Document:

EX-10.2

 Exhibit 10.2 

NON-COMPETE AGREEMENT 

among 
 Global Ship Lease,
Inc. 
 and 
 Georgios
Giouroukos 
 and 

ConChart Commercial Inc. 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	ARTICLE I DEFINITIONS	  	 	1	 
			
	 Section 1.1
	  	 Definitions
	  	 	1	 
		
	ARTICLE II RESTRICTED BUSINESSes	  	 	3	 
			
	 Section 2.1
	  	 Containership Restricted Businesses
	  	 	3	 
			
	 Section 2.2
	  	 Permitted Exceptions
	  	 	3	 
			
	 Section 2.3
	  	 Scope of Prohibition
	  	 	4	 
		
	ARTICLE III RIGHTS OF FIRST REFUSAL; PROCEDURES	  	 	4	 
			
	 Section 3.1
	  	 Rights of First Refusal
	  	 	4	 
			
	 Section 3.2
	  	 Procedures
	  	 	4	 
			
	 Section 3.3
	  	 Enforcement
	  	 	5	 
		
	ARTICLE IV RIGHTS OF FIRST OFFER	  	 	6	 
			
	 Section 4.1
	  	 Rights of First Offer
	  	 	6	 
			
	 Section 4.2
	  	 Procedures for Rights of First Offer
	  	 	6	 
			
	 Section 4.3
	  	 Enforcement
	  	 	6	 
		
	ARTICLE V CONCHART CHARTERING OPPORTUNITIES	  	 	6	 
			
	 Section 5.1
	  	 Chartering Opportunities
	  	 	6	 
			
	 Section 5.2
	  	 Procedures for Right of First Refusal on Chartering Opportunities
	  	 	7	 
			
	 Section 5.3
	  	 Enforcement
	  	 	7	 
		
	ARTICLE VI MISCELLANEOUS	  	 	7	 
			
	 Section 6.1
	  	 Certain Covenants.
	  	 	7	 
			
	 Section 6.2
	  	 Choice of Law
	  	 	7	 
			
	 Section 6.3
	  	 Notice
	  	 	7	 
			
	 Section 6.4
	  	 Entire Agreement
	  	 	7	 
			
	 Section 6.5
	  	 Termination
	  	 	8	 
			
	 Section 6.6
	  	 Waiver; Effect of Waiver or Consent
	  	 	8	 
			
	 Section 6.7
	  	 Amendment or Modification
	  	 	8	 
			
	 Section 6.8
	  	 Assignment
	  	 	8	 
			
	 Section 6.9
	  	 Counterparts
	  	 	8	 
			
	 Section 6.10
	  	 Severability
	  	 	8	 
			
	 Section 6.11
	  	 Gender, Parts, Articles and Sections
	  	 	9	 
			
	 Section 6.12
	  	 Further Assurances
	  	 	9	 
			
	 Section 6.13
	  	 Withholding or Granting of Consent
	  	 	9	 
			
	 Section 6.14
	  	 Laws and Regulations
	  	 	9	 
			
	 Section 6.15
	  	 Negotiation of Rights of the Parties
	  	 	9	 

  
 i 

 NON-COMPETE AGREEMENT 

THIS NON-COMPETE AGREEMENT is entered into by and among Global Ship Lease, Inc., a corporation
organized under the laws of the Republic of the Marshall Islands (the “Company”), Georgios Giouroukos, a citizen of Greece (“Giouroukos”) and ConChart Commercial, Inc., a corporation organized under
the laws of the Republic of the Marshall Islands, and shall become binding and effective on the Closing Date. 
 RECITALS 

WHEREAS, the Parties desire by their execution of this Agreement to: 

1. evidence their understanding, as more fully set forth in Articles II and III herein, with respect to (a) those business
opportunities that the Giouroukos Group Members may not pursue during the term of this Agreement and (b) the procedures whereby such business opportunities are to be offered to the Company. 

2. evidence their understanding, as more fully set forth in Article III herein, with respect to the Company’s right of first
refusal relating to containerships that the Giouroukos Group Members own or might own. 
 3. evidence their understanding, as more fully set
forth in Article IV herein, with respect to the Company’s right of first offer relating to containerships that the Giouroukos Group Members own or might own. 

4. evidence their understanding, as more fully set forth in Article V herein, with respect to the right of first offer relating to
certain time charter opportunities available to ConChart. 
 In consideration of the premises and the covenants, conditions and agreements
contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto hereby agree as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.1 Definitions. 

As used in this Agreement, the following terms shall have the respective meanings set forth below: 

“Acquiring Party” has the meaning given such term in Section 3.2. 

“Affiliate” means, with respect to any Person, any other Person that directly or indirectly through one or more
intermediaries Controls, is Controlled by or is under common Control with, the Person in question. 
 “Agreement”
means this Non-Compete Agreement, as it may be amended, modified, or supplemented from time to time in accordance with Section 6.7. 

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

“Break-up Costs” means the aggregate amount of any and all additional taxes
and/or duties, flag administration, financing legal and other similar costs, fees and expenses to the Giouroukos Group Member that would be required to transfer, or result from the transfer of the containership acquired, directly or indirectly, by
the Giouroukos Group Member as part of a larger transaction to a GSL Group Member pursuant to Sections 2.2(c) or 3.1. 

“Change of Control” means, with respect to any Person (the “Applicable Person”), any of the
following events: (a) any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all or substantially all of the Applicable Person’s assets to any other Person, unless immediately following such
sale, lease, 

  
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exchange or other transfer such assets are owned, directly or indirectly, by the Applicable Person; (b) the consolidation or merger of the Applicable Person with or into another Person
pursuant to a transaction in which the outstanding Voting Securities of the Applicable Person are changed into or exchanged for cash, securities or other property, other than any such transaction where (i) the outstanding Voting Securities of
the Applicable Person are changed into or exchanged for Voting Securities of the surviving Person or its parent and (ii) the holders of the Voting Securities of the Applicable Person immediately prior to such transaction own, directly or
indirectly, not less than a majority of the outstanding Voting Securities of the surviving Person or its parent immediately after such transaction; and (c) a “person” or “group” (within the meaning of Sections 13(d) or
14(d)(2) of the Exchange Act), becoming the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act) of more than 50% of all of the then
outstanding Voting Securities of the Applicable Person, except in a merger or consolidation which would not constitute a Change of Control under clause (b) above. 

“Charter Notice” has the meaning given to such term in Section 5.2. 

“Closing” and “Closing Date” have the respective meanings given to such terms in the Agreement
and Plan of Merger, dated October 29, 2018, by and among Poseidon Containers Holdings LLC, K&T Marine LLC, the Company and the other parties named therein, as the same may be amended from time to time. 

“Company” has the meaning given such term in the Preamble. 

“Company Vessel” has the meaning given to such term in Section 5.1. 

“ConChart” means ConChart Commercial Inc. or any other commercial or chartering manager that is a Giouroukos
Controlled Entity. 
 “Control” means the possession, direct or indirect, of the power to direct or cause the
direction of the management and policies of a Person, whether through ownership of Voting Securities, by contract or otherwise. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“First Offer Negotiation Period” has the meaning given such term in Section 4.2(b). 

“Giouroukos” has the meaning given such term in the Preamble. 

“Giouroukos Containership” has the meaning given such term in Section 4.1(a). 

“Giouroukos Controlled Entity” means any corporation, partnership, joint venture, trust, limited liability company,
unincorporated organization or any other entity Controlled by Giouroukos, but shall exclude the Company and any other GSL Group Member. 

“Giouroukos Group Members” means Giouroukos and the Giouroukos Controlled Entities. 

“GSL Group Member” means the Company and any of its direct or indirect subsidiaries. 

“Offer” has the meaning given such term in Section 3.2. 

“Offer Period” has the meaning given such term in Section 3.2(b)(i). 

“Offered Asset” has the meaning given such term in Section 3.2. 

“Offeree” has the meaning given such term in Section 3.2. 

“Other Vessel” has the meaning given to such term in Section 5.1. 

“Parties” means the parties to this Agreement and their respective successors and permitted assigns. 

  
 2 

 “Person” means an individual, corporation, partnership, joint
venture, trust, limited liability company, unincorporated organization or any other entity. 
 “Potential Charter
Opportunity” has the meaning given to such term in Section 5.2. 
 “Sale
Assets” has the meaning given such term in Section 4.2(a). 
 “Third Party
Broker” shall mean a mutually-agreed-upon independent investment banking firm, broker, expert advisor or other firm generally recognized in the shipping industry as qualified to perform the tasks for which such firm has been engaged.

 “Transfer” means any transfer, assignment, sale or other disposition of any containership by any Giouroukos Group
Member; provided, however, that such term shall not include (i) transfers, assignments, sales or other dispositions from any Giouroukos Group Member to another Giouroukos Group Member, (ii) transfers, assignments, sales or
other dispositions, pursuant to the terms of any related charter or other agreement with a contractual counterparty existing on the Closing Date; (iii) transfers, assignments, sales or other dispositions pursuant to Article II of this
Agreement; (iv) grants of security interests in or mortgages or liens in such containership in favor of a bona fide third party lender; (v) the foreclosure of any security interest, mortgage or lien in any such containership, (v) a
sale and leaseback or similar transaction which is accounted for under United States generally accepted accounting principles as a financial lease or (vi) the chartering of vessels, including bareboat charters, or the entry of vessels into
vessel pools. 
 “Transfer Notice” has the meaning given such term in Section 4.2(a). 

“Transferring Party” has the meaning given such term in Section 4.2(a). 

“Voting Securities” means securities of any class of Person entitling the holders thereof to vote in the election of
members of the board of directors or other similar governing body of the Person. 
 ARTICLE II 

RESTRICTED BUSINESSES 

Section 2.1 Containership Restricted Businesses. Subject to Section 6.5 and except as permitted by
Section 2.2, each of the Giouroukos Group Members shall be prohibited from acquiring, owning or operating containerships. 

Section 2.2 Permitted Exceptions. Notwithstanding any provision of Section 2.1 to the contrary, the
restrictions in this Agreement shall not prevent any Giouroukos Group Member from: 
 (a) acquiring, owning, operating or chartering vessels,
other than containerships; 
 (b) acquiring or owning one or more containerships if such Giouroukos Group Member offers to sell such
containership to the Company in accordance with the procedures set forth in Section 3.2; 
 (c) acquiring, owning,
operating or chartering one or more containerships as part of its acquisition of a Controlling interest in a business or package of assets that owns, operates or charters such containerships; provided, however; that if a majority of
the value of the business or, as the case may be, the package of assets acquired, is attributable to containerships, the Giouroukos Group Member must offer to sell such containership(s) to the Company for their fair market value plus any Break-up Costs in accordance with the procedures set forth in Section 3.2; 

  
 3 

 (d) providing vessel management services relating to containerships, or other vessel types,
including, without limitation, technical and commercial management, warehouse transactions for financial institutions (including the acquisition and ownership of containerships in connection with any such warehouse transaction), pool management, and
other third-party management of containerships; 
 (e) acquiring, owning, operating or chartering any containership that is owned or operated
by, or that is under a contractual arrangement with, a Giouroukos Group Member or the Company as of the Closing Date; 
 (f) transferring to
a Giouroukos Group Member title to a vessel that such Giouroukos Group Member or any third party is entitled to acquire, own and operate under Section 2.1 of this Agreement, pursuant to or in connection with the termination
of a financing arrangement, including by way of a sale and leaseback or similar transaction, which is accounted for under United States generally accepted accounting principles as a financial lease; and 

(g) acquiring, owning, operating or chartering any containership that is subject to an offer to purchase by a GSL Group Member as described in
paragraphs (b) and (c) above, in each case pending the offer of such containership to the Company and the Company’s determination whether to purchase the containership and, if any GSL Group Member has determined to purchase such
containership, pending the closing of such purchase. 
 Section 2.3 Scope of Prohibition. If any Giouroukos Group Member engages
in the ownership or operation of containerships pursuant to any of the exceptions described in Section 2.2, then that Giouroukos Group Member may not subsequently expand that portion of its business other than pursuant to
the exceptions contained in such Section 2.2. For the avoidance of doubt, except as otherwise provided in this Agreement, each Party and its Affiliates shall be free to engage in any business activity whatsoever, including
those that may be in direct competition with the GSL Group Members. 
 ARTICLE III 

RIGHTS OF FIRST REFUSAL; PROCEDURES 

Section 3.1 Rights of First Refusal. Giouroukos hereby grants the Company a right of first refusal to acquire any containership
that a Giouroukos Group Member proposes to acquire after such Giouroukos Group Member enters into an agreement that sets forth the terms upon which it would acquire such containership. 

Section 3.2 Procedures. In the event that a Giouroukos Group Member enters an agreement to acquire any containership in accordance
with Section 2.2(b), Section 2.2(c) or Section 3.1, as applicable, then as soon as practicable or in any event not later than 30 calendar days after entering an agreement
that sets forth the terms upon which it would acquire such containership, such Giouroukos Group Member (the “Acquiring Party”) shall notify the Company in writing and offer the Company (the “Offeree”)
the opportunity for any GSL Group Member to purchase such containership (the “Offered Asset”), in the case of an acquisition pursuant to Section 2.2(b) or Section 3.1 on
terms no less favorable than those offered to the Giouroukos Group Member, and in the case of an acquisition pursuant to Section 2.2(c), for its “fair market value,” determined in accordance with this
Section 3.2, plus, in each case, any applicable Break-up Costs (the “Offer”). The Offer shall set forth the Acquiring Party’s proposed terms relating to
the purchase of the Offered Asset by the applicable GSL Group Member, including any liabilities to be assumed by the applicable GSL Group Member as part of the Offer. As soon as practicable after the Offer is made, the Acquiring Party will deliver
to the Offeree all information prepared by or on behalf of or in the possession of such Acquiring Party relating to the Offered Asset and reasonably requested by the Offeree. The decision to purchase the applicable Offered Asset, the purchase price
to be paid for the applicable Offered Asset, and the other terms of the purchase shall be approved by the independent directors of the Board and recommended to the Board for approval. As soon as practicable, but in any event, within 7 calendar days
after receipt of the Offer with respect to a single vessel transaction, or a period of 14 calendar days with respect to a multi-vessel transaction, the Offeree shall notify the Acquiring Party in writing that either: 

(a) The Board has elected not to cause a GSL Group Member to purchase such Offered Asset, in which event the Acquiring Party and its Affiliates
shall, subject to the other terms of this Agreement, be forever free to continue to own and operate such Offered Asset; or 

  
 4 

 (b) The Board has elected to cause a GSL Group Member to purchase such Offered Asset. After
receipt by the Acquiring Party of the Board’s election to cause a GSL Group Member to purchase the Offered Asset, the Board shall cause such GSL Group Member to purchase the Offered Asset on such terms as soon as commercially practicable after
such agreement has been reached. 
 In determining the “fair market value” of a containership, the following procedures shall be
followed: 
 (i) After the receipt of the Offer by the Offeree, the Acquiring Party and the Offeree shall negotiate in good
faith regarding the fair market value and any applicable Break-up Costs of the Offered Assets that are subject to the Offer and the other terms of the Offer on which the Offered Assets will be sold to the
applicable GSL Group Member. If the Acquiring Party and the Offeree agree on the fair market value (and any applicable Break-up Costs) of the Offered Assets that are subject to the Offer and the other terms of
the Offer during the 14 calendar-day period (the “Offer Period”) after receipt by the Acquiring Party of the Board’s election to cause any GSL Group Member to purchase the Offered
Assets, the Board shall cause such GSL Group Member to purchase the Offered Assets on such terms as soon as commercially practicable after such agreement has been reached. 

(ii) If the Acquiring Party and the Offeree are unable to agree on the fair market value (and any applicable Break-up Costs) of the Offered Assets that are subject to the Offer or on any other terms of the Offer during the Offer Period, the Acquiring Party and the Offeree will engage a Third Party Broker prior to the end
of the Offer Period to determine the fair market value of the Offered Assets and/or the other terms on which the Acquiring Party and the Offeree are unable to agree (including, for the avoidance of doubt, any applicable Break-up Costs). In determining the fair market value of the Offered Assets and other terms on which the Offered Assets are to be sold (including, for the avoidance of doubt, any applicable Break-up Costs), the Third Party Broker, as applicable, will have access to the proposed sale and purchase values and terms for the Offer submitted by the Acquiring Party and the Offeree, respectively, and to all
information prepared by or on behalf of the Acquiring Party relating to the Offered Assets and reasonably requested by such Third Party Broker. Such Third Party Broker will determine the fair market value (and any applicable Break-up Costs) of the Offered Assets and/or the other terms on which the Acquiring Party and the Offeree are unable to agree within 14 calendar days of its engagement and furnish the Acquiring Party and the Offeree
its determination. The fees and expenses of the Third Party Broker, as applicable, will be divided equally between the Acquiring Party and the Offeree. Upon receipt of such determination, the Offeree will have the option, but not the obligation:

 (A) to cause a GSL Group Member to purchase the Offered Assets for the fair market value (and any applicable Break-up Costs), and on the other terms determined by the Third Party Broker, as soon as commercially practicable after such determinations have been made; or 

(B) not to cause a GSL Group Member to purchase such Offered Assets, in which event the Acquiring Party and its Affiliates
shall, subject to the other terms of this Agreement, be forever free to continue to own, operate and charter such Offered Assets. 

Section 3.3 Enforcement. 

Each Party agrees and acknowledges that the other Parties may not have an adequate remedy at law for the breach by any such Party of its
covenants and agreements set forth in this Article III, and that any breach by any such Party of its covenants and agreements set forth in this Article III could result in irreparable injury to such other Parties. Each Party further
agrees and acknowledges that any other Party may, in addition to the other remedies which may be available to such other Party, file a suit in equity to enjoin such Party from such breach, and consent to the issuance of injunctive relief to enforce
the provisions of Article III of this Agreement. 

  
 5 

 ARTICLE IV 

RIGHTS OF FIRST OFFER 

Section 4.1 Rights of First Offer. 

(a) Giouroukos hereby grants the Company a right of first offer on any proposed Transfer of any containership that any Giouroukos Controlled
Entity owns or acquires (a “Giouroukos Containership”). 
 (b) The Parties acknowledge that all potential Transfers
of containerships pursuant to this Article IV are subject to obtaining any and all written consents of governmental authorities and other non-affiliated third parties and to the terms of all existing
agreements in respect of such containerships, as applicable. Each Party shall use its commercially reasonable best efforts to obtain such consents. 

Section 4.2 Procedures for Rights of First Offer. 

(a) In the event that any Giouroukos Group Member (each, a “Transferring Party”) proposes to Transfer any Giouroukos
Containership (the “Sale Assets”), prior to engaging in any negotiation for such Transfer with any non-affiliated third party or otherwise offering to Transfer the Sale Assets to any non-affiliated third party, such Transferring Party shall give the Company written notice setting forth all material terms and conditions (including, without limitation, the purchase price for which such
Transferring Party desires to Transfer the Sale Assets) (the “Transfer Notice”). 
 (b) After delivery of the
Transfer Notice, and at the Company’s election (following approval by the independent directors of the Board), the parties then shall be obligated to negotiate in good faith for a 14 calendar-day period
following the delivery by the Transferring Party of the Transfer Notice (the “First Offer Negotiation Period”) to reach an agreement for the Transfer of such Sale Assets to the Company or any of its subsidiaries on the terms
and conditions set forth in the Transfer Notice. If no such agreement has been reached between the Transferring Party and the Company during the First Offer Negotiation Period, the Transferring Party may Transfer the Sale Assets to a third party;
provided that if the Transferring Party has not Transferred or agreed in writing to Transfer such Sale Assets to a third party within 180 calendar days after the end of the First Offer Negotiation Period on terms generally no less favorable
to the Transferring Party than those included in the Transfer Notice, then the Transferring Party shall not thereafter Transfer any of the Sale Assets without first offering such assets to the Company in the manner provided above. 

Section 4.3 Enforcement. 

Each Party agrees and acknowledges that the other Parties may not have an adequate remedy at law for the breach by any such Party of its
covenants and agreements set forth in this Article IV, and that any breach by any such Party of its covenants and agreements set forth in this Article IV could result in irreparable injury to such other Parties. Each Party further
agrees and acknowledges that any other Party may, in addition to the other remedies which may be available to such other Party, file a suit in equity to enjoin such Party from such breach, and consent to the issuance of injunctive relief to enforce
the provisions of Article IV of this Agreement. 
 ARTICLE V 

CONCHART CHARTERING OPPORTUNITIES 

Section 5.1 Chartering Opportunities. The Parties acknowledge and agree that during the term of this Agreement, depending on a
number of facts and circumstances that may exist at any given time when a containership owned by any GSL Group Member (a “Company Vessel”) and a containership owned by a Giouroukos Controlled Entity or an unaffiliated third
party (an “Other Vessel”) are both available for charter, ConChart, in its capacity as commercial manager, may have a conflict of interest in pursuing charter opportunities for a Company Vessel and an Other Vessel. 

  
 6 

 Section 5.2 Procedures for Right of First Refusal on Chartering Opportunities.
Except as set forth in this Article V, ConChart shall grant the Company a right of first refusal to accept for a Company Vessel any potential charter opportunity that ConChart believes in good faith would be suitable for both a Company Vessel
and an Other Vessel (each a “Potential Charter Opportunity”) before pursuing such Potential Charter Opportunity for an Other Vessel by delivering a notice of the Potential Charter Opportunity (the “Charter
Notice”) to the Company setting forth the material terms of the Potential Charter Opportunity (for purposes of clarity, excluding renewals and extensions of existing charters). In determining suitability of a Potential Charter
Opportunity, ConChart shall take into consideration certain factors, such as the availability, suitability and positioning of the relevant vessel and the potential charterer’s demands for the vessel’s specifications and costs. Upon receipt
of a Charter Notice, the Company shall have two business days to consider the Potential Charter Opportunity and to accept or reject such opportunity. In the event that the Company does not elect to accept the Potential Charter Opportunity within two
business days, ConChart shall be free to pursue such opportunity for an Other Vessel for a period of 15 calendar days on the same terms and conditions as set forth in the Charter Notice. 

Section 5.3 Enforcement. 

Each Party agrees and acknowledges that the other Parties may not have an adequate remedy at law for the breach by any such Party of its
covenants and agreements set forth in this Article V, and that any breach by any such Party of its covenants and agreements set forth in this Article V could result in irreparable injury to such other Parties. Each Party further agrees
and acknowledges that any other Party may, in addition to the other remedies which may be available to such other Party, file a suit in equity to enjoin such Party from such breach, and consent to the issuance of injunctive relief to enforce the
provisions of Article V of this Agreement. 
 ARTICLE VI 

MISCELLANEOUS 

Section 6.1 Certain Covenants. 

Giouroukos hereby agrees and covenants to use commercially reasonable best efforts to cause the Giouroukos Controlled Entities to comply with
the provisions of this Agreement. 
 Section 6.2 Choice of Law. 

This Agreement shall be subject to and governed by the laws of the State of Delaware, without giving effect to any choice of law or conflict of
law provision or rule (whether of the State of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of new York. 

Section 6.3 Notice. 

All notices, requests or consents provided for or permitted to be given pursuant to this Agreement must be in writing and must be given by
depositing the same in the mail, addressed to the Person to be notified, postpaid and registered or certified with return receipt requested or by delivering such notice in person or by prepaid private-courier, telecopier, facsimile or email to such
party. Notice given by personal delivery or mail shall be effective upon actual receipt. Couriered notices shall be deemed delivered on the date the courier represents that delivery will occur. Notice given by telecopier, facsimile or email shall be
effective upon actual receipt if received during the recipient’s normal business hours, or at the beginning of the recipient’s next business day after receipt if not received during the recipient’s normal business hours. All notices
to be sent to a Party pursuant to this Agreement shall be sent to or made at the address set forth below such Party’s signature to this Agreement, or at such other address as such Party may stipulate to the other Parties in the manner provided
in this Section 6.3. 
 Section 6.4 Entire Agreement; Effectiveness. 

This Agreement constitutes the entire agreement of the Parties relating to the matters contained herein, superseding all prior contracts or
agreements, whether oral or written, relating to the matters contained herein. For the avoidance of doubt, the parties expressly agree that this Agreement shall not take effect until the Closing occurs, and if no such Closing occurs, this Agreement
will be of no force and effect. 

  
 7 

 Section 6.5 Termination. 

Upon a Change of Control of the Company, the provisions of Articles II, III, IV, and V of this Agreement (but not less than all of such
Articles) shall terminate immediately. Upon a Change of Control of a Giouroukos Group Member, the provisions of Articles II, III, IV, and V of this Agreement applicable to such Party (but not less than all of such Articles) shall terminate at the
date of the Change of Control of such Party. Upon a Change of Control of ConChart, the provisions of Article V of this Agreement applicable to ConChart shall terminate at the date of the Change of Control of ConChart. In addition, at such time that
Giouroukos ceases to serve as Executive Chairman of the Company (a) by reason of the termination of Giouroukos’ employment for “cause” or his resignation without “good reason” (as such terms may be defined in
Giouroukos’ employment agreement with a GSL Group Member) and all management services agreements between the Giouroukos Controlled Entities and GSL Group Members have been terminated, or (b) by reason of the termination of Giouroukos’
employment without cause or his resignation for good reason, in each case the provisions of Articles II, III, IV, and V (but no less than all of such Articles) and Section 6.1 of this Article VI of this Agreement applicable to a Giouroukos
Group Member and/or ConChart shall terminate immediately. 
 Section 6.6 Waiver; Effect of Waiver or Consent. 

Any Party hereto may (a) extend the time for the performance of any obligation or other act of any other Party hereto or (b) waive
compliance with any agreement or condition contained herein. Except as otherwise specifically provided herein, any such extension or waiver shall be valid only if set forth in a written instrument duly executed by the Party or Parties to be bound
thereby. No waiver or consent, express or implied, by any Party of or to any breach or default by any Person in the performance by such Person of its obligations hereunder shall be deemed or construed to be a waiver or consent of or to any other
breach or default in the performance by such Person of the same or any other obligations of such Person hereunder. Failure on the part of a Party to complain of any act of any Person or to declare any Person in default, irrespective of how long such
failure continues, shall not constitute a waiver by such Party of its rights hereunder until the applicable statute of limitations period has run. 

Section 6.7 Amendment or Modification. 

This Agreement may be amended or modified from time to time only by the written agreement of all the Parties hereto. 

Section 6.8 Assignment. 

No Party shall have the right to assign its rights or obligations under this Agreement without the consent of the other Parties hereto. 

Section 6.9 Counterparts. 

This Agreement may be executed in any number of counterparts with the same effect as if all signatory Parties had signed the same document. All
counterparts shall be construed together and shall constitute one and the same instrument. 
 Section 6.10 Severability. 

If any provision of this Agreement or the application thereof to any Person or circumstance shall be held invalid or unenforceable to any
extent, the remainder of this Agreement and the application of such provision to other Persons or circumstances shall not be affected thereby and shall be enforced to the greatest extent permitted by law 

  
 8 

 Section 6.11 Gender, Parts, Articles and Sections. Whenever the context
requires, the gender of all words used in this Agreement shall include the masculine, feminine and neuter, and the number of all words shall include the singular and plural. All references to Article numbers and Section numbers refer to Articles and
Sections of this Agreement. 
 Section 6.12 Further Assurances. 

In connection with this Agreement and all transactions contemplated by this Agreement, each signatory Party hereto agrees to execute and
deliver such additional documents and instruments and to perform such additional acts as may be necessary or appropriate to effectuate, carry out and perform all of the terms, provisions and conditions of this Agreement and all such transactions.

 Section 6.13 Withholding or Granting of Consent. 

Each Party may, with respect to any consent or approval that it is entitled to grant pursuant to this Agreement, grant or withhold such consent
or approval in its sole and uncontrolled discretion, with or without cause, and subject to such conditions as it shall deem appropriate. 

Section 6.14 Laws and Regulations. 

Notwithstanding any provision of this Agreement to the contrary, no Party to this Agreement shall be required to take any act, or fail to take
any act, under this Agreement if the effect thereof would be to cause such Party to be in violation of any applicable law, statute, rule or regulation. 

Section 6.15 Negotiation of Rights of the Parties. 

The provisions of this Agreement are enforceable solely by the Parties to this Agreement, and no shareholder, member, assignee or other Person
of the Parties shall have the right, separate and apart from the Parties, as applicable, to enforce any provision of this Agreement or to compel any Party to this Agreement to comply with the terms of this Agreement. 

  
 9 

 IN WITNESS WHEREOF, the Parties have executed this Agreement on, and effective as of, the
Closing Date. 
  

					
	GLOBAL SHIP LEASE, INC.
		
	By:	 	 /s/ Ian J. Webber

	Name:	 	Ian J. Webber
	Title:	 	Chief Executive Officer
	
	Address for Notice:
	
	 Global Ship Lease, Inc.
 c/o Global
Ship Lease Services Ltd.

	Portland House
	Stag Place
	London SW1E 5RS
	United Kingdom
	Attention: Ian J. Webber
	Tel: +44 (0) 20 7869 8006
	Fax: + 44 (0) 20 7869 8119
	Attention (email): ian.webber@globalshiplease.com
	
	GEORGIOS GIOUROUKOS
		
	By:	 	 /s/ Georgios Giouroukos

	Name:	 	Georgios Giouroukos
	
	Address for Notice:
	
	3-5 Menandrou Str. 14561
	Kifisia, Athens, Greece
	Telephone: +30210 6233670
	Fax: +30210 6233776
	Email: georgey@technomar.gr
	Attention: Georgios Giouroukos
	
	CONCHART COMMERCIAL INC.
		
	By:	 	 /s/ Dimitrios Tsiaklagkanos

	Name:	 	Dimitrios Tsiaklagkanos
	Title:	 	Sole Director
	
	Address for Notice:
	
	3-5 Menandrou Str.14561
	Kifisia, Athens, Greece
	Telephone: +30210 6233670
	Fax: +30210 6233776
	Email: legalconfidential@technomar.gr/
	georgey@technomar.gr
	Attention: Georgios Giouroukos

 (Signature Page to Non-Compete Agreement)EX-10.3

 Exhibit 10.3 
  

			
	

	  	 SHIPMAN 2009

STANDARD SHIP MANAGEMENT AGREEMENT

PART I

		
	 1.  Place and date of Agreement ( date to be inserted )
	  	 2.  Date of commencement of Agreement (Cls. 2,12, 21 and 25) (date to be inserted)

 
 This Agreement shall become effective with respect to the Vessel on
the earlier of (i) the date that the technical shipmanagement agreement relating to the Vessel and in force on the date hereof terminates pursuant to the terms thereof and (ii) nine (9) months from the closing of the transactions
contemplated by that certain Agreement and Plan of Merger, dated as of the date hereof, by and among Poseidon Containers Holdings LLC, K&T Marine LLC, Global Ship Lease, Inc., and the other parties named therein (the “Closing”);
provided, however, that if the Closing does not occur this Agreement will be of no force and effect.

		
	 3.  Owners (name, place of registered office and law of registry) (Cl. 1)
	  	 4.  Managers (name, place of registered office and law of registry) (Cl.
1)
  
 (I)   Name: Technomar
Shipping Inc.
  
 (II)  Place of
registered office: 80 Broad Street

                       
                         Monrovia, Liberia
  

(III)  Established office : 3-5 Menandrou Str. 14561, Kifissia

                   
                 Athens - Greece
  

(IV) Law of registry: LIBERIA 

	 (i) Name: [Vessel Owner]

	 (ii)  Place of registered office:xxxx

	 (iii)  Law of registry:xxxx

		
	 5.  The Company (with reference to the ISM/ISPS Code) (state name and IMO
Unique Company identification number. If the Company is a third party then also state registered office and principal place of business) (Cls. 1 and 9(c)(i))
  

(i) Name: Technomar Shipping Inc.
  

(ii)  IMO Unique Company identification number: 1605338

 
 (iii)  Place of registered office: as
per box 4
  
 (iv) Principal place of
business: as per box 4
	  	 6.  Technical Management (state “yes” or “no” as agreed) (Cl. 4)

 
 YES

	  	 7.  Crew Management (state “yes or no” as agreed (Cl. 5(a))

 
 YES

	  	 8.  Commercial Management (state “yes or no” as agreed) (Cl. 6)

 
 NO

		
	 9.  Chartering Services period (only to be filled in if “yes” stated in Box 8)
(Cl. 6(a))
  
 N/A
	  	 10.  Crew Insurance arrangements (state “yes” or “no” as
agreed) - YES
  
 (i) Crew
Insurances’ (Cl. 5(b))
  
 (ii) Insurance for persons
proceeding to see onboard (Cl 5(b)(i)): “only to apply if Crew Management (Cl.5(a)) agreed (see Box 7)

		
	 11.  Insurance arrangements (state “yes” or “no” as agreed) (Cl.
7)
  
 YES
	  	 12.  Optional insurances (state optional insurance(s) as agreed, such as piracy, kidnap
and ransom, loss of hire and FD & D) (Cl 10(a)(iv))
  
 AS
MAY BE INSTRUCTED BY OWNERS

		
	 13.  Interest (state rate of interest to apply after the due date to outstanding sums)
(Cl.9(a))
	  	 14.  Annual management fee (Cl. 12(a))

		
	N/A	  	[Euro 685 per day]

			
	 15. Manager’s nominated account (Cl. 12(a))
  

TO BE ADVISED
	  	 16. Daily rate (state rate for days in excess of those agreed in budget) (Cl. 12(c))

 
 N/A

		
		  	 17. Lay-up period/number of months (Cl. 12(d))

 
 3 (THREE) MONTHS

		
	 18. Minimum contract period (state number of months) (Cl. 21(a))
  

36 calendar months
	  	 19. Management fee on termination (state number of months to apply) (Cl. 22(e))

 
 SEE CLAUSE 22

		
	 20. Severance Costs (state maximum amount) (Cl. 22(c)(ii))
  

AS DEFINED
	  	 21. Dispute Resolution
  

23(a)

		
	 22. Notices (state full style contact details for serving notice and communication to the Owners) (Cl. 24)

 
 c/o Technomar Shipping Inc.

AS PER BOX 4
	  	 23. Notices (state full style contact details for serving notice and communication to the Managers) (Cl. 24)

 
 AS PER BOX 4

  

			
	It is mutually agreed between the party stated in Box 3 and the party stated in Box 4 that this Agreement consisting of PART I and PART II as well as Annexes “A” (Details of Vessel or Vessels), “B”
(Details of Crew) and C (“Budget”) attached hereto, shall be performed subject to the conditions contained herein. In the event of a conflict of conditions, the provisions of PART I and Annexes “A” “B” and “C”
shall prevail over those of PART II to the extent of such conflict but no further.
		
	  
 Signature(s) (Owners)
	  	  
 Signature(s)
(Managers)

  
 2 

 PART II 

SHIPMAN 2009 
 Standard
ship management agreement 
 SECTION 1 – Basis of the Agreement 
  

	1.	 Definitions 

In this Agreement save where the context otherwise requires, the following words and expressions shall have the meanings hereby assigned to
them: 
 “Affiliate” means, with respect to a specified Person, any Person that directly, or indirectly through one or more
intermediaries, Controls, is Controlled by, or is under common Control with the specified Person. 
 “Change in Majority Interests or
Control” means (i) a transaction or series of transactions involving the sale, transfer or other disposition of equity interests in the Owners or in any of its direct or indirect parent companies (including, without limitation, any
transfer by the current owners of equity interests in the Parent), to one or more Persons that are not, immediately prior to such sale, Affiliates of the Parent, of more than 50% of the beneficial equity or voting interests in the Owners or in any
such parent companies; (ii) a transaction or series of transactions involving the sale, transfer or other disposition of all or substantially all of the assets of the Owners or any of its direct or indirect parent companies (including, without
limitation, the Parent) to one or more Persons that are not, immediately prior to such sale, transfer, or other disposition, Affiliates of the Parent; (iii) any merger, consolidation or other business combination of the Owners or any of its
direct or indirect parent companies (including, without limitation, the Parent) in which the current owners of equity interests in the Parent immediately after such transaction cease to own more than 50% of the equity or voting interests in the
Parent (or equity or voting interests of its successors) or the Parent ceases to directly or indirectly own more than 50% of the equity or voting interests in the Owners or its parent companies (or equity or voting interests of their successors) as
a result of such transaction; or (iv) George Giouroukos’s employment as Executive Chairman of the Parent is terminated by the Parent. 

“Closing” means the closing of the transactions contemplated by that certain Agreement and Plan of Merger, dated as of the date
hereof, by and among Poseidon Containers Holdings LLC, K&T Marine LLC, the Parent, and the other parties named therein, as further defined in clause 32 of this Agreement. 

“Commercial Managers” means Conchart Commercial Inc., a Marshall Islands corporation or Global Ship Lease Services Limited, a company
incorporated in England (as applicable). 
 “Commercial Management Agreement” collectively means the agreements with respect to
commercial management made between the Parent and/or its Subsidiaries, on the one hand, and the Commercial Managers, on the other hand, with respect to each of the Vessels (as defined therein). 

“Company” (with reference to the ISM Code and the ISPS Code) means the organization identified in Box 5 or any replacement
organization appointed by the Owners from time to time (see Sub-clauses 9(b)(i) or 9(c) (ii), whichever is applicable). 

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

 

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

 

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

 

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

 

	 	(d)	 any information referred to in (a) to (c) above disclosed on the Owners’ behalf by their Affiliates;
and 

  

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

 “Control” or “Controlling” or “Controlled by” means the possession, directly or
indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. 

  
 3 

 “Crew” means the personnel of the numbers, rank and nationality specified in Annex
“B” hereto, including but not limited to the Master and any officers. 
 “Crew Insurances” means insurance of liabilities
in respect of crew risks which shall include but not be limited to death, permanent disability, sickness, injury, repatriation, shipwreck unemployment indemnity and loss of personal effects (see Sub-
clause 5(b) (Crew Insurances) and Clause 7 (Insurance Arrangements) and Clause 10 (Insurance Policies) and Boxes 10 and 11). 

“Crew Support Costs” means all expenses of a general nature which are not particularly referable to any individual vessel for the
time being managed by the Managers and which are incurred by the Managers for the purpose of providing an efficient and economic management service and, without prejudice to the generality of the foregoing, shall include the cost of crew standby
pay, training schemes for officers and ratings, cadet training schemes, sick pay, study pay, recruitment and interviews. 

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

“Exclusive Broker” means Conchart Commercial Inc., a Marshall Islands corporation. 

“Exclusive Brokerage Deed” means the Deed of Commercial Advisory Services and Exclusive Brokerage Services entered into on the same
date as this Agreement made between the Parent, Global Ship Lease Services Limited and the Exclusive Broker with respect to the Vessels (as defined therein) (if applicable). 

“Flag State” means the State whose flag the Vessel is flying. 

“Governmental Entity” means and includes (whether having a distinct legal personality or not) any national or local government
authority, board, commission, department, division, organ, instrumentality, court or agency and any association, organisation or institution of which any of the foregoing is a member or to whose jurisdiction any of the foregoing is subject or in
whose activities any of the foregoing is a participant. 
 “ISM Code” means the International Management Code for the Safe
Operation of Ships and for Pollution Prevention and any amendment thereto or substitution therefor. 
 “ISPS Code” means the
International Code for the Security of Ships and Port Facilities and the relevant amendments to Chapter XI of SOLAS and any amendment thereto or substitution therefor. 

“Managers” means the party identified in Box 4. 

“Management Services” means the services specified in SECTION 2—Services (Clauses 4 through 7) as indicated affirmatively in
Boxes 6 through 8, 10 and 11, and all other functions performed by the Managers under the terms of this Agreement. 

“Manager Change of Control” means (i) a transaction or series of transactions involving the sale, transfer or other disposition
by George Giouroukos to one or more Persons that are not, immediately prior to such sale, Affiliates of George Giouroukos, of more than 50% of the equity interests in the Managers; or (ii) any merger, consolidation or other business combination
of the Managers in which George Giouroukos immediately after such transaction ceases to own more than 50% of the equity interests in the Managers (or equity interests of their successors) as a result of such transaction. 

“Owners” means the party identified in Box 3. 

“Parent” means Global Ship Lease, Inc., a Marshall Islands corporation. 

“Parties” means the Parties to this Agreement. 

“Person” means any individual, corporation, association, partnership (general or limited), joint venture, trust, estate, limited
liability company, or other legal entity or organization. 
 “Severance Costs” means the costs which are legally required to be
paid to the Crew as a result of the early termination of any contracts for service on the Vessel. 
 “SMS” means the Safety
Management System (as defined by the ISM Code). 
 “STCW 95” means the International Convention on Standards of Training,
Certification and Watchkeeping for Seafarers, 1978, as amended in 1995 and any amendment thereto or substitution therefor. 

“Subsidiary(ies)” means, with respect to any Person, (a) a corporation of which more than 50% of the voting power of shares
entitled (without regard to the occurrence of any contingency) to vote in the election of directors or other governing body of such corporation is owned, directly or indirectly, at the date of determination, by such Person, by one or more Persons
Controlled by such Person or a combination thereof, (b) a partnership (whether general or limited) in which such Person or a Person Controlled by such Person is, at the date of determination, a general or limited partner of such partnership,
but only if more than 

  
 4 

 
50% of the partnership interests of such partnership (considering all of the partnership interests of the partnership as a single class) is owned, directly or indirectly, at the date of
determination, by such Person, one or more Persons Controlled by such Person, or a combination thereof, or (c) any other Person (other than a corporation or a partnership) in which such Person, one or more Persons Controlled by such Person, or
a combination thereof, directly or indirectly, at the date of determination, has (i) at least a majority ownership interest or (ii) the power to elect or direct the election of a majority of the directors or other governing body of such
Person. 
 “TCMC” means Technomar Crew Management Corporation, a crew manning company affiliated to the Managers with registered
offices in Manila, Philippines. 
 “Vessel” means the vessel details of which are set out in Annex “A” attached hereto.

  

	2.	 Commencement and Appointment 

With effect from the date stated in Box 2 for the commencement of the Management Services and continuing unless and until terminated as
provided herein, the Owners hereby appoint the Managers and the Managers hereby agree to act as the Managers of the Vessel in respect of the Management Services. 
  

	3.	 Authority of the Managers 

Subject to the terms and conditions herein provided, during the period of this Agreement the Managers shall carry out the Management Services
in respect of the Vessel as agents for and on behalf of the Owners. The Managers shall have authority to take such actions as they may from time to time in their absolute discretion consider to be necessary to enable them to perform the Management
Services in accordance with sound ship management practice, including but not limited to compliance with all relevant rules and regulations. 

SECTION 2 – Services 
  

	4.	 Technical Management 

(only applicable if agreed according to Box 6). 

The Managers shall provide technical management which includes, but is not limited to, the following services: 

(a) ensuring that the Vessel complies with the requirements of the law of the Flag State; 

  
 5 

 PART II 

SHIPMAN 2009 
 Standard
ship management agreement 
 (b) ensuring compliance with the ISM Code; 

(c) ensuring compliance with the ISPS Code; 

(d) providing competent personnel to supervise the maintenance and general efficiency of the Vessel; 

(e) arranging and supervising special surveys, dry dockings, repairs, alterations and the maintenance of the Vessel to the standards
agreed with the Owners provided that the Managers shall be entitled to incur the necessary expenditure to ensure that the Vessel will comply with all requirements and recommendations of the classification society. and with the law of the Flag State
and of the places where the Vessel is required to trade; 
 (f) arranging the supply of necessary stores, spares and lubricating oil;

 (g) appointing surveyors and technical consultants as the Managers may consider from time to time to be necessary; 

(h) in accordance with the Owners’ instructions, arranging and supervising the sale and/or purchase and legal and physical delivery
of the Vessel under the sale and purchase agreement; provided, however services under this Sub-clause 4(h) shall not include negotiation of the sale agreement; 

(i) arranging for the supply of provisions; 

(j) arranging for the sampling and testing of bunkers; 
  

	(k)	 arranging for the provision of bunker fuels as required for the Vessel’s trade;

 (l) receiving and relaying voyage instructions; 

(m) appointing stevedores; 

(n) arranging surveys associated with the commercial operation of the Vessel; 

(o) accounting and calculation of hire, freights, demurrage and/or dispatch monies due from or due to charterers of the Vessel;
collection of any sums due to the Owners related to the operation of the Vessel; 
 (p) coordinate with the Commercial Managers and
the Exclusive Broker (as applicable) with respect (i) the matters referenced in Clause 4(o) above, (ii) consolidation of accounts, budgets and other materials as may be requested by the Commercial Managers, the Exclusive Broker (as
applicable) or Owners with respect to the Vessel and any other vessels subject to the Commercial Management Agreement and/or the Exclusive Brokerage Deed (as applicable) and for which the Managers hereunder provide any management services, and
(iii) the scope of Management Services required hereunder in relation to any charterparty for the Vessel negotiated by the Commercial Managers or the Exclusive Broker (as applicable) on its behalf or on behalf of the Owners; and 

(q) Perform the Management Services hereunder in compliance with, and in such a manner as to comply with the requirements of, any
charterparty for the Vessel. 
  

	5.	 Crew Management and Crew Insurances 

(a) Crew Management 

(only applicable if agreed according to Box 7) 

The Managers shall provide suitably qualified Crew who shall comply with the requirements of STCW 95. The provision of such crew management
services includes, but is not limited to, the following services: 

  
 6 

 PART II 

SHIPMAN 2009 
 Standard
ship management agreement 
  

	 	(i)	 selecting, engaging and providing for the administration of the Crew, including, as applicable, payroll
arrangements, pension arrangements, tax, social security contributions and other mandatory dues related to their employment payable in each Crew member’s country of domicile; 

 

	 	(ii)	 ensuring that the applicable requirements of the law of the Flag State in respect of rank, qualification and
certification of the Crew and employment regulations, such as Crew’s tax and social insurance, are satisfied; 

  

	 	(iii)	 ensuring that all Crew have passed a medical examination with a qualified doctor certifying that they are fit
for the duties for which they are engaged and are in possession of valid medical certificates issued in accordance with appropriate Flag State requirements, it being understood that the Vessel shall always remain flagged with a Flag State requiring
such medical certificates; 

  

	 	(iv)	 ensuring that the Crew shall have a common working language and/or a command of the English language of a
sufficient standard to enable them to perform their duties safely; 

  

	 	(v)	 arranging transportation of the Crew including repatriation; 

 

	 	(vi)	 training of the Crew; 

 

	 	(vii)	 conducting union negotiations; 

 

	 	(viii)	 operating the Manager’s drug and alcohol policy; 

 

	 	(ix)	 ensuring that any complaints with respect to the Master or any of the officers or any other members of the Crew
are promptly investigated, and if such complaints are well-founded ensuring that changes in appointments are made without delay in accordance with Clause 15 (Replacement); 

 

	 	(x)	 if the Managers are the Company, ensuring that the Crew, on joining the Vessel, are given proper
familiarization with their duties in relation to the Vessel’s SMS and that instructions which are essential to the SMS are identified, documented and given to the Crew prior to sailing; 

 

	 	(xi)	 it is hereby agreed that for the employment of Filipino crew the Managers may
sub-contract with TCMC or any other manning agent. Where the Mangers have sub-contracted to (i) TCMC for the employment of Filipino crew, the Owners will pay to the
Managers the actual costs of TCMC calculated on the basis of crew days on board the Vessel, and there shall be no commission or other charges payable to TCMC in relation thereto and (ii) any other manning agent for the employment of Filipino
crew, the Owners will pay to the Managers the costs of such manning agent calculated on the basis of crew days on board the Vessel and charged to the Manager along with the customary commission and all other charges in relation thereto;

  

	 	(xii)	 if the Managers are not the Company: N/A; and 

 

	 	(xiii)	 where Managers are not providing technical management services in accordance with Clause 4 (Technical
Management): 

 N/A 

(b) Crew Insurances 

(only applicable if Sub-clause 5(a) applies and if agreed according
to Box 10) 
 The Managers shall throughout the period of this Agreement provide the following services: 

 

	 	(i)	 arranging Crew Insurances in accordance with the sound practice of prudent managers of vessels of a similar
type to the Vessel, with sound and reputable insurance companies, underwriters or associations. Insurances for any other persons proceeding to sea onboard the Vessel may be separately agreed by the Owners and the Managers (see Box 10);

  

	 	(ii)	 ensuring that the Owners are aware of the terms, conditions, exceptions and limits of liability of the
insurances in Sub-clause 5(b)(i); 

  

	 	(iii)	 ensuring that all premiums or calls in respect of the insurances in
Sub-clause 5(b)(i) are paid by their due date; 

  
 7 

 PART II 

SHIPMAN 2009 
 Standard
ship management agreement 
  

	 	(iv)	 if obtainable at no additional cost or as otherwise requested by the Owners, ensuring that insurances in Sub-clause 5(b)(i) name the Owners as a joint assured with full cover and, unless otherwise agreed, on terms such that Owners shall be under no liability in respect of premiums or calls arising in connection with
such insurances; 

  

	 	(v)	 providing written evidence, to the reasonable satisfaction of the Owners, of the Managers’ compliance with
their obligations under Sub-clause 5(b)(ii), and 5(b)(iii) within a reasonable time of the commencement of this Agreement, and of each renewal date and, if specifically requested, of each payment date of the
insurances in Sub-clause 5(b)(i). 

  

	6.	 Commercial Management 

(only applicable if agreed according to Box 8). – N/A 

 

	7.	 Insurance Arrangements 

(only applicable if agreed according to Box 11). 

The Managers shall arrange insurances in accordance with Clause 10 (Insurance Policies), on such terms as the Owners shall have instructed or
agreed, in particular regarding conditions, insured values, deductibles, franchises and limits of liability. 
 SECTION 3 –
Obligations 
  

	8.	 Managers’ Obligations 

(a) The Managers undertake to use their best endeavours to provide the Management Services as agents for and on behalf of the Owners in
accordance with sound ship management practice and to protect and promote the interests of the Owners in all matters relating to the provision of services hereunder. In performing and discharging its obligations, duties and liabilities under this
Agreement, the Managers shall act in accordance with all instructions communicated to it by the Owners and the Managers shall at all times serve the Owners faithfully and diligently. 

Notwithstanding anything herein to the contrary and for the avoidance of doubt, the parties acknowledge that the Managers shall continue to act
as a technical manager with respect to vessels owned or operated by persons or entities other than the Owners, the Parent, or their respective Subsidiaries. In addition, and notwithstanding clause 8(a), in the performance of their management
responsibilities under this Agreement, the Managers shall be entitled to have regard to their overall responsibility in relation to all other vessels as may from time to time be entrusted to their management and in particular, but without prejudice
to the generality of the foregoing, the Managers shall be entitled to allocate available supplies, manpower and services in such manner as in the prevailing circumstances they consider in their discretion (reasonably exercised) to be fair and
reasonable, but in no circumstances shall the Vessel be managed in a manner which is less favourable to the interests of the Owners. 
 In
the performance and discharge of its obligations, duties and liabilities under this Agreement, the Managers shall take care not to exceed the authority given by the Owners under the terms of this Agreement and shall act at all times in accordance
with the Owner’s instructions. 
 In the performance and discharge of its obligations, duties and liabilities under this Agreement, the
Manager shall act with reasonable care and skill in accordance with good industry practices and in compliance with all laws and regulations, and shall provide the Management Services hereunder and maintain the Vessel at a standard at least
equivalent to the standards followed by it with respect to the other vessel(s) for which the Managers provide management services. 

Notwithstanding anything contained herein to the contrary, the Managers shall at all times devote a sufficient amount of its time, resources
and personnel to provide the Management Services contemplated by this Agreement. 
 (b) Where the Managers are providing technical
management services in accordance with Clause 4 (Technical Management), they shall procure that the requirements of the Flag State are satisfied and they shall agree to be appointed as the Company, assuming the responsibility for the operation of
the Vessel and taking over the duties and responsibilities imposed by the ISM Code and the ISPS Code, if applicable. 
 (c) In
providing the Management Services, the Managers will at all times comply with, without limitation, the U.S. Foreign Corrupt Practices Act, any applicable country legislation implementing the OECD Convention on combating Bribery of Foreign Public
Officials in International Business Transactions, and the UK Bribery Act 2010, and any other laws or regulations relating to anti-bribery, anti-terrorism, economic sanctions and anti-money laundering, to the extent applicable. The Managers shall not

  
 8 

 
engage in any activity, practice or conduct which constitutes a breach of any of the foregoing; in addition, the Managers shall not employ any Person, nor subcontract with any person or entity,
to perform or discharge any of its obligations under this Agreement if that person or entity is designated or identified as a Specially Designated National, a Person subject to sanctions that prohibit all dealings or restrict dealings with such
Person, a foreign terrorist organization or an organization that provides support to a foreign terrorist organization by the United States Government or any branch or department thereof (including, but not limited to, the Office of Foreign Asset
Control). 
  

	9.	 Owners’ Obligations 

(a) The Owners shall pay all sums due to the Managers punctually in accordance with the terms of this Agreement. 

(b) Where the Managers are providing technical management services in accordance with Clause 4 (Technical Management), the Owners shall:

  

	 	(i)	 report (or where the Owners are not the registered owners of the Vessel procure that the registered owners
report) to the Flag State administration the details of the Managers as the Company as required to comply with the ISM and ISPS Codes; 

  

	 	(ii)	 procure that any officers and ratings supplied by them or on their behalf comply with the requirements of STCW
95; and 

  

	 	(iii)	 instruct such officers and ratings to obey all reasonable orders of the Managers (in their capacity as the
Company) in connection with the operation of the Managers’ safety management system. 

 (c) Where the Managers
are providing crew management services in accordance with Sub-clause 5(a) the Owners shall: 
  

	 	(i)	 inform the Managers, through the Commercial Managers, the Exclusive Broker (if applicable) or otherwise, prior
to any order for the Vessel to any excluded or additional premium area under any of the Owners’ Insurances by reason of war risks and/or piracy or like perils and pay whatever additional costs may properly be incurred by the Managers as a
consequence of such orders including, if necessary, the costs of replacing any member of the Crew. Any delays resulting from negotiation with or replacement of any member of the Crew as a result of the Vessel being ordered to such an area shall be
for the Owners’ account. Should the Vessel be within an area which becomes an excluded or additional premium area the above provisions relating to cost and delay shall apply; 

 

	 	(ii)	 agree with the Managers prior to any change of flag of the Vessel and pay whatever additional costs may
properly be incurred by the Managers as a consequence of such change; and 

  

	 	(iii)	 provide, at no cost to the Managers, in accordance with the requirements of the law of the Flag State, or
higher standard, as mutually agreed, adequate Crew accommodation and living standards. 

 SECTION 4 – Insurance,
Budgets, Income, Expenses and Fees 
  

	10.	 Insurance Policies 

The Managers shall ensure that throughout the period of this Agreement: 

(a) at the Owners’ expense, the Vessel is insured for not less than its sound market value or entered for its full gross tonnage,
as the case may be for: 
  

	 	(i)	 hull and machinery marine risks (including but not limited to crew negligence) and excess liabilities;

  

	 	(ii)	 protection and indemnity (“PandI”) risks (including but not limited to pollution risks, diversion
expenses and, except to the extent insured separately by the Managers in accordance with Sub-clause 5(b)(i), Crew Insurances; 

 

	 	(iii)	 Freight, Demurrage and Defence cover (“FD & D”); 

NOTE: If the Managers are not providing crew management services under Sub-clause 5(a) (Crew
Management) or have agreed not to provide Crew Insurances separately in accordance with Sub-clause 5(b)(i), then such insurances must be included in the protection and indemnity risks cover for the Vessel (see
Sub-clause 10(a)(ii) above). 
  

	 	(iii)	 war risks (including but not limited to blocking and trapping, protection and indemnity, terrorism and crew
risks); and 

  

	 	(iv)	 such optional insurances as may be agreed (such as piracy, kidnap and ransom, piracy loss of hire, loss of hire
) (see Box 12) 

  
 9 

 Sub-clauses 10(a)(i) through 10(a)(iv) all in
accordance with the best practice of prudent owners of vessels of a similar type to the Vessel, with sound and reputable insurance companies, underwriters or associations (“the Owners’ Insurances”); 

(b) all premiums and calls on the Owners’ Insurances are paid by their due date; 

(c) In the event the Vessel is sold or this Agreement is terminated as per the terms hereunder the Owners will either pay directly, or
remit, sufficient funds in the Vessel’s Earnings Account to cover, the Vessel’s PandI and FD & D estimated Release Calls as same will be calculated by the Vessel’s Protection and Indemnity Association. The Managers will
ensure that, in the event of payment from the Vessel’s Earnings Account, when called by the Vessel’s Protection and Indemnity Association, the Vessel’s Release Calls are paid as appropriate and any balance remaining out of the amount
originally remitted by the Owners will be released to the Owners. 
 (d) the Owners’ Insurances name the Managers and, subject to
underwriters’ agreement, any third party designated by the Managers as a joint assured, with full cover. It is understood that in some cases, such as protection and indemnity, the normal terms for such cover may impose on the Managers and any
such third party a liability in respect of premiums or calls arising in connection with the Owners’ Insurances. 
 If obtainable at no
additional cost, however, the Managers shall procure such insurances on terms such that neither the Managers nor any such third party shall be under any liability in respect of premiums or calls arising in connection with the Owners’
Insurances. In any event, on termination of this Agreement in accordance with Clause 21 (Duration of the Agreement) and Clause 22 (Termination), the Owners or Managers shall procure that the Managers and any third party designated by the Managers as
joint assured shall cease to be joint assured and, if reasonably achievable, that they shall be released from any and all liability for premiums and calls that may arise in relation to the period of this Agreement; and 

(e) written evidence is provided, to the reasonable satisfaction of the Owners, of the Managers’ compliance with their obligations
under this Clause 10 within a reasonable time of the commencement of the Agreement, and of each renewal date and, if specifically requested, of each payment date of the Owners’ Insurances. 

 

	11.	 Income Collected and Expenses Paid on Behalf of Owners 

(a) All monies collected by the Managers under this Agreement (other than monies payable by the Owners to the Managers) and any interest
thereon shall be held to the credit of the Owners in a separate bank account. 
 (b) All expenses incurred by the Managers under the
terms of this Agreement on behalf of the Owners (including expenses as provided in Clause 12(c)) may be debited against the Owners in the account referred to under Sub-clause 11(a) but shall in any event
remain payable by the Owners to the Managers on demand. 
  

	(c)	 The Managers shall provide the Owners with (i) monthly cash flow statements with respect to the
Vessel and the Owners, and (ii) quarterly un-audited accounts and detailed analysis showing all movements and use of funds held in the separate bank account. 

 

	(d)	 The Managers shall pay, on behalf of the Owners and from the bank account referred to in Clause 11(a)
above, all expenses of the Commercial Managers under the Commercial Management Agreement and all expenses of the Exclusive Broker under the Exclusive Brokerage Deed (as applicable). 

 

	12.	 Management Fee and Expenses 

(a) The Owners shall pay to the Managers a daily management fee as stated in Box 14 for their services as Managers under this
Agreement, which shall be due and payable in monthly instalments in advance, the first instalment (pro rata if appropriate) being due and payable on the date of delivery of the Vessel to the Owners and subsequent instalments being due and payable
every first New York banking day of every calendar month. The management fee shall be payable to the Managers’ nominated account stated in Box 15. 
  

	(b)	 The management fee shall be subject to an annual review (at the end of each calendar year) in order to
reflect any increases in the salaries of Managers’ employees and other expenses (inflation). The proposed fee shall be presented in the annual budget in accordance with Sub-clause 13(a). Subject always to
the prior written approval of the Owners, the management fee may increase annually on January 1 of each year by not more than two and one-half percent (2.5%). 

(c) The Managers shall, at no extra cost to the Owners, provide their own office accommodation, office staff, facilities and stationery.
Without limiting the generality of this Clause 12 (Management Fee and Expenses) the Owners shall reimburse the Managers for reasonable postage, communication, travelling and accommodation expenses, and other reasonable out of pocket expenses
properly incurred by the Managers in pursuance of the Management Services including but not limited to the Vessel apportioned cost of the Managers’ “flying squad” and the “on board the Vessel” allowances as well as any other
sundry administrative expenses, it being understood that the Managers shall not make any expenditure with respect to the items described in this sub-paragraph ( c ) in the aggregate in excess of US$5,000 in
any given calendar month, without the prior written consent of the Owners. Notwithstanding the foregoing, any of the above items that may be included in the annual budget will not be part of this reimbursement. 

  
 10 

 (d) If the Owners decide to layup the Vessel and such layup lasts for more than the
number of months stated in Box 17, the Management Fee is agreed to be Euro [190] per day and will be applicable for the period exceeding such period agreed in Box 17 until one month before the Vessel is again put into service. If the Managers
are providing crew management services in accordance with Sub-clause 5(a), consequential costs of reduction and reinstatement of the Crew shall be for the Owners’ account. 

(e) Save as otherwise provided in this Agreement, all discounts and commissions obtained by the Managers in the course of the
performance of the Management Services shall be credited to the Owners. 
  

	13.	 Budgets and Management of Funds 

 

	(a)	 The Managers shall prepare a budget. The budget shall also provide aggregate forecast expenditure by the
Managers for those cost items to be reimbursed by Owners as detailed in Clause 12(c). The Managers’ initial budget is set out In Annex “C” hereto. Subsequent budgets shall be for twelve month periods and shall be prepared by the
Managers and presented to the Owners not less than one month before the end of the budget year. 

 (b) The Owners
shall state to the Managers in a timely manner, but in any event within one month of presentation, whether or not they agree to each proposed annual budget. In the absence of any such indication by the Owners, within such one month period, the
Managers shall be entitled to assume that the Owners have accepted the proposed budget. 
 (c) Following the agreement of the budget,
the Managers shall prepare and present to the Owners their estimate of the working capital requirement for the Vessel and shall each month request the Owners in writing to pay the funds required to run the Vessel for the ensuing month, including the
payment of any occasional or extraordinary item of expenditure, such as emergency repair costs, additional insurance premiums, bunkers or provisions. Such funds shall be received by the Managers within ten running days after the receipt by the
Owners of the Managers’ written request and shall be held to the credit of the Owners in a separate bank account. 
 (d) The
Managers shall (i) establish and maintain an accounting system which meets the requirements of the Owners and provide regular accounting services, supply regular reports and records, (ii) maintain the records of all costs and expenditures
incurred as well as data necessary or proper for settlement of accounts, (iii) prepare yearly operating budgets for the Vessel including any drydocking and special surveys, (iv) provide back-office administration and accounting services
for the Vessel and the Owners, and (v) at all times maintain and keep true and correct accounts in respect of the Management Services in accordance with the relevant International Financial Reporting Standards or U.S GAAP as required, including
records of all costs and expenditure incurred, and produce a comparison between budgeted and actual income and expenditure of the Vessel in such form and at such intervals as shall be mutually agreed. The Managers shall make such accounts available
for inspection and auditing by the Owners and/or their representatives in the Managers’ offices or by electronic means, provided reasonable notice is given by the Owners. 

(e) The Managers shall assist the Owners and its Parent in complying with the requirements of Section 404 of the U.S. Sarbanes
Oxley Act 2002, as it may be amended from time to time (“SOX”), governing the effectiveness of internal controls of service organizations retained by publicly held companies by taking or causing to be taken, all actions and doing, or
causing to be done, all things and executing any and all documents and instruments which may reasonably be required, proper or advisable to conducting an evaluation on the internal controls of the Managers in compliance with SOX. The Managers agree
to take or cause to be taken, all actions and to do, or cause to be done, all things and to execute any and all documents and instruments of any kind on an ongoing basis which might be reasonably necessary, proper or advisable to permit the Owners
and its Parent to remain in compliance with SOX throughout the term of this Agreement, and, with the exception of the costs incurred by the Managers to obtain SAS 70 reports or any equivalents thereof, if require by the Owners or the Parent, which
shall be payable by either the Owners or the Parent, each of the parties to this Agreement shall bear their own costs associated with such compliance. 

(f) Notwithstanding anything contained herein, the Managers shall in no circumstances be required to use or commit their own funds to
finance the provision of the Management Services except where the terms of this engagement provide that such Management Services are to be provided at no extra or additional cost to the Owners. 

 

	14.	 Trading Restrictions 

If the Managers are providing crew management services in accordance with Sub-clause 5(a) (Crew
Management), the Owners and the Managers will, prior to the commencement of this Agreement, agree on any trading restrictions to the Vessel that may result from the terms and conditions of the Crew’s employment. 

  
 11 

	15.	 Replacement 

If the Managers are providing crew management services in accordance with Sub-clause 5(a) (Crew
Management), the Owners may require the replacement, at their own expense, at the next reasonable opportunity, of any member of the Crew, including but not limited to any Master or officer, found on reasonable grounds to be unsuitable for service.
If the Managers have failed to fulfil their obligations in providing suitable qualified Crew within the meaning of Sub- clause 5(a) (Crew Management), then such replacement shall be at the Managers’
expense. 
  

	16.	 Managers’ Right to Sub-Contract 

Other than to its Affiliates or as otherwise set forth in this Agreement, the Managers shall not subcontract any of their obligations hereunder
without the prior written consent of the Owners. In the event of such a sub-contract the Managers shall remain fully liable for the due performance of their obligations under this Agreement. Owners hereby
agree that the Managers are allowed to sub-contract with TCMC (for the Filipino crew only) and with other manning agents as same may be necessary for the due performance of the Managers’ services under
clause 5 (a). 
  

	17.	 Responsibilities 

(a) Force Majeure - Neither party shall be liable for any loss, damage or delay due to any of the following force majeure events
and/or conditions to the extent that the party invoking force majeure is prevented or hindered from performing any or all of their obligations under this Agreement, provided they have made all reasonable efforts to avoid, minimise or prevent the
effect of such events and/or conditions: 
  

	 	(i)	 acts of God; 

  

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

  

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

  

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

 

	 	(v)	 epidemics; 

  

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

 

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

  

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

  

	 	(ix)	 any other similar cause beyond the reasonable control of either party. 

 

	 	(b)	 Liability to Owners 

Without prejudice to Sub-Clause 17(a), the Managers shall be under no liability whatsoever to the
Owners for any loss, damage, delay or expense of whatsoever nature, whether direct or indirect (including but not limited to loss of profit arising out of or in connection with detention of or delay to the Vessel), and howsoever arising in the
course of performance of the Management Services UNLESS the same is proved to have resulted solely from: 
  

	 	(i)	 the persistent and/or continuing negligence of the Managers which causes material losses and/or material
additional expense to the Owners for a period of 3 (three) calendar months or more following a written notice from the Owners that it is dissatisfied with the performance of the Managers due to such negligence and stating the deficiencies to be
remedied, provided however, that the Managers shall not be deemed to have acted negligently if the deficiencies arise or are continuing due to circumstances beyond the control of the Managers, the Exclusive Broker [(if applicable), the Commercial
Managers]1 and TCMC, or if the Managers are taking reasonable steps to remedy such deficiencies; or 

  

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

  

	1 	 NTD: Where GSLS is acting as the Commercial Manager the bracketed language in this sub-clause is to be deleted. 

  
 12 

	 	(iii)	 in which case (save where loss, damage, delay or expense has resulted from the Managers’ personal act or
omission committed with the intent to cause the same or recklessly and with knowledge that such loss, damage, delay or expense would probably result) the Managers’ liability for each incident or series of incidents giving rise to a claim or
claims shall never exceed a total of (A) three (3) times the annual management fee payable hereunder with respect to such liability arising under the foregoing sub-clause (i) or (B) ten
(10) times the annual management fee payable hereunder with respect to such liability arising under the foregoing sub-clause (ii). 

 

	 	(iv)	 Acts or omissions of the Crew – Notwithstanding anything that may appear to the contrary in this
Agreement, the Managers shall not be liable for any acts or omissions of the Crew, even if such acts or omissions are negligent, grossly negligent or wilful, except only to the extent that they are shown to have resulted from a failure by the
Managers to discharge their obligations under Clause 5(a) (Crew Management), in which case their liability shall be limited in accordance with the terms of this Clause 17 (Responsibilities). 

(c) Indemnity - Except to the extent and solely for the amount therein set out that the Managers would be liable under Sub-clause 17(b), the Owners hereby undertake to keep the Managers and their employees, agents and sub-contractors indemnified and to hold them harmless against all actions,
proceedings, claims, demands or liabilities whatsoever or howsoever arising which may be brought against them or incurred or suffered by them arising out of or in connection with the performance of this Agreement, and against and in respect of all
costs, loss, damages and expenses (including legal costs and expenses on a full indemnity basis) which the Managers may suffer or incur (either directly or indirectly) in the course of the performance of this Agreement. 

(d) “Himalaya” - It is hereby expressly agreed that no employee or agent of the Managers (including every sub-contractor from time to time employed by the Managers) shall in any circumstances whatsoever be under any liability whatsoever to the Owners for any loss, damage or delay of whatsoever kind arising or resulting
directly or indirectly from any act, neglect or default on his, her or its part while acting in the course of or in connection with his, her or its employment and, without prejudice to the generality of the foregoing provisions in this Clause 17
(Responsibilities), every exemption, limitation, condition and liberty herein contained and every right, exemption from liability, defence and immunity of whatsoever nature applicable to the Managers or to which the Managers are entitled hereunder
shall also be available and shall extend to protect every such employee or agent of the Managers acting as aforesaid and for the purpose of all the foregoing provisions of this Clause 17 (Responsibilities) the Managers are or shall be deemed to be
acting as agent or trustee on behalf of and for the benefit of all persons who are or might be their servants or agents from time to time (including sub-contractors as aforesaid) and all such persons shall to
this extent be or be deemed to be parties to this Agreement. 
  

	18.	 General Administration 

(a) The Managers shall keep the Owners and, if appropriate, the Company informed in a timely manner of any incident of which the
Managers become aware which gives or may give rise to a material delay to the Vessel or material claims or disputes involving third parties. Without derogating from the foregoing, the Managers shall present the Owners with a report at least every
six (6) months identifying all claims arising in or outstanding in such period, settlement and resolution status, and actions taken with respect thereto. 

(b) The Managers shall handle and settle all claims and disputes arising out of the Management Services hereunder with respect to such
claims or disputes relating to claims in excess of USD 100,000, unless the Owners instruct the Managers otherwise. The Managers shall keep the Owners appropriately informed in a timely manner throughout the handling of such claims and disputes. 

(c) The Owners may request the Managers to bring or defend other actions, suits or proceedings related to the Management Services, on
terms to be agreed. 
 (d) At Owners’ cost, the Managers shall have power to obtain appropriate legal or technical or other
outside expert advice in relation to the handling and settlement of claims in relation to Sub-clauses 18(b) and 18(c) and disputes and any other matters affecting the interests of the Owners in respect of the
Vessel, including the appointment of auditors or other outside experts as may be necessary in the ordinary course of business. 
 (e)
On giving reasonable notice with respect to proposed dates and the scope of inquiry, the Owners may request, and the Managers shall in a timely manner make available, all documentation, information and records in respect of the matters covered by
this Agreement either related to mandatory rules or regulations or other obligations applying to the Owners in respect of the Vessel (including but not limited to STCW 95, the ISM Code and ISPS Code) to the extent permitted by relevant legislation
and the Managers shall permit the Owners during regular business hours to inspect the Managers’ premises, audit records and accounts and meet with executive personnel. 
  

	(f)	 The Managers shall provide the administration and support services set out in Appendix XX (collectively,
the “Administrative & Support Services”) at their cost; provided, however, that, at the Owners’ sole cost and expense, the Managers may employ the services of external advisors or other third-party service providers if
reasonably necessary for the Managers to provide the 

  
 13 

 
Administrative & Support Services (including, without limitation, the services of accounting, tax or legal advisors, but expressly excluding day-to-day accounting services or other Administrative & Support Services that Managers provide to other clients in the ordinary course utilizing in-house
expertise). 
 (g) On giving reasonable notice, the Managers may request, and the Owners shall in a timely manner make available, all
documentation, information and records reasonably required by the Managers to enable them to perform the Management Services. 
 (h)
The Owners shall arrange for the provision of any necessary guarantee bond or other security. 
 (i) Any costs reasonably incurred
by the Managers in carrying out their obligations according to this Clause 18 (General Administration) unless otherwise expressly provided or agreed shall be reimbursed by the Owners. 

 

	19.	 Inspection of Vessel 

The Owners may at any time after giving reasonable notice to the Managers inspect the Vessel for any reason they consider necessary. 

 

	20.	 Compliance with Laws and Regulations 

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

In performing the Management Services, the Managers shall, and shall use all reasonable endeavours to procure that its Affiliates and sub-contractors shall, comply in all material respects with the written policies of the Owners, Global Ship Lease Services Limited or the Parent that are directly applicable to the Managers’ provision of the
Management Services and are made known to the Managers in advance in writing, which shall include, but not be limited to, the Owners’ Anti-slavery and Human Trafficking Policy, Corporate and Social Responsibility Policy, Anti-bribery and
Anti-corruption Policy, Business Ethics Policy, Data and Privacy Policy and Business Conduct Policy and any other policies of the Owners that are so applicable from time to time. 

 

	21.	 Duration of the Agreement 

a. This Agreement shall come into effect at the date stated in Box 2 and shall continue for the minimum contract period set out in Box
18. Either party may give not less than six (6) months written notice to the other during the minimum contract period that this Agreement is to be terminated at the expiry of the minimum contract period set out in Box 18. 

b. Following the expiry of the minimum contract period set out in Box 18, and provided that neither party has issued a termination notice
pursuant to Clause 21(a) to terminate this Agreement at the end of the minimum contract period, this Agreement may be terminated by either party by giving no less than six (6) months written notice to the other. 

c. Should the Owners provide notice under either Clauses 21(a) or (b) above on the basis that they are able to secure more competitive
terms from a recognized third party ship manager, they shall provide the Managers in reasonably documented detail, the more competitive terms offered to the Owners by such third party ship manager. The Managers shall have the right to send written
notice to the Owners agreeing to match all such terms, in which case this Agreement shall not terminate and shall be deemed to be amended to incorporate such revised terms, as appropriate. 

d. Notwithstanding Clauses 21(a) and (b) above, this Agreement may be terminated by either party at any time in accordance with Clause 22
(Termination).) 
 e. Where the Vessel is not at a mutually convenient port or place on the expiry of such period, this Agreement shall
terminate on the subsequent arrival of the Vessel at the next mutually convenient port or place. 
  

	22.	 Termination 

Owners’ or Managers’ default 
  

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

  
 14 

	 	(b)	 Notwithstanding Clause 22(a): 

(i) The Managers shall be entitled to terminate this Agreement with immediate effect by giving notice to the Owners if any monies payable by
the Owners under the terms of this Agreement shall not have been received in the Managers’ nominated account within thirty (30) days of receipt by the Owners of the Managers’ written request, or if the Vessel is repossessed by a
mortgagee. 
 (ii) Unless caused by the act or omission of the [Commercial Managers and/or the] Exclusive Broker [(if applicable)]2, if the Owners proceed with the employment of or continue to employ the Vessel in the carriage of contraband, blockade running, or in an unlawful trade, or on a voyage which in the reasonable opinion
of the Managers is unduly hazardous or improper, the Managers may give notice of the default to the Owners, requiring them to remedy it as soon as practically possible. In the event that the Owners fail to remedy it within a reasonable time to the
satisfaction of the Managers, the Managers shall be entitled to terminate the Agreement with immediate effect by notice. 
 (iii) If either
party fails to meet their respective obligations under Sub-clause 5(b) (Crew Insurances) and Clause 10 (Insurance Policies), the other party may give notice to the party in default requiring them to remedy it within twenty
(20) days, failing which the other party may terminate this Agreement with immediate effective by giving notice to the party in default. 
  

	 	(c)	 Extraordinary Termination 

This Agreement shall be deemed to be terminated in the case of the sale of the Vessel (directly or via a sale of a Controlling interest in the
Owners) or, if the Vessel becomes a total loss or is declared as a constructive or compromised or arranged total loss or is requisitioned or has been declared missing, or if bareboat chartered, unless otherwise agreed, when the bareboat charter
comes to an end; provided, however, that the foregoing shall not apply to (A) the sale of any Vessel pursuant to a sale/leaseback transaction or (B) any termination or expiration of a bareboat charter of such Vessel by the Owners if such
Vessel is purchased (or re-purchased) by the Owners. 
  

	 	(d)	 For the purpose of Sub-clause 22(c) hereof: 

 

	 	(i)	 the date upon which the Vessel is to be treated as having been sold or otherwise disposed of shall be the date
on which the Vessel’s Owners cease to be the registered owners of the Vessel; 

  

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

  

	 	(iii)	 the date upon which the Vessel is to be treated as declared missing shall be ten (10) days after the
Vessel was last reported or when the Vessel is recorded as missing be the Vessel’s underwriters, whichever occurs first. A missing Vessel shall be deemed lost in accordance with the provisions of Sub-clause 22(d)(ii).

 The Managers’ Default 
  

	 	(e)	 The Owner may terminate this Agreement for Cause (as hereinafter defined), but only after the Owners have
provided the Managers with notice of such Cause and such Cause has not been cured within twenty (20) days of such notice; provided, however, that if any Cause is incapable of being cured, then no notice and cure period shall be required.

  

	 	(f)	 Cause means any of the following: 

 

	 	(i)	 The Managers: 

  

	 	(A)	 persist and/or continue to be negligent in their performance of the Management Services which causes material
losses and/or material additional expense to the Owners for a period of 3 (three) calendar months or more following a written notice from the Owners that it is dissatisfied with the performance of the Managers due to such negligence and stating the
deficiencies to be remedied, provided however, that the Managers shall not be deemed to have acted negligently if the deficiencies arise or are continuing due to circumstances beyond the control of the Managers, the [Commercial Managers], the
Exclusive Broker [(if applicable)]3 and TCMC or if the Managers are taking reasonable steps to remedy such deficiencies; and/or 

 

	2 	 NTD: Where GSLS is acting as the Commercial Manager the bracketed language in this sub-clause is to be deleted. 

	3 	 NTD: Where GSLS is acting as the Commercial Manager the bracketed language in this sub-clause is to be deleted. 

  
 15 

	 	(B)	 is or has been grossly negligent in its performance of the Management Services; and/or 

 

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

 

	 	(ii)	 The Managers wilfully fail to cooperate in any government, agency, regulatory or external self-governing body
investigation that could have a material adverse effect on the Owners; 

  

	 	(iii)	 The Managers or any of their directors, officers or employees are convicted or plead nolo contendere to a
felony or a misdemeanour involving moral turpitude that is reasonably likely to have a material adverse effect on the Owners; 

  

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

  

	 	(v)	 a material breach of the obligations of the Managers under this Agreement that is reasonably likely to have a
material adverse effect on the Parent. 

  

	 	(g)	 The Managers shall be entitled to terminate this Agreement with immediate effect by giving notice to the Owners
within a six (6) month period following a Change in Majority Interests or Control. 

  

	 	(h)	 Owners shall be entitled to terminate this Agreement with immediate effect by giving notice to the Managers
within a six (6) month period following a Manager Change of Control. 

  

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

  

	 	(j)	 In addition, where the Managers provide Crew for the Vessel in accordance with Clause 5(a) (Crew Management):

 the Owners shall continue to pay Crew Support Costs during the said further period of ninety (90) days; and 

the Owners shall pay an equitable proportion of any Severance Costs which may be incurred. The Managers shall use their reasonable endeavours
to minimise such Severance Costs. 
  

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

  

	 	(l)	 The termination of this Agreement shall be without prejudice to all rights accrued between the Parties prior to
the date of termination, including specifically the right of the Managers to receive the Management Fee prior to the date of such termination provided that, in the event of termination of this Agreement for Cause by the Owners pursuant to clause 22
(e), no Management Fee shall be due or payable to the Managers hereunder for any period after the date of such termination. 

  
 16 

	 	(m)	 In addition to any other payments contemplated herein, (i) if this Agreement is terminated by the Managers
pursuant to any of Clauses 21(a), 21(b), 22(a), 22(b)(i), 22(b)(ii), 22(b)(iii), 22(c) or 22(g) or (ii) if this Agreement terminates automatically pursuant to Clause 22(i) because of the Insolvency of the Owners, upon such termination the
Managers shall be entitled to a lump sum payment in the amount set forth opposite such Clause reference in the following table: 

  

			
	 Applicable Clause Reference
	  	 Termination Payment

	clause 21(a)	  	50% of the annual management fee payable hereunder at the time of such termination
		
	clause 21(b)	  	50% of the annual management fee payable hereunder at the time of such termination
		
	clause 22(a)	  	Two (2) times the annual management fee payable hereunder at the time of such termination
		
	clause 22(b)(i)	  	Two (2) times the annual management fee payable hereunder at the time of such termination
		
	clause 22(b)(ii)	  	Two (2) times the annual management fee payable hereunder at the time of such termination
		
	clause 22(b)(iii)	  	Two (2) times the annual management fee payable hereunder at the time of such termination
		
	clause 22(c)	  	25% of the annual management fee payable hereunder at the time of such termination
		
	clause 22(g)	  	50% of the annual management fee payable hereunder at the time of such termination
		
	clause 22(i)	  	[     ] the annual management fee payable hereunder at the time of such termination

  

	 	(n)	 In addition to any other payments contemplated herein, (i) if this Agreement is terminated by the Owners
pursuant to any of clauses 21(a), 21(b), 22(a), 22(b)(iii), 22(c), 22(e) or 22(h) , or (ii) if this Agreement terminates automatically pursuant to clause 22(i) because of the Insolvency of the Managers, upon such termination the Managers shall
be entitled to a lump sum payment in the amount set forth opposite such clause reference in the following table: 

  

			
	 Applicable clause Reference
	  	 Termination Payment

		
	clause 21(a)	  	Two (2) times the annual management fee payable hereunder at the time of such termination
		
	clause 21(b)	  	Two (2) times the annual management fee payable hereunder at the time of such termination
		
	clause 22(a)	  	25% of the annual management fee payable hereunder at the time of such termination
		
	clause 22(b)(iii)	  	50% of the annual management fee payable hereunder at the time of such termination
		
	clause 22(c)	  	One quarter of the annual management fee payable hereunder at the time of such termination
		
	clause 22(e)	  	None
		
	clause 22(h)	  	The annual management fee payable hereunder at the time of such termination
		
	clause 22(i)	  	25% of the annual management fee payable hereunder at the time of such termination

  
 17 

	23.	 BIMCO Dispute Resolution Clause 

(a) This Agreement shall be governed by and construed in accordance with English law and any dispute arising out of or in connection
with this Agreement shall be referred to arbitration in London in accordance with the Arbitration Act 1996 or any statutory modification or re-enactment thereof save to the extent necessary to give effect to
the provisions of this Clause. 
 The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (LMAA)
Terms current at the time when the arbitration proceedings are commenced. 
 The reference shall be to three arbitrators. A party wishing to
refer a dispute to arbitration shall appoint its arbitrator and send notice of such appointment in writing to the other party requiring the other party to appoint its own arbitrator within 14 calendar days of that notice and stating that it will
appoint its arbitrator as sole arbitrator unless the other party appoints its own arbitrator and gives notice that it has done so within the 14 days specified. If the other party does not appoint its own arbitrator and gives notice that it has done
so within the 14 days specified, the party referring a dispute to arbitration may, without the requirement of any further prior notice to the other party, appoint its arbitrator as sole arbitrator and shall advise the other party accordingly. The
award of a sole arbitrator shall be binding on both parties as if he had been appointed by agreement. 
 Nothing herein shall prevent the
parties agreeing in writing to vary these provisions to provide for the appointment of a sole arbitrator. 
 In cases where neither the claim
nor any counterclaim exceeds the sum of USD50,000 (or such other sum as the parties may agree) the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current at the time when the arbitration proceedings are commenced.

 (b) Notwithstanding Sub-clauses 23(a) above, the parties may agree at any time to refer to
mediation any difference and/or dispute arising out of or in connection with this Agreement. 
  

	 	(i)	 In the case of a dispute in respect of which arbitration has been commenced under Sub-clauses 23(a) above, the following shall apply: 

  

	 	(ii)	 Either party may at any time and from time to time elect to refer the dispute or part of the dispute to
mediation by service on the other party of a written notice (the “Mediation Notice”) calling on the other party to agree to mediation. 

  

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

  

	 	(iv)	 If the other party does not agree to mediate, that fact may be brought to the attention of the Tribunal and may
be taken into account by the Tribunal when allocating the costs of the arbitration as between the parties. 

  

	 	(v)	 The mediation shall not affect the right of either party to seek such relief or take such steps as it considers
necessary to protect its interest. 

  

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

 

	 	(vii)	 Unless otherwise agreed or specified in the mediation terms, each party shall bear its own costs incurred in
the mediation and the parties shall share equally the mediator’s costs and expenses. 

  

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

  
 18 

	(c)	 If Box 21 in Part I is not appropriately filled in,
Sub-clause 23(a) of this Clause shall apply. 

  

	24.	 Notices 

  

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

 

	 	(i)	 in writing; 

  

	 	(ii)	 in the English language; and 

 

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

 

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

 

			
	 (1)

Permitted Method
	  	 (2)

Date on which Notice deemed given

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

  

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

  

	 	(i)	 to the Owners at: 

[INSERT ADDRESS] 
 E-mail address: 
 Attention: 
  

	 	(ii)	 to Managers at: 

Technomar Shipping Inc. 
 3-5 Menandrou Str. 
 14561, Kifissia, 

Athens, Greece 
 E-mail address: tbaltatzis@technomar.gr 
 With a copy to: legalconfidential@technomar.gr 

Attention: Mr Thedore Baltatzis 

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

And in each case proof of posting, handing in or transmission shall be proof that notice has been given, unless proven to the contrary. 

  
 19 

 And in each case proof of posting, handing in or transmission shall be proof that notice has
been given, unless proven to the contrary. 
  

	25.	 Entire Agreement 

This Agreement constitutes the entire agreement between the parties and no promise, undertaking, representation, warranty or statement by
either party prior to the date stated in Box 2 shall affect this Agreement. Any modification of this Agreement shall not be of any effect unless in writing signed by or on behalf of the parties. 

 

	26.	 Third Party Rights 

Except to the extent provided in Sub-clauses 17(c) (Indemnity) and 17(d) (Himalaya), no third parties
may enforce any term of this Agreement. 
  

	27.	 Partial Validity 

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

 

	28.	 Confidentiality 

 

	 	(a)	 The Managers shall keep confidential the Confidential Information disclosed to it by or on behalf of the Owners
or howsoever otherwise obtained, developed or created by the Managers. 

  

	 	(b)	 The Managers shall: 

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

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

 

	 	(c)	 The restrictions on use or disclosure of Confidential Information in this clause 28 do not apply to information
which is: 

 (i) generally available in the public domain, other than as a result of the Managers’ breach of any
obligation under this clause 28; or 
 (ii) lawfully acquired from a third party who owes no obligation of confidentiality in respect of the
information; or 
 (iii) independently developed by the Managers, or was in the Managers’ lawful possession prior to receipt from the
Owners. 
  

	 	(d)	 The Managers may disclose the Confidential Information without the prior written consent of the Owners:

 (i) to their Affiliates and subcontractors, to whom disclosure is required for the performance of its obligations under
this Agreement, but only to the extent necessary to perform such obligations (together the Permitted Disclosees); or 
 (ii) if, and
to the extent that, such information is required to be disclosed (including by way of an Announcement) by the rules of any stock exchange or by any governmental, regulatory or supervisory body (including, without limitation, any taxation authority)
or court of competent jurisdiction (Relevant Authority) to which the Managers are subject, provided that the Managers shall, if it is not so prohibited by law, provide the Owners with prompt notice of any such requirement or request. 

  
 20 

	 	(e)	 The Managers shall: 

(i) before disclosing Confidential Information to a Permitted Disclosee, to the extent reasonably practicable, notify the Owners in writing of
the intended disclosure and the identity of the intended Permitted Disclosee; 
 (j) ensure that such Permitted Disclosee is aware of and
complies with the Managers’ obligations under this clause 28 as if it were the Managers; and 
 (k) be responsible for the acts and
omissions of any Permitted Disclosee in relation to the Confidential Information as if they were the acts or omissions of the Managers. 
  

	 	(f)	 The parties agree that damages may not be an adequate remedy for the Managers’ breach of this clause 28
and (to the extent permitted by the court) the Owners shall be entitled to seek an injunction or specific performance in respect of such breach. 

  

	29.	 Interpretation 

In this Agreement: 
  

	(a)	 Singular/Plural 

The singular includes the plural and vice versa as the context admits or requires. 

 

	 	(b)	 Headings 

The index and heading to the clauses and appendices to this Agreement are for convenience only and shall not affect its construction or
interpretation. 
  

	(c)	 Day 

“Day” means a calendar day unless expressly stated to the contrary 

 

	30.	 Acts of the Commercial Managers and Exclusive Broker (as applicable) 

Notwithstanding anything contained in this Agreement to the contrary, the Owners shall have no liability, through indemnification or otherwise,
for any damages, losses, or claims of any kind whatsoever of the Managers arising from or in any way related to the acts or omissions of the Commercial Managers and/or the Exclusive Broker, nor shall the Managers have any right to terminate this
Agreement for any circumstance or event arising out of or in any way related to any acts or omissions of the Commercial Managers and/or the Exclusive Broker. 
  

	31.	 Owners’ Right to Assign 

 

	(a)	 The Owners may assign all of their rights under this Agreement to any mortgagee of the Vessel provided
that such assignment shall not otherwise prejudice the rights of the Managers to terminate this Agreement pursuant to the terms hereof. Upon satisfaction of the condition set forth in the first sentence of this Clause 31(a), the Managers hereby
agree to enter into an acknowledgment of such assignment in such form as the mortgagee may reasonably request. 

  

	(b)	 The Managers may not assign all or any of their rights under this Agreement without the prior written
consent of the Owners; 

  

	(c)	 Neither party shall be entitled to transfer all or any of its obligations, duties or liabilities under
this Agreement unless: 

  

	 	(i)	 the same is expressly permitted under the terms of this Agreement; or 

 

	 	(ii)	 it has received the prior written consent of the other party. 

  
 21 

 APPENDIX 

Accounting and Records. The Managers shall, on behalf of the Group, establish an accounting system, including the development,
implementation and maintenance over financial reporting and disclosure controls and procedures, and maintain Books and Records, with such modifications as may be necessary to comply with Applicable Laws. The Books and Records shall contain
particulars of receipts and disbursements relating to the Group’s assets and liabilities and shall be kept pursuant to normal commercial practices that will permit consolidated financial statements to be prepared for the Parent in accordance
with US GAAP and stand-alone and, if required, consolidated financial statements for its Subsidiaries under appropriate GAAP. The Books and Records shall be the property of the Group but shall be kept at the Managers’ primary office or
such other place as the Group and the Managers may mutually agree. Upon expiration or termination of this Agreement, all of the Books and Records shall be provided to the Parent or as the Parent shall direct. The internal control over financial
reporting and disclosure controls and procedures shall be designed to be effective in the context of the Parent’s management’s obligation to report annually on the such controls. 

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

(a) a quarterly report, including draft Earnings Release, to be delivered within 30 days of the end of each Fiscal Quarter (45 days for the
Fiscal Quarter ending December 31 in each year) setting out the interim financial results of the Company for such quarter and for the applicable Fiscal Year through the end of such Fiscal Quarter; 

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

(c) as and when reasonably requested by the Parent from time to time, such other reports with respect to financial and other information of the
Group. 
 Financial Statements and Tax Returns. At the instruction of the Chief Financial Officer, the Managers shall prepare and
deliver for review by the Chief Financial Officer and the Audit Committee of the Board of Directors the following, which the Managers shall use its reasonable best efforts to prepare and deliver within the time periods specified below or, if not so
specified, within the time period requested by the relevant party: 
 (a) within 30 days of the end of each Fiscal Quarter, unaudited
financial statements of the Parent for such Fiscal Quarter, reviewed by the external auditors of the Parent, prepared in accordance with US GAAP and the rules and regulations of the SEC, on a consolidated basis with all Subsidiaries of the
Parent; 
 (b) within 45 days of the end of each Fiscal Year, financial statements of the Parent for such Fiscal Year, audited by the
external auditors of the Parent, prepared in accordance with US GAAP and the rules and regulations of the SEC, on a consolidated basis with all Subsidiaries of the Parent; 

(c) within any deadlines imposed by any regulatory authorities or in order to comply with covenants in borrowing facilities, financial
statements of the Parent and Subsidiaries (included on a sub-consolidated basis if required) for such Fiscal Year, audited by the external auditors, prepared in accordance with US GAAP or other GAAP as
appropriate; and 
 (d) tax returns for the Parent and all of its Subsidiaries required to be filed by Applicable Laws. 

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

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

Legal and Securities Compliance Services. 

(a) Responsibilities of the Managers. 

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

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

  
 22 

 (ii) arranging for the provision of advisory services to the Parent with respect to the
Parent’s obligations under applicable securities laws in the United States and disclosure and reporting obligations under applicable securities laws, including the preparation for review, approval and filing by the Parent of reports and other
documents with the SEC and all other applicable regulatory authorities; 
 (iii) maintaining the Group’s corporate existence and good
standing in all necessary jurisdictions and assisting in all other corporate and regulatory compliance matters; 
 (iv) providing information
required by any credit rating agencies; 
 (v) providing support to the Parent with respect investor relations including
[maintenance][monitoring] of its website; 
 (vi) providing legal support for transactions, including but not limited to negotiation and
documentation of Memoranda of Agreement for the sale and purchase of vessels, new building contracts for vessels, charter parties, vessel financings; and 

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

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

(c) Interaction with Regulatory Authorities. 

Notwithstanding anything in this Appendix or otherwise, the Managers shall not act for or on behalf of the Group in its relationships with any
regulatory authorities except to the extent specifically authorized by the Parent from time to time. 
 Bank Accounts. 

The Managers shall oversee banking services for the Group and shall, where necessary, establish in the name of the Parent and its Subsidiaries
such bank accounts with such financial institutions as the Parent and its Subsidiaries may request. The Managers shall administer and manage all of the Group’s cash and accounts, including making any deposits and withdrawals reasonably
necessary for the management of its business and day-to-day operations. The Managers shall promptly deposit all moneys payable to the Group and received by the Managers
into a bank account held in the name of the Parent or its Subsidiaries. This provision, and any and all other provisions required to give effect to this provision, shall become effective on the Effective Date. 

Corporate Planning. 
 The
Managers shall: 
 (a) oversee preparation of annual budget, including working capital requirements; 

(b) develop forecasts and projections, including profitability analysis; and 

(c) obtain investment appraisals; 

Other Services. 
 The
Managers shall assist the Group to: 
 (a) identify, negotiate and secure opportunities for the Group to acquire vessels or companies which
own vessels, or to construct vessels, and to negotiate and carry out the purchase of existing vessels, newbuilding vessels or companies which are the registered owners of vessels. 

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

  
 23 

 (c) if so required by the Group, administer payroll services, for any employee, officer or
director of the Parent and its Subsidiaries; 
 (d) provide the Group with information technology support including email; 

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

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

(g) provide, at the request and under the direction of the Parent, such communications to the transfer agent for the Parent as may be necessary
or desirable; 
 (h) make recommendations to the Parent for the appointment of auditors, accountants, legal counsel and other accounting,
financial or legal advisers, and technical, commercial, marketing or other independent experts; provided, however, that nothing herein shall permit the Managers to engage any such adviser or expert for the Parent without the Parent’s
specific approval; 
 (i) providing assistance and advice to the Group with respect to financing, including (i) the monitoring and
administration of the compliance with any applicable financing terms and conditions in effect with investors, banks, lenders or other financial institutions and (ii) the identification and negotiation of new capital or financings or re-financings; and 
 (j) attend to all other administrative matters necessary to ensure the professional
management of the Group’s business or as reasonably requested by the Group from time to time 
 DEFINITIONS AND INTERPRETATION 

Unless otherwise defined in this Appendix, capitalized terms used herein but not otherwise defined in this Appendix shall have the meaning given such term in
Clause 1 (Definitions) of Part II of this Agreement. 
 “ Applicable Laws ” means, in respect of any Person, property,
transaction or event, all laws, statutes, ordinances, regulations, municipal by-laws, treaties, judgments and decrees applicable to that Person, property, transaction or event, all applicable official
directives, rules, consents, approvals, authorizations, guidelines, orders, codes of practice and policies of any Governmental Authority having authority over that Person, property, transaction or event and having the force of law, and all general
principles of common law and equity. 
 “ Board of Directors ” means the board of directors of the Parent, as the same may
be constituted from time to time. 
 “ Books and Records ” means all books of accounts and records, including tax records,
sales and purchase records, Vessel records, computer software, formulae, business reports, plans and projections and all other documents, files, correspondence and other information of the Group with respect to the Vessels or the Business (whether
or not in written, printed, electronic or computer printout form). 
 “ Business ” means the Group’s business of
owning, operating and/or chartering or re-chartering Vessels to other Persons and any other lawful act or activity customarily conducted in conjunction therewith. 

“ Chief Executive Officer ” means the chief executive officer of the Parent. 

“ Chief Financial Officer ” means the chief financial officer of the Parent. 

“ Disclosing Party ” means a party who has disclosed Confidential Information hereunder to the other party or on whose behalf
Confidential Information has been disclosed to the other party. 
 “Effective Date” means the date on which this Agreement
shall become effective in accordance with box 2. 
 “ Exchange Act ” means the Securities Exchange Act of 1934, as amended.

  
 24 

 “ Fiscal Quarter ” means a fiscal quarter for the Group 

“ Fiscal Year ” means the fiscal year of the Parent, being the twelve-month period ending December 31. 

“ GAAP ” means the generally accepted accounting principles 

“Group ” means the Parent and all of its Subsidiaries, or any one of them as the context might require 

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

“Legal Action” means any action, suit or other proceeding concerning the Owner and/or the Vessel in any jurisdiction. 

“Parent” means Global Ship Lease, Inc. 

“ Receiving Party ” means a party to whom Confidential Information of a Disclosing Party has been disclosed hereunder. 

“ SEC ” means the United States Securities and Exchange Commission. 

  
 25 

 Annex A – Vessel Details 

  
 26 

 Annex B – Crew 

Master and crew to be appointed as appropriate to the trading and operational requirements of the Vessel, always subject to the relevant governing laws and
regulations. 

  
 27 

 Annex C – Budget 

The Budget for the Vessel shall be annexed to this Agreement approximately one (1) month prior to the date that this Agreement comes into effect as
stated in Box 2 and as set out in Clause 21 (Duration of Agreement) of this Agreement. 

  
 28

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