Document:

EX-10.4

 Exhibit 10.4 

Private & Confidential 
 Dated
October 29, 2018 
  
  

GLOBAL SHIP LEASE SERVICES LIMITED 

as Commercial Managers 

and 
 CONCHART
COMMERCIAL INC. 
 as Advisers and Brokers 

and 
 GLOBAL SHIP LEASE,
INC. 
 as Guarantor 
  

 
 DEED OF
COMMERCIAL ADVISORY SERVICES 
 AND EXCLUSIVE BROKERAGE SERVICES 

 
  

 
 

 

 Contents 
  

							
	Clause	  	Page	 
			
	 1
	 	Interpretation	  	 	4	 
			
	 2
	 	Appointment	  	 	8	 
			
	 3
	 	Duty of Conchart	  	 	9	 
			
	 4
	 	Brokerage Services	  	 	9	 
			
	 5
	 	Attorney for Brokerage Services	  	 	10	 
			
	 6
	 	Limits on authority of Conchart in respect of the Brokerage Services	  	 	11	 
			
	 7
	 	Commercial Advisory Services	  	 	11	 
			
	 8
	 	Brokerage Fee	  	 	12	 
			
	 9
	 	Budgets and Management of Funds	  	 	14	 
			
	 10
	 	Conchart’s Right to Sub-Contract	  	 	14	 
			
	 11
	 	Responsibilities	  	 	14	 
			
	 12
	 	General Administration	  	 	16	 
			
	 13
	 	Compliance with Laws and Regulations	  	 	17	 
			
	 14
	 	Duration	  	 	17	 
			
	 15
	 	Termination	  	 	18	 
			
	 16
	 	Notices	  	 	22	 
			
	 17
	 	Entire Agreement	  	 	23	 
			
	 18
	 	Partial Validity	  	 	23	 
			
	 19
	 	Confidentiality	  	 	23	 
			
	 20
	 	Acts of the Technical Manager	  	 	24	 
			
	 21
	 	Assignment and Transfer	  	 	24	 
			
	 22
	 	Governing Law and Jurisdiction	  	 	25	 
			
	 23
	 	Guarantee	  	 	26	 

  
 2 

							
			
	 24
	 	Date of commencement of this Agreement	  	 	26	 
		
	 Schedule 1 Vessels
	  	 	27	 
		
	 Schedule 2 List of Approved Charterers
	  	 	28	 
		
	 Schedule 3 List of Vessel Existing Charterparties
	  	 	29	 
		
	 SIGNATORIES
	  	 	30	 

  
 3 

 THIS DEED is dated
                                2018, is effective as of the Effective Date (as
hereinafter defined) and made BETWEEN: 
  

	(1)	 GLOBAL SHIP LEASE SERVICES LIMITED, a company incorporated in England with its registered office at 150
Aldersgate Street, London EC1A 4AB, United Kingdom (GSLS); 

  

	(2)	 CONCHART COMMERCIAL INC., a corporation incorporated in the Marshall Islands with its registered
office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands, MH96960 (Conchart); and 

  

	(3)	 GLOBAL SHIP LEASE, INC., a corporation incorporated in the Marshall Islands with its registered office
at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands, MH96960 (GSL);. 

WHEREAS: 
  

	(A)	 GSLS is the commercial manager of the Vessels. 

 

	(B)	 GSLS wishes to appoint Conchart: 

 

	 	(i)	 as its sole and exclusive broker to provide the Brokerage Services; and 

 

	 	(ii)	 to provide the Commercial Advisory Services, 

and the Brokerage Services and the Commercial Advisory Services shall be governed by the terms of this Deed. 

 

	1	 Interpretation 

 

	1.1	 Definitions 

In this Deed (including the Recitals), unless the context otherwise requires: 

Affiliate means, with respect to a Person, any Person that directly, or indirectly through one or more intermediaries, Controls, is
Controlled by, or is under common Control with that Person. 
 Approved Charterers means the Persons set out in Schedule 2 (List of
Approved Charterers) or such other person agreed by GSLS and Conchart from time to time and reflected in a revised Schedule 2 signed and dated by both GSLS and Conchart. 

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

Brokerage Services means the services specified in clause 4 (Brokerage Services) and any other brokerage functions performed by
Conchart as the sole and exclusive broker of GSLS under the terms of this Deed. 
 Brokerage Fee means the fee payable by GSLS in
respect of the Brokerage Services and set out in clauses 8.1 to 8.3. 

  
 4 

 Business Day means a day on which banks are open for normal banking business in each
of Athens and London (excluding Saturdays and Sundays). 
 Change in Majority Interests or Control means: 

 

	 	(i)	 a transaction or series of transactions involving the sale, transfer or other disposition of equity interests
in GSLS or in any of its direct or indirect parent companies (including, without limitation, any transfer by the current owners of equity interests in GSL to one or more Persons that are not, immediately prior to such sale, Affiliates of GSL, of
more than 50% of the beneficial equity or voting interests in GSLS or in any of such parent companies; 

  

	 	(ii)	 a transaction or series of transactions involving the sale, transfer or other disposition of all or
substantially all of the assets of GSLS or any of its direct or indirect parent companies (including, without limitation, GSL) to one or more Persons that are not, immediately prior to such sale, transfer, or other disposition, Affiliates of GSL; or

  

	 	(iii)	 any merger, consolidation or other business combination of GSLS or any of its direct or indirect parent
companies (including, without limitation, GSL) in which the current owners of equity interests in GSL immediately after such transaction cease to own more than 50% of the equity or voting interests in GSL (or equity or voting interests of its
successors) or GSL ceases to directly or indirectly own more than 50% of the equity or voting interests in GSLS or its parent companies (or equity voting interests of their successors ) as a result of such transaction; or 

 

	 	(iv)	 George Giouroukos’ employment as Executive Chairman of GSL is terminated by GSL. 

Chartering Committee means the chartering committee of GSLS established in accordance with Article 18(v) of GSLS’ articles of
association which has been granted limited authority by the Board of Directors to negotiate and enter into charters or other employment arrangements for the Vessels on behalf of the Vessel Owners without the prior written approval of the Board of
Directors. 
 CMA CGM means CMA CGM S.A., a French company. 

CMA CGM Charter Brokerage Fee means the fee payable by GSLS to Conchart in respect of any new charter for a Vessel entered into by CMA
CGM or any of its Affiliates and set out in clause 8.3. 
 CMA Vessels means the Vessels other than the
Non-CMA Vessels. 
 Commercial Advisory Services means the services specified in clause 7
(Commercial Advisory Services) and any other commercial advisory services performed by Conchart under the terms of this Deed. 

Conchart Change of Control means: 
  

	 	(i)	 a transaction or series of transactions involving the sale, transfer or other disposition by George Giouroukos
to one or more Persons that are not, immediately prior to such sale, Affiliates of George Giouroukos, of more than 50% of the equity interests in Conchart; or 

  
 5 

	 	(ii)	 any merger, consolidation or other business combination of Conchart as a result of which George Giouroukos
immediately after such transaction ceases to own more than 50% of the equity interests in Conchart (or equity interests of its successors) as a result of such transaction. 

Confidential Information means all information (of whatever nature and however recorded or preserved) which: 

 

	 	(a)	 was disclosed by GSLS to Conchart, whether before or after the date of this Deed, as a result of the
discussions leading up to this Deed, entering into this Deed or the performance of this Deed and is designated as “confidential information” by GSLS at the time of disclosure; or 

 

	 	(b)	 is information which relates to existing or proposed operations, business plans, market opportunities and
business affairs of GSLS or its Affiliates and is clearly confidential from its nature and/or the circumstances in which it was imparted would be regarded as being confidential by a reasonable business person; or 

 

	 	(c)	 is clearly confidential from its nature and/or the circumstances in which it was imparted, and including
information which relates to the commercial affairs, business (including but not limited to any information considered to be price sensitive information by GSLS), finances, infrastructure, products, services, developments, inventions, trade secrets,
know-how, personnel, or contracts of, and any other information relating to, GSLS or its Affiliates (or its or their customers); or 

 

	 	(d)	 any information referred to in (a) to (c) above disclosed on GSLS’ behalf by its Affiliates; and

  

	 	(e)	 information extracted, copied or derived from information referred to in (a) to (d) above.

 Control or Controlling or Controlled by means the possession, directly or indirectly, 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. 

Crew means the master, officers and ratings of a Vessel. 

Dollars and US$ means the lawful currency of the United States of America. 

Governmental Entity means and includes (whether having a distinct legal personality or not) any national or local government authority,
board, commission, department, division, organ, instrumentality, court or agency and any association, organisation or institution of which any of the foregoing is a member or to whose jurisdiction any of the foregoing is subject or in whose
activities any of the foregoing is a participant. 
 Non-CMA Vessels means the Vessels named
OOCL Qingdao and GSL Ningbo as at the date of this Deed. 
 Parties means the Parties to this Deed. 

Person means any individual, corporation, association, partnership (general or limited), joint venture, trust, estate, limited liability
company, or other legal entity or organisation. 

  
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 Power of Attorney means the power of attorney granted to Conchart pursuant to clause
5 (Attorney for Brokerage Services). 
 Relevant Vessel means: 

(a) a Non-CMA Vessel; or 

(b) a CMA Vessel which at any time during the period beginning on the date hereof and ending immediately preceding the new charter referred to
in clause 8.3 (the Relevant Period) was chartered by the relevant Vessel Owner to a Person other than CMA CGM or any of its Affiliates; or 

(c) a CMA Vessel with respect to which, at any time during the Relevant Period, more than thirty (30) days have elapsed between
(x) the redelivery of such Vessel under the relevant Vessel Owner’s pre-existing charter with CMA CGM or its Affiliates and (y) the date of a new charter, or a recap agreement for a new charter,
of such Vessel with CMA CGM or any of its Affiliates. 
 For the purposes of this definition the current list of Vessels and their existing
charterparties is set forth in Schedule 4 (List of Vessels and their Existing Charterparties) attached hereto. 

Subsidiary(ies) means, with respect to any Person: 
  

	 	(a)	 a corporation of which more than 50% of the voting power of shares entitled (without regard to the occurrence
of any contingency) to vote in the election of directors or other governing body of such corporation is owned, directly or indirectly, at the date of determination by such Person, by one or more Persons Controlled by such Person or a combination
thereof, 

  

	 	(b)	 a partnership (whether general or limited) in which such Person or a Person Controlled by such Person is, at
the date of determination, a general or limited partner of such partnership, but only if more than 50% of the partnership interests of such partnership (considering all of the partnership interests of the partnership as a single class) is owned,
directly or indirectly, at the date of determination, by such Person, one or more Persons Controlled by such Person, or a combination thereof, or 

  

	 	(c)	 any other Person (other than a corporation or a partnership) in which such Person, one or more Persons
Controlled by such Person, or a combination thereof, directly or indirectly, at the date of determination has: 

  

	 	(iii)	 at least a majority ownership interest; or 

 

	 	(iv)	 the power to elect or direct the election of a majority of the directors or other governing body of such
Person. 

 TCMC means Technomar Crew Management Corporation, a crew manning company affiliated to the Technical
Managers with a registered office in Manila, Philippines. 
 Technical Managers means Technomar Shipping Inc., a Liberian corporation.

 Technical Management Agreement means, with respect to a Vessel, the agreement with respect to technical management services between
the registered owner of such Vessel and the Technical Managers. 

  
 7 

 Vessel means each vessel set out in Schedule 1 (Vessels), and Vessels
means any or all of them. 
 Vessel Owner means, with respect to a Vessel, the registered owner of that Vessel. 

 

	1.2	 Construction 

  

	 	(a)	 the headings and the table of contents are for convenience only and do not form part of this Deed or affect its
interpretation; 

  

	 	(b)	 references to a Party include that Party’s successors in title and permitted assigns;

  

	 	(c)	 references to any statute or statutory provision include: 

 

	 	(i)	 any subordinate legislation made under it; and 

 

	 	(ii)	 any provision amending it or re-enacting it (whether with or without
modification) which is the same as, or substantially similar to, the obligations imposed by the specified statute or statutory provision; 

  

	 	(d)	 words such as other, including and in particular are not words of limitation;

  

	 	(e)	 references to clauses and Schedules are to clauses of, and Schedules to, this Deed; 

 

	 	(f)	 references to this Deed or any other document are to this Deed and that document as from time to time amended,
restated, novated or replaced; 

  

	 	(g)	 references to words importing the singular include the plural and vice versa, words importing a gender include
every gender; 

  

	 	(h)	 references to a regulation includes any regulation, rule, official directive, request or guideline (whether or
not having the force of law but compliance with which is customary) of any governmental, intergovernmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organisation; and 

 

	 	(i)	 no term of this Deed is enforceable under the Contracts (Rights of Third Parties) Act 1999 by a person who is
not a Party except to the extent provided in clause 11.3 and 11.4. 

  

	2	 Appointment 

  

	2.1	 GSLS hereby appoints Conchart, upon and subject to the terms and conditions of this Deed, to perform the
Brokerage Services and to provide the Commercial Advisory Services unless and until such time as this Deed is terminated as provided herein. 

  

	2.2	 Conchart hereby accepts GSLS’ appointment and hereby agrees to perform the Brokerage Services and to
provide the Commercial Advisory Services to GSLS upon and subject to the terms and conditions of this Deed unless and until such time as this Deed is terminated as provided herein. 

  
 8 

	3	 Duty of Conchart 

 

	3.1	 Conchart undertakes to use its best endeavours to provide the Brokerage Services and the Commercial Advisory
Services to GSLS in accordance with sound brokerage and management practice respectively and to protect and promote the interests of GSLS in all matters relating to the Brokerage Services and the Commercial Advisory Services. In performing and
discharging its obligations, duties and liabilities under this Deed, Conchart shall act in accordance with all instructions communicated to it by GSLS and Conchart shall at all times serve GSLS faithfully and diligently. 

 

	3.2	 Notwithstanding anything herein to the contrary and for the avoidance of doubt, the parties acknowledge that
Conchart shall continue to act as a commercial manager (including performing brokerage functions) with respect to (i) vessels owned or operated by persons or entities other than GSL, GSLS or their respective Subsidiaries and (ii) vessels
owned or operated by GSL, GSLS or their respective Subsidiaries other than the Vessels. In addition, and notwithstanding clause 3.1, in the performance of its responsibilities under this Deed, Conchart shall be entitled to have regard to its overall
responsibility in relation to all other vessels as may from time to time be entrusted to it as commercial manager and in particular, but without prejudice to the generality of the foregoing, Conchart shall be entitled to allocate available supplies,
manpower and services in such manner as in the prevailing circumstances it considers in its discretion (reasonably exercised) to be fair and reasonable, but in no circumstances shall any of the Vessels be served in a manner which is less favourable
to the interests of GSLS and the Vessel Owners. 

  

	3.3	 In the performance and discharge of its obligations, duties and liabilities under this Deed, Conchart shall
take care not to exceed the authority given by GSLS under the terms of this Deed and shall act at all times in accordance with GSLS’ instructions. 

  

	3.4	 Notwithstanding anything contained herein to the contrary, Conchart shall at all times devote a sufficient
amount of its time, resources and personnel to provide the Brokerage Services and the Commercial Advisory Services contemplated by this Deed. 

  

	3.5	 In providing the Brokerage Services and the Commercial Advisory Services, Conchart will at all times comply
with, without limitation, the U.S. Foreign Corrupt Practices Act, any applicable country legislation implementing the OECD Convention on combating Bribery of Foreign Public Officials in International Business Transactions, and the UK Bribery Act
2010, and any other laws or regulations relating to anti-bribery, anti-terrorism, economic sanctions and anti-money laundering, to the extent applicable. Conchart shall not engage in any activity, practice or conduct which constitutes a breach of
any of the foregoing; in addition, Conchart shall not employ any person, nor subcontract with any person or entity, to perform or discharge any of its obligations under this Deed if that person or entity is designated or identified as a Specially
Designated National, a Person subject to sanctions that prohibit all dealings or restrict dealings with such Person, a foreign terrorist organization or an organisation that provides support to a foreign terrorist organization by the United States
Government or any branch or department thereof (including, but not limited to, the Office of Foreign Asset Control). 

  

	4	 Brokerage Services 

 

	4.1	 Subject to the terms and conditions of this Deed, Conchart shall act as GSLS’ sole and exclusive brokers
for the Vessels in accordance with GSLS’ instructions, which shall include but not be limited to: 

  

	 	(a)	 marketing the Vessels for sale, and providing evaluations of possible future earnings and periods of employment
for any of the Vessels that will become available for further employment and for vessels that GSL or any of its Subsidiaries are considering or negotiating to purchase; and 

  
 9 

	 	(b)	 seeking and negotiating employment for each of the Vessels, including the negotiation and execution of a
charter (subject always to GSLS’s instructions regarding trading restrictions to a Vessel), 

 together, the
Brokerage Services. GSLS and GSL shall not appoint, and GSLS and GSL shall cause their Subsidiaries not to appoint, any Person to perform any brokerage functions on its behalf other than Conchart. 

 

	5	 Attorney for Brokerage Services 

Grant of Power of Attorney 
  

	5.1	 Subject always to Conchart’s compliance in full with clause 5.2 below, GSLS irrevocably appoints Conchart
to be its attorney (with full powers of substitution and delegation) in its name and on its behalf to do all things which Conchart, acting in its capacity as attorney for GSLS (subject always to the customary oversight and supervision of GSLS and
the Chartering Committee or the Board of Directors, as applicable), may consider necessary or desirable to enable it to seek, negotiate and enter into employment for any of the Vessels, including the negotiation and execution of charterparties or
other legally binding employment arrangements, provided always that such charter or such other employment arrangement: 

  

	 	(a)	 does not exceed 15 (fifteen) months in duration, such period to include optional extensions (or any early
termination of such charters); 

  

	 	(b)	 is entered into at a market rate on market terms (as determined in Conchart’s reasonable discretion) with
an Approved Charterer (subject always to GSLS’ right to request that Conchart provide GSLS with any obtained references for the potential Approved Charterer’s reputation and its past performance); 

 

	 	(c)	 shall not be entered into with any sanctioned country or Person; and 

 

	 	(d)	 shall not require the Vessel to operate in any war zone or operate outside of or otherwise breach international
navigating limits unless permitted by the Vessel’s insurers. 

 the Power of Attorney. 

 

	5.2	 Conchart shall not enter into any employment for any of the Vessels pursuant to the powers granted to it under
the Power of Attorney unless and until such time as one of the Directors on the Chartering Committee has issued written approval (which may be by way of email) for the proposed employment. Each such written approval shall be deemed confirmation that
the terms of the proposed employment of any such Vessel will not cause GSL or any of its Subsidiaries to breach the terms of any financing agreement or indenture (or other form of note or bond issuance agreement) or security granted pursuant to the
terms thereof and any other document ancillary thereto. 

  

	5.3	 In exercising the Power of Attorney, Conchart shall have authority to take such actions as it may from time to
time (in its absolute discretion) consider to be necessary to enable them to perform the Brokerage Services in accordance with sound ship brokerage practice, including but not limited to compliance with all relevant rules and regulations.

  

	5.4	 GSLS ratifies and confirms and agrees to ratify and confirm whatever Conchart lawfully does or purports to do
in the exercise of its powers under the Power of Attorney. 

  
 10 

	6	 Limits on authority of Conchart in respect of the Brokerage Services 

 

	6.1	 The following Brokerage Services do not fall within the scope of the Power of Attorney and shall always be
subject to the prior consent and written approval of the Board of Directors or the Chartering Committee, as applicable: 

  

	 	(a)	 the acquisition of any vessel or the sale of any Vessel; 

 

	 	(b)	 any charter or other employment arrangement of a Vessel in respect of which any one or more of the facts and
circumstances described in clause 5.1(a) to (e) inclusive shall not apply; and 

  

	 	(c)	 the entry into any other commercial activity outside the scope of the Power of Attorney. 

 

	7	 Commercial Advisory Services 

 

	7.1	 Conchart shall provide commercial advisory services to GSLS from time to time and shall provide advice and make
recommendations to GSLS for its consideration in order to assist GSLS with its commercial management of the Vessels. 

  

	7.2	 Conchart shall act always in accordance with GSLS’ instructions when performing the Commercial Advisory
Services and shall not have any express or implied authority to bind GSLS or otherwise make any decisions regarding the commercial management of any of the Vessels. 

 

	7.3	 The services to be provided by Conchart pursuant to this clause 7 shall include: 

 

	 	(a)	 providing advice on market developments and keeping GSLS advised regularly of recent market developments and
fixture reports; 

  

	 	(b)	 providing advice on developments related to new rules and regulations with respect to trading and cargo
restrictions, including those issued by the United States and any such regulations issued by the United Nations, and including recommendations from recognised shipping entities such as the IMO, Bimco and the National Shipbrokers Association;

  

	 	(c)	 participating in and providing advice with respect to international events organised by various national and
international bodies, shipping forums, workshops and conferences, where charterers, brokers and/or various agents meet to exchange information and discuss market developments; 

 

	 	(d)	 co-ordinating with the charterers of the Vessels and the Technical
Managers with respect to arranging for the provision of bunker fuels quantity as required for each Vessel’s trade and relevant charter; 

  

	 	(e)	 providing voyage estimation and assistance in the calculation of hire, freights, demurrage and/or despatch
monies due from or due to the charterers of the Vessels; 

  

	 	(f)	 assisting GSLS with the collection of any sums due to the Vessel Owners relating to the commercial operation of
the Vessels; 

  

	 	(g)	 conveying voyage instructions issued by charterers to the Technical Managers and monitoring compliance with the
provisions of the relevant charter; 

  
 11 

	 	(h)	 communicating with agents, whenever it is deemed necessary, to collect information relating to a Vessel’s
position and cost related issues or other information needed for any commercial evaluation or estimation; 

  

	 	(i)	 advising on the terms of any ship sale and purchase agreement and continuing to provide advice with respect to
the sale and purchase transaction until the completion of transfer of title to the vessel under the sale and purchase agreement or its termination; 

  

	 	(j)	 acting always in accordance with GSLS’ instructions, arranging the
pre-purchase inspection of a vessel, arranging the pre-purchase class records inspections of a vessel and arranging the preparation of the
pre-purchase reports; provided, however, that Conchart may subcontract the services described in this Clause 7(j) to the Technical Managers; and provided, further, that GSLS shall reimburse to Conchart and/or
the Technical Managers any expenses incurred by Conchart and/or the Technical Managers in relation to such services; 

  

	 	(k)	 coordinating with the Technical Managers with respect to: 

 

	 	(i)	 the obligations of a Vessel Owner under the relevant Technical Management Agreement; 

 

	 	(ii)	 consolidation of accounts, budgets and other materials as may be requested by the GSLS with respect to a Vessel
for which the Technical Managers provide technical management services under the relevant Technical Management Agreement; and 

  

	 	(iii)	 the scope of management services required of the Technical Manager under a Technical Management Agreement in
relation to any charter of a Vessel; 

  

	 	(l)	 assisting with the preparation of consolidated accounts as may be reasonably requested by GSLS and
incorporating and consolidating individual accounts for each Vessel prepared by the Technical Managers; provided, however, that Conchart may subcontract the services described in this Clause 7 (l) to the Technical Managers; and

  

	 	(m)	 delivering to the Technical Managers a copy of each charter for a Vessel, 

together, the Commercial Advisory Services. 
  

	8	 Brokerage Fee 

 

	8.1	 GSLS shall pay to Conchart, who shall be named (i) broker in each charterparty (or equivalent agreement)
providing for the charter fixture of a vessel, or (ii) broker in each memorandum of agreement (or equivalent agreement) providing for the sale and purchase of a Vessel, a commission of (i) one and one quarter percent (1.25%) on all monies
earned by the relevant Vessel Owner on each charter fixture of a Vessel and (ii) one percent (1.00%) based on the sale and purchase price for any sale and purchase of a Vessel (directly or via sale of a Controlling interest in the relevant
Vessel Owner) (the Brokerage Fee), which shall be payable: 

  

	 	(a)	 on receipt of the sales proceeds, freights, demurrage, or hire by the Technical Managers or the relevant Vessel
Owner (as the case may be); and 

  

	 	(b)	 on the delivery date of any vessel purchased, 

  
 12 

 and be payable to the following nominated account of Conchart: 

 

					
		  	USD Current Account:	  	05-25533-006
		  	IBAN:	  	DE07 2012 0000 0525 5330 06
			
		  	Address:	  	Berenberg
	         

	  		  	 Neuer Jungfernstieg 20
 20354 Hamburg /
Germany

			
		  	Fax numbers:	  	+49 - 40 - 350 60 900 (General line)
		  		  	+49 - 40 - 350 60 905 (Internal. Shipping Department)
			
		  	S.W.I.F.T. address:	  	BEGODEHH

 Routing of USD payments into your account with us: 

In order to avoid any delay and any additional charges USD payments into your account with us should be routed as follows: 

 

					
		  	Beneficiary:	  	Conchart Commercial Inc
		  	Account:	  	05-25533-006
	        	  	Payment by:	  	direct S.W.I.F.T. MT103 without inter1nediaty of another bank in Germany
		  	To Beneficiary’s Bank:	  	Berenberg, Hamburg, S.W.I.F.T. address BEGODEHH
		  	Cover Payment:	  	by S.W.I.F.T. MT202COV with same day value to the account of Berenberg, Hamburg, with JPMorgan Chase Bank, New York, S.W.I.F.T. address CHASUS33

  

	8.2	 Subject to Section 8.3, GSLS shall not pay a Brokerage Fee to Conchart for any charter of a CMA Vessel in
effect as of the date hereof and neither shall a Brokerage Fee be paid to Conchart if such charter of a CMA Vessel is extended or amended. 

  

	8.3	 GSLS shall pay to Conchart a commission at 0.75% if CMA CGM or any of its Affiliates enters into a new charter
for a Relevant Vessel (the CMA CGM Charter Brokerage Fee). However, no CMA CGM Charter Brokerage Fee will be payable by GSLS to Conchart if CMA CGM or its Affiliate waives its own address commission in such charter. 

 

	8.4	 Conchart shall, at no extra cost to GSLS, provide its own office accommodation, office staff, facilities and
stationery. Without limiting the generality of this Clause 8, GSLS shall reimburse Conchart for reasonable postage, communication, travelling and accommodation expenses and other reasonable out of pocket expenses properly incurred by Conchart in the
performance of the Brokerage Services and the Commercial Advisory Services, including travelling in order to assist in settlements of disputes and outstanding accounts following a request by GSLS, it being understood that Conchart shall not incur
any such expenses in an aggregate amount in excess of US$20,000 in any calendar month without the prior written consent of GSLS. 

  

	8.5	 GSLS shall pay all sums due to Conchart punctually in accordance with the terms of this Deed.

  
 13 

 Expenses paid by Conchart on behalf of GSLS 

 

	8.6	 All expenses incurred by Conchart under the terms of this Deed on behalf of GSLS (including the expenses
described in clause 8.4) will be arranged to be paid to Conchart by the Technical Managers using amounts standing to the credit of the bank account referred to in Clause 11(a) of the Technical Management Agreement. 

 

	9	 Budgets and Management of Funds 

 

	9.1	 Conchart shall assist GSLS to prepare a budget with forecasts for gross and net revenues per Vessel.

  

	9.2	 Notwithstanding anything contained herein, Conchart shall in no circumstances be required to use or commit
their own funds to finance the provision of the Brokerage Services or the Commercial Advisory Services. 

  

	10	 Conchart’s Right to Sub-Contract 

Except as expressly permitted under Clauses 7.3(j) and 12.4, Conchart shall not subcontract any of their obligations hereunder without the
prior written consent of GSLS. If GSLS consents to any such sub-contract, Conchart shall remain fully liable for the due performance of their obligations under this Deed. For sake of clarity, it is agreed that
the involvement of brokers for concluding/fixing any charter is not to be considered as subcontracting. 
  

	11	 Responsibilities 

Force Majeure 
  

	11.1	 Neither Party shall be liable for any loss, damage or delay due to any of the following force majeure events
and/or conditions to the extent that the Party invoking force majeure is prevented or hindered from performing any or all of its obligations under this Deed, provided it has made all reasonable efforts to avoid, minimise or prevent the effect of
such events and/or conditions: 

  

	 	(a)	 acts of God; 

  

	 	(b)	 any requisition, control, intervention, requirement or interference by a Governmental Entity;

  

	 	(c)	 any circumstances arising out of war, threatened act of war or warlike operations, acts of terrorism, sabotage
or piracy, or the consequences thereof; 

  

	 	(d)	 riots, civil commotion, blockades or embargoes; 

 

	 	(e)	 epidemics; 

  

	 	(f)	 earthquakes, landslides, floods or other extraordinary weather conditions; or 

 

	 	(g)	 strikes, lockouts or other industrial action, unless limited to the employees (which shall not include the
Crew) of the Party seeking to invoke force majeure; 

  

	 	(h)	 fire, accident, explosion except where caused by negligence of the Party seeking to invoke force majeure; and

  

	 	(i)	 any other similar cause beyond the reasonable control of either Party. 

  
 14 

 Liability to GSLS 

 

	11.2	 Without prejudice to clause 11.1, Conchart shall be under no liability whatsoever to GSLS for any loss, damage,
delay or expense of whatsoever nature, whether direct or indirect (including but not limited to loss of profit arising out of or in connection with detention of or delay to the Vessel), and howsoever arising in the course of performance of the
Brokerage Services and/or the Commercial Advisory Services UNLESS the same is proved to have resulted solely from: 

  

	 	(a)	 the persistent and/or continuing negligence of Conchart which causes material losses and/or material additional
expense to GSLS for a period of 3 (three) calendar months or more following a written notice from GSLS that it is dissatisfied with the performance of Conchart due to such negligence and stating the deficiencies to be remedied, provided however,
that Conchart shall not be deemed to have acted negligently if the deficiencies arise or are continuing due to circumstances beyond the control of Conchart, the Technical Managers and TCMC, or if Conchart is taking reasonable steps to remedy such
deficiencies; or 

  

	 	(b)	 the gross negligence or wilful default of Conchart or its employees or agents, or sub-contractors employed by them in connection with a Vessel, 

 in which case (save
where loss, damage, delay or expense has resulted from Conchart’s personal act or omission committed with the intent to cause the same or recklessly and with knowledge that such loss, damage, delay or expense would probably result)
Conchart’s liability for each incident or series of incidents giving rise to a claim or claims shall never exceed a total of (A) three (3) times the average monthly Brokerage Fees payable under clause 8.1 for the twelve (12) months
preceding such incident(s) with respect to such liability arising under the foregoing sub-clause (a) or (B) ten (10) times the average monthly Brokerage Fees payable under clause 8.1 for the twelve
(12) months preceding such incident(s) with respect to such liability arising under the foregoing sub-clause (b). 

Indemnity 
  

	11.3	 Except to the extent, and solely for the amount that Conchart would be liable under clause 11.2, GSLS hereby
undertake to keep Conchart and its employees, agents and sub-contractors indemnified and to hold them harmless against all actions, proceedings, claims, demands or liabilities whatsoever or howsoever arising
which may be brought against them or incurred or suffered by them arising out of or in connection with the performance of this Deed, and against and in respect of all costs, loss, damages and expenses (including legal costs and expenses on a full
indemnity basis) which Conchart may suffer or incur (either directly or indirectly) in the course of the performance of this Deed. 

Himalaya 
  

	11.4	 It is hereby expressly agreed that no employee or agent of Conchart (including every sub-contractor from time to time employed by Conchart) shall in any circumstances whatsoever be under any liability whatsoever to GSLS for any loss, damage or delay of whatsoever kind arising or resulting directly
or indirectly from any act, neglect or default on his, her or its part while acting in the course of or in connection with his, her or its employment and, without prejudice to the generality of the foregoing provisions in this clause 11, every
exemption, limitation, condition and liberty herein contained and every right, exemption from liability, defence and immunity of whatsoever nature applicable to Conchart or to which Conchart is entitled hereunder shall also be available and shall
extend to protect every such employee or agent of Conchart acting as aforesaid and for the purpose of all the foregoing provisions of this clause 11 Conchart is or shall be deemed to be acting as agent or trustee on behalf of and for the benefit of
all persons who are or might be its servants or agents from time to time (including sub-contractors as aforesaid) and all such persons shall to this extent be or be deemed to be Parties to this Deed.

  
 15 

	12	 General Administration 

 

	12.1	 Conchart shall keep GSLS informed on a timely basis of any incident of which Conchart becomes aware which gives
or may give rise to material delay to the Vessel or material claims or disputes involving third parties. 

  

	12.2	 Conchart shall assist with the handling and settlement of claims and disputes arising out of the Brokerage
Services or the Commercial Advisory Services hereunder, unless GSLS instructs Conchart otherwise. 

  

	12.3	 On giving reasonable notice with respect to proposed dates and the scope of inquiry, GSLS may request, and
Conchart shall in a timely manner make available, all documentation, information and records in respect of the matters covered by this Deed and Conchart shall permit GSLS during regular business hours to inspect Conchart’s premises, audit
records and accounts and meet with executive personnel. 

  

	12.4	 

  

	 	(a)	 Conchart shall assist in providing monthly financial reports, or other necessary reports reasonably required,
to enable GSL to fulfil on a timely basis any applicable reporting requirement that is or may become applicable to it, or its successors, provided that GSLS have given Conchart advance written notice of which reports are so required, the form and
content required for such reports and reasonably sufficient time to hire or retain additional personnel to prepare such reports; and provided further that Conchart and GSLS have agreed on the additional costs and expenses to be borne by GSLS and
paid to Conchart for performing such services. 

  

	 	(b)	 If GSLS determines in its sole discretion that GSL will likely be unable to, or be unable to without an
unreasonable effort or expense, timely file any public reports or believe GSL is likely to receive a “material weakness” qualification from its auditors with respect to its internal controls, in either case due to Conchart’s failure
or probable failure to provide the necessary information within the required timeframe, then Conchart hereby agrees to give authorized employees of GSLS, their accountants or other designated personnel or advisors access to such documents, books,
records, data other information and staff of Conchart and their Affiliates (for the avoidance of doubt only being the Technical Manager and TCMC), and related to the matters covered by, or services provided by Conchart under, this Deed as is
reasonably required to permit GSL to timely meet any reporting obligations to which it is at any time obligated, or chooses to comply, or to remedy the deficiency with respect to its internal controls as required, or as may be required, by
Section 404 of the U.S. Sarbanes Oxley Act. 

  

	 	(c)	 Conchart further agrees to cause their Affiliates (being limited to the Technical Managers and TCMC ) and their
employees to cooperate with the designated representatives, and the designated representatives shall be entitled to meet with such employees and/or request information from such Affiliates (being limited to the Technical Managers and TCMC ) or the
employees, in order to obtain information in respect of the matters covered by this Deed that is reasonably necessary to permit GSL to timely meet any reporting obligations to which they are at any time obligated, or choose to comply, or to remedy
the deficiency with respect to their internal controls as required, or as may be required, by Section 404 of the U.S. Sarbanes Oxley Act. 

  
 16 

	 	(d)	 Notwithstanding anything to the contrary, neither Conchart nor their Affiliates (being limited to the Technical
Managers and TCMC ) or their respective employees shall be required to provide any information that is not in respect of the matters covered by, or services provided by Conchart under, this Deed. 

 

	 	(e)	 GSLS shall bear all costs and expenses associated with the designated representatives’ services.
Notwithstanding anything to the contrary contained herein, Conchart shall not be liable for any failure to provide on a timely basis the reports required hereunder so long as Conchart has otherwise complied with the provisions under this clause
12.4; provided, however, Conchart may subcontract the services described in this clause 12.4 to the Technical Manager. 

  

	12.5	 On giving reasonable notice, Conchart may request, and GSLS shall in a timely manner make available, all
documentation, information and records reasonably required by Conchart to enable them to perform the Brokerage Services and the Commercial Advisory Services. 

  

	12.6	 Any reasonable costs incurred by Conchart in performing and discharging its obligations under this clause 12
shall be reimbursed by GSLS. 

  

	13	 Compliance with Laws and Regulations 

 

	13.1	 The Parties will not do or permit to be done anything which might cause any breach or infringement of the laws
and regulations of the flag state of any of the Vessels, or of any place where a Vessel trades, nor shall either of the Parties act in any manner which is prohibited under United States laws or regulations related to foreign trade controls.

  

	13.2	 In performing its obligations under this Deed, Conchart shall, and shall use all reasonable endeavours to
procure that its Affiliates and sub-contractors shall, comply in all material respects with GSLS’ or GSL’s written policies that are directly applicable to Conchart’s provision of Commercial
Advisory Services and Brokerage Services and are made known to Conchart in advance in writing, which shall include, but not be limited to, GSLS’ or GSL’s Anti-slavery and Human Trafficking Policy, Corporate and Social Responsibility
Policy, Anti-bribery and Anti-corruption Policy, Business Ethics Policy, Data and Privacy Policy and Business Conduct Policy and any other policies of GSLS or GSL that are so applicable from time to time. 

 

	14	 Duration 

  

	14.1	 This Deed shall come into effect on the date of this Deed and shall continue for a minimum period of three
(3) calendar years (the Minimum Contract Period). Either Party may give not less than six (6) months’ written notice to the other during the Minimum Contract Period that the Deed is to be terminated at the expiry of the Minimum
Contract Period. 

  

	14.2	 Following the expiry of the Minimum Contract Period, and provided that neither Party has issued a termination
notice pursuant to clause 14.1, this Deed may be terminated by either Party by giving no less than six (6) months’ written notice to the other. 

  

	14.3	 Notwithstanding clause 14.1 and 14.2 above, this Deed may be terminated by either Party at any time in
accordance with clause 15 (Termination). 

  
 17 

	15	 Termination 

GSLS or Conchart Default 
  

	15.1	 If either Party fails to meet their obligations under this Deed, the other Party may give notice to the
defaulting Party requiring it to remedy it. In the event that the defaulting Party fails to remedy within a reasonable time to the reasonable satisfaction of the other Party, that other Party shall be entitled to terminate this Deed with immediate
effect by giving notice to the defaulting Party. 

  

	15.2	 Unless caused by the act or omission of Conchart, if GSLS proceeds with the employment of or continues to
employ the Vessel in the carriage of contraband, blockade running, or in an unlawful trade, or on a voyage which in the reasonable opinion of Conchart is unduly hazardous or improper, Conchart may give notice of the default to GSLS, requiring it to
remedy it as soon as practically possible. In the event that GSLS fails to remedy it within a reasonable time to the satisfaction of Conchart, Conchart shall be entitled to terminate this Deed with immediate effect by notice. 

 

	15.3	 [Intentionally omitted] 

 

	15.4	 Conchart shall be entitled to terminate the Deed with immediate effect by giving notice to GSLS if any monies
payable by GSLS under the terms of this Deed shall not have been received in Conchart’s nominated account within thirty (30) days of receipt by GSLS of Conchart’s written request, or if the Vessel is repossessed by a mortgagee.

 Conchart’s Default 
  

	15.5	 GSLS may terminate this Deed for Cause (as hereinafter defined), but only after GSLS has provided Conchart with
notice of such Cause and such Cause has not been cured within twenty (20) days of such notice; provided, however, that if any Cause is incapable of being cured, then no notice and cure period shall be required. 

 

	15.6	 Cause means any of the following: 

 

	 	(a)	 Conchart: 

  

	 	(i)	 persists and/or continues to be negligent in their performance of the Brokerage Services and/or the Commercial
Advisory Services which causes material losses and/or material additional expense GSLS for a period of 3 (three) calendar months or more following a written notice from GSLS that it is dissatisfied with the performance of Conchart due to such
negligence and stating the deficiencies to be remedied, provided however, that Conchart shall not be deemed to have acted negligently if the deficiencies arise or are continuing due to circumstances beyond the control of Conchart, the Technical
Managers and TCMC or if Conchart is taking reasonable steps to remedy such deficiencies; and/or 

  

	 	(ii)	 is or has been grossly negligent in its performance of the Brokerage Services or the Commercial Advisory
Services; and/or 

  

	 	(iii)	 has engaged in wilful misconduct and/or bad faith and/or fraud; 

 

	 	(b)	 Conchart wilfully fails to cooperate in any government, agency, regulatory or external self-governing body
investigation that could have a material adverse effect on GSLS; 

  
 18 

	 	(c)	 Conchart or any of its directors, officers or employees are convicted or plead nolo contendere to a felony or a
misdemeanour involving moral turpitude that is reasonably likely to have a material adverse effect on GSLS; 

  

	 	(d)	 Conchart or any of its directors, officers or employees commit any material violation of any U.S. federal law
regulating securities or the business of GSL or GSLS without having relied on the legal advice of GSLS’ counsel to perform or omit to perform the act resulting in such violation or Conchart are the subject of any final order, judicial or
administrative, obtained or issued by the United States Securities and Exchange Commission, for any securities violation involving fraud that in each case is reasonably likely to have a material adverse effect on GSL or GSLS; and

  

	 	(e)	 a material breach of the obligations of Conchart under this Deed that is reasonably likely to have a material
adverse effect on GSL. 

  

	15.7	 Conchart shall be entitled to terminate this Deed with immediate effect by giving notice to GSLS within a six
(6) month period following a Change in Majority Interests or Control. 

  

	15.8	 GSLS shall be entitled to terminate this Deed with immediate effect by giving notice to Conchart within a six
(6) month period following a Conchart Change of Control. 

  

	15.9	 This Deed shall terminate automatically in the event of an order being made or resolution passed for the
winding up, dissolution, liquidation or bankruptcy of either Party (otherwise than for the purpose of reconstruction or amalgamation) or if a receiver or administrator is appointed, or if it suspends payment, ceases to carry on business or makes any
special arrangement or composition with its creditors (any such event, an Insolvency). 

  

	15.10	 On the termination, for whatever reason, of this Deed, Conchart shall arrange to deliver to GSLS, if so
requested, and upon reasonable notice, the originals where possible, or otherwise certified copies, of all contracts, charters and all documents specifically relating the Vessels, the Brokerage Services and the Commercial Advisory Services provided
under this Deed. Conchart will ensure that such documents will be available for a period of two (2) years following the termination of this Deed. 

  

	15.11	 The termination of this Deed shall be without prejudice to all rights accrued between the Parties prior to the
date of termination, including specifically the right of Conchart to receive the Brokerage Fee, with respect to any charter of a Vessel delivered thereunder for the period during which such charter continues beyond the date of such termination or
any consummated / completed sale and purchase transaction of a Vessel (directly or via sale of a Controlling interest in the relevant Vessel Owner) prior to the date of such termination; provided that, in the event of termination of this Deed for
Cause by GSLS pursuant to clause 15.5, no Brokerage Fee shall be due or payable to Conchart hereunder for any period after the date of such termination. 

  

	15.12	 In addition to any other payments contemplated herein, (x) if this Deed is terminated by Conchart pursuant
to any of Clauses 14.1, 14.2, 15.1, 15.2, 15.4, or 15.7 or (y) if this Deed terminates automatically pursuant to Clause 15.9 because of the Insolvency of GSLS, upon such termination Conchart shall be entitled to a lump sum payment in the amount
set forth opposite such Clause reference in the following table: 

  
 19 

			
	 Applicable Section Reference
	  	 Termination Payment

		
	Clause 14.1	  	Six (6) times the average monthly Brokerage Fee paid or accrued to Conchart for the six (6) month period preceding such termination
		
	Clause 14.2	  	Six (6) times the average monthly Brokerage Fee paid or accrued to Conchart for the six (6) month period preceding such termination
		
	Clause 15.1	  	Twelve (12) times the average monthly Brokerage Fee paid or accrued to Conchart for the twelve (12) month period preceding such termination (or if this Deed has been in effect for a lesser period, such lesser
period)
		
	Clause 15.2	  	Twelve (12) times the average monthly Brokerage Fee paid or accrued to Conchart for the twelve (12) month period preceding such termination (or if this Deed has been in effect for a lesser period, such lesser
period)
		
	Clause 15.4	  	Twelve (12) times the average monthly Brokerage Fee paid or accrued to Conchart for the twelve (12) month period preceding such termination (or if this Deed has been in effect for a lesser period, such lesser
period)
		
	Clause 15.7	  	Six (6) times the average monthly Brokerage Fee paid or accrued to Conchart for the six (6) month period preceding such termination (or if this Deed has been in effect for a lesser period, such lesser period)
		
	Clause 15.9	  	Twelve (12) times the average monthly Brokerage Fee paid or accrued to Conchart for the twelve (12) month period preceding such termination (or if this Deed has been in effect for a lesser period, such lesser
period)

  

	15.13	 In addition to any other payments contemplated herein, (x) if this Deed is terminated by GSLS pursuant to
any of Clauses 14.1, 14.2, 15.1, 15.5, or 15.8 or (y) if this Deed terminates automatically pursuant to the Insolvency of Conchart, upon such termination Conchart shall be entitled to a lump sum payment in the amount set forth opposite such
Clause reference in the following table: 

  
 20 

			
	 Applicable Section Reference
	  	 Termination Payment

		
	Clause 14.1	  	Twelve (12) times the average monthly Brokerage Fee paid or accrued to Conchart for the twelve (12) month period preceding such termination
		
	Clause 14.2	  	Twelve (12) times the average monthly Brokerage Fee paid or accrued to Conchart for the twelve (12) month period preceding such termination
		
	Clause 15.1	  	Three (3) times the average monthly Brokerage Fee paid or accrued to Conchart for the three (3) month period preceding such termination (or if this Deed has been in effect for a lesser period, such lesser period)
		
	Clause 15.5	  	None
		
	Clause 15.8	  	Twelve (12) times the average monthly Brokerage Fee paid or accrued to Conchart for the twelve (12) month period preceding such termination (or if this Deed has been in effect for a lesser period, such lesser
period)
		
	Clause 15.9	  	Three (3) times the average monthly Brokerage Fee paid or accrued to Conchart for the three (3) month period preceding such termination (or if this Deed has been in effect for a lesser period, such lesser period)

  

	15.14	 This Agreement shall terminate (i) upon the sale of the last Vessel (directly or via sale of a Controlling
interest in the relevant Vessel Owner) subject to the terms of this Agreement or (ii) if the last Vessel subject to the terms of this Agreement becomes a total loss or is declared as a constructive or compromised or arranged total loss or is
requisitioned or has been declared missing; provided, however, that the foregoing shall not apply to the sale of the last Vessel pursuant to a sale/leaseback transaction. In the event that this Agreement is terminated pursuant to this clause 15.14,
Conchart shall be entitled to a lump sum payment in the amount of three (3) times the average monthly Brokerage Fee paid or accrued to Conchart for the three (3) month period preceding such termination. 

 

	15.15	 For the purpose of Clause 15.14 hereof: 

 

	 	(a)	 the date upon which the last Vessel is to be treated as having been sold or otherwise disposed of shall be the
date on which the relevant Vessel Owner ceases to be the registered owner of such Vessel; 

  

	 	(b)	 the last Vessel shall be deemed to be lost either when it has become an actual total loss or agreement has been
reached with such Vessel’s underwriters in respect of its constructive total loss or if such agreement with such Vessel’s underwriters is not reached it is adjudged by a component tribunal that a constructive loss of such Vessel has
occurred; and 

  
 21 

	 	(c)	 the date upon which such Vessel is to be treated as declared missing shall be ten (10) days after such
Vessel was last reported or when such Vessel is recorded as missing by such Vessel’s underwriters, whichever occurs first. A missing Vessel shall be deemed lost in accordance with the provisions of paragraph (ii) of Clause 15.14.

  

	16	 Notices 

  

	16.1	 A notice or other communication given under this Deed (a Notice) shall be: 

 

	 	(a)	 in writing; 

  

	 	(b)	 in the English language; and 

 

	 	(c)	 sent by the Permitted Method to the Notified Address. 

 

	16.2	 The Permitted Method means any of the methods set out in the first column below, the second column setting out
the date on which a Notice given by such Permitted Method shall be deemed to be given provided the Notice is properly addressed and sent in full to the Notified Address: 

 

			
	 (1)

Permitted Method
	  	 (2)

Date on which Notice deemed given

	 Personal delivery
	  	When left at the Notified Address
		
	 Courier delivery
	  	When left at the Notified Address
		
	 E-mail
	  	When actually received by the recipient (or made available to the recipient) in readable form

  

	16.3	 The “Notified Address” (including fax number) of each of the Parties is the address set out below, or
as subsequently notified to all Parties in writing: 

  

	 	(a)	 to GSLS at: 

Global Ship Lease Services Limited 

Portland House 
 Stag Place 

London, SW1E 5RS 
 E-mail address: notices@globalshiplease.com 
 Attention: Company Secretary 

  
 22 

	 	(b)	 to Conchart at: 

Conchart Commercial Inc. 
 3-5 Menandrou Str. 
 14561, Kifissia 

Athens, Greece 
 E-mail address: popig@echart.gr 
 With a copy to: chartering@echart.gr 

Attention: Mrs Popi Giannopoulou 

or to such other address as is notified by one Party to the other Party under this Deed. 

 

	17	 Entire Agreement 

This Deed constitutes the entire agreement between the Parties and no promise, undertaking, representation, warranty or statement by either
Party prior to the date stated above shall affect this Deed. Any modification of this Deed shall not be of any effect unless in writing signed by or on behalf of the Parties. 
  

	18	 Partial Validity 

If any provision of this Deed is or becomes or is held by any arbitrator or other competent body to be illegal, invalid or unenforceable in any
respect under any law or jurisdiction, the provision shall be deemed to be amended to the extent necessary to avoid such illegality, invalidity or unenforceability, or, if such amendment is not possible, the provision shall be deemed to be deleted
from this Deed to the extent of such illegality, invalidity or unenforceability, and the remaining provisions shall continue in full force and effect and shall not in any way be affected or impaired thereby. 

 

	19	 Confidentiality 

 

	19.1	 Conchart shall keep confidential the Confidential Information disclosed to it by or on behalf of GSLS or
howsoever otherwise obtained, developed or created by Conchart. 

  

	19.2	 Conchart shall: 

  

	 	(a)	 use the Confidential Information solely in connection with the performance of its obligations under this Deed;
and 

  

	 	(b)	 take all action reasonably necessary to secure the Confidential Information against theft, loss or unauthorised
disclosure. 

  

	19.3	 The restrictions on use or disclosure of Confidential Information in this clause 19 do not apply to information
which is: 

  

	 	(a)	 generally available in the public domain, other than as a result of Conchart’s breach of any obligation
under this clause 19; or 

  

	 	(b)	 lawfully acquired from a third party who owes no obligation of confidentiality in respect of the information;
or 

  
 23 

	 	(c)	 independently developed by Conchart, or was in Conchart’s lawful possession prior to receipt from GSLS.

  

	19.4	 Conchart may disclose the Confidential Information without the prior written consent of GSLS:

  

	 	(a)	 to its Affiliates and subcontractors, to whom disclosure is required for the performance of its obligations
under this Deed, but only to the extent necessary to perform such obligations (together the Permitted Disclosees); or 

  

	 	(b)	 if, and to the extent that, such information is required to be disclosed (including by way of an announcement)
by the rules of any stock exchange or by any governmental, regulatory or supervisory body (including, without limitation, any taxation authority) or court of competent jurisdiction (Relevant Authority) to which GSLS or Conchart is subject,
provided that Conchart shall, if it is not so prohibited by law, provide GSLS with prompt notice of any such requirement or request. 

  

	19.5	 Conchart shall: 

  

	 	(a)	 before disclosing Confidential Information to a Permitted Disclosee, to the extent reasonably practicable,
notify GSLS in writing of the intended disclosure and the identity of the intended Permitted Disclosee; 

  

	 	(b)	 ensure that such Permitted Disclosee is aware of and complies with Conchart’s obligations under this
clause 19 as if it were the broker or commercial adviser; and 

  

	 	(c)	 be responsible for the acts and omissions of any Permitted Disclosee in relation to the Confidential
Information as if they were the acts or omissions of Conchart. 

  

	19.6	 The Parties agree that damages may not be an adequate remedy for Conchart’s breach of this clause 19 and
(to the extent permitted by the court) GSLS shall be entitled to seek an injunction or specific performance in respect of such breach. 

  

	20	 Acts of the Technical Manager 

Notwithstanding anything contained in this Deed to the contrary, GSLS shall have no liability, through indemnification or otherwise, for any
damages, losses, or claims of any kind whatsoever of Conchart arising from or in any way related to the acts or omissions of the Technical Managers, nor shall Conchart have any right to terminate this Deed for any circumstance or event arising out
of or in any way related to any acts or omissions of the Technical Managers. 
  

	21	 Assignment and Transfer 

 

	21.1	 GSLS may assign all of their rights under this Deed to a mortgagee of any of the Vessels provided that such
assignment shall not otherwise prejudice the rights of Conchart under this Deed, including its rights to terminate this Deed pursuant to the terms hereof. Upon satisfaction of the condition set forth in the first sentence of this clause 21, Conchart
hereby agrees to enter into an acknowledgment of such assignment in such form as the mortgagee may reasonably request. 

  

	21.2	 Conchart may not assign all or any of its rights under this Deed without the prior written consent of GSLS.

  
 24 

	21.3	 Neither Party shall be entitled to transfer all or any of its obligations, duties or liabilities under this
Deed unless: 

  

	 	(a)	 the same is expressly permitted under the terms of this Deed; or 

 

	 	(b)	 it has received the prior written consent of the other Party. 

 

	22	 Governing Law and Jurisdiction 

 

	22.1	 This Deed shall be governed by and construed in accordance with English law and any dispute arising out of or
in connection with this Deed shall be referred to arbitration in London in accordance with the Arbitration Act 1996 or any statutory modification or re-enactment thereof save to the extent necessary to give
effect to the provisions of this clause 22. 

  

	22.2	 The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (LMAA) Terms
current at the time when the arbitration proceedings are commenced. 

  

	22.3	 The reference shall to be to three arbitrators. A Party wishing to refer a dispute to arbitration shall appoint
its arbitrator and send notice of such appointment in writing to the other Party requiring the other Party to appoint its own arbitrator within 14 calendar days of that notice and stating that it will appoint its arbitrator as sole arbitrator unless
the other Party appoints its own arbitrator and gives notice that it has done so within the 14 days specified. If the other Party does not appoint its own arbitrator and gives notice that it has done so within the 14 days specified, the Party
referring a dispute to arbitration may, without the requirement of any further prior notice to the other Party, appoint its arbitrator as sole arbitrator and shall advise the other Party accordingly. The award of a sole arbitrator shall be binding
on both Parties as if he had been appointed by agreement. 

  

	22.4	 Nothing herein shall prevent the Parties agreeing in writing to vary these provisions to provide for the
appointment of a sole arbitrator. 

  

	22.5	 In cases where neither the claim nor any counterclaim exceeds the sum of US$50,000 (or such other sum as the
Parties may agree) the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current at the time when the arbitration proceedings are commenced. 

Mediation 
  

	22.6	 Notwithstanding clause 22.1, above, the Parties may agree at any time to refer to mediation any difference
and/or dispute arising out of or in connection with this Deed. 

  

	22.7	 In the case of a dispute in respect of which arbitration has been commenced under clause 22.1 above, the
following shall apply: 

  

	 	(a)	 either Party may at any time and from time to time elect to refer the dispute or part of the dispute to
mediation by service on the other Party of a written notice (the Mediation Notice) calling on the other Party to agree to mediation; 

  

	 	(b)	 the other Party shall thereupon within 14 calendar days of receipt of the Mediation Notice confirm that they
agree to mediation, in which case the Parties shall thereafter agree a mediator within a further 14 calendar days, failing which on the application of either Party a mediator will be appointed promptly by the Arbitration Tribunal (the
Tribunal) or such person as the Tribunal may designate for that purpose. The mediation shall be conducted in such place and in accordance with such procedure and on such terms as the Parties may agree or, in the event of disagreement, as may
be set by the mediator; 

  
 25 

	 	(c)	 if the other Party does not agree to mediate, that fact may be brought to the attention of the Tribunal and may
be taken into account by the Tribunal when allocating the costs of the arbitration as between the Parties; 

  

	 	(d)	 the mediation shall not affect the right of either Party to seek such relief or take such steps as it considers
necessary to protect its interest; 

  

	 	(e)	 either Party may advise the Tribunal that they have agreed to mediation. The arbitration procedure shall
continue during the conduct of the mediation but the Tribunal may take the mediation timetable into account when setting the timetable for steps in the arbitration; 

 

	 	(f)	 unless otherwise agreed or specified in the mediation terms, each Party shall bear its own costs incurred in
the mediation and the Parties shall share equally the mediator’s costs and expenses; and 

  

	 	(g)	 the mediation process shall be without prejudice and confidential and no information or documents disclosed
during it shall be revealed to the Tribunal except to the extent that they are disclosable under the law and procedure governing the arbitration. 

  

	23	 Guarantee 

  

	23.1	 GSL hereby irrevocably, absolutely and unconditionally guarantees to Conchart the full payment and performance
by GSLS of all of GSLS’ liabilities and obligations under this Deed (all such liabilities and obligations of GSLS being the GSLS Obligations) when and as the same are to be paid or performed, as the case may be. GSL’s obligations
hereunder shall not be affected by any facts or circumstances that might constitute a discharge of or defence to any GSLS Obligation available to GSL but not available to GSLS, and GSL hereby expressly waives and renounces any and all such
discharges and defences. 

  

	24	 Date of commencement of this Agreement 

 

	24.1	 This Agreement shall become effective (the “Effective Date”) on the closing of the
transactions contemplated by that certain Agreement and Plan of Merger, dated as of the date hereof, by and among Poseidon Containers Holdings LLC, K&T Marine LLC, GSL, and the other parties named therein (the “Closing”);
provided, however, that if the Closing does not occur this Agreement will be of no force and effect. 

 This Deed has been executed as
a deed, and it has been delivered on the date stated at the beginning of this Deed. 

  
 26 

 Schedule 1 

Vessels 
  

			
	 Name
	  	IMO Number
	 CMA CGM Matisse
	  	9192428
		
	 CMA CGM Utrillo
	  	9192430
		
	 Delmas Keta
	  	9225782
		
	 GSL Julie
	  	9225770
		
	 Kumasi
	  	9220859
		
	 Marie Delmas
	  	9220847
		
	 CMA CGM La Tour
	  	9224946
		
	 CMA CGM Manet
	  	9224958
		
	 CMA CGM Alcazar
	  	9335197
		
	 CMA CGM Chateau d’If
	  	9335202
		
	 CMA CGM Thalassa
	  	9356294
		
	 CMA CGM Jamaica
	  	9326770
		
	 CMA CGM Sambhar
	  	9295969
		
	 CMA CGM America
	  	9295971
		
	 GSL Tianjin
	  	9285471
		
	 OOCL Qingdao
	  	9256470
		
	 GSL Ningbo
	  	9256482
		
	 CMA CGM Berlioz
	  	9222297

  
 27 

 Schedule 2 

List of Approved Charterers 
  

	1	 Maersk Line / Hamburg Sud, and Affiliates (including MCC) 

 

	2	 CMA CGM / APL, and Affiliates 

 

	3	 MSC 

  

	4	 Evergreen 

  

	5	 ZIM 

  

	6	 Hapag Lloyd / UASC / CSAV 

 

	7	 Yang Ming 

  

	8	 COSCO / OOCL, and Affiliates 

 

	9	 PIL 

  

	10	 ONE (NYK / MOL / K-Line) 

 

	11	 Wan Hai 

  

	12	 KMTC 

  

	13	 Sea Consortium / X-Press Feeders 

  
 28 

 Schedule 3 

List of Vessel Existing Charterparties 
  

															
	 Vessel Name
	  	Capacity in TEUs	  	Year Built	  	Charterer	 	  	 Earliest Charter Expiry
	  	Daily Charter
Rate $	 
	CMA VESSELS	  

	 CMA CGM Matisse
	  	2,262	  	1999	  	 	CMA CGM	 	  	September 21, 2019	  	 	15,300	 
	 CMA CGM Utrillo
	  	2,262	  	1999	  	 	CMA CGM	 	  	September 11, 2019	  	 	15,300	 
	 Delmas Keta
	  	2,207	  	2003	  	 	CMA CGM	 	  	August 6, 2018	  	 	7,800	 
	 GSL Julie
	  	2,207	  	2002	  	 	CMA CGM	 	  	July 28, 2018	  	 	7,800	 
	 Kumasi
	  	2,207	  	2002	  	 	CMA CGM	 	  	October 2, 2020	  	 	9,800	 
	 Marie Delmas
	  	2,207	  	2002	  	 	CMA CGM	 	  	October 2, 2020	  	 	9,800	 
	 CMA CGM La Tour
	  	2,272	  	2001	  	 	CMA CGM	 	  	September 20, 2019	  	 	15,300	 
	 CMA CGM Manet
	  	2,272	  	2001	  	 	CMA CGM	 	  	September 7, 2019	  	 	15,300	 
	 CMA CGM Alcazar
	  	5,089	  	2007	  	 	CMA CGM	 	  	October 18, 2020	  	 	33,750	 
	 CMA CGM Chateau d’If
	  	5,089	  	2007	  	 	CMA CGM	 	  	October 11, 2020	  	 	33,750	 
	 CMA CGM Thalassa
	  	11,040	  	2008	  	 	CMA CGM	 	  	October 1, 2025	  	 	47,200	 
	 CMA CGM Jamaica
	  	4,298	  	2006	  	 	CMA CGM	 	  	September 17, 2022	  	 	25,350	 
	 CMA CGM Sambhar
	  	4,045	  	2006	  	 	CMA CGM	 	  	September 16, 2022	  	 	25,350	 
	 CMA CGM America
	  	4,045	  	2006	  	 	CMA CGM	 	  	September 19, 2022	  	 	25,350	 
	 CMA CGM Berlioz
	  	6,621	  	2001	  	 	CMA CGM	 	  	May 28, 2021	  	 	34,000	 
	 GSL Tianjin
	  	8,063	  	2005	  	 	CMA CGM	 	  	September 26, 2018	  	 	11,900	 
	NON-CMA VESSELS	  

	 OOCL Qingdao
	  	8,063	  	2004	  	 	OOCL	 	  	January 1, 2019	  	 	14,000	 
	 GSL Ningbo
	  	8,063	  	2004	  	 	OOCL	 	  	September 17, 2018	  	 	34,500	 

  
 29 

 SIGNATORIES 

GSLS 
  

					
	EXECUTED as a DEED by	  	
	GLOBAL SHIP LEASE SERVICES LIMITED	  	
	acting by Ian James Webber, a director	  	
	and Thomas Arthur Lister, a director	  	 /s/ Ian James Webber

		  		  	Director
			
		  		  	/s/ Thomas Arthur Lister
		  		  	  
 Director

	GSL	  		  	
		
	EXECUTED as a DEED by	  	
	GLOBAL SHIP LEASE, INC.	  	
	 acting by Ian James Webber, an authorised signatory
	  	/s/ Ian James Webber
	and Thomas Arthur Lister, an authorised signatory	  	  
 Authorised signatory

		  		  	
		  		  	
		  		  	 /s/ Thomas Arthur Lister

		  	Authorised signatory
	 Conchart
  
	  		  	
	EXECUTED as a DEED by	  	
	CONCHART COMMERCIAL INC.	  	
	acting by Dimitrios Tsiaklagkanos, Sole Director,	  	 /s/ Dimitrios Tsiaklagkanos

	 in the presence of Mrs. Aikaterini Emmanouil, attorney-at-law

Address: Alassia Building, 13 Defteras Merarchias St.,
 GR 185.35
Piraeus, Greece
	  	

  
  

  
 30EX-10.5

 Exhibit 10.5 

EXECUTION VERSION 

LETTER AGREEMENT 

This Letter Agreement (this “Agreement”) is entered into as of this
29th day of October 2018 by and among KIA VIII (Newco Marine), Ltd. (“KIA VIII”), KEP VI (Newco Marine), Ltd. (“KEP VI,” and together with KIA VIII,
the “Kelso Holders” and each a “Kelso Holder”), Global Ship Lease, Inc., a Marshall Islands corporation (“GSL”), CMA CGM S.A. (“CMA CGM”), Marathon
Founders, LLC (“Marathon Founders”) and Michael S. Gross (“Gross,” and together with Marathon Founders, the “Marathon Holders” and each a “Marathon
Holder”). The Marathon Holders and CMA CGM are collectively referred to as the “GSL Holders” and each a “GSL Holder”. Capitalized terms used herein and not otherwise defined herein shall
have the respective meanings set forth in the Merger Agreement (as defined below). 
 WHEREAS, GSL, Poseidon Containers Holdings, LLC
(“Poseidon”), K&T Marine, LLC (“K&T”), GSL Sub One LLC (the “Poseidon Merger Sub”), GSL Sub Two LLC (the “K&T Merger Sub”) and, solely for
the purposes set forth therein, the Kelso Holders and certain other parties, entered into an Agreement and Plan of Merger (as amended from time to time, the “Merger Agreement”) on the date hereof providing for, among other
things, (a) the merger of Poseidon with the Poseidon Merger Sub in exchange for securities of GSL, and (b) the merger of K&T with the K&T Merger Sub in exchange for securities of GSL, in each case, pursuant to the terms and subject
to the conditions set forth in the Merger Agreement; 
 WHEREAS, in connection with the Merger Agreement, (i) GSL, the Kelso Holders,
the GSL Holders and certain other parties entered into an amended and restated registration rights agreement dated as of the date hereof (as amended from time to time, the “Registration Rights Agreement”) and (ii) the
Kelso Holders, CMA CGM and Gross entered into a voting agreement dated as of the date hereof (as amended from time to time, the “Voting Agreement”); and 

WHEREAS, in connection with the consummation of the transactions contemplated by the Merger Agreement the parties hereto desire to enter into
this Agreement to set forth certain rights and responsibilities relating to their ownership of Voting Stock (as defined below). 
 NOW
THEREFORE, in accordance with this Agreement and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound, the parties hereto hereby agree as follows: 

1. GSL Board. 
 (a) At Closing, the board
of directors of GSL (the “GSL Board”) shall be constituted as set forth in Section 1.4(b)(i) of the Merger Agreement. In accordance with Section 1.4(b)(i) of the Merger Agreement, Philippe Lemonnier and Alain Wils
shall be two of the members of the GSL Board as of the Closing. Philippe Lemonnier shall not be an Independent Director (as defined below) as of the Closing and shall be a Class I director on the GSL Board whose term of office expires at the
annual meeting of stockholders of GSL (“Stockholders”) determined in accordance with the Fundamental Documents of GSL. Alain Wils shall be an Independent Director as of the Closing and shall be a Class III director on
the GSL Board whose term of office expires at the annual meeting of Stockholders determined in accordance with the Fundamental Documents of GSL. For purposes of this Agreement: 

 (i) “Independent Director” has the meaning ascribed
in Rule 10A-3 under the Exchange Act and the rules and regulations of the NYSE; 

(ii) “CMA CGM Designees” means Philippe Lemonnier and Alain Wils (or any successor director designated
by CMA CGM in accordance with this Agreement (but only to the extent CMA CGM has a right to so designate at the relevant time) to fill the vacancy created by the death, resignation, removal, disqualification or any other cause of Philippe Lemonnier
or Alain Wils, as applicable, or their respective director successors); provided, however (x) for so long as CMA CGM and its Affiliates (the “CMA CGM Group”) collectively hold Voting Stock having at least 10% of
the voting power of all of the Voting Stock then outstanding, there shall be no more than two CMA CGM Designees, (y) for so long as the CMA CGM Group collectively hold Voting Stock having 5% or more (but less than 10%) of the voting power of
all of the Voting Stock then outstanding, there shall be no more than one CMA CGM Designee and (z) at such time as the CMA CGM Group ceases to collectively hold Voting Stock having at least 5% of the voting power of all of the Voting Stock then
outstanding, there shall be zero CMA CGM Designees; and 
 (iii) “Transfer” means to directly or
indirectly transfer, sell, pledge, grant an option to purchase, hypothecate or otherwise dispose of, including entering into any Contract, option or other arrangement or understanding (whether or not conditional) to do any of the foregoing. 

(iv) “Voting Stock” means any securities of GSL that the holders of which are entitled to vote for
members of the GSL Board, including the Class A Common Stock, the Class B Common Stock, the Class C Common Stock and the Series C Preferred Stock, by whatever name called, now outstanding or subsequently outstanding, including any
such securities that may become outstanding through stock splits, stock dividends, reclassifications, recapitalizations, conversions, exchanges, similar events or otherwise. Notwithstanding anything to the contrary contained herein, for purposes of
this Agreement, including in determining the beneficial ownership of Voting Stock, (x) CMA CGM shall not be deemed to be the beneficial owner of any Voting Stock held by the Kelso Holders and (y) the Kelso Holders shall not be deemed to be
the beneficial owner of any Voting Stock (including any Subject Stock, as defined in the Voting Agreement) held by the GSL Holders. 
 (b) In
connection with any annual meeting of the Stockholders after the Closing at which directors of GSL are to be elected, if the class of directors whose term is expiring at such meeting includes a CMA CGM Designee then serving on the GSL Board (and who
was not required to resign as a director pursuant to Section 1(f) prior to such meeting), then GSL and the GSL Board shall, acting through the Nominating/Corporate Governance Committee of the GSL Board, include in the slate of nominees
recommended to the Stockholders for election as directors one individual for each such CMA CGM Designee whose term is then expiring and who was not required to so resign, which individual is designated in advance by CMA CGM in accordance with this
Agreement (who will become a CMA CGM Designee upon being duly elected to the GSL Board). 

  
 2 

 (c) Notwithstanding the provisions of this Section 1, CMA CGM shall not be entitled to
designate a Person as a nominee to the GSL Board upon a written determination by the Nominating/Corporate Governance Committee of the GSL Board (which determination shall set forth reasonable grounds for such determination and shall be notified by
GSL to CMA CGM in accordance with Section 1(h) below) that such Person would not be qualified under any applicable law, rule or regulation to serve as a director on the GSL Board. Upon receipt of such notice, CMA CGM shall be permitted to
provide an alternate CMA CGM Designee who shall be identified by CMA CGM reasonably promptly following receipt of such written notice from the Nominating/Corporate Governance Committee of the GSL Board (and sufficiently in advance of such meeting of
Stockholders so that such alternate CMA CGM Designee and related information can be included in materials sent to Stockholders in connection with such upcoming meeting), and GSL shall comply with its obligations under, and subject to the terms and
conditions of, this Section 1 with respect to such alternate CMA CGM Designee so designated. 
 (d) Except as set forth in
Section 1(f), vacancies arising from the death, resignation, removal, disqualification or any other cause of a CMA CGM Designee shall be filled by the GSL Board only with a CMA CGM Designee, who shall be identified by CMA CGM within a
reasonable time following the occurrence of such vacancy; provided, however, if at the time such vacancy is created, the CMA CGM Group collectively hold Voting Stock having at least 10% of the voting power of all of the Voting Stock then outstanding
and the CMA CGM Designee that is remaining on the GSL Board is not an Independent Director, then the CMA CGM Designee chosen by CMA CGM to fill the vacancy must qualify as an Independent Director. 

(e) GSL agrees to maintain the three standing committees of the GSL Board: an Audit Committee, a Compensation Committee and a
Nominating/Corporate Governance Committee. Subject to the qualification standards for serving on the Audit Committee pursuant to its charter and applicable law, rule or regulation, for so long as the CMA CGM Group collectively hold Voting Stock
having at least 5% of the voting power of all of the Voting Stock then outstanding and there is at least one CMA CGM Designee then serving on the GSL Board, one CMA CGM Designee chosen by CMA CGM that is then serving on the GSL Board shall serve as
a member of the Audit Committee of the GSL Board (subject to such individual accepting such appointment). 
 (f) In the event that there are
two CMA CGM Designees serving on the GSL Board at the time that the CMA CGM Group ceases to collectively hold Voting Stock having at least 10% of the voting power of all of the Voting Stock then outstanding, then CMA CGM shall use its best efforts
to cause one of the CMA CGM Designees then serving on the GSL Board to resign from the GSL Board immediately prior to such time as a replacement director is nominated or elected by the GSL Board or the Stockholders; it being understood that the CMA
CGM Designee that so resigns shall be the CMA CGM Designee that is an Independent Director (if and to the extent applicable). In the event that there are any CMA CGM Designees serving on the GSL Board at the time that the CMA CGM Group ceases to
collectively hold Voting Stock having at least 5% of the voting power of all of the Voting Stock then outstanding, then CMA CGM shall use its best 

  
 3 

 
efforts to cause all of the CMA CGM Designees then serving on the GSL Board to resign from the GSL Board immediately prior to such time as a replacement director is nominated or elected by the
GSL Board or the Stockholders. Prior to designating a CMA CGM Designee, CMA CGM shall enter into a written agreement (with GSL being third party beneficiary thereof with the independent right to enforce the terms thereof) with the CMA CGM Designee
(and as of the Closing CMA CGM will have entered into such an agreement with Philippe Lemonnier and Alain Wils) whereby such CMA CGM Designee agrees to resign as a member of the GSL Board at such time, and in accordance with, the foregoing. 

(g) Until the termination of this Section 1 pursuant to Section 1(j) below, each Kelso Holder agrees that at each meeting of the
Stockholders after the Closing in which directors to the GSL Board are to be voted on for election and a CMA CGM Designee is on the slate of nominees for such election at such meeting (i) when each such meeting of Stockholders is held, such
Kelso Holder shall appear at such meeting or otherwise cause the voting power of the Voting Stock held by such Kelso Holder and any of its controlled Affiliates to whom it has transferred Voting Stock (such holders, the “Kelso Controlled
Holders”), to be counted as present thereat for purposes of establishing a quorum, and (ii) such Kelso Holder shall vote or cause to be voted, and shall direct the Kelso Controlled Holders to vote or cause to be voted, at each such
meeting all of the voting power of the Voting Stock held by such Kelso Holder and Kelso Controlled Holders for the election of any CMA CGM Designees that are on the slate of nominees for election at such meeting. Each Kelso Holder hereby covenants
and agrees that it shall not, and shall not permit any Kelso Controlled Holders to, enter into any agreement or understanding, and shall not commit or agree to take any action, and shall not permit any Kelso Controlled Holders to commit or agree to
take any action, that would restrict or interfere with such Kelso Holder’s obligations under this Section 1(g); provided, however, nothing in this Section 1 restricts, or shall be deemed to restrict, the Kelso Holders from
Transferring any Voting Stock at any time. Notwithstanding any provision of this Agreement to the contrary, this Section 1(g) shall apply to each Kelso Holder solely in its capacity as a holder of Voting Stock and not in any other capacity.
Nothing in this Agreement shall limit, restrict or affect the rights and obligations of Hank Mannix or any member of the GSL Board that is affiliated with the Kelso Holders or their Affiliates in their respective capacity as a director or officer of
GSL, as applicable. 
 (h) So long as the CMA CGM Group collectively hold Voting Stock having at least 5% of the voting power of all Voting
Stock then outstanding, GSL shall notify CMA CGM in writing of the date on which proxy or similar materials are expected to be sent by GSL in connection with an election of directors at an annual or special meeting of the Stockholders (and GSL shall
deliver such notice at least 30 days (or such shorter period to which CMA CGM consents, which consent need not be in writing) prior to such expected mailing date or such earlier date as may be specified by GSL reasonably in advance of such earlier
delivery date on the basis that such earlier delivery is necessary so as to ensure that any CMA CGM Designee may be included in such proxy materials at the time such proxy materials are mailed). GSL shall notify CMA CGM of any opposition to a CMA
CGM Designee (as described in Section 1(c) above) sufficiently in advance of the date on which such proxy materials are to be mailed by GSL in connection with such election of directors so as to enable CMA CGM to propose a replacement CMA CGM
Designee, if necessary, in accordance with the terms of this Agreement). 

  
 4 

 (i) Except as otherwise provided herein, nothing contained in this Agreement shall be deemed
to vest in CMA CGM any direct or indirect ownership or incidence of ownership of or with respect to the Voting Stock held by the Kelso Holders. Other than with respect to its obligations under this Section 1, all rights, ownership and economic
benefits of and relating to the Voting Stock held by the Kelso Holders shall remain vested in and belong to such Kelso Holders. 
 (j) This
Section 1 and all rights and obligations under this Section 1 shall automatically terminate and cease to exist at any time that the CMA CGM Group ceases to collectively hold Voting Stock having at least 5% of the voting power of all of the
Voting Stock outstanding at such time. 
 2. Tag Along Right. 

(a) In the event that any Kelso Holder or any of its Affiliates (each in such capacity, a “Kelso Transferor”) proposes
to Transfer (other than in an Exempt Transfer), in one transaction or a Series of Related Transactions (as defined below), Voting Stock that would result in one or more third parties (the “Purchaser”) acquiring (after giving
effect to the conversion of Series C Preferred Stock being sold into Class A Common Stock; it being understood that all references to the number or percentage of shares of Voting Stock in this Section 2 shall be determined on an as-converted basis and shall therefore assume that all of the Series C Preferred Stock have been converted into Class A Common Stock in accordance with the terms of the Certificate of Designations for the
Series C Preferred Stock) from the Kelso Transferors in such transaction (or Series of Related Transactions) more than 30% (the “Tag Trigger Percentage”) of the voting power of all Voting Stock then outstanding (a
“Tag Sale”), then such Kelso Transferor shall give the GSL Holders (each a “Tag Party”) a written notice (such notice, as it may be updated before the deadline to respond in accordance with this
Section 2, the “Tag Notice”) of such Tag Sale prior to or within ten (10) Business Days after the execution and delivery of the definitive agreement entered into providing for such Tag Sale (and in all cases no
later than five (5) Business Days prior to the closing of such Tag Sale), which Tag Notice shall specify in reasonable detail: (A) the total number of shares of Voting Stock to be Transferred to the Purchaser, (B) the aggregate and
per share (on an as-converted basis) consideration and the other material terms and conditions of the Tag Sale, including a reasonably detailed description (which shall include supporting materials) of any non-cash consideration, (C) the identity of the Purchaser, (D) a copy of the agreement (or if a definitive agreement is not reached, a near-final form thereof) executed or to be executed in connection with
such Tag Sale, (E) the expected date on which the Tag Sale will be consummated and (F) that each such Tag Party shall have the right (the “Tag Right”) to elect to sell up to a number of shares of Voting Stock (with
respect to each GSL Holder, such maximum number of shares of Voting Stock permitted to be requested for inclusion therein, the “Tag Threshold”) equal to the product of the total number of shares of Voting Stock held by such
Tag Party multiplied by a fraction, the numerator of which is the number of shares of Voting Stock (on an as-converted basis) the Kelso Transferor proposes to Transfer to the Purchaser in the Tag Sale,
and the denominator of which is the aggregate number of shares of Voting Stock (on an as-converted basis) then collectively held by the Kelso Holders and its Affiliates. 

  
 5 

 (b) Each Tag Party shall have the right, but not the obligation, to participate in such Tag
Sale and may elect to participate in a contemplated Tag Sale by delivering an irrevocable written notice to the Kelso Transferor within ten (10) Business Days after such Tag Party receives a Tag Notice (or such shorter period specified in the
Tag Notice, which period shall be no less than five (5) Business Days after such Tag Party receives a Tag Notice); provided, that if there is a change in the price or other material change in the terms or conditions of the Tag Sale, the Kelso
Transferor shall give each Tag Party a revised written notice indicating such changes, and each Tag Party shall have five (5) additional Business Days. If a Tag Party shall fail to respond within such period, such failure shall be regarded as
an election not to participate in the Tag Sale. If the Kelso Transferor has not completed the proposed Tag Sale within 180 days (as may be extended by up to 60 days to the extent necessary to obtain regulatory or related anti-trust approvals) of the
date of the latest Tag Notice delivered in connection with such Tag Sale, in each case, on terms and conditions that are materially consistent with those set forth in the Tag Notice, the Kelso Transferor shall not Transfer shares of Voting Stock in
a transaction that would qualify as a Tag Sale hereunder without again fully complying with this Section 2. 
 (c) If the Tag Party
elects to participate in the Tag Sale, the Tag Party shall be entitled to Transfer in the proposed Tag Sale (i) at the same price as the Kelso Transferor is receiving for its Voting Stock (with such price being received by the Kelso Transferor
being determined on an as-converted basis) in the Tag Sale, (ii) a number of shares of Voting Stock not to exceed the Tag Threshold for such Tag Party and (iii) on substantially the same (and no less
favorable) other terms (including with respect to representations, warranties and indemnification) as the Kelso Transferor; provided, however, that any representations and warranties relating specifically to any Tag Party shall only be made by that
Tag Party and any indemnification provided by the Tag Parties and the Kelso Transferors (other than in respect of customary fundamental matters such as title to or ownership of the Voting Stock being sold in the Tag Sale and such holder’s
authority, power and right to enter into and consummate such transaction without violating any other agreement or legal requirement) shall be based on the proceeds to be received by the Kelso Transferors and Tag Parties in the Tag Sale, either on a
several, not joint, basis or solely with recourse to an escrow established for the benefit of the Purchaser. The amount to be contributed to any escrow by the Kelso Transferors, on the one hand, and Tag Parties, on the other hand, shall be limited
to such Person’s pro rata share of the total escrow amount (determined on the basis of the total number of shares of Voting Stock (on an as-converted basis) being included in the Tag Sale by the
applicable Person relative to the total number of shares of Voting Stock (on an as-converted basis) being included in the Tag Sale by all the Kelso Transferors and Tag Parties in the aggregate)). 

(d) The Kelso Transferor shall use commercially reasonable efforts to obtain the agreement of the Purchaser to the participation of each Tag
Party in the Tag Sale and if the Purchaser is not willing to buy all the shares of Voting Stock (on an as-converted basis) offered by the Kelso Transferor and all electing Tag Parties on the terms and
conditions set forth in the Tag Notice (or on terms and conditions more favorable to the Kelso Transferor and the Tag Parties), then the total number of shares of Voting Stock (on an as-converted basis) to be
sold in such Tag Sale shall be equal to the total number of shares the Purchaser is willing to purchase on such terms and such shares of Voting Stock (on an as-converted basis) shall be allocated
among the Tag Parties and the Kelso Transferor pro rata determined as the product of (i) the total number of shares of Voting Stock (on an as-converted basis) that such Purchaser in such Tag Sale is
willing to so purchase and (ii) a fraction, the numerator of which is (A) in the case of the Kelso Transferor, the number of shares of Voting Stock (on an as-converted basis) identified by the Kelso
Transferor in the Tag Notice (as set forth in Section 2(a)(A) above) or (B) in the case of any Tag Party, the number of shares of Voting Stock (not to exceed the Tag Threshold of such Tag Party) that the Tag Party properly requested to be
included in such Tag Sale, and the denominator of which is the sum of (A) plus the number of shares of Voting Stock that all Tag Parties properly requested to be included in such Tag Sale. 

 

  
 6 

 (e) Subject to Section 2(c), any Tag Party participating in any Tag Sale shall
(i) be required to execute and deliver the same customary definitive agreements and make or provide the same customary representations, warranties, covenants and closing deliverables as the Kelso Transferor (except that, in the case of any such
agreements, representations, warranties, covenants and closing deliverables pertaining specifically to Kelso, the Tag Party shall execute and deliver comparable agreements, or make or provide comparable representations, warranties, covenants and
closing deliverables, pertaining specifically to itself, if applicable) and (ii) be responsible for the same indemnification obligations that apply to the Kelso Transferor (it being understood that the Kelso Transferor’s liability, on the
one hand, and each Tag Party’s liability, on the other hand, in respect of any such indemnification obligation shall be limited to such Person’s pro rata share of the indemnification obligation (determined on the basis of the total number
of shares of Voting Stock (on an as-converted basis) being included in the Tag Sale by the applicable Person relative to the total number of shares of Voting Stock (on an
as-converted basis) being included in the Tag Sale by all the Kelso Holders and the Tag Parties in the aggregate)). Each Tag Party shall be responsible for its pro rata share (on the same basis as determined
in the prior sentence) of the reasonable costs and expenses of the Tag Sale if and when consummated (including the reasonable fees and expenses of counsel to the Kelso Transferor) to the extent not otherwise paid or reimbursed by the Purchaser or
GSL, provided that no Tag Party shall be obligated to make any out-of-pocket expenditure prior to the consummation of a Tag Sale pursuant to this Section 2.
Notwithstanding anything to the contrary in this Section 2, in connection with any Tag Sale, if the Purchaser demands that the definitive documents to be executed by the Kelso Transferor and any Tag Party contain any non-compete, non-solicit relating to employees of the Purchaser or its Affiliates or similar restrictions (excluding any non-solicit
relating to employees of GSL or its Subsidiaries) that would be applicable to CMA CGM (or its Affiliates) if CMA CGM were to become a Tag Party, then Kelso will not agree to such restriction without first consulting with CMA CGM in advance and
giving CMA CGM the opportunity to discuss such matter with the potential Purchaser and if the Purchaser continues to require such non-compete or similar restriction (and such restriction is not being requested
or accepted by the Kelso Transferors in bad faith with the intent or purpose of excluding CMA CGM from participating in the Tag Sale and the Kelso Transferors reasonably believe that such restriction is a bona fide requirement of the Purchaser to
consummate such Tag Sale) then the Kelso Transferors may proceed with such Tag Sale with such non-compete or similar restrictions as so required by such Purchaser and if CMA CGM elects to participate it shall
enter into such definitive agreement as so required by such Purchaser. 
 (f) The parties hereto agree that, notwithstanding anything to the
contrary in this Section 2, in no event shall any Kelso Transferor or any Tag Party participating in a Tag Sale be responsible for or have any indemnification or other liability (in each case, except in the case of actual fraud) relating to
such Tag Sale in excess of the proceeds received by the Kelso Transferor or such Tag Party, as applicable, in connection with such Tag Sale. 

(g) For purposes of this Section 2: 

  
 7 

 (i) “Exempt Transfer” shall mean a Transfer of
Voting Stock by a Kelso Holder (i) to a Permitted Transferee (as defined in the Registration Rights Agreement) of such Kelso Holder or a Kelso Controlled Holder, (ii) in a registered offering pursuant to the Registration Rights Agreement
(excluding any offering that constitutes a Block Sale (as defined therein)), (iii) pursuant to any merger, consolidation, recapitalization, reorganization, reclassification, conversion, exchange or similar events involving GSL (it being understood
that the securities, if any, received by such Kelso Holder shall be included within the definition of Voting Stock such that future Transfers thereof shall remain subject to this Section 2, to the extent applicable) or (iv) pursuant to any
tender or exchange offer of the Purchaser (or its Affiliates) that is made available to all holders of Class A Common Stock on a pro rata basis; and 

(ii) A Transfer (other than an Exempt Transfer) of Voting Stock by the Kelso Holders or their Affiliates shall be deemed to be
linked to another Transfer or series of linked Transfers (other than an Exempt Transfer) of Voting Stock by the Kelso Holders or their Affiliates and thereby such Transfers shall be considered, for purposes hereof, as part of a “Series of
Related Transactions” if and only if: (a) such Transfers results in the same Person or group of Persons (or their respective Affiliates) ultimately acquiring Voting Stock from the Kelso Holders or their Affiliates at the conclusion
of such Transfers, (b) the Transfers occur as a result of a requirement to make such Transfers pursuant to the terms of a Contract entered into by the Kelso Holders or their Affiliates in connection with the first of such Transfers,
(c) none of such Transfers occur pursuant to a Block Sale (as defined in the Registration Rights Agreement) unless such Block Sale satisfies the tests in clauses (a) and (b) above), and (d) none of such Transfers occur under the
Registration Rights Agreement in which CMA CGM is given piggyback rights to participate therein in accordance with the terms thereof (whether or not CMA CGM determines to so participate therein). 

(h) The parties hereto agree that, in the event the Tag Trigger Percentage is met or exceeded as a result of a Series of Related Transactions
(such Transfers that are part of a Series of Related Transactions in which such Tag Trigger Percentage is met or exceeded, collectively, the “Related Transfers”), then with respect to the Related Transfer pursuant to which
the Tag Trigger Percentage is met or exceeded, each Tag Party shall have the right, but not the obligation, to have included in such Related Transfer at least as many shares of Voting Stock the sale of which would result in gross proceeds to such
Tag Party equal to the gross proceeds such Tag Party would have received had the Related Transfers occurred in a single transaction (such proceeds, the “Tag Catch-Up Amount”). For
purposes of calculating the Tag Catch-Up Amount, the gross proceeds to which each Tag Party is entitled shall be equal to the product of (i) the total number of shares of Voting Stock held by such Tag
Party at the time of the first Transfer in the Related Transfers, multiplied by a fraction, the numerator of which is the total number of shares of Voting Stock (on an as-converted basis) the Kelso
Transferor sold in the Related Transfers together with the number of shares of Voting Stock the Kelso Transferor proposes to include in the Related Transfer pursuant to which the Tag Trigger Percentage is met or exceeded, and the denominator of
which is the aggregate number of shares of Voting Stock (on an as-converted basis) collectively held by the Kelso Holders and their Affiliates at the time of the first Transfer in the Related Transfers,
multiplied by (ii) the average price per share (on an as-converted basis) of Voting Stock sold by the Kelso Transferor across the Related Transfers. 

  
 8 

 3. Participation. 

(a) Except for Exempt Issuances (as defined below), any issuance by GSL after the Closing of any Voting Stock (or grant any rights, warrants or
options to purchase, acquire or otherwise obtain Voting Stock or securities convertible into Voting Stock) or other equity securities to any Person shall require the unanimous consent of the GSL Board unless GSL shall give each Eligible Holder
written notice of such issuance (other than an Exempt Issuance) (a “Participation Notice”) describing the material terms and conditions of the proposed issuance (the “Participation Issuance”), which
Participation Notice shall be delivered to all Eligible Holders within ten (10) Business Days (or such shorter period as may be specified by GSL given the manner in which such issuance is being structured). The Participation Issuance shall
include an offer by GSL to sell to each Eligible Holder, their respective pro rata portion of such securities (based upon such Eligible Holder’s respective percentage ownership of the voting power of all of the Voting Stock (determined on an as-converted basis, including with respect to the Series C Preferred Stock) outstanding at such time attributable to the Voting Stock (on an as-converted basis) held by such
Eligible Holder, which, for purposes of such calculation, shall include shares of Voting Stock held by Affiliates of such Eligible Holder, at such time (determined on an as-converted basis, including with
respect to the Series C Preferred Stock)). Each Eligible Holder, upon receipt of a Participation Notice, shall have ten (10) Business Days (or, such shorter period (which shall be no less than two (2) Business Days following such Eligible
Holder’s receipt of a Participation Notice) as shall be specified in the Participation Notice given the manner in which such issuance is being structured) to indicate in writing whether it accepts the offer to participate in such issuance,
setting forth the number of offered securities it wishes to purchase (up to its pro rata portion (as calculated pursuant to the foregoing); provided that in order to exercise its rights under this Section 3(a), such Eligible Holder must execute
all customary transaction documents in connection with such issuance; provided further that in the event that the buyers in such Participation Issuance have the obligation to purchase more than one type or class of securities in connection with such
issuance, each Eligible Holder participating in such issuance shall be required to acquire the same percentage of all such types and classes of securities as the buyer(s) are required to purchase in such Participation Issuance. Such equity
securities specified in the Participation Notice that are not purchased by the Eligible Holders pursuant to the terms of this Section 3(a) may be issued and sold by GSL to the offerees thereof (at a purchase price and on terms no less favorable
to GSL than the terms set forth in the Participation Notice) within 180 days of the date of the Participation Notice. Any equity securities not issued within the 180-day period will be subject to the
provisions of this Section 3(a) upon subsequent issuance, to the extent applicable at the time. 
 (b) Notwithstanding anything to the
contrary in this Section 3, where CMA CGM elects to participate in any Participation Issuance under this Section 3, CMA CGM shall never be required to agree (on its behalf and on behalf of its Affiliates) to any non-compete or similar restriction without CMA CGM’s prior written consent. 
 (c) This Section 3
shall terminate and all rights and obligations under this Section 3 shall automatically terminate and cease to exist (i) as it relates to CMA CGM, at such time as CMA CGM is no longer an Eligible Holder and (ii) as it relates to the
Kelso Holders, at such time as the Kelso Holders are no longer Eligible Holders or, if earlier, at the written request of the Kelso Holders to so terminate this Section 3 (as it relates to such Kelso Holders). 

  
 9 

 (d) For purposes of this Section 3, the following terms shall have the following
meanings: 
 (i) “Eligible Holder” means, as of any date of determination, (i) the Kelso
Holders, but only to the extent as of such date of determination the Kelso Holders, together with their respective Affiliates, hold Voting Stock having at least 10% of the voting power of all of the Voting Stock outstanding at such time and
(ii) CMA CGM, but only to the extent as of such date of determination the CMA CGM Group collectively hold Voting Stock having at least 10% of the voting power of all of the Voting Stock outstanding at such time. 

(ii) “Exempt Issuance” means (i) issuances to management, employees, officers or directors of GSL
or any of its Subsidiaries pursuant to management incentive programs approved by the GSL Board, (ii) bona fide issuances to a third party in connection with any debt financing of GSL or any of its Subsidiaries or any restructuring or
refinancing of indebtedness of GSL or any of its Subsidiaries, (iii) issuances, deliveries or sales of securities by GSL or any of its Subsidiaries to a third party in connection with the acquisition, strategic business combination or
investment by GSL or any of its Subsidiaries in any party which is not, prior to such transaction, an Affiliate of GSL, CMA CGM or any Kelso Holder (whether by merger, consolidation, stock swap, sale of assets or securities, or otherwise), (iv)
offerings of securities by GSL pursuant to the Registration Rights Agreement or in a Block Sale (as defined therein)), (v) issuances or deliveries of securities through stock splits, stock dividends, reclassifications, recapitalizations or
similar events, and (vi) issuances of securities upon the exercise, conversion, exchange, redemption, substitution or other swap, in each case under this clause (vi), of securities of GSL to the extent such GSL securities were either
(x) outstanding immediately after giving effect to the closing of the transactions contemplated by the Merger Agreement or (y) issued after the Closing in compliance with this Section 3. 

4. Material Change to Business. Each party agrees that for so long as the CMA CGM Group collectively hold Voting Stock having at least 5% of the voting
power of all of the Voting Stock then outstanding, GSL shall not make any material change or expansion in the nature of the GSL Business without the unanimous consent of the GSL Board. For purposes of the foregoing, “GSL
Business” means the business of acquiring, owning, operating, selling, leasing or chartering one or more containerships, and the provision of related products and services. This Section 4 shall terminate and all rights and
obligations under this Section 4 shall automatically terminate and cease to exist on the first date that the CMA CGM Group ceases to collectively hold Voting Stock having at least 5% of the voting power of all of the Voting Stock then
outstanding. 
 5. Merger Agreement; Prior Consent. GSL agrees that GSL shall not agree to any amendment, modification, waiver or termination of the
Merger Agreement without the prior written consent of CMA CGM and that any amendment, modification, waiver or termination of the Merger Agreement by GSL without the prior written consent of CMA CGM shall be null and void; provided, however, that no
such consent shall be required to extend the Termination Date so long as the Termination Date as so extended is not after December 31, 2018. 

  
 10 

 6. Termination. This Agreement shall automatically terminate in its entirety without any further
rights or liabilities of the parties upon the earliest to occur of (i) a termination of the Merger Agreement in accordance with its terms (subject to Section 5 hereof, to the extent applicable), and (ii) if the Closing occurs, at such
time as the last of Sections 1, 2, 3 and 4 of this Agreement terminates in accordance with the respective terms of such sections. 
 7.
Interpretation. The headings contained in this Agreement are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement. When a reference is made in this Agreement to an article, section,
paragraph, or schedule, such reference shall be to an article, section or paragraph of this Agreement. Whenever the words “include,” “includes” or “including” are used in this Agreement they shall be deemed to be
followed by the words “without limitation.” The words “hereof,” “herein” and “herewith” and words of similar import shall be construed to refer to this Agreement as a whole and not to any particular provision
of this Agreement. The meaning assigned to each term defined herein shall be equally applicable to both the singular and the plural forms of such term and each of its other grammatical forms shall have a corresponding meaning. A reference to any
party to this Agreement or any other agreement or document shall include such party’s successors and permitted assigns. A reference to any period of days shall be deemed to be to the relevant number of calendar days unless otherwise specified.
The parties have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties, and no
presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provisions of this Agreement. Further, prior drafts of this Agreement or the fact that any clauses have been added, deleted or otherwise
modified from any prior drafts of this Agreement shall not be used as an aid of construction or otherwise constitute evidence of the intent of the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party
hereto by virtue of such prior drafts. 
 8. Amendment; Waiver. This Agreement may not be amended, changed or supplemented or otherwise modified
except by an instrument in writing signed on behalf of all of the parties. Any agreement on the part of a party to any such extension or waiver shall be valid only if set forth in an instrument in writing signed on behalf of such party. The failure
of any party to this Agreement to assert any of its rights under this Agreement or otherwise shall not constitute a waiver of those rights. 
 9. Entire
Agreement. This Agreement, the Voting Agreement and the Registration Rights Agreement constitutes the entire agreement among the parties hereto with respect to the subject matter hereof and supersedes any prior agreement or understanding,
written or oral, relating to the subject matter of this Agreement. 
 10. Assignment; Binding Effect; Severability. Neither this Agreement nor any of
the rights, interests or obligations hereunder shall be transferred, assigned or delegated by any of the parties hereto, in whole or in part, without the prior written consent of the other parties, and any attempt to make any such transfer,
assignment or delegation without such consent shall be null and void. 

  
 11 

 
This Agreement shall be binding upon and inure to the benefit of and be enforceable by the successors, legal representatives and permitted assigns of the parties hereto. The provisions of this
Agreement are severable, and in the event that any one or more provisions are deemed illegal or unenforceable the remaining provisions shall remain in full force and effect unless the deletion of such provision shall cause this Agreement to become
materially adverse to any party, in which event the parties shall use commercially reasonable efforts to arrive at an accommodation that best preserves for the parties the benefits and obligations of the offending provision. 

11. Specific Performance. The parties hereto agree that irreparable damage would occur and that the parties hereto would not have any adequate remedy at
law in the event that any provision of this Agreement were not performed in accordance with its specific terms or were otherwise breached and that money damages or other legal remedies would not be an adequate remedy for any such failure to perform
or breach. It is accordingly agreed that, without posting a bond or other undertaking, the parties hereto shall be entitled to injunctive or other equitable relief to prevent breaches of this Agreement and to enforce specifically the terms and
provisions of this Agreement in the Delaware Courts, this being in addition to any other remedy to which they are entitled at law or in equity. In the event that any such action is brought in equity to enforce the provisions of this Agreement, no
party hereto will allege, and each party hereto hereby waives the defense or counterclaim, that there is an adequate remedy at law. The parties hereto further agree that (a) by seeking any remedy provided for in this Section 11, a party
hereto shall not in any respect waive its right to seek any other form of relief that may be available to such party hereto under this Agreement and (b) nothing contained in this Section 11 shall require any party hereto to institute any
action for (or limit such party’s right to institute any action for) specific performance under this Section 11 before exercising any other right under this Agreement. 

12. Remedies Cumulative. The rights and remedies set forth in this Agreement are not intended to be exhaustive and the exercise by any party of any
right or remedy does not preclude the exercise of any other right or remedy that may now or subsequently exist in law or in equity or by statute or otherwise. 

13. Governing Law. This Agreement, and all claims or causes of action (whether in contract, tort or otherwise) that may arise out of or relate to this
Agreement or the negotiation, execution or performance of this Agreement (including any claim or cause of action arising out of or related to any representation or warranty made in or in connection with this Agreement) shall be governed by and
construed in accordance with the laws of the State of Delaware, without respect to its applicable principles of conflicts of laws that might require the application of the laws of another jurisdiction, except to the extent that the laws of the
Marshall Islands are mandatorily applicable to the provisions set forth herein relating to the governance of GSL. 
 14. Consent to Jurisdiction. Each
of the parties hereto hereby irrevocably and unconditionally (a) submits, for itself and its property, to the exclusive jurisdiction and venue of the Delaware Court of Chancery (or, only if the Delaware Court of Chancery does not have
jurisdiction over a particular matter, the Superior Court of the State of Delaware (and the Complex Commercial Litigation Division thereof if such division has jurisdiction over the particular matter), or if the Superior Court of the State of
Delaware does not have jurisdiction, any federal court of the United States of America sitting in the State of Delaware) (“Delaware Courts”), and any appellate court from any decision thereof, in any Proceeding arising out of
or relating to this Agreement, including 

  
 12 

 
the negotiation, execution or performance of this Agreement and agrees that all claims in respect of any such Proceeding shall be heard and determined in the Delaware Courts, (b) waives, to
the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any Proceeding arising out of or relating to this Agreement or the negotiation, execution or performance of this
Agreement in the Delaware Courts, including any objection based on its place of incorporation or domicile, (c) waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such Proceeding in any
such court and (d) agrees that a final judgment in any such Proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Each of the parties consents and agrees that
service of process, summons, notice or document for any action permitted hereunder may be delivered by registered mail addressed to it at the applicable address set forth in Section 17 or in any other manner permitted by applicable law. Service
of any process, summons, notice or document by registered mail or overnight courier addressed to any of the parties hereto at the addresses set forth above shall be effective service of process against such party for any suit, action or proceeding
brought in any such court. 
 15. Waiver of Jury Trial. EACH OF THE PARTIES ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE OUT OF OR
RELATE TO THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY FOR ANY DISPUTE ARISING OUT OF OR RELATING
TO THIS AGREEMENT OR THE BREACH, TERMINATION OR VALIDITY HEREOF OR ANY TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. 
 16. Third Party Beneficiaries.
No provision of this Agreement is intended to confer upon any Person other than the parties hereto any rights or remedies hereunder. 
 17. Notices.
Unless otherwise provided herein, all notices and other communications hereunder shall be in writing and be deemed given and received (a) if delivered in person, on the date delivered, (b) if transmitted by facsimile (provided
receipt is confirmed by telephone), on the date sent, (c) if delivered by an express courier, on the second (2nd) Business Day after mailing and (d) if transmitted by email, on the date sent, in each case, to the parties at the following
addresses (or at such other address for a party as is specified to the other parties hereto by like notice): 
 if to the Kelso Holders, to:

 c/o Kelso & Company L.P. 

320 Park Avenue, 24th Floor 

New York, New York 10022 
 Fax:
(212) 223-2379 
 Attention (email): James J. Connors II (jconnors@kelso.com) 

  
 13 

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

Skadden, Arps, Slate, Meagher & Flom LLP 

4 Times Square 
 New York, New
York 10036 
 Fax: (917) 777-3452 

Attention (email): Michael A. Civale (michael.civale@skadden.com) 

if to CMA CGM, to: 
 CMA CGM S.A.

 4, quai d’Arenc 13235 

Marseille cedex 02 
 FRANCE 

Attention: Group General Counsel 

Tel: +33 4 88 91 98 03 
 Email: HO.GHECKETSWEILER@cma-cgm.com 
 If to GSL, to: 

Global Ship Lease, Inc. 
 c/o
Global Ship Lease Services Ltd. 
 Portland House 

Stag Place 
 London SW1E 5RS

 United Kingdom 
 Attention:
Ian J. Webber 
 Tel: +44 (0) 20 7869 8006 

Fax: + 44 (0) 20 7869 8119 

Attention (email): ian.webber@globalshiplease.com 

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

Simpson Thacher & Bartlett LLP 

425 Lexington Avenue 
 New York,
New York 10017 
 Fax: (212) 455-2502 

Attention (email):    Edward J. Chung (echung@stblaw.com) 

  
 14 

 If to the Marathon Holders, to: 

c/o Marathon Founders, LLC 
 500
Park Avenue 
 New York, New York 10022 

Fax: (212) 993-1679 

Attention (email): Michael S. Gross (gross@solarcapltd.com) 

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

Akin Gump Strauss Hauer & Feld LLP 

One Bryant Park 
 New York, New
York 10036-6745 
 Fax: (212) 872-1002 

Attention (email): Alice Hsu (ahsu@akingump.com) 

18. Counterparts. This Agreement may be executed in counterparts, each counterpart when so executed and delivered, including by facsimile, constituting
an original, but all such counterparts together shall constitute one and the same instrument. 
 [Remainder of Page Intentionally Left
Blank] 

  
 15 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as
of the date first above written. 
  

			
	KIA VIII (NEWCO MARINE), LTD.
		
	By:	 	 /s/ James J. Connors, II

		 	    Name: James J. Connors, II
		 	    Title: Director
	
	KEP VI (NEWCO MARINE), LTD.
		
	By:	 	 /s/ James J. Connors, II

		 	    Name: James J. Connors, II
		 	    Title: Director
	
	GLOBAL SHIP LEASE, INC.
		
	By:	 	 /s/ Ian J. Webber

		 	    Name: Ian J. Webber
		 	    Title: Chief Executive Officer
	
	CMA CGM S.A.
		
	By:	 	 /s/ David Parlongue

		 	    Name: David Parlongue
		 	    Title:   VP Strategy

 
			
	MARATHON FOUNDERS, LLC
		
	By:	 	 /s/ Michael S. Gross

		 	    Name: Michael S. Gross
		 	    Title: Managing Member
	
	MICHAEL S. GROSS
		
	By:	 	 /s/ Michael S. Gross

		 	    Name: Michael S. Gross

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