Document:

EX-4.7

 EXHIBIT 4.7 

KEMPHARM, INC. 

2014 EQUITY INCENTIVE PLAN 

ADOPTED BY THE BOARD OF DIRECTORS:
NOVEMBER 7, 2014 
 APPROVED BY THE STOCKHOLDERS:
APRIL 1, 2015 
 IPO DATE/EFFECTIVE DATE: APRIL 15, 2015

  

	1.	GENERAL. 

 (a) Eligible Award Recipients. Employees, Directors and
Consultants are eligible to receive Awards. 
 (b) Available Awards. The Plan provides for the grant of the following Awards:
(i) Incentive Stock Options, (ii) Nonstatutory Stock Options, (iii) Stock Appreciation Rights (iv) Restricted Stock Awards, (v) Restricted Stock Unit Awards, (vi) Performance Stock Awards, (vii) Performance Cash
Awards, and (viii) Other Stock Awards. 
 (c) Purpose. This Plan, through the granting of Awards, is intended to help the
Company secure and retain the services of eligible award recipients, provide incentives for such persons to exert maximum efforts for the success of the Company and any Affiliate, and provide a means by which the eligible recipients may benefit from
increases in value of the Common Stock. 
  

	2.	ADMINISTRATION. 

 (a) Administration by Board. The Board will
administer the Plan. The Board may delegate administration of the Plan to a Committee or Committees, as provided in Section 2(c). 
 (b)
Powers of Board. The Board will have the power, subject to, and within the limitations of, the express provisions of the Plan: 
 (i)
To determine: (A) who will be granted Awards; (B) when and how each Award will be granted; (C) what type of Award will be granted; (D) the provisions of each Award (which need not be identical), including when a person will
be permitted to exercise or otherwise receive cash or Common Stock under the Award; (E) the number of shares of Common Stock subject to, or the cash value of, an Award; and (F) the Fair Market Value applicable to a Stock Award. 

(ii) To construe and interpret the Plan and Awards granted under it, and to establish, amend and revoke rules and regulations for
administration of the Plan and Awards. The Board, in the exercise of these powers, may correct any defect, omission or inconsistency in the Plan or in any Award Agreement or in the written terms of a Performance Cash Award, in a manner and to the
extent it will deem necessary or expedient to make the Plan or Award fully effective. 

  
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 (iii) To settle all controversies regarding the Plan and Awards granted under it. 

(iv) To accelerate, in whole or in part, the time at which an Award may be exercised or vest (or at which cash or shares of Common
Stock may be issued). 
 (v) To suspend or terminate the Plan at any time. Except as otherwise provided in the Plan or an Award
Agreement, suspension or termination of the Plan will not materially impair a Participant’s rights under his or her then-outstanding Award without his or her written consent except as provided in subsection (viii) below. 

(vi) To amend the Plan in any respect the Board deems necessary or advisable, including, without limitation, by adopting amendments
relating to Incentive Stock Options and certain nonqualified deferred compensation under Section 409A of the Code and/or to bring the Plan or Awards granted under the Plan compliant with the requirements for Incentive Stock Options or exempt
from or compliant with the requirements for nonqualified deferred compensation under Section 409A of the Code, subject to the limitations, if any, of applicable law. If required by applicable law or listing requirements, and except as provided
in Section 9(a) relating to Capitalization Adjustments, the Company will seek stockholder approval of any amendment of the Plan that (A) materially increases the number of shares of Common Stock available for issuance under the Plan,
(B) materially expands the class of individuals eligible to receive Awards under the Plan, (C) materially increases the benefits accruing to Participants under the Plan, (D) materially reduces the price at which shares of Common Stock
may be issued or purchased under the Plan, (E) materially extends the term of the Plan, or (F) materially expands the types of Awards available for issuance under the Plan. Except as otherwise provided in the Plan or an Award Agreement, no
amendment of the Plan will materially impair a Participant’s rights under an outstanding Award without the Participant’s written consent. 

(vii) To submit any amendment to the Plan for stockholder approval, including, but not limited to, amendments to the Plan intended to
satisfy the requirements of (A) Section 162(m) of the Code regarding the exclusion of performance-based compensation from the limit on corporate deductibility of compensation paid to Covered Employees, (B) Section 422 of the Code
regarding “incentive stock options” or (C) Rule 16b-3. 
 (viii) To approve forms of Award Agreements for use under
the Plan and to amend the terms of any one or more Awards, including, but not limited to, amendments to provide terms more favorable to the Participant than previously provided in the Award Agreement, subject to any specified limits in the Plan that
are not subject to Board discretion; provided however, that a Participant’s rights under any Award will not be impaired by any such amendment unless (A) the Company requests the consent of the affected Participant, and (B) such
Participant consents in writing. Notwithstanding the foregoing, (1) a Participant’s rights will not be deemed to have been impaired by any such amendment if the Board, in its sole discretion, determines that the amendment, taken as a
whole, does not materially impair the Participant’s rights, and (2) subject to the limitations of applicable law, if any, the Board may amend the terms of any one or more Awards without the affected Participant’s consent (A) to
maintain the qualified status of the Award as an Incentive Stock Option under Section 422 of the Code; (B) to change the terms of an Incentive Stock Option, if such change results in impairment of the Award solely because it impairs the
qualified status of the Award as an Incentive Stock 

  
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Option under Section 422 of the Code; (C) to clarify the manner of exemption from, or to bring the Award into compliance with, Section 409A of the Code; or (D) to comply with
other applicable laws or listing requirements. 
 (ix) Generally, to exercise such powers and to perform such acts as the Board deems
necessary or expedient to promote the best interests of the Company and that are not in conflict with the provisions of the Plan or Awards. 

(x) To adopt such procedures and sub-plans as are necessary or appropriate to permit participation in the Plan by Employees, Directors
or Consultants who are foreign nationals or employed outside the United States (provided that Board approval will not be necessary for immaterial modifications to the Plan or any Award Agreement that are required for compliance with the laws of the
relevant foreign jurisdiction). 
 (xi) To effect, with the consent of any adversely affected Participant, (A) the reduction of
the exercise, purchase or strike price of any outstanding Stock Award; (B) the cancellation of any outstanding Stock Award and the grant in substitution therefor of a new (1) Option or SAR, (2) Restricted Stock Award,
(3) Restricted Stock Unit Award, (4) Other Stock Award, (5) cash award and/or (6) award of other valuable consideration determined by the Board, in its sole discretion, with any such substituted award (x) covering the same
or a different number of shares of Common Stock as the cancelled Stock Award and (y) granted under the Plan or another equity or compensatory plan of the Company; or (C) any other action that is treated as a repricing under generally
accepted accounting principles. 
  

	 	(c)	Delegation to Committee. 

 (i) General. The Board may delegate some or all of the
administration of the Plan to a Committee or Committees. If administration of the Plan is delegated to a Committee, the Committee will have, in connection with the administration of the Plan, the powers theretofore possessed by the Board that have
been delegated to the Committee, including the power to delegate to a subcommittee of the Committee any of the administrative powers the Committee is authorized to exercise (and references in this Plan to the Board will thereafter be to the
Committee or subcommittee, as applicable). Any delegation of administrative powers will be reflected in resolutions, not inconsistent with the provisions of the Plan, adopted from time to time by the Board or Committee (as applicable). The Board may
retain the authority to concurrently administer the Plan with the Committee and may, at any time, revest in the Board some or all of the powers previously delegated. 

(ii) Section 162(m) and Rule 16b-3 Compliance. The Committee may consist solely of two or more Outside Directors, in accordance
with Section 162(m) of the Code, or solely of two or more Non-Employee Directors, in accordance with Rule 16b-3. 
 (d) Delegation
to an Officer. The Board may delegate to one (1) or more Officers the authority to do one or both of the following (i) designate Employees who are not Officers to be recipients of Options and SARs (and, to the extent permitted by
applicable law, other Stock Awards) and, to the extent permitted by applicable law, the terms of such Awards, and (ii) determine the number of shares of Common Stock to be subject to such Stock Awards granted to

  
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such Employees; provided, however, that the Board resolutions regarding such delegation will specify the total number of shares of Common Stock that may be subject to the Stock Awards
granted by such Officer and that such Officer may not grant a Stock Award to himself or herself. Any such Stock Awards will be granted on the form of Stock Award Agreement most recently approved for use by the Committee or the Board, unless
otherwise provided in the resolutions approving the delegation authority. The Board may not delegate authority to an Officer who is acting solely in the capacity of an Officer (and not also as a Director) to determine the Fair Market Value pursuant
to Section 13(x)(iii) below. 
 (e) Effect of Board’s Decision. All determinations, interpretations and constructions made
by the Board in good faith will not be subject to review by any person and will be final, binding and conclusive on all persons. 
  

	3.	SHARES SUBJECT TO THE PLAN. 

(a) Share Reserve. Subject to Section 9(a) relating to Capitalization Adjustments, and the following sentence regarding the annual
increase, the aggregate number of shares of Common Stock that may be issued pursuant to Stock Awards will not exceed 2,266,666 (the “Share Reserve”). In addition, the Share Reserve will automatically increase on
January 1st of each year, for a period of not more than ten years, commencing on January 1st of the year following the year in which
the IPO Date occurs and ending on (and including) January 1, 2024, in an amount equal to 4.0% of the total number of shares of Capital Stock outstanding on December 31st of the preceding
calendar year. Notwithstanding the foregoing, the Board may act prior to January 1st of a given year to provide that there will be no January 1st increase in the Share Reserve for such year or that the increase in the Share Reserve for such year will be a lesser number of shares of Common Stock than would otherwise occur pursuant to the
preceding sentence. For clarity, the Share Reserve is a limitation on the number of shares of Common Stock that may be issued under the Plan. Accordingly, this Section 3(a) does not limit the granting of Stock Awards except as provided in
Section 7(a). Shares may be issued in connection with a merger or acquisition as permitted by NASDAQ Listing Rule 5635(c) or other applicable rule, and such issuance will not reduce the number of shares available for issuance under the Plan.

 (b) Reversion of Shares to the Share Reserve. If a Stock Award or any portion thereof (i) expires or otherwise terminates
without all of the shares covered by such Stock Award having been issued or (ii) is settled in cash (i.e., the Participant receives cash rather than stock), such expiration, termination or settlement will not reduce (or otherwise offset)
the number of shares of Common Stock that may be available for issuance under the Plan. If any shares of Common Stock issued pursuant to a Stock Award are forfeited back to or repurchased by the Company because of the failure to meet a contingency
or condition required to vest such shares in the Participant, then the shares that are forfeited or repurchased will revert to and again become available for issuance under the Plan. Any shares reacquired by the Company in satisfaction of tax
withholding obligations on a Stock Award or as consideration for the exercise or purchase price of a Stock Award will again become available for issuance under the Plan. 

(c) Incentive Stock Option Limit. Subject to the provisions of Section 9(a) relating to Capitalization Adjustments, the aggregate
maximum number of shares of Common Stock that may be issued pursuant to the exercise of Incentive Stock Options will be 13,600,000 shares of Common Stock. 

  
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 (d) Section 162(m) Limitations. Subject to the provisions of Section 9(a)
relating to Capitalization Adjustments, at such time as the Company may be subject to the applicable provisions of Section 162(m) of the Code, the following limitations shall apply. 

(i) A maximum of 3,400,000 shares of Common Stock subject to Options, SARs and Other Stock Awards whose value is determined by
reference to an increase over an exercise or strike price of at least 100% of the Fair Market Value on the date the Stock Award is granted may be granted to any one Participant during any one calendar year. Notwithstanding the foregoing, if any
additional Options, SARs or Other Stock Awards whose value is determined by reference to an increase over an exercise or strike price of at least 100% of the Fair Market Value on the date the Stock Award are granted to any Participant during any
calendar year, compensation attributable to the exercise of such additional Stock Awards will not satisfy the requirements to be considered “qualified performance-based compensation” under Section 162(m) of the Code unless such
additional Stock Award is approved by the Company’s stockholders. 
 (ii) A maximum of 3,400,000 shares of Common Stock subject
to Performance Stock Awards may be granted to any one Participant during any one calendar year (whether the grant, vesting or exercise is contingent upon the attainment during the Performance Period of the Performance Goals). 

(iii) A maximum of $5,000,000 may be granted as a Performance Cash Award to any one Participant during any one calendar year. 

(e) Non-Employee Director Compensation Limitation. In addition, the maximum number of shares subject to awards granted during a single
fiscal year to any non-employee director, taken together with any cash fees paid to such non-employee director during the fiscal year, shall not exceed $500,000 in total value (calculating the value of any such awards based on the grant date fair
value of such awards for financial reporting purposes and excluding, for this purpose, the value of any dividend equivalent payments paid pursuant to any award granted in a previous fiscal year). 

(f) Source of Shares. The stock issuable under the Plan will be shares of authorized but unissued or reacquired Common Stock, including
shares repurchased by the Company on the open market or otherwise. 
  

	4.	ELIGIBILITY. 

 (a) Eligibility for Specific Stock Awards. Incentive
Stock Options may be granted only to employees of the Company or a “parent corporation” or “subsidiary corporation” thereof (as such terms are defined in Sections 424(e) and 424(f) of the Code). Stock Awards other than Incentive
Stock Options may be granted to Employees, Directors and Consultants; provided, however, that Stock Awards may not be granted to Employees, Directors and Consultants who are providing Continuous Service only to any “parent” of the
Company, as such term is defined in Rule 405 of the Securities Act, unless (i) the stock underlying such Stock Awards is treated as 

  
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“service recipient stock” under Section 409A of the Code (for example, because the Stock Awards are granted pursuant to a corporate transaction such as a spin off transaction),
(ii) the Company, in consultation with its legal counsel, has determined that such Stock Awards are otherwise exempt from Section 409A of the Code, or (iii) the Company, in consultation with its legal counsel, has determined that such
Stock Awards comply with the distribution requirements of Section 409A of the Code. 
 (b) Ten Percent Stockholders. A Ten
Percent Stockholder will not be granted an Incentive Stock Option unless the exercise price of such Option is at least 110% of the Fair Market Value on the date of grant and the Option is not exercisable after the expiration of five years from the
date of grant. 
  

	5.	PROVISIONS RELATING TO OPTIONS AND STOCK APPRECIATION RIGHTS. 

Each Option or SAR will be in such form and will contain such terms and conditions as the Board deems appropriate. All Options will be
separately designated Incentive Stock Options or Nonstatutory Stock Options at the time of grant, and, if certificates are issued, a separate certificate or certificates will be issued for shares of Common Stock purchased on exercise of each type of
Option. If an Option is not specifically designated as an Incentive Stock Option, or if an Option is designated as an Incentive Stock Option but some portion or all of the Option fails to qualify as an Incentive Stock Option under the applicable
rules, then the Option (or portion thereof) will be a Nonstatutory Stock Option. The provisions of separate Options or SARs need not be identical; provided, however, that each Award Agreement will conform to (through incorporation of
provisions hereof by reference in the applicable Award Agreement or otherwise) the substance of each of the following provisions: 
 (a)
Term. Subject to the provisions of Section 4(b) regarding Ten Percent Stockholders, no Option or SAR will be exercisable after the expiration of ten years from the date of its grant or such shorter period specified in the Award Agreement.

 (b) Exercise Price. Subject to the provisions of Section 4(b) regarding Ten Percent Stockholders, the exercise or strike
price of each Option or SAR will be not less than 100% of the Fair Market Value of the Common Stock subject to the Option or SAR on the date the Award is granted. Notwithstanding the foregoing, an Option or SAR may be granted with an exercise or
strike price lower than 100% of the Fair Market Value of the Common Stock subject to the Award if such Award is granted pursuant to an assumption of or substitution for another option or stock appreciation right pursuant to a Corporate Transaction
and in a manner consistent with the provisions of Section 409A and, if applicable, Section 424(a) of the Code. Each SAR will be denominated in shares of Common Stock equivalents. 

(c) Purchase Price for Options. The purchase price of Common Stock acquired pursuant to the exercise of an Option may be paid, to the
extent permitted by applicable law and as determined by the Board in its sole discretion, by any combination of the methods of payment set forth below. The Board will have the authority to grant Options that do not permit all of the following
methods of payment (or otherwise restrict the ability to use certain methods) and to grant Options that require the consent of the Company to use a particular method of payment. The permitted methods of payment are as follows: 

(i) by cash, check, bank draft or money order payable to the Company; 

  
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 (ii) pursuant to a program developed under Regulation T as promulgated by the Federal
Reserve Board that, prior to the issuance of the stock subject to the Option, results in either the receipt of cash (or check) by the Company or the receipt of irrevocable instructions to pay the aggregate exercise price to the Company from the
sales proceeds; 
 (iii) by delivery to the Company (either by actual delivery or attestation) of shares of Common Stock; 

(iv) if an Option is a Nonstatutory Stock Option, by a “net exercise” arrangement pursuant to which the Company will reduce
the number of shares of Common Stock issuable upon exercise by the largest whole number of shares with a Fair Market Value that does not exceed the aggregate exercise price; provided, however, that the Company will accept a cash or other
payment from the Participant to the extent of any remaining balance of the aggregate exercise price not satisfied by such reduction in the number of whole shares to be issued. Shares of Common Stock will no longer be subject to an Option and will
not be exercisable thereafter to the extent that (A) shares issuable upon exercise are reduced to pay the exercise price pursuant to the “net exercise,” (B) shares are delivered to the Participant as a result of such exercise,
and (C) shares are withheld to satisfy tax withholding obligations; or 
 (v) in any other form of legal consideration that may
be acceptable to the Board and specified in the applicable Award Agreement. 
 (d) Exercise and Payment of a SAR. To exercise any
outstanding SAR, the Participant must provide written notice of exercise to the Company in compliance with the provisions of the Stock Appreciation Right Agreement evidencing such SAR. The appreciation distribution payable on the exercise of a SAR
will be not greater than an amount equal to the excess of (A) the aggregate Fair Market Value (on the date of the exercise of the SAR) of a number of shares of Common Stock equal to the number of Common Stock equivalents in which the
Participant is vested under such SAR, and with respect to which the Participant is exercising the SAR on such date, over (B) the aggregate strike price of the number of Common Stock equivalents with respect to which the Participant is
exercising the SAR on such date. The appreciation distribution may be paid in Common Stock, in cash, in any combination of the two or in any other form of consideration, as determined by the Board and contained in the Award Agreement evidencing such
SAR. 
 (e) Transferability of Options and SARs. The Board may, in its sole discretion, impose such limitations on the
transferability of Options and SARs as the Board will determine. In the absence of such a determination by the Board to the contrary, the following restrictions on the transferability of Options and SARs will apply: 

(i) Restrictions on Transfer. An Option or SAR will not be transferable except by will or by the laws of descent and distribution (or
pursuant to subsections (ii) and (iii) below), and will be exercisable during the lifetime of the Participant only by the Participant. The Board may permit transfer of the Option or SAR in a manner that is not prohibited by applicable tax
and securities laws. Except as explicitly provided herein, neither an Option nor a SAR may be transferred for consideration. 

  
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 (ii) Domestic Relations Orders. Subject to the approval of the Board or a duly authorized
Officer, an Option or SAR may be transferred pursuant to the terms of a domestic relations order, official marital settlement agreement or other divorce or separation instrument as permitted by Treasury Regulations Section 1.421-1(b)(2). If an
Option is an Incentive Stock Option, such Option may be deemed to be a Nonstatutory Stock Option as a result of such transfer. 
 (iii)
Beneficiary Designation. Subject to the approval of the Board or a duly authorized Officer, a Participant may, by delivering written notice to the Company, in a form approved by the Company (or the designated broker), designate a third party
who, on the death of the Participant, will thereafter be entitled to exercise the Option or SAR and receive the Common Stock or other consideration resulting from such exercise. In the absence of such a designation, the executor or administrator of
the Participant’s estate will be entitled to exercise the Option or SAR and receive the Common Stock or other consideration resulting from such exercise. However, the Company may prohibit designation of a beneficiary at any time, including due
to any conclusion by the Company that such designation would be inconsistent with the provisions of applicable laws. 
 (f) Vesting
Generally. The total number of shares of Common Stock subject to an Option or SAR may vest and become exercisable in periodic installments that may or may not be equal. The Option or SAR may be subject to such other terms and conditions on the
time or times when it may or may not be exercised (which may be based on the satisfaction of Performance Goals or other criteria) as the Board may deem appropriate. The vesting provisions of individual Options or SARs may vary. The provisions of
this Section 5(f) are subject to any Option or SAR provisions governing the minimum number of shares of Common Stock as to which an Option or SAR may be exercised. 

(g) Termination of Continuous Service. Except as otherwise provided in the applicable Award Agreement or other agreement between the
Participant and the Company, if a Participant’s Continuous Service terminates (other than for Cause and other than upon the Participant’s death or Disability), the Participant may exercise his or her Option or SAR (to the extent that the
Participant was entitled to exercise such Award as of the date of termination of Continuous Service) within the period of time ending on the earlier of (i) the date three months following the termination of the Participant’s Continuous
Service (or such longer or shorter period specified in the applicable Award Agreement), and (ii) the expiration of the term of the Option or SAR as set forth in the Award Agreement. If, after termination of Continuous Service, the Participant
does not exercise his or her Option or SAR (as applicable) within the applicable time frame, the Option or SAR will terminate. 
 (h)
Extension of Termination Date. If the exercise of an Option or SAR following the termination of the Participant’s Continuous Service (other than for Cause and other than upon the Participant’s death or Disability) would be prohibited
at any time solely because the issuance of shares of Common Stock would violate the registration requirements under the Securities Act, then the Option or SAR will terminate on the earlier of (i) the expiration of a total period of time

  
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(that need not be consecutive) equal to the applicable post termination exercise period after the termination of the Participant’s Continuous Service during which the exercise of the Option
or SAR would not be in violation of such registration requirements, and (ii) the expiration of the term of the Option or SAR as set forth in the applicable Award Agreement. In addition, unless otherwise provided in a Participant’s Award
Agreement, if the sale of any Common Stock received on exercise of an Option or SAR following the termination of the Participant’s Continuous Service (other than for Cause) would violate the Company’s insider trading policy, then the
Option or SAR will terminate on the earlier of (i) the expiration of a period of months (that need not be consecutive) equal to the applicable post-termination exercise period after the termination of the Participant’s Continuous Service
during which the sale of the Common Stock received upon exercise of the Option or SAR would not be in violation of the Company’s insider trading policy, or (ii) the expiration of the term of the Option or SAR as set forth in the applicable
Award Agreement. 
 (i) Disability of Participant. Except as otherwise provided in the applicable Award Agreement or other agreement
between the Participant and the Company, if a Participant’s Continuous Service terminates as a result of the Participant’s Disability, the Participant may exercise his or her Option or SAR (to the extent that the Participant was entitled
to exercise such Option or SAR as of the date of termination of Continuous Service), but only within such period of time ending on the earlier of (i) the date 12 months following such termination of Continuous Service (or such longer or shorter
period specified in the Award Agreement), and (ii) the expiration of the term of the Option or SAR as set forth in the Award Agreement. If, after termination of Continuous Service, the Participant does not exercise his or her Option or SAR
within the applicable time frame, the Option or SAR (as applicable) will terminate. 
 (j) Death of Participant. Except as otherwise
provided in the applicable Award Agreement or other agreement between the Participant and the Company, if (i) a Participant’s Continuous Service terminates as a result of the Participant’s death, or (ii) the Participant dies
within the period (if any) specified in the Award Agreement for exercisability after the termination of the Participant’s Continuous Service for a reason other than death, then the Option or SAR may be exercised (to the extent the Participant
was entitled to exercise such Option or SAR as of the date of death) by the Participant’s estate, by a person who acquired the right to exercise the Option or SAR by bequest or inheritance or by a person designated to exercise the Option or SAR
upon the Participant’s death, but only within the period ending on the earlier of (i) the date 18 months following the date of death (or such longer or shorter period specified in the Award Agreement), and (ii) the expiration of the
term of such Option or SAR as set forth in the Award Agreement. If, after the Participant’s death, the Option or SAR is not exercised within the applicable time frame, the Option or SAR (as applicable) will terminate. 

(k) Termination for Cause. Except as explicitly provided otherwise in a Participant’s Award Agreement or other individual written
agreement between the Company or any Affiliate and the Participant, if a Participant’s Continuous Service is terminated for Cause, the Option or SAR will terminate immediately upon such Participant’s termination of Continuous Service, and
the Participant will be prohibited from exercising his or her Option or SAR from and after the date of such termination of Continuous Service. 

  
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 (l) Non-Exempt Employees. If an Option or SAR is granted to an Employee who is a
non-exempt employee for purposes of the Fair Labor Standards Act of 1938, as amended, the Option or SAR will not be first exercisable for any shares of Common Stock until at least six months following the date of grant of the Option or SAR (although
the Award may vest prior to such date). Consistent with the provisions of the Worker Economic Opportunity Act, (i) if such non-exempt Employee dies or suffers a Disability, (ii) upon a Corporate Transaction in which such Option or SAR is
not assumed, continued, or substituted, (iii) upon a Change in Control, or (iv) upon the Participant’s retirement (as such term may be defined in the Participant’s Award Agreement in another agreement between the Participant and
the Company, or, if no such definition, in accordance with the Company’s then current employment policies and guidelines), the vested portion of any Options and SARs may be exercised earlier than six months following the date of grant. The
foregoing provision is intended to operate so that any income derived by a non-exempt employee in connection with the exercise or vesting of an Option or SAR will be exempt from his or her regular rate of pay. To the extent permitted and/or required
for compliance with the Worker Economic Opportunity Act to ensure that any income derived by a non-exempt employee in connection with the exercise, vesting or issuance of any shares under any other Stock Award will be exempt from the employee’s
regular rate of pay, the provisions of this Section 5(l) will apply to all Stock Awards and are hereby incorporated by reference into such Stock Award Agreements. 
  

	6.	PROVISIONS OF STOCK AWARDS OTHER THAN OPTIONS AND SARS. 

(a) Restricted Stock Awards. Each Restricted Stock Award Agreement will be in such form and will contain such terms and conditions as
the Board will deem appropriate. To the extent consistent with the Company’s bylaws, at the Board’s election, shares of Common Stock may be (x) held in book entry form subject to the Company’s instructions until any restrictions
relating to the Restricted Stock Award lapse; or (y) evidenced by a certificate, which certificate will be held in such form and manner as determined by the Board. The terms and conditions of Restricted Stock Award Agreements may change from
time to time, and the terms and conditions of separate Restricted Stock Award Agreements need not be identical. Each Restricted Stock Award Agreement will conform to (through incorporation of the provisions hereof by reference in the agreement or
otherwise) the substance of each of the following provisions: 
 (i) Consideration. A Restricted Stock Award may be awarded in
consideration for (A) cash, check, bank draft or money order payable to the Company, (B) past services to the Company or an Affiliate, or (C) any other form of legal consideration (including future services) that may be acceptable to
the Board, in its sole discretion, and permissible under applicable law. 
 (ii) Vesting. Shares of Common Stock awarded under the
Restricted Stock Award Agreement may be subject to forfeiture to the Company in accordance with a vesting schedule to be determined by the Board. 

(iii) Termination of Participant’s Continuous Service. If a Participant’s Continuous Service terminates, the Company may
receive through a forfeiture condition or a repurchase right any or all of the shares of Common Stock held by the Participant as of the date of termination of Continuous Service under the terms of the Restricted Stock Award Agreement. 

  
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 (iv) Transferability. Rights to acquire shares of Common Stock under the Restricted Stock
Award Agreement will be transferable by the Participant only upon such terms and conditions as are set forth in the Restricted Stock Award Agreement, as the Board will determine in its sole discretion, so long as Common Stock awarded under the
Restricted Stock Award Agreement remains subject to the terms of the Restricted Stock Award Agreement. 
 (v) Dividends. A Restricted
Stock Award Agreement may provide that any dividends paid on Restricted Stock will be subject to the same vesting and forfeiture restrictions as apply to the shares subject to the Restricted Stock Award to which they relate. 

(b) Restricted Stock Unit Awards. Each Restricted Stock Unit Award Agreement will be in such form and will contain such terms and
conditions as the Board will deem appropriate. The terms and conditions of Restricted Stock Unit Award Agreements may change from time to time, and the terms and conditions of separate Restricted Stock Unit Award Agreements need not be identical.
Each Restricted Stock Unit Award Agreement will conform to (through incorporation of the provisions hereof by reference in the Agreement or otherwise) the substance of each of the following provisions: 

(i) Consideration. At the time of grant of a Restricted Stock Unit Award, the Board will determine the consideration, if any, to be
paid by the Participant upon delivery of each share of Common Stock subject to the Restricted Stock Unit Award. The consideration to be paid (if any) by the Participant for each share of Common Stock subject to a Restricted Stock Unit Award may be
paid in any form of legal consideration that may be acceptable to the Board, in its sole discretion, and permissible under applicable law. 

(ii) Vesting. At the time of the grant of a Restricted Stock Unit Award, the Board may impose such restrictions on or conditions to the
vesting of the Restricted Stock Unit Award as it, in its sole discretion, deems appropriate. 
 (iii) Payment. A Restricted Stock
Unit Award may be settled by the delivery of shares of Common Stock, their cash equivalent, any combination thereof or in any other form of consideration, as determined by the Board and contained in the Restricted Stock Unit Award Agreement. 

(iv) Additional Restrictions. At the time of the grant of a Restricted Stock Unit Award, the Board, as it deems appropriate, may impose
such restrictions or conditions that delay the delivery of the shares of Common Stock (or their cash equivalent) subject to a Restricted Stock Unit Award to a time after the vesting of such Restricted Stock Unit Award. 

(v) Dividend Equivalents. Dividend equivalents may be credited in respect of shares of Common Stock covered by a Restricted Stock Unit
Award, as determined by the Board and contained in the Restricted Stock Unit Award Agreement. At the sole discretion of the Board, such dividend equivalents may be converted into additional shares of Common Stock covered by the Restricted Stock Unit
Award in such manner as determined by the Board. Any additional shares covered by the Restricted Stock Unit Award credited by reason of such dividend equivalents will be subject to all of the same terms and conditions of the underlying Restricted
Stock Unit Award Agreement to which they relate. 

  
 11. 

 (vi) Termination of Participant’s Continuous Service. Except as otherwise provided in
the applicable Restricted Stock Unit Award Agreement, such portion of the Restricted Stock Unit Award that has not vested will be forfeited upon the Participant’s termination of Continuous Service. 

 

	 	(c)	Performance Awards. 

 (i) Performance Stock Awards. A Performance Stock
Award is a Stock Award (covering a number of shares not in excess of that set forth in Section 3(d) above) that is payable (including that may be granted, may vest or may be exercised) contingent upon the attainment during a Performance Period
of certain Performance Goals. A Performance Stock Award may, but need not, require the Participant’s completion of a specified period of Continuous Service. The length of any Performance Period, the Performance Goals to be achieved during the
Performance Period, and the measure of whether and to what degree such Performance Goals have been attained will be conclusively determined by the Committee (or, if not required for compliance with Section 162(m) of the Code, the Board), in its
sole discretion. In addition, to the extent permitted by applicable law and the applicable Award Agreement, the Board may determine that cash may be used in payment of Performance Stock Awards. 

(ii) Performance Cash Awards. A Performance Cash Award is a cash award (for a dollar value not in excess of that set forth in
Section 3(d) above) that is payable contingent upon the attainment during a Performance Period of certain Performance Goals. A Performance Cash Award may also require the completion of a specified period of Continuous Service. At the time of
grant of a Performance Cash Award, the length of any Performance Period, the Performance Goals to be achieved during the Performance Period, and the measure of whether and to what degree such Performance Goals have been attained will be conclusively
determined by the Committee (or, if not required for compliance with Section 162(m) of the Code, the Board), in its sole discretion. The Board may specify the form of payment of Performance Cash Awards, which may be cash or other property, or
may provide for a Participant to have the option for his or her Performance Cash Award, or such portion thereof as the Board may specify, to be paid in whole or in part in cash or other property. 

(iii) Board Discretion. The Board retains the discretion to reduce or eliminate the compensation or economic benefit due upon
attainment of Performance Goals and to define the manner of calculating the Performance Criteria it selects to use for a Performance Period. 

(iv) Section 162(m) Compliance. Unless otherwise permitted in compliance with the requirements of Section 162(m) of the Code
with respect to an Award intended to qualify as “performance-based compensation” thereunder, the Committee will establish the Performance Goals applicable to, and the formula for calculating the amount payable under, the Award no later
than the earlier of (a) the date 90 days after the commencement of the applicable Performance Period, and (b) the date on which 25% of the Performance Period has elapsed, and in any event at a time when the achievement of the applicable
Performance Goals remains substantially uncertain. Prior to the payment of any compensation under an Award intended to qualify as “performance-based compensation” under Section 162(m) of the Code, the Committee will certify the extent
to which any Performance Goals and any other material terms under such Award have been satisfied (other than in cases where such Performance Goals relate solely to the 

  
 12. 

 
increase in the value of the Common Stock). Notwithstanding satisfaction of, or completion of any Performance Goals, the number of shares of Common Stock, Options, cash or other benefits granted,
issued, retainable and/or vested under an Award on account of satisfaction of such Performance Goals may be reduced by the Committee on the basis of such further considerations as the Committee, in its sole discretion, will determine. 

(d) Other Stock Awards. Other forms of Stock Awards valued in whole or in part by reference to, or otherwise based on, Common Stock,
including the appreciation in value thereof (e.g., options or stock rights with an exercise price or strike price less than 100% of the Fair Market Value of the Common Stock at the time of grant) may be granted either alone or in addition to Stock
Awards provided for under Section 5 and the preceding provisions of this Section 6. Subject to the provisions of the Plan, the Board will have sole and complete authority to determine the persons to whom and the time or times at which such
Other Stock Awards will be granted, the number of shares of Common Stock (or the cash equivalent thereof) to be granted pursuant to such Other Stock Awards and all other terms and conditions of such Other Stock Awards. 

 

	7.	COVENANTS OF THE COMPANY. 

(a) Availability of Shares. The Company will keep available at all times the number of shares of Common Stock reasonably required to
satisfy then-outstanding Awards. 
 (b) Securities Law Compliance. The Company will seek to obtain from each regulatory commission or
agency having jurisdiction over the Plan such authority as may be required to grant Stock Awards and to issue and sell shares of Common Stock upon exercise of the Stock Awards; provided, however, that this undertaking will not require the
Company to register under the Securities Act the Plan, any Stock Award or any Common Stock issued or issuable pursuant to any such Stock Award. If, after reasonable efforts and at a reasonable cost, the Company is unable to obtain from any such
regulatory commission or agency the authority that counsel for the Company deems necessary for the lawful issuance and sale of Common Stock under the Plan, the Company will be relieved from any liability for failure to issue and sell Common Stock
upon exercise of such Stock Awards unless and until such authority is obtained. A Participant will not be eligible for the grant of an Award or the subsequent issuance of cash or Common Stock pursuant to the Award if such grant or issuance would be
in violation of any applicable securities law. 
 (c) No Obligation to Notify or Minimize Taxes. The Company will have no duty or
obligation to any Participant to advise such holder as to the time or manner of exercising such Stock Award. Furthermore, the Company will have no duty or obligation to warn or otherwise advise such holder of a pending termination or expiration of
an Award or a possible period in which the Award may not be exercised. The Company has no duty or obligation to minimize the tax consequences of an Award to the holder of such Award. 

 

	8.	MISCELLANEOUS. 

 (a) Use of Proceeds from Sales of Common Stock.
Proceeds from the sale of shares of Common Stock pursuant to Awards will constitute general funds of the Company. 

  
 13. 

 (b) Corporate Action Constituting Grant of Awards. Corporate action constituting a grant
by the Company of an Award to any Participant will be deemed completed as of the date of such corporate action, unless otherwise determined by the Board, regardless of when the instrument, certificate, or letter evidencing the Award is communicated
to, or actually received or accepted by, the Participant. In the event that the corporate records (e.g., Board consents, resolutions or minutes) documenting the corporate action constituting the grant contain terms (e.g., exercise price, vesting
schedule or number of shares) that are inconsistent with those in the Award Agreement or related grant documents as a result of a clerical error in the papering of the Award Agreement or related grant documents, the corporate records will control
and the Participant will have no legally binding right to the incorrect term in the Award Agreement or related grant documents. 
 (c)
Stockholder Rights. No Participant will be deemed to be the holder of, or to have any of the rights of a holder with respect to, any shares of Common Stock subject to an Award unless and until (i) such Participant has satisfied all
requirements for exercise of, or the issuance of shares under, the Award pursuant to its terms, and (ii) the issuance of the Common Stock subject to such Award has been entered into the books and records of the Company. 

(d) No Employment or Other Service Rights. Nothing in the Plan, any Award Agreement or any other instrument executed thereunder or in
connection with any Award granted pursuant thereto will confer upon any Participant any right to continue to serve the Company or an Affiliate in the capacity in effect at the time the Award was granted or will affect the right of the Company or an
Affiliate to terminate (i) the employment of an Employee with or without notice and with or without cause, (ii) the service of a Consultant pursuant to the terms of such Consultant’s agreement with the Company or an Affiliate, or
(iii) the service of a Director pursuant to the bylaws of the Company or an Affiliate, and any applicable provisions of the corporate law of the state in which the Company or the Affiliate is incorporated, as the case may be. 

(e) Change in Time Commitment. In the event a Participant’s regular level of time commitment in the performance of his or her
services for the Company and any Affiliates is reduced (for example, and without limitation, if the Participant is an Employee of the Company and the Employee has a change in status from a full-time Employee to a part-time Employee or takes an
extended leave of absence) after the date of grant of any Award to the Participant, the Board has the right in its sole discretion to (x) make a corresponding reduction in the number of shares or cash amount subject to any portion of such Award
that is scheduled to vest or become payable after the date of such change in time commitment, and (y) in lieu of or in combination with such a reduction, extend the vesting or payment schedule applicable to such Award. In the event of any such
reduction or extension, the Participant will have no right with respect to any portion of the Award that is so reduced or extended. 

(f) Incentive Stock Option Limitations. To the extent that the aggregate Fair Market Value (determined at the time of grant) of Common
Stock with respect to which Incentive Stock Options are exercisable for the first time by any Optionholder during any calendar year (under all plans of the Company and any Affiliates) exceeds $100,000 (or such other limit established in the Code) or
otherwise does not comply with the rules governing Incentive Stock Options, the Options or portions thereof that exceed such limit (according to the 

  
 14. 

 
order in which they were granted) or otherwise do not comply with such rules will be treated as Nonstatutory Stock Options, notwithstanding any contrary provision of the applicable Option
Agreement(s). 
 (g) Investment Assurances. The Company may require a Participant, as a condition of exercising or acquiring Common
Stock under any Award, (i) to give written assurances satisfactory to the Company as to the Participant’s knowledge and experience in financial and business matters and/or to employ a purchaser representative reasonably satisfactory to the
Company who is knowledgeable and experienced in financial and business matters and that he or she is capable of evaluating, alone or together with the purchaser representative, the merits and risks of exercising the Award; and (ii) to give
written assurances satisfactory to the Company stating that the Participant is acquiring Common Stock subject to the Award for the Participant’s own account and not with any present intention of selling or otherwise distributing the Common
Stock. The foregoing requirements, and any assurances given pursuant to such requirements, will be inoperative if (A) the issuance of the shares upon the exercise or acquisition of Common Stock under the Award has been registered under a then
currently effective registration statement under the Securities Act, or (B) as to any particular requirement, a determination is made by counsel for the Company that such requirement need not be met in the circumstances under the then
applicable securities laws. The Company may, upon advice of counsel to the Company, place legends on stock certificates issued under the Plan as such counsel deems necessary or appropriate in order to comply with applicable securities laws,
including, but not limited to, legends restricting the transfer of the Common Stock. 
 (h) Withholding Obligations. Unless
prohibited by the terms of an Award Agreement, the Company may, in its sole discretion, satisfy any federal, state or local tax withholding obligation relating to an Award by any of the following means or by a combination of such means:
(i) causing the Participant to tender a cash payment; (ii) withholding shares of Common Stock from the shares of Common Stock issued or otherwise issuable to the Participant in connection with the Award; provided, however, that no
shares of Common Stock are withheld with a value exceeding the minimum amount of tax required to be withheld by law (or such lesser amount as may be necessary to avoid classification of the Stock Award as a liability for financial accounting
purposes); (iii) withholding cash from an Award settled in cash; (iv) withholding payment from any amounts otherwise payable to the Participant; or (v) by such other method as may be set forth in the Award Agreement. 

(i) Electronic Delivery. Any reference herein to a “written” agreement or document will include any agreement or document
delivered electronically, filed publicly at www.sec.gov (or any successor website thereto) or posted on the Company’s intranet (or other shared electronic medium controlled by the Company to which the Participant has access). 

(j) Deferrals. To the extent permitted by applicable law, the Board, in its sole discretion, may determine that the delivery of Common
Stock or the payment of cash, upon the exercise, vesting or settlement of all or a portion of any Award may be deferred and may establish programs and procedures for deferral elections to be made by Participants. Deferrals by Participants will be
made in accordance with Section 409A of the Code. Consistent with Section 409A of the Code, the Board may provide for distributions while a Participant is still an employee or otherwise providing services to the Company. The Board is
authorized to make  

  
 15. 

 
deferrals of Awards and determine when, and in what annual percentages, Participants may receive payments, including lump sum payments, following the Participant’s termination of Continuous
Service, and implement such other terms and conditions consistent with the provisions of the Plan and in accordance with applicable law. 

(k) Compliance with Section 409A. Unless otherwise expressly provided for in an Award Agreement, the Plan and Award Agreements
will be interpreted to the greatest extent possible in a manner that makes the Plan and the Awards granted hereunder exempt from Section 409A of the Code, and, to the extent not so exempt, in compliance with Section 409A of the Code. If
the Board determines that any Award granted hereunder is not exempt from and is therefore subject to Section 409A of the Code, the Award Agreement evidencing such Award will incorporate the terms and conditions necessary to avoid the
consequences specified in Section 409A(a)(1) of the Code, and to the extent an Award Agreement is silent on terms necessary for compliance, such terms are hereby incorporated by reference into the Award Agreement. Notwithstanding anything to
the contrary in this Plan (and unless the Award Agreement specifically provides otherwise), if the shares of Common Stock are publicly traded, and if a Participant holding an Award that constitutes “deferred compensation” under
Section 409A of the Code is a “specified employee” for purposes of Section 409A of the Code, no distribution or payment of any amount that is due because of a “separation from service” (as defined in Section 409A
of the Code without regard to alternative definitions thereunder) will be issued or paid before the date that is six months following the date of such Participant’s “separation from service” or, if earlier, the date of the
Participant’s death, unless such distribution or payment can be made in a manner that complies with Section 409A of the Code, and any amounts so deferred will be paid in a lump sum on the day after such six month period elapses, with the
balance paid thereafter on the original schedule. 
 (l) Clawback/Recovery. All Awards granted under the Plan will be subject to
recoupment in accordance with any clawback policy that the Company is required to adopt pursuant to the listing standards of any national securities exchange or association on which the Company’s securities are listed or as is otherwise
required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable law. In addition, the Board may impose such other clawback, recovery or recoupment provisions in an Award Agreement as the Board determines necessary or
appropriate, including but not limited to a reacquisition right in respect of previously acquired shares of Common Stock or other cash or property upon the occurrence of an event constituting Cause. No recovery of compensation under such a clawback
policy will be an event giving rise to a right to resign for “good reason” or “constructive termination” (or similar term) under any agreement with the Company. 

 

	9.	ADJUSTMENTS UPON CHANGES IN COMMON STOCK; OTHER CORPORATE EVENTS.

 (a) Capitalization Adjustments. In the event of a Capitalization Adjustment, the Board will appropriately and
proportionately adjust: (i) the class(es) and maximum number of securities subject to the Plan pursuant to Section 3(a), (ii) the class(es) and maximum number of securities that may be issued pursuant to the exercise of Incentive
Stock Options pursuant to Section 3(c), (iii) the class(es) and maximum number of securities that may be awarded to any person pursuant to Sections 3(d), and (iv) the class(es) and number of securities and price per share of stock
subject to outstanding Stock Awards. The Board will make such adjustments, and its determination will be final, binding and conclusive. 

  
 16. 

 (b) Dissolution or Liquidation. Except as otherwise provided in the Stock Award Agreement,
in the event of a dissolution or liquidation of the Company, all outstanding Stock Awards (other than Stock Awards consisting of vested and outstanding shares of Common Stock not subject to a forfeiture condition or the Company’s right of
repurchase) will terminate immediately prior to the completion of such dissolution or liquidation, and the shares of Common Stock subject to the Company’s repurchase rights or subject to a forfeiture condition may be repurchased or reacquired
by the Company notwithstanding the fact that the holder of such Stock Award is providing Continuous Service; provided, however, that the Board may, in its sole discretion, cause some or all Stock Awards to become fully vested, exercisable
and/or no longer subject to repurchase or forfeiture (to the extent such Stock Awards have not previously expired or terminated) before the dissolution or liquidation is completed but contingent on its completion. 

(c) Corporate Transaction. The following provisions will apply to Stock Awards in the event of a Corporate Transaction unless otherwise
provided in the instrument evidencing the Stock Award or any other written agreement between the Company or any Affiliate and the Participant or unless otherwise expressly provided by the Board at the time of grant of a Stock Award. In the event of
a Corporate Transaction, then, notwithstanding any other provision of the Plan, the Board will take one or more of the following actions with respect to Stock Awards, contingent upon the closing or completion of the Corporate Transaction: 

(i) arrange for the surviving corporation or acquiring corporation (or the surviving or acquiring corporation’s parent company) to
assume or continue the Stock Award or to substitute a similar stock award for the Stock Award (including, but not limited to, an award to acquire the same consideration paid to the stockholders of the Company pursuant to the Corporate Transaction);

 (ii) arrange for the assignment of any reacquisition or repurchase rights held by the Company in respect of Common Stock issued
pursuant to the Stock Award to the surviving corporation or acquiring corporation (or the surviving or acquiring corporation’s parent company); 

(iii) accelerate the vesting, in whole or in part, of the Stock Award (and, if applicable, the time at which the Stock Award may be
exercised) to a date prior to the effective time of such Corporate Transaction as the Board will determine (or, if the Board will not determine such a date, to the date that is five days prior to the effective date of the Corporate Transaction),
with such Stock Award terminating if not exercised (if applicable) at or prior to the effective time of the Corporate Transaction; 

(iv) arrange for the lapse, in whole or in part, of any reacquisition or repurchase rights held by the Company with respect to the
Stock Award; 

  
 17. 

 (v) cancel or arrange for the cancellation of the Stock Award, to the extent not vested or
not exercised prior to the effective time of the Corporate Transaction, in exchange for such cash consideration, if any, as the Board, in its sole discretion, may consider appropriate; and 

(vi) make a payment, in such form as may be determined by the Board equal to the excess, if any, of (A) the value of the property
the Participant would have received upon the exercise of the Stock Award immediately prior to the effective time of the Corporate Transaction, over (B) any exercise price payable by such holder in connection with such exercise. 

The Board need not take the same action or actions with respect to all Stock Awards or portions thereof or with respect to all Participants.
The Board may take different actions with respect to the vested and unvested portions of a Stock Award. 
 (d) Change in Control. A
Stock Award may be subject to additional acceleration of vesting and exercisability upon or after a Change in Control as may be provided in the Stock Award Agreement for such Stock Award or as may be provided in any other written agreement between
the Company or any Affiliate and the Participant, but in the absence of such provision, no such acceleration will occur. 
  

	10.	PLAN TERM; EARLIER TERMINATION OR SUSPENSION OF THE PLAN. 

The Board may suspend or terminate the Plan at any time. No Incentive Stock Options may be granted after the tenth anniversary of (i) the
date the Plan is adopted by the Board (the “Adoption Date”) or (ii) the date the Plan is approved by the stockholders of the Company. No Awards may be granted under the Plan while the Plan is suspended or after it is
terminated. 
  

	11.	EXISTENCE OF THE PLAN; TIMING OF FIRST GRANT OR EXERCISE.

 The Plan will come into existence on the Adoption Date; provided, however, that no Award may be granted prior to the IPO
Date (that is, the Effective Date). In addition, no Stock Award will be exercised (or, in the case of a Restricted Stock Award, Restricted Stock Unit Award, Performance Stock Award, or Other Stock Award, no Stock Award will be granted) and no
Performance Cash Award will be settled unless and until the Plan has been approved by the stockholders of the Company, which approval will be within 12 months before or after the date the Plan is adopted by the Board. 

 

	12.	CHOICE OF LAW. 

 The law of the State of
Delaware will govern all questions concerning the construction, validity and interpretation of the Plan, without regard to that state’s conflict of laws rules. 

13. DEFINITIONS. As used in the Plan, the following definitions will apply to the capitalized terms indicated below: 

(a) “Affiliate” means, at the time of determination, any “parent” or “subsidiary” of the
Company as such terms are defined in Rule 405 of the Securities Act. The Board will have the authority to determine the time or times at which “parent” or “subsidiary” status is determined within the foregoing definition. 

  
 18. 

 (b) “Award” means a Stock Award or a Performance Cash Award. 

(c) “Award Agreement” means a written agreement between the Company and a Participant evidencing the terms and
conditions of an Award. 
 (d) “Board” means the Board of Directors of the Company. 

(e) “Capital Stock” means each and every class of common stock of the Company, regardless of the number of
votes per share. 
 (f) “Capitalization Adjustment” means any change that is made in, or other events that
occur with respect to, the Common Stock subject to the Plan or subject to any Stock Award after the Adoption Date without the receipt of consideration by the Company through merger, consolidation, reorganization, recapitalization, reincorporation,
stock dividend, dividend in property other than cash, large nonrecurring cash dividend, stock split, reverse stock split, liquidating dividend, combination of shares, exchange of shares, change in corporate structure or any similar equity
restructuring transaction, as that term is used in Statement of Financial Accounting Standards Board Accounting Standards Codification Topic 718 (or any successor thereto). Notwithstanding the foregoing, the conversion of any convertible securities
of the Company will not be treated as a Capitalization Adjustment. 
 (g) “Cause” will have the meaning
ascribed to such term in any written agreement between the Participant and the Company defining such term and, in the absence of such agreement, such term shall mean, with respect to a Participant, the occurrence of any of the following events that
has a material negative impact on the business or reputation of the Company: (i) such Participant’s attempted commission of, or participation in, a fraud or act of dishonesty against the Company; (ii) such Participant’s
intentional, material violation of any contract or agreement between the Participant and the Company or of any statutory duty owed to the Company; (iii) such Participant’s unauthorized use or disclosure of the Company’s confidential
information or trade secrets; or (iv) such Participant’s gross misconduct. The determination that a termination of the Participant’s Continuous Service is either for Cause or without Cause shall be made by the Company, in its sole
discretion. Any determination by the Company that the Continuous Service of a Participant was terminated with or without Cause for the purposes of outstanding Awards held by such Participant shall have no effect upon any determination of the rights
or obligations of the Company or such Participant for any other purpose. 
 (h) “Change in Control” means the
occurrence, in a single transaction or in a series of related transactions, of any one or more of the following events: 
 (i) any
Exchange Act Person becomes the Owner, directly or indirectly, of securities of the Company representing more than 50% of the combined voting power of the Company’s then outstanding securities other than by virtue of a merger, consolidation or
similar transaction. Notwithstanding the foregoing, a Change in Control will not be deemed to occur (A) on account of the acquisition of securities of the Company directly from the Company, (B)

  
 19. 

 
on account of the acquisition of securities of the Company by an investor, any affiliate thereof or any other Exchange Act Person that acquires the Company’s securities in a transaction or
series of related transactions the primary purpose of which is to obtain financing for the Company through the issuance of equity securities, (C) on account of the acquisition of securities of the Company by any individual who is, on the IPO
Date, either an executive officer or a Director (either, an “IPO Investor”) and/or any entity in which an IPO Investor has a direct or indirect interest (whether in the form of voting rights or participation in profits or
capital contributions) of more than 50% (collectively, the “IPO Entities” ) or on account of the IPO Entities continuing to hold shares that come to represent more than 50% of the combined voting power of the Company’s
then outstanding securities as a result of the conversion of any class of the Company’s securities into another class of the Company’s securities having a different number of votes per share pursuant to the conversion provisions set forth
in the Company’s Amended and Restated Certificate of Incorporation; or (D) solely because the level of Ownership held by any Exchange Act Person (the “Subject Person”) exceeds the designated percentage threshold of
the outstanding voting securities as a result of a repurchase or other acquisition of voting securities by the Company reducing the number of shares outstanding, provided that if a Change in Control would occur (but for the operation of this
sentence) as a result of the acquisition of voting securities by the Company, and after such share acquisition, the Subject Person becomes the Owner of any additional voting securities that, assuming the repurchase or other acquisition had not
occurred, increases the percentage of the then outstanding voting securities Owned by the Subject Person over the designated percentage threshold, then a Change in Control will be deemed to occur; 

(ii) there is consummated a merger, consolidation or similar transaction involving (directly or indirectly) the Company and,
immediately after the consummation of such merger, consolidation or similar transaction, the stockholders of the Company immediately prior thereto do not Own, directly or indirectly, either (A) outstanding voting securities representing more
than 50% of the combined outstanding voting power of the surviving Entity in such merger, consolidation or similar transaction or (B) more than 50% of the combined outstanding voting power of the parent of the surviving Entity in such merger,
consolidation or similar transaction, in each case in substantially the same proportions as their Ownership of the outstanding voting securities of the Company immediately prior to such transaction; provided, however, that a merger,
consolidation or similar transaction will not constitute a Change in Control under this prong of the definition if the outstanding voting securities representing more than 50% of the combined voting power of the surviving Entity or its parent are
owned by the IPO Entities; 
 (iii) there is consummated a sale, lease, exclusive license or other disposition of all or
substantially all of the consolidated assets of the Company and its Subsidiaries, other than a sale, lease, license or other disposition of all or substantially all of the consolidated assets of the Company and its Subsidiaries to an Entity, more
than 50% of the combined voting power of the voting securities of which are Owned by stockholders of the Company in substantially the same proportions as their Ownership of the outstanding voting securities of the Company immediately prior to such
sale, lease, license or other disposition; provided, however, that a sale, lease, exclusive license or other disposition of all or substantially all of the consolidated assets of the Company and its Subsidiaries will not constitute a Change
in Control under this prong of the definition if the outstanding voting securities representing more than 50% of the combined voting power of the acquiring Entity or its parent are owned by the IPO Entities; or 

  
 20. 

 (iv) individuals who, on the date the Plan is adopted by the Board, are members of the
Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the members of the Board; provided, however, that if the appointment or election (or nomination for election) of any new Board
member was approved or recommended by a majority vote of the members of the Incumbent Board then still in office, such new member will, for purposes of this Plan, be considered as a member of the Incumbent Board. 

Notwithstanding the foregoing definition or any other provision of this Plan, the term Change in Control will not include a sale of assets,
merger or other transaction effected exclusively for the purpose of changing the domicile of the Company and the definition of Change in Control (or any analogous term) in an individual written agreement between the Company or any Affiliate and the
Participant will supersede the foregoing definition with respect to Awards subject to such agreement; provided, however, that if no definition of Change in Control or any analogous term is set forth in such an individual written agreement,
the foregoing definition will apply. 
 (i) “Code” means the Internal Revenue Code of 1986, as amended,
including any applicable regulations and guidance thereunder. 
 (j) “Committee” means a committee of one or
more Directors to whom authority has been delegated by the Board in accordance with Section 2(c). 
 (k) “Common
Stock” means, as of the IPO Date, the common stock of the Company. 
 (l) “Company” means
KemPharm, Inc., a Delaware corporation. 
 (m) “Consultant” means any person, including an advisor, who is
(i) engaged by the Company or an Affiliate to render consulting or advisory services and is compensated for such services, or (ii) serving as a member of the board of directors of an Affiliate and is compensated for such services. However,
service solely as a Director, or payment of a fee for such service, will not cause a Director to be considered a “Consultant” for purposes of the Plan. Notwithstanding the foregoing, a person is treated as a Consultant under this Plan only
if a Form S-8 Registration Statement under the Securities Act is available to register either the offer or the sale of the Company’s securities to such person. 

(n) “Continuous Service” means that the Participant’s service with the Company or an Affiliate, whether as
an Employee, Director or Consultant, is not interrupted or terminated. A change in the capacity in which the Participant renders service to the Company or an Affiliate as an Employee, Consultant or Director or a change in the entity for which the
Participant renders such service, provided that there is no interruption or termination of the Participant’s service with the Company or an Affiliate, will not terminate a Participant’s Continuous Service ; provided, however, that
if the Entity for which a Participant is rendering services ceases to qualify as an Affiliate, as determined by the Board, in its sole discretion, such Participant’s Continuous Service will be considered to have terminated on the date such
Entity ceases to qualify as an Affiliate. To the extent permitted by law, the Board or the chief executive officer 

  
 21. 

 
of the Company, in that party’s sole discretion, may determine whether Continuous Service will be considered interrupted in the case of (i) any leave of absence approved by the Board or
chief executive officer, including sick leave, military leave or any other personal leave, or (ii) transfers between the Company, an Affiliate, or their successors. Notwithstanding the foregoing, a leave of absence will be treated as Continuous
Service for purposes of vesting in an Award only to such extent as may be provided in the Company’s leave of absence policy, in the written terms of any leave of absence agreement or policy applicable to the Participant, or as otherwise
required by law. 
 (o) “Corporate Transaction” means the consummation, in a single transaction or in a
series of related transactions, of any one or more of the following events: 
 (i) a sale or other disposition of all or
substantially all, as determined by the Board, in its sole discretion, of the consolidated assets of the Company and its Subsidiaries; 

(ii) a sale or other disposition of at least 90% of the outstanding securities of the Company; 

(iii) a merger, consolidation or similar transaction following which the Company is not the surviving corporation; or 

(iv) a merger, consolidation or similar transaction following which the Company is the surviving corporation but the shares of Common
Stock outstanding immediately preceding the merger, consolidation or similar transaction are converted or exchanged by virtue of the merger, consolidation or similar transaction into other property, whether in the form of securities, cash or
otherwise. 
 (p) “Covered Employee” will have the meaning provided in Section 162(m)(3) of the Code.

 (q) “Director” means a member of the Board. 

(r) “Disability” means, with respect to a Participant, the inability of such
Participant to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or that has lasted or can be expected to last for a continuous period of not less
than 12 months, as provided in Sections 22(e)(3) and 409A(a)(2)(c)(i) of the Code, and will be determined by the Board on the basis of such medical evidence as the Board deems warranted under the circumstances. 

(s) “Effective Date” means the IPO Date. 

(t) “Employee” means any person employed by the Company or an Affiliate. However, service solely as a Director,
or payment of a fee for such services, will not cause a Director to be considered an “Employee” for purposes of the Plan. 

(u) “Entity” means a corporation, partnership, limited liability company or other entity. 

  
 22. 

 (v) “Exchange Act” means the
Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 
 (w)
“Exchange Act Person” means any natural person, Entity or “group” (within the meaning of Section 13(d) or 14(d) of the Exchange Act), except that “Exchange Act Person” will not include
(i) the Company or any Subsidiary of the Company, (ii) any employee benefit plan of the Company or any Subsidiary of the Company or any trustee or other fiduciary holding securities under an employee benefit plan of the Company or any
Subsidiary of the Company, (iii) an underwriter temporarily holding securities pursuant to a registered public offering of such securities, (iv) an Entity Owned, directly or indirectly, by the stockholders of the Company in substantially
the same proportions as their Ownership of stock of the Company; or (v) any natural person, Entity or “group” (within the meaning of Section 13(d) or 14(d) of the Exchange Act) that, as of the Effective Date, is the Owner,
directly or indirectly, of securities of the Company representing more than 50% of the combined voting power of the Company’s then outstanding securities. 

(x) “Fair Market Value” means, as of any date, the value of the Common Stock determined as follows: 

(i) If the Common Stock is listed on any established stock exchange or traded on any established market, the Fair Market Value of a
share of Common Stock will be, unless otherwise determined by the Board, the closing sales price for such stock as quoted on such exchange or market (or the exchange or market with the greatest volume of trading in the Common Stock)
on the date of determination, as reported in a source the Board deems reliable. 
 (ii) Unless otherwise
provided by the Board, if there is no closing sales price for the Common Stock on the date of determination, then the Fair Market Value will be the closing selling price on the last preceding date for which such quotation exists. 

(iii) In the absence of such markets for the Common Stock, the Fair Market Value will be determined by the Board in good faith and in a
manner that complies with Sections 409A and 422 of the Code. 
 (y) “Incentive Stock Option” means an option
granted pursuant to Section 5 of the Plan that is intended to be, and qualifies as, an “incentive stock option” within the meaning of Section 422 of the Code. 

(z) “IPO Date” means the date of the underwriting agreement between the Company and the underwriter(s) managing
the initial public offering of the Common Stock, pursuant to which the Common Stock is priced for the initial public offering. 
 (aa)
“Non-Employee Director” means a Director who either (i) is not a current employee or officer of the Company or an Affiliate, does not receive compensation, either directly or indirectly, from the Company or an
Affiliate for services rendered as a consultant or in any capacity other than as a Director (except for an amount as to which disclosure would not be required under Item 404(a) of Regulation S-K promulgated pursuant to the Securities Act
(“Regulation S-K”)), does not possess an interest in any other transaction for which disclosure would be required under Item 404(a) of Regulation S-K, and is not engaged in a business relationship for which disclosure
would be required pursuant to Item 404(b) of Regulation S-K; or (ii) is otherwise considered a “non-employee director” for purposes of Rule 16b-3. 

  
 23. 

 (bb) “Nonstatutory Stock Option” means any Option granted pursuant
to Section 5 of the Plan that does not qualify as an Incentive Stock Option. 
 (cc) “Officer” means a
person who is an officer of the Company within the meaning of Section 16 of the Exchange Act. 
 (dd)
“Option” means an Incentive Stock Option or a Nonstatutory Stock Option to purchase shares of Common Stock granted pursuant to the Plan. 

(ee) “Option Agreement” means a written agreement between the Company and an Optionholder evidencing the terms
and conditions of an Option grant. Each Option Agreement will be subject to the terms and conditions of the Plan. 
 (ff)
“Optionholder” means a person to whom an Option is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding Option. 

(gg) “Other Stock Award” means an award based in whole or in part by reference to the Common Stock which is
granted pursuant to the terms and conditions of Section 6(d). 
 (hh) “Other Stock Award Agreement” means a
written agreement between the Company and a holder of an Other Stock Award evidencing the terms and conditions of an Other Stock Award grant. Each Other Stock Award Agreement will be subject to the terms and conditions of the Plan. 

(ii) “Outside Director” means a Director who either (i) is not a current employee of the Company or an
“affiliated corporation” (within the meaning of Treasury Regulations promulgated under Section 162(m) of the Code), is not a former employee of the Company or an “affiliated corporation” who receives compensation for prior
services (other than benefits under a tax-qualified retirement plan) during the taxable year, has not been an officer of the Company or an “affiliated corporation,” and does not receive remuneration from the Company or an “affiliated
corporation,” either directly or indirectly, in any capacity other than as a Director, or (ii) is otherwise considered an “outside director” for purposes of Section 162(m) of the Code. 

(jj) “Own,” “Owned,” “Owner,”
“Ownership” means a person or Entity will be deemed to “Own,” to have “Owned,” to be the “Owner” of, or to have acquired “Ownership” of securities if such person or Entity, directly or
indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares voting power, which includes the power to vote or to direct the voting, with respect to such securities. 

(kk) “Participant” means a person to whom an Award is granted pursuant to the Plan or, if applicable, such
other person who holds an outstanding Stock Award. 
 (ll) “Performance Cash Award” means an award of cash
granted pursuant to the terms and conditions of Section 6(c)(ii). 

  
 24. 

 (mm) “Performance Criteria” means the one or more criteria that
the Board will select for purposes of establishing the Performance Goals for a Performance Period. The Performance Criteria that will be used to establish such Performance Goals may be based on any one of, or combination of, the following as
determined by the Board: (i) earnings (including earnings per share and net earnings); (ii) earnings before interest, taxes and depreciation; (iii) earnings before interest, taxes, depreciation and amortization; (iv) earnings
before interest, taxes, depreciation, amortization and legal settlements; (v) earnings before interest, taxes, depreciation, amortization, legal settlements and other income (expense); (vi) earnings before interest, taxes, depreciation,
amortization, legal settlements, other income (expense) and stock-based compensation; (vii) earnings before interest, taxes, depreciation, amortization, legal settlements, other income (expense), stock-based compensation and changes in deferred
revenue; (viii) total stockholder return; (ix) return on equity or average stockholder’s equity; (x) return on assets, investment, or capital employed; (xi) stock price; (xii) margin (including gross margin);
(xiii) income (before or after taxes); (xiv) operating income; (xv) operating income after taxes; (xvi) pre-tax profit; (xvii) operating cash flow; (xviii) sales or revenue targets; (xix) increases in revenue or
product revenue; (xx) expenses and cost reduction goals; (xxi) improvement in or attainment of working capital levels; (xxii) economic value added (or an equivalent metric); (xxiii) market share; (xxiv) cash flow;
(xxv) cash flow per share; (xxvi) share price performance; (xxvii) debt reduction; (xxviii) implementation or completion of projects or processes; (xxix) customer satisfaction; (xxx) stockholders’ equity;
(xxxi) capital expenditures; (xxxii) debt levels; (xxxiii) operating profit or net operating profit; (xxxiv) workforce diversity; (xxxv) growth of net income or operating income; (xxxvi) billings;
(xxxvii) bookings; (xxxviii) the number of customers, including but not limited to customers users; (xxxix) employee retention; (xl) pre-clinical development related compound goals; (xli) financing; (xlii) regulatory
milestones, including approval of a compound; (xliii) stockholder liquidity; (xliv) corporate governance and compliance; (xlv) product commercialization; (xlvi) intellectual property; (xlvii) personnel matters;
(xlviii) progress of internal research or clinical programs; (xlix) progress of partnered programs; (l) implementation or completion of projects and processes; (li) partner satisfaction; (lii) budget management;
(liii) clinical achievements; (liv) completing phases of a clinical study (including the treatment phase); (lv) announcing or presenting preliminary or final data from clinical studies; in each case, whether on particular timelines or
generally; (lvi) timely completion of clinical trials; (lvii) submission of INDs and NDAs and other regulatory achievements; (lviii) partner or collaborator achievements; (lix) internal controls, including those related to the
Sarbanes-Oxley Act of 2002; (lx) research progress, including the development of programs; (lxi) investor relations, analysts and communication; (lxii) manufacturing achievements (including obtaining particular yields from
manufacturing runs and other measurable objectives related to process development activities); (lxiii) strategic partnerships or transactions (including in-licensing and out-licensing of intellectual property; (lxiv) establishing
relationships with commercial entities with respect to the marketing, distribution and sale of the Company’s products (including with group purchasing organizations, distributors and other vendors); (lxv) supply chain achievements
(including establishing relationships with manufacturers or suppliers of active pharmaceutical ingredients and other component materials and manufacturers of the Company’s products); (lxvi) co-development, co-marketing, profit sharing,
joint venture or other similar arrangements; and (lxvii) and to the extent that an Award is not intended to comply with Section 162(m) of the Code, other measures of performance selected by the Board. 

  
 25. 

 (nn) “Performance Goals” means, for a Performance Period, the one
or more goals established by the Board for the Performance Period based upon the Performance Criteria. Performance Goals may be based on a Company-wide basis, with respect to one or more business units, divisions, Affiliates, or business segments,
and in either absolute terms or relative to the performance of one or more comparable companies or the performance of one or more relevant indices. Unless specified otherwise by the Board (i) in the Award Agreement at the time the Award is
granted or (ii) in such other document setting forth the Performance Goals at the time the Performance Goals are established, the Board will appropriately make adjustments in the method of calculating the attainment of Performance Goals for a
Performance Period as follows: (1) to exclude restructuring and/or other nonrecurring charges; (2) to exclude exchange rate effects; (3) to exclude the effects of changes to generally accepted accounting principles; (4) to
exclude the effects of any statutory adjustments to corporate tax rates; (5) to exclude the effects of any “extraordinary items” as determined under generally accepted accounting principles; (6) to exclude the dilutive effects of
acquisitions or joint ventures; (7) to assume that any business divested by the Company achieved performance objectives at targeted levels during the balance of a Performance Period following such divestiture; (8) to exclude the effect of
any change in the outstanding shares of common stock of the Company by reason of any stock dividend or split, stock repurchase, reorganization, recapitalization, merger, consolidation, spin-off, combination or exchange of shares or other similar
corporate change, or any distributions to common stockholders other than regular cash dividends; (9) to exclude the effects of stock based compensation and the award of bonuses under the Company’s bonus plans; (10) to exclude costs
incurred in connection with potential acquisitions or divestitures that are required to expensed under generally accepted accounting principles; (11) to exclude the goodwill and intangible asset impairment charges that are required to be
recorded under generally accepted accounting principles, (12) to exclude the effects of the timing of acceptance for review and/or approval of submissions to the Food and Drug Administration or any other regulatory body and (13) to exclude
the effect of any other unusual, non-recurring gain or loss or other extraordinary item. In addition, the Board retains the discretion to reduce or eliminate the compensation or economic benefit due upon attainment of Performance Goals and to define
the manner of calculating the Performance Criteria it selects to use for such Performance Period. Partial achievement of the specified criteria may result in the payment or vesting corresponding to the degree of achievement as specified in the Stock
Award Agreement or the written terms of a Performance Cash Award. 
 (oo) “Performance Period” means the
period of time selected by the Board over which the attainment of one or more Performance Goals will be measured for the purpose of determining a Participant’s right to and the payment of a Stock Award or a Performance Cash Award. Performance
Periods may be of varying and overlapping duration, at the sole discretion of the Board. 
 (pp) “Performance Stock
Award” means a Stock Award granted under the terms and conditions of Section 6(c)(i). 
 (qq)
“Plan” means this KemPharm, Inc. 2014 Equity Incentive Plan, as it may be amended. 

  
 26. 

 (rr) “Restricted Stock Award” means an award of shares of Common
Stock which is granted pursuant to the terms and conditions of Section 6(a). 
 (ss) “Restricted Stock Award
Agreement” means a written agreement between the Company and a holder of a Restricted Stock Award evidencing the terms and conditions of a Restricted Stock Award grant. Each Restricted Stock Award Agreement will be subject to the terms
and conditions of the Plan. 
 (tt) “Restricted Stock Unit Award” means a right to receive shares of Common
Stock which is granted pursuant to the terms and conditions of Section 6(b). 
 (uu) “Restricted Stock Unit Award
Agreement” means a written agreement between the Company and a holder of a Restricted Stock Unit Award evidencing the terms and conditions of a Restricted Stock Unit Award grant. Each Restricted Stock Unit Award Agreement will be
subject to the terms and conditions of the Plan. 
 (vv) “Rule 16b-3” means Rule 16b-3 promulgated under the
Exchange Act or any successor to Rule 16b-3, as in effect from time to time. 
 (ww) “Securities Act” means
the Securities Act of 1933, as amended. 
 (xx) “Stock Appreciation Right” or “SAR”
means a right to receive the appreciation on Common Stock that is granted pursuant to the terms and conditions of Section 5. 
 (yy)
“Stock Appreciation Right Agreement” means a written agreement between the Company and a holder of a Stock Appreciation Right evidencing the terms and conditions of a Stock Appreciation Right grant. Each Stock
Appreciation Right Agreement will be subject to the terms and conditions of the Plan. 
 (zz) “Stock Award”
means any right to receive Common Stock granted under the Plan, including an Incentive Stock Option, a Nonstatutory Stock Option, a Restricted Stock Award, a Restricted Stock Unit Award, a Stock Appreciation Right, a Performance Stock Award or any
Other Stock Award. 
 (aaa) “Stock Award Agreement” means a written agreement between the Company and a
Participant evidencing the terms and conditions of a Stock Award grant. Each Stock Award Agreement will be subject to the terms and conditions of the Plan. 

(bbb) “Subsidiary” means, with respect to the Company, (i) any corporation of which more than 50% of the
outstanding capital stock having ordinary voting power to elect a majority of the board of directors of such corporation (irrespective of whether, at the time, stock of any other class or classes of such corporation will have or might have voting
power by reason of the happening of any contingency) is at the time, directly or indirectly, Owned by the Company, and (ii) any partnership, limited liability company or other entity in which the Company has a direct or indirect interest
(whether in the form of voting or participation in profits or capital contribution) of more than 50%. 

  
 27. 

 (ccc) “Ten Percent Stockholder” means a person who Owns (or is
deemed to Own pursuant to Section 424(d) of the Code) stock possessing more than ten percent of the total combined voting power of all classes of stock of the Company or any Affiliate. 

  
 28.EX-4.22

 Exhibit 4.22 

DATED JULY 2014 

CHINA LNG SHIPPING (HOLDINGS) LIMITED 

and 
 TEEKAY LNG OPERATING LLC

  
  

SHAREHOLDERS’ AGREEMENT 

RELATING TO 
 TC LNG
SHIPPING LLC 
  
  

 INDEX 
  

							
	 No
	 	 Description
	  	 Page No.
	 
			
	1.	 	 DEFINITIONS AND INTERPRETATION
	  	 	1	  
			
	2.	 	 AGREEMENT FOR JOINT VENTURE AND WARRANTIES
	  	 	6	  
			
	3.	 	 OBJECTS
	  	 	7	  
			
	4.	 	 SUPERVISION OF CONSTRUCTION AND MANAGEMENT OF VESSELS
	  	 	7	  
			
	5.	 	 PRELIMINARY MATTERS
	  	 	8	  
			
	6.	 	 WORKING CAPITAL AND FINANCE
	  	 	9	  
			
	7	 	 NUMBER OF DIRECTORS
	  	 	12	  
			
	8.	 	 MANAGEMENT OF THE COMPANIES
	  	 	13	  
			
	9.	 	 BUDGETS
	  	 	16	  
			
	10.	 	 RESERVED MATTERS
	  	 	17	  
			
	11.	 	 TRANSFER OF SHARES IN THE JOINT VENTURE COMPANY
	  	 	17	  
			
	12.	 	 OTHER BUSINESS
	  	 	21	  
			
	13.	 	 CONFIDENTIALITY
	  	 	21	  
			
	14.	 	 TERMINATION OF THIS AGREEMENT
	  	 	23	  
			
	15.	 	 DEFAULT
	  	 	24	  
			
	16.	 	 DIVIDEND POLICY
	  	 	27	  
			
	17.	 	 DEADLOCK
	  	 	27	  
			
	18.	 	 FURTHER ASSURANCE
	  	 	28	  
			
	19.	 	 COSTS
	  	 	29	  
			
	20.	 	 PROVISIONS RELATING TO THIS AGREEMENT
	  	 	29	  
			
	21.	 	 NOTICES
	  	 	33	  
			
	22.	 	 APPLICABLE LAW AND ARBITRATION
	  	 	33	  
		
	SCHEDULE 1 - RESERVED MATTERS	  	 	35	  
	SCHEDULE 2 - COMPANY DETAILS	  	 	38	  
	SCHEDULE 3 - FORM OF ANNUAL BUDGET	  	 	40	  
	SCHEDULE 4 - FORM OF SUPERVISION AGREEMENT	  	 	41	  
	SCHEDULE 5 - FORM OF CORPORATE SERVICES AGREEMENT	  	 	42	  
	SCHEDULE 6 - FORM OF SHIPMANAGEMENT AGREEMENT	  	 	43	  

  
 - 1 - 

 THIS AGREEMENT is made as of the      day of July, 2014 

BETWEEN: 
  

	(1)	 CHINA LNG SHIPPING (HOLDINGS) LIMITED (Company No. 0845254), a company incorporated in Hong Kong, having its address for correspondence
at Room 912, 9th Floor, China Merchants Tower, Shun Tak Centre, 168-200 Connaught Road Central, Sheung Wan, Hong Kong (“CLNG”); 

and 
  

	(2)	 TEEKAY LNG OPERATING LLC (Company No. 960612), a limited liability company formed and existing in the Marshall Islands, having its
registered office at Trust Company Complex, Ajeltake Road, Ajeltake island, Majuro, Marshall Islands, MH96960 with a business address at 4th Floor, Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08, Bermuda (“Teekay”).

 WHEREAS 
 (A)
Teekay was approved as a prequalified tenderer to submit a proposal to purchase, charter and manage up to fifteen (15) Arc7 LNG vessels which are to be built by Daewoo Shipbuilding &Marine Engineering Co. Ltd. for service of the Yamal LNG
Project (the “Project”). 
 (B) CLNG and Teekay agreed to cooperate as a consortium (the “Consortium”) in
submitting a proposal to provide up to six (6) Vessels (as defined below) for the Project and appointed Teekay as Consortium leader authorized to sign the proposal on behalf of the Consortium, and to act for and bind the Consortium in all
matters relating to the Proposal. 
 (C) Teekay was informed on 17th February 2014
that it was selected as a preferred bidder for the Project and together with CLNG finalised into bilateral negotiations with Yamal LNG in connection with the Project. 

(D) CLNG and Teekay have incorporated the Joint Venture Company (as defined below) and have each subscribed for their respective Agreed
Proportions (as defined below) of the issued share capital of the Joint Venture Company. The purpose of the Joint Venture Company is to form and own a separate special purpose company for each Vessel to be purchased and chartered in connection with
the Project. 
 (E) This Agreement sets out the terms upon which, inter alia, the parties will regulate their relationship as shareholders
of the Joint Venture Company and the administration and conduct of the respective businesses of the Joint Venture Company, and the Vessel Owning Companies (as defined below). 

NOW IT IS HEREBY AGREED as follows: 
  

	1.	 DEFINITIONS AND INTERPRETATION 

  

	1.1	 In this Agreement, unless the contrary intention appears, the following words and expressions shall have the following meanings:

 “Affiliate” means any person who directly or indirectly owns, controls, is under common
ownership or control with or is controlled by the party in question; where “own” or “control” means the ownership of 50% or more shares or the right to exercise 50% or more of the voting shares of a company or other entity or of
the equivalent rights so as to determine the decisions of such company or other entity. 

  
 1 

 “Annual Budget” has the meaning ascribed thereto in Clause 9.1;

 “Agreed Proportions” means 50% in respect of Teekay and 50% in respect of CLNG or (if different) such
other proportions as equal, at the relevant time, the percentages which the number of the Shares beneficially owned by those parties respectively in the Joint Venture Company bear to the total number of the issued Shares of the Joint Venture
Company. 
 “Associated Person” means the in relation to a Shareholder, such Shareholder and its Affiliates
and their respective directors, officers, employees, agents, suppliers and sub-contractors. 
 “Board”
means, in relation to each Company, the board of directors of that Company from time to time. 
 “Builder”
means Daewoo Shipbuilding &Marine Engineering Co. Ltd. 
 “Business” means, in relation to each Company,
the business to be carried on by that Company as set out in Clause 3. 
 “Business Day” means a day
(excluding Saturdays and Sundays) on which banks are open for business in each of Vancouver, London, Hong Kong and Beijing, and (if payment or other dealing is required to be made on that day) in New York City and (in the case of payment) the place
to which such payment is required to be made. 
 “Charterer” means, in relation to each Time Charter, the
charterer for the time being under the Time Charter, being, at the date of this Agreement, Yamal Trade Pte Ltd. 

“CLNG Director” means, in relation to each Company, a Director appointed by CLNG in accordance with this
Agreement and the Constitution of that Company. 
 “CLSICO” means, China LNG Shipping (International) Co.,
Limited with business address Unit Nos. 01-02, Level 31, Millennium City 6, 392 Kwun Tong Road, Kwun Tong, Kowloon, Hong Kong. 

“Companies” means the Joint Venture Company and the Vessel Owning Companies and ‘Company’
means any one of them details of which are set out in Schedule 2. 
 “Constitution” means, in relation to
each Company, the articles of incorporation or by-laws or the memorandum and articles of association or equivalent constitutional documents of that Company. 

“Corporate Services Agreement” means the agreement to be made between the Companies and the Corporate Services
Provider in the agreed form, whereby the Corporate Services Provider will provide administrative and corporate services to the Companies. 

“Corporate Services Provider” means, Teekay Shipping Limited (or its Affiliate) or such other entity as may be
agreed between Shareholders from time to time. 
 “Debt Financing” has the meaning ascribed thereto in
Clause 6.4; 

  
 2 

 “Directors” means, in relation to each Company, the directors
for the time being of that Company. 
 “Dollars” and the symbol “$” means the lawful
currency of the United States of America. 
 “GAAP” means the generally accepted accounting principles of
the United States of America. 
 “Joint Venture Company” means TC LNG Shipping LLC, a limited liability
company formed in the Marshall Islands, with its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960. 

“LIBOR” means (i) the rate for Dollar deposits for periods of six months at or about 11:00 a.m. (London
Time) on the relevant day in question as displayed on Telerate page 3750 (being the London interbank offered rate administered by ICE Benchmark Administration Limited (or any other person who takes over the administration of that rate) (or such
other page as may replace such page 3750 on such system from time to time), or (ii) if on such date no such rate is displayed on Telerate, the arithmetic mean (rounded upwards if necessary to the nearest multiple of one sixteenth of one per
cent. (1/16%)), as determined by the parties of offered rates denominated in Dollars for periods of six months which appear on the display designated “LIBOR” on the Reuter Monitor Screen, being the London interbank offered rate
administered by ICE Benchmark Administration Limited (or any other person who takes over the administration of that rate, (or such other page as may replace the “LIBOR” page on such system for the purpose of displaying rates of leading
reference banks in the London Interbank market) at or about 11:00 a.m. (London time) on the relevant day in question or (iii) if on such date no such rate is so displayed on the Telerate System or the Reuter Monitor System, LIBOR shall be the
rate notified to the parties by such bank as they may from time to time jointly select to be the rate at which such bank is offering deposits in US Dollars for periods of six months to leading banks in the London Interbank market in an amount equal
to or comparable with the relevant amount at or about 11:00 a.m. (London time) on the relevant day in question. 

“LNG” means liquefied natural gas. 

“Marshall Islands” means The Republic of the Marshall Islands. 

“Material Documents” means the Time Charters, the Shipbuilding Contracts, the Supplementary Construction
Agreements, the Corporate Services Agreements, the Supervision Agreements, the Ship Management Agreements, and any material documents entered into in connection with any Debt Financing. 

“Reserved Matters” means the matters listed in Schedule 1. 

“Shareholder Loan” means any loan made available to the Joint Venture Company or any Vessel Owning Company by
a Shareholder or an Affiliate of a Shareholder on behalf of a Shareholder pursuant to this Agreement. 

“Shareholders” means, together, Teekay and CLNG (or their respective successors in title to the Shares in the
Joint Venture Company) and “Shareholder” means any of them as the context may require. 

“Shares” means, in relation to each Company, the ordinary shares or membership interests, as the case may be,
in the capital of that Company. 

  
 3 

 “Shipbuilding Contract” means, in relation to each Vessel, the
shipbuilding contract for the construction of that Vessel made or to be made between the Builder and the relevant Vessel Owning Company referred to below: 
  

			
	Hull Number/Vessel	  	Vessel Owning Company
		
	 2423
	  	 DSME Hull No. 2423 L.L.C.

		
	 2425
	  	 DSME Hull No. 2425 L.L.C.

		
	 2430
	  	 DSME Hull No. 2430 L.L.C.

		
	 2431
  

2433
  

2434
	  	 DSME Hull No. 2431 L.L.C.
  

DSME Hull No. 2433 L.L.C.
  

DSME Hull No. 2434 L.L.C.

 “Ship Management Agreement” means, in relation to each Vessel, the management
agreement in respect of that Vessel made or to be made between the Vessel Owning Company and the Ship Manager in the agreed form whereby the Ship Manager manages the Vessel following its delivery to the Vessel Owning Company under the relevant
Shipbuilding Contract. 
 “Ship Manager” means, in relation to each Vessel, the manager of that Vessel being
Teekay Shipping Limited or such other entity as may be agreed between Shareholders from time to time. 
 “Specified
Rate” has the meaning ascribed thereto in Clause 15.3. 
 “Supervision Agreements” means, in
relation to each Vessel, the agreement in respect of that Vessel, made or to be made between the Supervisor and the relevant Vessel Owning Company in the agreed form relating to the supervision of construction and plan approval for each of the
Vessels. 
 “Supervisor” means, for the time being, Teekay Shipping Limited (or its Affiliate). 

“Supplemental Construction Agreement” means the supplemental construction agreement made or to be made between
each Vessel Owning Company and the Charterer in relation to the relevant Shipbuilding Contract of the relevant Vessel. 

“TGP” means Teekay LNG Partners L.P. of Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro,
Marshall Islands, MH96960 with business address at 4th Floor, Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08 Bermuda and mailing address at Suite No. 1778, 48 Par-la Ville Road,
Hamilton, HM11, Bermuda. 
 “Time Charter” means, in relation to each Vessel, the time charter of that
Vessel made or to be made between the relevant Vessel Owning Company purchasing such Vessel as owner and the Charterer as time charterer and, in the event that such time charter is replaced by a bareboat charter in accordance with the terms of time
charter, all references herein to the “Time Charter” shall be construed as referring to such bareboat charter. 

“Teekay Director” means, in relation to each Company, a Director appointed by Teekay in accordance with this
Agreement and the Constitution of that Company. 
 “Teekay Shipping Limited” means Teekay Shipping Limited
of 4th Floor, Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08 Bermuda and with its mailing address at Suite No. 1778, 48 Par-la Ville Road, Hamilton, HM11, Bermuda. 

“Total Shareholders’ Commitment” means the total amount to be agreed by the Shareholders to contribute
towards the total delivered ship cost as equity in each Vessel 

  
 4 

 
Owning Company and contingent funding for cost overruns, as may be varied by agreement between the Shareholders and the financiers under the Debt Financing, unless otherwise agreed between the
Shareholders. 
 “Vessel Owning Companies” means the Marshall Islands limited liability companies (details
of which are set out in Schedule 2), which are wholly owned by the Joint Venture Company. 
 “Vessels” means
the following new building vessels under construction by the Builder with the Builder’s hull numbers specified below, each of which will be acquired under the applicable Shipbuilding Contract and owned by the relevant Vessel Owning Company
below: 
  

			
	Hull Number	  	Vessel Owning Company
		
	 2423
	  	 DSME Hull No 2423 LLC

		
	 2425
	  	 DSME Hull No 2425 LLC

		
	 2430
	  	 DSME Hull No 2430 LLC

		
	 2431
  

2433
  

2434
	  	 DSME Hull No 2431 LLC
  

DSME Hull No 2433 LLC
  

DSME Hull No 2434 LLC

  

	1.2	 References to Clauses, Schedules and Appendices are, unless otherwise stated, to clauses of and schedules and appendices to this Agreement.

  

	1.3	 Any document expressed to be “in the agreed form” means a document in a form approved by (and for the purpose of identification
signed or initialled by or on behalf of) the Shareholders. 

  

	1.4	 Unless the context otherwise requires, words in the singular include the plural and vice versa. 

 

	1.5	 References to persons include a corporate entity and anybody of persons, corporate or unincorporate. 

 

	1.6	 References to any person include such person’s successors and permitted assigns. 

 

	1.7	 References to any document include the same as varied, supplemented or replaced from time to time. 

 

	1.8	 Clause headings are for convenience of reference only and are not to be taken into account in construction. 

 

	1.9	 In this Agreement any reference to an enactment includes a reference to: 

 

	 	(a)	 that enactment as amended or re-enacted, with or without amendment, whether before this Agreement or not; or 

 

	 	(b)	 any enactment which that enactment re-enacts, whether with or without amendment; or 

 

	 	(c)	 any subordinate legislation made under the enactment referred to or under any such enactment as is described in paragraph (a) or (b) of
this Clause 1.9; 

 and a reference to things done or falling to be done under or for the purpose of any
enactment shall be construed accordingly. 

  
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	1.10	 A reference in this Agreement to the service of a notice or other communication, or to the date of such service, shall be construed in accordance
with Clause 21. 

  

	1.11	 A person who is not a party to this Agreement may not enforce or otherwise have the benefit of any provision of this Agreement under the Contracts
(Rights of Third Parties) Act 1999 and without limitation, no consent of any such person shall be required for the rescission or amendment of this Agreement, but this does not affect any right or remedy of a third party which exists or is available
apart from that Act. 

  

	2.	 AGREEMENT FOR JOINT VENTURE AND WARRANTIES 

  

	2.1	 The Shareholders agree to operate the Joint Venture Company as a joint venture in accordance with the terms of this Agreement.

  

	2.2	 Each Shareholder undertakes with the other that, so long as they hold any beneficial interest in Shares in the Joint Venture Company, they shall do
all such acts and things and exercise their respective votes as shareholders of the Joint Venture Company, as appropriate, to ensure that the provisions of this Agreement shall be observed and put into effect for the purpose of the business,
operations, management and administration of each Company, and generally use their best endeavours to promote the business and operations of each Company. 

  

	2.3	 Each Shareholder acknowledges to the other a duty to act in good faith in all the matters and transactions covered by this Agreement.

  

	2.4	 Each of the Shareholders represents and warrants to the other that: 

 

	 	2.4.1	 it is duly organised and validly existing, and in compliance with the laws of its country of incorporation; 

 

	 	2.4.2	 it has the capacity and has taken all necessary actions and has obtained all necessary consents and approvals to enter into this Agreement and the
documents to which it is to be party (if any) as specified in this Agreement; 

  

	 	2.4.3	 upon execution and delivery, this Agreement and the documents to which it is to be party (if any) as specified in this Agreement will constitute
its legal, valid and binding obligations and liabilities enforceable against it in accordance with their respective terms; and 

  

	 	2.4.4	 its entry into and performance of its obligations under this Agreement and the documents to which it is to be party (if any) as specified in this
Agreement will not involve or lead to a contravention of any applicable statute or regulation of any governmental or official authority or body or other applicable law or of its constitutional documents or any contractual or other obligation or
restriction which is binding on it or any of its assets. 

  

	2.5	 Each Shareholder acknowledges that, in entering into this Agreement, it does not do so in consideration of or in reliance on any representation or
warranty by the other Shareholder other than as is contained in this Agreement. Except as expressly provided in this Agreement, all representations and warranties implied by statute or common law are hereby excluded to the fullest extent permitted
by law and each Shareholder waives and releases all rights and remedies that it would otherwise have in respect of the same (other than on grounds of fraud). 

  
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	2.6	 Each Shareholder acknowledges that upon the Vessel Owning Company executing and entering into the Time Charter, such Vessel Owning Company shall be
under certain obligations to the Charterer under the terms of the Time Charter. Each Shareholder agrees and acknowledges that it will not take any action in its capacity as a Shareholder which would result in such Vessel Owning Company being in
breach of its obligations under the Time Charter. 

  

	3.	 OBJECTS 

  

	3.1	 The Joint Venture Company shall be the sole owner of all Shares in the Vessel Owning Companies and the business of the Joint Venture Company shall
be to ensure that each Vessel Owning Company conducts its business and affairs in accordance with this Agreement and the Material Documents to which it is a party. 

 

	3.2	 The business of each Vessel Owning Company shall be that of: 

 

	 	3.2.1	 supervision of construction and acquisition of the relevant Vessel under the relevant Shipbuilding Contract, and their ownership and operation on
long term time charter to the Charterer under the relevant Time Charter, or in employment by charter or otherwise, to such other person or persons as may from time to time be agreed by the Shareholders; 

 

	 	3.2.2	 obtaining relevant Debt Financing and granting security to secure such Debt Financing; and 

 

	 	3.2.3	 such variation, extension or limitation of those activities as may from time to time be agreed by the Shareholders. 

 

	3.3	 The Shareholders shall use all reasonable endeavours to ensure that the affairs of the Companies are managed so that, insofar as is reasonably
practicable, each Shareholder is kept equally aware of all aspects of the Business of each Company and its activities and has equal access to all information regarding the Business of each Company and its activities, disregarding anything that
cannot reasonably be considered material. 

  

	3.4	 The Business of each Company shall be conducted in the best interests of that Company on sound commercial profit-making principles.

  

	3.5	 The Shareholders acknowledge that, for as long as a Vessel remains subject to a Time Charter, the due and punctual performance of the Time Charter
by the relevant Vessel Owning Company is, subject always to the applicable law, of paramount concern to such Vessel Owning Company, and the Shareholders will do all such acts and things within their power and exercise their respective votes as
Shareholders of the Joint Venture Company (being the sole shareholder of such Vessel Owning Company) to procure such performance and in accordance with this Agreement. 

 

	4.	 SUPERVISION OF CONSTRUCTION AND MANAGEMENT OF VESSELS 

 

	4.1	 The Shareholders shall procure that each Vessel Owning Company will enter into a Supervision Agreement with the Supervisor in substantially the
form set out at Schedule 4 whereby the Supervisor will provide services including plan approval and supervision of the construction and completion of each Vessel. The fee for supervision services payable to the Supervisor pursuant to the Supervision
Agreements shall be on a cost basis, flow through of actual expenses incurred by Supervisor to be paid in advance based on budgeted amount with later reconciliation of actual costs. 

  
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	4.2	 The Shareholders shall procure that each Company will enter into the Corporate Services Agreement in substantially the form set out at Schedule 5
whereby the Corporate Services Provider will provide administrative and corporate services to each of the Companies. The fee for corporate services payable to the Corporate Services Provider shall be US$125,000 per annum per Company and in respect
of the Joint Venture Company, payable from 1st January 2015 cumulatively increased on an annual basis on 1st January each year by 2.5%
(commencing 1st January 2015), and in respect of each Vessel Owning Company, payable from the date of steel cutting of the relevant Vessel to be owned by that Vessel Owning Company,
cumulatively increased on an annual basis on 1st January each year by 2.5% commencing on 1st January 2015. 

 

	4.3	 The Shareholders shall procure that each Vessel Owning Company will enter into a Ship Management Agreement in substantially the form set out in
Schedule 6 whereby Ship Manager will, from delivery of such Vessel by the Builder, technically manage such Vessel. The fee for ship management services payable to the Ship Manager shall be US$500,000 per annum per Vessel cumulatively increased on an
annual basis on 1st January in each year by 3% payable six months prior to the delivery date of the relevant Vessel ((the 1st such increase occurring on 1st January 2015 regardless of date of delivery of the Vessel). For the avoidance of
doubt, the management fee mentioned aforesaid (including its 3% increasing rate in each year) is part of the “management fee” item of Opex Element (as defined in the Time Charter) of hire under the Time Charter in respect of the relevant
Vessel. 

  

	4.4	 In consideration of the Project being awarded to the Consortium on the basis of Teekay’s pre-qualification criteria and successful bid
process, the Vessel Owning Companies shall pay to Teekay a success fee equivalent to 1% of the Capex Rate starting from the date of delivery of such Vessel Owning Company’s respective Vessel payable annually in arrears for the first two years
then quarterly in advance thereafter on receipt of an invoice from Teekay to each Vessel Owning Company. The fee will be payable by each Vessel Owning Company throughout the Initial Charter Period (as defined in the Time Charter) at all times
regardless of any off-hire period under the respective Time Charter. For the purposes of this Clause “Capex Rate” means the Capex Element for each Vessel as defined in clause 2.1 of Appendix II of the Time Charter. 

 

	5.	 PRELIMINARY MATTERS 

  

	5.1	 On or as soon as practicable after the date hereof or at the time otherwise specified below, the Shareholders shall take or cause to be taken the
following actions (to the extent that the same have not already been taken): 

  

	 	5.1.1	 the Shareholders will procure that meetings of the Board, and (if appropriate) the members, of each Company, are held at which:

  

	 	(a)	 the accounting reference date of each Company is fixed as 31 December in each year; 

 

	 	(b)	 KPMG are appointed as the auditors of each Company; 

  

	 	(c)	 a bank as agreed between the Shareholders is appointed as the banker to each Company, a resolution in the form required by that bank is passed and
the appropriate mandate is completed; 

  

	 	(d)	 the Constitution of each Company is amended (where necessary) so as to be consistent with the provisions of this Agreement; 

 

	 	(e)	 the execution by each Vessel Owning Company of each Time Charter is approved 

  
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	 	(f)	 the execution by each Vessel Owning Company of each Ship Building Contract is approved 

 

	 	(g)	 the execution by each Vessel Owning Company of each Supplemental Construction Agreement is approved 

 

	 	(h)	 the execution by each Vessel Owning Company of the Supervision Agreement is approved; 

 

	 	(i)	 the execution by each of the Companies of the Corporate Services Agreement is approved; 

 

	 	(j)	 the execution by each Vessel Owning Company of each Ship Management Agreement is approved; and 

 

	 	(k)	 any other actions or matters necessary to give effect to this Agreement are approved or executed. 

 

	6.	 WORKING CAPITAL AND FINANCE 

  

	6.1	 The Shareholders agree that funds for the purchase of the Vessels and for working capital and operating expenses of the Companies shall be provided
from: 

  

	 	6.1.1	 the Shareholders’ equity contributions; 

  

	 	6.1.2	 Shareholder Loans; 

  

	 	6.1.3	 other external borrowing; and 

  

	 	6.1.4	 the resources of the Companies; 

as may be agreed by the Shareholders. 
  

	6.2	 Each Shareholder will provide, or will procure that an Affiliate nominated by it will provide, funding by way of Shareholder Loans and/or
guarantees or securities in its respective Agreed Proportion by reference to the total Shareholder Loans to the relevant Company:- 

  

	 	6.2.1	 as may be required to ensure the due and punctual performance by the Company of the Time Charter or otherwise required pursuant to the Time
Charter to satisfy any additional expenditure of any kind related to the Vessel as provided in Clause 3.5; 

  

	 	6.2.2	 as may be agreed in any Annual Budget or as provided in Clause 6.3;and/or 

 

	 	6.2.3	 as may be requested by the Company in accordance with Clause 6.8. 

No Shareholder (nor any Affiliate nominated by it in accordance with Clause 6.2) will be obliged to contribute in aggregate by
way of additional funding and/or by the provision of guarantees or securities on behalf of the Company an amount in excess of its Agreed Proportion of Total Shareholders’ Commitment (or such other Dollar amount as the Shareholders may
agree). 
 The commitment of the Shareholders to provide additional funding in the Agreed Proportions as provided in this
Clause 6.2 and Clause 6.3, will apply only while the Time Charter remains in force. 

  
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	6.3	 For the purpose of determining whether a Shareholder’s Agreed Proportion of the Total Shareholders’ Commitment has been or will be
exceeded, the principal amount of a Shareholder’s contingent liability under any such guarantee or security which is outstanding for the time being will be aggregated with the amount of all Shareholder Loans or other amounts made available by
that Shareholder by way of additional funding to the Company, but will be disregarded once such guarantee or security has been released or discharged. An amount paid by a Shareholder pursuant to any claim under such guarantee or security will be
deemed to be a Shareholder Loan in that amount to the Company on whose behalf the guarantee or security was provided. 

  

	6.4	 The Shareholders agree to cooperate in arranging debt financing to part fund the purchase, owning and management of the Vessels with the intention
that such financing should be on a non-recourse or limited recourse basis and for 70% - 80% of the delivered cost of each Vessel (the “Debt Financing”). CLNG will endeavour to assist the Joint Venture Company and the Vessel Owning
Companies in obtaining Debt Financing from Chinese banks and international banks on the most favourable terms. The Shareholders have appointed Société Générale S.A. to act as financial advisor to assist the Joint Venture
Company with obtaining Debt Financing. All costs incurred in connection with obtaining the Debt Financing including the fees payable to Société Générale S.A. including those incurred during the bid process in accordance
with the mandate letter dated 29th October 2013 from Société Générale S.A. to, and accepted by Teekay on
31st October 2013 shall be for the account of the Shareholders in proportion to their Agreed Proportions. 

 

	6.5	 Unless otherwise agreed by the Shareholders, Shareholder Loans: 

 

	 	6.5.1	 shall be subordinated to any loans obtained from external sources; 

 

	 	6.5.2	 shall be secured on the assets of the Companies on a pari pasu and pro rata basis to the extent permitted by any external lenders;

  

	 	6.5.3	 shall accrue interest at the rate of three hundred per cent (300%) per annum above LIBOR compounded at six-monthly intervals if not paid; and

  

	 	6.5.4	 shall be repayable to the Shareholders on a pari passu basis only out of the distributable profits of the Joint Venture Company in priority to any
dividend or other distribution, at such times as may be agreed by all the Shareholders or otherwise on the liquidation of the Joint Venture Company. 

  

	6.6	 The provisions of Clause 6.5 shall apply, mutatis mutandis, to amounts on-lent by the Joint Venture Company to each Vessel Owning Company
except that the reference to the Shareholder shall be construed as a reference to the Joint Venture Company. 

  

	6.7	 The Shareholders’ Loans will be made available by the Shareholders by way of cash advances to the Joint Venture Company and/or by the Joint
Venture Company by way of cash advances to the relevant Vessel Owning Company in Dollars and in such funds as may be customary at the time for settlement of transaction in Dollars in the place of payment for value not later than the day on which
banks are open for business in New York City immediately preceding the date upon which the relevant payment is due to be made, provided that at least ten (10) Business Days’ written notice of the requirement of funds, and the amount
required, is given to each of the Shareholders by the Joint Venture Company in a notice signed with the authority of the Board of the Joint Venture Company by at least one Teekay Director and one CLNG Director and provided further that the Joint
Venture Company shall contemporaneously be requesting Shareholder Loans from both Shareholders in the Agreed Proportions of the aggregate amount required by the Joint Venture Company. 

  
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	6.8	 Without prejudice to Clause 15 the Shareholders further agree that if Shareholder Loans are to be made available and sufficient written notice has
been given of the due date as provided in Clause 6.7, and any one of the Shareholders (the “defaulting party”) fails to make or to procure that its Affiliate makes the necessary advance in the amount or at the time specified in
Clause 6.7 or as otherwise provided herein, then without prejudice to any other rights of the other Shareholder, such other Shareholder may advance the amount in default to the Joint Venture Company, on behalf of the defaulting party, and the amount
in question shall be deemed to be a debt due from the defaulting party to such other Shareholder. Such other Shareholder (the “non-defaulting party”), will not be obliged to make the advance in question and its rights to terminate
this Agreement due to the default of the defaulting party in accordance with Clause 15 shall remain unchanged if it decides not to advance such amount in question. In the event of such an advance, the non-defaulting party shall be entitled to
recover the amount so advanced together with interest accrued from the defaulting party as a debt due from the defaulting party and repayable upon demand, upon which interest shall be calculated at the rate of five hundred per cent. (500%) per
annum above LIBOR (both before and after judgment) from the date of such advance to the date of actual payment, and all interest shall be compounded semi-annually. 

 

	6.9	 Where the Shareholders (or their Affiliates) (the “Guarantors”) give any guarantee or indemnity on behalf of a Company (a
“Relevant Security”), they shall do so in the Agreed Proportions in respect of that Company, and their liability shall be several, and not joint or joint and several, unless otherwise agreed. If a Guarantor incurs any liability,
that Guarantor shall be entitled to a contribution from the other Guarantor to ensure that the aggregate liability of the Guarantors is borne by the Guarantors in the Agreed Proportions in respect of the relevant Company. Without prejudice to the
foregoing, where any Shareholder or any Affiliate of a Shareholder (a “Relevant Guarantor”) gives a Relevant Security in respect of the obligations of any Company but the other Shareholder does not do so, then (provided always that
the giving of such Relevant Security has previously been approved by such other Shareholder, such approval not to be unreasonably withheld or delayed) if the Relevant Guarantor is required to make any payment under the Relevant Security, such
Relevant Guarantor shall be entitled to a contribution from the other Shareholder to ensure that the liability under such Relevant Security is shared by the Shareholders in the Agreed Proportions. The provisions of this Clause 6.9 take effect
subject to the provisions of Clause 6.10. Any called guarantee or security provided by a Shareholder or its Affiliate(s) shall be treated as a Shareholder Loan so that Clause 6.5 shall apply. 

 

	6.10	 Where a Relevant Security is given the following provisions shall apply: 

 

	 	6.10.1	 The Relevant Guarantor will: 

  

	 	(a)	 not agree any amendment to the terms of the Relevant Security or waive any of the Relevant Guarantor’s rights under the Relevant Security
without, in either case, the other Shareholder’s prior written approval; 

  

	 	(b)	 promptly notify the other Shareholder in writing if any claim or demand is made of the Relevant Guarantor under the Relevant Security, giving the
other Shareholder a copy or copies of the same; 

  

	 	(c)	 not, prior to the first date on which it is legally obliged to do so, pay or settle or admit any liability under the demand or claim (or otherwise
in relation to the Relevant Security) without the prior written consent of the other Shareholder (such consent not to be unreasonably withheld or delayed); 

  

	 	(d)	 if reasonably requested to do so by the other Shareholder in circumstances where reasonable grounds to do so exist, contest the claim or demand by
appropriate proceedings with lawyers approved by the other Shareholder in 

  
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writing (such approval not to be unreasonably withheld or delayed), provided always that the other Shareholder shall reimburse the Relevant Guarantor for its Agreed Proportion of all costs and
expenses (including, without limitation, legal costs and taxes thereon) incurred by the Relevant Guarantor in pursuing such contest; 

  

	 	(e)	 to the extent that it can do so without breaching any confidentiality obligations binding on it, keep the other Shareholder fully informed as to
the conduct of any proceedings in relation to any claim or demand or otherwise in relation to the Relevant Security, and not take any major step in the same without the written approval of the other Shareholder (such approval not to be unreasonably
withheld or delayed); 

  

	 	6.10.2	 The obligation of the other Shareholder to make its contribution to the Relevant Guarantor is also subject as follows: 

 

	 	(a)	 without limitation to Clause 6.10.1(c), if, prior to the Relevant Guarantor’s making a request for a contribution from the other Shareholder,
the Relevant Guarantor has paid the beneficiary of the Relevant Security in whole or in part, the Relevant Guarantor’s providing the other Shareholder with satisfactory evidence of such payment; and 

 

	 	(b)	 the other Shareholder’s right, in the event that the Relevant Guarantor has not provided the other Shareholder with satisfactory evidence that
the Relevant Guarantor has paid the relevant amount claimed or demanded under the Relevant Security in full, to pay such amount as it may consider appropriate to the beneficiary of the Relevant Security direct, which shall be deemed, to the extent
of the payment made, to be a good discharge of that Shareholder’s liability to contribute to the Relevant Guarantor in respect of such claim or demand. 

  

	7.	 NUMBER OF DIRECTORS  

  

	7.1	 For so long as this Agreement is in force each Company shall have four (4) Directors. 

 

	7.2	 For so long as this Agreement is in force each of the Shareholders shall be entitled to appoint the number of Directors of each Company in office
at any one time as is found by multiplying the maximum number specified in Clause 7.1 by the Agreed Proportion of that Shareholder, rounded to the nearest whole number. On the basis that the Agreed Proportions are Teekay: 50% and CLNG: 50%, the
number of Directors of each Company to be appointed by them is: 

  

	 	7.2.1	 in the case of Teekay, up to two (2) Directors; and 

 

	 	7.2.2	 in the case of CLNG, up to two (2) Directors 

  

	7.3	 Each of the Shareholders shall likewise be entitled to remove any of such Directors appointed by it and appoint another person in his place. Any
such appointment or removal of a Director shall be effected by an instrument in writing signed by the relevant Shareholder or on its behalf by a duly authorised representative and shall take effect subject to the person so nominated signing a
consent to act, upon presentation at the meeting of the Board or, if later, the date specified in the instrument. 

  

	7.4	 The respective rights of appointment of Directors granted to each of the Shareholders under Clause 7.2 shall, unless otherwise agreed by the
Shareholders, be transferred automatically to any person acquiring all of the beneficial ownership of its Shares in the Joint Venture Company pursuant to any transfer of those Shares made in accordance with this Agreement. At the time of completion
of any such transfer of the Shares held by the transferring Shareholder, it shall remove the Directors of each Company appointed by it. 

  
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	7.5	 The Board of each Company may request such information as it may reasonably require in order to satisfy itself that an appointment or removal made
under Clause 7.2 or 7.3 has been made by a person or persons entitled to do so and, if not so satisfied, may reject such appointment or removal. 

  

	7.6	 The Shareholder removing the Director shall indemnify the relevant Company against any claim arising in connection with that Director’s
removal from office and such Shareholder shall promptly replace such removed Director. 

  

	7.7	 Each Director shall have the right, by written notice to the relevant Company, to appoint and remove an alternate to attend or vote in place of
such Director at any meeting of the Board of that Company. Such alternate may be a permanent appointment which shall be expressed to take effect in all circumstances. All such alternates shall be entitled to receive notices of all meetings of the
Board of the relevant Company. If an alternate is appointed for a specific meeting, then notice of the appointment of such alternate must be received by the relevant Company before commencement of the meeting in question. If any person should cease
to be a Director of any Company for any reason, then the appointment by such person of an alternate shall cease to be effective immediately upon such person ceasing to be a Director of that Company. 

 

	7.8	 Each Shareholder shall indemnify and hold each Company harmless from and against any fraudulent or dishonest act or omission by any Director of
that Company appointed by it. 

  

	8.	 MANAGEMENT OF THE COMPANIES 

  

	8.1	 The overall management and operation of the Business of each Company shall be carried out by its Board, subject to: 

 

	 	8.1.1	 the requirements of Clause 10; and 

  

	 	8.1.2	 any requirement of the Constitution of any Company or of applicable law that the relevant action be specifically approved by resolution of the
shareholders of that Company, and subject always to the terms of this Agreement. 

  

	8.2	 The Shareholders shall procure that the Board of each Company meets not less than once every six (6) months and at such other times as either
Shareholder shall request, at such venue as the Board may agree, having due regard to the Company’s tax residence, and that a written agenda specifying the matters to be raised at any Board meeting of that Company shall (either together with
the notice convening the meeting or not less than fourteen (14) days prior to the date of the meeting) be sent to all Directors of that Company entitled to receive notice of such meeting, and that the Board of each Company gives proper and
adequate consideration to any matters raised by any of the Shareholders at any meeting of that Board. 

  

	8.3	 The quorum necessary for the transaction of business at any meeting of the Board of each Company shall be two (2) Directors, one of which
shall be a Teekay Director and the other a CLNG Director and the Shareholders shall procure that at least one of its nominated Directors (or his alternate) shall be present in person or by proxy or by telephone conference as will be necessary to
from a quorum at each meeting. A person who holds office as an alternate Director, shall, if his appointer is not present, be counted in a quorum. Any of the requirements of this Clause 8.3 may be waived by either Shareholder in relation to any
meeting of the Board of any Company by its giving express notice in writing to that effect to that Company and the other such Shareholder. 

  
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	8.4	 At any meeting of the Board of any Company the Director or Directors nominated by a Shareholder attending such meeting (whatever the number of
those Directors present) shall collectively have one vote for each share in the Joint Venture Company then held by the Shareholder which nominated him or them. Subject to Clause 10, such Company’s Constitution and to the requirements of any
applicable law that the relevant resolution be passed by the shareholders of the Company, matters presented to the Board of a Company shall be approved upon receiving the affirmative vote of a simple majority of such votes of the Directors (or their
alternates) present and voting at a meeting of that Board duly convened and held. 

  

	8.5	 The right to appoint the Chairman of the Board of each Company will alternate between the parties every three years, starting with Teekay. The
Chairman will not have any second or casting vote. 

  

	8.6	 Subject to applicable law, a resolution in writing signed by each of the Directors (or their respective alternates) entitled to receive notice of a
meeting of the Board shall be as valid and effective for all purposes as a Board resolution passed at a Board meeting of the Company duly convened, held and constituted provided that when a Director has signed a resolution by fax, the original of
the signed copy shall be deposited with the Company in its registered office or such other office as the Company may designate for this purpose from time to time by such Director as soon as possible thereafter. Any such resolution may consist of
several counterparts, provided that each such counterpart is signed by all the Directors. 

  

	8.7	 The Shareholders shall take such steps as lie within their power: 

 

	 	8.7.1	 to ensure that the Board of each Company performs its functions on a timely basis; and 

 

	 	8.7.2	 to ensure that a quorum is present at each meeting of the Board of each Company in accordance with this Agreement and that Company’s
Constitution. 

  

	8.8	 Nothing in this Agreement shall be construed so as to derogate from the fiduciary obligation of the Directors of each Company to act in the best
interests of that Company. 

  

	8.9	 Each Company shall, and each Shareholder shall use all rights and powers available to it in every capacity to procure that each Company shall:

  

	 	8.9.1	 keep accurate and complete books of account and other business records in accordance with the requirements of all applicable laws and GAAP;

  

	 	8.9.2	 prepare consolidated and [individual] [company specific] management accounts on a quarterly basis and despatch such accounts to each of the
Shareholders within twelve (12) Vancouver business days of the end of the period in question; 

  

	 	8.9.3	 in the case of the Joint Venture Company prepare consolidated annual accounts and arrange for their audit by the auditors (as may be agreed from
time to time between the Shareholders) despatch such audited accounts to each of the Shareholders within ninety (90) days of the end of the year in question; 

 

	 	8.9.4	 carry on and conduct its Business and affairs in a proper and efficient manner in accordance with all applicable legal requirements and with the
provisions of its Constitution and this Agreement; 

  

	 	8.9.5	 conduct its dealings on commercial arm’s length terms and in particular, but without limitation, not pay any remuneration or expenses to any
person other 

  
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than as proper remuneration for all the services provided or as proper reimbursement for expenses incurred in connection with its Business, including without limitation, all services provided and
expenses incurred under the Ship Management Agreements, Supervision Agreements, Corporate Services Agreement and the Shipbuilding Contracts or in connection with the success fee as set out in Clause 4.4 above; 

 

	 	8.9.6	 obtain and maintain from time to time all authorisations required from governmental entities which may be at any time required under the laws of
its place of incorporation or in the jurisdictions in which that Company conducts its Business; and 

  

	 	8.9.7	 pay all taxes, assessments and other governmental charges of any kind imposed on it or in respect of its income, gains or any of its businesses or
assets or in respect of taxes or other amounts it is required by law to withhold from amounts paid by it to its employees or any other person before any penalty or interest accrues on the amount payable and before any lien on any of its property
exists as a result of non-payment, except insofar as the Company is diligently contesting its alleged obligation to pay the amount concerned in good faith through appropriate proceedings and maintains appropriate reserves or other provisions in
respect of the contested amount as may be required under applicable accounting policies; and 

  

	 	8.9.8	 procure that a “check the box” election on form 8832 is made for each of the Companies within 75 days of the formation of such Company
which will cause such Company to be treated as a partnership for U.S. tax purposes from its date of incorporation. 

  

	8.10	 Each Shareholder shall promptly notify the other as soon as it becomes aware of: 

 

	 	8.10.1	 the occurrence of any event which constitutes a default or event of default or any event which with the giving of notice or lapse of time or the
satisfaction of any other condition (or any combination thereof) would constitute a default or event of default, under any indebtedness of any Company; 

  

	 	8.10.2	 any litigation or governmental proceeding pending against any Company which can reasonably be expected to affect materially and adversely the
assets, liabilities, operations, condition (whether financial or otherwise) or prospects of any Company; and 

  

	 	8.10.3	 any other event which is likely to affect materially and adversely the assets, liabilities, business, operations, condition (whether financial or
otherwise) or prospects of any Company. 

  

	8.11	 The Shareholders and their authorised representatives shall each have the right to inspect the books and records of each Company on reasonable
notice during normal business hours and shall have the right (at their own expense) to take away copies of or extracts from all such books and records. Either Shareholder shall have the right, on reasonable notice, to require that the books and
records of any Company be audited (at the expense of that Shareholder) by a firm of independent auditors nominated by that Shareholder, and the Shareholders shall ensure that such firm is given such cooperation as may be necessary to enable it to
perform the audit. The Shareholder commissioning the audit shall provide a copy of the audit report to the other Shareholder. 

  

	8.12	 CLNG shall have the right to second one person to the office of the Corporate Service Provider to perform the corporate services of any Company in
any respect as CLNG deems 

  
 15 

	 	 
necessary. Teekay shall procure that the Corporate Service Provider will provide suitable office, transportation, accommodation and access to all required information and materials to such
person. CLNG will also send one to two persons as Authorised Representative(s) (as defined under the Shipbuilding Contract) to the Builder’s yard. Teekay shall procure that the Supervisor shall ensure equal treatment of such person(s) with
other Authorised Representatives appointed by the Supervisor in terms of office condition, transportation and accommodation. All costs in connection with such seconded person(s) or authorized representatives appointed by CLNG shall be for
CLNG’s account. 

  

	8.13	 The quorum necessary for the transaction of business at any meeting of the shareholders of the Joint Venture Company shall be two
(2) Shareholders (of which Teekay shall be one and CLNG shall be the other) present in person or by proxy. Subject to Clause 10 and to the requirements of any applicable law, resolutions of the shareholders of the Joint Venture Company
shall be adopted by a simple majority of the votes cast (each Shareholder having one vote for each Share held in the Joint Venture Company) at such meeting on such resolutions. 

 

	9.	 BUDGETS 

  

	9.1	 Each Company will have a budget in respect of all anticipated income and expenses of the Company for each financial year (the “Annual
Budget”). 

  

	9.2	 The first Annual Budget for each Company shall be prepared and agreed between the Shareholders before 31 December 2014 or such other time the
Shareholders may agree. Each Annual Budget subsequent to the first shall be prepared as follows: 

  

	 	9.2.1	 The Joint Venture Company shall procure that whichever of the Ship Manager and the Corporate Services Provider which is then responsible for such
task prepares a draft budget, which shall be ready not later than 1 November in the year preceding that to which it relates. 

  

	 	9.2.2	 The budget shall contain the following: 

  

	 	(a)	 an operating budget (including estimated capital expenditure requirements) and balance sheet forecast; 

 

	 	(b)	 an estimate of the working capital requirements contained in a cashflow statement, including the amount of the drydock reserve;

  

	 	(c)	 a projected profit and loss account; 

  

	 	(d)	 an indication of the amount (if any) which it is considered prudent to retain out of the previous financial year’s distributable profits to
meet the working capital requirements; 

  

	 	(e)	 a statement of business objectives for the year; and 

  

	 	(f)	 a report by the finance manager of each Company, which shall include an analysis of the results of that Company as shown in its annual accounts
compared with the Annual Budget for the previous year; 

 and otherwise shall be in the form set out in Schedule 3 of this
Agreement. 
  

	 	9.2.3	 The draft budget prepared under Clause 9.2.1 shall then be reviewed by and approved by the Board of the relevant Company (with any corrections it
considers necessary) as the Annual Budget. 

  
 16 

	10.	 RESERVED MATTERS 

  

	10.1	 Subject to Clauses 10.2 and 15.11, but notwithstanding any other provision of this Agreement, no action may be taken by or in relation to any
Company in relation to a Reserved Matter without the agreement of all the Shareholders. Each Shareholder may give its agreement, as may be appropriate, either: 

 

	 	10.1.1	 in writing by its authorised representatives; 

  

	 	10.1.2	 by the Director or Directors representing it on the Board of the relevant Company; or 

 

	 	10.1.3	 by its authorised representative in its capacity as a member of the Joint Venture Company at a general meeting of the Joint Venture Company.

  

	10.2	 For avoidance of doubt, where in this Agreement it is provided, as the case may be, that a particular matter is agreed by the Shareholders or that
a Company shall take a particular action, then notwithstanding the provisions of Schedule 1, it shall not be necessary that all the Shareholders give their further agreement to such matter or the taking of such action. 

 

	10.3	 Each Shareholder shall provide to the other from time to time details of the persons authorised to represent it and of their respective powers to
bind that Shareholder, and of any revocation or restriction of their authority. 

  

	11.	 TRANSFER OF SHARES IN THE JOINT VENTURE COMPANY 

  

	11.1	 No Shareholder shall without the prior written consent of the other Shareholder (such consent being valid for 20 Business Days), sell, assign,
transfer, give, donate, or otherwise dispose of or grant a security interest over any of its Shares or Shareholder Loans in the Joint Venture Company or any portion thereof or any right or interest therein now held or hereafter acquired except in
accordance with the provisions of this Clause 11 or Clauses 15 and 17. 

  

	11.2	 It is a condition precedent to any transfer of any Shares or assignment of any Shareholder Loans to a person not already a party to this Agreement
that such person agrees in writing by deed in a form reasonably satisfactory to the parties to be bound by the terms of this Agreement prior to such transfer becoming effective. 

 

	11.3	 Any transfer or purported transfer made otherwise than in accordance with the provisions of this Clause 11 or Clauses 15 and 17, shall be
void and of no effect whatsoever and the parties shall procure that the management shall not register the same. 

  

	11.4	 If at any time either Shareholder (the “Selling Shareholder”) wishes to sell, assign, transfer, give, donate or otherwise dispose of all
(but not part only) of its Shares (the “Offered Shares”) and all (but not part only) of its Shareholder Loans (the “Offered Loans” and together with the Offered Shares, the “Offered Interests”) the Selling Shareholder
shall first deliver written notice (“Notice of Sale”) to the other party (the “Non-Selling Shareholder”) of its intention to sell the Offered Interests. A Notice of Sale shall name the proposed transferees (if any), specify the
price (if any) offered by a third party per Offered Share (the “Share Price”) and per $1 outstanding on the Offered Loans (the “Loan Price”), the terms of payment including but not limited to replacement of the Selling
Shareholder’s owner guarantee provided in accordance with the Time Charter and the Shipbuilding Contract, and other relevant terms and conditions, and shall have attached thereto, if relevant, a copy of any bona fide arm’s length offer
made by a third party (a “Bona Fide Offer”) in respect of the Offered Interests. 

  
 17 

	11.5	 In response to the Notice of Sale, the Non-Selling Shareholder must exercise one of the following two options, which must be communicated to the
Selling Shareholder within 60 Business Days of the date of receipt of the Notice of Sale: 

 (a) to refuse
the transfer to a third party and purchase the Offered Interests itself at the Fair Market Value, and, if relevant, otherwise on terms no less favourable to the Non-Selling Shareholder than those constituting the Bona Fide Offer (save that the
Selling Shareholder shall not be required to give any warranties or indemnities to the Non-Selling Shareholder, other than as specified in Clause 11.11 below); 

The right of first refusal contained in option (a) above shall be exercised within 30 Business Days after the date of
receipt of the Notice of Sale, within which period the Non-Selling Shareholder, if it wishes to acquire the Offered Interests, must deliver to the Selling Shareholder written notice of the Non-Selling Shareholder’s election (an
“Election”) to purchase the Offered Interests, such election stating whether or not the Non-Selling Shareholder requires the Fair Market Value to be determined in accordance with Clause 11.8 below. 

(b) to consent to the transfer of the Offered Interests to a third party. 

If the Non-Selling Shareholder fails to give notice to the Selling Shareholder of its Election within a period of 60 Business
Days after the date of receipt of the Notice of Sale, he will be deemed to have chosen option (b) above. 
 If the
Non-Selling Shareholder, in accordance with this Clause, has given notice to the Selling Shareholder of its consent to the transfer of the Offered Interests to the proposed transferee, the Selling Shareholder shall have the right to sell the Offered
Interests within a period of 20 Business Days from the date of receipt of the notice from the Non-Selling Shareholder on terms no more favourable for the transferee than the terms offered to the Non-Selling Shareholder. 

 

	11.6	 If an Election is made within the period referred to in Clause 11.5 in respect of all of the Offered Interests, the Non-Selling Shareholder shall
be obliged to purchase, and the Selling Shareholder shall be obliged to sell to the Non-Selling Shareholder, notwithstanding his right to revoke the Election in accordance with the terms of this Agreement, the Offered Interests at the Fair Market
Value and otherwise, if relevant, on the terms specified in Clause 11.4 within 10 Business Days of the date of the determination of the Fair Market Value under Clause 11.8. 

 

	11.7	 Completion of the purchase and sale of the Offered Interests pursuant to an Election shall take place at the principal office of the Company (or
such other location as may be agreed upon by the Selling Shareholder and the Non-Selling Shareholder) within 10 Business Days of the date of determination of the Fair Market Value under Clause 11.8 when: 

(a) the Selling Shareholder and the Non-Selling Shareholder shall record the transfer of the Offered Shares in the share
register of the Company and both parties shall sign such share register; 
 (b) the Selling Shareholder shall deliver to the
Non-Selling Shareholder a duly executed assignment in respect of the Offered Loans and the certificate(s) representing the Offered Shares (if any); 

  
 18 

 (c) the Non-Selling Shareholder purchasing the Offered Interests shall deliver to
the Selling Shareholder the consideration for the Offered Interests calculated at the Fair Market Value and otherwise, if relevant, on the terms specified in Clause 11.4; 

(d) the Non-Selling Shareholder shall procure the release of the Selling Shareholder or such Selling Shareholder’s
Guarantor from any guarantees, indemnities or other undertakings given by it in respect of the obligations of the Joint Venture Company or any of the Vessel Owning Companies and, pending such release shall indemnify and keep indemnified the Selling
Shareholder against any liability incurred by the Selling Shareholder under or in respect of any such guarantee, indemnity or undertaking; 

(e) the Selling Shareholder shall procure the removal of any Director appointed by it to the Company; 

(f) the Selling Shareholder shall pay all amounts owed by it or any of its Affiliates to the Company or any of its Affiliates;

 (g) the parties shall do all such other things and execute such other agreements and documents as may reasonably be
required to give effect to the sale and purchase of the relevant Offered Interests; and 
 (h) subject to payment by the
Non-Selling Shareholder of any relevant stamp duties, the Non-Selling Shareholder (or such person as it may direct) shall be noted as assignee of the Offered Loans and registered as holder of the Offered Shares. 

 

	11.8	 For the purposes of this Clause 11, the “Fair Market Value” shall mean: 

(a) if a Share Price and/or Loan Price is specified under Clause 11.4 and the Election does not require the Fair Market Value
to be determined in accordance with Clause 11.8(b), the relevant Share Price and/or Loan Price; 
 (b) if no Price is
specified under Clause 11.4 or the Election requires the Fair Market Value to be determined in accordance with this Clause 11.8(b), the price per share and/or per $1 outstanding of the Offered Loans: 

(i) agreed between the Selling Shareholder and the Non-Selling Shareholder who has made an Election within
10 Business Days of the end of the period for making an Election specified in Clause 11.5 as the Share Price and/or Loan Price; or 

(ii) failing agreement in accordance with Clause 11.8(b)(i) determined, at the request of the Selling
Shareholder or the Non-Selling Shareholder, to be the fair market value of the Offered Interests determined by the Auditors in accordance with Clause 11.9. In the event that the Auditors are not permitted to determine the Fair Market Value due
to regulatory restrictions, an independent auditor from an international audit firm shall be appointed. 
 A Non-Selling
Shareholder who has made an Election shall only be entitled to revoke the same if it is dissatisfied with the Fair Market Value determined under Clause 11.8(b)(ii) within 5 Business Days of such determination. 

 

	11.9	 In determining the Fair Market Value, the Auditors shall: 

(a) take account of the net asset value of the Company as a going concern and such other matters as they may consider to be
relevant; 

  
 19 

 (b) take no account of the proportion which the Offered Shares bear to the then
issued share capital of the Company or which the Offered Loans bear to the aggregate of the Shareholder Loans; and 
 (c) be
considered to be acting as experts and not as arbitrators. 
  

	11.10	 Each party shall supply the Auditors with such information as they may reasonably require for the purposes of making a determination under Clause
11.9. The cost of such determination shall be borne by the Selling Shareholder and the Non-Selling Shareholder in equal proportions. 

  

	11.11	 All Shares or Shareholder Loans sold by one Shareholder to the other Shareholder pursuant to the provisions of this Clause 11 or Clauses 15
and 17 shall be sold with full title guarantee together with all rights conferred thereon and free from all Security Interests or other adverse interests, rights, equities, claims or potential claims of any description. 

 

	11.12	 The Selling Shareholder hereby appoints the Non-Selling Shareholder purchasing any Offered Shares (or any Director nominated by that Shareholder)
irrevocably, and by way of security for the performance of the Selling Shareholder’s obligations under this Clause 11, as its attorney or attorneys to execute any agreement or document required to be executed by the Selling Shareholder under
this Clause 11 including, without limitation, any transfer of Offered Shares, provided always that this power of attorney shall not apply in favour of any such Non-Selling Shareholder who has failed to tender payment for the relevant Offered Shares
or to comply with any of its other obligations under this Clause 11. 

  

	11.13	 Subject to the provisions of Clause 11.2, the provisions of this Clause 11 shall not apply to any transfer of Shares: 

(a) mutually consented to in writing by each of the Shareholders, such consent being valid only for a period of 20 Business
Days; or 
 (b) by either Shareholder to any Affiliate of that Shareholder, provided that if such transferee pursuant hereto
shall cease to be an Affiliate of that Shareholder, that Shareholder shall procure that such transferee shall, transfer any Shares held by it to that Shareholder or another Affiliate of that Shareholder. 

 

	11.14	 Notwithstanding the above no transfer of Shares shall be permitted or consented to without consent of Charterer where such proposed transfer would
constitute a change of control as defined in the Time Charters. 

  

	11.15	 (a) Notwithstanding the above, Teekay shall be permitted to transfer the Shares in the Joint Venture Company then held by it (the “Teekay
Shares”) to CLNG or its Affiliate where a Sanctions Event (as such term is defined in each of the Time Charters) has occurred and, following a consultation period between the relevant Vessel Owning Company and the Charterer in accordance
with clause [    ] of each of the Time Charters, it is determined that such transfer of the Teekay Shares will remove the effect of the Sanctions Event. 

(b) The price payable by CLNG or its Affiliate for the Teekay Shares (the “Purchase Price”) will be the
delivered cost of each Vessel amortized to a $30 million scrap assuming a useful life from actual date of Delivery of the Vessel until 31st December 2045, less the book value of outstanding
debt of each Company, adjusted for the fair market value of other assets or liabilities in each Company on the day of transfer, multiplied by Teekay’s respective Agreed Proportion. For the purposes of this Subclause ‘fair market
value’ means the highest price available in an open and unrestricted market between informed and prudent parties, acting at arm’s length and under no compulsion to act, expressed in terms of money or money’s worth. Should such
transfer of Teekay Shares take place prior to delivery of a 

  
 20 

 
Vessel, the value attributed to that Vessel for the purposes of calculating the Purchase Price shall be the value of the Losses as such term is defined in the Undertaking given by the Charterer
to each of the Vessel Owning Companies pursuant to the respective Time Charters. 
 (c) Following such transfer of Teekay
Shares, in the event that a Sanctions Event is no longer applicable, CLNG or its Affiliate, as the case may be, shall as soon as practicable transfer the Teekay Shares, or such proportion of the Teekay Shares as may be agreed between Teekay and
CLNG, to Teekay. The price payable by Teekay shall be the Purchase Price calculated on the day of transfer. Where the Teekay Shares have been transferred to CLNG or its Affiliate, neither CLNG nor its Affiliate, as the case may be, shall be
permitted to transfer the Teekay Shares, other than to Teekay, without the prior consent of Teekay. 
 (d) In the event that
it is determined that a transfer of Teekay Shares to CLNG or its Affiliate will not remove the effect of the Sanctions Event or [CLNG is unable to accept a transfer of the Teekay Shares], Teekay shall be permitted, subject to the consent of the
Charterer, to transfer the Teekay Shares to a third party not impacted by a Sanctions Event (the “Transferee”) in accordance with this Clause 11, save that Clauses 11.4, 11.5 and 11.6 shall not apply. Following such transfer of
Teekay Shares, in the event that a Sanctions Event is no longer applicable, the Transferee shall be obliged to, and as soon as practicable, transfer the Teekay Shares to Teekay in accordance with the terms of this Clause 11, save that Clauses 11.4,
11.5 and 11.6 shall not apply and consent of CLNG to such transfer shall not be required. CLNG shall procure that the Transferee shall not be permitted to transfer the Teekay Shares without the prior consent of Teekay. 

 

	(e)	 Where a Sanctions Event prevents Teekay Shipping Limited from performing its obligations as Ship Manager, or it is unwilling to continue as Ship
Manager when a Sanctions Event is applicable, the Shareholders will use reasonable endeavours to procure the consent of the Charterer to CLISCO being appointed as Ship Manager. Teekay will consult with CLISCO to determine any assistance Teekay can
provide to CLISCO in its role as Ship Managers including considering the provision of resources to CLISCO from Teekay such as senior office staff and sea staff support on temporary secondment or longer-term employment contract basis.

  

	12.	 OTHER BUSINESS 

  

	12.1	 Nothing in this Agreement shall restrict either of Teekay or CLNG or their respective Affiliates from conducting their normal business operations
including, but without limitation, sea transportation of LNG and/or other energy related cargoes, or investment in entities doing such business, provided that in carrying on such business that Shareholder or the relevant Affiliate:

  

	 	12.1.1	 shall not abuse its position or any information obtained by it relating to the Business of any Company; 

 

	 	12.1.2	 shall not knowingly engage in any practices which are of a commercially unfair nature or which are otherwise likely to harm the Business of any
Company; and 

  

	 	12.1.3	 shall not be in breach of the relevant Shareholder’s obligations as contemplated under this Agreement. 

 

	13.	 CONFIDENTIALITY  

  

	13.1	 Neither of the Shareholders shall at any time disclose or make available to any person any information which relates in any way to any business or
affairs of any Company or of the 

  
 21 

	 	 
other Shareholder or any such information which it has acquired as a result of being connected with any Company or the other Shareholder. The Shareholders shall further use all reasonable
endeavours to ensure that their Affiliates, each Company and the Affiliates of each Company, and the officers, employees and agents of each of them, shall observe a similar duty of confidence in favour of the Shareholders and the Companies.

  

	13.2	 Clause 13.1 does not apply to: 

  

	 	13.2.1	 any information already in the public domain other than by virtue of a breach by the disclosing party of Clause 13.1; 

 

	 	13.2.2	 a bona fide disclosure on a confidential basis to any Affiliate and, for this purpose, as between the Shareholders, 

 

	 	13.2.3	 a bona fide disclosure of information on a confidential basis, between the Shareholders, in connection with the performance of either
Shareholder’s obligations under this Agreement; 

  

	 	13.2.4	 a bona fide disclosure of information in connection with any actual or prospective proceedings arising out of or in connection with this Agreement
provided that the party making the disclosure shall first obtain a written confidentiality undertaking from the recipient(s) of the disclosed information made in terms no less onerous than Clause 13.1 and each party agrees to take all reasonable
steps to enforce any confidentiality agreement obtained by it; 

  

	 	13.2.5	 a bona fide disclosure of information to a competent judicial, governmental, supervisory or regulatory authority or to inspectors or others
authorised by such an authority or by or under any legislation to carry out any enquiries or investigations provided that the party making the disclosure shall inform the recipient(s) of the disclosure of the confidential nature of the information
disclosed; 

  

	 	13.2.6	 the bona fide disclosure of information required under the rules of any stock exchange on which the shares or securities of either Shareholder (or
any of its shareholders or Affiliates for the time being) are listed provided that the party making the disclosure shall inform the recipient(s) of the disclosed information of the confidential nature of the disclosed information

  

	 	13.2.7	 a bona fide disclosure on a confidential basis to the professional advisers, auditors or financiers of the relevant Shareholder or of information
which it appears necessary or reasonable for such professional advisers, auditors or financiers to obtain for the purpose of discharging their responsibilities provided that the party making the disclosure shall inform the recipient(s) of the
disclosure of the confidential nature of the information disclosed and seek confidential treatment of the information disclosed from such recipient(s); 

  

	 	13.2.8	 a bona fide disclosure on a confidential basis to any actual or prospective Debt Finance provider provided that the party making the disclosure
shall inform the recipient(s) of the disclosure of the confidential nature of the information disclosed and seek confidential treatment of the information disclosed from such recipient(s). 

 

	13.3	 The Shareholders acknowledge the value of sharing of technical and operational data and information relating to the Vessels or any of them in order
(and only for that purpose) to prevent damage or injury to property or the environment or human health, or otherwise to ensure the safe and efficient operation of vessels of a similar type to the Vessels in which

  
 22 

	 	 
directly or indirectly that Shareholder may have an interest from time to time or their compliance with applicable laws and regulations. The Shareholders shall cooperate to seek the agreement of
the other owners and operators of vessels for the time being under charter to Charterer or its Affiliates to establish suitable arrangements for the exchange, on a confidential basis, of any technical and operational data and information which may
from time to time come into the possession of any of the Shareholders or such owners or operators (except to the extent that they may be restricted from making such disclosure) which may assist (and only for that purpose) to ensure the safe and
efficient operation of the Vessels and such other vessels or their compliance with applicable laws and regulations. For avoidance of doubt the references in this Clause 13.3 to “technical and operational data and information” shall not
extend to commercial or financial information. 

  

	13.4	 Neither of the Shareholders shall be entitled to make or permit or authorise the making of any press release or other public statement or
disclosure concerning this Agreement or any of the transactions contemplated in it without the prior written consent of the other Shareholder (such consent not to be unreasonably withheld or delayed). Such restriction shall not apply to any release,
statement or disclosure required by any governmental, supervisory or regulatory authority or any stock exchange, but before either Shareholder makes any such release, statement or disclosure, it shall, if and to the extent lawful and practicable,
first supply a copy of it to the other Shareholder and shall include any amendment or addition reasonably requested by that other Shareholder. 

  

	13.5	 All rights and obligations of the Shareholders under this Clause 13 shall survive the termination of this Agreement. 

 

	14.	 TERMINATION OF THIS AGREEMENT 

  

	14.1	 This Agreement shall continue in full force and effect until terminated in accordance with the provisions of this Clause 14. 

 

	14.2	 If at any time, as a result of a transfer of Shares made in accordance with this Agreement and/or the Joint Venture Company’s Constitution not
more than one of the Shareholders holds any Shares in the capital of the Joint Venture Company or if an effective resolution is passed to wind up the Joint Venture Company or if a liquidator of the Joint Venture Company is otherwise appointed:

  

	 	14.2.1	 this Agreement shall terminate; and 

  

	 	14.2.2	 where the corporate name of any Company or any part contains any word the same or similar to the corporate name or any distinctive part of the
corporate name of the party who is no longer a shareholder, the Shareholder remaining as a shareholder of the Joint Venture Company shall procure that within thirty (30) days the corporate name of that Company or those Companies shall be
changed so as to exclude such word. 

  

	14.3	 If: 

  

	 	14.3.1	 all the Shipbuilding Contracts have been terminated without any of the Vessels having been delivered to the Vessel Owning Companies; or

  

	 	14.3.2	 all the Vessels have been sold or have become an actual, constructive or agreed total loss; 

  
 23 

 then, unless otherwise agreed, subject to all reasonable and necessary action
having been taken (which the Shareholders will procure to be promptly taken) to terminate the Companies’ activities following such event, insofar as relating to the Companies, this Agreement shall be terminated and the Joint Venture Company and
each Vessel Owning Company shall be wound up. 
  

	14.4	 Termination of this Agreement shall be without prejudice to all accrued rights and obligations of the Shareholders as at the date of termination.

  

	14.5	 On a winding-up of the Joint Venture Company, the Shareholders shall endeavour to agree a suitable basis for dealing with the interests and assets
of each Company and shall endeavour to ensure that: 

  

	 	14.5.1	 all existing contracts of each Company are performed so far as resources permit; 

 

	 	14.5.2	 no new contractual obligations are entered into by any Company; and 

 

	 	14.5.3	 each Company shall be wound up as soon as practicable. 

  

	15.	 DEFAULT 

  

	15.1	 If any of the events set out in Clause 15.2 shall occur, in relation to a Shareholder (the “Defaulting Shareholder”), and the
other Shareholder shall have given notice in writing (a “Default Notice”) to the Defaulting Shareholder to be copied to the Joint Venture Company, that the provisions of this Clause 15 shall apply, the provisions of this Clause 15
shall apply accordingly. 

  

	15.2	 The events referred to in Clause 15.1 are: 

  

	 	15.2.1	 the Defaulting Shareholder fails to make any payment in excess in aggregate of $1,000,000 when due under this Agreement and fails to remedy such
breach within thirty (30) days of being specifically required in writing to do so by the other Shareholder. For this purpose, an amount shall be deemed to be due if admitted in writing to be due by the Defaulting Shareholder, or due under any
final and non-appealable arbitration award rendered in accordance with this Agreement; 

  

	 	15.2.2	 the Defaulting Shareholder commits a material breach of this Agreement (other than a default in payment) and, where such breach is capable of
remedy, fails to remedy such breach within thirty (30) days of being specifically required in writing to do so by the other Shareholder; or 

  

	 	15.2.3	 a distress, execution, sequestration or other process is levied or enforced upon or against a material part of the Defaulting Shareholder’s
property which is not discharged within thirty (30) days (for this purpose a mere arrest of a ship for security shall be disregarded); or 

  

	 	15.2.4	 the Defaulting Shareholder becomes insolvent or is unable to pay its debts or commences negotiations or enters into any compromise, composition or
other arrangements for the benefit of its general creditors; or 

  

	 	15.2.5	 an encumbrancer takes possession of, or an administrator, administrative receiver, receiver or trustee or similar official is appointed over the
whole or a material part of the Defaulting Shareholder’s undertaking, property or assets; or 

  
 24 

	 	15.2.6	 an order is made or a bona fide resolution is passed for the Defaulting Shareholder’s winding up or bankruptcy, otherwise than for the purpose
of a reconstruction or amalgamation without insolvency previously approved by the other Shareholder (which approval shall not be unreasonably withheld); or 

  

	 	15.2.7	 any of the events described in Clauses 15.2.3 to 15.2.6 occurs in relation to a Guarantor. 

 

	15.3	 The other Shareholder is entitled to remedy any default under Clause 15.2.1 or 15.2.2 committed by the Defaulting Shareholder and the cost of the
remedy shall be deemed to be a debt due from the Defaulting Shareholder to the other Shareholder repayable upon demand, upon which interest shall be calculated at the rate of five hundred per cent. (500%) per annum above LIBOR (the
“Specified Rate”) (both before and after judgment) from the date of such advance to the date of actual payment, and all interest shall be compounded semi-annually, and the default shall not be considered remedied for the purposes of those
Clauses until the Defaulting Shareholder has paid that cost to the other Shareholder. 

  

	15.4	 Upon the occurrence of a default of the kind referred to in Clause 15.1.1, it is agreed that any amount which the Defaulting Shareholder is or may
be entitled to receive as a dividend shall be waived by the Defaulting Shareholder and shall be retained by the Joint Venture Company and applied against the obligation in respect of which the Defaulting Shareholder is in default, including interest
(calculated in accordance with Clause 15.3) thereon, until the obligation is satisfied in full. 

  

	15.5	 Upon the occurrence of any of the events set out in Clause 15.2, then the Defaulting Shareholder shall be deemed to have given a notice to the
other Shareholder (the “Offeree”), offering to sell in the first instance to the Offeree, all the Shares and Shareholder Loans (together, the “Deemed Offered Shares”) held by the Defaulting Shareholder.

  

	15.6	 

  

	 	15.6.1	 The following provisions shall apply in determining the purchase price of the Deemed Offered Shares. 

 

	 	15.6.2	 The purchase price of the Deemed Offered Shares shall be: 

 

	 	(a)	 their fair value as agreed between the Shareholders; or 

  

	 	(b)	 in default of agreement within fourteen (14) days after service of the Default Notice by the Offeree referred to in Clause 15.1, such sum as
shall be certified (at the request of either Shareholder) by a firm of chartered accountants practising internationally (the “Expert”) (who shall not be the auditors for the time being of the Joint Venture Company) to be the fair
value of the Deemed Offered Shares on the date on which the Default Notice was given. If the Shareholders are unable to agree on the identity of the Expert then either Shareholder may apply to the President for the time being of the Institute of
Chartered Accountants in England and Wales for the appointment of the Expert. 

  

	15.7	 In so certifying, the Expert is irrevocably instructed: 

  

	 	15.7.1	 to value the Shares to be bought and sold as the same proportion of the value of the Joint Venture Company as a whole on that date as the relevant
shareholding bears to the whole issued ordinary share capital of the Joint Venture Company on that date; and 

  
 25 

	 	15.7.2	 to obtain and to take into account valuations of the Vessels from two (2) ship brokers of international standing with appropriate LNG shipping
experience, such valuations to take account of the Time Charters or other contracts of employment to which the Vessels may then be subject; 

but otherwise the Expert shall take into account all such circumstances as shall seem to it relevant, including, without
limitation, applicable practices in valuing the shares of companies carrying on similar businesses. 
  

	15.8	 In so acting the Expert acts as expert and not as arbitrator and its decision shall (save in respect of manifest error) be final and binding on the
Shareholders for all purposes and its costs and the costs of its appointment shall be borne in equal shares by the Shareholders. 

  

	15.9	 For the purpose of this Clause 15 the Shareholders shall procure that the Joint Venture Company and the Vessel Owning Companies shall supply the
Expert with all information which a prudent prospective purchaser of the entire issued share capital of the Joint Venture Company might reasonably require if he were to purchase the same from a willing vendor by private treaty on arm’s length
terms and all other information which the Expert may reasonably request. 

  

	15.10	 

  

	 	15.10.1	 The Offeree shall, within fourteen (14) days from the date of determination of the value of the Deemed Offered Shares, by written notice to
the Defaulting Shareholder indicate whether it intends to acquire the Deemed Offered Shares. 

  

	 	15.10.2	 Upon the expiration of such fourteen (14) day period, the Offeree, if it has indicated such an intention, shall be bound to acquire and the
Defaulting Shareholder shall be bound to sell the Deemed Offered Shares at the value so determined (or such of them as the Offeree indicated in its notice). 

  

	15.11	 

  

	 	15.11.1	 If, by reason of any breach by a Shareholder of this Agreement, or of any agreement between a Company and a Shareholder or its Affiliate, an event
of default or potential event of default (however described) occurs under any of the Material Documents, then: 

  

	 	(a)	 the Directors of each Company who were nominated by the other Shareholder (the “Innocent Shareholder”) shall be authorised to take
on behalf of that Company and at its cost any action which they reasonably consider necessary, in the best interest of the Company, to remedy the event of default or potential event of default, and such action may include (without limitation)
entering into or terminating any contract or agreement, or borrowing money from any person (including without limitation a Shareholder); 

  

	 	(b)	 any such action shall not be considered a Reserved Matter; 

 

	 	(c)	 if a shareholders’ resolution of the Joint Venture Company is required for any such action referred to above in this Clause 15.11.1, the
presence of the Innocent Shareholder only is required to form a quorum at any meeting held to pass the resolution, and any such resolution shall be passed if the Innocent Shareholder votes in favour or makes such resolution in writing, and
regardless of any vote cast by the other Shareholder; and 

  
 26 

	 	(d)	 if a resolution of the Board of any Company is required for any action referred to above in this Clause 15.11.1, the presence of the Directors
appointed by the Innocent Shareholder only is required to form a quorum at any meeting held to pass the resolution, and any such resolution shall be passed if the Directors appointed by the Innocent Shareholder vote in favour or make such resolution
in writing, and regardless of any vote cast by the other Directors. 

  

	 	15.11.2	 The provisions of this Clause 15.11 shall be without prejudice to any of the Innocent Shareholder’s rights under this Clause 15 or at law.

  

	 	15.11.3	 The Innocent Shareholder shall notify the other Shareholder in writing before any action described in Clause 15.11.1 is taken and specify in
reasonable detail the action to be taken. 

  

	16.	 DIVIDEND POLICY  

Subject to the prudent retention of profits by way of reserve, to each Company’s obligations to financiers, and to the
working capital and cash flow requirements of the Companies, the Companies shall distribute, by way of dividend in respect of each of their financial years, and as soon as reasonably practicable after the end of each financial year and on an interim
basis at the end of each quarter of each financial year, such of their profits as are available for distribution in accordance with applicable law. 
  

	17.	 DEADLOCK 

  

	17.1	 The Shareholders shall use all reasonable endeavours, in relation to any matter which requires their unanimous agreement to agree a common position
and, subject to agreement being reached on such common position, to exercise their votes (and votes of the nominated Directors) in each Company jointly and in furtherance of the common position. 

 

	17.2	 If there is a dispute or disagreement between the Shareholders as to any question which either of them (in its sole judgement) shall consider is of
fundamental importance to the future of the Joint Venture Company, or its Business, then at the option of either Shareholder (as applicable), the matter in question shall be considered at the next meeting of the Board of the Joint Venture Company.

  

	17.3	 If at the next meeting of the Board of the Joint Venture Company, no resolution is carried in relation to the matter by reason of an equality of
votes for and against any proposal for dealing with it, or for any other reason, then a Shareholder may give notice in writing (a “Deadlock Notice”) to the other referring to the matter in dispute and specifying that the provisions
of Clause 17.4 shall apply. 

  

	17.4	 Following service of a Deadlock Notice, either Shareholder may request the matter be referred to the Chief Executive Officers or such appropriate
senior executives as such Shareholder may nominate by written notice to the other (the “Nominated Senior Executives”). The Nominated Senior Executives shall meet within 20 days and seek in good faith to resolve the matter in
dispute. If the matter in dispute has not been resolved at the meeting referred to above or following such further period as the Nominated Senior Executives may agree (the “Deadlock Period”), then either of the Shareholders (the
“Offeror”) may give notice in writing (the “Offer Notice”) within the period of 10 Business Days following expiry of the Deadlock Period to the other (the “Offeree”) offering to sell to the Offeree
all of the Shares and Shareholder Loans relating to the Joint Venture Company (the “Deadlock Company”) which are owned by the Offeror for the amount per Share (the “Share Amount”) and/or amount per $1 outstanding on
such Shareholder Loans (the “Loan Amount” and together with the Share Amount the “Amounts”) specified in the Offer Notice (the “Offer”). 

  
 27 

	17.5	 Subject to Clause 17.6, the Offeree shall have a period of 20 Business Days (the “Acceptance Period”) commencing with the Business
Day following the date of receipt of the Offer Notice in which to accept or decline the Offer by written notice to the Offeror. If the Offeree accepts the Offer within the Acceptance Period, the Offeror shall sell to the Offeree (or such person as
the Offeree shall nominate) and the Offeree, or such person as the Offeree shall nominate, shall purchase from the Offeror all of the Shares and Shareholder Loans owned by the Offeror at a price equal to the Amounts. 

 

	17.6	 If the Offeree declines the Offer or fails to respond to the Offer Notice within the Acceptance Period the Offeree shall sell to the Offeror (or
such person as the Offeror shall nominate) and the Offeror (or such person as the Offeror shall nominate) shall purchase from the Offeree all Shares and Shareholder Loans held by the Offeree at a price equal to the Amounts. 

 

	17.7	 If each of the Shareholders delivers an Offer Notice in the terms set out in Clause 17.4 and each of such notices is received or deemed to be
received upon the same calendar day, then the party whose Offer Notice specifies the higher Amounts shall be deemed to be the Offeror for the purposes of Clause 17.4 and the provisions of Clauses 17.4, 17.5 and 17.6 shall apply save that the
Acceptance Period shall be a period of 25 Business Days from the Business Day following receipt (or deemed receipt) of the Offer Notices. 

  

	17.8	 Subject to Clause 17.6, if an Offer Notice from one party (the “First Party”) is received or deemed to be received by the other
party on a calendar day after the calendar day on which an Offer Notice from the other party is received by the First Party, the Offer Notice received on the later calendar day shall be of no effect. 

 

	17.9	 If either Shareholder (the “Purchaser”) becomes obliged or agrees under the terms of Clauses 17.4 to 17.7 to purchase the Shares
and/or Shareholder Loans which are owned by the other (the “Vendor”) the sale of such Shares and/or Shareholder Loans shall be completed on such date (being a Business Day) as the Purchaser may specify to the Vendor provided that
the date so specified shall not be less than 14 nor more than 21 Business Days after the expiry of the Acceptance Period and the provisions of Clause 11 shall apply mutatis mutandis thereto. 

 

	17.10	 If neither Shareholder issues an Offer Notice within the period of 10 Business Days following expiry of the Deadlock Period pursuant to the terms
set out in Clause 17.4 either party may elect to place the Joint Venture Company in liquidation. 

  

	17.11	 Any contemplated change of ownership resulting from this Clause 17 shall always be subject to the provisions of the Time Charters.

  

	18.	 FURTHER ASSURANCE  

  

	18.1	 Each of the Shareholders hereby undertakes that it (and any nominee for it) will execute such deeds, sign such documents, attend such meetings,
exercise such votes, pass such resolutions and generally do and procure all things as may be necessary or convenient for the implementation of this Agreement. 

 

	18.2	 Each of the Shareholders hereby further undertakes that it shall, and shall use all reasonable endeavours to procure that any other necessary party
shall, execute all such documents and do all such acts and things as may be required to ensure that each party hereto shall have the benefits and burdens of the rights and obligations respectively in accordance with the terms and conditions of this
Agreement. 

  
 28 

	19.	 COSTS 

  

	19.1	 Each Shareholder shall bear its own legal and other costs to the extent that it appoints its own legal or other advisers in connection with the
negotiation of this Agreement and related agreements to be executed pursuant to this Agreement. 

  

	19.2	 All taxes, duties, fees and third party expenses necessarily incurred in connection with the incorporation of the Joint Venture Company shall be
borne and shared by the parties jointly on the basis of 50% of the costs being the responsibility of Teekay and 50% of the costs being the responsibility of CLNG. All costs incurred in the administration of the affairs of each Vessel Owning Company
shall be borne by that Vessel Owning Company. 

  

	20.	 PROVISIONS RELATING TO THIS AGREEMENT  

  

	20.1	 Entire Agreement. This Agreement constitutes the entire agreement between the parties regarding the subject matter of this Agreement and
supersedes all earlier agreements of any kind, understandings and arrangements, whether oral or in writing, regarding the same (including the Memorandum of Understanding dated 30 October 2013 made between the parties hereto), all of which are
hereby terminated and shall cease to have effect in all respects, and there are no collateral or supplemental agreements relating to this Agreement other than those (if any) executed contemporaneously with this Agreement. 

 

	20.2	 Waiver of other representations. Each Shareholder: 

(a) acknowledges and agrees that in entering into this Agreement and the documents and transactions contemplated under this
Agreement, it does not rely on and shall have no remedy in respect of, any statement, representation, warranty or understanding (whether negligently or innocently made) of any person (whether a party to this Agreement or not), other than is
expressly set out in this Agreement. The only remedy available to each of the party to this Agreement shall be the breach of contract under the terms of this Agreement. Nothing in this Clause 20.2 shall however operate to exclude any liability for
fraud; 
 (b) irrevocably and unconditionally waives any right it may have to claim damages for any misrepresentation, or
breach of any warranty, not contained in this Agreement or any such collateral or supplemental agreement unless such misrepresentation or warranty was made fraudulently. 
  

	20.3	 No rescission. Each party irrevocably and unconditionally waives any right it may have to rescind this Agreement. 

 

	20.4	 Assignment. This Agreement shall be binding on and enure for the benefit of each party’s successors and assigns save that:

 (a) any purported assignment, charge, transfer or other disposition by a party of the benefit of this
Agreement (or any related document) or of any of its claims or rights (whether to damages or otherwise) or obligations arising under or in connection with this Agreement (or any related document) which is made without the other parties’ prior
written consent shall be void for all purposes; and 
 (b) any party in breach of Clause 20.4(a) shall not be entitled to
recover damages or exercise any other remedy in respect of any loss which may be sustained by any other person who at any time has any right or interest relating to this Agreement as a result of any such breach. 

 

	20.5	 No Right of set-off. No party shall be entitled to set off against any sums owing by it to any other party or any of them under or in
connection with this Agreement or any related document any sums owing by such other party to it under or in connection with this Agreement or any related document. 

  
 29 

	20.6	 Waiver of this Agreement. In its sole and absolute discretion, any party may waive (in whole or in part) any provision of, or any of its
rights under, this Agreement or any related document, and may do so in writing, unconditionally or subject to any terms which it thinks fit. 

  

	20.7	 Variations, waivers to be in writing. Any variation of this Agreement, or any waiver connected with this Agreement, shall be void for all
purposes unless: 

 (a) in the case of a variation, it is agreed to in writing signed by on behalf of each
of the parties; or 
 (b) in the case of a waiver, it is set out in writing signed by or on behalf of the party granting the
waiver. 
  

	20.8	 Obligations to procure. Notwithstanding any other provisions in this Agreement and where under this Agreement a Shareholder undertakes to
procure any action on the part of the Company, that Shareholder will be deemed to have complied with that undertaking if it had used its best efforts to procure such action including proposing and voting in favour of all relevant and necessary
resolutions. 

  
 30 

	20.9	 Rights not affected by signature. Without limiting the generality of Clause 20.8, no party shall lose, or be precluded (permanently or
temporarily) from exercising, any right or remedy which is conferred on it by this Agreement or any right or remedy which it has in connection with this Agreement under the general law as a result of this Agreement having been signed or of any
delay, acquiescence or lack of diligence on its part in seeking relief or by any act or course of conduct by it which would otherwise imply that it was affirming this Agreement (or a related agreement) after a breach by one or more of the other
parties, nor shall any single or partial exercise of any right or remedy preclude the exercise of any other right or remedy. 

  

	20.10	 Provisions of Agreement severable. If any one or more of the provisions of this Agreement is, or becomes, invalid, unenforceable or illegal
in whole or in part, the validity, enforceability or legality of the remaining provisions shall not be impaired. 

  

	20.11	 Interest for late payment. Any sum owing by either party under this Agreement shall carry interest from the day after the date on which it
is payable until actual payment at the Specified Rate. Such interest will be compounded semi-annually and payable after as well as before any judgment. 

  

	20.12	 Counterparts. This Agreement may be entered into in any number of counterparts and by the parties to it on separate counterparts, each of
which when so executed and delivered shall be an original but shall not be effective until each party has executed at least one counterpart, but all the counterparts shall together constitute one and the same instrument. 

 

	20.13	 No partnership. Nothing in this Agreement shall create a partnership between the parties hereto or any of them. 

 

	20.14	 Supremacy of this Agreement. If any of the provisions of this Agreement are inconsistent with or in conflict with any of the provisions of
the Constitution of a Company then, to the extent of any such inconsistency or conflict, the provisions of this Agreement shall prevail as between the Shareholders so long as this Agreement remains in force and the Shareholders shall procure that
such Constitution is amended accordingly and shall not exercise any rights conferred on them by the Constitution which are or may be inconsistent or in conflict with this Agreement. 

 

	20.15	 Third Party Rights. This Agreement is made for the benefit of the parties hereto and their successors and permitted assigns only and is not
intended to benefit, and no term thereof shall be enforceable by, any other person by virtue of the Contracts (Rights of Third Parties) Act 1999. 

  

	20.16	 Anti-corruption. Notwithstanding anything to the contrary in this Agreement, each of the Shareholders undertakes to the other that:

 (a) neither it, its Affiliates nor any of their respective directors, employees or agents will engage in
any activity, practice or conduct which would constitute an offence under the US Foreign Corrupt Practices Act of 1977 as amended or the UK Bribery Act 2010 (or which could constitute such an offence if the same had occurred in the United States of
America or the United Kingdom, respectively), or, any other applicable laws, statutes, regulations or codes relating to anti-bribery and anticorruption, in relation to the Companies and their respective operations; 

(b) it has and will maintain in place, adequate procedures designed to prevent any Associated Person from undertaking any
conduct that would give rise to an offence under section 7 of the UK Bribery Act 2010 or the US Foreign Corrupt Practices Act 1977 or any other applicable laws, statutes, regulations or codes relating to anti-bribery and anticorruption; 

  
 31 

 (c) none of its officers, employees or other persons associated with such party
have been convicted of any offence involving bribery, corruption, fraud or dishonesty; 
 (d) no officer, director,
shareholder, employee or agent of each party is a Foreign Official as such term is defined in the UK Bribery Act 2010 or the US Foreign Corrupt Practices Act 1977; 

(e) it shall indemnify the other party against any losses, liabilities, damages, costs (including but not limited to legal
fees) and expenses incurred by, or awarded against, such party as a result of any breach of this Clause 20.16; 
 (f) from
time to time, at the reasonable request of the other party, it will confirm in writing that it has complied with its undertakings under this and will provide any information reasonably requested by the other party in support of such compliance; and,

 (g) it shall promptly notify the other party if, at any time during the term of this Agreement, its circumstances,
knowledge or awareness changes such that it would not be in compliance with its undertakings under this clause. 
 Breach of
any of the undertakings in this clause 20.16 shall be deemed to be a material breach of this Agreement and entitle the other party or other parties to terminate this Agreement. 

If any party terminates this Agreement for breach of this clause 20.16, the party in breach of this clause 20.16 shall not be
entitled to claim compensation or any further remuneration, regardless of any activities or agreements with additional third parties entered into before such termination. 

Regardless of any other provision in this Agreement, each party shall not be obligated to do, or omit to do, any act which
would, in its reasonable opinion, put it in breach of any of the undertakings in this clause. 

  
 32 

	21.	 NOTICES 

  

	21.1	 All notices (which expression includes any demand, request, consent or other communication) to be given by one Shareholder to the others under this
Agreement, shall be in the English language, in writing and (unless delivered personally) shall be given by telefax (confirmed by letter, which if sent internationally shall be sent by courier) and be addressed: 

 

	 	21.1.1	 in the case of Teekay as follows: 

4th Floor, Belvedere Building 

66 Pitts Bay Road 
 Hamilton, HM
08 Bermuda 
 Mailing address: Suite No. 1778 

48 Par-la Ville Road 
 Hamilton,
HM11, Bermuda 
 Telefax No: +441 292 3931 

Attn: Secretary; 
 cc Teekay
Shipping (Canada) Ltd. 
 Suite 2000 Bentall 5 

550 Burrard Street 
 Vancouver
BC V6C 2K2 
 Canada 
 Attn:
President, Teekay Gas Services 
 Telefax No: +1 604 609 6448; 
  

	 	21.1.2	 in the case of CLNG as follows: 

Room 912, 9th Floor, China Merchants Tower, 

Shun Tak Centre, 168-200 Connaught Road, 

Central, Hong Kong 
 Attn:
General Manager 
 Telefax No: ++852 2587 8371 
  

	21.2	 If a Shareholder wishes to change its address for communications, the one shall give to the others not less than seven (7) days’ notice
in writing of the change desired. 

  

	21.3	 Notices to a Shareholder addressed as provided above shall be deemed to have been duly given when despatched provided that the correct answerback
has been received (in the case of telefax), when delivered (in the case of personal delivery), two (2) days after posting (in the case of letters sent within the same country), or (in the absence of evidence of earlier receipt) five
(5) days after despatch (in the case of letters sent internationally by courier), provided that in proving the time of such despatch it shall be sufficient to show that the envelope containing such notice was properly delivered to the courier.
In each of the above cases any notice received on a non-working day or after business hours in the country of receipt shall be deemed to be given on the next following working day in such country. 

 

	22.	 APPLICABLE LAW AND ARBITRATION  

  

	22.1	 This Agreement and any non-contractual obligations arising out of or in connection with it shall be governed by and construed in accordance with
English law. 

  

	22.2	 Any dispute arising out of or connection with this Agreement shall be referred to arbitration in London in accordance with the Arbitration Act 1996
or any statutory modification or re-enactment thereof save to the extent necessary to give effect to the provisions of this Clause 22. 

  
 33 

	22.3	 The arbitration shall be conducted in accordance with the London Maritime Arbitrators’ Association (LMAA) Terms current at the time when
arbitration proceedings are commenced. 

  

	22.4	 The reference shall be to three (3) arbitrators. A party wishing to refer a dispute to arbitration shall appoint its arbitrator and send
notice of such appointment in writing to the other party requiring the other party to appoint its own arbitrator within fourteen (14) calendar days of that notice and stating that it will appoint its arbitrator as sole arbitrator unless the
other party appoints its own arbitrator and give notice that it has done so within the fourteen (14) days specified. If the other party does not appoint its own arbitrator and give notice that it has done so within the fourteen (14) days
specified, the party referring a dispute to arbitration may, without the requirement of any further prior notice to the other party, appoint its arbitrator as sole arbitrator and shall advise the other party accordingly. The award of a sole
arbitrator shall be binding on both parties as if he had been appointed by agreement. 

 Nothing herein
shall prevent the parties agreeing in writing to vary these provisions to provide for the appointment of a sole arbitrator. 
  

	22.5	 Judgment upon the award rendered may be entered in any court having jurisdiction or application may be made to such court for a judicial acceptance
of the award and an order of enforcement, as the case may be. 

 IN WITNESS whereof this Agreement has been
executed by the parties hereto the day and year first above written. 
  

					
	 SIGNED
		 )
		
	 for and on behalf of
		 )
		
	 TEEKAY LNG OPERATING LLC
		 )
		
	 by
		 )
		
	 in the presence of:
		 )
		
			
	 SIGNED
		 )
		
	 for and on behalf of
		 )
		
	 CHINA LNG SHIPPING
		 )
		
	 (HOLDINGS) LIMITED
		 )
		
	 by
		 )
		
	 in the presence of:
		 )
		

  
 34 

 SCHEDULE 1 

RESERVED MATTERS 
  

	1.	 Approval of the Annual Budget of the Company. 

  

	2.	 Make any expenditure not allowed for in the Annual Budget of the Company to the extent that the relevant expenditure exceeds the greater of
$100,000 or 10% of the figure budgeted as the total for the relevant items of expenditure. 

  

	3.	 Make any change in the corporate domicile or tax residence or status of the Company. 

 

	4.	 Change the registry and flag of any Vessel from the Bahamas or the Classification Society of any Vessel from any classification society not
included within the International Association of Classification Societies. 

  

	5.	 Make any borrowings, enter into any hire purchase, lease, credit sale or similar agreement or give any guarantee or indemnity, or change the terms
of such borrowings, agreements or guarantee or indemnity, other than as provided in this Agreement or in any document executed pursuant to this Agreement. 

  

	6.	 Factor or discount any book debts of the Company. 

  

	7.	 Create or permit to subsist any mortgage, charge or pledge or other encumbrance (excluding, in the case of the Vessels, liens arising by operation
of law or in the ordinary course of operation of the Vessels and being promptly discharged or secured) on or over any Vessel or the Shares of any Company or over any other asset of a Company, or change the terms of such mortgage, charge, pledge or
other encumbrances, other than as provided in this Agreement or in any agreement executed pursuant to this Agreement. 

  

	8.	 Make any loan or advance or otherwise give credit to any person, or change the terms of such loan, advance or giving of credit, except for the
purpose of making deposits with its bankers. 

  

	9.	 Enter into any guarantee or stand surety for the obligation of any third party other than in the ordinary course of its Business or as provided in
this Agreement or in any agreement executed pursuant to this Agreement, or change the terms of such guarantee or stand surety. 

  

	10.	 Alter or modify the rights attached to any Shares of the Company or make any alterations to its articles of incorporation and by-laws or its
memorandum and articles of association or other constitutional documents. 

  

	11.	 Increase its nominal share capital or issue any share or loan capital or grant any option to subscribe for any of its share or loan capital, or
securities convertible into share or loan capital. 

  

	12.	 Acquire, whether by formation or otherwise, any interest in any body corporate nor effect or permit the disposal or dilution of its interest,
directly or indirectly, in any Company or other body corporate, whether by the sale, allotment or issue of any shares (or securities convertible into shares) in such entity’s capital otherwise to the Joint Venture Company or any reduction in
the voting power or other powers of control exercisable in relation to the any such entity, directly or indirectly, by the Joint Venture Company. 

  

	13.	 Sell, transfer, lease, license or in any way dispose (whether in a single transaction or series of transactions) of: 

 

	 	(a)	 any Vessel or other ship; 

  

	 	(b)	 all or a material part of the undertaking, property, business or assets of the Company, 

or agree to do so. 

  
 35 

	14.	 Conclude (insofar as the relevant agreement has not already been concluded) or renew on expiry, vary or terminate, make any prepayment under, or
release any of the other parties thereto from any of their material duties and liabilities thereunder or waive any breach of any of the said duties and liabilities or consent to any such act or omission of any such party which would otherwise
constitute such a breach in respect of any material agreement of the Company. 

  

	15.	 Give any waiver, approval or consent, other than any which cannot reasonably be considered to be of material importance or value, under any
material agreement of the Company, unless it is obliged by the terms of such agreement to give such waiver, approval or consent. 

  

	16.	 Make any alterations to the nature of, or cease to carry on, the Business of the Company or make any amendment of or variation to, or the
execution, or conclusion, renewal, and/or termination of the agreed form of any of the documents referred to in this Agreement, including, and subject to the consent of the Charterer where required, but not limited to any Time Charter, any
Shipbuilding Contract, any Supervision Agreement, any Ship Management Agreement or the Corporate Service Agreement, or any other time charter or contract for the employment of any Vessel, or the giving of any release or waiver thereunder unless such
termination is made as a consequence of a sale or other disposal of the relevant Vessel or the total loss of the relevant Vessel, provided that there shall be disregarded any such matter which cannot reasonably be considered material, or appoint a
replacement of the Ship Manager. 

  

	17.	 Pay fees or salaries or provide other benefits to the Directors of the Company other than on commercial, arm’s length basis and on the basis
that all Directors are treated in like manner. 

  

	18.	 Enter into any agreement with a Shareholder or any of its Affiliates other than as provided in this Agreement or in any document executed pursuant
to this Agreement. 

  

	19.	 Make any change in the financial year, auditors, terms of appointment of auditors, or accounting or reporting policies and practices of the
Company. 

  

	20.	 Promote or take steps to effect a members’ voluntary winding-up or the making of an administration order, or pass any resolution for
winding-up of the Company. 

  

	21.	 Apply to the Courts to order a meeting of creditors or of members or of any class of members of the Company. 

 

	22.	 Enter into any transaction or contract otherwise than on an arm’s length basis and in the ordinary course of the Business of the Company.

  

	23.	 Entry into or variation of any licence or other similar agreement relating to intellectual property to be licensed to or by the Company which is
otherwise than in the ordinary course of its Business or agree to do so. 

  

	24.	 Appoint or remove any Directors other than in accordance with the provisions of this Agreement and the Constitution of the Company.

  

	25.	 Register any transfer of any Shares otherwise than in accordance with this Agreement and the Constitution of the Company. 

  
 36 

	26.	 Commit any Vessel to any charter or other contract of employment other than the relevant Time Charter. 

 

	27.	 Capitalise or repay any amounts standing to the credit of any reserve of the Company or redeem or purchase its own Shares or establish any employee
share option scheme of any kind whatsoever. 

  

	28.	 Enter into any merger, consolidation, joint venture, partnership or other arrangement with any person whereby the profits of the Company may be
shared other than as provided in this Agreement or in any agreement executed pursuant to this Agreement. 

  

	29.	 Reduce the share capital of the Company. 

  

	30.	 Appoint or remove bankers of the Company, or approve bank signing mandates, including signatories and the terms thereof, or any variation thereto.

  

	31.	 The engagement by the Company of any agent, manager, employee or consultant or any change in the terms of employment or service of any such agent,
manager, employee or consultant, except as provided in this Agreement. 

  

	32.	 The establishment of any retirement benefit scheme in relation to the employees of the Company or the making of any contribution to any third party
scheme for the provision of retirement benefits. 

  

	33.	 Appointing any committee of the Board of the Company or delegating any of the powers of the Board to any third party, or approving any transaction
whereby the Business of the Company or part thereof would be controlled otherwise than by the Board. 

  

	34.	 Establishing any share option or other incentive scheme for any Director, consultant or employee of the Company. 

 

	35.	 The institution or settlement by the Company of any arbitration, litigation or similar proceedings relating to any claim totalling more than
$1,000,000 or its equivalent in any other currency. 

  

	36.	 Make, grant or allow any claim, disclaimer, surrender, election or consent for tax purposes. 

 

	37.	 Consent to the obligations of the service provider under any Ship Management Agreement, Corporate Services Agreement or any Supervision Agreement
being sub-contracted other than in accordance with the terms of such Agreement. 

  

	38.	 Approval of the Annual Budget prepared in accordance with Clause 9, provided that if the Annual Budget is not agreed by the start of the relevant
financial year to which such Annual Budget relates, the parties agree that the proposed draft Annual Budget prepared in accordance with Clause 9 in respect of such financial year shall be used as the provisional Annual Budget until such time as the
Annual Budget is agreed. 

  
 37 

 SCHEDULE 2 

COMPANY DETAILS 
  

			
	 Name
		 TC LNG Shipping LLC

		
	 Date and country of incorporation
		 23 May 2014, Marshall Islands

		
	 Registration number
		 962975

		
	 Registered office
		 Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960

		
	 Principal place of business
		 4th Floor, Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08, Bermuda

		
	 Directors
		 Yan Weiping
  

Xu Jianping
  

Mark Cave
  

Andres Luna

		
	 Secretary
		 Mark Cave

		
	 Capital
		 US$650

		
	 Issued share capital
		 N/A

		
	 Members
  

(with numbers of membership interests)
		 China LNG Shipping (Holdings) Limited - 50% membership interest

 
 Teekay LNG Operating L.L.C. - 50% membership
interest

		
	 Bankers
		 [tba]

		
	 Auditors
		 KPMG

		
	 Accounting reference date
		 31 December

  
 38 

			
	 Name
		 DSME Hull No 2423 LLC
  

DSME Hull No 2425 LLC
  

DSME Hull No 2430 LLC
  

DSME Hull No 2431 LLC
  

DSME Hull No 2433 LLC
  

DSME Hull No 2434 LLC

		
	 Date and country of formation
		 27 May 2014, Marshall Islands

		
	 Registered number:
		
		
	 DSME Hull No 2423 LLC
  

DSME Hull No 2425 LLC
  

DSME Hull No 2430 LLC
  

DSME Hull No 2431 LLC
  

DSME Hull No 2433 LLC
  

DSME Hull No 2434 LLC
		 962978
  

962979
  

962980
  

962981
  

962982
  

962983

		
	 Registered office
		 Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960

		
	 Principal place of business
		 4th Floor, Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08, Bermuda

		
	 Directors
		 Yan Weiping
  

Xu Jianping
  

Mark Cave
  

Andres Luna

		
	 Secretary
		 Mark Cave

		
	 Capital
		 US$650

		
	 Issued Share Capital
		 N/A

		
	 Members (with numbers of membership interests)
		 TC LNG Shipping LLC, 100% membership interest

		
	 Bankers
		 [tba]

		
	 Auditors
		 KPMG

		
	 Accounting reference date
		 31 December

  
 39 

 SCHEDULE 3 

FORM OF ANNUAL BUDGET 
  

					
	 OPEX
	  	 Budget 201x
	  	 Comments

Budget 201x

	 Z - VESSEL OPERATING EXPENSE
	  	0	  	
	 Z1 - Opex Categories
	  	0	  	
	 A - Crew/Manning
	  		  	
	 B - Contracts
	  		  	
	 C - Insurance
	  		  	
	 D - Tax & Registration
	  		  	
	 E - Services, Spares & Consumables
	  		  	
	 F - Inspection
	  		  	
	 G - Port Expenses
	  		  	
	 J - Damage
	  		  	
	 K - Provisions, Projects
	  		  	
	 L - Capital Expenses
	  		  	
	 N - Lay Up Costs
	  		  	
	 O - Opex Suspense
	  		  	
	 V - Opex Rebates
	  		  	
	 Z2 - Fleet Overhead
	  	0	  	

  
 40 

 SCHEDULE 4 

FORM OF SUPERVISION AGREEMENT 

  
 41 

 SCHEDULE 5 

FORM OF CORPORATE SERVICES AGREEMENT 

  
 42 

 SCHEDULE 6 

FORM OF SHIPMANAGEMENT AGREEMENT 

  
 43

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00244-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00244-of-00352.parquet"}]]