Document:

Exhibit
10.24

SUBSCRIPTION AGREEMENT (this “Agreement”),
dated as of [   ], 2012 by and between GasLog Ltd., a Bermuda company (the “Company”), and [name] (the
“[Participating Director/Holder]”).

WHEREAS, the Company has filed a registration
statement with the U.S. Securities and Exchange Commission (the “SEC”) for an initial public offering (the “IPO”)
of its common shares, par value $0.01 per share (the “Common Shares”), and in that connection proposes to enter
into an underwriting agreement (the “Underwriting Agreement”) with Goldman, Sachs & Co. and Citigroup
Global Markets Inc., as representatives of the several underwriters (the “Underwriters”), simultaneously with
the execution of this Agreement;

WHEREAS, in connection with the IPO, the
Company desires to issue and sell directly to the [Participating Director/Holder],
and the [PARTICIPATING DIRECTOR/HOLDER] desires to subscribe for and purchase from the Company, the number of Common Shares determined
pursuant to Section 1 below (the “Subscription Shares”), in a private sale (the “Concurrent Private
Placement”), concurrently with the purchase of Common Shares by the Underwriters (the “IPO Shares”)
pursuant to the Underwriting Agreement, on the terms and conditions set forth herein; and

WHEREAS, the Company and the [PARTICIPATING
DIRECTOR/HOLDER] are entering into this Agreement to provide for the issuance, purchase and sale of the Subscription Shares.

NOW THEREFORE, in consideration of the
premises and the covenants contained herein, the Company and the [PARTICIPATING DIRECTOR/HOLDER] do hereby covenant and agree as
follows:

1.                    
Purchase of the Subscription Shares. The Company agrees to issue and sell the Subscription Shares to the [PARTICIPATING
DIRECTOR/HOLDER] as provided in this Agreement, concurrently with the issuance and sale of the IPO Shares in the IPO, and the [PARTICIPATING
DIRECTOR/HOLDER], on the basis of the representations, warranties and agreements set forth herein and subject to the conditions
set forth herein, agrees to purchase the Subscription Shares at a purchase price per share equal to the initial public offering
price of the Common Shares, as specified in the final prospectus filed with the SEC for the IPO (the “IPO Price”).
The total number of Subscription Shares that the [PARTICIPATING DIRECTOR/HOLDER] shall purchase pursuant to this Agreement shall
be equal to the quotient of $[ ] (as adjusted pursuant to clause (iii) below, the “Purchase Price”) divided by the
IPO Price; provided, however, that (i) no fractional shares of Common Shares will be issued as Subscription Shares, (ii) any fractions
shall be rounded down to the nearest whole number of Common Shares and (iii) the Purchase Price will be reduced by the value of
any such fractional share (as calculated on the basis of the IPO Price).

2.                    
Payment for the Subscription Shares. On or before the closing date of the Underwriting Agreement, the [PARTICIPATING
DIRECTOR/HOLDER] shall pay the Purchase Price into an account designated by the Company.

3.                    
Representations and Warranties of the Company. The Company hereby represents and warrants to the [PARTICIPATING DIRECTOR/HOLDER]
that each of the Company’s representations and warranties contained in the Underwriting Agreement is true and correct on
the date hereof and that:

(a)               
this Agreement has been duly authorized, executed and delivered by the Company;

(b)              
the Company has full right, power and authority to execute and delivery this Agreement and make the Concurrent Private Placement
and to perform its obligations hereunder and thereunder, and all action required to be taken for the due and proper authorization
of this Agreement and the Concurrent Private Placement and the consummation by the Company of the transactions contemplated hereby
and thereby has been duly and validly taken; and

(c)               
the Subscription Shares have been duly and validly authorized and, when issued and delivered against payment therefor as
provided herein, will be duly and validly issued and fully paid and non-assessable, and not subject to any statutory pre-emptive
or similar rights.

4.                    
Further Agreements of the Company. The Company covenants and agrees with the [PARTICIPATING DIRECTOR/HOLDER] that,
concurrently with the execution of this Agreement, the Company and the Underwriters shall execute and deliver the Underwriting
Agreement, and the Company shall execute and deliver a subscription agreement in form and substance substantially identical hereto
with other directors of the Company.

5.                    
Representations and Warranties of the [PARTICIPATING DIRECTOR/HOLDER]. The [PARTICIPATING DIRECTOR/HOLDER] hereby
represents and warrants that:

(a)               
this Agreement has been duly executed and delivered by the [PARTICIPATING DIRECTOR/HOLDER];

(b)              
the [PARTICIPATING DIRECTOR/HOLDER] has full right and capacity to execute and deliver this Agreement and to perform his
obligations hereunder, and all action required to be taken for the due and proper execution and delivery of this Agreement by the
[PARTICIPATING DIRECTOR/HOLDER] and the consummation by him of the transactions contemplated hereby has been duly and validly taken;

(c)               
the [PARTICIPATING DIRECTOR/HOLDER] (i) is a sophisticated investor and has such knowledge and experience in financial and
business matters so as to be capable of evaluating the merits, rights and suitability of investing in the Subscription Shares and
(ii) is able to bear the economic risks of an entire loss of his investment in the Subscription Shares; and

(d)              
the purchase of Subscription Shares by the [PARTICIPATING DIRECTOR/HOLDER] pursuant to this Agreement will be for the [PARTICIPATING
DIRECTOR/HOLDER]’s own account, and the [PARTICIPATING DIRECTOR/HOLDER] is not acquiring the Subscription Shares with a view
to any distribution thereof in a transaction that would violate the U.S. Securities Act of 1933, as amended (the “Securities
Act”).

6.                    
Further Agreements of the [PARTICIPATING DIRECTOR/HOLDER]. The [PARTICIPATING DIRECTOR/HOLDER] acknowledges that
the Subscription Shares have not been registered under the Securities Act and that the Subscription Shares may not be offered or
sold except (i) in a transaction permitted under Rule 144 under the Securities Act or another applicable exemption from registration
under the Securities Act or (ii) pursuant to an effective registration statement. The [PARTICIPATING DIRECTOR/HOLDER] further acknowledges
that the Concurrent Private Placement is a transaction separate and apart from the purchase by the Underwriters of the IPO Shares,
and that the [PARTICIPATING DIRECTOR/HOLDER] is purchasing the Subscription Shares directly from the Company and not through the
Underwriters.

7.                    
Conditions of [PARTICIPATING DIRECTOR/HOLDER]’s Obligations. The obligation of the [PARTICIPATING DIRECTOR/HOLDER]
to purchase the Subscription Shares on the closing date of the Underwriting Agreement is subject to the concurrent closing of the
purchase of the IPO Shares by the Underwriters pursuant to the Underwriting Agreement. This Agreement shall terminate if (i) the
Underwriting Agreement is not entered into within twenty days of the date hereof or (ii) is terminated for any reason.

8.                    
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New
York, without regard to principles of conflicts of laws that would result in the application of any law other than the laws of
the State of New York.

9.                    
Persons Entitled to Benefit of Agreement. This Agreement shall inure to the benefit of and be binding upon the parties
hereto and their respective successors. Nothing in this Agreement is intended or shall be construed to give any other person any
legal or equitable right, remedy or claim under or in respect of this Agreement or any provision contained herein. Nothing in this
Agreement is intended or shall be construed to give the [PARTICIPATING DIRECTOR/HOLDER] any legal or equitable 

right,
  remedy or claim under or in respect of the Underwriting Agreement or any provision
  contained therein or against any of the Underwriters.

10.                
Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original
but all of which together shall constitute one and the same instrument.

[Signature
Pages Follow]

IN WITNESS WHEREOF, the parties hereto
have executed this Agreement effective as of the day and year first above written.

 

  	GASLOG
      LTD.
	 	 
	 	 
	By:	 
	 	 
	Name:	 
	Title:	 

   

  	[PARTICIPATING
      DIRECTOR/HOLDER]
	 	 
	 	 
	By:	 
	 	 
	Name:	 

   

   

   

   

  [Signature Page to Subscription Agreement]exhibit10-6.htm

 

 

 

 

 

 

Press Release

FOR IMMEDIATE RELEASE

	
Contact:

	
Company Contact:

	
A. Bruce Crawley

	
Evelyn F. Smalls

	
Millennium 3 Management

	
United Bank of Philadelphia

	
Phone: 215-751-0140

	
Phone: 215-231-3670

	
Email: abcrawley@m3mpr.com

	
Email: esmalls@ubphila.com

 

 

United Bank of Philadelphia, an African-American-Controlled Institution, Establishes Special Board Committee to Drive Consent Agreement Response and Capital Development Plan

Philadelphia, PA, March 15, 2012 – United Bank of Philadelphia, one of the nation’s 28 FDIC-insured, African-American-controlled banks, has announced that it has voluntarily entered into a consent agreement with the Federal Deposit Insurance Corporation (FDIC) and the Pennsylvania Department of Banking, which is designed to strengthen the bank’s capital and improve its financial performance.

The Bank has also announced that it has formed a special committee of its board of directors that will meet at least monthly, over the coming year, to focus on the issues related to generation of additional capital, the adoption of a new strategic focus, and the enhancement of the bank’s operating performance.

The members of the committee are Evelyn Smalls, CEO, United Bank; Armstead Edwards, CEO, Edwards Entertainment, and chair of United Bank’s board of directors; Dr .Bernard Anderson, former faculty member, University of Pennsylvania’s Wharton School, and former economist, U.S. Department of Labor; and Joseph Drennan, President and CEO, iDelphix Corp. and a former executive vice president in the commercial banking industry.

In January 2012, as a result of a regulatory examination as of June 30, 2011, completed in September 2011, the Bank agreed with its primary regulators to, among other things, the achievement of agreed-upon capital levels and the development of a capital plan; the implementation of a viable earnings/strategic plan; the implementation of a classified asset reduction plan and enhancement of its Loan Policy; and, the completion of a management review. Management is in the process of addressing all matters outlined in the Agreement and believes that the bank will comply with the Agreement’s terms and conditions.

The agreement, according to Smalls, will not impact United Bank’s ability to support its customers, and the accounts at the bank continue, as has always been the case, to be insured up to $250,000 per depositor, by the Federal Deposit Insurance Corporation.

-More-

 

 

 

  

  

  

 

Page 2 of 2, United Bank of Philadelphia

 “The board and management of United Bank,” added Ms. Smalls, “have acknowledged and appreciate the partnership with both the FDIC and the Department of Banking in determining a new strategic direction for the Bank. Given the lingering impact of the recession on the entire financial services sector and our specific and critical focus on the African-American community, the board and management will use the Agreement as a roadmap to improving the performance of the Bank. We look forward to working in partnership with our regulators in this effort to continue to provide much needed products and services to the Philadelphia region.”

According to a recent statement by the National Bankers Association, a trade organization that represents the interests of minority-and female-owned financial institutions, minority banks “serve as the reasonable lenders that fill a void in underserved communities for not only houses of worship, they continue to serve thousands of small-business owners, families purchasing their first home, consumers looking to establish personal lines of credit or obtaining auto and student loans.”

United Bank’s holding company, United Bancshares, Inc., is African American controlled and managed. A commercial bank charted in 1992 by the Commonwealth of Pennsylvania’s Department of Banking, the Bank provides full-service community banking in Philadelphia’s neighborhoods that have traditionally been underserved by commercial banks.

The Bank is a certified Community Development Financial Institution, and a certified Community Development Entity. It currently has assets totaling $77 million, twenty-five ATM locations, and three full-service branch offices located in densely populated growth communities in Philadelphia.

Forward Looking Statement

The foregoing material contains “forward looking statements” as defined in the federal securities laws. Forward looking statements provide our current expectations or forecasts of future events. The words often include but are not limited to “may,” “would,” “should,” “could,” “will,” “likely,” “possibly,” “expect,” “anticipate,” “intend,” “estimate,” “potentially,” “probably,” “contemplate,” “continue,” “plan,” and “believe,” or other similar words and phrases may identify with forward looking statements. Forward looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward looking statements. Our actual results could differ materially from those anticipated in forward looking statements and for many reasons, specifically as described in our filings with the Securities and Exchange Commission. Accordingly, you should not place any undue reliance on any forward looking statements, which speak as of the date of this communication. We do not undertake, and specifically disclaim, any obligation to publicly revise any forward looking statement to reflect circumstances or events after the date of this communication or to reflect the occurrence of unanticipated events. You should, however, review the factors and risks we describe in the reports we file from time to time with the Securities and Exchange Commission, including those filed after the date of this communication.

 

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