Document:

EX-4.4

 Exhibit 4.4 
 Execution Copy 
 INVESTOR RESTRICTIONS AGREEMENT 

THIS INVESTOR RESTRICTIONS AGREEMENT (this “Agreement”), dated as of August 9, 2012 , is among Navigator Holdings
Ltd., a corporation organized under the Laws of the Republic of the Marshall Islands (together with its successors and permitted assigns, the “Company”), WL Ross & Co. LLC (“WLR”), a Delaware limited
liability company, and the Persons signing this Agreement as “Investors” on the signature page hereto (each, an “Investor” and collectively, the “Investors” and, together with WLR, the “WLR
Group”), each of which is an entity sponsored by, or an Affiliate of, WLR. 
 RECITALS 

A. The Company and the Investors entered into the Investment Agreement, dated as of November 10, 2011 (the “Investment
Agreement”), pursuant to which the Company issued and sold to the Investors, and the Investors purchased and acquired from the Company, an aggregate of 2,500,000 Common Shares, and since such time, the Investors have purchased from third
parties an additional 950,000 Common Shares, resulting in the aggregate ownership by the Investors of 3,450,000 Common Shares (collectively, the “Current Shares”). 

B. On August 9, 2012, WLR entered into a Stock Purchase Agreement with the trustee for the liquidation of Lehman Brothers Inc. under
the Securities Investor Protection Act (the “Lehman Purchase Agreement”) pursuant to which it agreed to acquire up to an additional 4,406,763 Common Shares (the “Lehman Shares” and, collectively, with the Current
Shares and any other Common Shares that the Investors may hereafter acquire without violating the terms of this Agreement, the “Shares”). 
 NOW, THEREFORE, the parties hereby agree as follows: 
 1. Definitions. In
addition to the terms defined elsewhere in the Agreement, the following terms have the meanings indicated when used in this Agreement with initial capital letters: 
 “Affiliate” means with respect to any specified Person, any other Person that directly or indirectly controls, is controlled by or is under common control with such specified Person. For
this purpose, “control” (including, with correlative meanings, the terms “controlling,” “controlled by” and “under common control with”), as used with respect to any Person, means the possession, directly or
indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. 

“Beneficial Owner,” “Beneficially Own” and “Beneficial Ownership” have the meanings
set forth in Rule 13d-3 under the Exchange Act, and a Person’s beneficial ownership of securities will be calculated in accordance with the provisions of such Rule; provided, however, that (a) the members of the WLR Group and
their controlled Affiliates will not be deemed to Beneficially Own any Common Shares Beneficially 

 
Owned by (i) Invesco Ltd. or any of its Affiliates (other than members of the WLR Group) as long as such Common Shares Beneficially Owned by such Persons were not acquired with the actual
knowledge or knowing approval of any officer or director of any Person that is a member of the WLR Group or (ii) any Portfolio Company as long as the Common Shares Beneficially Owned by such Portfolio Company were not acquired with the actual
knowledge or knowing approval of any officer or director of any Person that is a member of the WLR Group and (b) no member of the WLR Group will be deemed to Beneficially Own any Common Shares by reason of any contract, instrument or offer to
acquire Common Shares if the purchase or other acquisition of Common Shares thereunder is expressly conditioned (and which condition may not be waived) upon Board Approval unless and until either such approval has been given and the other conditions
thereto are satisfied or waived. Unless specified otherwise, all calculations of Beneficial Ownership will be made by including securities that the Person (and any group of which such Person is a member), but not any other Person (except member(s)
of a group of which such Person is a member), has the right to acquire in both the numerator and the denominator. 

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

“Board Designee” has the meaning ascribed to such term in Section 2.1 of the Investor Rights Agreement. 

“Business Day” means any day that is not a Saturday, Sunday or other day on which banks in London, England or New York, New
York, USA are required or authorized to close. 
 “Change of Control” means an event or series of events by which
(a) any Person acquires Beneficial Ownership of 50% or more of the outstanding Common Shares, (b) all or substantially all of the consolidated assets of the Company are sold, leased, exchanged or transferred to any Person or group of
Persons, (c) the Company is consolidated, merged, amalgamated, reorganized or otherwise enters into a similar transaction in which it is combined with another Person, unless the Persons who Beneficially Own the outstanding Common Shares
immediately before consummation of the transaction Beneficially Own a majority of the outstanding voting securities of the combined or surviving entity immediately thereafter in substantially the same proportion among such Persons as prior to giving
effect to such transaction, or (d) the Shareholders approve of any plan or proposal for the liquidation or dissolution of the Company. 

“Common Shares” means the Company’s common shares, par value $0.01 per share. 

“Continuing Director Termination Date” means the date on which a majority of the Board no longer consists of Continuing
Directors. 

  
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 “Continuing Director” means, as of any date of determination, any member of the
Board, excluding any Board Designee, who (a) is a member of the Board as of the date hereof or (b) was nominated for election or elected to the Board with the approval of a majority of the Continuing Directors who were members of the Board
at the time of such nomination or election. 
 “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended.

 “Governmental Entity” means any (a) nation, principality, state, commonwealth, province, territory, county,
municipality, district or other jurisdiction of any nature, (b) governmental or quasi-governmental agency, taxing authority and any court or other tribunal (foreign, federal, state or local), or (c) Person or body exercising, or entitled
to exercise, any executive, legislative, judicial, administrative, regulatory, police, military or taxing authority or power of any nature. 

“Investor Rights Agreement” means the Investor Rights Agreement, dated December 12, 2011, among the Company, WLR and
certain of the Investors. 
 “Law” means any statute, rule or other legal requirement, including the common law or any
order, writ, judgment, injunction, decree, stipulation, determination or award entered by or with any Governmental Entity. 

“Person” means an individual, corporation, partnership, limited liability company, joint stock company, joint venture,
association, trust or other entity or organization, including a Governmental Entity. 
 “Portfolio Company” means a company
that meets each of the following requirements: (a) a member of the WLR Group or one of their controlled Affiliates which has as its principal business the making and holding of investments owns a significant equity interest in such company as
an investment, (b) such company is actively engaged in a trade or business, and (c) the WLR Group does not in the aggregate own a majority of the voting equity interests of such company or otherwise have the right to elect a majority of
such company’s board of directors or similar governing body. 
 “SEC” means the Securities and Exchange Commission.

 “Securities Act” means the U.S. Securities Act of 1933, as amended. 

“Shareholders” means the holders of equity securities of the Company as of the applicable time. 

“Subsidiary” means, with respect to any Person, any corporation, partnership, trust, limited liability company or other
non-corporate business enterprise in which such Person (or another Subsidiary of such Person) holds stock or other ownership interests representing (a) more than 50% of the voting power of all outstanding stock or ownership interests of such
entity, (b) the right to receive more than 50% of the net assets of such entity available for distribution to the holders of outstanding stock or ownership interests upon a liquidation or dissolution of such entity, or (c) a general or
managing partnership interest in such entity; provided, however, that, notwithstanding the foregoing, PT Navigator Khatulistiwa will be deemed to be a Subsidiary of the Company. 

  
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 2. Certain Restrictions. (a) Subject to Sections 2(b) and 2(c), during the period
beginning on the date of the acquisition by WLR and/or the Investors of the Lehman Shares pursuant to the Lehman Agreement and ending on the third anniversary thereof (or, if earlier, the date that the WLR Group no longer has Beneficial Ownership of
at least 25% of the then-outstanding Common Shares) (the “Standstill Period”), without the prior written approval of the Company, no member of the WLR Group may, and each will cause each of its controlled Affiliates not to, act
alone or in concert with any other Person or group to, directly or indirectly: 
 (i) acquire or agree to acquire, whether by
purchase, tender or exchange offer or otherwise, Beneficial Ownership of additional Common Shares, except that (A) members of the WLR Group and their Affiliates may acquire Beneficial Ownership of additional Common Shares representing in the
aggregate not more than 1% of then-outstanding Common Shares in any consecutive 12-month period (with any unused right to be carried over to the next 12-month period) during the Standstill Period and (B) the WLR Group may acquire, whether by
purchase, tender or exchange offer or otherwise, Beneficial Ownership of additional Common Shares in any transaction that, prior to the purchase of such Common Shares thereunder, has been accepted or approved by a majority of the members of the
Board who are not employed by any member of the WLR Group or nominated for election to the Board by the WLR Group (such approval, “Board Approval”) or the holders of a majority of the Common Shares not Beneficially Owned by the WLR
Group (such approval, “Majority of the Minority Approval”); 
 (ii) publicly offer or propose to effect
(A) any tender offer, merger, consolidation, exchange, business combination, recapitalization, restructuring, liquidation, dissolution or other transaction in which Common Shares would be purchased, converted or exchanged into cash or other
property, (B) any sale of any of the vessels of the Company or any of its Subsidiaries or of all or any substantial part of the assets of the Company or any of its Subsidiaries or any material portion of their businesses, (C) an initial
public offering of the Common Shares, or (D) any transaction involving a member of the WLR Group, on the one hand, and the Company or one of its Subsidiaries, on the other hand (excluding transactions in the ordinary course of business on
arms’ length terms); provided, however, nothing herein will prohibit any member of the WLR Group or any of its Affiliates from making any offer or proposal if such offer or proposal is (A) requested to be made in writing by
the Board, acting with Board Approval, prior to the making of such offer or proposal or (B) made on a confidential basis in discussions with or proposals to the Board and/or senior executives of the Company; provided, further,
however, that any offer or proposal permitted to be made pursuant to clause (A) of this provision or Section 2(c) below will be expressly conditioned upon Board Approval or Majority of the Minority Approval; or 

  
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 (iii) publicly seek a waiver, amendment or modification of any provision of this
Section 2(a); provided, however, that nothing herein will prohibit any member of the WLR Group or any of its Affiliates from making any such request to the Board and/or senior executives of the Company on a confidential basis;

 (iv) prior to the Continuing Director Termination Date, nominate or seek the election of designees to the Board of any of
the members of the WLR Group in a number in excess of that provided in Section 2.1 of the Investor Rights Agreement, or seek the removal of any director who is not replaced by a Continuing Director; provided, however, that nothing
will limit the WLR Group’s ability to seek removal of any Board Designee; 
 (v) prior to the Continuing Director
Termination Date, solicit or participate in any “solicitation” of “proxies” (as such terms are used in the proxy rules of the SEC but without regard to the exclusion set forth in Section 14a-1(1)(2)(iv) from the definition
of “solicitation”) with respect to the Company (other than as contemplated by Section 2 of the Investor Rights Agreement); 

(vi) prior to the Continuing Director Termination Date, grant any proxy with respect to any Common Shares (other than to the
Chief Executive Officer of the Company, any Board Designee or another member of the WLR Group); 
 (vii) prior to the
Continuing Director Termination Date, form, join or participate in a “group” (as defined in Section 13(d) of the Exchange Act) with respect to any Common Shares or deposit any Common Shares in a voting trust or subject any Common
Shares to any arrangement or agreement with respect to the voting of such Common Shares or other agreement having similar effect, other than a group or voting arrangement comprised solely of other members of the WLR Group, Board Designees and
Continuing Directors, including their controlled Affiliates; or 
 (viii) during the Standstill Period (or, where applicable,
prior to the Continuing Director Termination Date), enter into any agreements with any other Person (excluding members of the Board or management or their respective controlled Affiliates) with respect to any of the foregoing clauses (iv)-(vii); or

 (ix) bring any legal action to contest the validity of this Section 2(a). 

(b) The restrictions set forth in Section 2(a) will not (i) prohibit any member of the WLR Group or any of its Affiliates from
(A) participating in any tender offer, or participating in or voting for or against any Change of Control or any other transaction that has received or is expressly conditioned on Board Approval or Majority of the Minority Approval, or
(B) except to the extent expressly limited by this Section 2, transferring any Common Shares, or (ii) be construed to prohibit a Board Designee or other representative of the WLR Group from confidentially discussing a proposal
concerning any extraordinary transaction involving the Company or any successor thereto, any Subsidiary or division thereof, or any of their respective securities or assets, with the Board and representatives of the Company and its advisors who are
involved in the evaluation or execution of any such proposal on behalf of the Company. 

  
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 (c) Notwithstanding the foregoing provisions of this Section 2, the WLR Group and its
controlled Affiliates will be released from their obligations under Sections 2.1(a)(ii)-(viii) immediately, and without any other action by the Company in the event that (i) any Person (other than a member of the WLR Group) publicly offers
or proposes to effect any Change of Control, (ii) the Company executes an agreement with any Person (other than a member of the WLR Group) providing for a Change of Control, (iii) any Person (other than a member of the WLR Group) acquires
more than the number of Common Shares then held by the members of the WLR Group without agreeing to be subject to restrictions at least as restrictive as those applying to the WLR Group hereunder, or (iv) the Company or any Person (other than a
member of the WLR Group) makes any public announcement with respect to any of the foregoing matters; provided, however, that in the event that any member of the WLR Group makes any public offer or proposal contemplated by
Section 2(a)(ii) as permitted by this Section 2(c), such public offer or proposal will be conditioned on Board Approval or Majority of the Minority Approval. 

3. Miscellaneous. 
 3.1.
Termination. This Agreement will terminate, except for this Article 3, upon the earlier of (a) expiration of the Standstill Period in accordance with Section 2(a) and (b) the termination of the Lehman Purchase Agreement without
the sale of the Lehman Shares contemplated thereby. 
 3.2. Investor Rights Agreement. The parties will promptly, after the
consummation of the transactions contemplated by the Lehman Purchase Agreement, amend the Investor Rights Agreement to include the Lehman Shares and any other Shares in the definition of “Registrable Securities” therein. 

3.3. Rights Agreement. Prior to the earlier of the termination of the Lehman Purchase Agreement and the consummation of the purchase of
the Lehman Shares thereunder, the Company agrees that it will not amend or otherwise modify the Rights Agreement, dated as of May 30, 2012, between the Company and American Stock Transfer & Trust Company, LLC (as amended by the First
Amendment to Rights Agreement and Direction to Rights Agent, dated as of the date hereof (the “Amendment”)), in any manner that would cause the amendments contemplated by Section 1 of the Amendment to no longer apply. 

3.4. Expenses. All expenses incurred in connection with this Agreement and the transactions contemplated hereby will be paid by the
party incurring such expenses. 
 3.5. Notice. All notices, requests, demands and other communications made under or by reason of the
provisions of this Agreement must be in writing and be given by hand delivery, email, facsimile or next Business Day courier to the affected 

  
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party at the addresses and facsimile numbers set forth below or at such other addresses or facsimile numbers as such party may have provided to the other parties in accordance herewith. Such
notices will be deemed given at the time personally delivered (if delivered by hand with receipt acknowledged), upon issuance by the transmitting machine of confirmation that the number of pages constituting the notice has been transmitted without
error and confirmed telephonically (if sent by email or facsimile), and the first Business Day after timely delivery to the courier (if sent by next-Business Day courier specifying next-Business Day delivery). 

 

	 	(b)	If to the Company, to: 

 Navigator Holdings Ltd. 

399 Park Avenue 
 39th Floor

 New York, New York 10022 

Attention: David Butters 
 Fax
No.: 212.355.5981 
 Email: davidbutters@navigatorgas.com 

With a copy (which will not constitute notice) to: 

Morgan, Lewis & Bockius LLP 

101 Park Avenue 
 New York, New
York 10178 
 Attention: Allan Reiss 

Fax No.: 212.309.6001 
 Email:
areiss@morganlewis.com 
  

	 	(c)	If to any of the Investors: 

 c/o WL Ross & Co. LLC 

1166 Avenue of the Americas 

New York, NY 10036 
 Attention:
Wilbur L. Ross, Jr. 
 Fax No.: 212.317.4893 

Email: wlross@wlross.com 
 With
a copy (which will not constitute notice) to: 
 Jones Day 

222 East 41st Street New York, 

New York 1017 
 Attention:
Robert Profusek 
   Andrew Levine 

Fax No.: 212.755.7306 
 Email:
raprofusek@jonesday.com 
   amlevine@jonesday.com 

  
 -7- 

 3.6. Interpretation. This Agreement has been freely and fairly negotiated among the
parties. If an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties and no presumption or burden of proof will arise favoring or disfavoring any party because of the
authorship of any provision of this Agreement. When a reference is made in this Agreement to an Article or Section, such reference will be to an Article or Section of this Agreement unless otherwise indicated. The headings contained in this
Agreement are for reference purposes only and will not affect in any way the meaning or interpretation of this Agreement. Whenever the words “include,” “includes” or “including” are used in this Agreement, they will be
deemed to be followed by the words “without limitation.” “$” refers to U.S. dollars. Words used in the singular form in this Agreement will be deemed to include the plural, and vice versa, as the context may require. If the date
upon or by which any party hereto is required to perform any covenant or obligation hereunder falls on a day that is not a Business Day, then such date of performance will be automatically extended to the next Business Day thereafter. The words
“hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement will refer to this Agreement as a whole and not to any particular provision of this Agreement. Unless the context otherwise
requires, (i) “or” is disjunctive but not necessarily exclusive, (ii) the use in this Agreement of a pronoun in reference to a party hereto includes the masculine, feminine or neuter, as the context may require, and
(iii) unless otherwise defined herein, terms used herein which are defined in United States generally accepted accounting principles have the meanings ascribed to them therein. All Exhibits hereto will be deemed part of this Agreement and
included in any reference to this Agreement. Any agreement, instrument or Law defined or referred to herein means such agreement, instrument or Law as from time to time amended, modified or supplemented (and, in the case of any Law, the rules and
regulations promulgated thereunder), including (in the case of agreements or instruments) by waiver or consent and (in the case of Laws) by succession of comparable successor Laws. 

3.7. Governing Law. This Agreement, any claims, causes of actions or disputes (whether in contract or tort) based upon, arising out of
or relating to this Agreement or the negotiation, execution or performance of this Agreement will be governed by and construed in accordance with the Laws applicable to contracts made and to be performed entirely in the State of New York, United
States of America, without regard to any applicable conflict of Laws principles. The parties hereto agree that any action seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement will only be
brought in any United States District Court located in New York County, New York so long as such court has subject matter jurisdiction over such action, or alternatively in any New York State Court located in New York County, New York if the
aforesaid United States District Courts do not have subject matter jurisdiction, and that any cause of action arising out of this Agreement will be deemed to have arisen from a transaction of business in the State of New York, and each of the
parties hereby irrevocably consents to the jurisdiction of such court (and of the appropriate appellate courts therefrom) in any such action and irrevocably waives any objection that it may now or hereafter have to the laying of the venue of any
such action in any such court or that any such action which is brought in such court has been brought in an inconvenient forum. Process in any such action may be served on any 

  
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party anywhere in the world, whether within or without the jurisdiction of such court. Without limiting the foregoing, each party agrees that service of process on such party as provided in
Section 3.5 will be deemed effective service of process on such party. In the event of litigation relating to this Agreement, the non-prevailing party will be liable and pay to the prevailing party the reasonable costs and expenses (including
attorney’s fees) incurred by the prevailing party in connection with such litigation, including any appeal therefrom. 
 3.8.
Specific Performance. The parties agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached, that monetary damages
may be inadequate and that a party may have no adequate remedy at Law. Notwithstanding Section 3.7, the parties accordingly agree that the parties will be entitled to an injunction or injunctions to prevent breaches of this Agreement and to
enforce specifically the terms and provisions of this Agreement in action instituted in a United States District Court located in New York County, New York, this being in addition to any other remedy to which such party is entitled at Law or in
equity. In the event that a party seeks in equity to enforce the provisions of this Agreement, no party will allege, and each party hereby waives the defense or counterclaim that, there is an adequate remedy at Law. 

3.9. Successors and Assigns; Assignment. Except as otherwise expressly provided herein, the provisions hereof will inure to the benefit
of, and be binding upon, the successors, permitted assigns, heirs, executors and administrators of the parties hereto. This Agreement may not be assigned by (a) the Company (other than by operation of Law, including in connection with a Change
of Control), without the prior written consent of WLR, on behalf of the other members of the WLR Group, or (b) any Investor without the prior written consent of the Company, except that each Investor may assign its respective rights and
obligations without such consent in connection with a transfer of its Shares to an Affiliate of such Investor, including any Affiliated fund, and in connection therewith such permitted transferee will execute and deliver a counterpart to this
Agreement and become an “Investor.” 
 3.10. Amendment and Waiver. No amendment, waiver or other modification of, or
consent under, any provision of this Agreement will be effective against the Company, unless it is approved in writing by the Company, and no amendment, waiver or other modification of, or consent under, any provision of this Agreement will be
effective against any Investor, unless it is approved in writing by WLR on behalf of such Investor; provided that any Investor may also waive any rights or provide consent with respect to itself; provided further that
notwithstanding the foregoing, the addition of an Investor as a party hereto will not constitute an amendment hereto and may be effected by the execution of a counterpart hereto by such Investor and the Company. No waiver of any breach of any
agreement or provision herein contained will be deemed a waiver of any preceding or succeeding breach thereof or of any other agreement or provision herein contained. The failure or delay of any of the parties to assert any of its rights or remedies
under this Agreement will not constitute a waiver of such rights nor will it preclude any other or further exercise of the same or of 

  
 -9- 

 
any other right or remedy. Notwithstanding the foregoing, in the event that the Company becomes subject to the reporting requirements of the Exchange Act (or any similar requirements under any
applicable securities laws), the parties will negotiate in good faith any amendments to this Agreement that may be applicable as a result thereof, including as a result of the application of Section 13(d) of the Exchange Act and the rules
promulgated thereunder. 
 3.11. Third-Party Beneficiaries. This Agreement is for the sole benefit of the parties and their permitted
assigns and nothing herein expressed or implied will give or be construed to give any Person, other than the parties and such assigns, any legal or equitable rights hereunder, subject in all respects to Section 3.16 hereof. 

3.12. Entire Agreement. This Agreement (including the exhibits hereto) and the Investor Rights Agreement constitute the entire agreement
among the parties hereto with respect to the subject matter hereof and supersede all prior agreements, understandings, representations and undertakings, both written and oral, among the parties with respect to the subject matter hereof and thereof,
including any confidentiality agreements previously entered into by the Company, on the one hand, and the WLR Group or any member thereof, on the other hand. 

3.13. Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any Law or
public policy in any jurisdiction, all other terms and provisions of this Agreement will nevertheless remain in full force and effect so long as the economic or legal substance of the transactions and the intention of the parties with respect to the
transactions contemplated hereby is not affected in any manner materially adverse to any of the parties. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties will negotiate in good
faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent
possible. 
 3.14. Counterparts. This Agreement may be executed in two or more counterparts, each of which will be deemed an original,
but all of which will constitute one and the same agreement. This Agreement may be executed by any party hereto by means of a facsimile, email or PDF transmission of an originally executed counterpart, the delivery of which facsimile, email or PDF
transmission will have the same force and effect, except as specified in any document executed and delivered pursuant to the immediately preceding sentence, as the delivery of the originally executed counterpart. 

3.16. WLR as Representative Party. Each Investor irrevocably appoints WLR as its representative to take any action contemplated
hereunder to be taken by it, including the execution and delivery of any consent or waiver hereunder or amendment hereto. WLR will have no liability or obligation to the Company for any act or failure to act; provided, however, that
nothing herein will relieve the Investors from any liability under this Agreement for any breach by WLR of any of its obligations under this Agreement. 

  
 -10- 

 3.15. Company Actions. Any actions or determinations contemplated or required to be taken
or made by the Company under this Agreement will be made on behalf of the Company by the members of the Board who are not Board Designees or employees of any member of the WLR Group, and such members of the Board who are not Board Designees or
employees of any member of the WLR Group will be entitled to take any actions necessary or appropriate to enforce the rights of the Company hereunder. 

[Remainder of Page Intentionally Left Blank.] 

  
 -11- 

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

			
	NAVIGATOR HOLDINGS LTD.
		
	By:	 	/s/ David J. Butters
		 	Name: David J. Butters
		 	Title: Chairman, President and CEO
	
	WL ROSS & CO. LLC
		
	By:	 	/s/ Wilbur L. Ross, Jr.
		 	Name: Wilbur L. Ross, Jr.
		 	Title: Chairman and CEO
	
	INVESTORS:
	
	WLR RECOVERY FUND IV DSS AIV, L.P.
		
	By:	 	WLR Recovery Associates IV DSS
		 	AIV, L.P., its General Partner
		
	By:	 	WLR Recovery Associates IV DSS
		 	AIV GP, Ltd., its General Partner
		
	By:	 	/s/ Wilbur L. Ross, Jr.
		 	Name: Wilbur L. Ross, Jr.
		 	Title: Authorized Person
	
	WLR IV PARALLEL ESC, L.P.
		
	By:	 	Invesco WLR IV Associates LLC,
		 	its General Partner
		
	By:	 	Invesco Private Capital, Inc.,
		 	its Managing Member
		
	By:	 	/s/ Wilbur L. Ross, Jr.
		 	Name: Wilbur L. Ross, Jr.
		 	Title: Authorized Person

 SIGNATURE PAGE TO THE INVESTOR RESTRICTIONS AGREEMENT 

 
			
	WLR RECOVERY FUND V DSS AIV, L.P.
		
	By:	 	WLR Recovery Associates V DSS
		 	AIV, L.P., its General Partner
		
	By:	 	WLR Recovery Associates V DSS
		 	AIV GP, Ltd., its General Partner
		
	By:	 	/s/ Wilbur L. Ross, Jr.
		 	Name: Wilbur L. Ross, Jr.
		 	Title: Authorized Person
	
	WLR V PARALLEL ESC, L.P.
		
	By:	 	Invesco WLR V Associates LLC,
		 	its General Partner
		
	By:	 	Invesco Private Capital, Inc.,
		 	its Managing Member
		
	By:	 	/s/ Wilbur L. Ross, Jr.
		 	Name: Wilbur L. Ross, Jr.
		 	Title: Authorized Person

 SIGNATURE PAGE TO THE INVESTOR RESTRICTIONS AGREEMENTEX-10.8

 Exhibit 10.8 

Dated 4 August 2010 
 PT
PESONA SENTRA UTAMA 
 - and – 

PT MAHAMERU KENCANA ABADI 

- and – 
 NAVIGATOR GAS
INVEST LIMITED 
 - and – 

PT NAVIGATOR KHATULISTIWA 
  

 
 JOINT VENTURE
AGREEMENT 
  
  

Watson, Farley & Williams 

Singapore 

 INDEX 
  

							
	CLAUSE	  	PAGE	 
	 1
	 	DEFINITIONS AND INTERPRETATION	  	 	1	  
			
	 2
	 	SHARE CAPITAL	  	 	8	  
			
	 3
	 	RELATIONSHIP OF THE PARTIES	  	 	9	  
			
	 4
	 	CLOSING	  	 	9	  
			
	 5
	 	CONDUCT PRIOR TO CLOSING DATE	  	 	11	  
			
	 6
	 	ANNUAL BUDGETS AND ACCOUNTS	  	 	13	  
			
	 7
	 	INDONESIAN OWNERSHIP	  	 	14	  
			
	 8
	 	FUNDING GENERALLY	  	 	14	  
			
	 9
	 	RESTRICTION ON DEALINGS WITH SHARES AND CALL OPTION	  	 	15	  
			
	 10
	 	OPERATION OF COMPANY	  	 	16	  
			
	 11
	 	BOARD RESOLUTIONS	  	 	19	  
			
	 12
	 	GENERAL MEETINGS OF SHAREHOLDERS	  	 	19	  
			
	 13
	 	DIVIDENDS	  	 	21	  
			
	 14
	 	BOOKS, RECORDS AND REPORTS	  	 	22	  
			
	 15
	 	REPRESENTATIONS AND WARRANTIES	  	 	22	  
			
	 16
	 	INDEMNITIES	  	 	24	  
			
	 17
	 	APPROVALS	  	 	24	  
			
	 18
	 	CONFIDENTIALITY	  	 	24	  
			
	 19
	 	TERM	  	 	25	  
			
	 20
	 	EVENT OF DEFAULT	  	 	25	  
			
	 21
	 	NOTICES	  	 	27	  
			
	 22
	 	FRUSTRATION	  	 	28	  
			
	 23
	 	FORCE MAJEURE	  	 	28	  
			
	 24
	 	RESOLUTION OF DISPUTES	  	 	29	  
			
	 25
	 	ENTIRE AGREEMENT AND AMENDMENT	  	 	30	  
			
	 26
	 	SEVERABILITY	  	 	30	  

							
			
	27	 	ASSIGNMENT	  	 	30	  
			
	 28
	 	NO WAIVER	  	 	30	  
			
	 29
	 	COSTS	  	 	31	  
			
	 30
	 	MANAGEMENT SERVICES	  	 	31	  
			
	 31
	 	GOVERNING LAW	  	 	32	  
			
	 32
	 	EXECUTION AND DELIVERY	  	 	32	  
			
	 33
	 	GOVERNING LANGUAGE	  	 	32	  
		
	 ANNEXURE A—REPRESENTATIONS AND WARRANTIES BY THE COMPANY, PSU AND MKA
	  	 	35	  
		
	 ANNEXURE B—DESCRIPTION OF MANAGEMENT SERVICES TO BE PROVIDED BY PSU AND MKA TO THE COMPANY
	  	 	41	  

 THIS AGREEMENT is made on 4 August 2010. 

BETWEEN: 
  

	(1)	PT PESONA SENTRA UTAMA, a limited liability company duly incorporated under the laws of the Republic of Indonesia and having its registered office at Globe Building 6th Floor, Jalan Buncit Raya Kav. 31-33,
Jakarta, Indonesia 12740 (“PSU”); 

  

	(2)	PT MAHAMERU KENCANA ABADI a limited liability company duly incorporated under the laws of the Republic of Indonesia and having its registered office at Jalan Warung Buncit Raya No. 49 Mampang Prapatan
Jakarta, Indonesia 12740 (“MKA”); 

  

	(3)	NAVIGATOR GAS INVEST LIMITED (Company Registration No. 7263791), a company incorporated in England, and having an office at 150 Aldersgate Street, London EC1A 4AB, United Kingdom,(“NGIL”);
and 

  

	(4)	PT NAVIGATOR KHATULISTIWA, a limited liability company duly incorporated under the laws of the Republic of Indonesia, and having its registered office at Globe Building, Jalan Buncit Raya Kau 31.33, Jakarta,
Indonesia 12740 (the “Company”). 

 RECITALS: 

 

	(A)	The Company has been duly established as a PMA Company in the field of shipping and any other shipping related business activities. 

  

	(B)	The Parties hereto have agreed to enter into this agreement (“Agreement”) to govern the management of the Company and their respective rights and obligations as shareholders of the Company upon the
terms and conditions hereinafter set forth. 

 IT IS AGREED as follows. 

 

	1	DEFINITIONS AND INTERPRETATION 

  

	1.1	Definitions 

 The following definitions apply unless the context requires otherwise: 

“Affiliate” means, in relation to a Party which is a company (other than the Company), any company which is for
the time being a Subsidiary or Holding Company of that Party or a Subsidiary of a Holding Company of that Party. 
 “Aries
Earnings” means in relation to the Aries Vessel, all moneys whatsoever which are now, or later become, payable (actually or contingently) to the Company and which arise out of the use or operation of the Aries Vessel, including (but
not limited to): 
  

	 	(a)	all amounts payable to the Company under the Aries Time Charter and all other freight, hire and passage moneys, compensation payable to the Company in the event of requisition of the Aries Vessel for hire, remuneration
for salvage and towage services, demurrage and detention moneys and damages for breach (or payments for variation or termination) of any charterparty or other contract for the employment of the Aries Vessel; 

 

	 	(b)	all moneys which are at any time payable under Aries Insurances in respect of loss of earnings; and 

  

	 	(c)	if and whenever the Aries Vessel is employed on terms whereby any moneys falling within paragraphs (a) or (b) are pooled or shared with any other person, that proportion of the net receipts of the relevant
pooling or sharing arrangement which is attributable to the Aries Vessel. 

  
 1 

 “Aries General Assignment” means an assignment of the rights of the Company in
the Aries Time Charter, the Aries Insurances, and the Aries Earnings to be executed by the Company in favour of FFPL in such form and on such terms as may be acceptable to FFPL. 

“Aries Hypothec” means the first priority hypothec over the Aries Vessel to be executed by the Company in favour of FFPL in
such form and on such terms as may be acceptable to FFPL and acceptable to be registered with the relevant authorities in Indonesia. 

“Aries Insurances” means, in relation to the Aries Vessel: 

 

	 	(a)	all policies and contracts of insurance, including entries of the Aries Vessel in any protection and indemnity or war risks association, which are effected in respect of the Aries Vessel, the Aries Earnings or otherwise
in relation to it; and 

  

	 	(b)	all rights and other assets relating to, or derived from, any of the foregoing, including any rights to a return of a premium. 

“Aries Sale and Purchase Agreement” means the memorandum of agreement made or to be made between the Company and
Navigator Aries L.L.C. in respect of the Aries Vessel. 
 “Aries Time Charter” means the time charterparty dated
16 September 2008 made originally between Pacific Peregrine Shipping Pte Ltd (“PPSPL”) and the Time Charterer in relation to the Aries Vessel, as novated by PPSPL in favour of the Company pursuant to a transfer agreement dated
26 May 2010. 
 “Aries Vessel” means the LPG carrier known as m.v. “Navigator Aries” currently registered
under Liberian flag and to be sold by Navigator Aries L.L.C. to the Company pursuant to the Aries Sale and Purchase Agreement and thereafter to be registered under Indonesian flag. 

“Articles” means the articles of association of the Company, amended in accordance with this Agreement in such
form as the Parties may agree. 
 “Auditors” means the firm Moore Stephens who shall continue for the time
being to be appointed as the Company’s auditors or any other independent, internationally respected accounting firm with an associated office in Indonesia as approved by the Parties. 

“Authorisation” includes any authorisation, consent, approval, resolution, licence, exemption, filing,
registration, notorisation and legalisation which may be required of any governmental, quasi-governmental or public body or any other authority or sub-division thereof. 

“BKPM” means the Capital Investment Coordinating Board (Badan Koordinasi Penanaman Modal) of Indonesia now
referred to as the BKPM. 
 “BKPM Approval” means the letter of approval from the BKPM approving the change of
shareholders, change of capital structure and the use of manpower including expatriates by the Company. 

  
 2 

 “Board of Commissioners” means the board of commissioners of the
Company as constituted from time to time. 
 “Board of Directors” means the board of directors of the Company
as constituted from time to time. 
 “Business” means the Company’s business of shipping and any other
shipping related business activities. 
 “Business Day” means any weekday on which banks are open for business
in Jakarta and Singapore. 
 “Capital Contribution” means the subscription by a Party (other than the Company)
for fully-paid Shares. 
 “Closing” means the fulfillment of the conditions and the performance by the Parties
of their obligations set out in Clause 4.1, save where conditions have been waived by NGIL pursuant to Clause 4.2(a). 

“Closing Date” means the date upon which Closing occurs. 

“Commissioner” means a commissioner of the Company. 

“Confidential Information” means all confidential and proprietary information of a Party (the “Relevant
Party”) including, without limitation, information relating to technology, processes, products, specifications, formulae, inventions or designs used or developed by the Relevant Party, trade secrets and know-how and information of a
commercially sensitive nature. Confidential Information does not include information which: 
  

	 	(a)	at the time of the first disclosure to or observation by the other party, was already in the lawful possession of that party; 

  

	 	(b)	is in or comes into the public domain otherwise than by disclosure in breach of this Agreement; or 

  

	 	(c)	becomes available to the other party from any other source provided it was not acquired directly or indirectly from the Relevant Party. 

“Deed of Establishment” means the deed of establishment No. 02 dated 9 April 2010 made before Surjadi, S.H., notary
in Jakarta, which has been approved by the Minister of Justice of the Republic of Indonesia under decree No. AHU.22044.AH.01.01.Tahun 2010 dated 29 April 2010. 

“Defaulting Party” is defined in Clause 20.1, being (a) a Party (other than the Company) that commits an Event of
Default; or (b) a Party in relation to which any Event of Default occurs. 
 “Director” means a director
of the Company. 
 “Dispose” in relation to any property means to sell, transfer, assign, create an
Encumbrance over, declare oneself a trustee of, part with the benefit of or otherwise dispose of the whole or any interest in or any part of the property. It includes, without limitation, in relation to a Share, to enter into a transaction in
relation to the Share (or any interest in it), other than a transaction which is: 
  

	 	(a)	permitted by this Agreement or the Articles; or 

  

	 	(b)	conditional on each other Shareholder consenting to it or waiving certain of its rights under this Agreement or the Articles or as otherwise agreed by each other Party, 

  
 3 

 which results in a person other than the registered holder of the Share: 

 

	 	(i)	acquiring any interest in the Share, including, but not limited to, an interest arising under a declaration of trust, an agreement for sale and purchase or an option agreement or an agreement creating a charge or other
security interest in respect of the Share; or 

  

	 	(ii)	acquiring any right to receive directly or indirectly any dividends payable in respect of the Share; or 

  

	 	(iii)	acquiring any rights of pre-emption, first refusal or like control over the disposal of the Share; or 

  

	 	(iv)	acquiring any rights of control over the exercise of any voting rights or rights to appoint directors or commissioners attaching to the Share; or 

 

	 	(v)	otherwise acquiring rights against the registered holder of the Share which have the effect of placing the person in the same position as would exist if the person had acquired an interest in the Share itself,

 and “Disposal” has a corresponding meaning. 

“Dividend” includes a bonus or other distribution in specie or in cash. 

“Encumbrance” means any mortgage, pledge, lien, hypothecation, charge, power of attorney, fiduciary transfer,
assignment of rights for security purposes or other form of security interest or interest in the nature of a security interest, and Encumber has a corresponding meaning. 

“Equity Loans” means the two loan agreements with each MKA and PSU as borrower and FFPL as lender, each for the
amount of US$2,884,050. 
 “Event of Default” means any of the acts set out in Clause 20.1. 

“Exchange Rate” means the exchange rate quoted by Bank Indonesia on the day prior to the day of conversion for
the purchase of $ for Indonesian Rupiah. 
 “FFPL” means Falcon Funding Pte. Ltd. (Company Registration
No. 201005399C), a company incorporated in Singapore, and having an office at 7 Temasek Boulevard, #07-08, Suntec Tower One, Singapore 038987. 

“FFPL Loan Agreement” means the loan agreement dated 4 August 2010 entered into between FFPL as borrower
and the Navigator Gas L.L.C. as lender for the amount of US$106,000,000. 
 “Government” means the Government
of Indonesia. 
 “Holding Company” means, in relation to a company, a company of which the first company is a
Subsidiary. 
 “Indonesia” means the Republic of Indonesia. 

  
 4 

 “Indonesian Financial Year” means the accounting year of the Company under
Indonesian GAAP, which shall commence on 1 January and end on 31 December each calendar year, unless otherwise agreed at a general meeting of Shareholders. 

“Indonesian Financial Quarter Year” means each of the four 3 month periods of an Indonesian Financial Year. 

“Indonesian GAAP” means generally accepted accounting principles on a consistent basis in Indonesia. 

“MKA Shares Pledge” means a pledge granted or to be granted by MKA in favour of FFPL of all of its shares in the Company in
such form and on such terms as may be acceptable to FFPL. 
 “MOL” means the Ministry of Law and Human Rights of Indonesia.

 “Navigator Aries L.L.C.” means a limited liability company with Company Registration No. 961369,
formed in the Marshall Islands whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960. 

“Navigator Pluto L.L.C.” means a limited liability company, with Company Registration No. 961269, formed in the Marshall
Islands whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960. 

“Notifying Party” means any Party (other than the Company) giving a written notice to each other Party under Clause 21.

 “Party” means each of PSU, MKA, NGIL, and the Company and any other party to this Agreement from time to
time, and includes their respective successors or permitted assigns and Parties means all of them. 
 “Pluto
Earnings” means in relation to the Pluto Vessel, all moneys whatsoever which are now, or later become, payable (actually or contingently) to the Company and which arise out of the use or operation of the Pluto Vessel, including (but
not limited to): 
  

	 	(a)	all amounts payable to the Company under the Pluto Time Charter and all other freight, hire and passage moneys, compensation payable to the Company in the event of requisition of the Pluto Vessel for hire, remuneration
for salvage and towage services, demurrage and detention moneys and damages for breach (or payments for variation or termination) of any charterparty or other contract for the employment of the Pluto Vessel; 

 

	 	(b)	all moneys which are at any time payable under Pluto Insurances in respect of loss of earnings; and 

  

	 	(c)	if and whenever the Pluto Vessel is employed on terms whereby any moneys falling within paragraphs (a) or (b) are pooled or shared with any other person, that proportion of the net receipts of the relevant
pooling or sharing arrangement which is attributable to the Pluto Vessel. 

  
 5 

 “Pluto General Assignment” means an assignment of the rights of
the Company in the Pluto Time Charter, the Pluto Insurances, and the Pluto Earnings to be executed by the Company in favour of FFPL in such form and on such terms as may be acceptable to FFPL. 

“Pluto Hypothec” means the first priority hypothec over the Pluto Vessel to be executed by the Company in favour of FFPL in
such form and on such terms as may be acceptable to FFPL and acceptable to be registered with the relevant authorities in Indonesia. 

“Pluto Insurances” means, in relation to the Pluto Vessel: 

 

	 	(d)	all policies and contracts of insurance, including entries of the Pluto Vessel in any protection and indemnity or war risks association, which are effected in respect of the Pluto Vessel, the Pluto Earnings or otherwise
in relation to it; and 

  

	 	(e)	all rights and other assets relating to, or derived from, any of the foregoing, including any rights to a return of a premium. 

“Pluto Sale and Purchase Agreement” means the memorandum of agreement made or to be made between the Company and
Navigator Pluto L.L.C. in respect of the Pluto Vessel. 
 “Pluto Time Charter” means the time charterparty
made between the Company and the Time Charterer dated on or about the date of this Agreement in relation to the Pluto Vessel in such form and on such terms as may be acceptable to the Company. 

“Pluto Vessel” means the LPG carrier known as m.v. “Navigator Pluto” currently registered under Liberian Islands
flag and to be sold by Navigator Pluto L.L.C. to the Company pursuant to the Pluto Sale and Purchase Agreement and thereafter to be registered under Indonesian flag. 

“PMA Company” means a foreign capital investment company (penanaman modal asing) established in accordance with
Law No 25 of 2007 regarding Capital Investment of Indonesia and any of its subsequent amendments and implementing regulations and policies and as contemplated in Indonesian Law No 40 of 2007 regarding limited liability companies. 

“Project Documents” means collectively, the Pluto Sale and Purchase Agreement, the Aries Sale and Purchase
Agreement, the Pluto Time Charter, the Aries Time Charter, the Pluto General Assignment, the Aries General Assignment, the Pluto Hypothec, the Pluto General Assignment, the PSU Shares Pledge, MKA Shares Pledge and the FFPL Loan Agreement. 

“PSU Shares Pledge” means a pledge granted or to be granted by PSU in favour of FFPL of all of its shares in the
Company in such form and on such terms as may be acceptable to FFPL. 
 “Seacom” means Directorate General of
Sea Communication of the Department of Communication of Indonesia. 
 “Share” means a share in the capital of
the Company. 

  
 6 

 “Shareholder” means a Party holding shares in the Company. 

“Shareholding Percentage” means, in relation to a Shareholder, a fraction the numerator of which is the total
number of Shares held by that Shareholder for the time being and the denominator of which is the total number of all Shares (including the Shares held by the Shareholder) issued for the time being (and the expression Shareholding Percentages
in relation to some or all of the Shareholders shall be construed accordingly). 
 “SIUPAL Licences” means the
Surat Izin Usaha Perusahaan Angkutan Laut (SIUPAL) which the Company holds and any and all Authorisation required to ensure that the Company is permitted to act as a general agent. 

“Subsidiary” means, in relation to a company, any other company where the first company: 

 

	 	(a)	holds a majority of the issued share capital in that other company (excluding any part of the issued share capital that carries no right to participate beyond a specified amount in a distribution of either profits or
capital); 

  

	 	(b)	controls the composition of that other company’s board of directors; or 

  

	 	(c)	is in a position to cast, or control the casting of, a majority of the maximum number of votes that might be cast at a general meeting of shareholders of that other company, 

or where that other company is a Subsidiary of a company which is itself a Subsidiary of the first company. 

“Termination Notice” means a written notice given by a Notifying Party to each other Party in accordance with
Clause 20.1. 
 “Time Charterer” means PT Pertamina (Persero). 

“Vessels” means collectively, the Aries Vessel and the Pluto Vessel. 

“Vessel Loan” means the loan agreement with FFPL as lender and the Company as borrower for the amount of US$100,000,000. 

 

	1.2	Interpretation 

 In this Agreement, headings are for convenience only, and unless the
context otherwise requires: 
  

	 	(a)	the singular includes the plural and vice versa; 

  

	 	(b)	a word denoting any gender includes all genders; 

  

	 	(c)	a reference to a person includes a body corporate, an unincorporated body or other entity and vice versa; 

  

	 	(d)	a reference to a Clause, Schedule or Annexure is to a clause of, schedule to or annexure to this Agreement; 

  

	 	(e)	a reference to any party to this Agreement or any other agreement or document includes the party’s successors and permitted assigns; 

  
 7 

	 	(f)	a reference to any agreement or document is to that agreement or document as amended, novated, supplemented, varied or replaced from time to time, except to the extent prohibited by this Agreement or that other
agreement or document; 

  

	 	(g)	a reference to any legislation or to any provision of any legislation includes any modification or re-enactment of it, any legislative provision substituted for it and all regulations and statutory instruments issued
under it; and 

  

	 	(h)	$ or Dollars means the lawful currency of the United States of America and Rp or Rupiah means the lawful currency of Indonesia. 

  

	2	SHARE CAPITAL 

  

	2.1	Existing Capital Structure 

 PSU represents and warrants that, as of the date of this
Agreement, the Company is properly registered with the following capital structure: 
  

			
	 Authorised Capital :
	  	US$45,240,000 divided into 45,240,000 shares of US$1.00 each = Rp410,553,000,000 divided into 45,240,000 shares of Rp9,075 each
		
	 Paid Up and Issued Capital :
	  	US$11,310,000 consisting of 11,310,000 shares of US$1.00 each = Rp102,638,250,000 divided into 11,310,000 shares of Rp9,075 each
		
	Shareholders :	  	NGIL – 5,541,900 shares (49%)
		
		  	PSU – 2,884,050 shares (25.5%)
		
		  	MKA – 2,884,050 shares (25.5%)

  

	2.2	New Capital Structure 

  

	 	(a)	The issued share capital of the Company shall be reclassified or otherwise reconstituted into two classes of Shares as follows: 

  

	 	(i)	5,541,900 Class A shares (“Class A Shares”), each with a par value of US$1.00 per share and one voting right and one dividend right each; and 

 

	 	(ii)	5,768,100 Class B shares (“Class B Shares”), each with a par value of US$1.00 per share and one voting right and one dividend right each. 

 

	 	(b)	NGIL will subscribe for all of the Class A Shares for US$1.00 per share, aggregate consideration of US$5,541,900 which will be fully paid to the Company on the Closing Date. 

 

	 	(c)	PSU and MKA will each subscribe for 50% of all of the Class B Shares for US$1.00 per share, aggregate consideration each of US$2,884,050 which will be fully paid to the Company on the Closing Date. 

  
 8 

	3	RELATIONSHIP OF THE PARTIES 

  

	3.1	Parties not in partnership 

 Nothing in this Agreement or the Articles shall be
considered or interpreted as constituting: 
  

	 	(a)	the relationship of the Parties as a partnership, association or any other relationship in which one or more of the Parties may be liable generally for the acts or omissions of any other Party; or 

 

	 	(b)	any Party as the general agent or representative of any other Party. 

  

	3.2	Articles 

  

	 	(a)	The Articles shall, to the extent permitted under Indonesian law, at all times give effect to the terms of this Agreement. 

  

	 	(b)	Each Party irrevocably agrees that if there is any conflict or inconsistency between the provisions of this Agreement and the Articles, then: 

 

	 	(i)	as between the Parties, the provisions of this Agreement shall prevail; and 

  

	 	(ii)	the Parties shall, to the extent permitted under Indonesian law, forthwith use their best endeavours to procure an amendment to the Articles so as to remove such conflict or inconsistency. 

 

	4	CLOSING 

  

	4.1	Conditions of Closing 

 Closing shall not occur until all of the following terms and
conditions for the exclusive benefit of FFPL have been fulfilled and/or performed: 
  

	 	(a)	the Company having executed: 

  

	 	(i)	the Aries Sale and Purchase Agreement and the Pluto Sale and Purchase Agreement and having satisfied all its completion obligations thereto; 

 

	 	(ii)	the Aries Time Charter and the Pluto Time Charter with the Time Charterer; 

  

	 	(iii)	the Aries Hypothec, the Pluto Hypothec, the Aries General Assignment and the Pluto General Assignment, each in favour of FFPL; and 

  

	 	(iv)	the Vessel Loan; 

  

	 	(b)	the Company delivering to NGIL all necessary corporate authorities approving the execution of the documents set out in Clause 4.1(a); 

 

	 	(c)	each of PSU and MKA providing documentary evidence satisfactory to NGIL that both PSU and MKA have, or will on the Closing Date have, funds in place to each pay for 50% of the Class B Shares in full; 

  
 9 

	 	(d)	the Parties finalising and, in the presence of a notary public in Indonesia, executing the amended Articles; 

  

	 	(e)	the Parties finalising and submitting: 

  

	 	(i)	to BKPM, a final Foreign Investment Application (Model 1/PMA Application) together with annexes and supporting documents, seeking approval of, the proposed activity of the Company and structure of the Shareholders’
investment in the Company; and 

  

	 	(ii)	to MOL, the duly executed and notarised amended Articles, together with all supporting documents, for MOL approval to approve the amendments to the Articles; 

 

	 	(f)	the Company having obtained each of the following: 

  

	 	(i)	the registration of the Aries Vessel and the Pluto Vessel in the name of the Company as evidenced by the Grosse Akte issued by Seacom; 

 

	 	(ii)	the registration of the Aries Vessel and the Pluto Vessel under Indonesian flag by Seacom as evidenced in the main register for registration and transfer of title of vessels in Jakarta, Indonesia; 

 

	 	(iii)	the SIUPAL Licences being issued by Seacom in the name of the Company as necessary for the commercial operation of the Aries Vessel and the Pluto Vessel in Indonesia; 

 

	 	(iv)	the certificate of classification of the Aries Vessel and the Pluto Vessel from the Indonesian Classification Bureau being the Indonesian classification society; and 

 

	 	(v)	documentary evidence satisfactory to NGIL that each of the Aries Vessel and the Pluto Vessel is insured on terms and with underwriters and P & I clubs acceptable to NGIL; 

 

	 	(g)	confirmation being received in writing by all of the Parties that all approvals, licences and consents of BKPM, MOL, Seacom and any other government or governmental body or regulatory authority which are required to
enable the Company to conduct the Business without interruption or inconvenience, have been obtained, issued or granted on terms satisfactory to NGIL; 

  

	 	(h)	the covenants, representations and warranties of each of the Company, PSU and MKA contained in Clause 15 shall be true and correct, each and every one of which is hereby deemed to be a condition and NGIL shall have
received a certificate dated the Closing Date, in form satisfactory to counsel for NGIL, signed under seal by each of the Company and PSU to the effect that such covenants, representations and warranties referred to above are true and correct on and
as of the Closing Date; 

  

	 	(i)	the composition of the Board of Commissioners and the Board of Directors of the Company set forth in Clause 10.2 shall be completed; 

 

	 	(j)	the new capital structure of the Company set forth in Clause 2.2 shall be completed; and 

  
 10 

	 	(k)	no legislation (whether by statute, by-law, regulation or otherwise) shall have been enacted or introduced which, in the opinion of NGIL, adversely affects or may adversely affect the operations and Business of the
Company. 

  

	4.2	Termination or Waiver of Closing Conditions 

 In case any of the conditions in Clause 4.1
are not be fulfilled and/or performed to the satisfaction of NGIL on or before 31 August 2010 (the “Outstanding Conditions”), NGIL may, at its option: 

 

	 	(a)	agree that Closing shall take place before the Outstanding Conditions are fulfilled or performed, in which case those Outstanding Conditions shall be fulfilled and/or performed within such period as NGIL may specify,
any such waiver to be binding on NGIL only if the same is in writing; or 

  

	 	(b)	rescind this Agreement by notice to the Company, PSU and MKA, and in such event NGIL shall be released from all obligations hereunder. 

 

	4.3	Termination for Non-Payment 

 If the Company has not received payment in full by NGIL
under Clause 2.2(b) and payment in full by each of PSU and MKA under Clause 2.2(c) on or before 31 August 2010 (or such other date as may be acceptable to NGIL), each of the Parties hereto shall be released from all obligations hereunder. 

 

	5	CONDUCT PRIOR TO CLOSING DATE 

  

	5.1	Obligations of PSU, MKA and the Company 

 At all times prior to the Closing Date, PSU,
MKA and the Company shall: 
  

	 	(a)	not undertake any activity or do anything which may, in the reasonable opinion of NGIL, be contrary to the best interests of NGIL under this Agreement; 

 

	 	(b)	keep NGIL fully informed of all matters relating directly or indirectly to the Company or to NGIL’s rights or future rights under this Agreement; 

 

	 	(c)	take such action as may be required to protect NGIL’s rights and future rights under this Agreement; 

  

	 	(d)	ensure that the Articles are amended where necessary to be consistent with the terms of this Agreement; 

  

	 	(e)	ensure that the Company, or any person on behalf of the Company, does not create any Encumbrance on the Vessels, Dispose of the Vessels or any other vessel which may be owned by the Company from time to time or all or a
substantial or material part of the Company’s business or assets, or amend the Articles, unless first approved in writing by NGIL; and 

  

	 	(f)	ensure that the Company complies with all laws and other obligations binding on it and maintains the SIUPAL Licenses and its status as a general agent in good standing. 

  
 11 

	5.2	Matters requiring NGIL’s approval 

 Except as otherwise provided or contemplated in
this Agreement, at all times prior to the Closing Date, the Company shall not and PSU and MKA shall ensure that the Company shall not, except with the prior written approval of the NGIL (which approval will be withheld only on reasonable grounds and
in good faith), do any of the following: 
  

	 	(a)	(Arm’s length transactions) Enter into, vary or terminate any contract or arrangement (whether legally binding or not) with any Director, Commissioner or Shareholder. 

 

	 	(b)	(Directors’ contracts) Vary the terms of service (including compensation, remuneration and emoluments) of a Director or Commissioner. 

 

	 	(c)	(Disposal) Dispose of the Vessels or any other vessel which may be owned by the Company from time to time or its main undertaking or any of its principal assets. 

 

	 	(d)	(Securities issue) Issue, allot, redeem, purchase or grant options over any of its Shares, debentures or other securities or reorganise its share capital in any way otherwise than in accordance with this
Agreement. 

  

	 	(e)	(Distributions) Pay or make any dividend or other distribution otherwise than in accordance with this Agreement. 

  

	 	(f)	(Reduction of capital) Reduce its share capital in any manner. 

  

	 	(g)	(Memorandum and Articles) Amend the Articles or pass any resolution for winding up. 

  

	 	(h)	(Cessation or change in Business) Cease to conduct or change the nature or scope of the Business, the operations of the Company or commence any new business not being ancillary or incidental to the Business or
the operations of the Company. 

  

	 	(i)	(Early repayments) Make any early repayment of any of its indebtedness. 

  

	 	(j)	(Modification) Modify or abrogate any rights for the time being attached to the Shares. 

  

	 	(k)	(Material contracts and commitments) The entry into of any contract or commitment (other than pursuant to the Project Documents) under which the Company may incur costs of US$100,000 or more or which may not be
fulfilled or completed within 1 year. 

  

	 	(l)	(Termination, variation or suspension of material contracts) The termination, variation or suspension of the performance of: 

  

	 	(i)	the Aries Time Charter or the Pluto Time Charter; 

  

	 	(ii)	any charterparty or other contract for the employment of the Vessels or any or any other vessel which may be owned by the Company from time to time; or 

  
 12 

	 	(iii)	any material contract or commitment of the Company; 

  

	 	(m)	(Acquisitions) The acquisition of any assets or property at a total cost (per transaction) of more than US$100,000(other than pursuant to the Project Documents). 

 

	 	(n)	(Borrowings) The borrowing of any amounts. 

  

	 	(o)	(Encumbrances) The creation of Encumbrances over any assets or property of the Company including the Vessels or any other vessel which may be owned by the Company. 

 

	6	ANNUAL BUDGETS AND ACCOUNTS 

  

	6.1	Preparation of Annual Budgets 

  

	 	(a)	(Principal) As soon as practicable after the signing of this Agreement and not later than 60 days prior to the commencement of each subsequent Indonesian Financial Year (in respect of that Indonesian Financial
Year), the Board of Directors shall deliver a draft Annual Budget to the Board of Commissioners. 

  

	 	(b)	(Updates) The Board of Directors may, from time to time, prepare, or cause to be prepared, draft updates to the then current Approved Budget to revise, add or delete any expenditure, and shall deliver any
revisions to the Annual Budget to the Board of Commissioners. 

  

	6.2	Approval of Annual Budgets and updates 

  

	 	(a)	(Principal) Not later than 15 days prior to the commencement of the relevant Indonesian Financial Year, the Board of Commissioners shall settle and approve each draft Annual Budget, and provide copies to the
Shareholders. 

  

	 	(b)	(Updates) Within 45 days of its preparation the Board of Commissioners shall settle and approve each draft update to the then current Approved Budget, and provide copies to the Shareholders. 

 

	6.3	Books, accounts and records 

 The Company shall maintain or cause to be maintained in
accordance with generally accepted accounting standards and practices in Indonesia comprehensive books, accounts and records of the Company, in Rupiah and in English (except to the extent required by Indonesian law) of the Operations and of all
transactions entered into by or on behalf of the Company. Those books, accounts and records shall include, without limitation: 
  

	 	(a)	details of each sum received by the Company, the date of receipt and the source of the payment; 

  

	 	(b)	details of each sum disbursed by the Company for the Operations and the date and purpose of the payment; and 

  

	 	(c)	details of services and of materials, equipment and supplies acquired by the Company for the Operations and the date and cost of acquisition. 

 

	6.4	Costs of preparation 

 The costs of preparing and maintaining all books, accounts and
records in accordance with Clause 6.3 shall be charged as the Company’s expenditure. 

  
 13 

	7	INDONESIAN OWNERSHIP 

  

	 	(a)	Each of MKA and PSU represents and warrants that it is (and will remain for so long as it is a Shareholder) a company incorporated in Indonesia. 

 

	 	(b)	Each of MKA and PSU represents and warrants that it is (and will remain for so long as it is a Shareholder) a company owned and controlled by Indonesian entities or individuals. 

 

	 	(c)	If at any time PSU and/or MKA ceases to be owned and controlled by Indonesian entities, NGIL shall be entitled to require MKA or, as the case may be, PSU to sell some or all of its Shares in whatever manner NGIL
reasonably considers necessary to ensure that the obligations of the Company under Indonesian law are fulfilled. 

  

	8	FUNDING GENERALLY 

  

	8.1	Funding 

  

	 	(a)	(Methods) All funding to be provided to the Company shall be by way of: 

  

	 	(i)	third party financing by the Company (with or without support, whether by way of guarantee, indemnity, Encumbrance or otherwise, from the Shareholders or their respective Affiliates); 

 

	 	(ii)	Capital Contributions; or 

  

	 	(iii)	any combination of the above, 

 as determined by the Board of Directors from
time to time. 
  

	 	(b)	(Calls) Subject to Clause 8.2, to the extent that funding to be provided to the Company is to be by way of Capital Contributions, it shall be provided in accordance with written notices given to each
Shareholder by or on behalf of the Board of Directors from time to time. Such notices shall be issued at such times and for such amounts as may be required to meet the Company’s expenditures that is then accrued or that the Board of Directors
estimates will accrue or become payable during the period to which the relevant notice relates. Each Shareholder must provide the amount specified in each notice given to it within seven days of receipt of that notice. 

 

	8.2	Funding after Closing Date 

  

	 	(a)	(Capital Contributions) To the extent that funding to be provided to the Company after the Closing Date is to be by way of Capital Contributions, such Capital Contributions shall either be made by the
Shareholders in proportion to their Shareholding Percentages or, in the event that a Shareholder’s Capital Contribution exceeds its Shareholding Percentage, such Shareholder will be duly compensated through increased shares, increased share
votes, profit sharing or such other suitable arrangement as the Parties may agree. 

  
 14 

	9	RESTRICTION ON DEALINGS WITH SHARES AND CALL OPTION 

  

	9.1	Restriction on dealings with shares 

 Save as to the PSU Shares Pledge and the MKA Shares
Pledge, a Shareholder shall not Encumber or Dispose of any of its Shares in favour of or to any third party (including, without limitation, an Affiliate of that Shareholder) except as provided in this Clause 9. 

 

	9.2	Affiliate exception 

  

	 	(a)	Subject to Indonesian law, NGIL may at any time and without first having to obtain the prior consent of PSU or MKA, transfer all or any of its Shares and assign all of its rights and obligations under this Agreement to
any of its Affiliates. 

  

	 	(b)	Any transfer under this Clause 9.2 shall only be made on condition that: 

  

	 	(i)	the Affiliate agrees that if it ceases to be an Affiliate for any reason whatsoever, it shall immediately reassign to NGIL (or its Affiliate) all of the Shares then held by it; and 

 

	 	(ii)	the Affiliate, if not already a Party to this Agreement, enters into an Accession Agreement with all Shareholders and the Company (each of which are bound to execute that deed if the Affiliate and NGIL have complied
with this Clause 9) such that such Affiliate is bound to this Agreement. 

  

	 	(c)	The Company shall not register any Affiliate as the holder of any Shares unless and until that Accession Agreement has been executed. 

 

	9.3	Call option 

  

	 	(a)	Each PSU and MKA hereby grants to NGIL an option (the “Call Option”) to purchase all (but not some) of the Shares held by each of them (the “Option Shares”) at the Option Price (as
defined in Clause 9.3(e)) which NGIL may exercise upon: 

  

	 	(i)	PSU or MKA having committed any Event of Default; or 

  

	 	(ii)	the Aries Time Charter and/or the Pluto Time Charter with the Time Charterer is terminated, cancelled, suspended or ceases to be in full force and effect for any reason whatsoever 

and on the exercise of the Call Option, PSU and/or MKA shall become bound to sell and the NGIL shall become bound to purchase the Call Shares
in accordance with Clause 9.3(c). 
  

	 	(b)	Once lodged, a notice to exercise given under Clause 9.3(a) shall be irrevocable save with the consent in writing of the other party. 

 

	 	(c)	Completion of the sale and purchase of the Option Shares pursuant to the exercise of the Call Option shall take place at the registered office of the Company (or such other location as the parties may agree) on the date
specified in the exercise notice given in accordance with Clause 9.3(a) when: 

  
 15 

	 	(i)	the transferee shall pay or procure the payment of the Option Price to transferor; 

  

	 	(ii)	the transferor shall deliver to the transferee a transfer instrument in respect of the Option Shares duly executed in favour of transferee together (where appropriate) with the original share certificate(s) if any
representing the Option Shares in the name of the transferor; and 

  

	 	(iii)	subject to the payment by the transferee of the requisite amount of any stamp or transfer duty that is payable, the transferor shall use its reasonable endeavours (subject to due completion) to procure that transferee
(or its nominee) shall be registered as the holder of the Option Shares without delay and a share certificate in respect thereof shall be delivered to the transferee (or its nominee). 

 

	 	(d)	If the transferor makes default in transferring the Option Shares following the exercise of the relevant Option: 

  

	 	(i)	the directors of the Company shall be entitled to receive and give a good discharge for the Option Price on behalf of the transferor; 

 

	 	(ii)	the transferor in each case hereby irrevocably, and by way of security for the performance of the transferor’s obligations under this Clause 9.3, appoints such person as the transferee shall nominate in writing as
the transferor’s attorney to execute on transferor’s behalf a transfer or transfers of the Option Shares in favour of the transferee (or as the transferee may direct) and such other documents as may be necessary to transfer title to the
Option Shares to the transferee (or as the transferee may direct); and 

  

	 	(iii)	the transferor hereby authorises the directors of the Company to approve the registration of such transfer or transfers or other documents, 

PROVIDED That the provisions of this Clause 9.3(d) shall not apply where the transferee has failed to tender payment for the Option Shares or
to comply with any of its obligations under this Clause 9.3. 
  

	 	(e)	For the purposes of this Clause 9.3, the “Option Price” shall mean the amount of the Equity Loan then outstanding from PSU or MKA (as the case may be) to FFPL and in the event that the Equity Loan has
been fully paid by PSU or MKA (as the case may be), the Option Price shall be US$1.00. 

  

	10	OPERATION OF COMPANY 

  

	10.1	Board of Directors and Board of Commissioners 

  

	 	(a)	The Company shall be managed by the Board of Directors under the supervision, in accordance with Indonesian law, of the Board of Commissioners. 

 

	 	(b)	The Board of Directors shall be responsible for the overall direction and control of the management of the Company and the formulation of the policies to be applied in accordance with the Company’s purposes and
objectives and to represent the Company in and out of court in accordance with the provisions of the Articles of Association. 

  
 16 

	 	(c)	The Articles will as soon as practicable after the execution of this Agreement be modified to expressly provide that the powers of the Board of Commissioners will be in accordance with this Agreement. 

 

	10.2	Composition of Board of Commissioners and Directors 

 The Parties have agreed that NGIL
should have control at shareholder level and on this basis: 
  

	 	(a)	the Board of Commissioners of the Company shall comprise: 

  

	 	(i)	one NGIL nominee who shall be the President Commissioner; and 

  

	 	(ii)	one nominee on behalf of PSU and MKA. 

  

	 	(b)	the Board of Directors of the Company shall comprise: 

  

	 	(i)	one MKA and PSU nominee and whom shall also be the President Director. 

 PROVIDED That
the Shareholders may at anytime agree to change the composition of the Board of Commissioners and/or the Board of Directors. 
  

	 	(c)	a quorum for the Board of Commissioner shall require the attendance of at least one Commissioner nominated by NGIL and at least one Commissioner nominated by either of PSU or MKA; 

 

	 	(d)	the President Commissioner shall have a second or casting vote at meetings of the Board of Commissioners; and 

  

	 	(e)	notwithstanding any provision in this Agreement no resolution of the Board of Commissioners shall be passed unless with the affirmative vote of the Commissioner nominated by NGIL. 

 

	10.3	Written Consent of the Board of Commissioners 

 Decisions of the Company in relation to
the following matters shall require a prior written consent of the Board of Commissioners of the Company and not the Board of Directors: 
  

	 	(a)	commitment of the Company to capital expenditures in excess of $50,000 or the equivalent thereof in any other currency in one transaction or in a series of transactions within a twelve month period; 

 

	 	(b)	hiring of executive or senior employees; 

  

	 	(c)	granting of ex-gratia payments to third parties as well as to employees; 

  

	 	(d)	engagement and termination of the services of professionals in excess of US$50,000; 

  

	 	(e)	expansion of business/services or collaboration with third parties; 

  

	 	(f)	granting of salary adjustments or bonus payments to employees; 

  
 17 

	 	(g)	establishment of any Subsidiary or investment in another company, partnership or any other forms of business organizations; 

  

	 	(h)	disposal of any assets and the charter of any vessel; 

  

	 	(i)	incurring of any liabilities or obligations (whether in the nature of financial indebtedness or otherwise) in excess of $50,000 or the equivalent thereof in any other currency; 

 

	 	(j)	pledging, hypothecating or granting any security over the assets or acting as the guarantor of any third party; or 

  

	 	(k)	the conduct of any business or the assumption of any new risks outside the ordinary scope of business. 

Provided Always that in the event that NGIL wishes any one or more of the Vessels to be sold to an affiliate, a third party or otherwise, the
Company shall be obliged to sell, and the Board of Commissioners shall approve the sale of the relevant Vessel(s) and the proceeds from such sale of the Vessel(s) shall be applied by the Company in a manner to be decided by NGIL in its absolute
discretion. 
 For the avoidance of doubt, the provisions of this Clause 10.3 are strictly without prejudice to the requirement that specific
Shareholder approval will be necessary in respect of certain of the matters listed. 
  

	10.4	Powers of Board of Commissioners 

 In addition to the powers provided in this Agreement,
the Board of Commissioners shall have the following powers required under Indonesian law: 
  

	 	(a)	to suspend temporarily the appointment of a member of the Board of Directors, where that member acts contrary to the Articles or to Indonesian law; 

 

	 	(b)	to assume temporarily control of the management of the Company, where the appointments of all the members of the Board of Directors have been suspended, until the next general meeting of Shareholders and in any case for
a maximum period of 30 days, and in any other circumstances approved in a general meeting of Shareholders; 

  

	 	(c)	to visit the premises of the Company and to have access to the records of the Company; and 

  

	 	(d)	to supervise in accordance with Indonesian law the Board of Directors in the operation of the Company and to provide advice to the Board of Directors, 

all in accordance with the Articles. 
  

	10.5	Manner of conduct 

 Except as otherwise provided in this Agreement, each Party shall
exercise its powers so as to ensure that the Company and the Board of Directors: 
  

	 	(a)	transact all of their respective activities on arm’s length terms; 

  

	 	(b)	keep accurate and complete books of account and comply with the requirements of Clause 14; and 

  

	 	(c)	adopt and apply accounting policies and standards in accordance with generally accepted Indonesian accounting principles and practices. 

  
 18 

	11	BOARD RESOLUTIONS 

  

	11.1	Board of Directors’ resolutions 

 Except or otherwise provided in this Agreement:

  

	 	(a)	The Board of Directors shall meet at least once every 6 months and more frequently as required; and 

  

	 	(b)	resolutions of the Board of Directors shall be passed by a simple majority of the members of the Board of Directors in writing or present or represented at a meeting, including by video teleconference, unless, and only
to the extent, required by law whereby any resolutions passed at a meeting shall be recorded in a minutes of meeting signed by all directors present or represented at the meeting. 

 

	11.2	Board of Commissioners’ resolutions 

 Resolutions of the Board of Commissioners
shall be passed by a simple majority of the members of the Board of Commissioners in writing or present or represented at a meeting, including by video teleconference, unless, and only to the extent, required by law whereby any resolutions passed at
a meeting shall be recorded in a minutes of meeting signed by all commissioners present or represented at the meeting. 
  

	12	GENERAL MEETINGS OF SHAREHOLDERS 

  

	12.1	Annual general meetings 

 An annual general meeting of shareholders of the Company shall
be held once in each calendar year within six months after the end of the preceding Indonesian Financial Year. 
  

	12.2	Extraordinary general meetings 

 An extraordinary general meeting of shareholders shall
be convened by notice issued by the President Director or the Board of Directors: 
  

	 	(a)	whenever it deems necessary; or 

  

	 	(b)	upon the written request of those Shareholders holding in aggregate at least 20% of the total number of all Shares on issue, which request must state the matters to be dealt with at the meeting. 

 

	12.3	Chairman 

 Subject to the Articles, the President Director shall act as the chairman of
all general meetings of Shareholders but shall not have a second or casting vote. 
  

	12.4	Quorum 

  

	 	(a)	Subject to Indonesian law, the quorum for a general meeting of Shareholders shall be that number of Shareholders (whether present or represented) holding in aggregate at least 80% of the total number of all issued
Shares with valid voting rights. 

  
 19 

	 	(b)	If a quorum is not present at a duly convened general meeting of Shareholders within 2 hours of the time set for the meeting to begin, the meeting shall be adjourned for not less than 14 days. The quorum for a
reconvened meeting shall be that number of Shareholders (whether present or represented) holding in aggregate at least 55% of the total number of all issued Shares with valid voting rights. If, at the reconvened meeting, a quorum is not present, the
meeting shall be dissolved. 

  

	12.5	Voting Rights 

 Resolutions at all general meetings of Shareholders shall be passed if
approved by those Shareholders present or represented at the meeting holding in aggregate a simple majority of the total number of all issued Shares with valid voting rights other than the following, which shall require the approval of at least 80%
of the total number of issued Shares with valid voting rights: 
  

	 	(a)	alter or modify the rights attached to any issued shares of the Company; 

  

	 	(b)	make any alterations to the Articles of the Company which would result in the rights attached to any issued shares being altered or modified; or 

 

	 	(c)	pay or make any dividends or other distributions out of capital, profits or reserves of the Company otherwise than in accordance with this Agreement and the Articles; 

 

	 	(d)	sell, transfer or otherwise dispose of the whole or substantially all of the business, undertaking or assets or the Company; 

  

	 	(e)	the Company ceasing to carry on business; 

  

	 	(f)	the Company to enter into any joint venture or partnership the terms of which provide for the profits of the Company being shared with a third party and which therefore would give rise to a drain on the profits of the
Company; 

  

	 	(g)	appoint or remove any directors or commissioners of the Company otherwise than in accordance with the provisions of this Agreement and the Articles. 

 

	 	(h)	promote or take steps to effect a member’s voluntary winding-up or the making of an administration order, or pass any resolution for
winding-up or take any action which would result in the Company becoming insolvent or unable to pay its debts or apply to the courts to order a meeting of creditors or of members of any class of members;

  

	 	(i)	sale of all the shares in the Company; and 

  

	 	(j)	merger and split off of the Company. 

  

	12.6	NGIL Vote 

 Notwithstanding any provision in this Agreement no resolution of the
Shareholders shall be passed unless with the affirmative vote of NGIL. 

  
 20 

	13	DIVIDENDS 

  

	13.1	Distribution of dividends 

  

	 	(a)	Subject to the availability of net profits of the Company in the relevant Indonesian Financial Year, the availability of retained earnings of the Company from previous Indonesian Financial Years, Clauses 13.1(b) and
13.2 and the requirements of the Articles and of Indonesian law for the maintenance of a reserve fund, each of PSU and MKA shall: 

  

	 	(i)	after the completion of each Indonesian Financial Quarter Year of the Company, be paid dividends not exceeding US$31,250 for that Indonesian Financial Year, such payment to be made on such dates as the Board of
Commissioners may determine; 

  

	 	(ii)	after the completion of each Indonesian Financial Quarter Year of the Company, be paid dividends calculated at the rate not exceeding 3.5% of net charterhire actually paid to and received by, the Company in respect of
the Pluto Vessel only during that Indonesian Financial Quarter Year, such payment: 

 (A) to be subject to the amount of net
charterhire actually paid to and received by, the Company in respect of the Pluto Vessel only during that Indonesian Financial Quarter Year; and 

(B) to be made on such dates as the Board of Commissioners may determine. 

 

	 	(b)	Subject to Clauses 5.2(e) and 13.1(a), the distribution of dividends by the Company shall be determined at each annual general meeting of Shareholders based on the audited annual accounts of the Company, provided that:

  

	 	(i)	dividends may only be paid from net profits of the Company in the relevant Indonesian Financial Year or from its retained earnings from previous Indonesian Financial Years, subject to the requirements of the Articles
and of Indonesian law for the maintenance of a reserve fund; 

  

	 	(ii)	the Company shall not borrow funds in order to pay any dividend; 

  

	 	(iii)	the distribution of dividends by the Company shall be subject always to the requirements of financially prudent management of the Company; and 

 

	 	(iv)	dividends shall be distributed pro-rata in accordance with the dividend rights applicable to each class of shares. 

  

	13.2	Interim dividends 

 Subject to Clause 5.2(e), the compliance with this Clause 13, the
Articles and the prevailing Indonesian Law, the Board of Commissioners may resolve to pay one or more interim dividends in any Indonesian Financial Year. 

  
 21 

	14	BOOKS, RECORDS AND REPORTS 

  

	14.1	Maintenance of records and accounts 

 The Board of Directors shall ensure that the
following are maintained: 
  

	 	(a)	accurate and adequate accounting books and records maintained in US dollars and in Rupiah and in English on an accrual basis in accordance with both IFRS and Indonesian GAAP; 

 

	 	(b)	such other accounting or other records as may be required by the laws of Indonesia; and 

  

	 	(c)	all original agreements, records, and reports relating to its activities and operations. 

  

	14.2	Quarterly directors’ reports 

 The Board of Directors shall provide unaudited
financial statements for the Company within thirty days (25) after the end of each calendar quarter to the Shareholders. 
  

	14.3	Annual audits of the Company 

  

	 	(a)	After the end of each Indonesian Financial Year commencing 31 December 2010, the Auditors shall audit the books and records of the Company, the activities of the Company and the Operations. The Board of Directors
shall provide to the Shareholders at the Company’s expense audited financial statements of the Company with a report presented in accordance with IFRS within 45 days of the end of each Financial Year. 

 

	 	(b)	The auditors of each Shareholder shall also have the right to review the books and accounts of the Company on an annual basis at the expense of that Shareholder. 

 

	 	(c)	The audited accounts of the Company and the Board of Directors’ report shall be submitted in US dollars and in Rupiah and in English for approval at the annual general meeting of Shareholders in respect of the
relevant Indonesian Financial Year. Upon such approval being granted, the audited accounts and Board of Directors’ report shall, in the absence of manifest error or fraud, be final and binding upon the Shareholders as to the matters set out in
them, subject at all times to Indonesian law. 

  

	15	REPRESENTATIONS AND WARRANTIES 

  

	15.1	General representations and warranties by PSU, MKA and NGIL 

 Each of PSU, MKA and NGIL
represents and warrants as follows. 
  

	 	(a)	(Power) It has full power to enter into this Agreement and to perform its obligations hereunder according to the terms of this Agreement, and that it has taken all necessary corporate or other actions and
has obtained all necessary consents and approvals, to authorize its entering into and performance of this Agreement. 

  

	 	(b)	(Authorisations) It is duly authorized and licensed by all relevant governmental authorities to enter into and to perform this Agreement and that it has made and will make all required reports and
disclosures to any applicable governmental authority with respect to this Agreement or any activity undertaken in connection with this Agreement. 

  
 22 

	 	(c)	(No obligations) It has no outstanding commitments or obligations, contractual or otherwise, which would in any way impede its right or ability to enter into this Agreement or to fulfil any of its
obligations hereunder. 

  

	 	(d)	(No insolvency) None of the following has occurred and is subsisting, or is threatened, in relation to it: 

  

	 	(i)	its: 

  

	 	(A)	being insolvent or unable to pay its debts, other than as the result of a failure to pay a debt or claim the subject of a good faith dispute; or 

 

	 	(B)	stopping or suspending, or threatening to stop or suspend, payment of its debts; or 

  

	 	(ii)	the appointment of an administrator over all or any of its assets or undertaking; 

  

	 	(iii)	an application or an order made, proceedings commenced, a resolution passed or proposed in a notice of meeting or other steps taken (other than applications, proceedings, notices or steps that are frivolous, vexatious
or lacking good faith) for: 

  

	 	(A)	the winding up, dissolution or administration of it; or 

  

	 	(B)	its entering into an arrangement, compromise or composition with or assignment for the benefit of its creditors or any or any class of them. 

 

	 	(C)	the appointment of a receiver or similar officer to all or any of its assets or undertaking. 

  

	 	(e)	(Taxes) All taxes that have been or deemed to have been assessed or imposed on it and that are due and payable, have been paid by the final date for payment by it, other than taxes for which it has set
aside sufficient reserves and that are being contested in good faith. 

  

	 	(f)	(Business approvals) It has all necessary authorisations to carry on its business properly. 

  

	 	(g)	(No litigation) No legal or administrative action involving it has been commenced or taken and is continuing or, to its knowledge, is likely to be commenced or taken. 

 

	 	(h)	(No conflicts) Its execution and compliance of this Agreement, and its participation in the transactions contemplated by or undertaken pursuant to, this Agreement will not involve or lead to a
contravention of: 

  

	 	(i)	any law or regulation; or 

  

	 	(ii)	its constitutional documents; or 

  

	 	(iii)	any contractual or other obligation or restriction which is binding on it or any of its assets. 

  
 23 

	15.2	Representations by the Company, PSU and MKA 

 The Company, PSU and MKA make each of the
representations and warranties set out in Annexure A, and undertakes to ensure that each of those representations and warranties is true at all times until the Closing Date. 

 

	16	INDEMNITIES 

 Each Party (an “Indemnifying Party”) shall
indemnify and hold each other Party (the “Indemnified Parties”) harmless from, against and in respect of any and all liabilities, losses, costs, damages and expenses (except for consequential liabilities, losses, costs, damages and
expenses) which the Indemnified Parties may sustain or incur by reason of the Indemnifying Party’s breach of any representation or warranty made by the Indemnifying Party under Clause 15 or the breach of any material obligation of the
Indemnifying Party under this Agreement. 
  

	17	APPROVALS 

 During the term of this Agreement each Party shall use its best endeavours
expeditiously to obtain and maintain all approvals, licences and permits required under applicable law and policies for maintaining the shareholding of the Shareholders in the Company and for the continued existence and activities of the Company.

  

	18	CONFIDENTIALITY 

  

	18.1	Confidential Information not to be disclosed 

  

	 	(a)	The Company and each Shareholder agrees that it shall not, directly or indirectly, at any time either during the continuance of this Agreement or at any time following the termination or expiration hereof, disclose or
use any Confidential Information of a Relevant Party (as defined in the definition of “Confidential Information”) for any purpose other than for the purpose of fulfilling its obligations hereunder or as may be required by
law, regulation or effective government policy. 

  

	 	(b)	The Company and each Shareholder shall each return all of such Confidential Information and all copies or records thereof to the Relevant Party immediately upon request by the Relevant Party or the termination or
expiration of this Agreement and all records thereof in any data storage system maintained by or for the Company or any Shareholder shall be transferred to the Relevant Party’s data storage system or as the Relevant Party directs and thereafter
forthwith be deleted from the Company’s or the Shareholder’s data storage system, as the case may be. 

  

	18.2	Survival 

 The provisions of this Clause shall forever survive termination of this
Agreement and remain in full force and effect. 
  

	18.3	Breach 

 The Company and each Shareholder each acknowledges that a breach of this Clause
may cause the Relevant Party irreparable harm. In the event of such a breach, the Relevant Party may seek immediately equitable and other relief from a court of competent jurisdiction without having to prove actual damages in accordance with the
prevailing laws of such competent jurisdiction. 

  
 24 

	18.4	Public statements concerning the Company 

  

	 	(a)	The Shareholders shall use their reasonable endeavours to agree the wording and timing of all public announcements and statements by all or any of them relating to the Company or the business of the Company before the
relevant announcement is made. 

  

	 	(b)	PSU and MKA may not make any public announcement or statement concerning this Agreement or the activities under it without the prior approval of NGIL. 

 

	19	TERM 

 This Agreement shall continue in full force and effect until: 

 

	 	(a)	there is only one remaining Shareholder which is a Party; 

  

	 	(b)	the Company has disposed of all or substantially all of its assets; or 

  

	 	(c)	it is terminated by agreement between the Parties (other than the Company) or pursuant to any other provision of this Agreement. 

  

	20	EVENT OF DEFAULT 

  

	20.1	Reasons for an Event Default 

 If at any time any Party commits any of the following acts
or any of the following events occurs in respect of any Party (the “Defaulting Party”), any other Party (other than the Company) may at its election terminate this Agreement by written notice to each other Party, provided that where
the Company is the Defaulting Party and the relevant act was committed or the relevant event occurred before the Closing Date only NGIL may give a Termination Notice: 
  

	 	(a)	(material obligations) the Defaulting Party fails to perform any material obligation under this Agreement and such failure continues for a period of 60 days after written notice of such failure has been received
by the Defaulting Party from the Notifying Party; 

  

	 	(b)	(breach of warranty) any warranty or representation made by the Defaulting Party under or in connection with this Agreement is materially false or misleading when made and is not remedied within 30 days of
receipt of notice from the Notifying Party to so remedy; 

  

	 	(c)	(insolvency, incapacity, etc) the Defaulting Party: 

  

	 	(i)	becomes insolvent, bankrupt or is unable to pay its debts when due; 

  

	 	(ii)	stops or suspends, or threatens to stop or suspend, payment of its debts; or 

  

	 	(iii)	has an administrator appointed over all or any of its assets or undertaking; 

  

	 	(iv)	has an application or an order made, proceedings commenced, a resolution passed or proposed in a notice of meeting or other steps taken (other than applications, proceedings, notices or steps that are frivolous,
vexatious or lacking good faith) for: 

  
 25 

	 	(A)	the winding up, dissolution or administration of it; or 

  

	 	(B)	its entering into an arrangement, compromise or composition with or assignment for the benefit of its creditors or any or any class of them; or 

 

	 	(C)	has a receiver or similar officer appointed to all or any of its assets or undertaking; or 

  

	 	(d)	(change in control) the power, whether held directly or indirectly and by whatever means (and whether or not enforceable at law or in equity): 

 

	 	(i)	to exercise or control the voting rights attached to a majority of the issued shares in the Defaulting Party; 

  

	 	(ii)	to Dispose of or exercise a right of Disposal over a majority of the issued voting shares in the Defaulting Party; 

  

	 	(iii)	to appoint a majority of the members of the Board of Directors or a majority of the members of the Board of Commissioners (if any) or other management body of the Defaulting Party; or 

 

	 	(iv)	to determine the conduct of the Defaulting Party’s business activities, 

 at any time
resides with any person (or group of persons acting jointly) other than those holding that power on the date of this Agreement, other than: 
  

	 	(A)	as a consequence of an on-market transaction involving any of the issued shares in the Defaulting Party or in any Holding Company of the Defaulting Party conducted on a recognised stock exchange; or 

 

	 	(B)	where the Defaulting Party would otherwise be NGIL, any transactions arising from the restructuring in any way of the NGIL Group. 

  

	20.2	Consequences of an Event of Default 

 Upon an Event of Default by PSU or MKA, NGIL
(provided it is not the Defaulting Party) may do as follows: 
  

	 	(a)	require the Defaulting Party to sell all of its Shares to NGIL for the amount of the Equity Loan then outstanding by the Defaulting Party to FFPL and in the event that the Equity Loan has been fully paid, the price for
such Shares shall be US$1; and 

  

	 	(b)	if PSU or MKA or the Company are the Defaulting Party, NGIL shall have the assignable option to purchase the Aries Vessel and/or the Pluto Vessel from the Company, the proceeds of which will be applied by NGIL directly
to FFPL, in consideration for the amount owed to FFPL under the Vessel Loan up to the value of the Aries Vessel and/or the Pluto Vessel at the time the option is exercised and no further consideration if the value of the Aries Vessel and/or the
Pluto Vessel exceeds the aggregate of such amount at the time the option is exercised. 

  
 26 

	20.3	Accrued rights not affected 

 Termination of this Agreement shall be without prejudice to
the accrued rights and liabilities of the Parties at the date of termination and shall not affect any provision of this Agreement which is expressed to come into effect on, or to continue in effect after, that termination. 

 

	21	NOTICES 

 Any notice given under this Agreement: 

 

	 	(a)	must be in writing addressed to the intended recipient at the address shown below or the address last notified by the intended recipient to the sender: 

 

							
		 	(i)	 	the Company:                	  	PT Navigator Khatulistiwa 
		 		 		  	 Globe Building, Jalan Buncit Raya Kau 31.33,

Jakarta, Indonesia 12740

		 		 		  	Attention: President Director
		 		 		  	Fax No: +62 21 7918 7109
				
		 		 		  	and
				
		 		 		  	21 Palmer Street
		 		 		  	London SWIA AD
		 		 		  	United Kingdom
		 		 		  	Attention: Niall Nolan
		 		 		  	Fax No: +44 20 7340 4858
				
		 	(ii)	 	PSU:	  	PT Pesona Sentra Utama
		 		 		  	Globe Building 6th Floor,
		 		 		  	Jalan Buncit Raya Kav.
		 		 		  	31-33, Jakarta, Indonesia 12740
		 		 		  	Attention: President Director
		 		 		  	Fax No: +62 21 7918 7097
				
		 	(iii)	 	MKA:	  	PT Mahameru Kencana Abadi
		 		 		  	 Jalan Warung Buncit Raya No. 49 Mampang

Prapatan Jakarta, Indonesia 12740

		 		 		  	Fax No: +62 21 7918 4263
				
		 	(iv)	 	NGIL:	  	Navigator Gas Invest Limited 
		 		 		  	21 Palmer Street
		 		 		  	London SWIA AD
		 		 		  	United Kingdom
		 		 		  	Attention: Niall Nolan
		 		 		  	Fax No: +44 20 7340 4858

  

	 	(b)	must be signed by a person duly authorised by the sender; and 

  

	 	(c)	will be taken to have been given: 

  

	 	(i)	(in the case of delivery in person) when delivered; 

  
 27 

	 	(ii)	(in the case of delivery by post) ten business days after the date of posting (if posted to an address in the same country) or fourteen business days after the date of posting (if posted to an address in another
country); and 

  

	 	(iii)	(in the case of facsimile transmission) on receipt by the sender of a transmission control report from the despatching machine showing the relevant number of pages and the correct destination fax machine number, unless:

  

	 	(A)	within 24 hours of that time the recipient informs the sender that the transmission was received in an incomplete or garbled form; or 

 

	 	(B)	the transmission control report indicates a faulty or incomplete transmission, 

 but if delivery
or receipt occurs on a day on which business is not generally carried on in the place to which the communication is sent or is later than 4.00pm (local time) on that day, it will be taken to have been duly given at the commencement of business on
the next day on which business is generally carried on in the place. 
  

	22	FRUSTRATION 

 Notwithstanding any other provision of this Agreement, if the Parties are
prevented from proceeding in accordance with the provisions of this Agreement by any reason beyond the control of the Parties, including by law or policy of Indonesia, but excluding any reason entirely personal or internal to any Party, the Parties
shall put in place alternative arrangements to those frustrated which have the same practical commercial effect, and which afford the fullest protection of each Party’s rights available at law. 

 

	23	FORCE MAJEURE 

  

	23.1	Obligations suspended during force majeure 

 A Party shall not be liable for any delay in
or failure of performance if: 
  

	 	(a)	that delay or failure arises from causes beyond its reasonable control including any act of God, strike, lockout or other industrial disturbance or labour difficulty, act of public enemy, war, blockade, revolution,
riot, insurrection, civil commotion, lightning, storm, flood, fire, earthquake, explosion, or any action, inaction, demand, order, restraint, restriction, requirement, prevention, frustration or hindrance by or of any person, government or competent
authority, embargo, unavailability of any essential equipment, chemicals or other materials, unavoidable accident, lack of transportation and any other cause whether specifically referred to above or otherwise which is not within its reasonable
control; 

  

	 	(b)	that Party has taken all proper precautions, due care and reasonable alternative measures with the object of avoiding the delay or failure and of carrying out its obligations under this Agreement, provided that nothing
in this Clause 23.1 shall require a Party to settle or compromise a labour dispute if to do so would in its sole discretion be contrary to its best interests; and 

  
 28 

	 	(c)	as soon as possible after the beginning of an occurrence which affects the ability of that Party to observe or perform any of its covenants or obligations under any of this Agreement, it has given notice to each other
Party of the specific nature of the occurrence and, as far as possible, estimating its duration and the probable extent to which that Party will be unable to observe or perform those covenants or obligations. 

 

	23.2	Force majeure effects to be overcome 

 A Party claiming the benefit of Clause 23.1
shall use all reasonable endeavours promptly to overcome the adverse consequences and effects of the event or occurrence in question subject always to Clause 23.1(b). 
  

	23.3	Parties to meet where continuing suspension 

 If after a period of six consecutive months
the force majeure or its adverse consequences and effects continue to exist, the Parties shall meet in good faith to discuss the situation and use their reasonable endeavours to achieve a mutually satisfactory resolution of the problem. 

 

	24	RESOLUTION OF DISPUTES 

  

	24.1	Manner of resolution 

 Any dispute arising out of or in connection with this Agreement,
including any question regarding its existence, validity or termination, shall be referred to and finally resolved by arbitration in Singapore in accordance with the arbitration rules of the Singapore International Arbitration Centre
(“SIAC”) for the time being in force, which rules are deemed to be incorporated by reference in this clause without limiting the right of NGIL to file any claim in any other jurisdiction. 

 

	24.2	Arbitration Tribunal 

 The tribunal shall consist of 3 arbitrators, one to be appointed
by NGIL, one by PSU and one by MKA, with the chairman of the tribunal to be appointed from the 3 aforesaid arbitrators by the chairman of the SIAC. 
  

	24.3	Language of arbitration 

 All communications during the arbitration proceedings shall be
in the English language. 
  

	24.4	Arbitral award 

  

	 	(a)	Decisions of the arbitrator or of the Board of Arbitration (as the case requires) shall be in writing and shall state the findings of fact and conclusions of law upon which the decision is based and may include an order
requiring any disputing Party to take or refrain from taking specific action with respect to the matter in dispute. 

  

	 	(b)	The award of the arbitrator or of the Board of Arbitration (as the case requires) shall be final and binding on the disputing Parties and the disputing Parties hereby irrevocably exclude any right of application or
appeal to any Court in any jurisdiction whatsoever in connection with any question arising in the course of any arbitration or in respect of any award made. 

  

	 	(c)	The Shareholders irrevocably agree to cause the Company to observe and give effect to the award of the arbitrator or the Board of Arbitration. 

  
 29 

	24.5	Costs of arbitration 

 The costs of the arbitration shall be borne equally by the
disputing Parties (other than the Company) pending the arbitrator’s or Board of Arbitration’s award. Each prevailing Party in any arbitration proceeding under this Clause 24 shall be entitled to recover the portion of those costs
incurred by that Party in connection with arbitration under this Agreement. 
  

	24.6	Mandate of arbitrator not to expire 

 The parties hereby agree that the mandate of the
Arbitrator or Board of Arbitration duly constituted in accordance with the terms of this Agreement shall remain in effect until a final arbitral award has been issued by the arbitrator or by the Board of Arbitration. 

 

	24.7	Election of domicile for enforcement of award 

 For the purposes of enforcing any
arbitral award only, each of the Parties hereby irrevocably elects domicile at the Clerk’s Office of the District Court of Central Jakarta without prejudice to any Party’s right to commence proceedings in respect of the enforcement of the
arbitral award in any other Court whether within or outside Indonesia having jurisdiction over any other Party or any of its assets. 
  

	25	ENTIRE AGREEMENT AND AMENDMENT 

  

	 	(a)	This Agreement may be amended only by another agreement in writing executed by all Parties who may be affected by the amendment. 

  

	 	(b)	This Agreement contains the entire agreement of the Parties with respect to its subject matter and, except as otherwise agreed between the Parties, supersedes all earlier agreements, understandings and other conduct by
the Parties with respect to its subject matter. 

  

	26	SEVERABILITY 

 If any one or more of the provisions of this Agreement or any document
executed in connection herewith shall be invalid, illegal or unenforceable in any respect under applicable law, the validity, legality and enforceability of the remaining provisions of this Agreement shall not in any way be affected or impaired. The
Parties shall use their best efforts to achieve the purpose or commercial effect of the invalid, illegal or unenforceable provision by a new legally valid provision or provisions. 

 

	27	ASSIGNMENT 

 Subject to Clause 9 and except as otherwise expressly provided in this
Agreement, the rights and obligations of each Party under this Agreement are personal and cannot be assigned, charged or otherwise dealt with, and no Party shall attempt or purport to do so, without the prior written consent of each other Party.

  

	28	NO WAIVER 

 No failure to exercise and no delay in exercising any right, power or remedy
under this Agreement will operate as a waiver. Nor will any single or partial exercise of any right, power or remedy preclude any other or further exercise of that or any other right, power or remedy. 

  
 30 

	29	COSTS 

 Each Party shall bear its own legal and other costs incurred in relation to the
preparation, negotiation and execution of this Agreement and all agreements contemplated by this Agreement. 
  

	30	MANAGEMENT SERVICES 

  

	30.1	The Company hereby appoints PSU and MKA jointly and severally to manage the overall commercial interests of the Company and to provide the management services described in Annexure B (“Management
Services”) which appointment each of PSU and MKA is willing to accept on the terms and subject to the conditions of this Agreement. 

  

	30.2	Each of PSU and MKA undertakes jointly and severally to the Company to perform the Management Services in a professional and timely manner as per the prevalent industry standards. 

 

	30.3	Any additional services which may be required by the Company from time to time during the term of this Agreement may be provided by MKA and/or PSU on terms to be agreed with the Company. 

 

	30.4	PSU and MKA undertake at all times when providing the Management Services to keep the Company indemnified and to hold it harmless against all actions, proceedings, claims, demands or liabilities which may be
brought against or incurred by the Company arising as a result of the negligence or default by PSU or MKA or any of its servants or agents or anyone acting on its behalf. 

 

	30.5	The appointment of: 

  

	 	(a)	PSU and MKA pursuant to Clause 30.1 shall terminate automatically in the event that this Agreement is terminated, cancelled or ceases to remain in full force and effect for any reason whatsoever; 

 

	 	(b)	PSU pursuant to Clause 30.1 may be terminated immediately upon notice in writing from the Company to PSU if: 

  

	 	(i)	PSU becomes or, in the reasonably opinion of the Company, will become, subject to any insolvency proceedings, receivership, administration, bankruptcy or composition for the benefit of creditors; 

 

	 	(ii)	PSU is no longer a shareholder of the Company; 

  

	 	(iii)	PSU has been in breach of any provision of this Agreement and such breach has not been corrected within ninety (90) days of written notice by the Company; 

 

	 	(c)	MKA pursuant to Clause 30.1 may be terminated immediately upon notice in writing from the Company to MKA if: 

  

	 	(i)	MKA becomes or, in the reasonably opinion of the Company, will become, subject to any insolvency proceedings, receivership, administration, bankruptcy or composition for the benefit of creditors; 

 

	 	(ii)	MKA is no longer a shareholder of the Company; 

  
 31 

	 	(iii)	MKA has been in breach of any provision of this Agreement and such breach has not been corrected within ninety (90) days of written notice by the Company. 

 

	30.6	Each of PSU and/or MKA shall deliver to the Company, all materials and other documents (including correspondence, list of clients or customers, notes, memoranda, plans, and other documents) made or complied in
the course of providing the Management Services or otherwise acquired by PSU and/or MKA, their respective employees or agents or sub-contractors concerning the business or affairs of the Company, if termination of the Management Services occurs
pursuant to Clause 30.5. 

  

	31	GOVERNING LAW 

 This Agreement shall be governed by and interpreted in accordance with
the laws of England. 
  

	32	EXECUTION AND DELIVERY 

 This Agreement may be executed in one or more counterparts, each
of which shall be deemed an original and all of which taken together shall constitute but one and the same instrument. Executed copies of this Agreement may be delivered, in counterparts or otherwise, for and on behalf of the Parties hereto via fax.

  

	33	GOVERNING LANGUAGE 

 This Agreement has been negotiated and agreed in the English
language which shall be the governing and determining language of and in respect of this Agreement for all purposes, notwithstanding that it may be translated into any other language for any reason. In the absence of a Bahasa Indonesia version,
the Parties hereby disclaim any benefit from, or any right to cancel or declare this Agreement null and void because of, the absence of a Bahasa Indonesia version pursuant to the Indonesian Law No. 24 of
2009. PT PESONA SENTRA UTAMA, PT MAHAMERU KENCANA ABADI dan PT NAVIGATOR KHATULISTIWA telah mengambil semua langkah yang diperlukan baginya untuk memahami dan menyetujui sepenuhnya isi Perjanjian ini dan konsekuensi-konsekuensinya. 

[The remainder of this page intentionally left blank] 

  
 32 

 IN WITNESS WHEREOF this Agreement has been executed on behalf of the parties on the date stated at the
beginning of this Agreement. 
  

					
	SIGNED for and behalf of	 	)	  	
	PT PESONA SENTRA UTAMA	 	)	  	
	 by its President Commissioner and its
 President
Director in the presence of:
	 	 )
 )
	  	 SIGNED: /s/ Ajie Kusumantoro

		 		  	Signature
			
	 SIGNED:
	 		  	 Ajie Kusumantoro

	Witness	 		  	Print name
			
		 		  	 SIGNED:

	  
 Print name
	 		  	Signature
			
		 		  	Print name
	SIGNED for and behalf of	 	)	  	
	MAHAMERU KENCANA ABADI	 	)	  	
	 by its President Commissioner and its
 President
Director in the presence of:
	 	 )
 )
	  	 SIGNED: /s/ Muhamad Kerry Adrianto

		 		  	Signature
			
	 SIGNED:
	 		  	 Muhamad Kerry Adrianto

	Witness	 		  	Print name
			
		 		  	 SIGNED:

	  
 Print name
	 		  	Signature
			
		 		  	Print name
	SIGNED for and behalf of	 	)	  	
	NAVIGATOR GAS INVEST LIMITED	 	)	  	
	 by its authorized signatory
 in the presence
of:
	 	 )
 )
	  	 SIGNED: /s/ Niall Nolan

		 		  	Signature
			
	 SIGNED:
	 		  	 Niall Nolan

	Witness	 		  	Print name
	  
 Print name
	 		  	

  
 33 

					
	SIGNED for and behalf of	 	)	  	
	PT NAVIGATOR KHATULISTIWA	 	 )
 )
	  	
	 by its President Commissioner,
 and its
President Director,
	 	 )
 )
	  	
	in the presence of:	 	)	  	 SIGNED: /s/ Muhamad Kerry Adrianto

		 		  	Signature
			
	 SIGNED:
	 		  	 Muhamad Kerry Adrianto

	Witness	 		  	Print name
			
		 		  	 SIGNED:

	  
 Print name
	 		  	Signature
		 		  	  
 Print name

  
 34 

 ANNEXURE A 

REPRESENTATIONS AND WARRANTIES BY THE COMPANY, PSU AND MKA 
  

	1	GENERAL 

  

	1.1	No material adverse change 

 There: 

 

	 	(a)	has been no change (nor any development or event reasonably likely involving a prospective change of which the Company is, or might reasonably be expected to be, aware) which is materially adverse to the condition
(financial or otherwise), business, prospects, shareholders’ equity, results of operations, properties or general affairs of the Company; and 

  

	 	(b)	have been no transactions entered into by the Company, other than those in the ordinary course of business, which are material with respect to the Company. 

 

	1.2	No liability 

 The Company is not, nor is it potentially, liable for the obligations of
any other person. 
  

	1.3	Not party to agreements 

 The Company is not a party to any other agreement,
understanding or undertaking in terms of which it is or will be bound to share profits, pay any royalties or waive or abandon rights other than as expressly contemplated by this Agreement. 

 

	1.4	Purpose of Company 

 The Company does not and has not carried on any business whatsoever
other than stipulated in the Articles. 
  

	2	ACCURACY OF INFORMATION 

  

	2.1	Full disclosure 

 Each of the Company, PSU and MKA has disclosed to NGIL all information
which it knows, or could reasonably be expected to know, that is material to be disclosed to NGIL as intended transferee of or subscriber for Shares. 
  

	3	TITLE AND SHARE CAPITAL 

  

	3.1	Share Capital 

 The authorised capital of the Company is US$45,240,000, divided into
45,240,000 shares, each having a nominal value of US$1.00. The issued and paid-up capital of the Company is US$11,310,000. 
  

	3.2	Deed of Establishment 

 The Deed of Establishment (containing the Articles of
Association) of the Company is set out in Deed No. 02 dated 9 April 2010 made before Surjadi, S.H., Notary in Jakarta, which has been approved by the MOL under decree No. AHU.22044.AH.01.01.Tahun 2010 dated 29 April 2010. 

  
 35 

	4	STRUCTURE 

 The Company: 

 

	 	(a)	is not the holder or beneficial owner of any shares or other capital in any body corporate (wherever incorporated); and 

  

	 	(b)	is not a member of any partnership or other unincorporated association (other than a recognised trade association). 

  

	5	FINANCIAL ARRANGEMENTS 

 All information with respect to the financial arrangements of
the Company have been disclosed in writing by the Company to NGIL and are due to normal business activities which do not, individually or together as a series of transactions, exceed $50,000. 

 

	6	LIABILITIES 

 All information in respect to the liabilities of the Company in excess of
$50,000 have been disclosed in writing to NGIL. 
  

	7	FINANCING 

  

	7.1	Financing 

 The Company does not have nor is it engaged in financing of a type which is
not required to be shown or reflected in its accounting reports. 
  

	8	CONDUCT 

 Each of the following has occurred. 

 

	 	(a)	(Conduct of business) The business of the Company is conducted in the ordinary and usual course for a single purpose company established for the purpose of effecting the business contemplated by this Agreement
and not otherwise. 

  

	 	(b)	(No disposals) The property of the Company remains in the possession or under the control of the Company. The Company has not created an Encumbrance over or declared itself trustee of any of its assets.

  

	 	(c)	(Dealings) The Company has not dealt with any person except at arm’s length except as otherwise disclosed to NGIL. 

  

	 	(d)	(No material adverse change) There has been no material adverse change in the financial condition or prospects of the Company. 

 

	 	(e)	(Authorisations) The Company holds a valid SIUPAL Licence and no Authorisation from a governmental authority from which the Company benefits has been terminated, or has expired and could reasonably be expected to
have a material adverse effect on the profitability of any business of the Company. 

  

	 	(f)	(No issues) No share or loan capital, security or other right convertible into shares or loan capital has been issued by the Company other than as contemplated by this Agreement. 

  
 36 

	 	(g)	(Waiver) The Company has not waived any right or debt owed to it. 

  

	9	POWERS OF ATTORNEY 

  

	9.1	Powers of attorney 

 There is no power of attorney or other authority in force by which a
person is able to bind the Company other than normal authorities under which officers or employees of the Company may carry out its business in the ordinary course. 
  

	9.2	Offers 

 No outstanding offer, tender, quotation or the like given or made by the Company
is capable of giving rise to a contract merely by any unilateral act of a third party, other than in the ordinary course of business and on terms calculated to yield a gross profit margin consistent with that usually obtained by the Company. 

 

	10	CONTRACTS AND COMMITMENTS 

  

	10.1	Profit sharing 

 The Company is not a party to any contract, arrangement or understanding
in terms of which it is or will be bound to share profits, pay any royalties or waive or abandon any rights, other than this Agreement. 
  

	10.2	Binding contracts 

 Except as disclosed in writing to NGIL, no contract, arrangement or
understanding to which the Company is a party: 
  

	 	(a)	is outside the ordinary and proper course of business or is otherwise unusual; 

  

	 	(b)	has a period of more than 12 months to run from the date of this Agreement until its expiration or termination; 

  

	 	(c)	is incapable of being fulfilled or performed on time, or only with undue or unusual expenditure of money or effort; 

  

	 	(d)	is not on arm’s length terms; 

  

	 	(e)	provides that the Company will act as distributor of goods or services or as agent for another person; 

  

	 	(f)	is with PSU or any of them or a person controlling or controlled by PSU or any of them; or 

  

	 	(g)	involves or is likely to involve obligations or liabilities which, by reason of their nature or magnitude, should reasonably be made known to NGIL as intended transferees of or subscribers for Shares. 

 

	10.3	Contracts affected by this Agreement 

 No party is entitled under any contract,
arrangement or understanding because of the issue of Shares by the Company or the compliance with this Agreement: 
  

	 	(a)	to terminate the contract, arrangement or understanding; or 

  
 37 

	 	(b)	to require the adoption of terms less favourable to the Company; or 

  

	 	(c)	to do anything which would: 

  

	 	(i)	adversely affect the interests, business or assets of the Company; or 

  

	 	(ii)	result in any of the assets of the Company failing to be disposed of or charged. 

  

	11	COMPLIANCE WITH LEGISLATION AND ABSENCE OF LITIGATION 

  

	11.1	No contravention of legislation 

 The Company has not, nor as far as it is aware, has any
of its officers, agents or employees, committed or omitted to do any act or thing the commission or omission of which is in contravention of any legislation. 
  

	11.2	Disputes 

 Neither the Company nor any person for whom it may be vicariously liable, is
or has been, engaged in any prosecution, litigation, arbitration proceedings or administrative or governmental investigation or challenge as plaintiff, defendant, third party or in any other capacity. There are no such matters pending or threatened
in respect of which verbal or written communication has been given or received by or against the Company. Except which has been disclosed in writing to NGIL, there are no facts or disputes which may or might give rise to any such matters. 

 

	11.3	Orders 

 The Company is not the subject of any order, waiver, declaration, exemption or
notice granted or issued by the MOL or any other person under Indonesian law. 
  

	11.4	Proceedings Related to Transaction 

 No action or proceeding in Indonesia, or any other
jurisdiction, by law or in equity shall be pending or threatened by any person, company, firm, governmental authority, regulatory body or agency to enjoin or prohibit: 
  

	 	(a)	the creation of the new capital structure described in Clause 2.2 and the issuance of the Class A Shares to NGIL contemplated thereby or the right of NGIL to own such shares; or 

 

	 	(b)	the right of the Corporation to conduct its operations and carry on the Business in the normal course as the Business and its operations have been carried on in the past. 

 

	12	AUTHORISATIONS 

 The Company has all necessary Authorisations to carry on its business
properly and the SIUPAL Licenses are valid and in full force and effect. In respect of each Authorization and SIUPAL License: 
  

	 	(a)	all fees due have been paid; 

  

	 	(b)	all conditions have been duly complied with; and 

  
 38 

	 	(c)	each of the Company and PSU does not know of any factor that might prejudice its continuance or renewal. 

  

	13	RECORDS 

 All accounts, books, ledgers and financial and all other records of the
Company: 
  

	 	(a)	have been fully and properly maintained and contain complete and accurate records of all matters required to be entered in them by any relevant legislation; 

 

	 	(b)	do not contain or reflect any material inaccuracies or discrepancies; 

  

	 	(c)	give a true and fair view of the trading transactions, state of affairs, results, financial and contractual position and assets and liabilities of the Company; 

 

	 	(d)	have been prepared in accordance with applicable accounting standards in Indonesia; 

  

	 	(e)	are in the possession and unqualified control of the Company; and 

  

	 	(f)	for employee records, contain adequate and suitable records regarding the service of each of its employees. 

  

	14	TAXATION 

  

	14.1	Payment of tax 

  

	 	(a)	To date, no taxes have been or have been deemed to have been assessed or imposed on the Company, or have been required to be withheld from any payment made by the Company to another person which are due and payable,
have been paid by the final date for payment by the Company. 

  

	 	(b)	The Company has not entered into any agreement or arrangement which extends the period for assessment or payment of any taxes. 

  

	14.2	No disallowance 

 Nothing has occurred in respect of the Company which will cause the
disallowance for income tax purposes of either the carry forward of losses as at or after the Closing Date or the deduction of losses incurred after the Closing Date. 
  

	14.3	Applications 

 All particulars given to the Government or any Indonesian authority in
connection with or affecting any application for any ruling, consent or clearance on behalf of the Company fully and accurately disclosed all facts and circumstances material for the decision of the Government or the Indonesian authority. Each
ruling, consent or clearance is valid and effective. Each transaction for which that ruling, consent or clearance has previously been obtained has been carried into effect in accordance with the terms of the relevant application, ruling, consent or
clearance. 

  
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	14.4	Investigations 

 All necessary information, notices, computations and returns have: 

 

	 	(a)	been properly and duly submitted by the Company to each relevant Indonesian authority in respect of taxes for or in respect of the Company for all periods up to the date of this Agreement; and 

 

	 	(b)	will continue to be submitted in respect of periods after the date of this Agreement until the Closing Date in respect of those later periods. 

There is no unresolved correspondence or dispute with any Indonesian authority. No fiscal authority has at any time carried out, or is at
present conducting any investigation into all or any part of the business or affairs of the Company. 

  
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 ANNEXURE B 

DESCRIPTION OF MANAGEMENT SERVICES 

TO BE PROVIDED BY PSU AND MKA TO THE COMPANY 

PSU and MKA shall jointly and severally advise and assist the Company: 
  

	(a)	in business development, marketing and promotion of the Company’s business including but not limited to seeking business opportunities in developing and expanding the Company’s business activities and any
related matter which may be deemed necessary by the Company in developing the Company’s business in Indonesia and/or elsewhere; 

  

	(b)	in obtaining and maintaining any licenses and permits from the competent government authority in supporting the Company’s business activities; 

 

	(c)	in running its daily operation including but not limited to financial, taxation, legal and/or contractual matters, human resources, information technology, annual budgeting, strategic business planning and any other
required matters; 

  

	(d)	on how to expand its businesses, including but not limited to business expansion, business efficiencies and strategic planning; and 

  

	(e)	in maintaining the existing Aries Time Charter and the Pluto Time Charter with the Time Charterer. 

  
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