Document:

d1047292_ex4-1.htm

    EXHIBIT
4.1

    
 FORM OF

    STOCK CERTIFICATE

     

     

    
      
      

      

        
          	
                  No.
      of NUMBER

                	 
      	
                  No.
      of SHARES

                

        

        

        
          	
                   
      

                   

                   

                	 
      	 
      

        

        

       

       

       

       

      
        	 
	SCORPIO
      TANKERS INC.
	 
	
                Organized
      under the Laws of the Republic of the Marshall Islands Pursuant to the
      Business Corporations

                Act by Articles of Incorporation Filed in the Office of
      the Registrar of Corporations on JULY 1,
      2009

                AUTHORIZED CAPITAL ONE THOUSAND FIVE
      HUNDRED (1,500) SHARES WITH A PAR VALUE OF ONE U.S. DOLLAR (US$1.00) PER
      SHARE

                 

              

      

      

    

    
       

       

      

       

      
        	This
      Certifies that	 
      	is the
      owner of
	 
      	 
      	 
      
	 
      	 
	 
	
                 
      FULLY PAID AND NON-ASSESSABLE SHARES OF THE CAPITAL STOCK OF

                 

                SCORPIO TANKERS
      INC.

                 

              
	 
	
                 
      transferable on the
      books of the Corporation by the holder hereof in person or by
      duly

                Authorized Attorney upon
      surrender of this Certificate, properly endorsed.

                Witness, the seal of the
      Corporation and the signatures of its duly authorized officers and
      director.

                 

              
	 
	 
	Dated:
	 
      
	 
      
	 
      
	 
      
	 	 	 
	 	 	 MANAGING
      DIRECTOR
	 	 	 
	 
      	 
      	 
      
	SECRETARY                                                  
      TREASURER	 
      	VICE-PRESIDENT                                    
            
PRESIDENTd1049412_ex10-1.htm

    
EXHIBIT
10.1

       

      FORM
OF

       

      ADMINISTRATIVE
SERVICES AGREEMENT

       

      THIS
ADMINISTRATIVE SERVICES AGREEMENT (as the same may be amended or modified from
time to time, this "Agreement") is dated as
of               ,
2010 and is by and between Scorpio Tankers Inc., a Marshall Islands corporation
(the "Company"), and
Liberty Holding Company Ltd., a Marshall Islands corporation ("Liberty" or the "Administrator").

       

      RECITALS

       

      A. The
Company was recently formed in anticipation of the Company's initial public
offering (the "Public
Offering") of shares of its Common Stock, par value $0.01 per share
("Common
Shares").

       

      B. In
order to provide administrative services to the Company with respect to Vessels
it may acquire and its business, the Company desires to engage the Administrator
to provide, directly or indirectly, such services to the Company as are set out
herein, and the Administrator desires to provide such services to the Company,
on the terms and subject to the conditions set forth in this
Agreement.

       

      NOW,
THEREFORE, in consideration of the mutual covenants and premises of the Parties
herein and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the Parties agree as
follows:

       

      1.
DEFINITIONS AND INTERPRETATION

       

      1.1 Certain Definitions. In
this Agreement, including the recitals hereto, unless the context requires
otherwise, the following terms shall have the respective meanings set forth
below:

       

      "Accounting Referee" has the
meaning ascribed to such term in Section 6.3.

       

      "Administrator Breach" has the
meaning ascribed to such term in Section 8.3(a).

       

      "Administrator Indemnified
Persons" has the meaning ascribed to such term in Section
7.3.

       

      "Administrator Misconduct" has
the meaning ascribed to such term in Section7.1(a).

       

      "Administrator's Personnel"
means all individuals who are employed by or have entered into consulting
arrangements with the Administrator or any subcontractor under Section
2.3.

       

      "Affiliates" means, with
respect to any Person as at any particular date, any other Persons that directly
or indirectly, through one or more intermediaries, are Controlled by, Control or
are under common Control with the Person in question, and "Affiliate" means any one of
them.

       

      "Applicable Laws" means, in
respect of any Person, property, transaction or event, all laws, statutes,
ordinances, regulations, municipal by-laws, treaties, judgments and decrees
applicable to that Person, property, transaction or event, all applicable
official directives, rules, consents, approvals, authorizations, guidelines,
orders, codes of practice and policies of any Governmental Authority having
authority over that Person, property, transaction or event and having the force
of law, and all general principles of common law and equity.

       

      "Board of Directors" means the
board of directors of the Company, as the same may be constituted from time to
time.

       

      "Books and Records" means all
books of accounts and records, including tax records, sales and purchase
records, Vessel records, computer software, formulae, business reports, plans
and projections and all other documents, files, correspondence and other
information of the Company with respect to the Vessels or the Business (whether
or not in written, printed, electronic or computer printout form).

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      "Business" means the Company's
business of owning, operating and/or chartering or re-chartering Vessels to
other Persons and any other lawful act or activity customarily conducted in
conjunction therewith.

       

      "Business Day" means a day
other than a Saturday, Sunday or statutory holiday on which the banks in New
York, New York and Monaco are required to close.

       

      "Change of Control" has the
meaning ascribed to such term in Section 8.4.

       

      "Chief Financial Officer" means
the chief financial officer of the Company.

       

      "Common Shares" has the meaning
ascribed to such term in the recitals to this Agreement.

       

      "Company" has the meaning
ascribed to such term in the preamble, and to the extent applicable, references
to the Company shall include the Company's wholly owned
Subsidiaries.

       

       "Company Breach" has the
meaning ascribed to such term in Section 8.4(b).

       

      "Company Indemnified Persons"
has the meaning ascribed to such term in Section 7.3.

       

       "Confidential Information"
means all nonpublic or proprietary information or data (including all oral and
visual information or data recorded in writing or in any other medium or by any
other method) relating to a Disclosing Party that is obtained from the
Disclosing Party or any third party on the Disclosing Party's behalf, at any
time before, simultaneously with, or after the execution of this Agreement; and,
without prejudice to the general nature of the foregoing definition, the term
Confidential Information shall include, but not by way of limitation, (i)
information regarding the Disclosing Party's existing or proposed operations,
business plans, market opportunities, and business affairs and (ii) any
information ascertainable by inspection of Confidential Information disclosed to
the Receiving Party or by the analysis of any materials supplied to the
Receiving. Notwithstanding the foregoing, Confidential Information shall not
include any information which (x) is public knowledge at the time of disclosure
or which subsequently becomes public knowledge other than as a result of a
breach of this Agreement; (y) the Receiving Party can show was made available to
it by some other Person who had a right to do so and who was not subject to any
obligation of confidentiality or restricted use regarding such information; or
(z) was developed by the Receiving Party independently without use of any
confidential information provided hereunder or by a third party in breach of its
confidentiality obligations.

       

      "Control" or "Controlled" means, with
respect to any Person, the right to elect or appoint, directly or indirectly, a
majority of the directors of such Person or a majority of the Persons who have
the right, including any contractual right, to manage and direct the business,
affairs and operations of such Person, or the possession of the power to direct
or cause the direction of the management and policies of a Person, whether
through ownership of Voting Securities, by contract, or otherwise.

       

      "Costs and Expenses" has the
meaning ascribed to such term in Section 6.1.

       

      "Credit Facility" means any
credit facility agreement to which any Company may be a party from time to
time.

       

      "Designated Representative" and
"Designated
Representatives" each have the meaning ascribed to such terms in Section
9.1.

       

      "Disclosing Party" means a
Party who has disclosed Confidential Information hereunder to the other Party or
on whose behalf Confidential Information has been disclosed to the other
Party.

       

      "Dispute" has the meaning
ascribed to such term in Section 9.1.

       

      
        
           

        

        
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      "Exchange Act" means the
Securities Exchange Act of 1934, as amended.

       

      "Existing Ownership Group"
means Liberty and all Affiliates thereof.

       

      "Fiscal Quarter" means a fiscal
quarter for the Company or, in the case of the fiscal quarter ending [March 31,
2010], the portion of such fiscal quarter between the date of this Agreement and
the commencement of the next fiscal quarter.

       

      "Fiscal Year" means the fiscal
year of the Company, being the twelve-month period ending December
31.

       

      "Governmental Authority" means
any domestic or foreign government, including any federal, provincial, state,
territorial or municipal government, any multinational or supranational
organization, any government agency (including the SEC), any tribunal, labor
relations board, commission or stock exchange (including the New York Stock
Exchange), and any other authority or organization exercising executive,
legislative, judicial, regulatory or administrative functions of, or pertaining
to, government.

       

      "IFRS" means the international
financial reporting standards.

       

      "Initial Term" has the meaning
ascribed to such term in Section 8.1.

       

      "Legal Action" means any
action, claim, complaint, demand, suit, judgment, investigation or proceeding,
pending or threatened, by any Person or before any Governmental
Authority.

       

      "Losses" means losses,
expenses, costs, liabilities and damages, excluding lost profits and
consequential damages, but including interest charges, penalties, fines and
monetary sanctions.

       

      "Mediator's Report" has the
meaning ascribed to such term in Section 9.2(c).

       

      "Parties" means the Company and
the Administrator.

       

      "Person" means an individual,
corporation, limited liability company, partnership, joint venture, trust or
trustee, unincorporated organization, association, Governmental Authority or
other entity.

       

       "President" means the president
of the Company.

       

       "Public Offering" has the
meaning ascribed to such term in the recitals to this Agreement.

       

      "Questioned Items" has the
meaning ascribed to such term in Section 3.4(b).

       

      "Receiving Party" means a Party
to whom Confidential Information of a Disclosing Party has been disclosed
hereunder.

       

      "Renewal Term" has the meaning
ascribed to such term in Section 8.2.

       

      "Sale and Purchase Fee" has the
meaning ascribed to such term in Section 6.1.

       

      "SEC" means the United States
Securities and Exchange Commission.

       

      "Services" has the meaning set
out in Section 3.1.

       

      "Subsidiary(ies)" means, with
respect to any Person, (a) a corporation of which more than 50% of the voting
power of shares entitled (without regard to the occurrence of any contingency)
to vote in the election of

       

      
        
           

        

        
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      directors
or other governing body of such corporation is owned, directly or indirectly, at
the date of determination, by such Person, by one or more Persons Controlled by
such Person or a combination thereof, (b) a partnership (whether general or
limited) in which such Person or a Person Controlled by such Person is, at the
date of determination, a general or limited partner of such partnership, but
only if more than 50% of the partnership interests of such partnership
(considering all of the partnership interests of the partnership as a single
class) is owned, directly or indirectly, at the date of determination, by such
Person, one or more Persons Controlled by such Person, or a combination thereof,
or (c) any other Person (other than a corporation or a partnership) in which
such Person, one or more Persons Controlled by such Person, or a combination
thereof, directly or indirectly, at the date of determination, has (i) at least
a majority ownership interest or (ii) the power to elect or direct the election
of a majority of the directors or other governing body of such Person.

       

      "Term" means the Initial Term
and any Renewal Term, in each case subject to any early termination of this
Agreement as permitted herein.

       

      "Vessels" means the vessels
owned by the Company or any of its Subsidiaries.

       

      "Voting Securities" means
securities of all classes of a Person entitling the holders thereof to vote on a
regular basis in the election of members of the board of directors or other
governing body of such Person.

       

      1.2 Construction. In this
Agreement, unless the context requires otherwise:

       

      (a)
references to laws and regulations refer to such laws and regulations as they
may be amended from time to time, and references to particular provisions of a
law or regulation include any corresponding provisions of any succeeding law or
regulation;

       

      (b)
references to money refer to legal currency of the United States;

       

      (c)
"including" means "including, without limitation," whether or not so
expressed;

       

      (d) words
importing the singular include the plural and vice versa, and words importing
gender include all genders; and

       

      (e) a
reference to an "approval," "authorization," "consent," "notice" or "agreement"
means an approval, authorization, consent, notice or agreement, as the case may
be, in writing.

       

      1.3 Headings. All article or
section headings in this Agreement are for convenience only and shall not be
deemed to control or affect the meaning or construction of any of the provisions
hereof.

       

      2.
ENGAGEMENT OF ADMINISTRATOR

       

      2.1 Engagement. The Company
hereby engages the Administrator to provide, upon the Company's request, the
Services specified herein, and the Administrator hereby accepts such engagement,
all in accordance with the terms of this Agreement. The Company and the
Administrator each acknowledge that to the extent set out in this Agreement, the
Administrator is acting solely on behalf of, as agent of and for the account of,
the Company. The Administrator shall advise Persons with whom it deals on behalf
of the Company that it is conducting such business for and on behalf of the
Company.

       

      2.2 Powers and Duties of the
Administrator. The Administrator shall take such actions on its own
behalf or on behalf of the Company as it from time to time considers necessary
or appropriate to enable it to perform its obligations under this Agreement,
subject to customary oversight and supervision of the Company, its Board of
Directors and its executive officers. The Administrator shall use its reasonable
best efforts to provide the Services hereunder in a commercially reasonable
manner and with the care, diligence and skill that a prudent manager would
possess and exercise, except that the Administrator may allocate available
supplies, manpower and services in such manner as in the prevailing
circumstances the Administrator, acting reasonably, considers to be fair and
reasonable.

       

      
        
           

        

        
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      2.3 Ability to Subcontract.
The Administrator may subcontract any of its duties and obligations
hereunder to provide the Services to any of its Affiliates without the consent
of the Company and may subcontract its duties and obligations hereunder to
provide the Services to Persons that are not Affiliates with the prior written
consent of the Company. In the event of any subcontract by the Administrator,
the Administrator shall promptly notify the Company thereof and shall remain
fully liable for the due performance of its obligations under this Agreement. To
the extent the Administrator subcontracts any of the Services hereunder, the
Company shall directly pay the relevant subcontractor all reasonable direct and
indirect fees, costs, reimbursements, and other expenses payable to such
subcontractor as the Administrator may direct.

       

      2.4 Outside Activities; Competition.
The Company acknowledges that the Administrator and its Affiliates may
have business interests and engage in business activities in addition to those
relating to the Company and its Affiliates, for their own respective accounts
and for the accounts of other Persons. The Administrator and its Affiliates may
undertake activities that compete with the activities of the Company. The
Administrator agrees that it will provide the same level of service to the
Company or any subsidiary thereof as it would to any other
Affiliate.

       

      2.5 Limitation on Administrator's
Acquisition of Certain Vessels.  Recognizing the Company's
intentions to acquire Vessels meeting certain specific characteristics, the
Administrator, on its own behalf and for that of its Subsidiaries, hereby agrees
that, for the duration of this Agreement, neither it nor its Subsidiaries shall
acquire any product or crude tanker which is between 35,000 – 200,000 deadweight
tons.

       

      2.6 Authority of the Parties.
Each Party represents to the other that it is duly authorized with full
power and authority to execute, deliver and perform its obligations under this
Agreement. The Company represents that the engagement of the Administrator has
been duly authorized by the Company and is in accordance with all governing
documents of the Company.

       

      2.7 Inspection of Books and Records.
At all reasonable times and on reasonable notice, any Person authorized
by the Company may inspect, examine, copy and audit the Books and Records of the
Company kept by the Administrator pursuant to this Agreement.

       

      3.
ADMINISTRATIVE SERVICES

       

      The
Administrator shall provide to the Company the services described in this
Section 3 (collectively, the "Services").

       

      3.1 Accounting and Records.
The Administrator shall, on behalf of the Company, establish an
accounting system, including the development, implementation, maintenance and
monitoring of internal control over financial reporting and disclosure controls
and procedures, and maintain Books and Records, with such modifications as may
be necessary to comply with Applicable Laws. The Books and Records shall contain
particulars of receipts and disbursements relating to the Company's assets and
liabilities and shall be kept pursuant to normal commercial practices that will
permit financial statements to be prepared for the Company in accordance with
IFRS. The Books and Records shall be the property of the Company but shall be
kept at the Administrator's primary office or such other place as the Company
and the Administrator may mutually agree. Upon expiration or termination of this
Agreement, all of the Books and Records shall be provided to the Company or as
the Company shall direct.

       

      3.2 Reporting Requirements.
The Administrator shall prepare and deliver to the President and the
Chief Financial Officer the following reports, which the Administrator shall use
its reasonable best efforts to prepare and deliver within the time periods
specified below or, if not so specified, within the time period requested by the
relevant party:

       

      (a) a
quarterly report to be delivered within 45 days of the end of each Fiscal
Quarter setting out the interim financial results of the Company for such
quarter and for the applicable Fiscal Year through the end of such Fiscal
Quarter;

       

      
        
           

        

        
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      (b) as
and when requested by the Board of Directors, the President or the Chief
Financial Officer, draft reports regarding financial and other information
required in connection with Applicable Laws (including annual and other reports
that may be required to be filed under the Exchange Act and all other Applicable
Laws); and

       

      (c) as
and when reasonably requested by the Company from time to time, such other
reports with respect to financial and other information of the
Company.

       

      3.3 Financial Statements and Tax
Returns. At the instruction of the Chief Financial Officer, the
Administrator shall prepare and deliver for review by the Chief Financial
Officer and the Audit Committee of the Board of Directors the following, which
the Administrator shall use its reasonable best efforts to prepare and deliver
within the time periods specified below or, if not so specified, within the time
period requested by the relevant party:

       

      (a)
within 30 days of the end of each Fiscal Quarter, unaudited financial statements
of the Company for such Fiscal Quarter, to be reviewed by the external auditors
of the Company, prepared in accordance with IFRS and the rules and regulations
of the SEC, on a consolidated basis with all Subsidiaries of the
Company;

       

      (b)
within 40 days of the end of each Fiscal Year, financial statements of the
Company for such Fiscal Year, to be audited by the external auditors of the
Company, prepared in accordance with IFRS and the rules and regulations of the
SEC, on a consolidated basis with all Subsidiaries of the Company;
and

       

      (c) tax
returns for the Company and all of its Subsidiaries required to be filed by
Applicable Laws.

       

      Notwithstanding
the foregoing, in the event that the Company's reporting obligations are
accelerated under the Exchange Act beyond what such obligations are at the time
of the Public Offering, the Administrator shall use its reasonable best efforts
to provide to the Company the financial statements referred to in clauses (a)
and (b) above within such periods as shall be required for the Company to comply
with any reporting requirements under the Exchange Act or other similar
applicable laws and regulations.

       

      In
addition, the Administrator shall attend to the time calculation and payment of
all taxes payable by the Company. At the instruction of the Chief Financial
Officer, the Administrator shall cause the Company's external accountants to
review the Company's unaudited financial statements, audit the Company's annual
financial statements and finalize tax returns. The Administrator shall make
available to the Company's accountants the relevant Books and Records for the
Company and shall assist the accountants in their duties.

       

      3.4
Legal and Securities Compliance Services.

       

      (a)
Responsibilities of the Administrator.

       

      The
Administrator shall assist the Company with the following items, whether or not
related to any of the Vessels:

       

      (i)
compliance with all Applicable Laws, including all relevant securities laws and
the rules and regulations of the SEC, the New York Stock Exchange or any other
securities exchange upon which the Company's securities are listed;

       

      (ii)
arranging for the provision of advisory services to the Company with respect to
the Company's obligations under applicable securities laws in the United States
and disclosure and reporting obligations under applicable securities laws,
including the preparation for review, approval and filing by the Company of
reports and other documents with the SEC and all other applicable regulatory
authorities;

       

      (iii)
maintaining the Company's corporate existence and good standing in all necessary
jurisdictions and assisting in all other corporate and regulatory compliance
matters;

       

      
        
           

        

        
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      (iv)
conducting investor relations functions on behalf of the Company;
and

       

      (v)
adjusting and negotiating settlements, with or on behalf of claimants or
underwriters, of any claim, damages for which are recoverable under insurance
policies (subject to any applicable deductible).

       

      (b)
Administration and Settlement of Legal Actions.

       

      If any
Legal Action is commenced against or is required to be commenced in favor of the
Company or any of the Vessels, the Administrator shall arrange for the
commencement or defense of such Legal Action, as the case may be, in the name
of, on behalf of and at the expense of the Company, including retaining and
instructing legal counsel, investigating the substance of the Legal Action and
entering pleadings with respect to the Legal Action. The Administrator shall
assist the Company in administering and supervising any such Legal Actions and
shall keep the Company advised of the status thereof. The Administrator may
settle any Legal Action on behalf of a Company where the amount of settlement is
less than $500,000 with the approval of the President or the Chief Financial
Officer and, in excess of such amount, with the approval of the Board of
Directors.

       

      (c)
Interaction with Regulatory Authorities.

       

      Notwithstanding
anything in this Section 3 or otherwise, the Administrator shall not act for or
on behalf of the Company in its relationships with any regulatory authorities
except to the extent specifically authorized by the Company from time to
time.

       

      3.5
Bank Accounts.

       

      The
Administrator shall oversee banking services for the Company and shall establish
in the name of the Company an operating account, a retention account and such
other accounts with such financial institutions as the Company may request. The
Administrator shall administer and manage all of the Company's cash and
accounts, including making any deposits and withdrawals reasonably necessary for
the management of its business and day-to-day operations. The Administrator
shall promptly deposit all moneys payable to the Company and received by the
Administrator into a bank account held in the name of the Company.

       

      3.6
Other Services.

       

      The
Administrator shall assist the Company to:

       

      (a)
identify, negotiate and secure opportunities for the Company to acquire Vessels
or companies which own Vessels, or to construct Vessels, and to negotiate and
carry out the purchase or sale of existing Vessels, newbuilding Vessels or
companies which are the registered owners of Vessels.

       

      (b)
obtain, on behalf of the Company, general insurance, director and officer
liability insurance and other insurance of the Company not related to the
Vessels that would normally be obtained for a company in a similar business to
that of the Company;

       

      (c)
administer payroll services, benefits and directors fees, for the Chief
Executive Officer, the General Counsel and any other non-United States resident
employee, officer or director of the Company and its Subsidiaries;

       

      (d)
provide the Company with information technology support;

       

      (e)
provide office space and office equipment for personnel of the Company at the
location of the Administrator  or any subsidiary thereof or as
otherwise reasonably designated by the Company, and clerical, secretarial,
accounting and administrative assistance as may be reasonably
necessary;

       

      
        
           

        

        
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      (f) at
the request and under the direction of the Company, handle all administrative
and clerical matters in respect of (i) the call and arrangement of all annual
and special meetings of shareholders, (ii) the preparation of all materials
(including notices of meetings and proxy or similar materials) in respect
thereof and (iii) the submission of all such materials to the Company in
sufficient time prior to the dates upon which they must be mailed, filed or
otherwise relied upon so that the Company has full opportunity to review,
approve, execute and return them to the Administrator for filing or mailing or
other disposition as the Company may require or direct;

       

      (g)
provide, at the request and under the direction of the Company, such
communications to the transfer agent for the Company as may be necessary or
desirable;

       

      (h) make
recommendations to the Company for the appointment of auditors, accountants,
legal counsel and other accounting, financial or legal advisers, and technical,
commercial, marketing or other independent experts; provided, however, that
nothing herein shall permit the Administrator to engage any such adviser or
expert for the Company without the Company's specific approval; and

       

      (i)
attend to all other administrative matters necessary to ensure the professional
management of the Company's business or as reasonably requested by the Company
from time to time.

       

      4.
EMPLOYEES AND ADMINISTRATOR'S PERSONNEL

       

      4.1 Administrator's Personnel.
The Administrator shall provide the Services hereunder through the
Administrator's Personnel. The Administrator shall be responsible for all
aspects of the employment or other relationship of the Administrator's Personnel
as required in order for the Administrator to perform its obligations hereunder,
including recruitment, training, staffing levels, compensation and benefits,
supervision, discipline and discharge, and other terms and conditions of
employment or contract. However, the Administrator shall remain directly
responsible and liable to the Company to carry out all of its obligations under
this Agreement, whether performed directly or subcontracted to another
Person.

       

      5.
COVENANTS OF THE ADMINISTRATOR

       

      The
Administrator hereby agrees and covenants with the Company that, during the
Term, the Administrator shall:

       

      (a)
obtain and maintain for its benefit professional indemnity insurance and other
insurance as is reasonable having regard to the nature and extent of the
Administrator's obligations under this Agreement;

       

      (b)
exercise all due care, skill and diligence in carrying out its duties under this
Agreement as required by Applicable Laws;

       

      (c)
provide the chairman, President, the Chief Financial Officer, and the Board of
Directors with all information in relation to the performance of the
Administrator's obligations under this Agreement as the President, the Chief
Financial Officer, or the Board of Directors may reasonably
request;

       

      (d) use
its reasonable best efforts to have all material property of the Company clearly
identified as such, held separately from property of the Administrator and,
where applicable, in safe custody;

       

      (e) use
its reasonable best efforts to have all property of the Company (other than
money to be deposited to any bank account of the Company) transferred to or
otherwise held in the name of the Company or any nominee or custodian appointed
by the Company;

       

      (f) use
its reasonable best efforts to retain at all times a qualified staff so as to
maintain a level of expertise sufficient to provide the Services;
and

       

      
        
           

        

        
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      (g) use
its reasonable best efforts to keep full and proper books, records and accounts
showing clearly all transactions relating to its provision of the Services in
accordance with established general commercial practices and in accordance with
IFRS, and allow the Company and its representatives to audit and examine such
books, records and accounts at any time during customary business
hours.

       

      6.
ADMINISTRATOR'S COMPENSATION AND REIMBURSEMENT

       

      6.1 Fees for the Services;
Reimbursement. In consideration for the provision of the Services by the
Administrator to the Company, the Company shall pay the Administrator the
amounts set forth on Schedule A hereto in accordance with Section 6.2 ("Sale and Purchase Fee"). In
addition, the Company shall reimburse the Administrator for (a) all of the
reasonable direct and indirect costs and expenses incurred by the Administrator
and its Affiliates in providing the Services and (b) the pro rata portion of the
salary and other costs incurred by the Administrator in employing and
compensating an internal auditor who will be made available to the Company on a
part time basis (the "Costs and
Expenses").

       

      6.2 Invoicing. The
Administrator shall, in good faith, determine the expenses related to the
Services that are allocable to the Company and its Affiliates in any reasonable
manner determined by the Administrator and shall provide to the Company on a
quarterly basis an invoice for the Costs and Expenses to be paid under Section
6.1, which invoice shall contain a description in reasonable detail of the Costs
and Expenses that comprise the aggregate amount of the payment being invoiced.
The Administrator shall maintain the records of all Costs and Expenses incurred,
including any invoices, receipts and supplementary materials as are necessary or
proper for the settlement of accounts between the Parties. The Company shall pay
such invoices within thirty (30) days of receipt, unless the invoice is being
disputed in accordance with this Agreement.

       

      6.3 Dispute of Invoice. If the
Company, in good faith, disputes the amount of an invoice, the Company shall
give written notice of such dispute (including the particulars of such dispute)
to the Administrator on or before the due date with respect to all or any
portion of such invoice. Upon receipt of such notice, the Administrator shall
furnish the Company with additional supporting documentation to reasonably
substantiate the amount of the invoice or the Sale and Purchase Fee calculation, as
applicable. Upon delivery of such additional documentation, the Company and the
Administrator shall cooperate in good faith and use commercially reasonable
efforts to resolve such dispute. If they are unable to resolve the dispute
within (i) ten (10) Business Days of the delivery of such additional supporting
information (in the case of an invoice) or (ii) five (5) days of such delivery
(in the case of the Sale and Purchase Fee calculation), the
dispute shall be referred for resolution to a firm of independent accountants of
nationally recognized standing in the United States reasonably satisfactory to
each of the Administrator and the Company (the "Accounting Referee"), which
shall determine the disputed amounts within thirty (30) days of the referral of
such invoice dispute to such Accounting Referee, or within ten (10) days of the
referral of such Sale and Purchase Fee calculation dispute.
The determination of the Accounting Referee shall not require the Company to pay
more than the amount in dispute nor require the Administrator to return any
amount previously paid by the Company. The fees and expenses of the Accounting
Referee shall be borne equally by the Company and the Administrator. If any
invoice dispute is resolved in favor of the Administrator, the Company shall
make payment to the Administrator within ten (10) days of resolution of the
dispute. Notwithstanding the foregoing, in no event shall the Company be
entitled to withhold any amounts other than those portions of the applicable
payment that are in dispute.

       

      6.4 Direction to Pay. By
written notice to the Company, the Administrator may direct the Company to pay
any amounts owing under this Agreement directly to an Affiliate of the
Administrator pursuant to a subcontracting arrangement relating to this
Agreement.

       

      7.
LIABILITY OF THE ADMINISTRATOR; INDEMNIFICATION

       

      7.1 Liability of the Administrator.
The Administrator shall not be liable to the Company for any Losses
arising from the Services unless and to the extent that such Loss resulted
from:

       

      
        
           

        

        
          9

          
            

          

        

        
           

        

      

      (a) the
fraud, gross negligence, recklessness or willful misconduct of the Administrator
or any of its Affiliates or any of their respective employees, agents or
subcontractors ("Administrator
Misconduct"); or

       

      (b) any
breach of this Agreement by the Administrator of any of its
Affiliates.

       

      7.2 Administrator Indemnification.
The Company shall indemnify and save harmless the Administrator and its
directors, officers, employees, subcontractors and Affiliates (the "Administrator Indemnified
Persons") from and against any and all Losses incurred or suffered by the
Administrator Indemnified Persons by reason of or arising from or in connection
with their performance of this Agreement or any third-party Legal Action brought
or threatened against such Administrator Indemnified Persons in connection with
their performance of this Agreement, other than for any Losses to the extent
related to or that resulted from:

       

      (a) any
liabilities or obligations that the Administrator has agreed to pay or for which
the Administrator is otherwise expressly responsible under this
Agreement;

       

      (b)
Administrator Misconduct; or

       

      (c) any
breach of this Agreement by the Administrator or any of its Affiliates (other
than the Company or its Affiliates).

       

      7.3 Company Indemnification.
The Administrator shall indemnify and save harmless each Company and such
Company's directors, officers, employees, subcontractors and Affiliates (the
"Company Indemnified
Persons") from and against any and all Losses incurred or suffered by the
Company Indemnified Persons, to the extent related to or that resulted
from:

       

      (a) any
liabilities or obligations that the Administrator has agreed to pay or for which
the Administrator is otherwise expressly responsible under this
Agreement;

       

      (b)
Administrator Misconduct; or

       

      (c) any
breach of this Agreement by the Administrator or any of its Affiliates (other
than the Company or its Affiliates).

       

      8.
TERM AND TERMINATION

       

      8.1 Initial Term. The initial
term of this Agreement shall commence
on            2010
and end on December 31, 2012, unless terminated earlier pursuant to this
Agreement (the "Initial
Term").

       

      8.2 Renewal Term. This
Agreement will, without any further act or formality on the part of either
Party, on the expiration of the Initial Term or any Renewal Term, be
automatically renewed for a further term of two (2) years (each a "Renewal Term") unless notice
of termination is given by the Company to the Administrator.

       

      8.3 Termination by the Company.
This Agreement may be terminated by the Company:

       

      (a) if,
at any time, the Administrator materially breaches this Agreement and the matter
is unresolved after ninety (90) days pursuant to the dispute resolution
procedures set forth in Section 9 ("Administrator
Breach");

       

      (b) if,
at any time;

       

      (i) the
Administrator has been convicted of, has entered a plea of guilty or nolo contendere with respect
to, or has entered into a plea bargain or settlement admitting guilt for, a
crime, which conviction, plea bargain or settlement is demonstrably and
materially injurious to the Company; and

       

      
        
           

        

        
          10

          
            

          

        

        
           

        

      

      (ii) the
holders of a majority of the outstanding Common Shares elect to terminate this
Agreement;

       

      (c) if
the Administrator commits fraud or is grossly negligent in the performance of
its obligations hereunder, or commits an act of willful misconduct, and the
Company is materially injured thereby in any such case;

       

      (d) if,
at any time, the Administrator becomes insolvent, admits in writing its
inability to pay its debts as they become due, is adjudged bankrupt or declares
bankruptcy or makes an assignment for the benefit of creditors, a proposal or
similar action under the bankruptcy, insolvency or other similar laws of any
applicable jurisdiction, or commences or consents to proceedings relating to it
under any reorganization, arrangement, readjustment of debt, dissolution or
liquidation law or statute of any jurisdiction; or

       

      (e) if
any Person or group of Persons acquires Control or economic control of the
Administrator in contravention of Section 10.2.

       

      8.4 Termination by the Administrator.
This Agreement may be terminated by the Administrator:

       

      (a) after
the third anniversary of the Public Offering, with twelve (12) months' prior
notice by the Administrator to the Company;

       

      (b) if,
at any time, the Company materially breaches the Agreement and the matter is
unresolved after ninety (90) days pursuant to the dispute resolution procedures
set forth in Section 9 ("Company Breach");
or

       

      (c) at
any time upon the earlier of (i) the occurrence of a Change of Control of the
Company or (ii) the Administrator's receipt of written notice from the Company
that such a Change of Control will occur until sixty (60) days after the later
of (x) the occurrence of such a Change of Control or (y) the Administrator's
receipt of the written notice in the preceding clause (ii). If the Company has
knowledge that a Change of Control of the Company will occur, the Company shall
give prompt written notice thereof to the Administrator. A "Change of Control" means the
occurrence of any of the following:

       

      (A) the
sale, lease, transfer, conveyance or other disposition (other than by way of
merger or consolidation), in one or a series of related transactions, of all or
substantially all of the Company's assets, except such a disposition to the
Existing Ownership Group;

       

      (B) an
order made for, or the adoption by the Board of Directors of a plan of,
liquidation or dissolution of the Company;

       

      (C) the
consummation of any transaction (including any merger or consolidation) the
result of which is that any "person" (as such term is used in Section 13(d)(3)
of the Exchange Act) becomes the beneficial owner, directly or indirectly, of
more than a majority of the Company's Voting Securities (unless such "person" is
a member of the Existing Ownership Group), measured by voting power rather than
number of shares;

       

      (D) if,
at any time, the Company becomes insolvent, admits in writing its inability to
pay its debts as they become due, is adjudged bankrupt or declares bankruptcy or
makes an assignment for the benefit of creditors, or makes a proposal or similar
action under the bankruptcy, insolvency or other similar laws of any applicable
jurisdiction or commences or consents to proceedings relating to it under any
reorganization, arrangement, readjustment of debt, dissolution or liquidation
law or statute of any jurisdiction;

       

      (E) the
consolidation of the Company with, or the merger of the Company with or into,
any "person" (other than a member of the Existing Ownership Group), or the
consolidation of any "person" (other than a member of the Existing Ownership
Group) with, or the merger of any "person" (other than a member of the Existing
Ownership Group) with or into, the Company, in any such event pursuant to a
transaction in which any of the Common Stock outstanding immediately prior to
such transaction are converted into or exchanged for cash, securities or
other

       

      
        
           

        

        
          11

          
            

          

        

        
           

        

      

      property
or receive a payment of cash, securities or other property, other than any such
transaction where the Company's Voting Securities outstanding immediately prior
to such transaction are converted into or exchanged for Voting Securities of the
surviving or transferee "person" constituting a majority (measured by voting
power rather than number of shares) of the outstanding Voting Securities of such
surviving or transferee "person" immediately after giving effect to such
issuance; or

       

      (F) a
change in directors after which a majority of the members of the Board of
Directors are not directors who were either nominated by, appointed by or
otherwise elected with the approval of current board members at the time of such
election.

       

      9.
DISPUTE RESOLUTION

       

      9.1 Notice of Dispute. If (a)
a dispute or disagreement arises between the Parties with respect to any
provision of this Agreement (other than Section 6.3), including its
interpretation or the performance of a Party under this Agreement or (b) (i) the
Company in good faith believes that an Administrator Breach has occurred or is
reasonably likely to occur or (ii) the Administrator in good faith believes that
a Company Breach has occurred or is reasonably likely to occur (each of the
foregoing being a "Dispute"), either Party may,
or the Party alleging such breach or potential breach shall, deliver written
notice to the other Party. Such notice shall contain in detail the specific
facts and circumstances relating to the Dispute. With respect to any Dispute
described in clause (a) or (b) above, each Party shall designate an individual
to negotiate and resolve the Dispute (each a "Designated Representative"
and, together, the "Designated
Representatives"). The Designated Representatives shall in good faith
attempt to resolve the matter within a thirty (30) day period from the date of
delivery of the notice referred to above. If either Designated Representative
intends to be accompanied by counsel at any meeting, such Designated
Representative shall give the other Designated Representative at least three (3)
Business Days' notice. All discussions and negotiations pursuant to this Section
9 shall be confidential and without prejudice to settlement
negotiations.

       

      9.2 Mediation. If a Dispute
described in clause (a) or (b) of Section 9.1 is not resolved by the Designated
Representatives during after the thirty (30) days provided in Section 9.1,
either of the Parties may refer the matter to mediation.  With respect
to the mediation of any Dispute, the mediator shall be mutually agreed upon by
the Parties, and such mediator will be instructed to:

       

      (a)
review the terms of the Dispute and the position of the Parties;

       

      (b)
consider the terms of and context of this Agreement; and

       

      (c)
render a non-binding report within sixty (60) days of the appointment of the
mediator (the "Mediator's
Report") or such later date as to which the Parties may
agree.

       

      The
Parties shall consider the Mediator's Report and may mutually decide to make it
a binding report. If the mediator is not able to facilitate a binding agreement
between the Parties, the Dispute is not resolved to the satisfaction of the
Parties as a result of the Mediator's Report or a mediator cannot be chosen
mutually by the Parties, the Dispute shall be submitted to binding arbitration
pursuant to Section 9.3.

       

      9.3 Arbitration. Any Dispute
not resolved by the Parties pursuant to Section 9.1 or 9.2 shall be fully and
finally resolved by binding arbitration pursuant to this Section 9.3. Either
Party may refer the Dispute to arbitration, which shall take place in London,
England in accordance with the London Maritime Arbitrators Association rules
before a single arbitrator. The prevailing Party in any such arbitration shall
be entitled to costs, expenses and reasonable attorneys' fees, and judgment upon
the award rendered by the arbitrators may be entered in any court having
jurisdiction thereof.

       

       

      
        
           

        

        
          12

          
            

          

        

        
           

        

      

      10.
GENERAL

      10.1 Assignment; Binding Effect.
The Parties may not assign any of their respective rights under this
Agreement in whole or in part without the prior written consent of the other
Party, which consent may be withheld in the sole discretion of such other Party.
This Agreement is binding upon and inures to the benefit of the Parties and
their successors and permitted assigns.

       

      10.2 Change of Control of the
Administrator. If any Person or group of Persons acting in concert (other
than Affiliates of Liberty) proposes to acquire Control of the Administrator,
directly or indirectly, the Administrator shall provide at least thirty (30)
days' written notice of the change of Control to the Company, which notice shall
identify the Person that will acquire, directly or indirectly, Control of the
Administrator.

       

      10.4 Confidentiality. (a) Each
Receiving Party agrees:

       

      (i) to
use any Confidential Information solely to carry out its obligations or exercise
its rights under this Agreement (the "Purpose") and for no other
purpose;

       

      (ii) to
copy and make other works based on Confidential Information only as strictly
necessary for the Purpose;

       

      (iii) to
maintain the confidentiality of the Confidential Information using at least the
same degree of care that the Receiving Party uses for its own confidential or
proprietary information of a similar nature, but no less than reasonable
care;

       

      (iv) to
reveal any Confidential Information to any third party without the prior written
consent of the Disclosing Party, except that if the Receiving Party is required
by law, court or administrative order or regulation to reveal any Confidential
Information, the Receiving Party is permitted to do so provided that the Receiving
Party gives the Disclosing Party reasonable prior written notice (if permitted)
of the required disclosure and cooperate with the Disclosing Party at its
expense in seeking a protective order or other relief;

       

      (v) to
limit disclosure of the Confidential Information to such of your officers and
employees as is necessary for the Purpose;

       

      (vi) to
inform each officer and employee who receives any Confidential Information of
the restrictions as to use and disclosure of Confidential Information contained
herein and to be responsible for any breach of such restrictions by any such
persons;

       

      (vii)
Forthwith upon the Disclosing Party's request, to procure the return of all
Confidential Information together with any copies, abstracts, or other works
which contain or are based on any of the Confidential Information; provided
that, notwithstanding the foregoing, the Receiving Party shall be permitted to
retain Confidential Information to the extent it is required to retain such
Confidential Information pursuant to law, court or administrative order or
regulation;

       

      (b) Each
Receiving Party further acknowledges that any breach of the provisions of this
Agreement would result in serious damage being sustained by the Disclosing
Party, and as a result hereby unconditionally agrees:

       

      (i) To be
responsible for losses, damages or expenses (including without limitation
attorneys' fees and expenses) that have been determined to have been caused by
any such breach; and

       

      (ii) That
the Disclosing Party shall be entitled to equitable relief (including without
limitation injunctive relief) in relation to any threatened or actual breach of
the provisions of this Agreement without any requirement of posting a bond and
without limiting any other remedy that may be available to the Disclosing
Party.

       

      
        
           

        

        
          13

          
            

          

        

        
           

        

      

      10.5 Notices. Each notice,
consent or request required to be given to a Party pursuant to this Agreement
must be given in writing. A notice may be given by delivery to an individual or
by fax, and shall be validly given if delivered on a Business Day to an
individual at the following address, or, if transmitted on a Business Day, by
fax or email addressed to the following Party:

       

      
        	
                (a)

              	
                if
      to the Company:

              	
                (b)

              	
                if
      to the Administrator:

              
	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	
                Address:

              	 
      	 
      	
                Address:

              	 
      
	 
      	
                Attention:

              	 
      	 
      	
                Attention:

              	 
      
	 
      	
                Fax
      No.:

              	 
      	 
      	
                Fax
      No.:

              	 
      

      

      

      or to any
other address or fax number that the Party so designates by notice given in
accordance with this Section. Any notice

       

      (a) if
validly delivered on a Business Day, shall be deemed to have been given when
delivered; and

       

      (b) if
validly transmitted by fax on a Business Day, shall be deemed to have been given
on that Business Day.

       

      10.6 Third Party Rights. The
provisions of this Agreement are enforceable solely by the Parties to this
Agreement, and no shareholder, employee, agent of any Party or any other Person
shall have the right to enforce any provision of this Agreement or to compel any
Party to this Agreement to comply with the terms of this Agreement.

       

      10.7 No Partnership. Nothing
in this Agreement is intended to create or shall be construed as creating a
partnership or joint venture between the Parties, and this Agreement shall not
be deemed for any purpose to constitute any Party a partner of any other Party
to this Agreement in the conduct of any business or otherwise or as a member of
a joint venture or joint enterprise with any other Party to this
Agreement.

       

      10.8 Severability. Each
provision of this Agreement is several. If any provision of this Agreement is or
becomes illegal, invalid or unenforceable in any jurisdiction, the illegality,
invalidity or unenforceability of that provision will not affect:

       

      (a) the
legality, validity or enforceability of the remaining provisions of this
Agreement; or

       

      (b) the
legality, validity or enforceability of that provision in any other
jurisdiction;

       

      except
that if:

       

      (x) on
the reasonable construction of this Agreement as a whole, the applicability of
the other provision presumes the validity and enforceability of the particular
provision, the other provision will be deemed also to be invalid or
unenforceable; and

       

      (y) as a
result of the determination by a court of competent jurisdiction that any part
of this Agreement is unenforceable or invalid and, as a result of this Section
10.8, the basic intentions of the Parties in this Agreement are entirely
frustrated, the Parties shall use commercially reasonable efforts to amend,
supplement or otherwise vary this Agreement to confirm their mutual intention in
entering into this Agreement.

       

      10.9 Governing Law; Jurisdiction;
Venue. This Agreement shall be governed by and construed in accordance
with the laws of England.

       

      
        
           

        

        
          14

          
            

          

        

        
           

        

      

      10.10 Amendments. No
amendment, supplement, modification or restatement of any provision of this
Agreement shall be binding unless it is in writing and signed by each Person
that is a Party to this Agreement at the time of the amendment, supplement,
modification or restatement.

       

      10.11 Entire Agreement. This
Agreement constitutes the entire agreement among the Parties pertaining to the
subject matter hereof and supersedes all prior agreements and understandings
pertaining thereto.

       

      10.12 Waiver. No failure by
any Party to insist upon the strict performance of any covenant, duty, agreement
or condition of this Agreement or to exercise any right or remedy consequent
upon a breach thereof shall constitute a waiver of any such breach or of any
other covenant, duty, agreement or condition. Any waiver must be specifically
stated as such in writing.

       

      10.13 Counterparts. This
Agreement may be executed in any number of counterparts, all of which together
shall constitute one agreement binding on the Parties.

       

      [Remainder of This Page
Intentionally Left Blank]

       

      
        
           

        

        
          15

          
            

          

        

        
           

        

      

       

      IN
WITNESS WHEREOF, this Administrative Services Agreement has been duly executed
by the Parties as of the date first written above.

       

      

      
        	
                SCORPIO
      TANKERS INC.

              	 
      	
                LIBERTY
      HOLDING COMPANY LTD.

              
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                By:

              	 
      	 
      	
                By:

              	 
      
	
                Name:

              	 
      	 
      	
                Name:

              	 
      
	
                Title:

              	 
      	 
      	
                Title:

              	 
      

      

      

      
        
           

        

        
          16

          
            

          

        

        
           

        

      

       

      SCHEDULE
A

       

       

      SALE
AND PURCHASE FEE

       

      

       

      For the
provision of Services directly involving the sale and purchase of Vessels or
companies which own Vessels as specified in Section 3.6(a), the Company shall
pay the Administrator a fee equal to 1% of the gross purchase or sale price of a
Vessel, or a company which owns Vessels, upon consummation of such sale or
purchase. In addition, in the event of a sale, lease, transfer, conveyance or
other disposition (other than by way of merger or consolidation), in one or a
series of related transactions, of all or substantially all of the Company's
assets, except such a disposition to the Existing Ownership Group, the Company
shall pay the Administrator a fee equal to 1% of the gross sale price upon
consummation thereof.

       

      

       

      

      

      

      

      

       
 

       
 

       
 

      SK 26596 0002 1049412
v5

      
        
           

        

        
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