Document:

exh_46.htm

Exhibit 4.6

 

Grant No. ______

 

SIGNAL GENETICS, INC.

 

RESTRICTED STOCK UNIT GRANT AGREEMENT

UNDER THE 2014 STOCK INCENTIVE PLAN

 

This Restricted Stock Unit Grant Agreement (this “Grant Agreement”), is made and entered into as of the date of grant set forth below (the “Date of Grant”) by and between Signal Genetics, Inc., a Delaware corporation (the “Company”), and the participant named below (the “Participant”), pursuant to the Signal Genetics, Inc. 2014 Stock Incentive Plan (the “Plan”).  Capitalized terms not defined herein have the meanings ascribed to them in the Plan.  Where the context permits, references to the Company include any successor to the Company.

 

Name of Participant: _________________________________

 

Social Security No.:  _________________________________

 

Number of Restricted Stock Units (“RSUs”):_______________

 

Date of Grant: _____________________________________

 

Payment Schedule:

 

	
Percentage of the RSU Award Payable

	
Anniversary Date

	
25%

	
First anniversary of the Date of Grant

	
25%

	
Second anniversary of the Date of Grant

	
25%

	
Third anniversary of the Date of Grant

	
25%

	
Fourth anniversary of the Date of Grant

 

1. Grant of RSU Award.  The Company hereby grants to the Participant the total number of Restricted Stock Units set forth above (the “RSUs”), subject to all of the terms and conditions of this Grant Agreement and the Plan.  Each vested and payable RSU entitles the Participant to receive a share of Common Stock (or a cash payment of equivalent value), as described in Paragraph 3.

 

2. Time of Payment.  Subject to the terms and conditions set forth below, the RSUs shall become payable upon the earlier of: (x) the applicable Anniversary Date set forth in the Payment Schedule above, provided the Participant has not incurred a Separation from Service (as defined below) as of such date, or (y) the Participant’s Separation from Service (as defined below) occurring after the first anniversary of the Date of Grant (the earlier of (x) and (y), the “Payment Date”).  Upon the Payment Date, the number of RSUs payable shall be determined in accordance with and subject to the following terms and conditions:

 

(a) Subject to the provisions of Sections 2(b), (c) and (d), twenty-five percent (25%) of the RSUs will become payable on each Anniversary Date in accordance with the Payment Schedule set forth above, if the Participant remains in continuous service with the Company as of the applicable Anniversary Date and has not received a notice of termination from the Company prior to such Anniversary Date.

 

(b) Upon the Participant’s Separation from Service with the Company for any reason prior to the first anniversary of the Date of Grant, with or without Cause (as defined below) or by mutual agreement, the right to vest in any RSUs under this Award will terminate and all of the Participant’s RSUs that have not previously vested under this Grant Agreement will be forfeited and cancelled.

 

  

 

  

(c) If, following the first anniversary of the Date of Grant, the Participant has a Separation from Service with the Company for any reason other than termination by the Company for Cause (as defined below), and Participant has not received a notice of termination from the Company for Cause as of such separation date, then a prorated portion of the RSUs which otherwise would have become payable as of the next Anniversary Date shall become immediately payable.  Such prorated portion shall be determined by dividing the number of complete calendar months the Participant has served with the Company since the most recent Anniversary Date by twelve, and any remaining portion of the Participant’s RSUs will be forfeited and cancelled.  For purposes of clarity: (i) the Participant’s Separation from Service following the first anniversary of the Date of Grant due to voluntary resignation, death, disability, or termination by the Company without Cause shall result in prorated vesting and payment of the Participant’s RSUs as described in the preceding sentence, and (ii) to the extent this Paragraph 2(b) applies, the Participant’s Separation from Service shall be treated as a Payment Date with respect to the prorated number of RSUs vested on such date in accordance with this Paragraph 2(c).

 

(d) If Participant’s service to the Company is terminated for Cause at any time, then the right to vest in any RSUs that have not previously vested under this Grant Agreement will terminate, all of the Participant’s RSUs will be forfeited and cancelled and this Grant Agreement will be of no further force or effect.

 

3. Form of Payment.  This RSU Award represents an unfunded, unsecured promise by the Company to: (a) deliver as of the applicable Payment Date a number of shares of Common Stock (the “Shares”) equal to the number of vested RSUs payable at such time, (b) pay an amount in cash equal to the product of the Fair Market Value of the Common Stock on the payment date and the number of vested RSUs payable on the associated Payment Date, or (c) provide some combination of Shares and cash as referenced in (a) and (b), respectively; all as determined by the Administrator in its sole discretion as of each Payment Date.  Settlement of vested RSUs shall be made on or as soon as administratively practicable after the applicable Payment Date, and in any event within 90 days following the applicable Payment Date.

 

4. Definitions.

 

(a) “Cause” shall have the meaning ascribed to such term in any employment agreement between Participant and the Company, or, if no such agreement exists, then “Cause” shall shall mean:  (i) a material breach by the Participant of his or her fiduciary or other duties to the Company; (ii) a material breach or violation by the Participant of the terms of this Grant Agreement or any other agreement between the Participant and the Company, or of any of the Company’s policies, practices, or procedures, which remains uncured for a period of 30 days following the Participant’s receipt of written notice specifying the nature of the breach or violation, or, where such breach or violation is not subject to or capable of cure, effective immediately; (iii) the commission by the Participant of any act of embezzlement, fraud, larceny or theft on or from the Company; (iv) substantial and continuing willful neglect or inattention by the Participant of the duties of his or her employment or other service, refusal to perform the lawful and reasonable directives of superiors, or the willful misconduct or gross negligence of the Participant in connection with the performance of such duties which remain uncured for a period of 30 days following the Participant’s receipt of written notice specifying the nature of the misconduct, or, where such misconduct is not subject to or capable of cure, effective immediately; (v) the commission by the Participant of any crime involving moral turpitude or a felony; or (vi) the Participant’s performance or omission of any act which, in the judgment of the Company, if known to the customers, clients, stockholders or any regulators of the Company, would have a material adverse impact on the business of the Company.

 

(b) “Separation from Service” means the termination of the Participant’s services to the Company and its Affiliates as determined in accordance with Treas. Reg. §1.409A-1(h), whether voluntary or involuntary.  The Administrator shall have full and final authority, which shall be exercised in its discretion and in accordance with Treas. Reg. Section 1.409A-1(h), to determine conclusively whether and when the Participant has had a Separation from Service.

 

  

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5. Nontransferability.  The RSUs awarded pursuant to this Grant Agreement may not be assigned, transferred, hypothecated, or encumbered, in whole or in part, either directly or by operation of law or otherwise, including, but not limited to, by execution, levy, garnishment, attachment, pledge, bankruptcy, or in any other manner, except transfer by will or by the laws of descent and distribution.  All rights with respect to the RSUs shall be exercisable during the Participant’s lifetime only by the Participant or the Participant’s guardian or legal representative.

 

6. No Stockholder Rights Prior to Settlement.  The Participant shall have no rights as a stockholder of the Company with respect to any Shares underlying the RSUs until the date of issuance of the Shares (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), if applicable.  Unless otherwise required by the Plan, no adjustment shall be made for dividends, distributions, or other rights for which the record date is prior to the date, if any, that Shares are issued.

 

7. No Employment or Other Rights.  Nothing in the Plan or this Grant Agreement confers upon the Participant any right to continue in the employ or service of the Company or any Affiliate or will interfere with or restrict the right of the Company (or an Affiliate) to terminate the Participant’s employment or services at any time and for any reason whatsoever, with or without Cause.  Participation in the Plan is voluntary.  The grant of this RSU Award does not create any contractual or other right to receive any subsequent Award under the Plan; future grants, if any, will be at the sole discretion of the Company.  Further, the value of the RSU Award is an extraordinary item of compensation, which is not part of the Participant’s normal or expected compensation for purposes of any benefit plan or program of the Company or any Affiliate (unless such plan or program specifically provides otherwise).

 

8. Tax Withholding.  The Company is entitled to require a cash payment by or on behalf of the Participant and/or to withhold an appropriate number of Shares (to be determined utilizing the Fair Market Value of such Shares on the payment date) from any RSUs granted hereunder and/or to deduct from other compensation payable to the Participant to satisfy any sums required by federal, state, or local tax law to be withheld or to satisfy any applicable payroll deductions with respect to the vesting of, lapse of restrictions on, or settlement of any RSU Award.  The Company may refuse to issue Shares or deliver cash if the Participant fails to make appropriate accommodation for his or her tax obligations.

 

9. Section 409A Compliance.

 

(a) The RSUs provided hereunder are intended to comply with Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), and this Grant Agreement and the Plan shall be construed and interpreted accordingly.  If, at the time of the Participant’s Separation from Service, (i) the Participant is a “specified employee” (within the meaning of Section 409A and using the identification methodology selected by the Company from time to time) and (ii) the Company shall make a good faith determination that an amount payable under this Grant Agreement constitutes deferred compensation (within the meaning of Section 409A) the payment of which is required to be delayed pursuant to the six-month delay rule set forth in Section 409A in order to avoid any accelerated or additional taxes or penalties under Section 409A, then the Company shall not pay such amount or deliver such Shares on the otherwise-scheduled payment date, but shall instead accumulate such amount and pay it or deliver such Shares, without interest or adjustment, on the first business day after such six-month period (or, if earlier, upon the Participant’s death).

 

  

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(b) Notwithstanding any provision of this Grant Agreement to the contrary, the Company reserves the right to make amendments to this Grant Agreement or the Plan as the Company deems necessary or desirable to avoid the imposition of taxes or penalties under Section 409A; provided, that this Paragraph 9 does not create any obligation of the Company take any such action.  Participant shall be solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on Participant or for Participant’s account in connection with the Plan or the Grant Agreement (including any taxes and penalties under Section 409A), and neither the Company nor any of its Affiliates shall have any obligation to indemnify or otherwise hold the Participant harmless from any or all of such taxes or penalties.  The Company makes no representations concerning the tax consequences of the Participant’s participation in the Plan or this Grant Agreement under Section 409A of the Code or any other Federal, state or local tax law.

 

10. Notices.  Any document relating to participation in the Plan or any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given upon personal delivery or upon deposit in the U.S. Post Office or foreign postal service, by registered or certified mail, or with a nationally recognized overnight courier service, with postage and fees prepaid, addressed to the other party at the address of such party set forth in this Grant Agreement or at such other address as such party may designate in writing from time to time to the other party.  The Company may, in its sole discretion, decide to deliver any documents related to current or future participation in the Plan by electronic means or request the Participant’s consent to participate in the Plan by electronic means.  The Participant hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through any online or electronic system established and maintained by the Company or another third party designated by the Company.

 

11. Tax and Legal Advice.  The Participant acknowledges that he or she has had the opportunity to seek the advice of counsel and other personal advisers, and that the Company has provided no advice to, or made any warranties or representations with respect to, the tax consequences of the transactions contemplated by this Grant Agreement or the economic or other impacts to the Participant of the arrangements contemplated hereby.  The Participant is in no respect relying on the Company or its representatives for an assessment of such tax, legal, economic or other consequences.

 

12. Participant Restrictive Covenants.  By accepting this Award, the Participant hereby agrees as follows:

 

(a) Confidentiality. The Participant recognizes and acknowledges that the Participant will have access to Confidential Information (as defined below) relating to the business or interests of the Company or of persons with whom the Company may have business relationships.  Except as permitted herein or as may be approved by the Company from time to time, the Participant will not use or disclose to any other person or entity, any Confidential Information of the Company (except as required by applicable law or in connection with performance of the Participant’s duties and responsibilities hereunder or to Participant’s legal and financial advisors so long as such advisors agree to be bound by the terms and conditions of this Paragraph 12(a)).  The Participant shall disclose the existence of the obligations under this Paragraph 12(a) to future employers.  If the Participant is requested or becomes legally compelled to disclose any Confidential Information, if permitted by applicable law, the Participant will give prompt notice of such request or legal compulsion to the Company.  The Company may waive compliance with this Paragraph 12(a) or will provide Participant with legal counsel at no cost to the Participant to seek an appropriate remedy; provided however the Participant may disclose any Confidential Information in the event notwithstanding all such efforts, the Participant is compelled by court order to do so.  Notwithstanding the foregoing, nothing in this Paragraph shall be construed as, or shall interfere with, abridge, limit, restrain, or restrict the Participant’s right to:  (i) engage in any activity or conduct protected by Section 7 or any other provision of the National Labor Relations Act; or (ii) communicate with any federal, state, or local government agency charged with the enforcement and/or investigation of claims of discrimination, harassment, retaliation, improper wage payments, or any other unlawful employment practices under federal, state, or local law, or to file a charge, claim, or complaint with, or participate in or cooperate with any investigation or proceeding conducted by, any such agency.

 

  

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(b) Return of Company Materials.  The Participant agrees to return all Company Materials (as defined below), including copies thereof, upon termination of the Participant’s service with the Company, and/or upon the written request of the Company.

 

(c) Intellectual Property; Work for Hire.

 

	
(i)  

	
Intellectual Property (as defined below) shall be the exclusive property of the Company, and the Participant shall have no right, title, or interest in, or to, the Intellectual Property.  The Company shall have the sole and exclusive right, title, and interest in, and to, the Intellectual Property, which right shall continue notwithstanding the cessation of the Participant’s services to the Company.   The Participant also hereby irrevocably waives any “moral rights” that he or she may have in the Intellectual Property, and confirms that the Company shall have the right, in addition to the other rights granted hereunder and notwithstanding the termination of the Participant’s services for any reason, to make or have made, and own, enhancements, derivative works, and other modifications to any part of the Intellectual Property.

 

	
(ii)  

	
The Participant hereby assigns to the Company any right, title, and interest that he or she may have in, and to, the Intellectual Property in any patent, copyright, industrial design, trademark registration, and any other similar right pertaining to the Intellectual Property which the Participant may have.

 

	
(iii)  

	
The Participant acknowledges that the assignments in Paragraph 12(c)(ii) above are undertaken in part as a contingency against the possibility that any Intellectual Property, by operation of law, may not be considered a work made for hire by the Participant for the Company.  The Company and its successors and assigns shall have the right to obtain and hold in their own name all copyright registrations, patents, and other evidence of rights that may be available for the Intellectual Property and/or any portion thereof.  The Participant further acknowledges that all United States copyrights and all other intellectual property rights in the Intellectual Property (including any and all patents that may issue with respect thereto) shall be exclusively owned by the Company and shall be considered “works made for hire,” as such term is defined in the United States Copyright Act, by the Participant for the Company.

 

	
(iv)  

	
The Participant hereby covenants and binds Participant and Participant’s successors, assigns and legal representatives to cooperate fully and promptly with the Company and its designees, successors, and assigns, at the Company’s reasonable expense, and to do all acts necessary or requested by the Company and its designee, successors, and assigns, to secure, maintain, enforce, and defend the Company’s rights in the Intellectual Property.  Without limitation to the foregoing, the Participant shall execute on demand, and bind the Participant and Participant’s successors, assigns and legal representatives, whether during Participant’s service to the Company or at any time following the cessation of the Participant’s services, to any applications, transfers, assignments, and other documents as the Company may consider necessary for the purpose of:  (A) vesting in, or assigning to, the Company absolute title to, (B) applying for, prosecuting, obtaining, maintaining, or protecting, or (C) maintaining, enforcing, and/or defending the Company’s rights in, any patent, copyright, industrial design, trademark registration, or any other right pertaining to the Intellectual Property in any countries in the world.  The Participant further agrees, and binds the Participant and his or her successors, assigns and legal representatives, to cooperate fully and assist the Company in every way possible in the application for, or prosecution of, such rights pertaining to the Intellectual Property and not developed during the Participant’s services with the Company.

 

  

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(v)  

	
The Participant shall promptly disclose to the Company any patent application filed within one (1) year after termination of the Participant’s services to the Company.  The Participant shall have the burden of proving that any invention that relates, or pertains, to the Company’s business, and which is conceived less than one (1) year after the effective date of the termination of the Participant’s services, was in fact made after such termination and not developed during Participant’s service to the Company.  The Participant agrees that, during the Participant’s service to the Company, the Participant will disclose to the Company all ideas, proposals, and plans, invented or developed by him or her, which relate to the business of the Company and its subsidiaries.

 

(d) Non-Solicitation.  The Participant acknowledges that the Company has invested substantial time, money and resources in the development and retention of its Confidential Information (including trade secrets), customers, patients, accounts and business partners, and further acknowledges that, during the course of the Participant’s service to the Company, the Participant will have access to the Company’s Confidential Information (including trade secrets), and will be introduced to existing and prospective customers and patients, vendors, accounts and business partners of the Company.  The Participant acknowledges and agrees that any and all “goodwill” associated with any existing or prospective customer or patient, vendor, account or business partner belongs exclusively to the Company, including, but not limited to, any goodwill created as a result of direct or indirect contacts or relationships between the Participant and any existing or prospective customers or patients, vendors, accounts or business partners.  Additionally, the Parties acknowledge and agree that the Participant possesses skills that are special, unique or extraordinary and that the value of the Company depends upon the Participant’s use of such skills on its behalf.  The Participant acknowledges that as a result of the foregoing the restrictions contained herein and elsewhere Paragraph 12 are reasonably necessary to protect the Company from unfair competition by the Participant.  Accordingly, the Participant covenants and agrees that:  (i) during the Participant’s service with the Company and for one year thereafter, the Participant may not directly or indirectly induce, attempt to induce, solicit, attempt to solicit or encourage any employee, consultant, or contractor to leave the employment or engagement with the Company or any Affiliate; and (ii) during the Participant’s service with the Company, the Participant may not divert or take advantage of any actual or potential business opportunities of the Company in which it has a current interest or is actively pursuing.

 

(e) Non-Disparagement.  The Participant hereby agrees that during the Participant’s service to the Company and at all times thereafter, the Participant shall not make any public statement, or engage in any conduct, that is disparaging, derogatory, or otherwise is a negative or false statement about the Company or about any of its executives, officers, directors, or shareholders, including, but not limited to, any statement that disparages the products, services, finances, financial condition, capabilities or any other aspect of the business of the Company.  Notwithstanding any term to the contrary herein, the Participant shall not be in breach of this Paragraph 12(e) for the making of truthful statements under oath or in a judicial or other proceeding.

 

(f) Definitions.

 

	
(i)  

	
“Company Materials” shall include, but are not limited to computers, computer software, computer disks, tapes, printouts, source, HTML and other codes, flowcharts, schematics, designs, graphics, drawings, photographs, charts, graphs, notebooks, patient lists, customer lists, sound recordings, other tangible or intangible manifestation of content, and all other documents whether printed, typewritten, handwritten, electronic, or stored on computer disks, tapes, hard drives, or any other tangible medium, as well as samples, prototypes, models, products and the like.

 

  

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(ii)  

	
“Confidential Information” shall mean information relating to the Company’s business affairs, proprietary technology, trade secrets, patented processes, research and development data, know-how, market studies and forecasts, competitive analyses, pricing policies, executive lists, the substance of agreements with patients, customers, suppliers, and others, marketing arrangements, patient lists, customer lists, commercial arrangements, or any other information relating to the Company’s business which is treated as confidential or proprietary by the Company in accordance with its policies.  Notwithstanding the immediately preceding sentence, the provisions of Paragraph 12(a) shall not apply to any information that:  (A) is in the public domain; (B) is or becomes available to the public other than as a result of a disclosure by the Participant in violation of Paragraph 12(a); (C) was available to the Participant on a non-confidential basis prior to the date of this Grant Agreement; or (D) becomes available to the Participant on a non-confidential basis from a source other than the Company (other than through a known breach of a confidentiality obligation).  This obligation shall continue until such Confidential Information becomes publicly available, other than pursuant to a breach of Paragraph 12(a) by the Participant, regardless of whether the Participant continues to provide services to the Company.

 

	
(iii)  

	
“Intellectual Property” shall mean any of the following that are conceived of, developed, reduced to practice, created, modified, or improved by the Participant, either solely or with others, in whole or in part, in the course of, or as a result of, the Participant’s employment by or services to the Company in any capacity, whether at the Company’s place of business or otherwise, and whether on the Company’s time or on the Participant’s own time:  (A) writings (including notes, reports, manuals and instructions), software, source code, algorithms, works and copyrightable subject matter and rights, title and interest in copyrights and copyright registrations, (B) rights, title and interest in know-how, technical information, processes, practices and systems, whether or not protectable by patent, copyright or trade secret law, (C) trademarks, trade names, service marks, emblems, logos, symbols and insignia and rights with respect thereto, including registrations and registration rights, (D) all developments, including trade secrets of any kind, discoveries, improvements, and ideas directly relating to or useable in the Company business, and (E) licenses granted by third parties of rights to use any of the foregoing.

 

13. Grant Agreement Subject to Plan; Acceptance.  This Grant Agreement is made pursuant to all of the provisions of the Plan, which is incorporated herein by this reference, and is intended, and shall be interpreted in a manner to comply therewith.  In the event of any conflict between the provisions of this Grant Agreement and the provisions of the Plan, the provisions of the Plan govern.  By accepting this Award, the Participant: (a) acknowledges receipt of and represents that the Participant has read and is familiar with this Grant Agreement, the Plan, and a prospectus for the Plan prepared in connection with the registration of the Common Stock to be issued pursuant to the Plan with the Securities and Exchange Commission, (b) acknowledges that this RSU Award is subject to all of the terms and conditions of this Grant Agreement and the Plan, and (c) agrees to accept as binding, conclusive, and final all decisions or interpretations of the Administrator on any questions arising under the Grant Agreement or the Plan.

 

 

[Signature page follows.]

 

 

  

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IN WITNESS WHEREOF, the parties have executed this Grant Agreement as of the date first written above.

 

 

	
SIGNAL GENETICS, INC.

 

By: __________________________

     Samuel D. Riccitelli

     667 Madison Avenue, 14th Floor

     New York, NY  10065

	
PARTICIPANT

 

___________________________

Print Name: __________________

Date: _______________________

Address: ____________________

____________________________EX-4.4

 Exhibit 4.4 

NAVIGATOR HOLDINGS LTD. 

STOCK OPTION AGREEMENT 

(US EMPLOYEES) 
 THIS
STOCK OPTION AGREEMENT (this “Agreement”) evidences an award made as of the          day of
                                         (the
“Date of Grant”), between NAVIGATOR HOLDINGS LTD., a Marshall Islands Corporation (the “Company”), and
                                        (the 
“Employee”). 
 1. The Grant. Pursuant to the NAVIGATOR HOLDINGS LTD. 2013 LONG-TERM INCENTIVE
PLAN, as the same may be amended from time to time (the “Plan”), and subject to the conditions set forth below, the Company hereby awards to the Employee, effective as of the Date of Grant, the right and option to
purchase (the “Option”) an aggregate number of                      shares (the “Option Shares”) of
the Company’s common stock, par value $0.01 per share (“Common Stock”), at an Exercise Price equal to $         per share (the “Exercise Price”), in
accordance with the terms and conditions set forth herein and in the Plan (the “Award”). To the greatest extent permitted pursuant to Section 422 of the Code, this Option is intended to be an Incentive Stock Option. To
the extent any provision of this Agreement conflicts with the expressly applicable terms of the Plan, those terms of the Plan shall control, and if necessary, the applicable terms of this Agreement shall be deemed amended so as to carry out the
purpose and intent of the Plan. 
 2. Definitions. Capitalized terms used in this Agreement that are not defined below or in
the body of this Agreement shall have the meanings given to them in the Plan. In addition to the terms defined in the body of this Agreement, the following capitalized words and terms shall have the meanings indicated below: 

(a) “Cause” shall have the meaning set forth in any written employment or consulting agreement between the Company (or
one of its affiliates) and the Employee. If the Employee is not party to such an agreement that defines these terms, then for purposes of this Agreement, “Cause” shall mean a determination by the Company or its employing affiliate (the
“Employer”) that the Employee (i) has engaged in gross negligence, gross incompetence, or misconduct in the performance of the Employee’s duties with respect to the Employer or any of their affiliates; (ii) has
failed without proper legal reason to perform the Employee’s duties and responsibilities to the Employer or any of its affiliates; (iii) has breached any material provision of this Agreement or any written agreement or corporate policy or code
of conduct established by the Employer or any of its affiliates; (iv) has engaged in conduct that is, or could reasonably expected to be, materially injurious to the Employer or any of its affiliates; (v) has committed an act of theft,
fraud, embezzlement, misappropriation, or breach of a fiduciary duty to the Employer or any of its affiliates; or (vi) has been convicted of, pleaded no contest to, or received adjudicated probation or deferred adjudication in connection with a
crime involving fraud, dishonesty, or moral turpitude or any felony (or a crime of similar import in a foreign jurisdiction). 

 (b) “Disability” shall have the meaning set forth in any written
employment or consulting agreement between the Company (or one of its affiliates) and the Employee. If the Employee is not party to such an agreement that defines these terms, then for purposes of this Agreement, “Disability” shall mean
the Employee being unable to perform the Employee’s duties or fulfill the Employee’s obligations under the terms of his employment by reason of any medically determinable physical or mental impairment that can be expected to result in
death or can be expected to last for a continuous period of not less than three months as determined by the Employer and certified in writing by a competent medical physician selected by the Employer. 

(c) “Involuntary Termination” shall mean a termination of the Employee’s employment by the Company or an affiliate
for a reason other than for Cause. 
 3. Exercise. 

(a) Option Shares shall be deemed “Nonvested Shares” unless and until they become “Vested
Shares”. Subject to other terms and conditions set forth herein, the Option shall vest and become exercisable as to the specified percentage of Option Shares on the applicable dates set forth in the following vesting schedule, provided
that the Employee has been continuously employed by the Company from the Date of Grant through such date(s): 
  

			
	 Vesting Date
	  	Percentage of Option Shares that become
Vested and Exercisable
		  	
		  	
		  	
		  	

 Notwithstanding the schedule set forth above, if the Employee’s employment with the Company is terminated
by reason of death or Disability or due to an Involuntary Termination, then all Option Shares shall become Vested Shares effective as of the date of such termination, In addition, the Committee shall retain the discretion to accelerate the vesting
of all or part of any Option Shares in the event of Employee’s resignation in the event that the Committee determines, in its sole discretion, that such accelerated vesting is appropriate. Any Option Shares that do not become Vested Shares in
accordance with the preceding provisions of this Section 3(a) shall be forfeited to the Company for no consideration as of the date of the termination of the Employee’s employment with the Company. 

(b) The Option shall in all events terminate at the close of business on the tenth
(10th) anniversary of the Date of Grant (the “Expiration Date”). Subject to the relevant provisions and limitations contained herein and in the Plan, the Employee may
exercise the Option to purchase all or a portion of the applicable number of Vested Shares at any time prior to the termination of the Option pursuant to this Agreement. Notwithstanding the foregoing, unless otherwise provided for by the Committee,
the Option shall expire and cease to be exercisable with respect to the Vested Shares on the date that is three months after the date of the Employee’s 

  
 -2- 

 
employment with the Company terminates for any reason (if such date is earlier than the Expiration Date). No less than 500 Vested Shares may be purchased at any one time unless the number
purchased is the total number of Vested Shares at that time purchasable under the Option. In no event shall the Employee be entitled to exercise the Option for any Nonvested Shares or for a fraction of a Vested Share. 

(c) Any exercise of the Option by the Employee shall be in writing and addressed to Chief Financial Officer of the Company. Exercise of the
Option shall be made by delivery to the Company by the Employee (or other person entitled to exercise the Option as entitled hereunder) of (i) an executed “Notice of Stock Option Exercise” (in substantially the form attached hereto as
Exhibit A) and (ii) payment of the aggregate Exercise Price for Option Shares purchased pursuant to the exercise. 
 (d) Payment of the
Exercise Price may be made, at the Employee’s election, with the approval of the Company, (i) in cash, by certified or official bank check or by wire transfer of immediately available funds, (ii) by delivery to the Company of a number
of shares of Stock having a Fair Market Value as of the date of exercise equal to the Exercise Price, or (iii) by net issue exercise, pursuant to which the Company will issue to the Employee a number of shares of Stock as to which the Option is
exercised, less a number of shares with a Fair Market Value as of the date of exercise equal to the Exercise Price. 
 (e) If the Employee is
on a leave of absence for any reason, the Company may, in its sole discretion, determine that the Employee is still considered to be in the employ of or providing services for the Company, provided that rights to the Option will be limited to the
extent to which those rights were earned or vested when the leave of absence began. 
 (f) If the Option is intended to be an Incentive Stock
Option, then in the event the Option Shares (and all other options designed pursuant to Section 422 of the Code granted to the Employee by the Company or any parent of the Company or Subsidiary) that first become exercisable in any calendar
year have an aggregate Fair Market Value (determined for each Option Share as of the Date of Grant) that exceeds $100,000, the Option Shares in excess of $100,000 shall be treated as subject to a nonstatutory Option. In addition, if the Option is
intended to be an Incentive Stock Option, during the employee’s lifetime the Option shall be exercisable solely by the employee. 
 4.
Withholding of Tax. To the extent that receipt, vesting or exercise of the Option results in compensation income or wages to the Employee for federal, state, or local tax purposes, the Employee shall deliver to the Company at the time
of such receipt, vesting or exercise, as the case may be, such amount of money as the Company may require to meet its minimum obligation under applicable tax laws or regulations, and if the Employee fails to do so (or if the Employee instructs the
Company to withhold cash or stock to meet such obligation), the Company shall withhold from any cash or stock remuneration (including withholding any shares of the Common Stock to be issued to the Employee under this Agreement) then or thereafter
payable to the Employee any tax required to be withheld by reason of such resulting compensation income or wages. The Company is making no representation or warranty as to the tax consequences to the Employee as a result of the receipt of the
Option, the vesting of the Option, or the exercise of the Option. 

  
 -3- 

 5. No Shareholder Rights. The Option granted pursuant to this Agreement does not
and shall not entitle the Employee to any rights of a holder of Common Stock prior to the date that shares of Common Stock are issued to Employee following exercise of the Option. The Employee’s rights with respect to the Option shall remain
forfeitable at all times prior to the date on which the Option Shares become vested and are exercised in accordance with Section 3. 

6. Clawback. Notwithstanding any provisions in the Agreement to the contrary, any compensation, payments, or benefits provided
hereunder (or profits realized from the sale of the Common Stock delivered hereunder), whether in the form of cash or otherwise, shall be subject to a clawback to the extent necessary to comply with the requirements of any applicable law, including
but not limited to, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, section 304 of the Sarbanes Oxley Act of 2002, or any regulations promulgated thereunder. 

7. Employment Relationship. For purposes of this Agreement, the Employee shall be considered to be in the employment of the
Company as long as the Employee remains an employee of either the Company or a Subsidiary. Without limiting the scope of the preceding sentence, it is specifically provided that the Employee shall be considered to have terminated employment or
service with the Company at the time of the termination of the “Subsidiary” status of the entity or other organization that employs or engages the Employee. Nothing in the adoption of the Plan, nor the award of the Option thereunder
pursuant to this Agreement, shall confer upon the Employee the right to continued employment by or service with the Company or affect in any way the right of the Company to terminate such employment or service at any time. Unless otherwise provided
in a written employment or consulting agreement or by applicable law, the Employee’s employment by or service with the Company shall be on an at-will basis, and the employment or service relationship may be terminated at any time by either the
Employee or the Company for any reason whatsoever, with or without cause or notice. Any question as to whether and when there has been a termination of such employment or service, and the cause of such termination, shall be determined by the
Committee or its delegate, and its determination shall be final. 
 8. Notices. Any notices or other communications provided
for in this Agreement shall be sufficient if in writing. In the case of the Employee, such notices or communications shall be effectively delivered if hand delivered to the Employee at the Employee’s principal place of employment or if sent by
registered or certified mail to the Employee at the last address the Employee has filed with the Company. In the case of the Company, such notices or communications shall be effectively delivered if sent by registered or certified mail to the
Company at its principal executive offices. 
 9. Notice of Sales Upon Disqualifying Disposition of ISO. If the Option is
designated as an Incentive Stock Option in Section 1, the Employee must comply with the provisions of this Section 9. The Employee must promptly notify the Chief Financial Officer of the Company if the Employee disposes of any of the
shares acquired pursuant to the Option within one year after the date the Employee exercises all or part of the Option or within two years after the Date of Grant. Until such time as the Employee disposes of such shares in a manner consistent with
the provisions of this Agreement, unless otherwise expressly authorized 

  
 -4- 

 
by the Company, the Employee must hold all shares acquired pursuant to the Option in the Employee’s name (and not in the name of any nominee) for the one-year period immediately after the
exercise of the Option and the two-year period immediately after the Date of Grant. At any time during the one-year or two-year periods set forth above, the Company may place a legend on any certificate representing shares acquired pursuant to the
Option requesting the transfer agent for the Company’s stock to notify the Company of any such transfers. The Employee’s obligation to notify the Company of any such transfer will continue notwithstanding that a legend has been placed on
the certificate pursuant to the preceding sentence. 
 10. Entire Agreement; Amendment. This Agreement and the documents
incorporated by reference herein replace and merge all previous agreements and discussions relating to the same or similar subject matters between the Employee and the Company and constitute the entire agreement between the Employee and the Company
with respect to the subject matter of this Agreement, except as otherwise provided herein. This Agreement may not be modified in any respect by any verbal statement, representation or agreement made by any employee, officer, or representative of the
Company or by any written agreement unless signed by an officer of the Company who is expressly authorized by the Company to execute such document. 

11. Binding Effect; Survival. This Agreement shall be binding upon and inure to the benefit of any successors to the Company and
all persons lawfully claiming under the Employee. The provisions of Section 6 shall survive the exercise of the Option. 
 12.
Controlling Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York, without regard to conflicts of law principles thereof, or, if applicable, the laws of the United States.

  
 -5- 

 IN WITNESS WHEREOF, this Agreement has been executed by the parties as of the date first
above written. 
  

			
	NAVIGATOR HOLDINGS LTD
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	EMPLOYEE	 	
	
	 
	Print Name:	 	 

  
 -6- 

 EXHIBIT A 

NAVIGATOR HOLDINGS LTD. 2013 LONG-TERM INCENTIVE PLAN (THE “PLAN”) 

NOTICE OF STOCK OPTION EXERCISE 

OPTIONEE INFORMATION: 
  

									
	 Name:
	 	 	 		  	Employee Number:	  	 
	 Address:
	 	 	 		  		  	
		 	 	 		  		  	
				
	OPTION INFORMATION:	 		  		  	
				
	 Date of Grant:
                    ,         , 20    
	 		  	Type of Option:	  	 ̈ Nonstatutory (NSO) or
		 		 		  		  	 ̈ Incentive (ISO)
	 Exercise Price per share: $
                    
	 		  		  	
			
	Total number of shares of common stock (“Stock”) of Navigator Holdings Ltd. (the “Company”) covered by option:	 		  	                     shares

 EXERCISE INFORMATION: 

 

							
	1.	  	 Number of shares of Stock of the Company for which option is being exercised now:

                     (These shares are referred to
below as the “Purchased Shares.”)

		
	2. 	  	Total Exercise Price for the Purchased Shares: $                    
		
	3. 	  	 Total tax withholding associated with Purchased Shares:
$                    
 (Please contact
                                        
at                      to obtain this information.)

		
	4.	  	Form of payment of exercise price (enclosed, as applicable) [check all that apply]:
				
	 ̈ a.	  	Check for $                    , made payable to “Navigator Holdings Ltd.”	  	 ̈ c.	  	I elect for the Company to withhold from the number shares of Stock set forth in Item 1 above a number of shares with a Fair Market Value (as defined in the Plan) equal to the Exercise Price set forth in my Stock
Option Agreement. (These shares will be valued as of the date this notice is received by the Company.)
	  
  ̈ b.
	  	  
 Certificate(s) for
             shares of Stock of the Company that I have owned for at least six months. (These shares will be valued as of the date this notice is received by the Company.)
	  	  
		
	5.	  	Form of payment of tax withholding (enclosed, as applicable) [check all that apply]:
				
	 ̈ a. 	  	 Check for $                    ,
made payable to “Navigator Holdings Ltd.
  
	  	 ̈ c.	  	I elect for the Company to withhold from the number shares of Stock set forth in Item 1 above the number of shares necessary to satisfy the Company’s tax withholding obligations, based on the Fair Market
Value (as defined in the Plan) of such shares. (These shares will be valued as of the date this notice is received by the Company.)
	 ̈ b.	  	Certificate(s) for          shares of Stock of the Company that I have owned for at least six months. (These shares will be valued as of the date this notice is received by the
Company.)	  	  

  
 -7- 

							
		
	6.	  	Names in which the Purchased Shares should be registered [you must check one]:
				
	 ̈	  	a. In my name only	  		  	
				
	 ̈	  	b. In the names of my spouse and myself as community property	  		  	 My spouse’s name (if applicable):

 

				
	 ̈	  	c. In the names of my spouse and myself as joint tenants with the right of survivorship	  		  	
			
	7.	  	The certificate for the Purchased Shares should be sent to the following address:	  	  
  

 

 You must sign this Notice below before submitting it to the Company. 

 

			
	 By:
	 	 
	 Name:
	 	 
	 Date:
	 	 

  
 -8-

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