Document:

Exhibit 10.1

 

Twenty-Seventh Amendment to the

First Amended and Restated Agreement

of Limited Partnership

of SL Green Operating Partnership, L.P.

 

This Amendment is made
as of January 8, 2020 (the “Issue Date”) by SL Green Realty Corp.,
a Maryland corporation, as managing general partner (the “Company”
or the “Managing General Partner”) of SL Green Operating Partnership,
L.P., a Delaware limited partnership (the “Partnership”), and as attorney-in-fact
for the Persons named on Exhibit A to the First Amended and Restated Agreement of Limited Partnership of SL Green Operating Partnership,
L.P., dated as of August 20, 1997, as amended from time to time (the “Partnership Agreement”),
for the purpose of amending the Partnership Agreement. Capitalized terms used herein and not defined shall have the meanings given
to them in the Partnership Agreement.

 

WHEREAS, Section 4.02A
of the Partnership Agreement grants the Managing General Partner authority to cause the Partnership to issue interests in the Partnership
to Persons other than the Managing General Partner in one or more classes or series, with such designations, preferences and relative,
participating optional or other special rights, powers and duties as may be determined by the Managing General Partner in its sole
and absolute discretion, subject to applicable Delaware law.

 

WHEREAS, effective
as of the Issue Date, the holder of the Series O Preferred Unit (the “Series O Preferred Unit”) in the Partnership,
the terms and conditions of which are set forth in the Eighteenth Amendment to the Partnership Agreement, dated as of June 25,
2015 (the “Series O Amendment”), has exchanged the Series O Preferred Unit for the Series W Preferred Unit (as
defined herein), pursuant to that certain Exchange and OP Unit Recipient Agreement, dated as of January 8, 2020, by and between
the Partnership and OY Eastside Unit Holder LLC.

 

WHEREAS, the Managing
General Partner has determined that it is necessary and desirable to amend the Partnership Agreement to create and set forth the
terms of the Series W Preferred Unit (as defined herein) having the designations, rights and preferences set forth herein.

 

WHEREAS, solely to
the extent necessary to effect the establishment of the Series W Preferred Unit with the terms and conditions described herein,
the following shall be deemed to amend Articles V and VI and Section 8.06 of the Partnership Agreement.

 

NOW, THEREFORE, in
consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
the Managing General Partner hereby amends the Partnership Agreement as follows:

 

1.                 
Article I of the Partnership Agreement is hereby amended by adding the following definition:

 

“Series
W Preferred Unit” means the series comprising of one Partnership Unit established pursuant to the
Twenty-Seventh Amendment to this Partnership Agreement, representing a unit of Limited Partnership Interest designated as the
Series W Preferred Unit, with the preferences, rights, voting powers, restrictions, limitations as to distributions,
qualifications and terms and conditions of repurchase and conversion as described herein.

 

     

     

    

 

2.                 
Section 8.06.A of the Partnership Agreement is hereby amended by deleting Section 8.06.A(iv) in its entirety and replacing
it with the following new Section 8.06.A(iv):

 

“Notwithstanding
any provision of this Section 8.06.A to the contrary, holders of Class B Units (or the Class A Units into which such Class B Units
automatically convert following the expiration of the applicable Distribution Period within which the conversion occurs) issued
as a result of a Conversion Notice delivered in respect of the Series W Preferred Unit pursuant to Section 3.F.(ii) of the Twenty-Seventh
Amendment to this Partnership Agreement may exercise their Redemption Right at any time and from time to time following the delivery
of such Class B Units (or the Class A Units into which such Class B Units automatically convert following the expiration of the
applicable Distribution Period within which the conversion occurs) regardless of whether any period of restriction described in
this Section 8.06.A has expired.”

 

3.                 
In accordance with Section 4.02.A of the Partnership Agreement, set forth below are the terms and conditions of the Series
W Preferred Unit hereby established:

 

A.               
Designation and Number. A series comprising of one Partnership Unit, designated as the Series W Preferred Unit, is
hereby established. This series is limited to one Series W Preferred Unit.

 

B.                
Rank. The Series W Preferred Unit, with respect to rights to the payment of dividends and the distribution of assets
upon the liquidation, dissolution or winding up of the Partnership, rank (a) senior to the Class A Units, the Class B Units (collectively,
the “Common Units”) and all Partnership Interests outstanding or issued
in the future by the Partnership, the terms of which do not expressly provide that such Partnership Interests rank senior to or
on a parity with the Series W Preferred Unit, (b) on a parity with the Series F Preferred Units, the Series G Preferred Units,
the Series I Preferred Units, the Series K Preferred Units, the Series L Preferred Units, the Series M Preferred Units, the Series
P Preferred Units, the Series Q Preferred Units, the Series R Preferred Units, the Series S Preferred Units, the Series T Preferred
Units, the Series U Preferred Units, the Series V Preferred Units, and all Partnership Interests outstanding or issued in the future
by the Partnership, the terms of which expressly provide that such Partnership Interests rank on a parity with the Series W Preferred
Unit and (c) junior to all Partnership Interests issued in the future by the Partnership, the terms of which expressly provide
that such Partnership Interests rank senior to the Series W Preferred Unit.

 

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C.                
Distributions.

 

     (i)                 Pursuant
to Section 5.01 of the Partnership Agreement but subject to the rights of holders of any Partnership Interests ranking senior
to the Series W Preferred Unit as to the payment of distributions, the holder of the Series W Preferred Unit shall be
entitled to receive, when, as and if authorized by the Managing General Partner (acting reasonably), out of funds legally
available for the payment thereof, cumulative quarterly preferential cash distributions in respect of the Series W Preferred
Unit equal to the Periodic Distribution Amount (as calculated in accordance with the terms set forth in Exhibit C hereto).
Periodic distributions on the Series W Preferred Unit pursuant to this Section 3.C.(i) (“Periodic
Distributions”) shall automatically accrue (whether or not authorized by the Managing General Partner) and be fully
cumulative from January 1, 2020 and shall be payable quarterly when, as and if authorized by the Managing General Partner
(acting reasonably), in equal amounts in arrears on the date that is fifteen days after the end of the relevant Distribution
Period or, if not a Business Day, the next succeeding Business Day. Any Periodic Distribution (including the initial Periodic
Distribution) payable on the Series W Preferred Unit for any partial distribution period shall be prorated and computed on
the basis of a 360-day year consisting of twelve 30-day months. “Distribution
Period” shall mean (subject to the following sentence) each of the following periods in each year
(commencing January 1, 2015) (a) from and including January 1, to but excluding April 1, (b) from and including April 1, to
but excluding July 1, (c) from and including July 1, to but excluding October 1, and (d) from and including October 1, to but
excluding January 1. Upon the earlier to occur, if at all, of either (a) an Applicable Liquidation Event (as defined below)
or (b) the conversion of the Series W Preferred Unit pursuant to Section 3.F(ii) (each a “Break
Event”), the Distribution Period within which the Break Event occurs shall be deemed to terminate on, but
exclude, a date specified by the Partnership (such date being as soon as practicable after the occurrence of a Break Event
and in no event later than the end of the Distribution Period in which such Break Event occurs) (the “Break
End Date”) and, if an Applicable Liquidation Event occurs, the Periodic Distribution shall automatically
accrue (whether or not authorized by the Managing General Partner) and shall be declared and paid, when, as and if authorized
by the Managing General Partner (acting reasonably), out of funds legally available for the payment thereof, at the end of
such shortened Distribution Period, and thereafter there shall similarly be a shortened Distribution Period commencing on,
and including, the Break End Date and ending on, but excluding, the next regularly scheduled Distribution Period.

 

As used in this Amendment:

 

“762
Madison Fee Interest” means the fee interest in 762 Madison Avenue, New York, New York together with all easements,
air rights, and development rights appurtenant and/or belonging to the fee interest or acquired by Applicable Green Owner;

 

“762
Madison Owner” means 762 Madison Owner LLC;

 

“Applicable
Affiliate” shall mean, with respect to each of the Company, the Partnership, and Applicable Green Owner (i) any
Affiliate as defined in the Partnership Agreement, (ii) any other Person that owns, directly or indirectly, more than fifteen percent
(15%) of the legal, beneficial or economic interests in such specified Person, (iii) any other Person in which such specified Person
or an Affiliate of such specified Person owns, directly or indirectly, more than fifteen percent (15%) of the legal, beneficial
or economic interests, (iv) any officer, director (other than an independent director), general partner, manager, managing member,
trustee of such specified Person and/or (v) any Affiliates of the Persons described in the foregoing clause (iv). For purposes
of this Agreement, the holder of the Series W Preferred Unit shall not be deemed an Applicable Affiliate;

 

“Applicable
Affiliate Costs” means all costs, fees, expenses, commissions and/or other consideration paid by or on
behalf of Applicable Green Owner to an Applicable Affiliate that are not incurred on arms-length terms substantially
consistent with then-prevailing market terms in similar transactions with unrelated parties;

 

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“Applicable
Affiliate Property Sale” means an Applicable Liquidation Event whereby the Applicable Fee Interest (or any portion
thereof or any direct or indirect interest therein) is, directly or indirectly, Transferred to (or following any Transfer, is retained
by) any Applicable Affiliate;

 

“Applicable
Fee Interest” shall mean collectively, (i) the “Weatherly Fee Interest” as defined in that certain
Liability Company Operating Agreement of Eastside Investors LLC dated as of September 28, 2011 together with all easements, air
rights, and development rights appurtenant and/or belonging to the fee interest or acquired by Applicable Green Owner and (ii)
from and after the Issue Date, the 762 Madison Fee Interest. For the avoidance of doubt, the Applicable Fee Interest includes the
fee interest in each of 762 Madison Avenue, New York, New York, 19 East 65th Street, New York, New York, 21 East 65th Street, New
York, New York and 752-760 Madison Avenue, New York, New York;

 

“Applicable
Green Owner” means collectively, Green Eastside Member LLC (only through November 2015, after which the Company
represents such entity’s leasehold interest in the Applicable Fee Interest was terminated), 752 Development Fee LLC, 752
Madison Owner 2 LLC (only through January 16, 2019, which the Company represents is the date on which such entity was merged with
and into 752 Development Fee LLC), 752 Madison Owner 3 LLC (only through January 16, 2019, which the Company represents is the
date on which such entity was merged with and into 752 Development Fee LLC), 762 Madison Owner (from and after the Issue Date)
and any Person to which the Applicable Fee Interest (or a portion thereof or direct or indirect interest therein) is Transferred
that is an Affiliate of the foregoing, the Partnership or the Company (including in each case pursuant to an Applicable Affiliate
Property Sale, foreclosure, deed in lieu of foreclosure, merger, reorganization or similar transaction);

 

“Applicable
Liquidation Event” means the date on which (i) the entire Applicable Fee Interest is transferred to a third party
(whether by merger, reorganization or sale transaction), (ii) all of the direct and indirect interests held by Applicable Green
Owner in the Applicable Fee Interest are transferred to a third party or (iii) all of the direct and indirect interests held by
the Partnership in the Applicable Green Owner are transferred to a third party; provided that, that if such transfer is an Applicable
Affiliate Property Sale, such transfer shall not be deemed an Applicable Liquidation Event; and provided, further, that, if following
such event that would otherwise be an Applicable Liquidation Event but for this proviso, reserves, amounts or other assets are
held by the applicable transferor, an Applicable Liquidation Event shall not be deemed to have occurred until all amounts required
to be distributed to the holder of the Series W Preferred Unit in respect of such reserves, amounts or assets have been so distributed;

 

“Reference
Amount” means, in respect of the applicable Distribution Period, three thousand (3,000) multiplied by the Reference
Class A Unit Distribution; and

 

“Reference
Class A Unit Distribution” means the quarterly cash distribution in respect of one Class A Unit for the relevant
Distribution Period (without double counting the payment in a following quarter of a distribution previously declared with respect
to the prior quarter).

 

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     (ii)                
In addition, pursuant to Section 5.01 of the Partnership Agreement but subject to the rights of holders of any Partnership
Interests ranking senior to the Series W Preferred Unit as to the payment of distributions, the holder of the Series W Preferred
Unit shall automatically be entitled to receive, out of funds legally available for the payment thereof, upon the occurrence of
the Determination Date, a preferential cash distribution in respect of the Series W Preferred Unit equal to the Special Distribution
Amount. The special distribution on the Series W Preferred Unit pursuant to this Section 3.C.(ii) (the “Special
Distribution”) shall be payable 90 calendar days after the Determination Date (or, if not a Business Day, the
next succeeding Business Day) when, as and if authorized by the Managing General Partner (acting reasonably). As used in this Amendment,
 “Special Distribution Amount” means a cash amount in dollars equal
to the product of 0.55 multiplied by the sum of all Reference Amounts determined pursuant to Section 3.C.(i) in respect of each
Distribution Period which ended after June 25, 2015 and prior to the Determination Date (together with such pro rata portion of
the Reference Amount as corresponds to the number of days that have elapsed in the then current Distribution Period in which the
Determination Date occurs on the basis of a 360-day year consisting of twelve 30-day months). For the avoidance of doubt, the calculation
of the “Special Distribution Amount” shall include each Distribution Period which ended after the issuance of the Series
O Preferred Unit in order to account for quarterly cash distributions in respect of Class A Units during the periods covered by
the Series O Amendment.

 

     (iii)              
No Periodic Distribution or Special Distribution on the Series W Preferred Unit shall be authorized by the Managing General
Partner or declared or paid or set apart for payment by the Partnership at such time as the terms and provisions of any agreement
of the Managing General Partner or the Partnership, including any agreement relating to its indebtedness, prohibits such authorization,
declaration, payment or setting apart for payment or provides that such authorization, declaration, payment or setting apart for
payment would constitute a breach thereof, or a default thereunder, or if such authorization, declaration, payment or setting apart
for payment shall be restricted or prohibited by law. Any Periodic Distribution or Special Distribution payment or payments on
the Series W Preferred Unit which may be in arrears shall entitle the holder of the Series W Preferred Unit (when, as and if authorized
by the Managing General Partner (acting reasonably)) to receive additional distribution amounts (“Additional
Distribution Amounts”) on such amount in arrears from the date of such payment was otherwise due until such amount
is paid at a rate of 6.25% compounded annually.

 

     (iv)              
Notwithstanding anything herein or in the Partnership Agreement to the contrary, Periodic Distributions and Special Distributions
with respect to the Series W Preferred Unit shall accumulate whether or not any of the foregoing restrictions exist, whether or
not there are funds legally available for the payment thereof and whether or not such Periodic Distributions are authorized by
the Managing General Partner, or otherwise. Accumulated but unpaid Periodic Distributions and Special Distributions on the Series
W Preferred Unit shall entitle the holder of the Series W Preferred Unit to Additional Distribution Amounts as set forth in Section
3.C.(iii). Any Periodic Distribution payment made on the Series W Preferred Unit shall first be credited against the earliest accumulated
but unpaid Periodic Distribution due with respect to the Series W Preferred Unit which remains payable.

 

     (v)                Except
as provided in Section 3.C.(vi), unless full cumulative Periodic Distributions and Special Distributions have been or
contemporaneously are declared and paid or authorized, declared and a sum sufficient for the payment thereof set apart for
such payment on the Series W Preferred Unit for all past distribution periods and the then current distribution period, no
distributions (other than in the form of Partnership Interests ranking junior to the Series W Preferred Unit as to the
payment of distributions, dividends and the distribution of assets upon any liquidation, dissolution or winding up of the
Partnership) shall be authorized, declared or paid or set apart for payment nor shall any other distribution be authorized,
declared or made upon any other Partnership Interests ranking, as to the payment of distributions or the distribution of
assets upon any liquidation, dissolution or winding up of the Partnership, junior to or on a parity with the Series W
Preferred Unit for any period, nor shall any other Partnership Interests ranking junior to or on a parity with the Series W
Preferred Unit as to the payment of distributions or the distribution of assets upon any liquidation, dissolution or winding
up of the Partnership, be redeemed, purchased or otherwise acquired for any consideration (or any moneys be paid to or made
available for a sinking fund for the redemption of any such Partnership Interests) by the Partnership (except by conversion
into or exchange for Partnership Interests ranking junior to the Series W Preferred Unit as to the payment of distributions
and the distribution of assets upon any liquidation, dissolution or winding up of the affairs of the Partnership).

 

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     (vi)               
When distributions are not paid in full (or a sum sufficient for such full payment is not so set apart) upon the Series
W Preferred Unit and any other Partnership Interests ranking on a parity as to the payment of distributions with the Series W Preferred
Unit, all distributions authorized and declared upon the Series W Preferred Unit and any other Partnership Interests ranking on
a parity as to the payment of distributions with the Series W Preferred Unit shall be declared pro rata so that the amount of distributions
authorized and declared per Series W Preferred Unit and such other Partnership Interests shall in all cases bear to each other
the same ratio that accumulated Periodic Distributions and Special Distributions (including, if applicable, accumulated and unpaid
distributions for prior distribution periods) per each Series W Preferred Unit and such other Partnership Interests bear to each
other.

 

     (vii)             
The holder of the Series W Preferred Unit shall not be entitled to any distribution, whether payable in cash, property or
Partnership Interests, in excess of full cumulative Periodic Distributions, any Special Distribution, plus any Additional Distribution
if applicable, on the Series W Preferred Unit as described above. Accrued but unpaid Periodic Distributions on the Series W Preferred
Unit will accumulate as of the due date for payment of the Periodic Distribution for the Distribution Period ending on but excluding
January 1, 2020.

 

D.               
Allocations. Allocations of the Partnership’s items of income, gain, loss and deduction shall be allocated
to the holder of Series W Preferred Unit in accordance with Article VI of the Partnership Agreement.

 

E.                
Liquidation Preference.

 

    (i)                  In
the event of any voluntary or involuntary liquidation, dissolution or winding up of the Partnership, the Partnership shall
deliver prompt written notice to the holder of the Series W Preferred Unit (the “Liquidation
Notice”) setting forth the Partnership’s good faith determination of (x) the fair market value of the
Applicable Fee Interest and (y) the aggregate amount that would otherwise be distributable to the holder of the Series W
Preferred Unit as part of the Applicable Return Component (as calculated in accordance with the terms set forth in Exhibit C
hereto) in the event of an Applicable Liquidation Event, assuming the complete disposition of the Applicable Fee Interest at
the proposed fair market value (the “Liquidation Value”). Within
thirty (30) days of receipt of the Liquidation Notice by the holder of the Series W Preferred Unit, if the holder of the
Series W Preferred Unit reasonably believes that the fair market value of the Applicable Fee Interest is at least two per
cent (2%) higher than the fair market value of the Applicable Fee Interest as proposed by the Partnership, then the holder of
the Series W Preferred Unit may send a written notice to the Partnership (a “Liquidation
Value Dispute Notice”) advising the Partnership of such dispute. Upon receipt of a Liquidation Value Dispute
Notice, either the Partnership or the holder of the Series W Preferred Unit shall request the Real Estate Board of New York,
or its successor (“REBNY”) to appoint an arbitrator who shall be
impartial and not an Affiliate of either the Partnership or the holder of the Series W Preferred Unit and both parties shall
be bound by any appointment so made. If REBNY shall fail to appoint such an arbitrator within thirty (30) days after such
request is made, either the Partnership or the holder of the Series W Preferred Unit may apply to the Supreme Court, New York
County to make such appointment. The arbitrator shall be an MAI appraiser having at least fifteen (15) years of experience in
valuation of property which is located in New York City and similar to the Applicable Fee Interest.

 

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    (ii)                
Within seven (7) days after the appointment of the arbitrator, the arbitrator shall meet with the Partnership and the holder
of the Series W Preferred Unit (the “Initial Meeting”). At the Initial
Meeting, the Partnership shall submit to the arbitrator its determination of the Liquidation Value and the fair market value of
the Applicable Fee Interest (“Partnership’s Fair Market Value Determination”)
in a sealed envelope simultaneously with the holder of the Series W Preferred Unit’s submission to the arbitrator of its
determination of the Liquidation Value and the fair market value of the Applicable Fee Interest (“Holder’s
Fair Market Value Determination”) in a sealed envelope, whereupon the arbitrator shall open both envelopes. If
either party shall fail to so submit its determination of the fair market value of the Applicable Fee Interest, then the determination
of the party that submitted its determination shall constitute the fair market value of the Applicable Fee Interest. If the higher
of Holder’s Fair Market Value Determination and Partnership’s Fair Market Value Determination (the “Higher
Determination”) is not higher than the lower of Holder’s Fair Market Value Determination and Partnership’s
Fair Market Value Determination (the “Lower Determination”) by more
than five (5%) percent of the Higher Determination, then the arbitrator shall not make a determination as to the fair market value
of the Applicable Fee Interest, and the fair market value of the Applicable Fee Interest for purposes of determining the Liquidation
Value hereunder shall equal the average of the Holder’s Fair Market Value Determination and the Partnership’s Fair
Market Value Determination. If the Higher Determination is higher than the Lower Determination by more than five (5%) percent of
the Higher Determination, then the arbitrator shall set a hearing date for arbitration, which hearing date shall be scheduled to
be held no earlier than thirty (30) days and no later than sixty (60) days after the Initial Meeting.

 

    (iii)                There
shall be no discovery in the arbitration. On or before the date that is fifteen (15) days prior to the scheduled hearing, the
parties shall exchange opening written expert reports and opening written pre-hearing statements. Opening written pre-hearing
statements shall not exceed twenty (20) pages in length. On or before the date that is ten (10) days prior to the hearing,
the parties may exchange rebuttal written expert reports and rebuttal written pre-hearing statements. Rebuttal
written pre-hearing statements shall not exceed ten (10) pages in length. On or before the date that is seven (7) days prior
to the hearing, the parties shall exchange written witness lists, including a brief statement as to the subject matter to be
covered in the witnesses’ testimony. On or before the date that is five (5) days prior to the hearing, the parties
shall exchange all documents which they intend to offer at the hearing. Other than rebuttal witnesses, only the witnesses
listed on the witness lists shall be allowed to testify at the hearings. Closing arguments shall be heard immediately
following conclusion of all testimony. The proceedings shall be recorded by stenographic means. Each party may present live
witnesses and offer exhibits, and all witnesses shall be subject to cross-examination. The arbitrator shall conduct the
hearing so as to provide each party with sufficient time to present its case, both on direct and on rebuttal, and permit each
party appropriate time for cross examination; provided, that the arbitrator shall not extend the hearing beyond two (2) days.
Each party may, during its direct case, present evidence in support of its position and in opposition to the position of the
opposing party.

 

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    (iv)              
Following the procedure described in this Section 3.E above, the arbitrator shall make a determination of the fair market
value of the Applicable Fee Interest by selecting either the Partnership’s Fair Market Value Determination or the Holder’s
Fair Market Value Determination, whichever the arbitrator determines is closest to fair market value of the Applicable Fee Interest,
it being agreed that the arbitrator may not select any other amount as the fair market value of the Applicable Fee Interest. The
fees and expenses of any arbitration pursuant to Section 3.E shall be borne by the parties equally, but each party shall bear the
expense of its own attorneys and experts and the additional expenses of presenting its own proof. The arbitrator shall not have
the power to add to, modify or change any of the provisions of the Partnership Agreement. The valuation shall be binding and conclusive
upon both parties and shall thereafter be deemed the fair market value of the Applicable Fee Interest for purposes of determining
the Liquidation Value hereunder.

 

     (v)                
In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Partnership, the holder of the
Series W Preferred Unit shall be entitled to receive out of the assets of the Partnership available for distribution to the Partners
pursuant to Section 13.02. A of the Partnership Agreement an aggregate liquidation preference (the “Liquidation
Preference”) in respect of the Series W Preferred Unit equal to the sum of (x) the Cash Repurchase Consideration
(calculated as if a Repurchase Demand Notice had been delivered by the holder of the Series W Preferred Unit on the date that the
voluntary or involuntary liquidation, dissolution or winding up of the Partnership becomes effective) and (y) the Liquidation Value
as determined pursuant to this Section 3.E. The Liquidation Preference shall be payable to the holder of the Series W Preferred
Unit before any distribution of assets is made to holders of any other Partnership Interests that rank junior to the Series W Preferred
Unit as to the distribution of assets upon the liquidation, dissolution or winding up of the Partnership, but subject to the preferential
rights of the holders of Partnership Interests ranking senior to the Series W Preferred Unit as to the distribution of assets upon
the liquidation, dissolution or winding up of the Partnership.

 

     (vi)                If
upon any such voluntary or involuntary liquidation, dissolution or winding up of the Partnership, the assets of
the Partnership legally available for distribution to its Partners are insufficient to make such full payment to the holder
of the Series W Preferred Unit, and the corresponding amounts payable on all other Partnership Interests ranking on a parity
with the Series W Preferred Unit as to the distribution of assets upon the liquidation, dissolution or winding up of the
Partnership, then the holder of the Series W Preferred Unit, and all other holders of such Partnership Interests on a parity
with the Series W Preferred Unit shall share ratably in any such distribution of assets in proportion to the full liquidating
distributions (including, if applicable, accumulated and unpaid distributions) to which they would otherwise be respectively
entitled.

 

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     (vii)             
After payment of the full amount of the Liquidation Preference pursuant to paragraph (i) above, the holder of the Series
W Preferred Unit shall have no right or claim to any of the remaining assets of the Partnership.

 

     (viii)       
     None of a consolidation or merger of the Partnership with or into another entity, a merger of another entity with or into
the Partnership, a statutory unit exchange by the Partnership or a sale, lease or conveyance of all or substantially all of the
Partnership’s property or business shall be considered a liquidation, dissolution or winding up of the affairs of the Partnership.

 

F.                 
Repurchase and Conversion Rights.

 

     (i)                 
Notwithstanding any other provision of the Partnership Agreement to the contrary, the holder of the Series W Preferred Unit
shall have the right (the “Cash Repurchase Right”) to require the Partnership
to repurchase for cash the Series W Preferred Unit (a) at any time after the Determination Date and (b) at any time following the
occurrence of an Applicable Liquidation Event ((a) and (b) each a “Cash Repurchase Right
Trigger Event”), subject to clause 1 of Section 3.F.(iii). The repurchase price in respect of the Series W Preferred
Unit upon such repurchase shall be paid by the Partnership in cash and shall be a cash amount in dollars equal to the Determined
Number (as calculated in accordance with the terms set forth in Exhibit C hereto) multiplied by the Value of one Share of the Company
on the date the holder delivers the associated Repurchase Demand Notice (as defined below) (the “Cash
Repurchase Consideration”). From and after the applicable repurchase date, the Series W Preferred Unit so repurchased
shall no longer be outstanding and all rights hereunder, to distributions or otherwise, with respect to the Series W Preferred
Unit shall cease.

 

     (ii)                
In lieu of the holder’s Cash Repurchase Right, the holder of the Series W Preferred Unit shall, subject to clause
2 of Section 3.F.(iii), have the right to convert the Series W Preferred Unit at any time following the occurrence of the Cash
Repurchase Right Trigger Event into the Determined Number of Class B Units (which Class B Units shall automatically be converted
into Class A Units following the expiration of the applicable Distribution Period within which the conversion occurs).

 

(1)              
If the holder of the Series W Preferred Unit desires to require the Partnership to repurchase the Series W Preferred Unit
pursuant to Section 3.F.(i), such holder shall provide written notice to the Partnership (with a copy to the Managing General Partner)
in the form of the Notice of Repurchase Demand attached as Exhibit A hereto (a “Repurchase
Demand Notice”) via facsimile, hand delivery or other mail or messenger service. The date upon which the Partnership
initially receives a Repurchase Demand Notice shall be a “Notice Date”.
The Partnership shall pay to the holder of the Series W Preferred Unit the Cash Repurchase Consideration within ten (10) Business
Days after the Notice Date.

 

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(2)              
If the holder of the Series W Preferred Unit desires to convert the Series W Preferred Unit into Class B Units pursuant
to Section 3.F.(ii), such holder shall provide written notice to the Partnership (with a copy to the Managing General Partner)
in the form of the Notice of Conversion attached as Exhibit B hereto (a “Conversion
Notice”) via facsimile, hand delivery or other mail or messenger service. The date upon which the Partnership
initially receives a Conversion Notice shall be a “Notice Date”. The
Partnership shall issue and deliver within ten (10) Business Days after the Notice Date, to the holder of the Series W Preferred
Unit at the address of the holder on the books of the Partnership, the Determined Number of Class B Units (which Class B Units
shall automatically be converted into Class A Units following the expiration of the applicable Distribution Period within which
the conversion occurs).

 

     (iii)               
If (x) the holder of the Series W Preferred Unit fails to deliver a Repurchase Demand Notice or a Conversion Notice by the
date which is 30 calendar days following the occurrence of a Cash Repurchase Right Trigger Event and (y) the holder of the Series
W Preferred Unit shall have received all amounts then required to be distributed to it in connection with the Applicable Liquidation
Event (such date, the “End Date”), then the Partnership shall be entitled,
at its sole and absolute discretion, from and after the End Date to either (1) deem that the holder of the Series W Preferred Unit
had delivered a Repurchase Demand Notice on the End Date pursuant to Section 3.F.(ii)(1) or (2) deem that the holder of the Series
W Preferred Unit had delivered a Conversion Notice on the End Date pursuant to Section 3.F.(ii)(2).

 

G.               
Voting Rights. Except as required by applicable law, the Series W Preferred Unit shall have no voting rights, except
that no amendment of the Partnership Agreement shall be made that materially adversely affects the rights of the holder of Series
W Preferred Unit as set forth in this Amendment or that increases or creates any other obligations on the part of the holder of
the Series W Preferred Unit, without the consent of the holder of the Series W Preferred Unit (unless all holders of the Partnership
Interests are materially adversely affected to the same degree). For the avoidance of doubt, any amendment to create, establish
or amend the rights and designations of a class or series of Partnership Units, other than the Series W Preferred Unit, shall not
require the consent of the holder of the Series W Preferred Unit provided it otherwise complies with this Amendment.

 

H.               
Transfer. In addition to the restrictions set forth in Section 11.03 of the Partnership Agreement, except as set
forth in Section 3.F above, the holder of the Series W Preferred Unit may not Transfer the Series W Preferred Unit without the
consent of the Managing General Partner, which consent may be withheld in the Managing General Partner’s sole discretion;
provided, however, that nothing in this Amendment or in the Partnership Agreement shall inhibit or restrict a holder’s ability
to (a) exercise the redemption right set forth in Section 8.06 of the Partnership Agreement with respect to Class B Units into
which the Series W Preferred Unit may be exchanged pursuant to Section 3.F of this Amendment (or the Class A Units into which such
Class B Units automatically convert following the expiration of the Distribution Period within which the conversion occurs) or
(b):

 

     (i)                
Transfer the Series W Preferred Unit to one Person that is (a) controlled directly or indirectly by Ofer Yardeni (“OY”)
and/or (b) wholly owned by OY and/or any one or more members of OY’s Immediate Family or OY Trusts controlled by OY; or

 

    10 

     

    

 

     (ii)                
Transfer the direct or indirect legal, beneficial or economic interests in the holder of the Series W Preferred Unit to
(w) so long as OY continues to directly or indirectly control the holder of the Series W Preferred Unit, any member of OY’s
Immediate Family, (x) any entity owned one hundred percent (100%), directly or indirectly, by OY and/or one or more members of
OY’s Immediate Family or OY Trusts controlled by OY, (y) a trust for the benefit of OY or any of OY’s Immediate Family
(“OY Trusts”) and/or (z) by will or intestacy to one or more of the
Persons listed in the preceding clauses (w)-(y);

 

As used herein, “Transfer”
shall have the meaning of “transfer” as defined in Section 11.1(A) in the Partnership Agreement provided, that the
term “Transfer” as used in this Section 3.H or Article XI of the Partnership Agreement shall not include any repurchase
of the Series W Preferred Unit by the Partnership or the conversion of Series W Preferred Unit into Class B Units. The term “Transferred”
shall be interpreted accordingly.

 

I.                  
Restrictions on Ownership. No person that is not a legal resident of the United States of America shall be permitted
to beneficially own, directly or indirectly for U.S. federal income tax purposes, the Series W Preferred Unit. The acquisition
of the Series W Preferred Unit by any person that is not a legal resident of the United States of America, whether or not in accordance
with Section 3.H above, shall be void ab initio.

 

J.                  
Information Rights. The holder of the Series W Preferred Unit shall have the right (reasonably exercised and after
reasonable prior notice to the Partnership and the Managing General Partner and subject to compliance with applicable law and regulation
and subject to the execution of any confidentiality agreements that the Company and/or the Partnership may reasonably require),
at its own expense, to examine, or have its duly authorized representative examine, the books of account and records of the Applicable
Owner, and the Partnership’s records to the extent specifically pertaining to the Applicable Fee Interest and/or the Series
W Preferred Unit and such other information reasonably related to the Applicable Fee Interest and the Series W Preferred Unit and
Applicable Owner and the Partnership shall each make such available at the office at which those books are maintained.

 

4.                 
Except as modified herein, all terms and conditions of the Partnership Agreement shall remain in full force and effect,
which terms and conditions the Managing General Partner hereby ratifies and confirms.

 

5.                 
This Amendment shall be construed and enforced in accordance with and governed by the laws of the State of Delaware, without
regard to conflicts of law.

 

6.                 
If any provision of this Amendment is or becomes invalid, illegal or unenforceable in any respect, the validity, legality
and enforceability of the remaining provisions contained herein shall not be affected thereby.

 

    11 

     

    

 

IN WITNESS WHEREOF,
the undersigned has executed this Amendment as of the date first set forth above.

 

	 	SL GREEN REALTY CORP., a
    Maryland corporation,
	 	 
	 	as Managing General Partner
    of SL Green Operating Partnership, L.P.
	 	 
	 	and on behalf of existing Limited
    Partners
	 	 
	 	By:	/s/ Andrew
    Levine
	 	 	Name:	Andrew Levine
	 	 	Title:	Executive Vice
    President

 

[Signature Page to Amendment to Partnership
Agreement in respect of Series W Preferred Unit]

 

 

     

     

    

 

Exhibit A

 

Notice of Repurchase Demand

 

The undersigned holder
of the Series W Preferred Unit hereby irrevocably requests SL Green Operating Partnership, L.P., a Delaware limited partnership
(the “Partnership”), to repurchase the Series W Preferred Unit stated
herein in accordance with the terms of the First Amended and Restated Agreement of Limited Partnership of SL Green Operating Partnership,
L.P., as amended from time to time in accordance with its terms, and the Cash Repurchase Right referred to therein; and the undersigned
irrevocably (i) surrenders such Series W Preferred Unit and all right, title and interest therein and (ii) direct(s) that the Cash
Repurchase Consideration deliverable in accordance with this Notice be delivered in the name(s) and at the address(es) specified
below.

 

The undersigned hereby
represents, warrants, and certifies that each of the undersigned (a) has good and unencumbered title to the Series W Preferred
Unit that are the subject of this Notice, free and clear of the rights or interests of any other person or entity, (b) has the
full right, power, and authority to demand repurchase and surrender the Series W Preferred Unit that is the subject of this Notice
and (c) has obtained the consent or approval of all persons or entities, if any, having the right to consent or approve such repurchase
and surrender.

 

	Dated:	 	 
	 	 	 
	Name:	 	 
	 	(Please Print)	 
	 	 	 
	 	 	 
	 	(Signature)	 
	 	 	 
	 	 	 
	 	(Street Address)	 
	 	 	 
	 	 	 
	 	(City) (State) (Zip Code)	 

 

    A-1 

     

    

 

Exhibit B

 

Notice of Conversion

 

The undersigned holder
of the Series W Preferred Unit hereby irrevocably requests SL Green Operating Partnership, L.P., a Delaware limited partnership
(the “Partnership”), to convert the Series W Preferred Unit into Class
B Units (as defined in the Partnership’s First Amended and Restated Agreement of Limited Partnership, as amended from time
to time (the “Partnership Agreement”)) in accordance with the terms
of the Partnership Agreement, as amended from time to time in accordance with its terms; and the undersigned irrevocably (i) surrenders
the Series W Preferred Unit and all right, title and interest therein and (ii) directs that the Class B Units deliverable in accordance
with this Notice be delivered in the name(s) and at the address(es) specified below.

 

The undersigned hereby
represents, warrants, and certifies that each of the undersigned (a) has good and unencumbered title to the Series W Preferred
Unit that are the subject of this Notice, free and clear of the rights or interests of any other person or entity, (b) has the
full right, power, and authority to request the conversion requested herein and (c) has obtained the consent or approval of all
persons or entities, if any, having the right to consent or approve such conversion and surrender.

 

	Dated:	 	 
	 	 	 
	Name:	 	 
	 	(Please Print)	 
	 	 	 
	 	 	 
	 	(Signature)	 
	 	 	 
	 	 	 
	 	(Street Address)	 
	 	 	 
	 	 	 
	 	(City) (State) (Zip Code)	 

 

    B-1EX-4.13

 Exhibit 4.13 

This THIRTEENTH SUPPLEMENTAL INDENTURE (this “Thirteenth Supplemental Indenture”), dated as of January 13, 2020, among
SEASPAN CORPORATION, a corporation duly organized and existing under the laws of the Republic of the Marshall Islands with limited liability (the “Company”), each of the subsidiaries listed on the signature pages hereto as
“Guarantors” (collectively, the “Guarantors”) and THE BANK OF NEW YORK MELLON, as trustee (the “Trustee”). 

RECITALS 
 WHEREAS, the
Company and the Trustee have heretofore executed and delivered an indenture, dated as of October 10, 2017 (the “Base Indenture”), providing for the issuance by the Company from time to time of its Securities to be issued in one
or more series, which Base Indenture was amended and supplemented by (i) a second supplemental indenture, dated as of February 14, 2018 (the “Second Supplemental Indenture”), among the Company, the guarantors party thereto
and the Trustee, providing for the issuance of a series of Securities designated as its “5.50% Senior Notes due 2025”, in an aggregate principal amount of $250,000,000 (the “2025 Notes”), (ii) a third supplemental
indenture, dated as of February 22, 2018 (the “Third Supplemental Indenture”), among the Company, the guarantors party thereto and the Trustee, (iii) a fourth supplemental indenture, dated as of March 22, 2018 (the
“Fourth Supplemental Indenture”), among the Company, the guarantors party thereto and the Trustee, (iv) a fifth supplemental indenture, dated as of March 26, 2018 (the “Fifth Supplemental Indenture”),
among the Company, the guarantors party thereto and the Trustee, (v) a sixth supplemental indenture, dated as of March 26, 2018 (the “Sixth Supplemental Indenture”), among the Company, the guarantors party thereto and the
Trustee, (vi) a seventh supplemental indenture, dated as of June 8, 2018 (the “Seventh Supplemental Indenture”), among the Company, the guarantors party thereto and the Trustee, (vii) an eighth supplemental indenture,
dated as of July 16, 2018 (the “Eighth Supplemental Indenture”), among the Company, the guarantors party thereto and the Trustee, (viii) a ninth supplemental indenture, dated as of January 15, 2019 (the “Ninth
Supplemental Indenture”), among the Company, the Guarantors and the Trustee, providing for the issuance of a series of Securities designated as its “5.50% Senior Notes due 2026”, in an aggregate principal amount of $250,000,000
(the “2026 Notes” and, together with the 2025 Notes, the “Notes”), (ix) a tenth supplemental indenture, dated as of January 15, 2019 (the “Tenth Supplemental Indenture”), among the Company, the
guarantors party thereto and the Trustee, (x) an eleventh supplemental indenture, dated as of August 22, 2019 (the “Eleventh Supplemental Indenture” and, together with the Base Indenture, the Second Supplemental Indenture,
the Third Supplemental Indenture, the Fourth Supplemental Indenture, the Fifth Supplemental Indenture, the Sixth Supplemental Indenture, the Seventh Supplemental Indenture, the Eighth Supplemental Indenture and the Tenth Supplemental Indenture, the
“2025 Notes Indenture”), among the Company, the guarantors party thereto and the Trustee and (xi) a twelfth supplemental indenture, dated as of August 22, 2019 (the “Twelfth Supplemental Indenture” and,
together with the Base Indenture and the Ninth Supplemental Indenture, the “2026 Notes Indenture”), among the Company, the guarantors party thereto and the Trustee; 

WHEREAS, Section 7.02 of the Second Supplemental Indenture provides that the Company, the Guarantors and the Trustee may, with the
consent of the Holders of not less than a majority in principal amount of the Outstanding 2025 Notes, enter into indentures supplemental to the 2025 Notes Indenture for the purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of the 2025 Notes Indenture or of modifying in any manner the rights of the Holders of the 2025 Notes, subject to certain exceptions noted therein; 

WHEREAS, Section 7.02 of the Ninth Supplemental Indenture provides that the Company, the Guarantors and the Trustee may, with the consent
of the Holders of not less than a majority in principal amount of the Outstanding 2026 Notes, enter into indentures supplemental to the 2026 Notes Indenture for the purpose of adding any provisions to or changing in any manner or eliminating any of
the provisions of the 2026 Notes Indenture or of modifying in any manner the rights of the Holders of the 2026 Notes, subject to certain exceptions noted therein; 

 WHEREAS, in accordance with Section 1.4 of the Base Indenture, Section 7.02 of the
Second Supplemental Indenture and Section 7.02 of the Ninth Supplemental Indenture, each of the Holders of the Notes have duly authorized the execution and delivery of this Thirteenth Supplemental Indenture; 

WHEREAS, the Company intends by this Thirteenth Supplemental Indenture to evidence the amendment of certain covenants under the 2025 Notes
Indenture and the 2026 Notes Indenture; 
 WHEREAS, pursuant to Section 7.02 of the Second Supplemental Indenture and Section 7.02
of the Ninth Supplemental Indenture, the Trustee, the Company and the Guarantors have received the required consents of the Holders of each of the 2025 Notes and the 2026 Notes and are authorized to execute and deliver this Thirteenth Supplemental
Indenture to amend or supplement the 2025 Notes Indenture and the 2026 Notes Indenture as set forth herein; and 
 WHEREAS, all actions
required to be taken by the Company and each of the Guarantors under the 2025 Notes Indenture and the 2026 Notes Indenture to make this Thirteenth Supplemental Indenture a valid, binding and legal agreement of the Company and each of the Guarantors,
have been done. 
 NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the sufficiency and
adequacy of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.01. Definitions. 

(a) The definition of “Board of Directors” set forth in Section 1.1. Definitions of the Base Indenture
shall be deleted in its entirety with respect to the 2025 Notes and the 2026 Notes and replaced with the following: 

“Board of Directors” prior to the consummation of a Permitted Reorganization, means the board of directors of the
Company or any committee of that board duly authorized to act generally or in any particular respect for the Company hereunder; and following the consummation of a Permitted Reorganization, means the board of directors of TopCo or any committee of
such board duly authorized to act generally or in any particular respect for TopCo hereunder. 
 (b) Upon the consummation of a Permitted
Reorganization, the definitions of “Permitted Payments” set forth in Section 1.01. Definitions of the Second Supplemental Indenture and the Ninth Supplemental Indenture shall be deleted in their entirety and
replaced with the following: 
 “Permitted Payment” means: 

(a)    any cash dividend paid on shares of Preferred Stock of TopCo that does not exceed the dividend
stipulated in the statement of designation (including all accumulated but as yet unpaid dividends) for such shares of Preferred Stock; 

(b)    any cash dividend paid on Common Stock of TopCo that does not exceed the greater of (i) $0.50 per
share, when aggregated with all other such cash dividends paid on a share of Common Stock of TopCo in the preceding 360 days (or, to the extent the preceding 360 days include any days prior to a Permitted Reorganization, any cash dividends paid on a
share of Common Stock of the Company during such portion of the preceding 360 days), and (ii) the Capital Distribution Amount at the time of payment; 

  
 2 

 (c)    any cash paid on the retirement, repurchase or
redemption of shares of Common Stock of TopCo that is not greater than the Capital Distribution Amount the time of payment; 

(d)    [Reserved]; 

(e)    any cash paid on an retirement, repurchase or redemption of shares of Preferred Stock of TopCo that
is (i) not greater than the Capital Distribution Amount at the time of payment or (ii) funded entirely from the net cash proceeds of the issuance and sale by TopCo of Common Stock of TopCo and or another series of Preferred Stock of TopCo
that is comparable to the Preferred Stock of TopCo being retired, repurchased or redeemed; and 

(f)    any other Restricted Payment made in cash with the prior written consent of Holders of not less than
a majority in principal amount of the Outstanding Notes. 
 (c) The following definitions are hereby added to the 2025 Notes Indenture with
respect to the 2025 Notes and the 2026 Notes Indenture with respect to the 2026 Notes: 
 “Merger Sub” means
Seaspan Holdco V, Ltd., a Marshall Islands corporation, and wholly-owned subsidiary of TopCo formed in connection with a Permitted Reorganization. 

“Permitted Reorganization” means the Company’s plan to effectuate a corporate reorganization through a series of
related transactions, which may include but not necessarily be limited to, (i) the Company forming TopCo, (ii) TopCo forming Merger Sub, (iii) Merger Sub merging with and into the Company, with the Company as the surviving corporation
and a wholly-owned subsidiary of TopCo, and (iv) the shareholders of the Company receiving TopCo shares upon the cancellation of their Company shares. 

“TopCo” means Atlas Corp., a Marshall Islands corporation, and wholly-owned subsidiary of the Company formed in
connection with a Permitted Reorganization. 
 (c) All capitalized terms used herein and not otherwise defined below shall have the meanings
ascribed thereto in the 2025 Notes Indenture or the 2026 Notes Indenture, as applicable. 
 ARTICLE II 

AMENDMENTS 

Section 2.01. Amendment of Certain Covenants. 

(a) Upon the consummation of a Permitted Reorganization, Section 7.4. Reports by Company of the Base Indenture shall
be deemed automatically deleted in its entirety with respect to the 2025 Notes and the 2026 Notes and replaced in lieu thereof with the following: 

“Section 7.4. Listing of Notes and Related Filings. TopCo and the Company shall ensure that the 2025 Notes,
2026 Notes and any other notes issued by the Company to affiliates of Fairfax Financial Holdings Limited under or in connection with the Base Indenture will be listed and posted for trading on the Global Exchange Market (or such other national
exchange as may be mutually agreed by the Company and the Holders in writing from time to time) prior to or immediately after the consummation of the Permitted Reorganization, and TopCo and the Company shall ensure that all listing and filing
requirements in connection with maintaining the listing and posting for trading of the foregoing notes on such exchange shall be maintained while any amounts remain outstanding under the foregoing notes. For the avoidance of doubt, the Trustee shall
have no obligations with respect to the listing of the Notes on any exchange or related filings.” 

  
 3 

 (b) Section 5.05. Restricted Payments in each of the Second
Supplemental Indenture and of the Ninth Supplemental Indenture is hereby deleted in its entirety and replaced in lieu thereof with the following: 

“Section 5.05. Restricted Payments. Prior to the consummation of a Permitted Reorganization, the Company will
not, nor will the Company permit any of its Subsidiaries to, declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment, except (a) the Company may make Restricted Payments payable solely in equity interests issued
by the Company and not in cash (which shall include dividends paid in equity interests through the Company’s dividend reinvestment plan), (b) a Subsidiary of the Company may make Restricted Payments in cash to the Company or another Subsidiary
of the Company and in each case to other owners of the equity of such Subsidiary on a pro rata basis and (c) the Company may make any other Restricted Payments in cash in accordance with applicable law so long as (i) after giving effect
thereto no Default has occurred and is continuing and no Default will result therefrom and (ii) such payment is a Permitted Payment. 

On or after the consummation of a Permitted Reorganization, TopCo will not, nor will TopCo permit any of its Subsidiaries to,
declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment, except (a) TopCo may make Restricted Payments payable solely in equity interests issued by TopCo and not in cash (which shall include dividends paid in
equity interests through TopCo’s dividend reinvestment plan), (b) TopCo or any Subsidiary of TopCo may make Restricted Payments in cash to TopCo or another Subsidiary of TopCo and in each case to other owners of the equity of such Subsidiary on
a pro rata basis and (c) TopCo may make any other Restricted Payments in cash in accordance with applicable law so long as (i) after giving effect thereto no Default has occurred and is continuing and no Default will result therefrom and
(ii) such payment is a Permitted Payment.” 
 (c) The following sentence shall be added at the end of clause (a) of
Section 5.08. Subsidiary Guarantee in the Second Supplemental Indenture and the Ninth Supplemental Indenture: 

“Section 5.08. Subsidiary Guarantee. 

(a)    [...] Notwithstanding the foregoing, in the event of a Permitted Reorganization, none of TopCo or
Merger Sub shall have an obligation to provide a guarantee, become a Guarantor of the Notes or execute a joinder to the Registration Rights Agreement. 

(d) Section 5.09. Board Representation in the Second Supplemental Indenture is hereby deleted in its entirety and
replaced in lieu thereof with the following: 
 “Section 5.09. Board Representation. The Initial Beneficial
Owners shall have the right to designate (a) two members of the Board of Directors and, in the event that a Permitted Reorganization is consummated, one member to the board of directors of the Company, if at least $125.0 million aggregate
principal amount of the Notes remain outstanding and (b) one member of the Board of Directors if less than $125.0 million aggregate principal amount of the Notes remain outstanding but greater than $50.0 million aggregate principal
amount of the Notes remain outstanding (each, a “Noteholder Director”), in each case to be appointed to the Board of Directors promptly following such designation, and TopCo or the Company, as applicable, shall cause such Noteholder
Directors to be duly appointed or elected to the Board of Directors; provided, however, that in no event shall the rights under the indenture governing the Company’s 5.50% Senior Notes due 2026 or this Second Supplemental
Indenture allow the Initial Beneficial Owners to designate more than two members to the Board of Directors (and one member to the board of directors of the Company, in the event that a Permitted Reorganization is consummated) if the threshold
described in clause (a) above is reached, or to designate more than one member to the Board of Directors if the threshold described in clause (b) above is reached; provided, further,

  
 4 

 
that such directors (x) must be reasonably qualified to serve as a member of the Board of Directors (or the board of directors of the Company, as the case may be) and (y) are not
prohibited from acting as a member of the Board of Directors (or the board of directors of the Company, as the case may be) by any applicable law or regulation (including but not limited to U.S. securities laws and New York Stock Exchange
regulations). In the event that any Noteholder Director resigns or is removed from office, TopCo or the Company, as applicable, agrees to take all necessary actions to install, in lieu of such person, such new person on the Board of Directors or the
board of directors of the Company as may be designated by the Initial Beneficial Owners, in accordance with this Section 5.09.” 

(e) Section 5.09. Board Representation in the Ninth Supplemental Indenture is hereby deleted in its entirety and
replaced in lieu thereof with the following: 
 “Section 5.09. Board Representation. The Initial Beneficial
Owners shall have the right to designate (a) two members of the Board of Directors and, in the event that a Permitted Reorganization is consummated, one member to the board of directors of the Company, if at least $125.0 million aggregate
principal amount of the Notes remain outstanding and (b) one member of the Board of Directors if less than $125.0 million aggregate principal amount of the Notes remain outstanding but greater than $50.0 million aggregate principal
amount of the Notes remain outstanding (each, a “Noteholder Director”), in each case to be appointed to the Board of Directors promptly following such designation, and TopCo or the Company, as applicable, shall cause such Noteholder
Directors to be duly appointed or elected to the Board of Directors; provided, however, that in no event shall the rights under the indenture governing the Company’s 5.50% Senior Notes due 2025 or this Ninth Supplemental Indenture
allow the Initial Beneficial Owners to designate more than two members to the Board of Directors (and one member to the board of directors of the Company, in the event that a Permitted Reorganization is consummated) if the threshold described in
clause (a) above is reached, or to designate more than one member to the Board of Directors if the threshold described in clause (b) above is reached; provided, further, that such directors (x) must be reasonably
qualified to serve as a member of the Board of Directors (or the board of directors of the Company, as the case may be) and (y) are not prohibited from acting as a member of the Board of Directors (or the board of directors of the Company, as
the case may be) by any applicable law or regulation (including but not limited to U.S. securities laws and New York Stock Exchange regulations). In the event that any Noteholder Director resigns or is removed from office, TopCo or the Company, as
applicable, agrees to take all necessary actions to install, in lieu of such person, such new person on the Board of Directors or the board of directors of the Company as may be designated by the Initial Beneficial Owners, in accordance with this
Section 5.09.” 
 ARTICLE III 

MISCELLANEOUS 
 Section
3.01. Ratification of 2025 Notes Indenture. This Thirteenth Supplemental Indenture is executed and shall be constructed as an indenture supplement to the Base Indenture, as amended and supplemented by the Second Supplemental Indenture, the
Third Supplemental Indenture, the Fourth Supplemental Indenture, the Fifth Supplemental Indenture, the Sixth Supplemental Indenture, the Seventh Supplemental Indenture, the Eighth Supplemental Indenture, the Tenth Supplemental Indenture and the
Eleventh Supplemental Indenture and as further supplemented and modified hereby, the Base Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture, the Fourth Supplemental Indenture, the Fifth Supplemental Indenture, the Sixth
Supplemental Indenture, the Seventh Supplemental Indenture, the Eighth Supplemental Indenture, the Tenth Supplemental Indenture and the Eleventh Supplemental Indenture are in all respects ratified and confirmed, and the Base Indenture, the Second

  
 5 

 
Supplemental Indenture, the Third Supplemental Indenture, the Fourth Supplemental Indenture, the Fifth Supplemental Indenture, the Sixth Supplemental Indenture, the Seventh Supplemental
Indenture, the Eighth Supplemental Indenture, the Tenth Supplemental Indenture and the Eleventh Supplemental Indenture shall be read, taken and constructed as one and the same instrument. 

Section 3.02. Ratification of 2026 Notes Indenture. This Thirteenth Supplemental Indenture is executed and shall be constructed as
an indenture supplement to the Base Indenture, as amended and supplemented by the Ninth Supplemental Indenture and the Twelfth Supplemental Indenture and as further supplemented and modified hereby, the Base Indenture, the Ninth Supplemental
Indenture and the Twelfth Supplemental Indenture are in all respects ratified and confirmed, and the Base Indenture, the Ninth Supplemental Indenture and the Twelfth Supplemental Indenture shall be read, taken and constructed as one and the same
instrument. 
 Section 3.03. Trust Indenture Act Controls. If any provision of this Thirteenth Supplemental Indenture limits,
qualifies or conflicts with another provision that is required or deemed to be included in this Thirteenth Supplemental Indenture by the Trust Indenture Act, the required or deemed provision shall control. 

Section 3.04. Notice of Permitted Reorganization. The Company shall provide a notice to the Trustee upon the occurrence of a
Permitted Reorganization. Absent receipt of such notice, the Trustee shall be entitled to conclusively rely on the fact that no Permitted Reorganization has occurred. 

Section 3.05. Notices. All notices and other communications shall be given as provided in the 2025 Notes Indenture or the 2026
Notes Indenture, as applicable. 
 Section 3.06. Governing Law. THIS THIRTEENTH SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE OR INSTRUMENTS ENTERED INTO AND, IN EACH CASE, PERFORMED IN THE STATE OF NEW YORK. Any dispute, action or proceeding arising out of or relating to this
Thirteenth Supplemental Indenture in respect hereof or the rights of any party under this Thirteenth Supplemental Indenture shall be exclusively maintained in the U.S. federal or New York State Court sitting in the Borough of Manhattan, The City of
New York, New York. Each of the parties hereto: (i) agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law, and
(ii) irrevocably submits to the jurisdiction of such courts in any suit, action or proceeding. Each party to this Thirteenth Supplemental Indenture irrevocably waives, to the fullest extent permitted by applicable law, all right of trial by
jury in any action, proceeding or counterclaim based on, or arising out of, under or in connection with this Thirteenth Supplemental Indenture or any matter arising hereunder. 

Section 3.07. Judgment Currency. The Company and each of the Guarantors agrees, to the fullest extent that it may effectively do
so under applicable law, that (i) if for the purpose of obtaining judgment in any court it is necessary to convert the sum due in respect of the principal of, or premium or interest, if any, or Additional Interest or Additional Amounts on the
2025 Notes or the 2026 Notes, as applicable, or any indemnities due hereunder from the Company or any Guarantor (the “Required Currency”) into a currency in which a judgment will be rendered (the “Judgment
Currency”), the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New York the requisite amount of the Required Currency with the Judgment Currency on the
New York Banking Day preceding the day on which a final unappealable judgment is given and (ii) its obligations under the 2025 Notes Indenture and the 2026 Notes Indenture to make payments in the Required Currency (a) shall not be
discharged or satisfied by any tender, or any recovery pursuant to any judgment (whether or not entered in accordance with clause (i)), in any currency other than the Required Currency, except to the extent that such tender or recovery shall result
in the actual receipt, by the payee, 

  
 6 

 
of the full amount of the Required Currency expressed to be payable in respect of such payments, (b) shall be enforceable as an alternative or additional cause of action for the purpose of
recovering in the Required Currency the amount, if any, by which such actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable and (c) shall not be affected by judgment being obtained for any other
sum due under the 2025 Notes Indenture or the 2026 Notes Indenture, as applicable. For purposes of the foregoing, “New York Banking Day” means any day except a Saturday, Sunday or a legal holiday in The City of New York or a day on
which banking institutions in The City of New York are authorized or obligated by law, regulation or executive order to be closed. 

Section 3.08. Successors. All covenants and agreements in this Thirteenth Supplemental Indenture by the Company shall bind its
successors and assigns, whether so expressed or not. 
 Section 3.09. Counterparts. This Thirteenth Supplemental Indenture may
be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. Counterparts may be executed either in original, facsimile or electronic (i.e., “pdf” or
“tif”) form and the parties hereto adopt any signatures received by facsimile or electronic (i.e., “pdf” or “tif”) transmission as the original signature of such party. 

Section 3.10. Headings. The Article and Section headings of this Thirteenth Supplemental Indenture are for convenience only and
shall not affect the construction hereof. 
 Section 3.11. Trustee Not Responsible for Recitals. The recitals contained herein
shall be taken as the statements of the Company and the Guarantors and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Thirteenth Supplemental Indenture,
except that the Trustee represents that it is duly authorized under its corporate bylaws to execute and deliver this Thirteenth Supplemental Indenture and perform its obligations hereunder. 

[SIGNATURE PAGES TO FOLLOW] 

  
 7 

 IN WITNESS WHEREOF, the parties have caused this Thirteenth Supplemental Indenture to be
duly executed as of the date first written above. 
  

			
	COMPANY:
	
	SEASPAN CORPORATION
		
	By:	 	 /s/ Bing Chen

	Name:	 	Bing Chen
	Title:	 	President and Chief Executive Officer

 Acknowledged and agreed as of the date first written above. 

 

			
	TOPCO:
	
	ATLAS CORP.
		
	By:	 	 /s/ Bing Chen

	Name:	 	Bing Chen
	Title:	 	President and Chief Executive Officer

  
 [Signature page to
Thirteenth Supplemental Indenture] 

 
			
	GUARANTORS:
	
	Seaspan Holding 140 Ltd.
		
	By:	 	 /s/ Ryan Courson

	Name:	 	Ryan Courson
	Title:	 	Chief Financial Officer
	
	Seaspan 140 Ltd.
		
	By:	 	 /s/ Ryan Courson

	Name:	 	Ryan Courson
	Title:	 	Chief Financial Officer
	
	Seaspan (Asia) Corporation
		
	By:	 	 /s/ Ryan Courson

	Name:	 	Ryan Courson
	Title:	 	Chief Financial Officer
	
	Seaspan Containership 2180 Ltd.
		
	By:	 	 /s/ Ryan Courson

	Name:	 	Ryan Courson
	Title:	 	Chief Financial Officer
	
	Seaspan Containership 2181 Ltd.
		
	By:	 	 /s/ Ryan Courson

	Name:	 	Ryan Courson
	Title:	 	Chief Financial Officer
	
	Seaspan Holdco I Ltd.
		
	By:	 	 /s/ Ryan Courson

	Name:	 	Ryan Courson
	Title:	 	Chief Financial Officer
	
	Seaspan Holdco II Ltd.
		
	By:	 	 /s/ Ryan Courson

	Name:	 	Ryan Courson
	Title:	 	Chief Financial Officer

  
 [Signature page to
Thirteenth Supplemental Indenture] 

 
			
	Seaspan Holdco III Ltd.
		
	By:	 	 /s/ Ryan Courson

	Name:	 	Ryan Courson
	Title:	 	Chief Financial Officer
	
	Seaspan Holdco IV Ltd.
		
	By:	 	 /s/ Ryan Courson

	Name:	 	Ryan Courson
	Title:	 	Chief Financial Officer
	
	Seaspan Investment I Ltd.
		
	By:	 	 /s/ Ryan Courson

	Name:	 	Ryan Courson
	Title:	 	Chief Financial Officer
	
	Seaspan Ship Management Ltd.
		
	By:	 	 /s/ Bing Chen

	Name:	 	Bing Chen
	Title:	 	Chief Executive Officer
	
	Seaspan Crew Management Ltd.
		
	By:	 	 /s/ Ryan Courson

	Name:	 	Ryan Courson
	Title:	 	Chief Financial Officer
	
	Seaspan Management Services Limited
		
	By:	 	 /s/ Bing Chen

	Name:	 	Bing Chen
	Title:	 	President
	
	Seaspan Advisory Services Limited
		
	By:	 	 /s/ Bing Chen

	Name:	 	Bing Chen
	Title:	 	President
	
	Seaspan Capital Ltd.
		
	By:	 	 /s/ Bing Chen

	Name:	 	Bing Chen
	Title:	 	Chief Executive Officer

  
 [Signature page to
Thirteenth Supplemental Indenture] 

 
			
	GC Intermodal II, Ltd.
		
	By:	 	 /s/ Ryan Courson

	Name:	 	Ryan Courson
	Title:	 	Chief Financial Officer
	
	GC Intermodal III, Ltd.
		
	By:	 	 /s/ Ryan Courson

	Name:	 	Ryan Courson
	Title:	 	Chief Financial Officer
	
	GC Intermodal XII, Ltd.
		
	By:	 	 /s/ Ryan Courson

	Name:	 	Ryan Courson
	Title:	 	Chief Financial Officer
	
	GC Intermodal XIV, Ltd.
		
	By:	 	 /s/ Ryan Courson

	Name:	 	Ryan Courson
	Title:	 	Chief Financial Officer

  
 [Signature page to
Thirteenth Supplemental Indenture] 

 
			
	TRUSTEE:
	
	THE BANK OF NEW YORK MELLON, as Trustee
		
	By:	 	 /s/ John D. Bowman

	Name:	 	John D. Bowman
	Title:	 	Vice President

  
 [Signature page to
Thirteenth Supplemental Indenture]

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