for a period of one year after such
termination; provided that in no event may such option or stock appreciation right be exercised following the original expiration date of the Award. 

(e) Death. 
 (i)
Termination of Employment/Service as a Result of Grantee’s Death. If a grantee incurs a termination of employment or consultancy/service relationship with the Company and its Subsidiaries and Affiliates as the result of his or her death,
then any outstanding option or stock appreciation right shall, to the extent exercisable at the time of such death, remain exercisable for a period of one year after such death; provided that in no event may such option or stock appreciation
right be exercised following the original expiration date of the Award. 
 (ii) Restrictions on Exercise Following Death. Any such
exercise of an Award following a grantee’s death shall be made only by the grantee’s executor or administrator or other duly appointed representative reasonably acceptable to 

  
 13 

 
the Administrator, unless the grantee’s will specifically disposes of such Award, in which case such exercise shall be made only by the recipient of such specific disposition. If a
grantee’s personal representative or the recipient of a specific disposition under the grantee’s will shall be entitled to exercise any Award pursuant to the preceding sentence, such representative or recipient shall be bound by all the
terms and conditions of the Plan and the applicable Award Agreement which would have applied to the grantee. 
 (f) Administrator
Discretion. The Administrator may, in writing, waive or modify the application of the foregoing provisions of this Section 2.4. 
 2.5.
Transferability of Options and Stock Appreciation Rights 
 Except as otherwise specifically provided in this Plan or the applicable Award Agreement
evidencing an option or stock appreciation right, during the lifetime of a grantee, each such Award granted to a grantee shall be exercisable only by the grantee, and no such Award may be sold, assigned, transferred, pledged or otherwise encumbered
or disposed of other than by will or by the laws of descent and distribution. The Administrator may, in any applicable Award Agreement evidencing an option or stock appreciation right, permit a grantee to transfer all or some of the options or stock
appreciation rights to (a) the grantee’s spouse, children or grandchildren (“Immediate Family Members”), (b) a trust or trusts for the exclusive benefit of such Immediate Family Members, (c) companies and other legal
entities (including partnerships and trusts) that are substantially controlled by or for the benefit of the grantee and/or any of the Immediate Family Members or (d) other parties approved by the Administrator. Following any such transfer, any
transferred options and stock appreciation rights shall continue to be subject to the same terms and conditions as were applicable immediately prior to the transfer. 

2.6. Grant of Restricted Stock 
 (a)
Restricted Stock Grants. The Administrator may grant restricted shares of Common Stock to such Key Persons, in such amounts and subject to such vesting and forfeiture provisions and other terms and conditions as the Administrator shall
determine, subject to the provisions of the Plan. A grantee of a restricted stock Award shall have no rights with respect to such Award unless such grantee accepts the Award within such period as the Administrator shall specify by accepting delivery
of a restricted stock Award Agreement in such form as the Administrator shall determine. 
 (b) Issuance of Stock Certificate.
Promptly after a grantee accepts a restricted stock Award in accordance with Section 2.6(a), subject to Sections 3.2, 3.4 and 3.13, the Company or its Exchange Agent shall issue to the grantee a stock certificate or stock certificates
for the shares of Common Stock covered by the Award or shall establish an account evidencing ownership of the stock in uncertificated form. Upon the issuance of such stock certificates, or establishment of such account, the grantee shall have the
rights of a stockholder with respect to the restricted stock, subject to: (i) the nontransferability restrictions and forfeiture provisions described in the Plan (including paragraphs (d) and (e) of this Section 2.6);
(ii) in the Administrator’s sole discretion, a requirement, as set forth in the Award Agreement, that any dividends paid on such shares 

  
 14 

 
shall be held in escrow and, unless otherwise determined by the Administrator, shall remain forfeitable until all restrictions on such shares have lapsed; and (iii) any other restrictions
and conditions contained in the applicable Award Agreement. 
 (c) Custody of Stock Certificate. Unless the Administrator shall
otherwise determine, any stock certificates issued evidencing shares of restricted stock shall remain in the possession of the Company (or such other custodian as may be designated by the Administrator) until such shares are free of any restrictions
specified in the applicable Award Agreement. The Administrator may direct that such stock certificates bear a legend setting forth the applicable restrictions on transferability. 

(d) Nontransferability. Shares of restricted stock may not be sold, assigned, transferred, pledged or otherwise encumbered or disposed
of prior to the lapsing of all restrictions thereon, except as otherwise specifically provided in this Plan or the applicable Award Agreement. The Administrator at the time of grant shall specify the date or dates (which may depend upon or be
related to the attainment of performance goals and other conditions) on which the nontransferability of the restricted stock shall lapse. 

(e) Consequence of Termination of Employment/Service. Unless otherwise specifically set forth in the applicable Award Agreement or the
grantee’s relevant employment, severance or consulting agreement with the Company or a Subsidiary or Affiliate, (i) a grantee’s termination of employment or consultancy/service relationship with the Company and its Subsidiaries and
Affiliates for any reason other than death or Disability shall cause the immediate forfeiture of all shares of restricted stock that have not yet vested as of the date of such termination of employment or consultancy/service relationship and
(ii) if a grantee incurs a termination of employment or consultancy/service relationship with the Company and its Subsidiaries and Affiliates as the result of his or her death or Disability, all shares of restricted stock that have not yet
vested as of the date of such termination shall immediately vest as of such date; it being understood that (A) then outstanding restricted stock Awards shall not be affected by a change of employment or consultancy/service relationship with the
Company and its Subsidiaries and Affiliates so long as the grantee continues to be a director, officer or employee of, or a consultant or service provider to (or a Person employed by or providing services to any entity that that is itself a
consultant or service provider to), the Company or any of its Subsidiaries or Affiliates and (B) neither sick-leave or military conscription, alone and without termination of employment or consultancy/service relationship with the Company and
its Subsidiaries and Affiliates, shall be treated as a termination of employment or consultancy/service relationship with the Company and its Subsidiaries and Affiliates. Unless otherwise determined by the Administrator, all dividends paid on shares
forfeited under this Section 2.6(e) that have not theretofore been directly remitted to the grantee shall also be forfeited, whether by termination of any escrow arrangement under which such dividends are held or otherwise. The Administrator
may, in writing, waive or modify the application of the foregoing provisions of this Section 2.6(e). 

  
 15 

 2.7. Grant of Restricted Stock Units 

(a) Restricted Stock Unit Grants. The Administrator may grant restricted stock units to such Key Persons, and in such amounts and
subject to such vesting and forfeiture provisions and other terms and conditions, as the Administrator shall determine, subject to the provisions of the Plan. A restricted stock unit granted under the Plan shall confer upon the grantee a right to
receive from the Company, conditioned upon the occurrence of such vesting event as shall be determined by the Administrator and specified in the Award Agreement, the number of such grantee’s restricted stock units that vest upon the occurrence
of such vesting event multiplied by the Fair Market Value of a share of Common Stock on the date of vesting. Payment upon vesting of a restricted stock unit shall be in cash or in shares of Common Stock (valued at their Fair Market Value on the date
of vesting) or both, all as the Administrator shall determine, and such payments shall be made to the grantee at such time as provided in the Award Agreement, which the Administrator shall intend to be (i) if Section 409A of the Code is
applicable to the grantee, within the period required by Section 409A such that it qualifies as a “short-term deferral” pursuant to Section 409A and the Treasury Regulations issued thereunder, unless the Administrator shall
provide for deferral of the Award intended to comply with Section 409A, (ii) if Section 457A of the Code is applicable to the grantee, within the period required by Section 457A(d)(3)(B) such that it qualifies for the exemption
thereunder, or (iii) if Sections 409A and 457A of the Code are not applicable to the grantee, at such time as determined by the Administrator. 

(b) Dividend Equivalents. The Administrator may include in any Award Agreement with respect to a restricted stock unit a dividend
equivalent right entitling the grantee to receive amounts equal to the ordinary dividends that would be paid, during the time such Award is outstanding and unvested, and/or, if payment of the vested Award is deferred, during the period of such
deferral following such vesting event, on the shares of Common Stock underlying such Award if such shares were then outstanding. In the event such a provision is included in a Award Agreement, the Administrator shall determine whether such payments
shall be (i) paid to the holder of the Award, as specified in the Award Agreement, either (A) at the same time as the underlying dividends are paid, regardless of the fact that the restricted stock unit has not theretofore vested,
(B) at the time at which the Award’s vesting event occurs, conditioned upon the occurrence of the vesting event, (C) once the Award has vested, at the same time as the underlying dividends are paid, regardless of the fact that payment
of the vested restricted stock unit has been deferred, and/or (D) at the time at which the corresponding vested restricted stock units are paid, (ii) made in cash, shares of Common Stock or other property and (iii) subject to such
other vesting and forfeiture provisions and other terms and conditions as the Administrator shall deem appropriate and as shall be set forth in the Award Agreement. 

(c) No Stockholder Rights. No grantee of a restricted stock unit shall have any of the rights of a stockholder of the Company with
respect to such Award unless and until a stock certificate is issued with respect to such Award upon the vesting of such Award or an account in the name of the grantee evidences ownership of stock in uncertificated form (it being understood that the
Administrator shall determine whether to pay any vested restricted stock unit in the form of cash or Company shares or both), which issuance shall be subject to Sections 3.2, 3.4 and 3.13. Except as otherwise provided in Section 1.5(c), no
adjustment to any restricted stock unit shall be made for dividends, distributions or other rights (whether ordinary or extraordinary, and whether in 

  
 16 

 
cash, securities or other property) for which the record date is prior to the date such stock certificate, if any, is issued or the date an account evidencing ownership of the stock in
uncertificated form notes receipt of such stock. 
 (d) Nontransferability. No restricted stock unit granted under the Plan may be
sold, assigned, transferred, pledged or otherwise encumbered or disposed of, except as otherwise specifically provided in this Plan or the applicable Award Agreement. 

(e) Consequence of Termination of Employment/Service. Unless otherwise specifically set forth in the applicable Award Agreement or the
grantee’s relevant employment, severance or consulting agreement with the Company or a Subsidiary or Affiliate, (i) a grantee’s termination of employment or consultancy/service relationship with the Company and its Subsidiaries and
Affiliates for any reason other than death or Disability shall cause the immediate forfeiture of all restricted stock units that have not yet vested as of the date of such termination of employment or consultancy/service relationship and
(ii) if a grantee incurs a termination of employment or consultancy/service relationship with the Company and its Subsidiaries and Affiliates as the result of his or her death or Disability, all restricted stock units that have not yet vested
as of the date of such termination shall immediately vest as of such date; it being understood that (A) then outstanding restricted stock units shall not be affected by a change of employment or consultancy/service relationship with the Company
and its Subsidiaries and Affiliates so long as the grantee continues to be a director, officer or employee of, or a consultant or service provider to (or a Person employed by or providing services to any entity that that is itself a consultant or
service provider to), the Company or any of its Subsidiaries or Affiliates and (B) neither sick-leave or military conscription, alone and without termination of employment or consultancy/service relationship with the Company and its
Subsidiaries and Affiliates, shall be treated as a termination of employment or consultancy/service relationship with the Company and its Subsidiaries and Affiliates. Unless otherwise determined by the Administrator, any dividend equivalent rights
on any restricted stock units forfeited under this Section 2.7(e) that have not theretofore been directly remitted to the grantee shall also be forfeited, whether by termination of any escrow arrangement under which such dividends are held or
otherwise. The Administrator may, in writing, waive or modify the application of the foregoing provisions of this Section 2.7(e). 
 2.8. Grant of
Unrestricted Stock 
 The Administrator may grant (or sell at a purchase price at least equal to par value) shares of Common Stock free of restrictions
under the Plan to such Key Persons and in such amounts and subject to such forfeiture provisions as the Administrator shall determine. Shares may be thus granted or sold in respect of past services or other valid consideration. 

  
 17 

 2.9. Other Stock-Based Awards 

Subject to the provisions of the Plan (including, without limitation, Section 3.16), the Administrator shall have the sole and complete authority to grant
to Key Persons other equity-based or equity-related Awards in such amounts and subject to such terms and conditions as the Administrator shall determine; provided that any such Awards must comply with applicable law and, to the extent deemed
desirable by the Administrator, Rule 16b-3. 
 2.10. Dividend Equivalents 

Subject to the provisions of the Plan (including, without limitation, Section 3.16), in the discretion of the Administrator, an Award, other than an
option or stock appreciation right, may provide the Award recipient with dividends or dividend equivalents, payable in cash, shares, other securities, other Awards or other property, on a current or deferred basis, on such terms and conditions as
may be determined by the Administrator, including, without limitation, payment directly to the Award recipient, withholding of such amounts by the Company subject to vesting of the Award, or reinvestment in additional shares, restricted shares or
other Awards. 
 ARTICLE III. 

Miscellaneous 
 3.1. Amendment of the
Plan; Modification of Awards 
 (a) Amendment of the Plan. The Board may from time to time suspend, discontinue, revise or amend
the Plan in any respect whatsoever, except that no such amendment shall materially impair any rights or materially increase any obligations under any Award theretofore made under the Plan without the consent of the grantee (or, upon the
grantee’s death, the Person having the rights to the Award). For purposes of this Section 3.1, any action of the Board or the Administrator that in any way alters or affects the tax treatment of any Award shall not be considered to
materially impair any rights of any grantee. 
 (b) Stockholder Approval Requirement. If required by applicable rules or regulations
of a national securities exchange or the SEC, the Company shall obtain stockholder approval with respect to any amendment to the Plan that (i) expands the types of Awards available under the Plan, (ii) materially increases the aggregate
number of shares which may be issued under the Plan, except as permitted pursuant to Section 1.5(c), (iii) materially increases the benefits to participants under the Plan, including any material change to (A) permit, or that has the
effect of, a Repricing of any outstanding Award, (B) reduce the price at which shares or options to purchase shares may be offered or (C) extend the duration of the Plan, or (iv) materially expands the class of Persons eligible to
receive Awards under the Plan. 
 (c) Modification of Awards. The Administrator may cancel any Award under the Plan. The
Administrator also may amend any outstanding Award Agreement, including, without limitation, by amendment which would: (i) accelerate the time or times at which the Award becomes unrestricted, vested or may be exercised; (ii) waive or
amend any goals, restrictions or conditions set forth in the Award Agreement; or (iii) waive or amend the operation of Section 2.4, Section 2.6(e) or 

  
 18 

 
Section 2.7(e) with respect to the termination of the Award upon termination of employment or consultancy/service relationship or dismissal from the Board; provided, however,
that no such amendment shall be made without shareholder approval if such approval is necessary to comply with any tax or regulatory requirement applicable to the Award. However, any such cancellation or amendment (other than an amendment pursuant
to Section 1.5, Section 3.5 or Section 3.16) that materially impairs the rights or materially increases the obligations of a grantee under an outstanding Award shall be made only with the consent of the grantee (or, upon the
grantee’s death, the Person having the rights to the Award). In making any modification to an Award (e.g., an amendment resulting in a direct or indirect reduction in the Exercise Price or a waiver or modification under
Section 2.4(f), Section 2.6(e) or Section 2.7(e)), the Administrator may consider the implications, if any, of such modification under the Code with respect to Sections 409A and 457A of the Code in respect of Awards granted under
the Plan to individuals subject to such provisions of the Code. 
 3.2. Consent Requirement 

(a) No Plan Action Without Required Consent. If the Administrator shall at any time determine that any Consent (as defined below) is
necessary or desirable as a condition of, or in connection with, the granting of any Award under the Plan, the issuance or purchase of shares or other rights thereunder, or the taking of any other action thereunder (each such action being
hereinafter referred to as a “Plan Action”), then such Plan Action shall not be taken, in whole or in part, unless and until such Consent shall have been effected or obtained to the full satisfaction of the Administrator. 

(b) Consent Defined. The term “Consent” as used herein with respect to any Plan Action means (i) any and all listings,
registrations or qualifications in respect thereof upon any securities exchange or under any federal, state or local law, rule or regulation, (ii) any and all written agreements and representations by the grantee with respect to the disposition
of shares, or with respect to any other matter, which the Administrator shall deem necessary or desirable to comply with the terms of any such listing, registration or qualification or to obtain an exemption from the requirement that any such
listing, qualification or registration be made and (iii) any and all consents, clearances and approvals in respect of a Plan Action by any governmental or other regulatory bodies or any other Person. 

3.3. Nonassignability 
 Except as provided
in Section 2.4(e), Section 2.5, Section 2.6(d) or Section 2.7(e), (a) no Award or right granted to any Person under the Plan or under any Award Agreement shall be assignable or transferable other than by will or by the laws
of descent and distribution and (b) all rights granted under the Plan or any Award Agreement shall be exercisable during the life of the grantee only by the grantee or the grantee’s legal representative or the grantee’s permissible
successors or assigns (as authorized and determined by the Administrator). All terms and conditions of the Plan and the applicable Award Agreements will be binding upon any permitted successors or assigns. 

  
 19 

 3.4. Taxes 

(a) Withholding. A grantee or other Award holder under the Plan shall be required to pay, in cash, to the Company, and the Company and
its Subsidiaries and Affiliates shall have the right and are hereby authorized to withhold from any Award, from any payment due or transfer made under any Award or under the Plan or from any compensation or other amount owing to such grantee or
other Award holder, the amount of any applicable withholding taxes in respect of an Award, its grant, its exercise, its vesting, or any payment or transfer under an Award or under the Plan, and to take such other action as may be necessary in the
opinion of the Company to satisfy all obligations for payment of such taxes. Whenever shares of Common Stock are to be delivered pursuant to an Award under the Plan, with the approval of the Administrator, which the Administrator shall have sole
discretion whether or not to give, the grantee may satisfy the foregoing condition by electing to have the Company withhold from delivery shares having a value equal to the amount of minimum tax required to be withheld. Such shares shall be valued
at their Fair Market Value as of the date on which the amount of tax to be withheld is determined. Fractional share amounts shall be settled in cash. Such a withholding election may be made with respect to all or any portion of the shares to be
delivered pursuant to an Award as may be approved by the Administrator in its sole discretion. 
 (b) Liability for Taxes. Grantees
and holders of Awards are solely responsible and liable for the satisfaction of all taxes and penalties that may arise in connection with Awards (including, without limitation, any taxes arising under Sections 409A and 457A of the Code) and the
Company shall not have any obligation to indemnify or otherwise hold any such Person harmless from any or all of such taxes. The Administrator shall have the discretion to organize any deferral program, to require deferral election forms, and to
grant or, notwithstanding anything to the contrary in the Plan or any Award Agreement, to unilaterally modify any Award in a manner that (i) conforms with the requirements of Sections 409A and 457A of the Code (to the extent applicable),
(ii) voids any participant election to the extent it would violate Section 409A or Section 457A of the Code (to the extent applicable) and (iii) for any distribution event or election that could be expected to violate
Section 409A of the Code, make the distribution only upon the earliest of the first to occur of a “permissible distribution event” within the meaning of Section 409A of the Code or a distribution event that the participant elects
in accordance with Section 409A of the Code. The Administrator shall have the sole discretion to interpret the requirements of the Code, including, without limitation, Sections 409A and 457A, for purposes of the Plan and all Awards. 

3.5. Change in Control 
 (a) Change in
Control Defined. Unless otherwise specifically set forth in the applicable Award Agreement, for purposes of the Plan, “Change in Control” shall mean the occurrence of any of the following (provided that if there is an
employment, severance, consulting, service or other agreement governing the relationship between the grantee, on the one hand, and the Company or any Subsidiary or Affiliate, on the other hand, that contains a definition of “change in
control” (or similar phrase), for purposes of the Plan, the term “Change in Control” shall have the meaning ascribed to “change in control” (or such similar phrase) under such agreement): 

  
 20 

 (i) any “person” (as defined in Section 13(d)(3) of the 1934 Act), company
or other entity acquires “beneficial ownership” (as defined in Rule 13d-3 under the 1934 Act), directly or indirectly, of more than 40% of the aggregate voting power of the capital stock ordinarily entitled to elect directors of
the Company; provided, however, that no Change in Control shall have occurred in the event of such an acquisition by (A) the Company, (B) any trustee or other fiduciary holding securities under an employee benefit plan of the Company or
any Subsidiary or Affiliate, (C) any company or other entity owned, directly or indirectly, by the holders of the voting stock ordinarily entitled to elect directors of the Company in substantially the same proportions as their ownership of the
aggregate voting power of the capital stock ordinarily entitled to elect directors of the Company immediately prior to such acquisition or (D) Poseidon Containers Holdings LLC (the “Significant Shareholder”) or any entity which the
Significant Shareholder directly or indirectly “controls” (as defined in Rule 12b-2 under the 1934 Act); 
 (ii) the
sale of all or substantially all the Company’s assets in one or more related transactions to any “person” (as defined in Section 13(d)(3) of the 1934 Act), company or other entity; provided, however, that no Change
in Control shall have occurred in the event of such a sale (A) to a Subsidiary which does not involve a material change in the equity holdings of the Company, (B) to an entity (the “Acquiring Entity”) which has acquired all or
substantially all the Company’s assets if, immediately following such sale, 60% or more of the aggregate voting power of the capital stock ordinarily entitled to elect directors of the Acquiring Entity (or, if applicable, the ultimate parent
entity that directly or indirectly has beneficial ownership of more than 60% of the aggregate voting power of the capital stock ordinarily entitled to elect directors of the Acquiring Entity) is beneficially owned by the holders of the voting stock
ordinarily entitled to elect directors of the Company immediately prior to such sale in substantially the same proportions as the aggregate voting power of the capital stock ordinarily entitled to elect directors of the Company immediately prior to
such sale or (C) to the Significant Shareholder or any entity which the Significant Shareholder directly or indirectly “controls” (as defined in Rule 12b-2 under the 1934 Act); 

(iii) any merger, consolidation, reorganization or similar event of the Company or any Subsidiary; provided, however, that no
Change in Control shall have occurred in the event 60% or more of the aggregate voting power of the capital stock ordinarily entitled to elect directors of the surviving entity (or, if applicable, the ultimate parent entity that directly or
indirectly has beneficial ownership of more than 60% of the aggregate voting power of the capital stock ordinarily entitled to elect directors of the surviving entity) is beneficially owned by the holders of the voting stock ordinarily entitled to
elect directors of the Company immediately prior to such event in substantially the same proportions as the aggregate voting power of the capital stock ordinarily entitled to elect directors of the Company immediately prior to such event; 

(iv) the approval by the Company’s stockholders of a plan of complete liquidation or dissolution of the Company; or 

  
 21 

 (v) during any period of 24 consecutive calendar months, individuals: 

(A) who were directors of the Company on the first day of such period, or 

(B) whose election or nomination for election to the Board was recommended or approved by at least a majority of the directors
then still in office who were directors of the Company on the first day of such period, or whose election or nomination for election were so approved, 

shall cease to constitute a majority of the Board. 

Notwithstanding the foregoing, unless otherwise specifically set forth in the applicable Award Agreement, for each Award subject to Section 409A of the
Code, a Change in Control shall be deemed to have occurred under this Plan with respect to such Award only if a change in the ownership or effective control of the Company or a change in the ownership of a substantial portion of the assets of the
Company shall also be deemed to have occurred under Section 409A of the Code, provided that such limitation shall apply to such Award only to the extent necessary to avoid adverse tax effects under Section 409A of the Code. 

(b) Effect of a Change in Control. Unless otherwise specifically provided in an Award Agreement or any applicable employment, severance
or consulting agreement entered into between the grantee and the Company or any Subsidiary or Affiliate, upon the occurrence of a Change in Control: 

(i) notwithstanding any other provision of this Plan, any Award then outstanding shall become fully vested and any forfeiture provisions
thereon imposed pursuant to the Plan and the applicable Award Agreement shall lapse and any Award in the form of an option or stock appreciation right shall be immediately exercisable; 

(ii) to the extent permitted by law and not otherwise limited by the terms of the Plan, the Administrator may amend any Award Agreement in
such manner as it deems appropriate; 
 (iii) a grantee who incurs a termination of employment or consultancy/service relationship for any
reason, other than a termination or dismissal “for Cause”, concurrent with or within one year following the Change in Control may exercise any outstanding option or stock appreciation right, but only to the extent that the grantee was
entitled to exercise the Award on the date of his or her termination of employment or consultancy/service relationship, until the earlier of (A) the original expiration date of the Award and (B) the later of (x) the date provided for
under the terms of Section 2.4 without reference to this Section 3.5(b)(iii) and (y) the first anniversary of the grantee’s termination of employment or consultancy/service relationship. 

(c) Miscellaneous. Whenever deemed appropriate by the Administrator, any action referred to in paragraph (b)(ii) of this
Section 3.5 may be made conditional upon the consummation of the applicable Change in Control transaction. 

  
 22 

 3.6. Operation and Conduct of Business 

Nothing in the Plan or any Award Agreement shall be construed as limiting or preventing the Company or any Subsidiary or Affiliate from taking
any action with respect to the operation and conduct of its business that it deems appropriate or in its best interests, including any or all adjustments, recapitalizations, reorganizations, exchanges or other changes in the capital structure of the
Company or any Subsidiary or Affiliate, any merger or consolidation of the Company or any Subsidiary or Affiliate, any issuance of Company shares or other securities or subscription rights, any issuance of bonds, debentures, preferred or prior
preference stock ahead of or affecting the Common Stock or other securities or rights thereof, any dissolution or liquidation of the Company or any Subsidiary or Affiliate, any sale or transfer of all or any part of the assets or business of the
Company or any Subsidiary or Affiliate, or any other corporate act or proceeding, whether of a similar character or otherwise. 
 3.7. No Rights to
Awards 
 No Key Person or other Person shall have any claim to be granted any Award under the Plan. 

3.8. Right of Discharge Reserved 
 Nothing
in the Plan or in any Award Agreement shall confer upon any grantee the right to continue his or her employment with the Company or any Subsidiary or Affiliate, his or her consultancy/service relationship with the Company or any Subsidiary or
Affiliate, or his or her position as a director of the Company or any Subsidiary or Affiliate, or affect any right that the Company or any Subsidiary or Affiliate may have to terminate such employment or consultancy/service relationship or service
as a director. 
 3.9. Non-Uniform Determinations 

The Administrator’s determinations and the treatment of Key Persons and grantees and their beneficiaries under the Plan need not be
uniform and may be made and determined by the Administrator selectively among Persons who receive, or who are eligible to receive, Awards under the Plan (whether or not such Persons are similarly situated). Without limiting the generality of the
foregoing, the Administrator shall be entitled, among other things, to make non-uniform and selective determinations, and to enter into non-uniform and selective Award Agreements, as to (a) the Persons to receive Awards under the Plan,
(b) the types of Awards granted under the Plan, (c) the number of shares to be covered by, or with respect to which payments, rights or other matters are to be calculated with respect to, Awards and (d) the terms and conditions of
Awards. 

  
 23 

 3.10. Other Payments or Awards 

Nothing contained in the Plan shall be deemed in any way to limit or restrict the Company from making any award or payment to any Person under
any other plan, arrangement or understanding, whether now existing or hereafter in effect. 
 3.11. Headings 

Any section, subsection, paragraph or other subdivision headings contained herein are for the purpose of convenience only and are not intended
to expand, limit or otherwise define the contents of such section, subsection, paragraph or subdivision. 
 3.12. Effective Date and Term of Plan

 (a) Adoption; Stockholder Approval. The Plan was adopted by the Board on , 2015. The Board may, but need not, make the granting
of any Awards under the Plan subject to the approval of the Company’s stockholders. 
 (b) Termination of Plan. The Board may
terminate the Plan at any time. All Awards made under the Plan prior to its termination shall remain in effect until such Awards have been satisfied or terminated in accordance with the terms and provisions of the Plan and the applicable Award
Agreements. No Awards may be granted under the Plan following the tenth anniversary of the date on which the Plan was adopted by the Board. 
 3.13.
Restriction on Issuance of Stock Pursuant to Awards 
 The Company shall not permit any shares of Common Stock to be issued pursuant to
Awards granted under the Plan unless such shares of Common Stock are fully paid and non-assessable under applicable law. Notwithstanding anything to the contrary in the Plan or any Award Agreement, at the time of the exercise of any Award, at the
time of vesting of any Award, at the time of payment of shares of Common Stock in exchange for, or in cancellation of, any Award, or at the time of grant of any unrestricted shares under the Plan, the Company and the Administrator may, if either
shall deem it necessary or advisable for any reason, require the holder of an Award (a) to represent in writing to the Company that it is the Award holder’s then-intention to acquire the shares with respect to which the Award is granted
for investment and not with a view to the distribution thereof or (b) to postpone the date of exercise until such time as the Company has available for delivery to the Award holder a prospectus meeting the requirements of all applicable
securities laws; and no shares shall be issued or transferred in connection with any Award unless and until all legal requirements applicable to the issuance or transfer of such shares have been complied with to the satisfaction of the Company and
the Administrator. The Company and the Administrator shall have the right to condition any issuance of shares to any Award holder hereunder on such Person’s undertaking in writing to comply with such restrictions on the subsequent transfer of
such shares as the Company or the Administrator shall deem necessary or advisable as a result of any applicable law, regulation or official interpretation thereof, and all share certificates 

  
 24 

 
delivered under the Plan shall be subject to such stop transfer orders and other restrictions as the Company or the Administrator may deem advisable under the Plan, the applicable Award Agreement
or the rules, regulations and other requirements of the SEC, any stock exchange upon which such shares are listed, and any applicable securities or other laws, and certificates representing such shares may contain a legend to reflect any such
restrictions. The Administrator may refuse to issue or transfer any shares or other consideration under an Award if it determines that the issuance or transfer of such shares or other consideration might violate any applicable law or regulation or
entitle the Company to recover the same under Section 16(b) of the 1934 Act, and any payment tendered to the Company by a grantee or other Award holder in connection with the exercise of such Award shall be promptly refunded to the
relevant grantee or other Award holder. Without limiting the generality of the foregoing, no Award granted under the Plan shall be construed as an offer to sell securities of the Company, and no such offer shall be outstanding, unless and until the
Administrator has determined that any such offer, if made, would be in compliance with all applicable requirements of any applicable securities laws. 

3.14. Requirement of Notification of Election Under Section 83(b) of the Code 

If an Award recipient, in connection with the acquisition of Company shares under the Plan, makes an election under Section 83(b) of the
Code (to include in gross income in the year of transfer the amounts specified in Section 83(b) of the Code), the grantee shall notify the Administrator of such election within ten days of filing notice of the election with the
U.S. Internal Revenue Service, in addition to any filing and notification required pursuant to regulations issued under Section 83(b) of the Code. 

3.15. Severability 
 If any provision of
the Plan or any Award is or becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any Person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Administrator, such
provision shall be construed or deemed amended to conform to the applicable laws or, if it cannot be construed or deemed amended without, in the determination of the Administrator, materially altering the intent of the Plan or the Award, such
provision shall be stricken as to such jurisdiction, Person or Award and the remainder of the Plan and any such Award shall remain in full force and effect. 

3.16. Sections 409A and 457A 
 To the
extent applicable, the Plan and Award Agreements shall be interpreted in accordance with Sections 409A and 457A of the Code and Department of Treasury regulations and other interpretive guidance issued thereunder. Notwithstanding any provision
of the Plan or any applicable Award Agreement to the contrary, in the event that the Administrator determines that any Award may be subject to Section 409A or Section 457A of the Code, the Administrator may adopt such amendments to the
Plan and the applicable Award Agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, 

  
 25 

 
that the Administrator determines are necessary or appropriate to (i) exempt the Plan and Award from Sections 409A and 457A of the Code and/or preserve the intended tax treatment of the
benefits provided with respect to the Award, or (ii) comply with the requirements of Sections 409A and 457A of the Code and related Department of Treasury guidance and thereby avoid the application of penalty taxes under Sections 409A
and 457A of the Code. 
 3.17. Forfeiture; Clawback 

The Administrator may, in its sole discretion, specify in the applicable Award Agreement that any realized gain with respect to options or
stock appreciation rights and any realized value with respect to other Awards shall be subject to forfeiture or clawback, in the event of (a) a grantee’s breach of any non-competition, non-solicitation, confidentiality or other restrictive
covenants with respect to the Company or any Subsidiary or Affiliate, (b) a grantee’s breach of any employment or consulting agreement with the Company or any Subsidiary or Affiliate, (c) a grantee’s termination for Cause or
(d) a financial restatement that reduces the amount of compensation under the Plan previously awarded to a grantee that would have been earned had results been properly reported. 

3.18. No Trust or Fund Created 
 Neither
the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company or any Subsidiary or Affiliate and an Award recipient or any other Person. To the extent that any
Person acquires a right to receive payments from the Company or any Subsidiary or Affiliate pursuant to an Award, such right shall be no greater than the right of any unsecured general creditor of the Company or its Subsidiary or Affiliate. 

3.19. No Fractional Shares 
 No fractional
shares shall be issued or delivered pursuant to the Plan or any Award, and the Administrator shall determine whether cash, other securities, or other property shall be paid or transferred in lieu of any fractional shares or whether such fractional
shares or any rights thereto shall be canceled, terminated, or otherwise eliminated. 
 3.20. Governing Law 

The Plan will be construed and administered in accordance with the laws of the State of New York, without giving effect to principles of
conflict of laws. 

  
 26

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00247-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00247-of-00352.parquet"}]]