Document:

EX-4.15

 Exhibit 4.15 
 SHARE PURCHASE AGREEMENT 
 by and between 

NORDIC AMERICAN TANKERS LIMITED 
 and 
 BURMA SHIPPING & INVESTMENT AS 

 
  

Dated as of December 15, 2012 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
		
	 ARTICLE I DEFINITIONS
	  	 	1	  
			
	 1.1
	  	DEFINITIONS	  	 	1	  
			
	 1.2
	  	INTERPRETIVE PROVISIONS	  	 	5	  
		
	 ARTICLE II DELIVERY OF PURCHASED SHARES AND BUYER CONSIDERATION
	  	 	6	  
			
	 2.1
	  	PURCHASE OF SHARES	  	 	6	  
		
	 ARTICLE III THE CLOSING
	  	 	6	  
			
	 3.1
	  	CLOSING; CLOSING DATE	  	 	6	  
			
	 3.2
	  	TRANSACTIONS TO BE EFFECTED AT CLOSING	  	 	7	  
			
	 3.3
	  	EXEMPTION FROM REGISTRATION; LEGENDS	  	 	7	  
		
	 ARTICLE IV REPRESENTATIONS AND WARRANTIES OF SELLER
	  	 	9	  
			
	 4.1
	  	DUE ORGANIZATION	  	 	9	  
			
	 4.2
	  	DUE AUTHORIZATION	  	 	9	  
			
	 4.3
	  	NO CONFLICT	  	 	9	  
			
	 4.4
	  	NO AUTHORIZATION OR CONSENTS REQUIRED	  	 	10	  
			
	 4.5
	  	LITIGATION	  	 	10	  
			
	 4.6
	  	TITLE TO THE PURCHASED SHARES	  	 	10	  
			
	 4.7
	  	INVESTMENT PURPOSE	  	 	10	  
			
	 4.8
	  	BROKERS	  	 	11	  
		
	 ARTICLE V REPRESENTATIONS AND WARRANTIES AS TO SCANDIC
	  	 	11	  
			
	 5.1
	  	DUE ORGANIZATION	  	 	11	  
			
	 5.2
	  	NO CONFLICT	  	 	11	  
			
	 5.3
	  	NO AUTHORIZATION OR CONSENTS REQUIRED	  	 	12	  
			
	 5.4
	  	LITIGATION	  	 	12	  
			
	 5.5
	  	CAPITALIZATION	  	 	12	  
			
	 5.6
	  	NO SUBSIDIARIES	  	 	12	  
			
	 5.7
	  	FINANCIAL STATEMENTS	  	 	12	  
			
	 5.8
	  	NO UNDISCLOSED LIABILITIES	  	 	13	  
			
	 5.9
	  	ABSENCE OF CERTAIN DEVELOPMENTS	  	 	13	  
			
	 5.10
	  	TAXES	  	 	13	  
			
	 5.11
	  	CONTRACTS	  	 	14	  

  
 -i-

 TABLE OF CONTENTS 

(continued) 
  

 

							
	 	  	 	  	Page	 
			
	 5.12
	  	INTELLECTUAL PROPERTY	  	 	15	  
			
	 5.13
	  	REAL ESTATE; PERSONAL PROPERTY	  	 	15	  
			
	 5.14
	  	EMPLOYEES; INDEPENDENT CONTRACTORS	  	 	15	  
			
	 5.15
	  	EMPLOYEE MATTERS	  	 	15	  
			
	 5.16
	  	INSURANCE	  	 	16	  
			
	 5.17
	  	COMPLIANCE WITH LAWS	  	 	16	  
			
	 5.18
	  	ACCOUNTING CONTROLS	  	 	16	  
			
	 5.19
	  	AFFILIATE TRANSACTIONS	  	 	16	  
			
	 5.20
	  	BROKERS	  	 	17	  
			
	 5.21
	  	NO UNLAWFUL PAYMENTS	  	 	17	  
			
	 5.22
	  	BANK ACCOUNTS	  	 	17	  
		
	 ARTICLE VI REPRESENTATIONS AND WARRANTIES OF BUYER
	  	 	17	  
			
	 6.1
	  	DUE ORGANIZATION	  	 	17	  
			
	 6.2
	  	DUE AUTHORIZATION	  	 	17	  
			
	 6.3
	  	NO CONFLICT	  	 	18	  
			
	 6.4
	  	NO AUTHORIZATION OR CONSENTS REQUIRED	  	 	18	  
			
	 6.5
	  	FULLY PAID SHARES	  	 	18	  
			
	 6.6
	  	INVESTMENT PURPOSE	  	 	18	  
			
	 6.7
	  	BROKERS	  	 	18	  
		
	 ARTICLE VII COVENANTS
	  	 	18	  
			
	 7.1
	  	CONDUCT OF BUSINESS OF SCANDIC	  	 	18	  
			
	 7.2
	  	ACCESS TO INFORMATION	  	 	20	  
			
	 7.3
	  	AUTHORIZATIONS; CONSUMMATION	  	 	20	  
			
	 7.4
	  	FURTHER ASSURANCES	  	 	21	  
			
	 7.5
	  	TRANSFER OF THE PURCHASED SHARES	  	 	21	  
			
	 7.6
	  	NOTICE OF DEVELOPMENTS	  	 	21	  
		
	 ARTICLE VIII TAX MATTERS
	  	 	21	  
			
	 8.1
	  	TAX INDEMNIFICATION	  	 	21	  
		
	 ARTICLE IX CONDITIONS PRECEDENT TO OBLIGATIONS OF BUYER
	  	 	21	  
			
	 9.1
	  	REPRESENTATIONS AND WARRANTIES	  	 	21	  
			
	 9.2
	  	COVENANTS AND AGREEMENTS	  	 	22	  

  
 -ii-

 TABLE OF CONTENTS 

(continued) 
  

 

							
	 	  	 	  	Page	 
			
	 9.3
	  	MATERIAL ADVERSE EFFECT	  	 	22	  
			
	 9.4
	  	OFFICER’S CERTIFICATE	  	 	22	  
			
	 9.5
	  	LEGAL PROHIBITION	  	 	22	  
			
	 9.6
	  	NECESSARY CONSENTS	  	 	22	  
			
	 9.7
	  	ANCILLARY AGREEMENTS	  	 	22	  
			
	 9.8
	  	TRANSACTION EXPENSES	  	 	22	  
			
	 9.9
	  	LEGAL OPINION	  	 	22	  
		
	 ARTICLE X CONDITIONS PRECEDENT TO OBLIGATIONS OF SELLER
	  	 	22	  
			
	 10.1
	  	REPRESENTATIONS AND WARRANTIES	  	 	22	  
			
	 10.2
	  	COVENANTS AND AGREEMENTS	  	 	22	  
			
	 10.3
	  	MATERIAL ADVERSE EFFECT	  	 	23	  
			
	 10.4
	  	OFFICER’S CERTIFICATE	  	 	23	  
			
	 10.5
	  	LEGAL PROHIBITION	  	 	23	  
			
	 10.6
	  	LEGAL OPINION	  	 	23	  
			
	 10.7
	  	NYSE LISTING	  	 	23	  
		
	 ARTICLE XI TERMINATION
	  	 	23	  
			
	 11.1
	  	TERMINATION	  	 	23	  
			
	 11.2
	  	SURVIVAL AFTER TERMINATION	  	 	24	  
		
	 ARTICLE XII INDEMNIFICATION
	  	 	24	  
			
	 12.1
	  	SURVIVAL	  	 	24	  
			
	 12.2
	  	INDEMNIFICATION OF BUYER	  	 	24	  
			
	 12.3
	  	INDEMNIFICATION OF SELLER	  	 	25	  
			
	 12.4
	  	THIRD PARTY CLAIMS	  	 	25	  
			
	 12.5
	  	EFFECT OF KNOWLEDGE OR WAIVER OF CONDITION	  	 	26	  
		
	 ARTICLE XIII MISCELLANEOUS
	  	 	26	  
			
	 13.1
	  	EXPENSES	  	 	26	  
			
	 13.2
	  	AMENDMENT	  	 	26	  
			
	 13.3
	  	ENTIRE AGREEMENT	  	 	27	  
			
	 13.4
	  	NOTICES	  	 	27	  
			
	 13.5
	  	WAIVER	  	 	27	  
			
	 13.6
	  	BINDING EFFECT; ASSIGNMENT	  	 	28	  

  
 -iii-

 TABLE OF CONTENTS 

(continued) 
  

 

							
	 	  	 	  	Page	 
			
	 13.7
	  	NO THIRD PARTY BENEFICIARY	  	 	28	  
			
	 13.8
	  	GOVERNING LAW	  	 	28	  
			
	 13.9
	  	CONSENT TO JURISDICTION AND SERVICE OF PROCESS	  	 	28	  
			
	 13.10
	  	WAIVER OF JURY TRIAL	  	 	28	  
			
	 13.11
	  	SEVERABILITY	  	 	28	  
			
	 13.12
	  	COUNTERPARTS	  	 	29	  

  
 -iv-

			
	EXHIBITS
		
	 Exhibit A
	  	Form of Lock Up Agreement
	
	SCHEDULES
		
	 A
	  	Capital Stock of Scandic American Shipping Ltd.
	 5.11(a)
	  	Contracts
	 5.14
	  	Employees; Independent Contractors
	 5.15(a)
	  	Employee Matters
	 5.16
	  	Insurance
	 5.17
	  	Compliance with Laws
	 5.22
	  	Bank Accounts
	 7.1
	  	Conduct of Business of Scandic

  
 -v-

 SHARE PURCHASE AGREEMENT 

SHARE PURCHASE AGREEMENT, dated as of December 15, 2012 (this “Agreement”), by and between Nordic American Tankers
Limited, a company organized under the laws of the Islands of Bermuda (“Buyer”) and Burma Shipping & Investment AS, a company organized under the laws of the Kingdom of Norway (“Seller”). 

RECITALS 

WHEREAS, Seller is the record and beneficial owner of all of the outstanding shares of Capital Stock of Scandic American Shipping Ltd., a
company organized under the laws of the Islands of Bermuda (“Scandic”); 
 WHEREAS, Scandic provides management
services, including, among others, commercial management, supervision of technical management, administrative, accounting and financial reporting services, financing and insurance services (collectively, the “Management Services”)
to Buyer pursuant to the certain Management Agreement, dated June 30, 2004, as amended (the “Management Agreement”); and 
 WHEREAS, Buyer wishes to purchase from Seller and Seller wishes to sell to Buyer 1,200,000 common shares of Scandic (the “Purchased Shares”), constituting all of the issued and
outstanding Capital Stock of Scandic, in exchange for 1,910,112 newly-issued common shares of Buyer, based on a price of $8.90 per share (the “Buyer Shares”), and cash in the amount of $8,000,000 (the “Buyer Cash
Consideration,” and together with the Buyer Shares, the “Buyer Consideration”) on the terms and subject to the conditions set forth in this Agreement. 

NOW, THEREFORE, in consideration of the foregoing and the representations, warranties, covenants and agreements contained in this
Agreement and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement agree as follows: 
 ARTICLE I 
 DEFINITIONS 

1.1 Definitions. The following capitalized terms shall have the following meanings for all purposes of this Agreement: 

“Action” means any action, dispute, claim, suit, proceeding, arbitration, mediation, investigation or inquiry.

 “Affiliate” means, with respect to any specified Person, any other Person that directly or indirectly
controls, is controlled by or is under common control with such specified Person. For the purposes of this definition, the term “control,” when used with respect to any specified Person, means the power to direct or cause the direction of
the management or policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have correlative meanings. 

 “Business Day” means any day other than a Saturday, a Sunday or other day
on which commercial banks in New York, New York are authorized or required by Law to close. 
 “Capital Stock”
means: (a) any shares, interests, participations or other equivalents (however designated) of capital stock of a corporation; (b) any ownership interests in a Person other than a corporation, including membership interests, limited
liability company interests, partnership interests, joint venture interests and beneficial interests; and (c) any warrants, options, convertible or exchangeable securities, subscriptions, rights (including any preemptive or similar rights),
calls or other rights to purchase or acquire any of the foregoing. 
 “Consent” means with respect to any
Contract to which Scandic is a party, that Scandic shall have obtained, in accordance with the terms of the applicable Contract and applicable Law, the consent of the applicable counterparty or counterparties to the transfer of ownership of Scandic
as a result of the consummation of the transfer to Buyer of the Purchased Shares contemplated by this Agreement, and that such Contract will be in full force and effect between Scandic and such counterparty or counterparties (and will not have been
breached) after giving effect to the Closing. 
 “Contemplated Transactions” means the transactions
contemplated by the Transaction Documents. 
 “Contract” means any contract, agreement, indenture, note, bond,
loan, lease, sublease, conditional sales contract, mortgage, license, sublicense, franchise agreement, obligation, promise, undertaking, commitment or other binding arrangement (in each case, whether written or oral). 

“Disclosure Schedule” means the disclosure schedules, dated as of the date hereof, accompanying this Agreement.

 “Enforceability Exceptions” means (a) any applicable bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium and similar Laws affecting creditors’ rights generally, and (b) general principles of equity. 
 “Environmental Law” means any Law, Order or any Contract with any Governmental Authority, relating to (a) the environment, (b) the protection of human health and safety, or
(c) the regulation or remediation of Hazardous Substances. 
 “Exchange Act” means the Securities Exchange
Act of 1934. 
 “GAAP” means United States generally accepted accounting principles, consistently applied.

 “Governmental Authority” means: (a) any federal, state, local, foreign, provincial, territorial,
supranational or international government or governmental authority, regulatory or administrative agency, governmental commission, department, board, bureau, agency or instrumentality, court, tribunal, arbitrator or arbitral body (public or
private); (b) any self-regulatory organization; or (c) any political subdivision of any of the foregoing. 

  
 2 

 “Hazardous Substance” means: (a) any pollutant, contaminant, waste or
chemical; (b) any toxic, radioactive, ignitable, corrosive, reactive or otherwise hazardous substance, waste or material; or (c) any substance, waste or material having any constituent elements displaying any of the foregoing
characteristics, including petroleum, its derivatives, by-products and other hydrocarbons. 
 “Indebtedness”
means: (a) any indebtedness or other obligation of Scandic for borrowed money, whether current, short-term or long-term and whether secured or unsecured, (b) any Liabilities of Scandic with respect to interest rate or currency swaps and similar
hedging obligations, (c) any Liabilities of Scandic for the deferred purchased price of property or other assets, (d) any Liabilities of any of Scandic which are required to be classified and accounted for under GAAP as capital leases,
(e) any Liabilities of Scandic under any performance bond or letter of credit or any bank overdrafts and similar charges, (f) any accrued interest, premiums, penalties and other obligations related to any of foregoing, and (g) any
indebtedness referred to above of any Person that is either guaranteed by, or secured by any Lien upon any property or asset owned by, Scandic. 
 “Intellectual Property” means any of the following, as they exist anywhere in the world, whether registered, unregistered or applied for: (a) patents, patentable inventions and other
patent rights (including any divisions, continuations, continuations-in-part, reissues, reexaminations and interferences thereof); (b) trademarks, service marks, trade dress, trade names, taglines, brand names, logos and corporate names;
(c) copyrights, mask works and designs; (d) trade secrets, know-how, inventions, processes, procedures, databases, confidential business information and other proprietary information and rights; (e) computer software programs,
including all source code, object code, specifications, designs and documentation related thereto; (f) domain names, Internet addresses and other computer identifiers; and (g) all goodwill related to any of the foregoing. 

“Knowledge” means, (a) when used in reference to Scandic or Seller, the actual knowledge of any executive officer
or director of Scandic or Seller; [and (b) when used in reference to Buyer, the actual knowledge of any executive officer of Buyer (but not the Chief Executive Officer of Buyer)]. 

“Labor Laws” means any Laws relating to employment, employment standards, employment of minors, employment
discrimination, health and safety, labor relations, withholding, wages, hours, workplace safety and insurance or pay equity. 

“Law” means any law, statute, ordinance, code, regulation, rule or other requirement of any Governmental Authority.

 “Liability” means any liability, debt, obligation, loss, damage, claim, cost or expense (including costs of
investigation and defense and attorney’s fees, costs and expenses), in each case, whether direct or indirect and whether accrued or contingent. 
 “License” means any license, permit, certificate, franchise, approval, consent, registration or similar authorization of any Governmental Authority. 

  
 3 

 “Lien” means any lien, mortgage, deed of trust, deed to secure debt,
pledge, charge, security interest, easement, restriction, covenant, condition, title default, encroachment or other survey defect, option or other encumbrance. 
 “Losses” means any Liability (including incidental and consequential damages), or diminution of value, whether or not involving a third party claim. 

“Material Adverse Effect” means any change, effect, event, occurrence, state of facts or development that, individually
or together with any one or more changes, effects, events, occurrences, states of fact or developments, has had or would be reasonably expected to have a material adverse effect on the assets, properties, business, results of operations or condition
(financial or otherwise) of Scandic or of Buyer, as the case may be, taken as a whole; provided that none of the following shall be taken into account in determining whether there has been a Material Adverse Effect: any adverse change,
effect, event, occurrence, state of facts or development to the extent attributable to: (a) conditions affecting the world economy as a whole; (b) an earthquake or other natural disaster; (c) the commencement, continuation or escalation of
a war, civil unrest, material armed hostilities or other material international or national calamity or act of terrorism; (d) changes in the market price of the Buyer Shares; (e) changes in U.S. generally accepted accounting principles;
(f) changes in Laws or Taxes applicable to Scandic; which, in the case of any of the foregoing clauses (a) through (c), (e) and (f) does not disproportionately affect Scandic or Buyer, as the case may be, relative to other
companies in the industries in which they operate. 
 “Order” means any order, decision, judgment, writ,
injunction, decree, award or other determination of any Governmental Authority. 
 “Organizational Document”
means, with respect to any Person that is not a natural person, such Person’s charter, certificate or articles of incorporation or formation, bylaws, memorandum and articles of association, operating agreement, limited liability company
agreement, partnership agreement, limited partnership agreement, limited liability partnership agreement, trust deed or trust agreement or other constituent or organizational documents of such Person. 

“Permitted Liens” means: (a) Liens for current Taxes not yet due and payable or the amount or validity of which is
being contested in good faith and for which appropriate reserves have been established on the Financial Statements; (b) mechanics’, carriers’, workers’, repairers’ and similar liens arising or incurred in the ordinary course
of business for amounts which are not delinquent or which are being contested in good faith and for which appropriate reserves have been established on the Financial Statements; and (c) minor survey exceptions, reciprocal easement agreements
and other customary encumbrances on title to real property that (i) were not incurred in connection with any Indebtedness; (ii) do not render title to the property encumbered and thereby unmarketable, and (iii) do not, individually or in
the aggregate, have a Material Adverse Effect on the value or use of such property for its current and anticipated purposes. 

  
 4 

 “Person” means any natural person, business, corporation, company,
partnership, association, limited liability company, limited partnership, limited liability partnership, joint venture, business enterprise, trust or other legal entity, including any Governmental Authority. 

“Securities Act” means the Securities Act of 1933. 

“Subsidiary” means, with respect to any specified Person, any entity of which the specified Person (either alone or
through or together with any other Subsidiary of such specified Person) (a) owns, directly or indirectly, more than 50% of the voting stock or other interests the holders of which are generally entitled to vote for the election of the board of
directors. 
 “Tax” means (a) any and all federal, state, provincial, local, foreign and other taxes,
levies, fees, imposts, duties, and similar governmental charges (including any interest, fines, assessments, penalties or additions to tax imposed in connection therewith or with respect thereto); and (b) any and all liability for the payment
of any amounts as a result of any express or implied obligation to indemnify any other Person, or any successor or transferee liability, in respect of any items described in clause (a) above. 

“Tax Return” means any report, return, declaration, claim for refund, election, disclosure, estimate, information report
or return or statement required to be supplied to a Governmental Authority in connection with Taxes, including any schedule or attachment thereto or amendment thereof. 
 “Transaction Documents” means this Agreement and the Lock Up Agreement. 
 “Transaction Expenses” means any fees, costs and expenses incurred by Seller in connection with the Contemplated Transactions (whether incurred prior to or after the date hereof),
including: (a) any brokerage fees, commissions, finders’ fees, or financial advisory fees, or related costs and expenses; (b) any fees, costs and expenses of counsel, accountants or other advisors or service providers; (c) any
fees, costs and expenses or payments by Seller related to any bonus, change-of-control payment, equity compensation or other compensatory payments made to any employee of Scandic in connection with the Contemplated Transactions; and (d) any
other fees, costs and expenses or payments resulting from the change of control of Scandic or otherwise payable in connection with receipt of any consent or approval in connection with the Contemplated Transactions. 

1.2 Interpretive Provisions. Unless the express context otherwise requires: 

(a) the words “hereof,” “herein” and “hereunder” and words of similar import, when used in
this Agreement, shall refer to this Agreement as a whole and not to any particular provision of this Agreement; 

(b) terms defined in the singular shall have a comparable meaning when used in the plural, and vice versa; 

(c) the terms “Dollars” and “$” mean U.S. dollars; 

  
 5 

 (d) wherever the word “include,” “includes” or
“including” is used in this Agreement, it shall be deemed to be followed by the words “without limitation”; 
 (e) references herein to any gender shall include each other gender; 
 (f) references herein to a Person in a particular capacity or capacities shall exclude such Person in any other capacity; 

(g) with respect to the determination of any period of time, the word “from” means “from and
including” and the words “to” and “until” each means “to but excluding”; 

(h) references herein to any Law shall be deemed to refer to such Law as amended, modified, codified, reenacted,
supplemented or superseded in whole or in part and in effect from time to time, and also to all rules and regulations promulgated thereunder; 
 (i) references herein to any Contract shall mean such Contract as amended, supplemented or modified (including any waiver thereto) in accordance with the terms thereof, except that with respect to any
Contract listed on any Schedule hereto, all such amendments, supplements or modifications must also be listed on such Schedule; 
 (j) the headings contained in this Agreement are intended solely for convenience and shall not affect the rights of the parties to this Agreement; and 

(k) if the last day for the giving of any notice or the performance of any act required or permitted under this Agreement
is a day that is not a Business Day, then the time for the giving of such notice or the performance of such action shall be extended to the next succeeding Business Day. 
 ARTICLE II 
 DELIVERY OF PURCHASED SHARES AND BUYER CONSIDERATION

 2.1 Purchase of Shares. Upon the terms and subject to the conditions set forth in this Agreement, at the Closing,
as set forth below, Seller shall assign, transfer and convey to Buyer, free and clear of any Liens, the Purchased Shares in exchange for the Buyer Consideration. 
 ARTICLE III 
 THE CLOSING 

3.1 Closing; Closing Date. The closing of the sale of the Purchased Shares and the delivery of the Buyer Consideration
contemplated by this Agreement (the “Closing”) shall take place at the offices of Seward & Kissel LLP, One Battery Park Plaza, New York, New York 10004, at 9:00 a.m. local time, on the second Business Day after the
date that all of the conditions to the Closing set forth in ARTICLE IX and ARTICLE X (other than those 

  
 6 

 
conditions which, by their terms, are to be satisfied or waived at the Closing, but subject to the satisfaction or waiver of those conditions on the Closing Date) shall have been satisfied or
waived by the party entitled to waive the same, or at such other time, place and date that Seller and Buyer may agree in writing, but in any case, no earlier than January 2, 2013. The date upon which the Closing occurs is referred to as the
“Closing Date.” 
 3.2 Transactions to Be Effected at Closing. At the Closing, the following
transactions shall be effected by the parties: 
 (a) Seller shall deliver to Buyer: 

(i) Stock certificates representing all of the Purchased Shares accompanied by stock powers duly executed by Seller and
all such other documents as may be reasonably requested by Buyer to vest in Buyer good and marketable title to the Purchased Shares free and clear of all Liens. Seller shall cause Scandic to record the transfer of the Purchased Shares on its share
register, and shall issue to Buyer one or more stock certificates, as requested by Buyer, representing the Purchased Shares registered in the name of Buyer; 
 (ii) The stock books, stock ledgers, minute books, corporate seals and Organizational Documents of Scandic; 
 (iii) A Lock Up Agreement in the form of Exhibit A hereto (the “Lock Up Agreement”) executed by Seller relating to the Buyer Shares; 

(iv) resignations effective as of the Closing Date of such officers and directors of Scandic, if any, as Buyer shall
designate; 
 (v) each of the documents, certificates and items required to be delivered by Seller pursuant to
ARTICLE IX; and 
 (vi) such other documents as are reasonably requested by Buyer. 

(b) Buyer shall deliver to Seller: 

(i) The aggregate amount of $8,000,000 in accordance with wire transfer instructions to be provided by Seller to Buyer.

 (ii) Stock certificates representing the 1,910,112 Buyer Shares registered in the name of Seller or as Seller
may direct (or, if permissible, a book entry issuance of Buyer Shares to an account designated by Seller); 

(iii) each of the documents, certificates and items required to be delivered by Buyer pursuant to ARTICLE X. 

3.3 Exemption from Registration; Legends. The Buyer Shares to be issued hereunder will be issued in transactions exempt from
registration under the Securities Act and may not be re-offered or resold other than in conformity with the registration requirements of the 

  
 7 

 
Securities Act or pursuant to an exemption therefrom. The certificates issued with respect to the Buyer Shares shall include the legend set forth below and such other such legends as may be
reasonably necessary to comply with U.S. federal securities laws and “blue sky” laws. Seller understands that the Buyer Shares are characterized as “restricted securities” under U.S. federal and state securities Laws as they are
being acquired from Buyer in a transaction not involving a public offering and that, pursuant to these Laws and applicable regulations, such shares may be resold without registration under the Securities Act only if Buyer has received an opinion of
counsel or other evidence reasonably satisfactory to Buyer and its counsel that such registration is not required. In the absence of an effective registration statement covering the Buyer Shares to be issued hereunder or an available exemption from
registration under the Securities Act, such Buyer Shares must be held indefinitely. In this connection, Seller represents that it is familiar with the resale limitations imposed by the Securities Act. All certificates or book entries, as the case
may be, representing Buyer Shares to be issued pursuant hereto shall bear a legend to the effect that: 
 “THE SHARES
REPRESENTED BY THIS CERTIFICATE/BOOK ENTRY ARE SUBJECT TO THE LOCK UP AGREEMENT AMONG NORDIC AMERICAN TANKERS LIMITED AND THE HOLDER, DATED AS OF             , 2013. THE LOCK UP AGREEMENT
CONTAINS, AMONG OTHER THINGS, CERTAIN PROVISIONS RELATING TO THE TRANSFER OF THE SHARES REPRESENTED HEREBY. NO TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER DISPOSITION OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE/BOOK ENTRY,
DIRECTLY OR INDIRECTLY, MAY BE MADE EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF THE LOCK UP AGREEMENT. 
 THE SHARES REPRESENTED
BY THIS CERTIFICATE/BOOK ENTRY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO
AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO ANY AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS
AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE HOLDER TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO NORDIC AMERICAN TANKERS LIMITED. 

  
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 ARTICLE IV 
 REPRESENTATIONS AND WARRANTIES OF SELLER 
 Seller represents and warrants
to Buyer as follows: 
 4.1 Due Organization. Seller has been duly organized and validly exists as a company in good
standing under the laws of the Kingdom of Norway. Seller has the requisite power and authority to own or lease its properties and to conduct its business as it is now being conducted. Seller is duly licensed or qualified and in good standing as a
foreign corporation in all jurisdictions in which it is required to be so licensed or qualified, except where the failure to be so licenses or qualified would not reasonably be expected to have or result in a Material Adverse Effect. 

4.2 Due Authorization. Seller has all requisite power and authority to execute and deliver each Transaction Document to which
Seller is or will be a party and to consummate the Contemplated Transactions. The execution and delivery by Seller of each Transaction Document to which it is or will be a party and the consummation of the Contemplated Transactions has been duly and
validly authorized and approved by the Seller, and no other proceeding, consent or authorization on the part of Seller is necessary to authorize any Transaction Document to which it is or will be a party or the Contemplated Transactions. Each
Transaction Document to which Seller is or will be a party has been or will be duly and validly executed and delivered by Seller and constitutes, or will constitute, a legal, valid and binding obligation of Seller, enforceable against Seller in
accordance with their respective terms, subject to the Enforceability Exceptions. 
 4.3 No Conflict. The execution and
delivery by Seller of each Transaction Document to which Seller is or will be a party and the consummation of the Contemplated Transactions do not and will not: 
 (a) breach, violate, conflict with or result in a default under any provision of, or constitute an event that, after notice or lapse of time or both, would result in a breach, violation, conflict or
default under, or accelerate the performance required or result in the termination of or give any Person the right to terminate, any Contract to which Seller is a party or by which any of Seller’s assets are bound; 

(b) assuming compliance with the matters addressed in Section 4.4, breach, violate, conflict with or result in a
default under, any provision of, or constitute an event that, after notice or lapse of time or both, would result in a breach or violation of or conflict or default under any applicable Law or Order binding upon or applicable to Seller; 

(c) violate or conflict with the Organizational Documents of Seller; or 

(d) result in the creation or imposition of any Lien, with or without notice or lapse of time or both, on any assets of
Seller, except where such Lien would not reasonably be expected to have or result in a Material Adverse Effect. 

  
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 4.4 No Authorization or Consents Required. Assuming the truth and completeness of the
representations and warranties of Buyer contained in this Agreement, no notice to or consent, approval or authorization of, or designation, declaration or filing with, any Governmental Authority or other Person is required by Seller with respect to
Seller’s execution or delivery of any Transaction Document to which Seller is or will be a party or the consummation of the Contemplated Transactions. 
 4.5 Litigation. There are no pending or, to the Knowledge of Seller, threatened Actions before or by any Governmental Authority against Seller that would reasonably be expected to adversely affect
or restrict the ability of Seller to enter into and perform Seller’s obligations under any Transaction Document to which Seller is or will be a party. Seller is not subject to any outstanding Order that prohibits or otherwise restricts the
ability of Seller to consummate fully the Contemplated Transactions. 
 4.6 Title to the Purchased Shares. Seller is the
sole record and beneficial owner of, and has good and valid title to, the Purchased Shares set forth on Schedule A free and clear of all Liens except Buyer’s rights hereunder. Upon delivery by Seller of the Purchased Shares to Buyer on
the Closing Date, Buyer will acquire all of the Purchased Shares free and clear of any Liens. 
 4.7 Investment Purpose.

 (a) Seller is an “accredited investor” as that term is defined in Rule 501 of Regulation D under the
Securities Act. 
 (b) Seller is acquiring the Buyer Shares to be issued to Seller hereunder for Seller’s
own account, for investment and not with a view toward, or for sale in connection with, any distribution thereof, nor with any present intention of distributing or selling such shares except as contemplated herein. Seller agrees that such shares may
not be re-offered or re-sold or otherwise disposed of without registration under the Securities Act and other applicable Laws or pursuant to an exemption therefrom. 

(c) Seller is able to bear the economic risk of holding the Buyer Shares to be issued to Seller hereunder for an
indefinite period, has a preexisting business relationship with Buyer and its officers and directors, and has knowledge and experience in financial and business matters such that it is capable of evaluating the risks of an investment in such shares
and the capacity to protect its own interests in connection with the Contemplated Transactions. 
 (d) The offer
and sale of the Buyer Shares to be issued to Seller hereunder was directly communicated to Seller by Buyer. At no time was Seller presented with or solicited by any leaflet, advertisement, article, notice or other communication published in any
newspaper, magazine, or similar media or broadcast over television or radio, or any other form of general advertising, or solicited or invited to attend a promotion meeting or any seminar or meeting by any general solicitation or general
advertising. 

  
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 (e) Seller has had the opportunity to review information regarding Buyer,
its business, operations, financial condition and the terms and conditions of the Buyer Shares, and has considered all factors Seller deems material in deciding on the advisability of investing in the Buyer Shares. The offer to sell the Buyer Shares
to Seller was communicated to Seller by Buyer in such manner that Seller was able to ask questions of and received answers from Buyer or a person acting on Buyer’s behalf concerning the terms and conditions of this transaction as well as to
obtain any information requested by Seller. Any questions raised by Seller or its representatives concerning the Contemplated Transactions have been answered to the satisfaction of Seller and its representatives. 

4.8 Brokers. No broker, finder, investment banker or other Person is entitled to any brokerage fee, finder’s fee or other
commission in connection with the Contemplated Transactions based upon arrangements made by Seller or any of its Affiliates. 

ARTICLE V 

REPRESENTATIONS AND WARRANTIES AS TO SCANDIC 
 Seller represents and warrants to Buyer as follows: 
 5.1 Due Organization.
Scandic has been duly organized and is validly existing as a company in good standing under the laws of the Islands of Bermuda. Scandic has the requisite power and authority to own or lease its properties and to conduct its business as it is now
being conducted. Scandic is duly licensed or qualified and in good standing in all jurisdictions in which it is required to be so licensed or qualified except where the failure to be so licensed or qualified would not reasonably be expected to have
or result in a Material Adverse Effect. Seller has supplied Buyer with a true, correct and complete copy of the Organizational Documents of Scandic as in effect on the date hereof. 

5.2 No Conflict. The Contemplated Transactions do not and will not: 

(a) breach, violate, conflict with or result in a default under any provision of, or constitute an event that, after
notice or lapse of time or both, would result in a breach, violation, conflict or default under, or accelerate the performance required or result in the termination of or give any Person the right to terminate, any Contract to which Scandic is a
party or by which Scandic’s assets are bound; 
 (b) assuming compliance with the matters addressed in
Section 5.3, breach, violate, conflict with or result in a default under, any provision of, or constitute an event that, after notice or lapse of time or both, would result in a breach or violation of or conflict or default under any applicable
Law or Order binding upon or applicable to Scandic; 
 (c) violate or conflict with the Organizational Documents
of Scandic; or 
 (d) result in the creation or imposition of any Lien, with or without notice or lapse of time
or both, on any assets of Scandic, except where such Lien would not reasonably be expected to have or result in a Material Adverse Effect. 

  
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 5.3 No Authorization or Consents Required. Assuming the truth and completeness of the
representations and warranties of Buyer contained in this Agreement, no notice to or consent, approval or authorization of, or designation, declaration or filing with, any Governmental Authority or other Person is required by Scandic with respect to
the consummation of the Contemplated Transactions or, with respect to any Person other than a Governmental Authority, where the failure to give such notice, receive such consent, approval or authorization or make such designation, declaration or
filing would not reasonably be expected to have or result in a Material Adverse Effect. 
 5.4 Litigation. There are no
pending or, to the Knowledge of Seller, threatened Actions before or by any Governmental Authority or by any other Person against Scandic. Scandic is not subject to any outstanding Order that prohibits or otherwise restricts the ability of Scandic
to consummate the Contemplated Transactions or conduct its business as currently conducted. 
 5.5 Capitalization.
(a) As of the date hereof, other than the Purchased Shares held by Seller, there are no other outstanding (i) equity interests or other securities of Scandic; (ii) securities of Scandic convertible into or exchangeable or exercisable for
equity interests or other securities of Scandic; or (iii) preemptive rights, stock appreciation, phantom stock or profit participation rights with respect to, or other rights to acquire from Scandic or other obligations of Scandic to issue, any
equity interests or other securities or securities convertible into or exchangeable for equity interests or other securities or Capital Stock of Scandic. 
 (b) There are no Contracts to which Scandic is a party or by which it is bound to (a) repurchase, redeem or otherwise acquire any equity interests or other securities of, or voting interest in,
Scandic, or (b) vote or dispose of any equity interests or other securities of Scandic. 
 5.6 No Subsidiaries.
Scandic does not have any Subsidiaries. 
 5.7 Financial Statements. Seller has delivered to Buyer true, correct and
complete copies of each of (a) the unaudited statements of financial condition of Scandic (the “Latest Balance Sheet”) as of September 30, 2012 and the related statements of operations or income, changes in
shareholder’s equity and cash flows, for the nine month period then ended (together with the Latest Balance Sheet, the “Interim Financial Statements”), and (b) the audited statements of financial condition of Scandic for
the fiscal years ended December 31, 2011 and December 31, 2010 (the “Audited Balance Sheets”) and statements of operations or income, changes in shareholder’s equity and cash flows for the years then ended (together
with the Audited Balance Sheets, the “Audited Financial Statements”). The Audited Financial Statements and the Interim Financial Statements, collectively, are hereinafter referred to as the “Financial Statements.”
The Financial Statements have been prepared in accordance with GAAP, consistently applied throughout the periods indicated, and present fairly in all material respects the financial condition and results of operations of Scandic as of the times and
for the periods referred to therein, subject in the case of the Interim Financial Statements to (i) the absence of footnote disclosures, and (ii) changes resulting from normal immaterial year-end adjustments. Scandic does not maintain any
“off-balance-sheet arrangement” within the meaning of Item 303 of Regulation S-K under the Exchange Act. 

  
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 5.8 No Undisclosed Liabilities. There are no Liabilities of or with respect to
Scandic other than (a) Liabilities disclosed on Schedule 7.1, (b) Liabilities disclosed in the Financial Statements, (c) Liabilities for performance under Material Contracts listed on Schedule 5.11(a) (excluding any
Liability for breach) or (d) Liabilities incurred in the ordinary course of business consistent with past practice, since the date of the latest Audited Balance Sheet, that individually or in the aggregate, are not, and would not reasonably be
expected to be, material to Scandic. 
 5.9 Absence of Certain Developments. Since the date of the latest Audited Balance
Sheet through the date hereof, (a) Scandic has, in all material respects, conducted its businesses and operated its properties in the ordinary course of business consistent with past practice, and (b) Scandic has not taken any action
which, if taken after the date hereof, would require the consent of Buyer pursuant to Section 7.1. Since the date of the latest Audited Balance Sheet, there has not been any Material Adverse Effect and to the Knowledge of Seller no
circumstances have arisen, which, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect with respect to Scandic. 
 5.10 Taxes. 
 (a) All income and other Tax Returns required
to be filed by or with respect to Scandic have been properly prepared and timely filed. All such Tax Returns (including information provided therewith or with respect thereto) are true, correct and complete in all material respects. 

(b) Scandic has fully and timely paid all Taxes owed or payable by it (whether or not shown on any Tax Return).

 (c) No audit or other Action by any Governmental Authority is pending or, to the Knowledge of Seller,
threatened with respect to any Taxes due from or with respect to Scandic or the income or assets thereof. No Governmental Authority has given written notice of any intention to assert any deficiency or claim for additional Taxes with respect to
Scandic. 
 (d) Scandic has withheld from its employees, independent contractors, creditors, stockholders and
third parties and timely paid to the appropriate Governmental Authority proper and accurate amounts in all material respects for all periods ending on or before the Closing Date in compliance with all Tax withholding and remitting provisions of
applicable Laws. Scandic has complied in all material respects with all Tax information reporting provisions of all applicable Laws. 

  
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 5.11 Contracts. 

(a) Schedule 5.11(a) contains a true, correct and complete list of all Material Contracts as of the date hereof.
“Material Contracts” means any Contract to which any Global Company or any Fund is a party and which falls within any of the following categories: 

(i) any Contract for the provision of Management Services, other than the Management Agreement; 

(ii) any Contract relating to Indebtedness of Scandic; 

(iii) any Contract relating to the title to, or ownership, lease, use, sale, exchange or transfer of, any leasehold or
other interest in any real or material personal property; 
 (iv) any equity incentive plan, restricted stock
award agreements with employees, officers or directors of Scandic, or any Contract under which Scandic would incur any change-in-control payment, retention bonus or similar compensation obligations to any Person by reason of the consummation of any
of the Contemplated Transactions; 
 (v) any Contract under which Scandic has advanced or loaned any amount to
any Person, other than trade credit in the ordinary course of business consistent with past practice; 
 (vi) any
joint venture, strategic alliance, partnership or limited liability company Contract; 
 (vii) any employment,
consulting, severance, retention, non-competition or confidentiality Contract with any officer or employee of, or consultant to, Scandic; 
 (viii) any Contract under which Scandic has continuing material indemnification obligations to any Person, other than those entered into in the ordinary course of business consistent with past practice;

 (ix) any administrative and other similar Contracts to which Scandic is a party; or 

(x) any other Contract (or group of related agreements) the performance of which requires aggregate payments to or from
Scandic in excess of $150,000 per year that is not terminable with less than 60 days’ notice, or that is otherwise material to Scandic. 
 (b) Prior to the date hereof, Buyer has been supplied with a true, correct and complete copy of each written Material Contract. 

  
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 (c) Each Material Contract is, to the Knowledge of Seller, a valid and binding obligation of
Scandic, is in full force and effect and to the Knowledge of Seller is enforceable against Scandic, and against the other parties thereto, subject in each case to the Enforceability Exceptions. Scandic is not in material breach, violation of or
default under any Material Contract. No event has occurred that, with notice or lapse of time or both, would constitute such a material breach, violation or default by Scandic under any Material Contract, or, to the Knowledge of Seller, the other
parties thereto. 
 5.12 Intellectual Property. 

(a) All Intellectual Property used in the operation of the business of Scandic (the “Company Intellectual
Property”) is either owned by Scandic free and clear of all Liens (the “Owned Intellectual Property”) or is used by Scandic pursuant to a valid license Contract (the “Licensed Intellectual Property”).

 (b) To the Knowledge of Seller, the conduct of the businesses of Scandic does not infringe or otherwise
violate any Intellectual Property or other proprietary rights of any other Person in any material respect, and there is no Action pending or, to the Knowledge of Seller, threatened alleging any such infringement or violation or challenging
Scandic’s rights in or to any Owned Intellectual Property and, to the Knowledge of Seller, there is no existing fact or circumstance that would be reasonably expected to give rise to any such Action. 

5.13 Real Estate: Personal Property. Scandic does not own any real property. Schedule 5.11(a) (Material Contracts)
identifies all of the real estate leases and subleases to which Scandic is a party on the date hereof (the “Leases”). Scandic owns or leases the material tangible assets and personal property shown to be owned or leased by it on the
Latest Balance Sheet, in each case free and clear of all Liens, except for Permitted Liens. The properties and assets owned or leased by Scandic constitute all of the properties and assets that are related to or used in connection with its
businesses as currently conducted. 
 5.14 Employees; Independent Contractors. Schedule 5.14 sets forth a true,
correct and complete list setting forth the name, position and total compensation for the twelve (12) month period ending December 31, 2011, for each employee, officer, member of the board of directors or independent contractor of Scandic as of
the date hereof. Except for Persons with employment agreements disclosed in Schedule 5.11(a), all employees of Scandic are at-will employees entitled to no severance or other termination payment in the event of termination of their employment
by Scandic. 
 5.15 Employee Matters. 

(a) Plans and Documents. Schedule 5.15(a) lists (i) all employee benefit plans and all bonus, stock
option, stock purchase, restricted stock, phantom stock or other equity-based compensation, incentive, profit sharing, savings, retirement, deferred compensation, retiree medical or life insurance, supplemental retirement, severance, executive
compensation, tax gross up, salary continuation, flexible benefit, vacation, sick leave, disability, death benefit, group insurance, hospitalization, medical, dental, life, 

  
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employee loan, educational assistance or fringe benefit or other benefit plans, programs or arrangements, and all employment, termination, severance, collective bargaining, change-in-control,
retention, deferred compensation, indemnification or other contracts or agreements, (each a “Benefit Plan”), that provides benefits to any current or former employee, officer, director or consultant of Scandic or to which Scandic is
a party, or which are maintained, contributed to or sponsored by Scandic (collectively, the “Company Plans”). Each material Company Plan is in writing and Seller has provided to Buyer a complete and accurate copy of each Company
Plan (including amendments thereto) and a complete and accurate copy of each material document prepared in connection with each such Company Plan (including amendments thereto). 

(b) Acceleration and Vesting. Neither the execution of this Agreement nor the consummation of the transactions
contemplated by this Agreement will cause or result in (either alone or in combination with another event) (i) payment obligation (now or in the future) to any current or former employee, officer, director or consultant of Scandic; or
(ii) the acceleration of the timing of payment or vesting in or triggering of any material payment or funding of compensation or benefits under, or a material increase in the amount payable or triggering any other obligation pursuant to, any
Company Plan. 
 5.16 Insurance. Schedule 5.16 contains a true, correct and complete summary of all insurance
policies or self-insurance arrangements maintained by Scandic. All such insurance policies and binders are valid, binding and in full force and effect and will continue in full force and effect after the Closing. Scandic has not received any written
notice of cancellation or non-renewal of any such policies or binders nor, to the Knowledge of Seller, is the termination of any such policies or binders threatened. There is no material Action pending under any of such policies or binders as to
which coverage has been questioned, denied or disputed by the underwriters of such policies or binders. 
 5.17 Compliance
with Laws. Scandic has been and is in material compliance with all Laws and Orders (including all Environmental Laws and Labor Laws) to which it is subject. Except as set forth on Schedule 5.17, Scandic has not received written notice
from any Governmental Authority that Scandic is not in compliance in any material respect with any applicable Law or Order (including any applicable Environmental Law or Labor Law). 

5.18 Accounting Controls. Scandic maintains internal controls over financial reporting to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP. Such accounting controls have been and are sufficient to provide reasonable assurances that (a) all transactions
are executed in accordance with management’s general or specific authorization and are properly reflected in the financial statements under GAAP, and (b) all transactions are recorded as necessary to permit the accurate preparation of
financial statements in accordance with GAAP and to maintain proper accountability for such items. 
 5.19 Affiliate
Transactions. Except for employment arrangements relating to the Chairman and Chief Executive Officer of Scandic who serves as the Chairman and Chief Executive Officer of Buyer and transactions set forth on Schedule 7.1, none of Seller, nor any
officer, director, employee or Affiliate of Seller, is a party to or the beneficiary of any Contract or transaction with Scandic or has any interest in any property used by Scandic. 

  
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 5.20 Brokers. No broker, finder, investment banker or other Person is entitled to any
brokerage fee, finder’s fee or other commission in connection with the Contemplated Transactions based upon arrangements made by Scandic. 
 5.21 No Unlawful Payments. None of Scandic nor any director, shareholder, member, officer, agent, employee or other Person associated with or acting on behalf thereof, has: (a) used any
organizational funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (b) made any direct or indirect unlawful payment to any foreign or domestic government official or employee from
organizational funds; (c) violated or is in violation of any provision of the U.S. Foreign Corrupt Practices Act of 1977; or (d) made any bribe, rebate, payoff, influence payment, kickback or other unlawful payment to any supplier, customer,
investor, licensor, contractor, politician, government employee or other Person. 
 5.22 Bank Accounts. All of the bank
accounts, safe deposit boxes and lock boxes used by Scandic are listed on Schedule 5.22 hereto (designating each authorized signatory). Except the authorized signatories, Scandic has not granted a power of attorney with respect to such bank
accounts to any Person that has not been terminated. 
 ARTICLE VI 

REPRESENTATIONS AND WARRANTIES OF BUYER 
 Buyer represents and warrants to Seller as follows: 
 6.1 Due Organization.
Buyer has been duly organized and validly exists as a company in good standing under the laws of the Islands of Bermuda. Buyer has the requisite power and authority to own or lease its properties and to conduct its business as it is now being
conducted. Buyer is duly licensed or qualified and in good standing as a foreign corporation in all jurisdictions in which it is required to be so licensed or qualified, except where the failure to be so licensed or qualified would not reasonably be
expected to have or result in a Material Adverse Effect. 
 6.2 Due Authorization. Buyer has all requisite power and
authority to execute and deliver each Transaction Document to which it is or will be a party and to consummate the Contemplated Transactions. The execution and delivery by Buyer of each Transaction Document to which it is or will be a party and the
consummation of the Contemplated Transactions has been duly and validly authorized and approved by Buyer, and no other proceeding, consent or authorization on the part of Buyer is necessary to authorize any Transaction Document to which it is or
will be a party or the Contemplated Transactions. Each Transaction Document to which Buyer is or will be a party, has been or will be duly and validly executed and delivered by Buyer, and constitutes or will constitute a legal, valid and binding
obligation of Buyer, enforceable against Buyer in accordance with their respective terms, subject to the Enforceability Exceptions. 

  
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 6.3 No Conflict. The execution and delivery by Buyer of each Transaction Document to
which it is or will be a party and the consummation of the Contemplated Transactions do not and will not: 
 (a)
breach, violate, conflict with or result in a default under any provision of, or constitute an event that, after notice or lapse of time or both, would result in a breach, violation, conflict or default under, or accelerate the performance required
or result in the termination of or give any Person the right to terminate, any Contract to which Buyer is a party or by which any of Buyer’s assets are bound; 

(b) assuming compliance with the matters addressed in Section 6.4, breach, violate, conflict with or result in a
default under, any provision of, or constitute an event that, after notice or lapse of time or both, would result in a breach or violation of, conflict or default under any applicable Law or Order binding upon or applicable to Buyer; 

(c) violate or conflict with the Organizational Documents of Buyer; or 

(d) result in the creation or imposition of any Lien, with or without notice or lapse of time or both, on any assets of
Buyer, except where such Lien would not reasonably be expected to have or result in a Material Adverse Effect. 
 6.4 No
Authorization or Consents Required. Assuming the truth and completeness of the representations and warranties of Seller contained in this Agreement, no notice to or consent, approval or authorization of, or designation, declaration or filing
with, any Governmental Authority or other Person is required by Buyer with respect to Buyer’s execution or delivery of any Transaction Document to which it is or will be a party or the consummation of the Contemplated Transactions. 

6.5 Fully Paid Shares. The Buyer Shares to be issued to Seller hereunder will, when issued, be duly authorized and validly issued,
fully paid, nonassessable and free of preemptive rights. 
 6.6 Investment Purpose. Buyer is acquiring the Purchased
Shares for its own account with the present intention of holding such securities for investment purposes and not with a view to, or for sale in connection with, any distribution of such securities in violation of any federal or state securities
Laws. 
 6.7 Brokers. No broker, investment banker or other Person is entitled to any brokerage fee, finder’s fee or
other commission in connection with the Contemplated Transactions based upon arrangements made by Buyer or any of its Affiliates. 
 ARTICLE VII 
 COVENANTS 

7.1 Conduct of Business of Scandic. From the date hereof until the Closing, Seller will cause Scandic to conduct its business and
operations in the ordinary course of business consistent with past practice and use its reasonable best efforts to (i) preserve intact its 

  
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present business organization; (ii) maintain in effect all Licenses; (iii) keep available the services of its officers and key employees; (iv) maintain good relationships with its
vendors and others with whom it has a material business relationship; and (v) manage its working capital (including the timing of collection of accounts receivable and of the payment of accounts payable) in the ordinary course of business
consistent with past practice. Without limiting the generality of the foregoing, except as disclosed on Schedule 7.1, without Buyer’s prior written consent, Seller shall cause Scandic not to: 

(a) amend its Organizational Documents (whether by merger, consolidation or otherwise); 

(b) split, combine or reclassify any equity interests or other securities of Scandic (whether by merger, consolidation or
otherwise); 
 (c) make any dividend or distribution in respect of any equity interests of Scandic, or directly
or indirectly repurchase, redeem or otherwise acquire any equity interests or other securities of Scandic or any securities convertible into or exercisable or exchangeable for any ownership interests or other security of Scandic (whether by merger,
consolidation or otherwise); 
 (d) issue, deliver or sell any equity interests or other securities of Scandic
(whether by merger, consolidation or otherwise); 
 (e) incur any capital expenditures in respect thereof, other
than any capital expenditures that do not exceed $100,000 individually or $300,000 in the aggregate; 
 (f)
acquire (by merger, consolidation or otherwise), directly or indirectly, any assets, securities, properties, interests or businesses, other than supplies in the ordinary course of business consistent with past practice; 

(g) sell, lease or otherwise transfer, or create or incur any Lien on, any assets, securities, properties or interests of
any of Scandic, other than in the ordinary course of business consistent with past practice; 
 (h) acquire,
sell, lease, license, transfer, pledge, encumber, grant or dispose of (whether by merger, consolidation, purchase, sale or otherwise) any Company Intellectual Property, or enter into any Contract, or take any action, with respect to any Company
Intellectual Property outside the ordinary course of business consistent with past practice, or do any act or knowingly omit to do any act whereby any material Company Intellectual Property may become invalidated, abandoned, unmaintained,
unenforceable or dedicated to the public domain; 
 (i) make any loans, advances or capital contributions to, or
investments in, any other Person other than advances for travel and other expenses in the ordinary course of business consistent with past practice; 

  
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 (j) create, incur, assume, suffer to exist or otherwise be liable with
respect to any Indebtedness, other than the incurrence of trade indebtedness in the ordinary course of business consistent with past practice; 
 (k) increase compensation of any current officer or employee of, or consultant to, Scandic; 
 (l) grant or increase any severance, retention, change-of-control or similar payments to any current or former officer or employee of, or consultant to, Scandic; 

(m) make any change with respect to its senior administrative, marketing, management and supervisory personnel, or hire or
terminate any such Person; 
 (n) enter into any Contract that limits or otherwise restricts in any material
respect Scandic or that would reasonably be expected, after the Closing, to limit or restrict in any material respect Scandic, Buyer or any of their respective Affiliates, from engaging or competing in any line of business, in any location or with
any Person; 
 (o) enter into, amend or modify in any material respect or terminate any Material Contract, other
than in the ordinary course of business consistent with past practice, or otherwise waive, release or assign any material rights, claims or benefits thereto of Scandic or terminate, cancel, fail to renew or allow to lapse any policy of insurance
covering Scandic; 
 (p) change any methods of accounting for Scandic, except as required by changes in GAAP as
agreed to by its independent public accountants; 
 (q) settle or initiate (i) any material Action involving
or against Scandic, or (ii) any Action that relates to the Contemplated Transactions; or 
 (r) agree, commit or
offer to do any of the foregoing. 
 7.2 Access to Information. Seller has caused, and from the date hereof until the
Closing Date Seller shall cause, Scandic to (a) give Buyer, its counsel, financial advisors, auditors and other representatives reasonable access to the employees, offices, properties, books and records of Scandic; (b) furnish to Buyer,
its counsel, financial advisors, auditors and other representatives such information relating to Scandic as has been or may be reasonably requested; and (c) instruct the employees, counsel, accountants and other advisors of Scandic to cooperate
with Buyer in its investigation of Scandic. 
 7.3 Authorizations; Consummation. 

(a) Seller shall use its respective reasonable best efforts to obtain the authorizations, Consents, Orders and approvals
necessary for the execution and delivery of, and the performance of its obligations pursuant to this Agreement. 

  
 20 

 7.4 Further Assurances. From the date hereof until the earlier of the Closing or the
termination of this Agreement in accordance with ARTICLE XI, each of the parties hereto shall execute such documents and perform such further acts as may be reasonably required to carry out the provisions hereof and of each Transaction Document and
the Contemplated Transactions. Each party shall, on or prior to the Closing Date, use its commercially reasonable efforts to fulfill or obtain the fulfillment of the conditions precedent to the consummation of the Contemplated Transactions,
including the execution and delivery of any documents, certificates, instruments or other papers that are reasonably required for the consummation of the Contemplated Transactions. 

7.5 Transfer of the Purchased Shares. From the date hereof until the Closing Date, Seller agrees that it shall not sell, lease or
otherwise transfer beneficial or record ownership of, or create or incur any Lien on, any of the Purchased Shares without the prior written consent of Buyer. 
 7.6 Notice of Developments. Promptly upon the occurrence of, or promptly upon a party becoming aware of the occurrence of, any event which would cause or constitute a breach or default, or would
have caused or constituted a breach or default had such event occurred or been known to such party prior to the date hereof, of any of the representations, warranties or covenants of such party contained in or referred to in this Agreement, such
party shall give written notice thereof to the other parties in reasonable detail. From time to time prior to the Closing, each party shall with reasonable frequency provide to the other parties any information which would be necessary to supplement
or amend the information contained in the Schedules with respect to any matter hereafter arising, which, if existing or occurring at the date of this Agreement, would have been required to be set forth or described by such party in any Schedule.

 TAX MATTERS 
 8.1 Tax Indemnification, From and after the Closing, Seller shall indemnify Buyer and its Affiliates (collectively, the “Tax Indemnified Buyer Parties” and each individually a
“Tax Indemnified Buyer Party”) against and hold them harmless from any and all Losses suffered or incurred arising out of (i) Taxes payable by or with respect to the operations of Scandic for periods or portions thereof ending
on or before December 31, 2012, (ii) without duplication, Taxes imposed on a Tax Indemnified Buyer Party as a result of a breach of a representation or warranty set forth in Section 5.10; and (iii) Taxes arising out of any
Contemplated Transactions. 
 ARTICLE IX 
 CONDITIONS PRECEDENT TO OBLIGATIONS OF BUYER 
 The obligations of Buyer to
consummate the transactions contemplated by this Agreement are subject to the satisfaction (or waiver by Buyer in writing) of the following conditions as of the Closing Date: 
 9.1 Representations and Warranties. Each of the representations and warranties of the Seller shall be true and correct as of the date hereof and as of the Closing Date. For purposes of this
Section 9.1, the truth and correctness of representations and warranties made hereunder shall be considered without reference to, and excluding the disclosure of, any updated Schedule information delivered pursuant to Section 7.6.

  
 21 

 9.2 Covenants and Agreements. Seller shall have performed and complied in all
material respects with all covenants and agreements required by this Agreement to be performed and complied with by them prior to or on the Closing Date. 
 9.3 Material Adverse Effect. Since the date of the latest Audited Balance Sheet, there shall not have occurred any Material Adverse Effect on or with respect to Scandic. 

9.4 Officer’s Certificate. Seller shall have delivered to Buyer a certificate, signed by Seller and dated as of the Closing
Date, certifying, representing and warranting as to the matters set forth in Sections 9.1, 9.2 and 9.3. 
 9.5 Legal
Prohibition. No Law shall be in effect and no Order shall have been entered, in each case that restrains, enjoins or prohibits the performance of all or any part of this Agreement or the consummation of all or any part of the Contemplated
Transactions, or declares unlawful the Contemplated Transactions or would cause any of the Contemplated Transactions to be rescinded. 
 9.6 Necessary Consents. Seller shall have obtained any third party Consents required in order to consummate the Contemplated Transactions. 

9.7 Ancillary Agreements. The Lock Up Agreement shall have been executed and delivered by Seller. 

9.8 Transaction Expenses. Seller shall have delivered to Buyer evidence reasonably satisfactory to Buyer of the payment by Seller
of all Transaction Expenses. 
 9.9 Legal Opinion. Buyer shall have received an opinion of counsel to Seller in a form
mutually agreed upon by Buyer and Seller. 
 ARTICLE X 
 CONDITIONS PRECEDENT TO OBLIGATIONS OF SELLER 
 The obligations of Seller
to consummate the transactions contemplated by this Agreement are subject to the satisfaction or waiver of the following conditions as of the Closing Date: 
 10.1 Representations and Warranties. Each of the representations and warranties of the Buyer. For purposes of this Section 10.1, the truth and correctness of representations and warranties
made hereunder shall be considered without reference to, and excluding the disclosure of, any updated Schedule information delivered pursuant to Section 7.6. 
 10.2 Covenants and Agreements. Buyer shall have performed and complied in all material respects with all covenants and agreements required by this Agreement to be performed and complied with by it
prior to or on the Closing Date. 

  
 22 

 10.3 Material Adverse Effect. Since the date hereof, there shall not have occurred
any Material Adverse Effect on or with respect to Buyer. 
 10.4 Officer’s Certificate. Buyer shall have delivered
to the Seller a certificate, signed by an executive officer of Buyer and dated as of the Closing Date, certifying, representing and warranting as to the matters set forth in Sections 10.1, 10.2 and 10.3. 

10.5 Legal Prohibition. No Law shall be in effect and no Order shall have been entered, in each case that restrains, enjoins or
prohibits the performance of all or any part of this Agreement or the consummation of all or any part of the transactions contemplated by this Agreement, or declares unlawful the transactions contemplated by this Agreement or would cause any of the
transactions contemplated by this Agreement to be rescinded. 
 10.6 Legal Opinion. Seller shall have received an opinion
or opinions of counsel to Buyer each in a form mutually agreed upon by Buyer and Seller. 
 10.7 NYSE Listing. The NYSE
shall have granted conditional approval to list the Buyer Shares issuable pursuant to this Agreement, subject only to customary listing conditions. 
 ARTICLE XI 
 TERMINATION 

11.1 Termination. This Agreement may be terminated on or prior to the Closing Date as follows: 

(a) by the mutual written consent of Buyer and Seller; 

(b) by Buyer (if it is not in breach of its representations, warranties, covenants or agreements under this Agreement so
as to cause any of the conditions set forth in Section 10.1 or 10.2 not to be satisfied), upon written notice to the Seller, if there has been a violation, breach or inaccuracy of any representation, warranty, covenant or agreement of Seller
contained in this Agreement (without reference to, and excluding the disclosure of, any updated Schedule information delivered pursuant to Section 7.6), which violation, breach or inaccuracy would cause any of the conditions set forth in
Section 9.1 or 9.2 not to be satisfied, and such violation, breach or inaccuracy has not been waived by Buyer or cured by Seller within 20 Business Days after receipt by Seller of written notice thereof from Buyer or is not reasonably capable
of being cured prior to the Termination Date (defined below); 
 (c) by Seller (if it is not in breach of its
representations, warranties, covenants or agreements under this Agreement so as to cause any of the conditions set forth in Section 9.1 or 9.2 not to be satisfied), upon written notice to Buyer, if there has been a violation, breach or
inaccuracy of any representation, warranty, agreement or covenant of Buyer contained in this Agreement (without reference to, and excluding the disclosure of, any updated Schedule information delivered pursuant to Section 7.6), which violation,
breach or inaccuracy would cause any of the conditions set forth in Section 10.1 or 10.2 

  
 23 

 
not to be satisfied, and such violation, breach or inaccuracy has not been waived by Seller or cured by Buyer within 20 Business Days after receipt by Buyer of written notice thereof from Seller
or is not reasonably capable of being cured prior to the Termination Date; 
 (d) by Buyer or Seller, upon
written notice to the other, if the transactions contemplated by this Agreement have not been consummated on or before January 31, 2013 (the “Termination Date”); provided that neither party shall be entitled to terminate
this Agreement pursuant to this Section 11.1 if such party’s willful breach of this Agreement has prevented or materially delayed the consummation of the transactions contemplated by this Agreement; or 

(e) by Buyer or Seller, upon written notice to the other, if a court of competent jurisdiction or any other Governmental
Authority shall have issued a final, non-appealable Order preventing or otherwise prohibiting the consummation of the transactions contemplated by this Agreement. 
 11.2 Survival After Termination. If this Agreement is terminated in accordance with Section 11.1, this Agreement shall become void and of no further force and effect; provided,
however, that the provisions of this Section 11.2 and ARTICLE XIII (Miscellaneous) shall survive the termination of this Agreement and that nothing herein shall relieve any party from any liability for fraud or any willful material
breach of the provisions of this Agreement prior to such termination. 
 ARTICLE XII 

INDEMNIFICATION 
 12.1 Survival. This Article XII and each Seller representation and warranty contained in this Agreement shall continue in full force and effect and shall survive the Closing. 

12.2 Indemnification of Buyer. Subject to the limitations set forth in this ARTICLE XII, Seller shall indemnify and hold harmless,
to the fullest extent permitted by Law, the Buyer, its employees, officers, directors, Affiliates (including Scandic after the closing), and representatives and their respective successors and assigns (collectively, the “Buyer Indemnified
Parties”) from, against and in respect of any and all Losses based upon, arising out of or incurred as a result of any of the following: 
 (a) any breach of, or any inaccuracy in (without reference to, and excluding the disclosure of, any updated Schedule information delivered pursuant to Section 7.6), any representation or warranty, as
of the date hereof or as of the Closing Date, made by Seller in this Agreement or in the certificate delivered pursuant to Section 9.4; or 
 (b) (i) any breach or default in performance by Seller any of the covenants or obligations contained in this Agreement; or 

(c) any Transaction Expenses that have not been paid in full by Seller at or prior to the Closing. 

  
 24 

 12.3 Indemnification of Seller. Subject to the limitations set forth in this ARTICLE
XII, Buyer shall indemnify and hold harmless, to the fullest extent permitted by Law, Seller and its Affiliates, and their respective successors, heirs, personal representatives, executors and permitted assigns (collectively, the “Seller
Indemnified Parties”) from, against and in respect of any and all Losses based upon, arising out of or incurred as a result of any of the following: 
 (a) any breach of, or inaccuracy in (without reference to, and excluding the disclosure of, any updated Schedule information delivered pursuant to Section 7.6), any representation or warranty, as of
the date hereof or as of the Closing Date, made by Buyer in this Agreement or in the certificate delivered pursuant to Section 10.4; or 
 (b) any breach or default in performance by Buyer of any covenant or obligation of Buyer contained in this Agreement; or 

(c) any transaction expenses incurred by it that have not been paid in full by Buyer at or prior to the Closing.

 12.4 Third Party Claims. 

(a) Promptly after the receipt by any Person entitled to indemnification pursuant to this ARTICLE XII
(the “Indemnified Party”) of notice of
the commencement of any Action involving a third party (such Action, a “Third Party Claim”), such Indemnified Party shall, if a claim with respect thereto is to be made against any party or parties obligated to provide indemnification pursuant to this ARTICLE XII (the “Indemnifying
Party”), give such Indemnifying Party written
notice of such Third Party Claim in reasonable detail in light of the circumstances then known to such Indemnified Party; provided that the failure of the Indemnified Party to provide such notice shall not relieve the Indemnifying Party of
its obligations hereunder, except to the extent that such failure to give notice shall actually and materially prejudice any defense or claim available to the Indemnifying Party. 

(b) The Indemnifying Party shall be entitled to assume the defense of any Third Party Claim with counsel reasonably
satisfactory to the Indemnified Party, at the Indemnifying Party’s sole expense; provided that the Indemnifying Party shall not be entitled to assume or continue control of the defense of any Third Party Claim if (i) the Third Party
Claim relates to or arises in connection with any criminal Action, (ii) the Third Party Claim seeks an injunction or equitable relief against any Indemnified Party, (iii) the Third Party Claim would reasonably be expected to have a material
adverse effect on the Indemnified Party’s business or relates to its clients, vendors or other service providers, (iv) the Indemnifying Party has failed or is failing to defend in good faith the Third Party Claim or has failed to provide
reasonable assurance to the Indemnified Party of its financial capacity to defend such Third Party Claim and provide indemnification with respect thereto, or (v) the Indemnifying Party has not acknowledged that such Third Party Claim is subject
to indemnification pursuant to this ARTICLE XII. 

  
 25 

 (c) If the Indemnifying Party assumes the defense of any Third Party Claim,
(i) it shall not settle the Third Party Claim unless (A) the settlement does not entail any admission of liability on the part of any Indemnified Party, and (B) the settlement includes an unconditional release of each Buyer Indemnified
Party or Seller Indemnified Party, as applicable, reasonably satisfactory to the Indemnified Party, from all Losses with respect to such Third Party Claim, (ii) it shall indemnify and hold the Indemnified Party harmless from and against any and
all Losses caused by or arising out of any settlement or judgment of such claim and may not claim that it does not have an indemnification obligation with respect thereto, and (iii) the Indemnified Party shall have the right (but not the
obligation) to participate in the defense of such Third Party Claim and to employ, at its own expense, counsel separate from counsel employed by the Indemnifying Party; provided that the fees, costs and expenses of such counsel shall be at
the expense of the Indemnifying Party if the Indemnifying Party and the Indemnified Party are both named parties to the proceedings and the Indemnified Party shall have reasonably concluded that representation of both parties by the same counsel
would be inappropriate due to actual or potential differing interests between them; provided, however, that the Indemnifying Party shall only be responsible for the costs and expenses of a single law firm for all of the Indemnified
Parties as a group. 
 (d) Each party shall cooperate, and cause their respective Affiliates to cooperate, in the
defense or prosecution of any Third Party Claim. Any consent to be given by the Buyer Indemnified Parties under this Section 12.4 shall be given by Buyer acting on behalf of the Buyer Indemnified Parties and any consent to be given by the
Seller Indemnified Parties under this Section 12.4 shall be given by Seller acting on behalf of the Seller Indemnified Parties. 
 12.5 Effect of Knowledge or Waiver of Condition. The right to indemnification, payment of Losses or other remedies based on any representations, warranties, covenants or agreements set forth in any
Transaction Document or in any document delivered with respect hereto or thereto will not be affected by any investigation conducted with respect to, or any knowledge or information acquired (or capable of being acquired) at any time, whether before
or after the execution and delivery of this Agreement or the Closing Date, with respect to the accuracy or inaccuracy of or compliance with, any such representation, warranty, covenant or agreement (other than disclosures made in the Schedules
hereto). The waiver of any condition based on the accuracy of any representation or warranty, or on the performance of or compliance with any covenant or agreement, will not affect the right to indemnification, payment of Losses, or other remedy
based on such representations, warranties, covenants or agreements. 
 ARTICLE XIII 

MISCELLANEOUS 
 13.1 Expenses. Buyer shall pay all of the expenses (including attorneys’ and accountants’ fees, costs and expenses) in connection with the negotiation of this Agreement, the performance
of their obligations hereunder and the consummation of the transactions contemplated by this Agreement. 
 13.2
Amendment. This Agreement may not be amended except by an instrument in writing signed on behalf of Buyer and Seller. 

  
 26 

 13.3 Entire Agreement. The Transaction Documents contain all of the terms, conditions
and representations and warranties agreed to by the parties relating to the subject matter of this Agreement and supersede all prior and contemporaneous agreements, negotiations, correspondence, undertakings and communications of the parties or
their representatives, oral or written, respecting such subject matter. 
 13.4 Notices. Any notice or other
communication required or permitted under this Agreement shall be deemed to have been duly given and made if (a) in writing and served by personal delivery upon the party for whom it is intended; (b) if delivered by facsimile with receipt
confirmed; or (c) if delivered by certified mail, registered mail or courier service, return-receipt received to the party at the address set forth below, to the Persons indicated: 

If to Buyer, to: 
 Nordic American Tankers Limited 
 LOM Building, 27 Reid Street 

Hamilton, HM 11 

Bermuda 

Attention: Chief Financial Officer 
 Facsimile: +47 33 42 73 01 
 with a copy (which shall not constitute notice) to:

 Seward & Kissel LLP 
 One Battery Park Plaza 
 New York, New York 10004 

Attention: Gary J. Wolfe 
 Facsimile: (212)480-8421 
 If to Seller, to: 

Burma Shipping & Investment AS 
 Bekkasinveien 12, 
 3212 Sandefjord 

Norway 

Attention: Herbjørn Hansson 
 Facsimile: +47 33 42 73 01 
 Such addresses may be changed, from time to time, by means of a
notice given in the manner provided in this Section 13.4. 
 13.5 Waiver. Waiver of any term or condition of this
Agreement by any party shall only be effective if in writing and shall not be construed as a waiver of any subsequent breach or failure of the same term or condition, or a waiver of any other term or condition of this Agreement. 

  
 27 

 13.6 Binding Effect; Assignment. Neither this Agreement nor any of the rights,
interests or obligations hereunder shall be assigned by any party without the prior written consent of the other party, and any purported assignment or other transfer without such consent shall be void and unenforceable. This Agreement shall be
binding upon, inure to the benefit of and be enforceable by the parties to this Agreement and their respective successors heirs, personal representatives, executors and permitted assigns. 

13.7 No Third Party Beneficiary. Nothing in this Agreement shall confer any rights, remedies or claims upon any Person not a party
or a permitted assignee of a party to this Agreement, except as set forth in ARTICLE XII (Indemnification). 
 13.8 Governing
Law. This Agreement, and all claims or causes of action (whether in contract or tort) that may be based upon, arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement (including any claim or cause
of action based upon, arising out of or related to any representation or warranty made in or in connection with this Agreement or as an inducement to enter into this Agreement), shall be governed by the internal laws of the State of New York,
without regard to the conflict of laws principles thereof. 
 13.9 Consent to Jurisdiction and Service of Process.
Buyer and Seller hereby irrevocably submit to the non-exclusive jurisdiction of the state and federal courts sitting in the City of New York, borough of Manhattan for the adjudication of any dispute brought by Buyer or Seller in connection herewith
or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of any of the transaction documents), and hereby irrevocably waive, and agree not to assert in any suit, action or proceeding brought by the
company or the purchaser, any claim that it is not personally subject to the jurisdiction of any such court, or that such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process and consents to
process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or international overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under
this agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law.

 13.10 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE CONTEMPLATED TRANSACTIONS (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). 

13.11 Severability. If any provision of this Agreement is held by a court of competent jurisdiction to be invalid, void or
unenforceable, the remainder of the provisions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated so long as the economic or legal substance of the transactions contemplated by this
Agreement is not affected in any manner materially adverse to any party hereto. Upon such a determination, Buyer and Seller shall negotiate in good faith to modify this Agreement so as to 

  
 28 

 
effect the original intent of the parties as closely as possible in a reasonably acceptable manner so that the transactions contemplated by this Agreement may be consummated as originally
contemplated to the fullest extent possible. 
 13.12 Counterparts. This Agreement may be signed in any number of
counterparts with the same effect as if the signatures to each counterpart were upon a single instrument, and all such counterparts together shall be deemed an original of this Agreement. Counterparts may be executed either in original, facsimile or
digital transmission form, and the parties adopt any signatures received by a receiving facsimile machine or computer as original signatures of the parties. This Agreement shall become effective when, and only when, each party hereto shall have
received a counterpart hereof signed by all of the other parties hereto. 
 [Remainder of page intentionally left blank]

  
 29 

 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the
date first above written. 
  

			
	NORDIC AMERICAN TANKERS LIMITED
		
	By:	 	 /s/ Turid M. Sørensen

	Name:	 	Turid M. Sørensen
	Title:	 	EVP & CFO
	
	BURMA SHIPPING & INVESTMENTS AS
		
	By:	 	 /s/ Herbjørn Hansson

	Name:	 	Herbjørn Hansson
	Title:	 	Chairman

  

									
		 		 		 	 /s/ Paul J. Hopkins

		 	Sir David Gibbons	 	Andreas Ove Ugland	 	Paul J. Hopkins
		 		 		 		 	
					
		 	Richard H.K. Victor	 	Jim Kelly	 		 	

 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the
date first above written. 
  

			
	NORDIC AMERICAN TANKERS LIMITED
		
	By:	 	  

	Name:	 	Turid M. Sørensen
	Title:	 	EVP & CFO
	
	BURMA SHIPPING & INVESTMENTS AS
		
	By:	 	  

	Name:	 	Herbjørn Hansson
	Title:	 	Chairman

  

											
		 	 /s/ Sir David Gibbons
	 		 		 		 	
		 	Sir David Gibbons	 		 	Andreas Ove Ugland	 	Paul J. Hopkins	 	
		 		 		 		 		 	
						
		 	Richard H.K. Victor	 		 	Jim Kelly	 		 	

 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the
date first above written. 
  

			
	NORDIC AMERICAN TANKERS LIMITED
		
	By:	 	  

	Name:	 	Turid M. Sørensen
	Title:	 	EVP & CFO
	
	BURMA SHIPPING & INVESTMENTS AS
		
	By:	 	  

	Name:	 	Herbjørn Hansson
	Title:	 	Chairman

  

													
		 		 		 	 /s/ Andreas Ove Ugland
	 		 		 	
		 	Sir David Gibbons	 		 	Andreas Ove Ugland	 		 	Paul J. Hopkins	 	
							
		 	 /s/ Richard H.K. Victor
	 		 		 		 		 	
		 	Richard H.K. Victor	 		 	Jim Kelly	 		 		 	

 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the
date first above written. 
  

			
	NORDIC AMERICAN TANKERS LIMITED
		
	By:	 	  

	Name:	 	Turid M. Sørensen
	Title:	 	EVP & CFO
	
	BURMA SHIPPING & INVESTMENTS AS
		
	By:	 	  

	Name:	 	Herbjørn Hansson
	Title:	 	Chairman

  

													
		 		 		 		 		 		 	
		 	Sir David Gibbons	 		 	Andreas Ove Ugland	 		 	Paul J. Hopkins	 	
							
		 		 		 	 /s/ Jim Kelly
	 		 		 	
		 	Richard H.K. Victor	 		 	Jim KellyEX-4.42

 EXHIBIT 4.42 
 AMENDED AND RESTATED 
 EXECUTIVE EMPLOYMENT AGREEMENT 

THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT is dated as of December 7, 2012 (the “Effective Date”) 

BETWEEN: 
 SEASPAN
CORPORATION (the “Company”) 
 AND: 
 GERRY WANG (the “Executive”) 
 WHEREAS: 

 

	A.	The Executive has served since 2000 and, pursuant to an Executive Employment Agreement dated as of March 14, 2011 (the “Original Agreement”), is
presently serving as the Company’s Chief Executive Officer (“CEO”). 

  

	B.	The term of the Original Agreement ends on January 1, 2013 

  

	C.	The Company and the Executive desire to enter into this amended and restated employment agreement to, among other things, extend the Executive’s employment term
with the Company. 

 NOW, THEREFORE in consideration of the terms and conditions set forth below, other good and valuable
consideration the receipt and sufficiency of which is acknowledged by the parties, the parties hereto agree as follows: 
  

	1.	DEFINITIONS 

  

	1.1	In this Agreement: 

“Affiliate” means, with respect to any Person, any Person who owns or controls, is owned or controlled by, or is under common ownership
or control with, such Person. As used in this definition, “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. 
 “Agreement” means this
Amended and Restated Executive Employment Agreement between the Company and the Executive. 

 “Benefits” means insured benefit plans and other employee welfare benefits consistent with
the policies of the Company customarily applicable to senior executives of the Company; provided, however, that Benefits shall exclude all bonus, retention, equity or equity related, retirement or similar benefit plans or benefits.

 “Board” means the Board of Directors of the Company. 
 “Business” means the business of owning, chartering (in or out) or re-chartering and/or managing Container Vessels and any other lawful act or activity customarily conducted in
conjunction therewith. 
 “CEO” means the Company’s Chief Executive Officer 

“Change of Control” means: 
  

	 	(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; 

  

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

 

	 	(c)	the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” (as such term is
used in Section 13(d)(3) of the U.S. Securities Exchange Act of 1934, as amended) becomes the beneficial owner, directly or indirectly, of more than a majority of the Company’s voting securities, measured by voting power rather than number
of shares; provided, however, that aggregate beneficial ownership by Washington, Dennis Washington, members of his immediate family or any their respective Affiliates or associates (collectively, the “Washington Group”) of a
majority of the Company’s voting securities shall not be deemed to constitute a Change of Control for purposes of this Agreement unless the Washington Group acquires aggregate beneficial ownership of 90% or more of the Company’s voting
securities, in which case such ownership shall be deemed to constitute a Change of Control; 

  

	 	(d)	if, at any time, the Company becomes insolvent, admits in writing its inability to pay its debts as they become due, commits an act of bankruptcy, 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 the Marshall Islands or 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)	a change in directors after which a majority of the members of the Board are not Continuing Directors; or 

 

	 	(f)	the consolidation of the Company with, or the merger of the Company with or into, any “person”, or the consolidation of any “person” with, or the
merger of any “person” with or into, the Company, in any such event pursuant to a transaction in which any of the outstanding common shares of the Company are converted into or exchanged for cash, securities or other property or receive a
payment of cash, securities or other property, other than any such transaction where the Company’s voting stock outstanding immediately prior to such transaction is converted into or exchanged for voting stock of the surviving or transferee
“person” constituting a majority of the outstanding shares of such voting stock of such surviving or transferee “person” immediately after giving effect to such issuance. 

  
 2 

 “Claims” means the claims described in Section 5.4. 

“Common Stock” means the Class A common shares of the Company, par value $0.01 per share. 

“Company” means Seaspan Corporation, a Marshall Islands corporation, or any successor to its business and/or assets as provided in
Section 10.3. 
 “Confidential Information” has the meaning ascribed to such term in Section 6.3. 

“Container Investment Opportunity” has the meaning provided in the Right of First Refusal Agreement. 

“Container Vessel” means an ocean-going vessel specifically constructed to transport containerized cargo. 

“Container Vessel Business” has the meaning provided in the Right of First Refusal Agreement. 

“Container Vessel Business Acquisition” has the meaning provided in the Right of First Refusal Agreement. 

“Continuing Directors” means, as of any date of determination, any member of the Board who either (i) was a member as of the
Effective Date or (ii) was nominated for election or appointment to the Board with the approval of the majority of the members of the Board who either were members of the Board as of the Effective Date or whose nomination or election was
previously so approved. 
 “Declined Investment Opportunity” has the meaning provided in the Non-Competition Agreement dated as
of March 14, 2011 among the Executive and the GC Entities. 
 “Disability” means the Executive has one or more illnesses
or injuries that have rendered the Executive incapable (mentally, physically or otherwise) of substantially performing the Services on a full-time basis for a period of one hundred twenty (120) consecutive calendar days or a total of one
hundred eighty (180) calendar days in any 12-month period, as determined by a physician mutually chosen by the parties. 

“Disability Term” has the meaning ascribed to such term in Section 5.3(b). 

  
 3 

 “Effective Date” has the meaning ascribed to such term in the introductory statement.

 “Employment Period” means the period from the Effective Date to the Termination Date. 

“Entity” means any corporation, limited liability company, partnership, limited partnership, limited liability partnership, joint
venture, trust, business trust, organization, firm, unincorporated association, estate or other legal entity. 
 “Execution
Date” has the meaning ascribed to such term in Section 4.3(c). 
 “Executive” means Gerry Wang. 

“GC Entities” means, collectively, Greater China Industrial Investments LLC and GC Intermodal. 

“GC Intermodal” means Greater China Intermodal Investments LLC. 
 “Good Reason” means the occurrence of any of the following events without the written consent of the Executive: 

 

	 	(a)	any reduction in the Executive’s Salary under this Agreement; 

  

	 	(b)	any material breach by the Company of this Agreement; 

  

	 	(c)	the Executive being assigned duties and responsibilities materially inconsistent with those normally associated with his position or there being any material change in
the Executive’s title or reporting hereunder (including, for greater certainty and for so long as the Executive serves on the Board, with respect to the Executive’s position as Co-Chairman of the Board), provided that any change
contemplated in Section 2.2 will not be Good Reason; 

  

	 	(d)	the Company changes its purpose to include the conduct of business in addition to the Business (which shall exclude any investment by the Company in Greater China
Investments); 

  

	 	(e)	the occurrence of a winding up, dissolution or liquidation of the Company; 

 

	 	(f)	the Company assigns this Agreement in violation of Section 10.3; or 

  

	 	(g)	a Change of Control of the Company; 

provided that the Executive terminates his employment for Good Reason hereunder within one hundred twenty (120) days from the date that he
has actual notice of such reduction, change, material breach, transfer or event. 
 “Greater China Investments” means
(i) the GC Entities, (ii) each direct or indirect Subsidiary of the GC Entities, (iii) any other Person in which the GC Entities have made a direct or indirect Investment and (iv) the successor entities of (i), (ii) and
(iii). 

  
 4 

 “Housing Allowance” has the meaning ascribed to such term in Section 4.8. 

“Indemnitor” has the meaning ascribed to such term in Section 9.1. 
 “Investment” means any equity or debt investment made or committed to be made by the GC Entities or any of their Subsidiaries, except that payment of any general, administrative or other
operating or formation expense of the GC Entities or any of their Subsidiaries (including through any investment in any such entity, to the extent so designated by the Transaction Committee) will not constitute an Investment. 

“Just Cause” means conduct of the Executive that constitutes just cause to terminate the Executive’s employment without any notice
or compensation in lieu of notice at common law, and represents the occurrence or existence of any of the following events: 
  

	 	(a)	the Executive’s gross negligence in performing the Services or the Executive’s willful, material failure to comply with any lawful directive of the Board,
provided that written notice stating the basis for the termination is provided to the Executive and the Executive is given at least thirty (30) days to cure the neglect or conduct that is the basis of such claim and, if the Executive fails to
cure such neglect or conduct (or such neglect or conduct is incurable), the Executive shall have an opportunity to be heard before the full Board (at which the Executive may be accompanied by counsel) and, after such hearing, there is a majority
vote of all members of the Board (excluding the Executive) to terminate the Executive’s employment for Just Cause which vote is communicated to the Executive in writing; 

 

	 	(b)	the Executive’s willful, material breach of this Agreement, provided that written notice stating the basis for the termination is provided to the Executive and the
Executive is given at least thirty (30) days to remedy the breach that is the basis of such claim and, if the Executive fails to remedy such breach (or such breach cannot be remedied), the Executive shall have an opportunity to be heard before
the full Board (at which the Executive may be accompanied by counsel) and, after such hearing, there is a majority vote of all members of the Board (excluding the Executive) to terminate the Executive’s employment for Just Cause which vote is
communicated to the Executive in writing; 

  

	 	(c)	the Executive having been convicted of, or having entered a guilty plea or settlement admitting guilt for, any crime, which commission, conviction, plea or settlement
results in a Material Adverse Effect except where the Executive has been convicted of (or pleads nolo contendere to) a crime relating to environmental or shipping laws absent an intentional criminal act by the Executive; or 

 

	 	(d)	the Executive having been the subject of any order, judicial or administrative, obtained or issued by a securities commission, for, any securities violation involving
fraud or other moral turpitude, which results in a Material Adverse Effect; 

  
 5 

 provided that the Company terminates the Executive’s employment within one hundred twenty
(120) days from the date the Company has actual notice of such gross negligence, failure, breach, order or event. 
 “Material
Adverse Effect” means a material consequential negative effect on the financial conditions or operations of the Company, or a materially injurious and continuing effect on the reputation of the Company. 

“New Build” means a Vessel under construction or to be constructed pursuant to a ship building contract between the Company or a
controlled Affiliate thereof and a ship builder. 
 “Original Agreement” has the meaning ascribed thereto in the recitals to
this Agreement. 
 “New Build Contract” has the meaning ascribed to such term in Section 4.3(a). 

“Passive Investments” means any investment by a Person in any Entity pursuant to which (i) such Person does not have the right or
ability to (A) exercise control over such Entity, (B) appoint, elect or designate any director of any Entity (or other Person performing a similar function) in connection with such investment or (C) veto or block any material
transaction effected by any Entity in which such investment is made (other than veto or blocking rights held by all holders of any class or series of equity or debt securities of such Entity, provided, that such Person does not own or control a
majority of such class or series of equity or debt securities or hold a number of such securities sufficient to allow such Person to control any determination relating to any such veto or blocking right) and (ii) such Person in the aggregate,
directly or beneficially, owns less than 20% of the voting stock or other equity interests then outstanding (whether voting or nonvoting) of such Entity. For the avoidance of doubt, an investment with respect to which (a) a Person or its
Affiliate serves as a member of the Entity’s board of directors, board of managers or similar governing body (in each case, other than Permitted Service), or otherwise serves as a consultant or paid advisor to such Entity, or (b) a Person,
together with its Affiliates, owns 20% or more of the voting stock or other equity interests then outstanding (whether voting or nonvoting) of such Entity, is not a Passive Investment for purposes of this Agreement. 

“Performance Bonus” has the meaning ascribed to such term in Section 4.2. 
 “Performance Cash” has the meaning ascribed to such term in Section 4.2. 

“Performance Objectives” has the meaning ascribed to such term in Section 4.2. 

“Performance Shares” has the meaning ascribed to such term in Section 4.2. 

“Permitted Service” means service as a member of the board of directors, board of managers or similar governing bodies of, Entities
other than the Company and its Subsidiaries, (x) with respect to Entities whose business is outside the scope of the Business, and (y) with respect to Entities whose business is within the scope of the Business, subject to the prior
approval of a majority of the Board. 
 “Person” means any individual or Entity. 

  
 6 

 “Purchase or Sale Contract” has the meaning ascribed to such term in Section 4.3(a).

 “Rejected Investment” means an acquisition by Washington or its Affiliates of Washington Identified Vessels in connection
with the exercise by Washington of its rights pursuant to Section 2(c) of the Right of First Refusal Agreement. 
 “Restrictive
Covenant Agreement” has the meaning ascribed to such term in Section 7.1. 
 “Restricted Period” has the meaning
ascribed to such term in Section 7.2. 
 “Right of First Refusal Agreement” means that certain Right of First Refusal
Agreement, dated as of March 14, 2011, by and among the Company, GC Intermodal and Washington. 
 “ROFR Period” means the
period beginning as of the date of this Agreement and ending on the earlier of (a) March 31, 2015 and (b) the date on which the Right of First Refusal Agreement is terminated pursuant to Section 5 thereof. 

“Salary” has the meaning ascribed to such term in Section 4.1. 
 “SC Trading Average” means, as of a given date, the volume-weighted, average trading price of Common Stock for the 20 trading days immediately preceding such date. 

“Services” means those services set out in Section 2.2. 
 “SARs” has the meaning ascribed to such term in Section 4.6. 
 “SARs
Agreement” has the meaning ascribed to such term in Section 4.6. 
 “Subsidiary” means, with respect to any
Person, any other Person more than fifty (50%) percent of the voting power of which is held, directly or indirectly, by such first Person and/or any of such first Person’s Subsidiaries, or over which such Person either directly or
indirectly exercises Control (including (i) any limited partnership of which such first Person, directly or indirectly, is the general partner or otherwise has the power to direct or cause the direction of the management and policies thereof
and (ii) any limited liability company of which such first Person, directly or indirectly, is the managing member or otherwise has the power to direct or cause the direction of the management and policies thereof). 

“Term” has the meaning ascribed to such term in Section 3.1. 
 “Termination Date” means the effective date of the Executive’s termination of employment hereunder in accordance with Section 5. 

“Transaction” means a transaction effected pursuant to a New Build Contract or a Purchase or Sale Contract. 

“Transaction Committee” means, as applicable, the Transaction Committee of the Board of Managers of Greater China Industrial Investments
LLC or GC Intermodal. 
 “Transaction Fee” has the meaning ascribed to such term in Section 4.3(a). 

  
 7 

 “Transaction Fee Payment Date” has the meaning ascribed to such term in
Section 4.3(b). 
 “Transaction Fee Shares” has the meaning ascribed to such term in 4.3(b). 

“Transaction Services” means the following services: 
 (a) identifying, negotiating and securing opportunities for the Company or its controlled Affiliates to acquire or to construct vessels, and negotiating and carrying out the purchase of both new and used
vessels; 
 (b) identifying, negotiating and securing potential divestitures or dispositions of any of the Vessel Assets;

 (c) negotiating New Build Contracts and related specifications and documentation; and 

(d) negotiating Vessel purchase and sale agreements and related documentation. 
 “Transaction Services Agreement” means the Amended and Restated Transaction Services Agreement, dated as of the date hereof, between the Company and the Executive. 

“Vacation” means the Executive’s entitlement to paid vacation during the Employment Period set out in Section 4.4(c).

 “Vessel Assets” means the Vessels and any assets that are customarily owned or operated in conjunction with the Vessels, in
each case. 
 “Vessel Purchase Contract” has the meaning provided in the Right of First Refusal Agreement. 

“Vessels” means the Container Vessels owned or leased by the Company or any of its controlled Affiliates from time to time and
“Vessel” means any one of them. 
 “Washington” means Blue Water Commerce, LLC, a limited liability company
formed under the laws of Montana. 
 “Washington Identified Vessels” has the meaning ascribed to such term in the Right of
First Refusal Agreement. 
  

	2.	POSITION AND SERVICES 

  

	2.1	Employment by the Company 

 The Company
will continue to employ the Executive, and the Executive will serve the Company during the Employment Period, on the terms and conditions set out herein. 

  
 8 

	2.2	Appointment as CEO of the Company 

Subject to Section 2.5, during the Employment Period the Executive will hold the position of CEO of the Company and will have the powers and
authorities customarily associated with such office, will perform the duties and responsibilities normally or usually associated with the position of CEO of the Company and will perform such other duties as may from time to time reasonably be
delegated to the Executive by the Board (the “Services”) consistent with Section 2.4; provided, however, that the Board may appoint a President and/or Chief Operating Officer and delegate to such officers such
duties and responsibilities as the Board determines. The Executive will perform the Services competently, efficiently and with due care and, except as provided in Sections 2.3 and 2.4 but subject to applicable fiduciary duties as an officer of
the Company, the Executive will act in the best interest of the Company. 
  

	2.3	Acknowledgement of Other Services 

 The
Company hereby acknowledges that the Executive may also serve in one or more of the following positions: director, manager, officer or employee of, or advisor or consultant to, Greater China Investments and/or Tiger Management Limited. The Company
acknowledges that the Executive may invest and own or hold equity interests in Greater China Investments and/or Tiger Management Limited and its Subsidiaries, and that such interests may be significant. The Company also acknowledges that (a) GC
Intermodal and its Subsidiaries plan to engage in activities competitive with the activities of the Company and its Subsidiaries, including the Business and the investment in, and ownership and operation of, Container Vessels and (b) Tiger
Management Limited and certain of its Subsidiaries intend to provide certain services to Greater China Investments in connection with the activities of Greater China Investments. Such activities shall not constitute a breach of this Agreement.

  

	2.4	Devotion of Time 

 The Executive will
devote such portion of his normal business time and attention to the Services as is reasonably necessary for the conduct thereof. The Company acknowledges that the amount of time the Executive will allocate among the respective businesses of the
Company and Greater China Investments will vary from time to time depending on various circumstances and needs of such businesses. 
  

	2.5	Location of Offices 

 The Company
maintains offices at a location in Hong Kong. During the Employment Period, the Executive shall be based in either Hong Kong or in such other jurisdiction as the Company and the Executive may mutually agree. 

 

	2.6	Resignation of Director Status 

 If at any
time upon or following (a) the expiration or termination of the ROFR Period or (b) delivery of a notice under Section 5.1(a)(i) or 5.2(a)(ii) of this Agreement, the Board requests that the Executive tender his resignation as a
director of the Company, the Executive shall tender his resignation with immediate effect. 

  
 9 

	3.	TERM 

  

	3.1	Term 

 The term of the Executive’s
employment pursuant to this Agreement shall be the period from the Effective Date through the end of the ROFR Period (the “Term”). 
  

	3.2	Termination During Term 

 Notwithstanding
any other provision contained in this Agreement, the employment of the Executive under this Agreement may be terminated in accordance with Section 5 at any time. 
  

	4.	COMPENSATION AND BENEFITS 

  

	4.1	Salary 

 During the Employment Period, the
Company will pay to the Executive an annual salary of US$1.25 million (the “Salary”), less appropriate deductions and withholdings, payable on not less than a monthly basis, in accordance with the Company’s customary payroll
practices for executive salaries. The Board (or an appropriate committee thereof) will review the Salary from time to time during the Employment Period and may, in its sole discretion, increase the Salary. The Salary, as increased, may not be
reduced without the written consent of the Executive. 
  

	4.2	Performance Bonus. 

  

	 	(a)	Each year during the Term the Executive shall be entitled to receive an annual performance bonus (the “Performance Bonus”) with a target amount of
US$1.2 million based upon the attainment of performance objectives (the “Performance Objectives”) for such year to be mutually agreed upon by the Executive and the Company in good faith (i) by March 31, 2013 and 2014
with respect to the years ending December 31, 2013 and 2014, respectively, and (iii) by December 31, 2014 with respect to the quarter ending March 31, 2015. The parties acknowledge that the Performance Objectives for the year
ending December 31, 2012 have already been mutually agreed to and will serve as the basis for the Executive’s Performance Bonus for the entire year then ending. The Board (or an applicable committee thereof) shall determine attainment of
the Performance Objectives and the amount of the payment Executive shall receive with respect to the Performance Bonus for a given year (or portion thereof) in its sole discretion. The amount of the Performance Bonus for the quarter ending
March 31, 2015 shall be pro rated to a target amount of US$300,000. 

  

	 	(b)	 Fifty percent (50%) of any Performance Bonus shall be paid in cash (the “Performance Cash”) and the remaining fifty percent
(50%) shall be paid in fully vested shares of Common Stock (the “Performance Shares”), with the number of shares based upon the SC Trading Average as of December 31st of the applicable year (or as of March 31, 2015, with respect to the quarter then ending). The Performance Cash
will be paid in a lump sum, and the Performance Shares shall 

  
 10 

	 	
be issued and delivered promptly following determination of the amount of the Performance Bonus by the Board (or an applicable committee thereof) but in no event later than March 31st of the year following the year it was earned (or June 30, 2015,
with respect to the quarter ending March 31, 2015). 

  

	 	(c)	 Subject to Section 5, the Executive must remain continuously employed by the Company and its Affiliates on December 31st of each applicable performance year to receive a Performance Bonus;
provided, however, that such employment must continue through March 31, 2015 with respect to the Performance Bonus relating to the quarter then ending. 

 

	4.3	Transaction Fees 

  

	 	(a)	 In the event that during the Term the Company (or one of its controlled Affiliates) enters into any definitive, legally-binding agreement providing for
(i) New Build construction (a “New Build Contract”) or (ii) the purchase, acquisition or sale of any Vessel ((x) including, in the case of a sale transaction, whether such transaction is effected as an acquisition or
disposition of such assets directly or of the equity of an entity owning such assets or otherwise but (y) in all cases excluding any transactions that are not recorded as an acquisition, sale or disposition, as the case may be, of assets on the
Company’s consolidated audited financial statements prepared in accordance with United States generally accepted accounting principles (“GAAP”)) (a “Purchase or Sale Contract”), the Executive shall be entitled
to a fee (a “Transaction Fee”) in the amount of one and a quarter (1.25%) percent of the aggregate consideration payable by or to the Company (or the controlled Affiliate) pursuant to such New Build Contract or Purchase or Sale
Contract, as applicable. Notwithstanding clause (y) above, if either party believes in good faith that GAAP treatment of the applicable transaction would be inconsistent with the intent of this Section 4.3, the other party will discuss the
applicability of the Transaction Fee to such transaction with such party in good faith. For the avoidance of doubt, the aggregate consideration payable pursuant to any Purchase or Sale Contract for purposes of calculating the Transaction Fee
hereunder shall include the aggregate amount of debt assumed by the buyer in connection with such transaction. The Executive agrees that he will not accept any payment to or on behalf of the Executive by the applicable ship builder or Vessel
purchaser or seller, as applicable, with respect to any transaction. Notwithstanding any provision of this Agreement to the contrary: (1) the Transaction Fee is not and shall not be regarded for any purpose as salary, wages, benefits nor
employment remuneration on any account, but shall be regarded as wholly separate and apart therefrom and solely as business income to the Executive; and (2) the Transaction Services are not and shall not be regarded as being rendered by the
Executive as an employee of the Company, nor in his capacity as an officer of the Company, nor by virtue of his office at the Company, but as business services independently rendered to the Company by the Executive. The Company will make the
appropriate withholdings and deductions on the basis the Transaction Fees constitute business income (and not salary, wages, benefits or employment remuneration) to the Executive. Notwithstanding

  
 11 

	 	
anything to the contrary (including, without limitation, Article 9 of this Agreement), the Executive agrees to be fully responsible for and to pay when due and shall indemnify, defend and
hold harmless the Company (and its agents, employees, officers, and directors) from and against, any and all domestic and foreign federal, state, provincial and local taxes, withholdings or contributions, including interest and penalties thereon and
additions thereto, and for costs and expenses (including attorney’s fees), with respect to the Company making its withholdings and deductions on this basis on any and all Transaction Fees payable. The Transaction Fees shall be paid pursuant to
this Section 4.3 regardless of whether the Transaction was proposed or recommended by the Executive, an Affiliate or any third party. 

  

	 	(b)	Subject to Section 5, the Transaction Fee shall be payable by the Company (i) with respect to a New Build Contract, incrementally and concurrently with each
installments payment made by the Company (or the controlled Affiliate) under such New Build Contract and (ii) with respect to a Purchase or Sale Contract, on the applicable closing date of the Vessel purchase or sale thereunder (each a
“Transaction Fee Payment Date”). The Transaction Fees shall be paid in either (i) cash or (ii) a combination of cash and up to fifty (50%) percent shares of Common Stock (“Transaction Fee Shares”) as
determined by the Company in its sole discretion. The number of Transaction Fee Shares to be granted shall be based upon the SC Trading Average as of the applicable Transaction Fee Payment Date. The Transaction Fee Shares shall be fully vested on
the date of grant. 

  

	 	(c)	Subject to Section 5, the Executive must be employed by the Company or an Affiliate on the date on which the New Build Contract or Purchase or Sale Contract is
entered into (the “Execution Date”) but need not be so employed on the Transaction Fee Payment Date to receive payment of the Transaction Fees in accordance with this Section 4.3. 

 

	 	(d)	In no event shall any Transaction Fee be payable in connection with the transactions resulting in a Change of Control. Following a Change of Control, the Executive
shall continue to receive Transaction Fees (with respect to Transactions occurring prior to and following the Change of Control) in accordance with this Section 4.3. 

 

	 	(e)	Notwithstanding anything to the contrary, the amount of the Transaction Fee payable in connection with a Transaction shall be reduced (but not below zero) by the amount
of any similar fee paid by the Company in connection with such Transaction to an investment banking firm of nationally-recognized standing in North America, Asia or Europe, which firm is retained with the approval of the Board, including in such
approval a majority of the independent members of the Board. 

  

	 	(f)	 Notwithstanding anything to the contrary, the Executive shall not enter into any New Build Contract or Purchase or Sale Contract without the prior
approval of the Board (or an applicable committee thereof), and the Company and its 

  
 12 

	 	
Subsidiaries shall be under no obligation to accept any opportunity to enter into a New Build Contract or Purchase or Sale Contract (or to undertake any related transaction) presented to the
Company or one of its Subsidiaries by the Executive or otherwise. 

  

	4.4	Benefits 

 During the Employment Period:

  

	 	(a)	the Company will provide parking, at no cost to the Executive, within reasonable proximity to the Company’s primary office location and the Executive will be
responsible for any tax obligations arising from such parking; 

  

	 	(b)	the Company will make available to the Executive the Benefits, provided the Executive meets the eligibility requirements and other terms, conditions and restrictions of
the Benefits; and 

  

	 	(c)	the Executive will be entitled to 5 weeks paid vacation, including any statutory annual leave, during each calendar year (the “Vacation”).

  

	4.5	Expenses 

  

	 	(a)	The Company will reimburse the Executive for all reasonable business and entertainment expenses incurred by the Executive in connection with the performance of the
Executive’s duties hereunder. The Executive will account for such expenses in accordance with the Company’s regular reimbursement procedures and practices in effect from time to time. 

 

	 	(b)	The Company will promptly reimburse the Executive for all of the Executive’s reasonable legal fees and expenses incurred in connection with the negotiation and
documentation of this Agreement. 

  

	4.6	Stock Appreciation Rights 

 In connection
with the execution and delivery of this Agreement, the Company shall grant to Executive an award of stock appreciation rights in respect of shares of the Company’s Common Stock (the “SARs”) pursuant to the Stock Appreciation
Right Grant Notice and Agreement set forth as Exhibit A to this Agreement (the “SARs Agreement”). 
  

	4.7	Registration of Shares 

 Promptly
following their grant to Executive, the Company shall register the SARs under a Form S-8 registration statement filed with the U.S. Securities and Exchange Commission. 

  
 13 

	4.8	Housing Allowance 

 The Company will pay
to the Executive an annual amount of US$250,000 (the “Housing Allowance”) to compensate, offset or otherwise subsidize the cost of housing and accommodation for the Executive and the Executive’s family. The annual Housing
Allowance shall be paid in twelve (12) installments, on a monthly basis, and shall be prorated for any partial calendar year. 
  

	4.9	No Other Compensation 

 The Executive is
not entitled to any other compensation in respect of the Services other than the compensation set out in Section 4. 
  

	4.10	Withholding 

 All payments and awards to
the Executive pursuant to this Agreement shall be subject to appropriate deductions and withholdings for tax purposes. 
  

	5.	TERMINATION 

  

	5.1	Termination by the Company 

  

	 	(a)	The Company, in its sole discretion and at any time, may terminate the employment of the Executive: 

 

	 	(i)	immediately upon giving written notice for Just Cause; or 

  

	 	(ii)	without Just Cause subject to providing the Executive with at least three months’ advance written notice of the Termination Date; 

in which case the Executive will be entitled to Salary, Housing Allowance, Benefits and an amount equal to the Salary in lieu of
outstanding Vacation entitlement payable up to the Termination Date, payable on or as soon as practicable following the Termination Date. 
  

	 	(b)	If the Company terminates the Executive’s employment pursuant to paragraph 5.1(a)(ii) above, (i) the Executive will be entitled to the continued payment
in the ordinary course of Transaction Fees for any Transactions for which the Execution Date was prior to the Termination Date in accordance with Section 4.3, (ii) the Executive will receive a prorated Performance Bonus based upon the
actual number of days he worked during the applicable period determined as if all Performance Objectives for such year were attained in full and (iii) the SARs will be governed by the terms and conditions of the SARs Agreement. The Performance
Bonus shall be paid within fifteen (15) days following the Termination Date. 

  

	 	(c)	 If the Company terminates the Executive’s employment pursuant to paragraph 5.1(a)(i) above, the Executive shall forfeit (i) twenty-five
(25%)

  
 14 

	 	
percent of any unpaid Transaction Fees pursuant to Section 4.3 relating to payments made after the Termination Date but with respect to Transactions for which the Execution Date was prior to
the Termination Date and (ii) all then unvested SARs. 

  

	 	(d)	During the notice period under paragraph 5.1(a)(ii) above, the Executive shall, unless otherwise requested by the Company, continue to provide Services consistent with
Section 2 as directed by the Board. In the event a successor is appointed as CEO of the Company during the notice period, the notice period shall end automatically (the Termination Date shall thereby be deemed to occur) and the Executive’s
obligation to provide Services hereunder shall terminate. 

  

	5.2	Termination by Executive 

  

	 	(a)	The Executive may resign from employment with the Company: 

  

	 	(i)	at any time with immediate effect for Good Reason; or 

  

	 	(ii)	at any time without Good Reason by providing to the Company at least three months’ advance written notice of resignation; 

in which case the Executive will be entitled to Salary, Housing Allowance, Benefits and an amount equal to the Salary in lieu of
outstanding Vacation entitlement payable up to the Termination Date, payable on or as soon as practicable following the Termination Date. 
  

	 	(b)	If the Executive terminates his employment pursuant to paragraph 5.2(a)(i) above, (i) the Executive will be entitled to the continued payment in the ordinary
course of Transaction Fees for any Transactions for which the Execution Date was prior to the Termination Date in accordance with Section 4.3, (ii) the Executive will receive a prorated Performance Bonus based upon the actual number of
days he worked during the applicable period determined as if all Performance Objectives for such year were attained in full and (iii) the SARs will be governed by the terms and conditions of the SARs Agreement. The Performance Bonus shall be
paid within fifteen (15) days following the Termination Date. 

  

	 	(c)	If the Executive terminates his employment pursuant to paragraph 5.2(a)(ii) above, the Executive shall forfeit (i) twenty-five (25%) percent of any unpaid
Transaction Fees pursuant to Section 4.3 relating to payments made after the Termination Date but with respect to Transactions for which the Execution Date was prior to the Termination Date and (ii) all then unvested SARs.

  

	 	(d)	During the notice period under paragraph 5.2(a)(ii) above, the Executive shall, unless otherwise requested by the Company, continue to provide Services consistent with
Section 2 as directed by the Board. In the event a successor is appointed as CEO of the Company during the notice period, the notice period shall end automatically (and the Termination Date shall thereby be deemed to occur) and the
Executive’s obligation to provide Services hereunder shall terminate. 

  
 15 

	5.3	Death and Disability 

  

	 	(a)	Death. If the Executive dies during the Employment Period, the employment of the Executive will terminate as of the date of death and the Company will pay
forthwith to the estate of the Executive the Salary and Benefits through the date of death and an amount equal to the Salary in lieu of outstanding Vacation entitlement payable up to the Termination Date, payable on or as soon as practicable
following the Termination Date. In addition the Executive’s estate will continue to receive the Transaction Fees in accordance with Section 4.3 with respect to any Transactions for which the Execution Date was prior to the Executive’s
death. The SARs will be governed by the terms and conditions of the SARs Agreement. 

  

	 	(b)	Disability. If the Company terminates the Executive’s employment by reason of Disability, (i) the Executive will be entitled to Salary, Benefits and an
amount equal to the Salary in lieu of outstanding Vacation entitlement payable up to the Termination Date and (ii) the Company will pay the Executive continued Salary payments for one (1) year from the Termination Date (the
“Disability Term”) without setoff, deduction (other than applicable deductions and withholding for taxes) or any other reduction or claim whatsoever. The Executive will also continue to participate in the Benefits during the
Disability Term, subject to the terms and conditions of the Benefits plans without setoff, deduction (other than applicable deductions and withholding for taxes), or any other reduction or claim whatsoever. In addition the Executive will continue to
receive the Transaction Fees in accordance with Section 4.3 with respect to any Transactions for which the Execution Date was prior to the Termination Date. The SARs will continue to be governed by the terms and conditions of the SARs
Agreement. 

  

	5.4	Termination of Obligations 

 In the event
of termination of the employment of the Executive by the Company, by the Executive, by expiration of the Term or otherwise, all obligations of the Company to the Executive pursuant to this Agreement (other than the obligation to indemnify the
Executive under Section 9) will terminate except as specifically set forth in this Section 5 and the Company will have no further obligation or liability for any claim, action or demand, whether at common law or under any legislation from
time to time applicable and in force or otherwise for damages or loss sustained by the Executive arising out of the employment of the Executive by the Company or the termination or cessation of that employment (collectively,
“Claims”). Immediately following payment of the Performance Bonus and other amounts pursuant to this Section 5, the Executive shall execute and deliver to the Company a valid and binding release (in form and substance
reasonably satisfactory to the Company) of any and all Claims that the Executive then has or may have against the Company, its Affiliates and representatives, other than the Executive’s rights under this Agreement. The release shall not apply
to the Executive’s rights under the Transaction Services Agreement or the SARs Agreement. 

  
 16 

	6.	CONFLICTS OF INTEREST, CONFIDENTIALITY, AND DEFENSE OF CLAIMS 

  

	6.1	Conflicts of Interest 

 During the
Employment Period the Executive will promptly disclose to the Board any conflict of interest involving the Executive, upon the Executive becoming aware of such conflict, it being understood and agreed that the Executive’s activities on behalf
of or in connection with Tiger Management Limited and its Subsidiaries and Greater China Investments shall be deemed not to constitute a conflict of interest for this purpose. The Company agrees that Executive shall have no obligation to disclose to
the Company or its Affiliates any confidential information of Greater China Investments or of Tiger Management Limited and its Subsidiaries. 
  

	6.2	Confidentiality 

 The Executive
acknowledges that in the course of carrying out, performing and fulfilling the Executive’s obligations to the Company, the Executive will have access to and be entrusted with Confidential Information of the Company, and that the disclosure of
such information (to competitors, suppliers or clients of the Company, to the general public or otherwise) would be detrimental to the best interests of the Company. All Confidential Information and every portion thereof, constitutes the valuable
property of the Company, its customers, or third parties. The Executive further acknowledges the importance of maintaining the security and confidentiality of the Confidential Information. Upon termination of the Employment Period and upon the
Company’s request from time to time thereafter, the Executive will return any Confidential Information then in his possession to the Company except that the Executive shall be entitled to retain: 

 

	 	(a)	papers and other materials of a personal nature, including but not limited to, photographs, correspondence, personal diaries, calendars and Rolodexes, personal files
and phone books, 

  

	 	(b)	information showing the Executive’s compensation or relating to reimbursement of expenses, 

 

	 	(c)	information that the Executive reasonably believes may be needed for tax purposes, 

 

	 	(d)	copies of plans or programs relating to the Executive’s employment, or termination thereof, with the Company, and 

 

	 	(e)	minutes, presentation materials and personal notes from any meeting of the Board, or any committee thereof, while the Executive was a member of the Board (provided the
Executive keeps such Board materials and personal notes relating to the Board or committee meetings confidential in accordance with this Section 6). 

 If the Executive retains any of the documents upon the termination of the Employment Period (or upon any subsequent request by the Company as set forth above) set out in (a) to (e) above, the
Executive will provide a copy of such document to the Company. 

  
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	6.3	Confidential Information 

  

	 	(a)	For the purpose of this Agreement “Confidential Information” means confidential information or data about the Company and its business, affairs and
operations, including, without limitation, (i) trade secrets, know-how, processes, drawings, formulas, standards, product specifications, marketing plans and techniques, strategic plans, cost figures, assets, all client or customer information
(including without limitation their names, preferences, financial information, physical and e-mail addresses and contact numbers), all systems hardware and software applications, all software/systems source and object codes, data, documentation,
program files, flow charts, financial and operational information, and all operational procedures of the Company and (ii) the proceedings and deliberations of the Company’s Board and its committees; provided, however, that
information that the Executive transmits to Greater China Investments pursuant to the Right of First Refusal Agreement and that relates to Container Investment Opportunities or Container Vessel Business Acquisitions (and not to the Company, the
Company’s ability to exercise its rights under the Right of First Refusal Agreement with respect to such Container Investment Opportunities or Container Vessel Business Acquisitions, or the Board’s proceedings or deliberations with respect
to such Container Investment Opportunities or Container Vessel Business Acquisitions) shall not be deemed Confidential Information. 

  

	 	(b)	All Confidential Information provided to the Executive is subject to this Agreement whether provided directly to the Executive or not and whether inadvertently
disclosed to the Executive or not. 

  

	 	(c)	Despite Section 6.3(a), Confidential Information does not include information which the Executive can prove is information which is in the public domain at the
date of disclosure to the Executive, or which thereafter enters the public domain, in each case through no fault of the Executive provided that any combination of information that is Confidential Information will not be included within the exception
merely because individual parts of the information were within the public domain unless the combination itself was in the public domain. 

  

	6.4	Restriction 

  

	 	(a)	Except as may be expressly required in the course of carrying out the Executive’s duties and obligations under this Agreement, the Executive will (i) keep the
Confidential Information and all documentation and information relating thereto strictly confidential, and (ii) not disclose any Confidential Information to any Person or use or exploit, directly or indirectly, any Confidential Information
(x) for any purpose other than the proper purposes of the Company or (y) in any manner detrimental to the Company, in each case, either during the Employment Period, or at any time thereafter. 

  
 18 

	 	(b)	Despite Section 6.4(a), if the Executive is requested or required by any law, regulation or rule, or any legal, regulatory or administrative process to disclose
any Confidential Information, the Executive shall promptly, if legally permitted, notify the Company in writing of such request or requirement so that the Company may seek an appropriate protective order or other relief. The Executive will not
oppose any effort by the Company to resist or narrow such request or to seek a protective order or other appropriate remedy. In any case, the Executive will: 

 

	 	(i)	disclose only that portion of the Confidential Information that, according to the advice of his counsel, he is legally compelled or otherwise required to disclose;

  

	 	(ii)	use his reasonable efforts (at the expense of the Company) to obtain assurances that such Confidential Information will be treated confidentially; and

  

	 	(iii)	if legally permitted, notify the Company in writing as soon as reasonably practicable of the Confidential Information so disclosed. 

 

	6.5	Defense of Claims 

 The Executive will,
during the Employment Period and for a period of twenty four (24) months after the Termination Date, upon request from the Company, cooperate with the Company and its Affiliates in the defense of any claims or actions that may be made by or
against the Company or any of its Affiliates that relate to the Services, except if the Executive’s reasonable interests are adverse to the Company or its Affiliates in such claim or action. The Company will pay the Executive reasonable
compensation for his time expended at a rate per diem therefore no less than the Salary per diem to meet his obligations hereunder and pay or reimburse the Executive for all of the Executive’s reasonable travel and other direct expenses
incurred or to be reasonably incurred, to comply with the Executive’s obligations under this Section, against appropriate documentation of such expenses. 
  

	7.	RESTRICTIVE COVENANTS 

  

	7.1	Restrictive Covenant Agreement 

 The
parties acknowledge that as of March 14, 2011, that certain Restrictive Covenant Agreement, effective as of August 8, 2005, among Seaspan Ship Management Ltd., the Company and the Executive (the “Restrictive Covenant
Agreement”) terminated and that the Executive and the Company had no further rights or obligations thereunder. 
  

	7.2	Restrictive Covenants 

  

	 	(a)	 Subject to Section 7.2(b), during the Employment Period and (i) in the case of a termination of the Executive’s employment for Just
Cause, for a period of three months following the Termination Date, and (ii) in the case of a termination of the Executive’s employment without Just Cause or a resignation by the Executive

  
 19 

	 	
without Good Reason, for the period, if any, from the Termination Date to the date three months following the delivery of written notice of termination or resignation, as the case may be (such
period being the “Restricted Period”), the Executive shall be prohibited from, directly or indirectly, engaging in the Business and from acquiring or investing in any business involved in the Business. 

 

	 	(b)	Notwithstanding anything set forth in Section 7.2(a), during the Restricted Period the Executive may directly or indirectly through an Affiliate:

  

	 	(i)	make or hold any Passive Investments; 

  

	 	(ii)	invest in an entity that derives less than 10% of its revenue from the Business; 

 

	 	(iii)	invest in and provide services (as a director, manager, officer or employee of, or advisor or consultant) to Greater China Investments and, to the extent Executive has
historically provided such services thereto, to Tiger Management Limited and its Subsidiaries; 

  

	 	(iv)	invest in a Declined Investment Opportunity and provide services to any Entity formed in connection with a Declined Investment Opportunity; 

 

	 	(v)	provide Permitted Services; and 

  

	 	(vi)	provide services to Washington and its Affiliates in connection with a Rejected Investment. 

 

	8.	CORPORATE OPPORTUNITIES. 

 The Company
acknowledges that during the Employment Period the Executive and certain of his Affiliates will be providing services to and engaging in activities involving Greater China Investments and Tiger Management Limited and its Subsidiaries as described in
Section 2.3 and subject to Section 7.2. The Executive agrees that he will fulfill his fiduciary duties to the Company with respect to any potential investment and business opportunities. The Company agrees and acknowledges that,
(a) for any Container Investment Opportunity or Container Vessel Business Acquisition (as defined in the Right of First Refusal Agreement) under the Right of First Refusal Agreement and (b) subject to compliance by GC Intermodal with the
terms of the Right of First Refusal Agreement, if (i) the Company rejects all or any portion of such Container Investment Opportunity, (ii) the Company does not exercise its right to purchase any Vessel (as defined in the Right of First
Refusal Agreement) or Container Vessel Business included in such Container Investment Opportunity or Container Vessel Business Acquisition in accordance with the terms of the Right of First Refusal Agreement, (iii) the Company exercises such
right but fails to purchase such Vessel or Container Vessel Business in accordance with the terms of the applicable Vessel Purchase Contract (or, if applicable, Revised Negotiated Vessel Purchase Contract (as defined in the Right of First Refusal
Agreement) or (iv) the Company does not have the right to purchase or effect, or exercise its right of first refusal under the Right of First Refusal Agreement with respect to, any Vessel subject to such Container Investment Opportunity or such

  
 20 

 
Container Vessel Business Acquisition under the Right of First Refusal Agreement, the Company shall be deemed to have renounced any interest or expectancy in the purchase or acquisition of, such
Container Investment Opportunity or Container Vessel Business or applicable portion thereof. The Company further agrees and acknowledges that, in connection with any sale or disposition of any Container Vessel by GC Intermodal or any of its
Subsidiaries, subject to compliance by GC Intermodal with the applicable terms of the Right of First Refusal Agreement, the Company shall be deemed to have renounced any interest or expectancy in such sale or disposition of such Container Vessel.

  

	9.	INDEMNIFICATION AND INSURANCE 

  

	9.1	Indemnity 

 The Company will indemnify,
defend and hold harmless the Executive to the fullest extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint or several, expenses of any nature (including reasonable legal fees and
disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Executive may be involved, or threatened to be
involved as a party or otherwise, relating to the performance or non-performance of any act concerning the activities of the Company if the Executive acted in good faith and the Executive’s conduct did not constitute gross negligence, willful
misconduct or knowing violation of law in any material respect. Expenses (including reasonable legal fees and disbursements) incurred by the Executive in defending a proceeding will be secured, advanced or paid by the Company or necessary retainers
will be funded in advance as required (in such capacity, the “Indemnitor”) in advance of the final disposition and throughout the currency of such proceeding, as incurred, including any appeal therefrom, upon receipt of an
undertaking satisfactory to the Indemnitor by or on behalf of the Executive to repay such amount in the event of a final determination that the Executive is not entitled to be indemnified by the Indemnitor. Any indemnification provided hereunder
will be satisfied solely out of the assets of the Indemnitor as an expense of the Indemnitor. 
  

	9.2	Directors’ and Officers’ Liability Insurance 

 The Company shall purchase and maintain insurance that the Company reasonably determines to be adequate in respect of liabilities of the types described in Section 9.1, which insurance will cover the
Executive in his capacity as a director and officer of the Company. 
  

	10.	GENERAL PROVISIONS 

  

	10.1	Enforceability and Severability 

 It is
the desire and intent of the parties hereto that the provisions of this Agreement be enforced to the fullest extent permissible under the laws and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, if any
particular provision of this Agreement is adjudicated to be invalid or unenforceable, such provision will be deemed amended to delete therefrom the portion thus adjudicated as invalid or unenforceable, such deletion to apply only with respect to the
operation of such provision in the particular jurisdiction in which such adjudication is made. 

  
 21 

	10.2	Remedies 

 In the event of a breach or
threatened breach by the Executive of the provisions of Section 6 or 7, the Company will be entitled to an injunction restraining the Executive from such breach. Nothing contained herein will be construed as prohibiting the Company from
pursuing any other remedies available at law or equity for such breach or threatened breach of this Agreement nor limiting the amount of damages recoverable in the event of a breach or threatened breach by the Executive of the provisions of
Section 6 or 7. Without limiting the generality of the foregoing, the Executive acknowledges that, in the event of a breach or threatened breach by him of any of the provisions of Section 6 or 7, the damages of the Company may exceed the
amount paid to the Executive pursuant to this Agreement. 
  

	10.3	Assignment and Benefit 

 Except for the
Transaction Fee rights, which the Executive may assign, transfer or delegate, the Executive will not otherwise assign or transfer this Agreement or any rights or obligations hereunder without the prior written consent of the Company. This Agreement
will inure to the benefit of and be enforceable by the Executive’s successors and legal representatives and the Company and its successors and permitted assigns. The Company may not assign this Agreement or any of its rights or obligations
under this Agreement without the written consent of the Executive (which shall not be unreasonably withheld or delayed); provided, however, that in connection with a Change of Control, the Company may assign this Agreement to the
successor Entity in the Change of Control transaction. Upon the reasonable request of the Executive in order for him to obtain more favorable tax or regulatory treatment and subject to such assignment not increasing the cost of the Company’s
performance hereunder or otherwise, the Company shall assign its rights and obligations under this Agreement to a controlled Affiliate of the Company designated by the Executive. 

 

	10.4	Entire Agreement 

 This Agreement and the
Transaction Services Agreement contains the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements or understandings, whether oral or written and whether express or implied, between
the Executive and the Company and any of its Affiliates with respect to the subject matter hereof, including, without limitation, the Restrictive Covenant Agreement, the Original Agreement, and the Amended and Restated Executive Employment Agreement
dated as of January 1, 2011 between the Executive and Seaspan Ship Management Ltd. The Executive acknowledges and agrees that any prior agreements (other than the Transaction Services Agreement) or representations, whether oral or written and
whether express or implied, between the Executive and the Company or any of its Affiliates, are hereby terminated and the Executive has no rights or entitlements under or arising from any such prior agreements or representations against the Company.

  
 22 

	10.5	Notices 

 All notices, requests and other
communications to any party hereunder will be in writing and sufficient if delivered personally or by commercial delivery service or sent by fax (with confirmation of receipt) or by registered or certified mail, postage prepaid, return receipt
requested, addressed as follows: 
 If to the Company, at: 

Unit 2 – 7th Floor, Bupa Centre 
 141 Connaught Road West 
 Hong Kong 

Fax: (604) 638 2595 
 Attention: Corporate Secretary 
 With a copy to: 

Perkins Coie LLP 
 1120 NW Couch Street, 10th Floor 
 Portland, OR 97209-4128 

Fax: (503) 727-2222 
 Attention: David Matheson 
 If to the Executive, at: 

Gerry Wang 

With a copy to: 

Shearman & Sterling LLP 
 599 Lexington Avenue 
 New York, NY 10022 

Fax: (646) 848-8150 
 Attention: John J. Cannon 
 or to such other address as the party to whom notice is to be given
may have furnished to the other party in writing in accordance herewith. Each such notice, request or communication will be deemed to have been given when received or, if given by mail, when delivered at the address specified in this Section or on
the fifth business day following the date on which such communication is posted, whichever occurs first. 
  

	10.6	Amendments and Waivers 

 No modification,
amendment or waiver of any provision of, or consent required by, this Agreement, nor any consent to any departure herefrom, will be effective unless it is in writing and signed by the parties hereto. Such modification, amendment, waiver or consent
will be effective only in the specific instance and for the purpose for which given. 

  
 23 

	10.7	Headings 

 Descriptive headings are for
convenience only and will not control or affect the meaning or construction of any provision of this Agreement. 
  

	10.8	Counterparts 

 This Agreement may be
executed in counterparts, and each such counterpart hereof will be deemed to be an original instrument, but all such counterparts together will constitute but one agreement. 

 

	10.9	United States Dollars 

 All dollar amounts
referred to herein will be in lawful currency of the United States. 
  

	10.10	Governing Law 

 This Agreement and its
application and interpretation will be governed exclusively by the laws of Hong Kong. 
  

	10.11	Attornment 

  

	 	(a)	The Executive and the Company each irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Tribunals and Courts of
Hong Kong, in any action or proceeding arising out of or relating to this Agreement or the agreements delivered in connection herewith or the transactions contemplated hereby or thereby or for recognition or enforcement of any judgment relating
thereto, and each of the parties hereby irrevocably and unconditionally (i) agrees that any claim in respect of any such action or proceeding shall be heard and determined in Hong Kong, (iii) waives, to the fullest extent it may legally
and effectively do so, any objection which it may now or hereafter have to venue of any such action or proceeding in Hong Kong, (iv) waives the defense of an inconvenient forum to the maintenance of such action or proceeding in Hong Kong and
(v) agrees that it will not bring any action relating to this Agreement of the transactions contemplated hereby in any court other than the aforesaid courts. The Executive and the Company each agrees that a final judgment in any such action or
proceeding, as to which available appeals have been exhausted or no appeals have been filed within the time set by law, will be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. The
Executive and the Company each irrevocably consents to service of process in the manner provided for giving notices in Section 10.5. Nothing in this Agreement will affect the right of the Executive or the Company to serve process in any other
manner permitted by law. 

  

	 	(b)	TO THE FULLEST EXTENT PERMITTED BY LAW, EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION
DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE PROVISION OF SERVICES CONTEMPLATED HEREBY. 

  
 24 

	10.12	Independent Legal Advice 

 The Executive
hereby acknowledges that the Executive has had the opportunity to obtain independent legal advice regarding this Agreement. 
  

	10.13	Survival 

 Wherever appropriate to the
intentions of the parties to this Agreement, the respective rights and obligations of the parties, including but not limited to Sections 5, 6, 7, 8, 9 and 10 and the Executive’s obligations under Sections 2.6 and 4.3(a), will survive the
Termination Date and will continue in full force and effect. 
  

	10.14	Collection and Use of Personal Information 

The Executive acknowledges that the Company will collect, use and disclose health and other personal information for employment and business related
purposes. The Executive consents to the Company collecting, using and disclosing health and other personal information of the Executive for employment and business related purposes in accordance with the privacy policy of the Company. 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 

  
 25 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date first set forth
above. 
  

							
	SEASPAN CORPORATION	 		 	
				
	By:	 	 /s/ Mark Chu
	 		 	 /s/ Gerry Wang

	Name:	 	Mark Chu	 		 	GERRY WANG
	Title:	 	General Counsel and Director, Corporate Finance	 		 	

 [Signature Page to Amended and Restated Employment Agreement] 

  
 26 

 Exhibit A 
 Form of Stock Appreciation Right Grant Notice and Agreement 

  
 27

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