Document:

Form of 2008 Equity Incentive Plan

 Exhibit 10.22 
 GLOBAL SHIP LEASE, INC. 
 EQUITY INCENTIVE PLAN 

 TABLE OF CONTENTS 
  

					
	 	  	Page
	SECTION 1.	  	      INTRODUCTION	  	1
			
	SECTION 2.	  	      DEFINITIONS	  	1
			
		  	 (a)       “Affiliate”
	  	1
			
		  	 (b)      “Award”
	  	1
			
		  	 (c)       “Award Agreement”
	  	1
			
		  	 (d)      “Board”
	  	1
			
		  	 (e)       “Cashless Exercise”
	  	1
			
		  	 (f)       “Cause”
	  	1
			
		  	 (g)      “Change in Control”
	  	2
			
		  	 (h)      “Committee”
	  	2
			
		  	 (i)       “Common Stock”
	  	2
			
		  	 (j)       “Company”
	  	2
			
		  	 (k)      “Consultant”
	  	2
			
		  	 (l)       “Director”
	  	2
			
		  	 (m)     “Disability”
	  	3
			
		  	 (n)      “Employee”
	  	3
			
		  	 (o)      “Exchange Act”
	  	3
			
		  	 (p)      “Exercise Price”
	  	3
			
		  	 (q)      “Fair Market Value”
	  	3
			
		  	 (r)       “Fiscal Year”
	  	3
			
		  	 (s)       “Key Service Provider”
	  	3
			
		  	 (t)       “Non-Employee Director”
	  	4
			
		  	 (u)      “Option”
	  	4
			
		  	 (v)      “Optionee”
	  	4
			
		  	 (w)     “Parent”
	  	4
			
		  	 (x)      “Participant”
	  	4
			
		  	 (y)      “Plan”
	  	4
			
		  	 (z)       “Re-Price”
	  	4
			
		  	 (aa)    “SAR Agreement”
	  	4
			
		  	 (bb)    “SEC”
	  	4
			
		  	 (cc)    “Securities Act”
	  	4
			
		  	 (dd)    “Service”
	  	4

  

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 TABLE OF CONTENTS 
  

					
	 	  	Page
		 	 (ee)    “Share”
	  	4
			
		 	 (ff)      “Stock Appreciation Right” or “SAR”
	  	4
			
		 	 (gg)    “Stock Grant”
	  	4
			
		 	 (hh)    “Stock Grant Agreement”
	  	5
			
		 	 (ii)      “Stock Option Agreement”
	  	5
			
		 	 (jj)      “Stock Unit”
	  	5
			
		 	 (kk)    “Stock Unit Agreement”
	  	5
			
		 	 (ll)      “Subsidiary”
	  	5
			
	SECTION 3.	 	      ADMINISTRATION	  	5
			
		 	 (a)       Committee Composition
	  	5
			
		 	 (b)      Authority of the Committee
	  	5
			
		 	 (c)       Indemnification
	  	6
			
	SECTION 4.	 	      GENERAL	  	6
			
		 	 (a)       General Eligibility
	  	6
			
		 	 (b)      Restrictions on Shares
	  	6
			
		 	 (c)       Beneficiaries
	  	7
			
		 	 (d)      Performance Conditions
	  	7
			
		 	 (e)       No Rights as a Stockholder
	  	7
			
		 	 (f)       Termination of Service
	  	7
			
	SECTION 5.	 	      SHARES SUBJECT TO PLAN AND SHARE LIMITS	  	7
			
		 	 (a)       Basic Limitation
	  	7
			
		 	 (b)      Additional Shares
	  	7
			
		 	 (c)       Dividend Equivalents
	  	8
			
		 	 (d)      Share Limits
	  	8
			
		 	 (i)       Limits on Options
	  	8
			
		 	 (ii)      Limits on SARs
	  	8
			
		 	 (iii)     Limits on Stock Grants and Stock Units
	  	8
			
	SECTION 6.	 	      TERMS AND CONDITIONS OF OPTIONS	  	8
			
		 	 (a)    Stock Option Agreement
	  	8
			
		 	 (b)    Number of Shares
	  	8
			
		 	 (c)    Exercise Price
	  	8
			
		 	 (d)    Exercisability and Term
	  	8

  

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 TABLE OF CONTENTS 
  

					
	 	  	Page
		  	 (e)       Payment for Option Shares
	  	9
			
		  	 (i)       Surrender of Stock
	  	9
			
		  	 (ii)      Cashless Exercise
	  	9
			
		  	 (iii)     Other Forms of Payment
	  	9
			
		  	 (f)       Modifications or Assumption of Options
	  	9
			
		  	 (g)      Assignment or Transfer of Options
	  	9
			
	SECTION 7.	  	      TERMS AND CONDITIONS OF STOCK APPRECIATION RIGHTS	  	9
			
		  	 (a)       SAR Agreement
	  	9
			
		  	 (b)      Number of Shares
	  	10
			
		  	 (c)       Exercise Price
	  	10
			
		  	 (d)      Exercisability and Term
	  	10
			
		  	 (e)       Exercise of SARs
	  	10
			
		  	 (f)       Modification or Assumption of SARs
	  	10
			
		  	 (g)      Assignment or Transfer of SARs
	  	11
			
	SECTION 8.	  	      TERMS AND CONDITIONS FOR STOCK GRANTS	  	11
			
		  	 (a)       Time, Amount and Form of Awards
	  	11
			
		  	 (b)      Stock Grant Agreement
	  	11
			
		  	 (c)       Payment for Stock Grants
	  	11
			
		  	 (d)      Vesting Conditions
	  	11
			
		  	 (e)       Assignment or Transfer of Stock Grants
	  	11
			
		  	 (f)       Voting and Dividend Rights
	  	12
			
		  	 (g)      Modification or Assumption of Stock Grants
	  	12
			
	SECTION 9.	  	      TERMS AND CONDITIONS OF STOCK UNITS	  	12
			
		  	 (a)       Stock Unit Agreement
	  	12
			
		  	 (b)      Number of Shares
	  	12
			
		  	 (c)       Payment for Awards
	  	12
			
		  	 (d)      Vesting Conditions
	  	12
			
		  	 (e)       Form and Time of Settlement of Stock Units
	  	12
			
		  	 (f)       Voting and Dividend Rights
	  	13
			
		  	 (g)      Creditors’ Rights
	  	13
			
		  	 (h)      Modification or Assumption of Stock Units
	  	13

  

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 TABLE OF CONTENTS 
  

					
	 	  	Page
		  	 (i)       Assignment or Transfer of Stock Units
	  	13
			
	SECTION 10.	  	      PROTECTION AGAINST DILUTION	  	13
			
		  	 (a)       Adjustments
	  	13
			
		  	 (b)      Participant Rights
	  	14
			
		  	 (c)       Fractional Shares
	  	14
			
	SECTION 11.	  	      EFFECT OF A CHANGE IN CONTROL	  	14
			
		  	 (a)       Change in Control
	  	14
			
		  	 (b)      Acceleration
	  	14
			
		  	 (c)       Dissolution
	  	14
			
	SECTION 12.	  	      LIMITATIONS ON RIGHTS	  	14
			
		  	 (a)       Participant Rights
	  	14
			
		  	 (b)      Stockholders’ Rights
	  	15
			
		  	 (c)       Regulatory Requirements
	  	15
			
	SECTION 13.	  	      TAXES	  	15
			
		  	 (a)       General
	  	15
			
		  	 (b)      Share Withholding
	  	15
			
	SECTION 14.	  	      DURATION AND AMENDMENTS	  	16
			
		  	 (a)       Term of the Plan
	  	16
			
		  	 (b)      Right to Amend or Terminate the Plan
	  	16

  

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 GLOBAL SHIP LEASE, INC. 
 EQUITY INCENTIVE PLAN 
 SECTION 1. INTRODUCTION. 
 On July     , 2008 the Board adopted this Global Ship Lease, Inc. 2008 Equity Incentive Plan, which shall become effective upon
the closing of the Merger (the “Effective Date”). 
 The purpose of this Plan is to promote the long-term success of the Company and
the creation of stockholder value by offering Key Service Providers the opportunity to share in such long-term success by acquiring a proprietary interest in the Company. 
 The Plan seeks to achieve this purpose by providing for discretionary long-term incentive Awards in the form of Options, Stock Appreciation Rights, Stock Grants and Stock Units. 
 The Plan shall be governed by, and construed in accordance with, the laws of the Republic of the Marshall Islands (except its choice-of-law provisions).
Capitalized terms shall have the meaning provided in Section 2 unless otherwise provided in this Plan or any related Award Agreement. 
 SECTION 2.
DEFINITIONS. 
 (a) “Affiliate” means any entity other than a Subsidiary, if the Company and/or one or more
Subsidiaries own not less than 50% of such entity. 
 (b) “Award” means an Option, SAR, Stock Grant or Stock Unit. 
 (c) “Award Agreement” means any Stock Option Agreement, SAR Agreement, Stock Grant Agreement or Stock Unit Agreement. 
 (d) “Board” means the Board of Directors of the Company, as constituted from time to time. 
 (e) “Cashless Exercise” means, to the extent that a Stock Option Agreement so provides and as permitted by applicable law, a program approved by
the Committee in which payment of the aggregate Exercise Price and/or satisfaction of any applicable tax or withholding obligations may be made all or in part by delivery (on a form prescribed by the Committee) of an irrevocable direction to a
securities broker to sell Shares subject to an Option and to deliver all or part of the sale proceeds to the Company. 
 (f) “Cause”
means, except as may otherwise be provided in a Participant’s Award Agreement, (i) Participant’s willful failure to perform his or her duties and responsibilities to the Company or material violation of a written Company policy;
(ii) Participant’s commission of any act of fraud, embezzlement, dishonesty or any other willful misconduct that has caused or is reasonably expected to result in material injury to the Company; (iii) unauthorized use or disclosure by
Participant of any proprietary information or trade secrets of the Company or any other party to whom the Participant owes an obligation of 

 
nondisclosure as a result of his or her relationship with the Company; or (iv) Participant’s willful breach of any of his or her obligations under
any written agreement or covenant with the Company. The determination as to whether a Participant is being terminated for Cause shall be made in good faith by the Committee and shall be conclusive and binding on the Participant. The foregoing
definition does not in any way limit the Company’s ability to terminate a Participant’s Service at any time as provided in Section 12(a), and the term “Company” will be interpreted to include any Subsidiary, Parent,
Affiliate, or any successor thereto, if appropriate. 
 (g) “Change in Control” means the consummation, following the date of the
Merger, of any of the following transactions: 
 (i) The sale of all or substantially all of the Company’s assets; 
 (ii) The merger of the Company with or into another corporation in which securities possessing more than 50% of the total combined voting power of the
Company are transferred to a person or persons different from the persons holding those securities immediately prior to such transaction; or 
 (iii) The acquisition, directly or indirectly, by any person or related group of persons (other than the Company or a person that directly or indirectly controls, is controlled by, or is under common control with, the Company) of beneficial
ownership (within the meaning of Rule 13d-3 of the Exchange Act) of securities of the Company representing more than 50% of the total combined voting power of the Company’s then outstanding securities pursuant to a tender or exchange offer made
directly to the Company’s stockholders which the Board does not recommend such stockholders accept. 
 A transaction shall not constitute
a Change in Control if its sole purpose is to change the state of the Company’s incorporation or to create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s securities
immediately before such transactions. 
 (h) “Committee” means a committee described in Section 3. 
 (i) “Common Stock” means the Company’s Class A common shares. 
 (j) “Company” means GSL Holdings, Inc. (to be renamed Global Ship Lease, Inc.), a Marshall Islands corporation. 
 (k) “Consultant” means an individual who provides bona fide services to the Company, a Parent, a Subsidiary or an Affiliate, other than as an
Employee, Director or Non-Employee Director. For clarity, the term “Consultant” also means those members of the board of directors of a Parent, Subsidiary or Affiliate that are not Employees. 
 (l) “Director” means a member of the Board who is also an Employee. 
  

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 (m) “Disability” means that the Participant is classified as disabled under the long-term
disability policy of the Company or, if no such policy applies, the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or
which has lasted or can be expected to last for a continuous period of not less than 12 months. 
 (n) “Employee” means any
individual who is a common-law employee of the Company, a Parent, a Subsidiary or an Affiliate. 
 (o) “Exchange Act” means the
Securities Exchange Act of 1934, as amended. 
 (p) “Exercise Price” means, in the case of an Option, the amount for which a Share
may be purchased upon exercise of such Option, as specified in the applicable Stock Option Agreement. “Exercise Price,” in the case of a SAR, means an amount, as specified in the applicable SAR Agreement, which is subtracted from the Fair
Market Value in determining the amount payable upon exercise of such SAR. 
 (q) “Fair Market Value” means the market price of a
Share as determined in good faith by the Committee. Such determination shall be conclusive and binding on all persons. The Fair Market Value shall be determined by the following: 
 (i) If the Shares are admitted to trading on any established national stock exchange or market system on the date in question, then the Fair Market Value
shall be equal to the closing sales price for such Shares as quoted on such national exchange or system on such date; or 
 (ii) if the Shares
are admitted to quotation on any established national stock quotation system or are regularly quoted by a recognized securities dealer but selling prices are not reported on the date in question, then the Fair Market Value shall be equal to the mean
between the bid and asked prices of the Shares reported for such date. 
 In each case, the applicable price shall be the price reported in
The Wall Street Journal or such other source as the Committee deems reliable; provided, however, that if there is no such reported price for the Shares for the date in question, then the Fair Market Value shall be equal to the price reported on the
last preceding date for which such price exists. If neither (i) or (ii) are applicable, then the Fair Market Value shall be determined by the Committee in good faith on such basis as it deems appropriate. 
 (r) “Fiscal Year” means the Company’s fiscal year. 
 (s) “Key Service Provider” means an Employee, Director, Non-Employee Director or Consultant who has been selected by the Committee to receive an Award under the Plan. 
 (t) “Merger” means the consummation of the mergers contemplated under the Agreement and Plan of Merger, dated as of March 21, 2008, by and
among Marathon Acquisition Corp., GSL Holdings, Inc., CMA CGM S.A. and the Company. 
  

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 (u) “Non-Employee Director” means a member of the Board who is not an Employee. 
 (v) “Option” means a stock option granted under the Plan entitling the Optionee to purchase Shares. 
 (w) “Optionee” means an individual, estate or other entity that holds an Option. 
 (x) “Parent” means any corporation (other than the Company) in an unbroken chain of corporations ending with the Company, if each of the
corporations other than the Company owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. A corporation that attains the status of a Parent on a date after the
adoption of the Plan shall be considered a Parent commencing as of such date. 
 (y) “Participant” means an individual or estate or
other entity that holds an Award. 
 (z) “Plan” means this Global Ship Lease, Inc. 2008 Equity Incentive Plan as it may be amended
from time to time. 
 (aa) “Re-Price” means that the Company has lowered or reduced the Exercise Price of outstanding Options and/or
outstanding SARs for any Participant(s) in a manner described by Item 402(d)(2)(viii) of SEC Regulation S-K (or its successor provision). 
 (bb) “SAR Agreement” means the agreement described in Section 7 evidencing a Stock Appreciation Right. 
 (cc)
“SEC” means the Securities and Exchange Commission. 
 (dd) “Securities Act” means the Securities Act of 1933, as amended.

 (ee) “Service” means service as an Employee, Director, Non-Employee Director or Consultant. A Participant’s Service does not
terminate if he or she is an Employee and goes on a bona fide leave of absence that was approved by the Company in writing and the terms of the leave provide for continued service crediting, or when continued service crediting is required by
applicable law. Service terminates in any event when the approved leave ends, unless such Employee immediately returns to active work. Further, unless otherwise determined by the Committee, a Participant’s Service will not terminate merely
because of a change in the capacity in which the Participant provides service to the Company, a Parent, Subsidiary or Affiliate, or a transfer between entities (the Company or any Parent, Subsidiary, or Affiliate); provided that there is no
interruption or other termination of Service. 
 (ff) “Share” means one share of Common Stock. 
 (gg) “Stock Appreciation Right” or “SAR” means a stock appreciation right awarded under the Plan. 
 (hh) “Stock Grant” means Shares awarded under the Plan. 
  

 4 

 (ii) “Stock Grant Agreement” means the agreement described in Section 8 evidencing a Stock
Grant. 
 (jj) “Stock Option Agreement” means the agreement described in Section 6 evidencing an Option. 
 (kk) “Stock Unit” means a bookkeeping entry representing the equivalent of one Share awarded under the Plan. 
 (ll) “Stock Unit Agreement” means the agreement described in Section 9 evidencing a Stock Unit. 
 (mm) “Subsidiary” means any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company, if each of the
corporations other than the last corporation in the unbroken chain owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. A corporation that attains the status of
a Subsidiary on a date after the adoption of the Plan shall be considered a Subsidiary commencing as of such date. 
 (nn) “UK Stock
Option Agreement” means the stock option agreement described in Addendum A. 
 SECTION 3. ADMINISTRATION. 
 (a) Committee Composition. The Board or a Committee appointed by the Board shall administer the Plan. Members of any such Committee shall serve for such
period of time as the Board may determine and shall be subject to removal by the Board at any time. The Board may also at any time terminate the functions of the Committee and reassume all powers and authority previously delegated to the Committee.

 Notwithstanding the foregoing, the Board shall administer the Plan with respect to all Awards granted to Non-Employee Directors.

 The Board and any Committee appointed to administer the plan is referred to herein as the “Committee”. 
 (b) Authority of the Committee. Subject to the provisions of the Plan, the Committee shall have the full authority, in its sole discretion, to take any
actions it deems necessary or advisable for the administration of the Plan. Such actions shall include: 
 (i) selecting Key Service Providers
who are to receive Awards under the Plan; 
 (ii) determining the type, number, vesting requirements and other features and conditions of such
Awards; 
 (iii) amending any outstanding Awards; 
  

 5 

 (iv) accelerating the vesting, or extending the post-termination exercise term, of Awards at any time and
under such terms and conditions as it deems appropriate; 
 (v) interpreting the Plan and any Award Agreement; 
 (vi) correcting any defect, supplying any omission or reconciling any inconsistency in the Plan or any Award Agreement; 
 (vii) adopting such rules or guidelines as it deems appropriate to implement the Plan; 
 (viii) making all other decisions relating to the operation of the Plan; and 
 (ix) adopting such plans or subplans as may be deemed necessary or appropriate to provide for the participation by employees of the Company, its Parent, Subsidiaries and Affiliates who reside outside of the U.S.,
which plans and/or subplans shall be attached hereto as Appendices. 
 The Committee’s determinations under the Plan shall be final and
binding on all persons. 
 (c) Indemnification. To the maximum extent permitted by applicable law, each member of the Committee shall be
indemnified and held harmless by the Company against and from (i) any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by him or her in connection with or resulting from any claim, action, suit, or proceeding to
which he or she may be a party or in which he or she may be involved by reason of any action taken or failure to act under the Plan or any Award Agreement, and (ii) from any and all amounts paid by him or her in settlement thereof, with the
Company’s approval, or paid by him or her in satisfaction of any judgment in any such claim, action, suit, or proceeding against him or her, provided he or she shall give the Company an opportunity, at its own expense, to handle and defend the
same before he or she undertakes to handle and defend it on his or her own behalf. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled under the Company’s
Articles of Incorporation or Bylaws, by contract, as a matter of law, or otherwise, or under any power that the Company may have to indemnify them or hold them harmless. 
 SECTION 4. GENERAL. 
 (a) General Eligibility. Only Employees, Directors,
Non-Employee Directors and Consultants shall be eligible to participate in the Plan. 
 (b) Restrictions on Shares. Any Shares issued pursuant
to an Award shall be subject to such rights of repurchase, rights of first refusal and other transfer restrictions as the Committee may determine, in its sole discretion. Such restrictions shall apply in addition to any restrictions that may apply
to holders of Shares generally and shall also comply to the extent necessary with applicable law. In no event shall the Company be required to issue fractional Shares under this Plan. 
  

 6 

 (c) Beneficiaries. Unless stated otherwise in an Award Agreement and then only to the extent permitted by
applicable law, a Participant may designate one or more beneficiaries with respect to an Award by timely filing the prescribed form with the Company. A beneficiary designation may be changed by filing the prescribed form with the Company at any time
before the Participant’s death. If no beneficiary was designated or if no designated beneficiary survives the Participant, then after a Participant’s death any vested Award(s) shall be transferred or distributed to the Participant’s
estate. 
 (d) Performance Conditions. The Committee may, in its discretion, include performance conditions in an Award. 
 (e) No Rights as a Stockholder. A Participant, or a transferee of a Participant, shall have no rights as a stockholder with respect to any Common Stock
covered by an Award until such person has satisfied all of the terms and conditions to receive such Common Stock, has satisfied any applicable withholding or tax obligations relating to the Award and the Shares have been issued (as evidenced by an
appropriate entry on the books of the Company or a duly authorized transfer agent of the Company). 
 (f) Termination of Service. Unless the
applicable Award Agreement provides otherwise, the following rules shall govern the vesting, exercisability and term of outstanding Awards held by a Participant in the event of termination of such Participant’s Service (in all cases subject to
the maximum term of the Option and/or SAR as applicable): (i) upon termination of Service for any reason, all unvested portions of any outstanding Awards shall be immediately forfeited without consideration and the vested portions of any
outstanding Stock Units shall be settled upon termination; (ii) if Service is terminated for Cause, then all unexercised Options and/or SARs, unvested portions of Stock Units and unvested portions of Stock Grants shall terminate and be
forfeited immediately without consideration; (iii) if Service is terminated for any reason other than for Cause, death or Disability, then the vested portion of his or her then-outstanding Options and/or SARs may be exercised by such
Participant or his or her personal representative within 6 months after the date of such termination; or (iv) if Service is terminated due to death or Disability, the vested portion of his or her then-outstanding Options and/or SARs may be
exercised within 12 months after the date of such termination. 
 SECTION 5. SHARES SUBJECT TO PLAN AND SHARE LIMITS. 
 (a) Basic Limitation. The stock issuable under the Plan shall be authorized but unissued Shares or treasury shares. The aggregate number of Shares
reserved for Awards under the Plan is 1,500,000 Shares, subject to adjustment pursuant to Section 10. 
 (b) Additional Shares. If Awards
are forfeited or are terminated for any reason before vesting or being exercised, then the Shares underlying such Awards shall again become available for Awards under the Plan. SARs and Stock Unit Agreements to be settled in Shares shall be counted
in full against the number of Shares available for issuance under the Plan, regardless of the number of Shares issued upon settlement of the SARs and Stock Unit Agreements. If Awards are settled in cash, the Shares that would have been delivered had
there been no cash settlement shall not be counted against the Shares available for issuance under the Plan. 
  

 7 

 (c) Dividend Equivalents. Any dividend equivalents distributed under the Plan shall not reduce the number
of Shares available for Awards. 
 (d) Share Limits. 
 (i) Limits on Options. No Key Service Provider shall receive Options during any Fiscal Year covering in excess of 500,000 Shares, subject to adjustment pursuant to Section 10. 
 (ii) Limits on SARs. No Key Service Provider shall receive SARs during any Fiscal Year covering in excess of 500,000 Shares, subject to adjustment
pursuant to Section 10. 
 (iii) Limits on Stock Grants and Stock Units. No Key Service Provider shall receive Stock Grants or Stock
Units during any Fiscal Year covering, in the aggregate, in excess of 500,000 Shares, subject to adjustment pursuant to Section 10. 
 SECTION 6.
TERMS AND CONDITIONS OF OPTIONS. 
 (a) Stock Option Agreement. Each Option granted under the Plan shall be evidenced and
governed exclusively by a Stock Option Agreement between the Optionee and the Company. Such Option shall be subject to all applicable terms and conditions of the Plan and may be subject to any other terms and conditions that are not inconsistent
with the Plan and that the Committee deems appropriate for inclusion in a Stock Option Agreement. The provisions of the various Stock Option Agreements entered into under the Plan need not be identical. 
 (b) Number of Shares. Each Stock Option Agreement shall specify the number of Shares that are subject to the Option, which number is subject to adjustment
in accordance with Section 10. 
 (c) Exercise Price. Each Stock Option Agreement shall specify the Option’s Exercise Price which
shall be established by the Committee and is subject to adjustment in accordance with Section 10. The Exercise Price of an Option shall not be less than 100% of the Fair Market Value on the date of grant. 
 (d) Exercisability and Term. Each Stock Option Agreement shall specify the date when all or any installment of the Option is to become exercisable and may
include performance conditions. The Stock Option Agreement shall also specify the maximum term of the Option; provided that the maximum term of an Option shall in no event exceed 10 years from the date of grant. A Stock Option Agreement may provide
for accelerated vesting in the event of the Participant’s death, Disability or other events. Notwithstanding any other provision of the Plan or the Stock Option Agreement, no Option can be exercised after the expiration date provided in the
applicable Stock Option Agreement. 
  

 8 

 (e) Payment for Option Shares. The Exercise Price of an Option shall be paid in cash at the time of
exercise, except as follows and if so provided for in the applicable Stock Option Agreement: 
 (i) Surrender of Stock. Payment of all or any
part of the Exercise Price may be made with Shares which have already been owned by the Optionee; provided that the Committee may, in its sole discretion, require that Shares tendered for payment be previously held by the Optionee for a minimum
duration (e.g., to avoid financial accounting charges to the Company’s earnings). 
 (ii) Cashless Exercise. Payment of all or a part of
the Exercise Price may be made through Cashless Exercise. 
 (iii) Other Forms of Payment. Payment may be made in any other form that is
consistent with applicable laws, regulations and rules and approved by the Committee. 
 (f) Modifications or Assumption of Options. Within
the limitations of the Plan, the Committee may modify, extend or assume outstanding options or may accept the cancellation of outstanding options (whether granted by the Company or by another issuer) in return for the grant of new Options for the
same or a different number of Shares and at the same or a different Exercise Price. Notwithstanding the preceding sentence or anything to the contrary, no modification of an Option shall, without the consent of the Optionee, impair his or her rights
or obligations under such Option and, unless there is approval by the Company stockholders, the Committee may not Re-Price outstanding Options. 
 (g) Assignment or Transfer of Options. Except as otherwise provided in the applicable Stock Option Agreement and then only to the extent such transfer is otherwise permitted by applicable law and is not a transfer for value (unless such
transfer for value is approved in advance by the Company’s stockholders), no Option shall be transferable by the Optionee other than by will or by the laws of descent and distribution. Except as otherwise provided in the applicable Stock Option
Agreement, an Option may be exercised during the lifetime of the Optionee only or by the guardian or legal representative of the Optionee. No Option or interest therein may be assigned, pledged or hypothecated by the Optionee during his or her
lifetime, whether by operation of law or otherwise, or be made subject to execution, attachment or similar process. 
 SECTION 7. TERMS AND
CONDITIONS OF STOCK APPRECIATION RIGHTS. 
 (a) SAR Agreement. Each SAR granted under the Plan shall be evidenced by a SAR
Agreement between the Participant and the Company. Such SAR shall be subject to all applicable terms of the Plan and may be subject to any other terms that are not inconsistent with the Plan. A SAR Agreement may provide for a maximum limit on the
amount of any payout notwithstanding the Fair Market Value on the date of exercise of the SAR. The provisions of the various SAR Agreements entered into under the Plan need not be identical. SARs may be granted in consideration of a reduction in the
Participant’s compensation. 
  

 9 

 (b) Number of Shares. Each SAR Agreement shall specify the number of Shares to which the SAR pertains,
which number is subject to adjustment in accordance with Section 10. 
 (c) Exercise Price. Each SAR Agreement shall specify the Exercise
Price, which is subject to adjustment in accordance with Section 10. A SAR Agreement may specify an Exercise Price that varies in accordance with a predetermined formula while the SAR is outstanding. The Exercise Price of a SAR shall not be
less than 100% of the Fair Market Value on the date of grant. 
 (d) Exercisability and Term. Each SAR Agreement shall specify the date when
all or any installment of the SAR is to become exercisable and may include performance conditions. The SAR Agreement shall also specify the maximum term of the SAR which shall not exceed 10 years from the date of grant. A SAR Agreement may provide
for accelerated exercisability in the event of the Participant’s death, Disability or other events. SARs may be awarded in combination with Options or Stock Grants, and such an Award shall provide that the SARs will not be exercisable unless
the related Options or Stock Grants are forfeited. Notwithstanding any other provision of the Plan or the SAR Agreement, no SAR can be exercised after the expiration date provided in the applicable SAR Agreement. 
 (e) Exercise of SARs. If, on the date when a SAR expires, the Exercise Price under such SAR is less than the Fair Market Value on such date but any vested
portion of such SAR has not been exercised or surrendered, then such SAR shall automatically be deemed to be exercised as of such date with respect to such vested portion. Upon exercise of a SAR, the Participant (or any person having the right to
exercise the SAR after Participant’s death) shall receive from the Company (i) Shares, (ii) cash or (iii) any combination of Shares and cash, as the Committee shall determine at the time of grant of the SAR, in its sole
discretion. The amount of cash and/or the Fair Market Value of Shares received upon exercise of SARs shall, in the aggregate, be equal to the amount by which the Fair Market Value (on the date of surrender) of the Shares subject to the SARs exceeds
the Exercise Price of the Shares. 
 (f) Modification or Assumption of SARs. Within the limitations of the Plan, the Committee may modify,
extend or assume outstanding SARs or may accept the cancellation of outstanding stock appreciation rights (including stock appreciation rights granted by another issuer) in return for the grant of new SARs for the same or a different number of
Shares and at the same or a different Exercise Price. Notwithstanding the preceding sentence or anything to the contrary, no modification of a SAR shall, without the consent of the Participant, impair his or her rights or obligations under such SAR
and, unless there is approval by the Company stockholders, the Committee may not Re-Price outstanding SARs. 
  

 10 

 (g) Assignment or Transfer of SARs. Except as otherwise provided in the applicable SAR Agreement and then
only to the extent such transfer is otherwise permitted by applicable law and is not a transfer for value (unless such transfer for value is approved in advance by the Company’s stockholders), no SAR shall be transferable by the Participant
other than by will or by the laws of descent and distribution or any similar laws in the applicable jurisdiction. Except as otherwise provided in the applicable SAR Agreement, a SAR may be exercised during the lifetime of the Participant only or by
the guardian or legal representative of the Participant. No SAR or interest therein may be assigned, pledged or hypothecated by the Participant during his or her lifetime, whether by operation of law or otherwise, or be made subject to execution,
attachment or similar process. 
 SECTION 8. TERMS AND CONDITIONS FOR STOCK GRANTS. 
 (a) Time, Amount and Form of Awards. Awards under this Section 8 may be granted in the form of a Stock Grant. A Stock Grant may be awarded in
combination with Options, and such an Award may provide that the Stock Grant will be forfeited in the event that the related Options are exercised. 
 (b) Stock Grant Agreement. Each Stock Grant awarded under the Plan shall be evidenced and governed exclusively by a Stock Grant Agreement between the Participant and the Company. Each Stock Grant shall be subject to all applicable terms and
conditions of the Plan and may be subject to any other terms and conditions that are not inconsistent with the Plan that the Committee deems appropriate for inclusion in the applicable Stock Grant Agreement. The provisions of the Stock Grant
Agreements entered into under the Plan need not be identical. 
 (c) Payment for Stock Grants. Stock Grants may be issued with or without cash
consideration under the Plan. 
 (d) Vesting Conditions. Each Stock Grant may or may not be subject to vesting. Vesting shall occur, in full
or in installments, upon satisfaction of the conditions specified in the Stock Grant Agreement which may include performance conditions. A Stock Grant Agreement may provide for accelerated vesting in the event of the Participant’s death,
Disability, or other events. 
 (e) Assignment or Transfer of Stock Grants. Except as otherwise provided in the applicable Stock Grant
Agreement and then only to the extent such transfer is otherwise permitted by applicable law and is not a transfer for value (unless such transfer for value is approved in advance by the Company’s stockholders), no unvested Stock Grant shall be
transferable other than by will or by the laws of descent and distribution. Except as otherwise provided in the applicable Stock Grant Agreement, no unvested Stock Grant or interest therein may be anticipated, assigned, attached, garnished,
optioned, transferred or made subject to any creditor’s process, whether voluntarily, involuntarily or by operation of law. Any act in violation of this Section 8(e) shall be void. 
  

 11 

 (f) Voting and Dividend Rights. The holder of a Stock Grant awarded under the Plan may, as set out in the
applicable Stock Grant Agreement, have the same voting, dividend and other rights as the Company’s other holders of Common Stock. A Stock Grant Agreement, however, may require that the holder of such Stock Grant invest any cash dividends
received in additional Shares subject to the Stock Grant. Such additional Shares and any Shares received as a dividend pursuant to the Stock Grant shall be subject to the same conditions and restrictions as the Stock Grant with respect to which the
dividends were paid. Such additional Shares subject to the Stock Grant shall not reduce the number of Shares available for issuance under Section 5. 
 (g) Modification or Assumption of Stock Grants. Within the limitations of the Plan, the Committee may modify or assume outstanding Stock Grants or may accept the cancellation of outstanding stock grants (including
stock granted by another issuer) in return for the grant of new Stock Grants for the same or a different number of Shares. Notwithstanding the preceding sentence or anything to the contrary, no modification of a Stock Grant shall, without the
consent of the Participant, impair his or her rights or obligations under such Stock Grant. 
 SECTION 9. TERMS AND CONDITIONS OF STOCK
UNITS. 
 (a) Stock Unit Agreement. Each Stock Unit granted under the Plan shall be evidenced by a Stock Unit Agreement between the
Participant and the Company. Such Stock Units shall be subject to all applicable terms of the Plan and may be subject to any other terms that are not inconsistent with the Plan. The provisions of the various Stock Unit Agreements entered into under
the Plan need not be identical. Stock Units may be granted in consideration of a reduction in the Participant’s other compensation. 
 (b) Number of Shares. Each Stock Unit Agreement shall specify the number of Shares to which the Stock Unit pertains, which number is subject to adjustment in accordance with Section 10. 
 (c) Payment for Awards. To the extent that an Award is granted in the form of Stock Units, no cash consideration shall be required of the Award
recipients. 
 (d) Vesting Conditions. Each Stock Unit may or may not be subject to vesting. Vesting shall occur, in full or in installments,
upon satisfaction of the conditions specified in the Stock Unit Agreement which may include performance conditions. A Stock Unit Agreement may provide for accelerated vesting in the event of the Participant’s death, Disability, or other events.

 (e) Form and Time of Settlement of Stock Units. Settlement of vested Stock Units may be made in the form of (a) cash, (b) Shares
or (c) any combination of both, as determined by the Committee at the time of the grant of the Stock Units, in its sole discretion. Methods of converting Stock Units into cash may include (without limitation) a method based on the average Fair
Market Value of Shares over a series of trading days. Vested Stock Units may be settled in a lump sum or in installments. The distribution may occur or commence when the vesting conditions applicable to the Stock Units have been satisfied or have
lapsed, or it may be deferred, in accordance with applicable law, to any later date. The amount of a deferred distribution may be increased by an interest factor or by dividend equivalents. 
  

 12 

 (f) Voting and Dividend Rights. The holders of Stock Units shall have no voting rights. Prior to
settlement or forfeiture, any Stock Unit awarded under the Plan may, at the Committee’s discretion, carry with it a right to dividend equivalents. Such right entitles the holder to be credited with an amount equal to all cash dividends paid on
one Share while the Stock Unit is outstanding. Dividend equivalents may be converted into additional Stock Units. Settlement of dividend equivalents may be made in the form of cash, in the form of Shares, or in a combination of both. Prior to
distribution, any dividend equivalents which are not paid shall be subject to the same conditions and restrictions as the Stock Units to which they attach. 
 (g) Creditors’ Rights. A holder of Stock Units shall have no rights other than those of a general creditor of the Company. Stock Units represent an unfunded and unsecured obligation of the Company, subject to the
terms and conditions of the applicable Stock Unit Agreement. 
 (h) Modification or Assumption of Stock Units. Within the limitations of the
Plan, the Committee may modify or assume outstanding Stock Units or may accept the cancellation of outstanding stock units (including stock units granted by another issuer) in return for the grant of new Stock Units for the same or a different
number of Shares. Notwithstanding the preceding sentence or anything to the contrary, no modification of a Stock Unit shall, without the consent of the Participant, impair his or her rights or obligations under such Stock Unit. 
 (i) Assignment or Transfer of Stock Units. Except as provided in the applicable Stock Unit Agreement and then only to the extent such transfer is
otherwise permitted by applicable law and is not a transfer for value (unless such transfer for value is approved in advance by the Company’s stockholders), Stock Units shall not be transferable other than by will or by the laws of descent and
distribution. Except as otherwise provided in the applicable Stock Unit Agreement, no Stock Unit or interest therein may be anticipated, assigned, attached, garnished, optioned, transferred or made subject to any creditor’s process, whether
voluntarily, involuntarily or by operation of law. Any act in violation of this Section 9(i) shall be void. 
 SECTION 10. PROTECTION AGAINST
DILUTION. 
 (a) Adjustments. In the event of a subdivision of the outstanding Shares, a declaration of a dividend payable in
Shares, a declaration of a dividend payable in a form other than Shares in an amount that has a material effect on the price of Shares, a combination or consolidation of the outstanding Shares (by reclassification or otherwise) into a lesser number
of Shares, a recapitalization, a spin-off or a similar occurrence, the Committee shall make such adjustments as it, in its sole discretion, deems appropriate in one or more of: 
 (i) the number of Shares and the kind of shares or securities available for future Awards under Section 5; 
  

 13 

 (ii) the limits on Awards specified in Section 5; 
 (iii) the number of Shares and the kind of shares or securities covered by each outstanding Award; or 
 (iv) the Exercise Price under each outstanding SAR or Option. 
 (b) Participant Rights. Except as provided in this Section 10, a Participant shall have no rights by reason of any issue by the Company of stock of any class or securities convertible into stock of any class, any
subdivision or consolidation of shares of stock of any class, the payment of any stock dividend or any other increase or decrease in the number of shares of stock of any class. If by reason of an adjustment pursuant to this Section 10 a
Participant’s Award covers additional or different shares of stock or securities, then such additional or different shares and the Award in respect thereof shall be subject to all of the terms, conditions and restrictions which were applicable
to the Award and the Shares subject to the Award prior to such adjustment. 
 (c) Fractional Shares. Any adjustment of Shares pursuant to this
Section 10 shall be rounded down to the nearest whole number of Shares. Under no circumstances shall the Company be required to authorize or issue fractional shares and no consideration shall be provided as a result of any fractional shares not
being issued or authorized. 
 SECTION 11. EFFECT OF A CHANGE IN CONTROL. 
 (a) Change in Control. In the event that the Company is a party to a Change in Control, outstanding Awards shall be subject to the applicable agreement of
merger or reorganization. Such agreement may provide, without limitation, for the assumption of outstanding Awards by the surviving corporation or its parent, for their continuation by the Company (if the Company is a surviving corporation), for
accelerated vesting or for their cancellation with or without consideration, in all cases without the consent of the Participant. 
 (b)
Acceleration. Notwithstanding the foregoing, the Committee may determine, at the time of grant of an Award or thereafter, that such Award shall become vested and exercisable, in full or in part, in the event that the Company is a party to a Change
in Control. 
 (c) Dissolution. To the extent not previously exercised or settled, Options, SARs and Stock Units shall terminate immediately
prior to the dissolution or liquidation of the Company. 
 SECTION 12. LIMITATIONS ON RIGHTS. 
 (a) Participant Rights. A Participant’s rights, if any, in respect of or in connection with any Award is derived solely from the discretionary
decision of the Company to permit the individual to participate in the Plan and to benefit from a discretionary 

  

 14 

 
Award. By accepting an Award under the Plan, a Participant expressly acknowledges that there is no obligation on the part of the Company to continue the Plan
and/or grant any additional Awards. Any Award granted hereunder is not intended to be compensation of a continuing or recurring nature, or part of a Participant’s normal or expected compensation, and in no way represents any portion of a
Participant’s salary, compensation, or other remuneration for purposes of pension benefits, severance, redundancy, resignation or any other purpose. 
 Neither the Plan nor any Award granted under the Plan shall be deemed to give any individual a right to remain an employee, consultant or director of the Company, a Parent, a Subsidiary or an Affiliate. The Company
and its Parent, Subsidiaries and Affiliates reserve the right to terminate the Service of any person at any time, and for any reason, subject to applicable laws, the Company’s Articles of Incorporation and Bylaws and any applicable written
employment agreement (if any), and such terminated person shall be deemed irrevocably to have waived any claim to damages or specific performance for breach of contract or dismissal, compensation for loss of office, tort or otherwise with respect to
the Plan or any outstanding Award that is forfeited and/or is terminated by its terms or to any future Award. 
 (b) Stockholders’
Rights. Except as provided in Sections 8(f) and 9(f), a Participant shall have no dividend rights, voting rights or other rights as a stockholder with respect to any Shares covered by his or her Award prior to the issuance of such Shares (as
evidenced by an appropriate entry on the books of the Company or a duly authorized transfer agent of the Company). No adjustment shall be made for cash dividends or other rights for which the record date is prior to the date when such Shares are
issued, except as expressly provided in Sections 9(f) and 10. 
 (c) Regulatory Requirements. Any other provision of the Plan
notwithstanding, the obligation of the Company to issue Shares or other securities under the Plan shall be subject to all applicable laws, rules and regulations and such approval by any regulatory body as may be required. The Company reserves the
right to restrict, in whole or in part, the delivery of Shares or other securities pursuant to any Award prior to the satisfaction of all legal requirements relating to the issuance of such Shares or other securities, to their registration,
qualification or listing or to an exemption from registration, qualification or listing. 
 SECTION 13. TAXES. 
 (a) General. A Participant shall make arrangements satisfactory to the Company for the satisfaction of any withholding or tax obligations that arise in
connection with his or her Award. The Company shall not be required to issue any Shares or make any cash payment under the Plan until such obligations are satisfied. 
 (b) Share Withholding. The Committee may permit a Participant to satisfy all or part of his or her withholding or tax obligations by (i) Cashless Exercise, (ii) having the Company withhold all or a portion
of any Shares that otherwise would be issued to him 

  

 15 

 
or her or (iii) surrendering all or a portion of any Shares that he or she previously acquired (the Company may, in it discretion, require that Shares
withheld or previously owned Shares that are tendered shall not exceed the amount necessary to satisfy the Company’s tax withholding obligations at the minimum statutory withholding rates unless the previously owned Shares have been held for
the minimum duration necessary to avoid financial accounting charges under applicable accounting guidance). Any payment of taxes by assigning Shares to the Company may be subject to restrictions, including, but not limited to, any restrictions
required by rules of the SEC. 
 SECTION 14. DURATION AND AMENDMENTS. 
 (a) Term of the Plan. The Plan shall become effective upon its approval by the Company’s
stockholders. The Plan shall terminate on the 10th anniversary of the Effective Date and may be terminated on any earlier date pursuant to this
Section 14. 
 (b) Right to Amend or Terminate the Plan. The Board may amend or terminate the Plan at any time and for any reason. Any
such termination of the Plan, or any amendment thereof, shall not impair any Award previously granted under the Plan. No Awards shall be granted under the Plan after the Plan’s termination. An amendment of the Plan shall be subject to the
approval of the Company’s stockholders only to the extent such approval is required by applicable laws, regulations or rules. 
  

 16 

 ADDENDUM A 
 GLOBAL SHIP LEASE, INC. 
 EQUITY INCENTIVE PLAN 
 (U.K. Participants) 
 In addition to the other terms and conditions of the Plan,
the terms set forth in this Addendum A shall apply to Awards issued to Participants that are U.K. taxpayers. All capitalized terms used herein but not otherwise defined shall have the respective meanings set forth in the Plan. 
 1. UK Approved Share Scheme. 
 (a) The
Company may grant Options (“Approved Options”) pursuant to any approved form of share scheme deemed appropriate by the Company, which has been approved by HM Revenue & Customs as qualifying under Schedule 4 to the Income
Tax (Earnings and Pensions) Act 2003, a “company share option plan” or “CSOP”. 
 (b) The terms of the Plan shall apply
subject to the terms of the UK Stock Option Agreement (together referred to as the “UK Plan”). 
 (c) Options may only be
granted under such approved CSOP to a full-time director or Employee of the Company or a Subsidiary who is required to devote not less than 25 hours per week (excluding meal breaks) to their duties. 
 (d) In relation to Shares which are the subject to an Option granted under any such approved CSOP, “Fair Market Value” shall mean as at any
date, the value of a Share on the stock exchange that is determined by the Committee to be the primary market for the Common Stock at such date, and shall be determined as follows: 
 (i) if the Shares are traded over the counter or listed with NASDAQ or otherwise not listed on the London Stock Exchange or the New York
Stock Exchange on the date in question, then the Fair Market Value is determined in accordance with the provisions of Part XIII of the Taxation of Chargeable Gains Act 1992 as agreed upon for purposes of the UK Plan with HM Revenue &
Customs Shares Valuation Office on or before that date; or 
 (ii) if the Shares are listed on the New York Stock Exchange,
then the Fair Market Value on the date in question is the closing selling price for the Common Stock as such price is officially quoted in the composite tape of transactions on the exchange for the date in question; provided, however, that if there
is no such reported price for the Common Stock for the date in question, then such price on the last preceding date for which such price exists shall be determinative of Fair Market Value. 
 (e) In relation to such approved CSOP, an adjustment may be made pursuant to Section 10 (Protection Against Dilution) only with the prior approval of
HM Revenue & Customs and any such adjustment shall in no event affect the class of Shares subject to an Approved Option. 

 (f) Shares acquired pursuant to an Approved Option shall not be subject to any restrictions other than
those attaching to all shares of the same class or otherwise as permitted by paragraph 16-20, inclusive, of Schedule 4 and Section 4(b) shall not apply in relation to any such Shares. 
 (g) Section 4(e) shall not apply in relation to any Approved Option. 
 Whenever possible, the determination of Fair Market Value by the Committee should be based on the prices reported in the Western Edition of The Wall Street Journal. Such determination shall be conclusive and
binding on all persons. 
 The Fair Market Value of a Share shall be converted from U.S. Dollars into Pounds Sterling at the rate of exchange
determined by the Committee in accordance with the exchange rates published by the online exchange rate service www.exchangerate.com or a similar service, applicable to the date in question. 
 2. Transfer of Employer’s NICs. Subject to the applicable Award Agreement, where the Company determines that the exercise, assignment, release of, or
other dealing with, an Award may give rise to an obligation on the part of the Company or any Subsidiary to account for National Insurance Contributions the Participant shall, promptly on request of the Company, execute such form of joint election
as shall have been approved by HM Revenue & Customs so as to transfer the entire liability for all such National Insurance Contributions to the Participant. The Company shall not be required to issue any Shares or make any cash payment
under the Plan until such transferred obligations are satisfied in full. 
 3. PAYE. For the avoidance of doubt, it is acknowledged by the
Participant that references in the Plan to “withholding tax” shall include amounts required to be accounted for by the Company or any Subsidiary under the Pay As You Earn income tax rules whether or not such amounts are capable of being
withheld or deducted from amounts due to the Participant. 
  

 2 

 ADDENDUM B 
 GLOBAL SHIP LEASE, INC. 
 EQUITY INCENTIVE PLAN 
 (U.S. Participants) 
 In addition to the other terms and conditions of the Plan,
the terms set forth in this Addendum B shall apply to Awards issued to Participants that are U.S. taxpayers. All capitalized terms used herein but not otherwise defined shall have the respective meanings set forth in the Plan. 
 1. Definitions. 
 (a) “Code” means
the Internal Revenue Code of 1986, as amended, and the regulations and interpretations promulgated thereunder. 
 (b) “Incentive Stock
Option” or “ISO” means an incentive stock option described in Code Section 422. 
 (c) “Nonstatutory Stock
Option” or “NSO” means a stock option that is not an ISO. 
 (d) “Service” shall have the meaning given in the Plan,
however, for purposes of determining whether an Option is entitled to continuing ISO status, an Employee’s Service will be treated as terminating 90 days after such Employee went on leave, unless such Employee’s right to return to active
work is guaranteed by law or by a contract. 
 (e) “10-Percent Stockholder” means an individual who owns more than 10% of the total
combined voting power of all classes of outstanding stock of the Company, its Parent or any of its Subsidiaries. In determining stock ownership, the attribution rules of Code Section 424(d) shall be applied. 
 2. Incentive Stock Options. Only Key Service Providers who are Employees of the Company, a Parent or a Subsidiary shall be eligible for the grant of ISOs.
In addition, a Key Service Provider who is a 10-Percent Stockholder shall not be eligible for the grant of an ISO unless the requirements set forth in Code Section 422(c)(5) are satisfied. 
 3. Share Limits. The aggregate maximum number of Shares that may be issued in connection with ISOs shall be 750,000 Shares, subject to adjustment pursuant
to Section 10 of the Plan. 
 4. Terms and Conditions of Options and SARs. 
 (a) The Stock Option Agreement shall specify whether the Option is an ISO or an NSO. 
 (b) The Exercise Price of an Option shall not be less than 110% of the Fair Market Value for an ISO granted to a 10-Percent Stockholder on the date of
grant. 

 (c) In the case of an ISO granted under the Plan, except to the extent permitted by applicable law,
payment shall be made only pursuant to the express provisions of the applicable Stock Option Agreement. In the case of an NSO granted under the Plan, the Committee may, in its discretion at any time, accept payment in any form(s) described in
Section 6(e) of the Plan. 
 (d) A SAR may be included in an ISO only at the time of grant but may be included in an NSO at the time of
grant or at any subsequent time, but not later than six months before the expiration of such NSO. 
  

 2Form of Employment Agreement of Ian J. Webber

 Exhibit 10.23 
 DATED          200   
 Global Ship Lease Services Limited 
 and 
 Ian J. Webber 
 SERVICE AGREEMENT 

 TABLE OF CONTENTS 
  

					
	 	  	Page
	1.	  	INTERPRETATION	  	1
	2.	  	APPOINTMENT	  	3
	3.	  	TERM AND NOTICE	  	3
	4.	  	DUTIES	  	4
	5.	  	SALARY	  	5
	6.	  	EXPENSES	  	6
	7.	  	BONUS SCHEME	  	6
	8.	  	SHARE SCHEMES	  	6
	9.	  	HEALTH, LIFE AND MEDICAL INSURANCE	  	7
	10.	  	ILLNESS	  	7
	11.	  	HOLIDAYS	  	8
	12.	  	OTHER BUSINESS INTERESTS	  	8
	13.	  	CONFIDENTIAL AND BUSINESS INFORMATION	  	9
	14.	  	DATA PROTECTION	  	10
	15.	  	NON COMPETITION	  	11
	16.	  	CHANGE OF CONTROL	  	13
	17.	  	SUMMARY TERMINATION	  	13
	18.	  	INVENTIONS AND IMPROVEMENTS	  	16
	19.	  	RESIGNATION OF OFFICES	  	18
	20.	  	GRIEVANCE AND DISCIPLINARY PROCEDURES	  	18
	21.	  	GENERAL	  	18
	22.	  	NOTICES	  	19
	23.	  	EXTENT AND SUBSISTENCE OF AGREEMENT	  	20
	24.	  	GOVERNING LAW AND JURISDICTION	  	20

  

 i 

 SERVICE AGREEMENT 
  

			
	DATE	  	2008

 PARTIES 
  

	(1)	GLOBAL SHIP LEASE SERVICES LIMITED (registered no. 06285694) whose registered office is at 788-790 Finchley Road, London NW11 7TJ, United Kingdom (“the Company”); and

  

	(2)	IAN J WEBBER of Wychwood, 30 Granville Road, Oxted, Surrey, RH8 ODA (“the Executive”). 

 WHEREAS The Company has offered to provide services to Global Ship Lease, Inc. a company incorporated and registered in the Republic of the
Marshall Islands (the “Client”) under the Services Memorandum. 
 WHEREAS The Executive has agreed as an employee of the
Company to oversee and participate in the provision of the services and, in particular, to act as Chief Executive Officer of the Client on the terms of this Agreement. 
 WHEREAS The Client is party to the Agreement and Plan of Merger, dated as of March 21, 2008, by and among Marathon Acquisition Corp., GSL Holdings, Inc., CMA CGM S.A. and the Client (the “Merger
Agreement”). 
 OPERATIVE PROVISIONS 
  

	1.	INTERPRETATION 

  

	 	1.1	In this Agreement the following words and expressions shall have the following meanings: 

 “the Board” means the board of directors of the Company; 
 “Change of Control
Transaction” means the occurrence, following the date of the Merger, of any of the following: 
 a. any individual,
partnership, firm, company, association, trust, unincorporated organization or other entity (a “Person”), or any Persons acting as a “group” with the meaning therefore under Section 13(d)(3) of the Securities Exchange Act of
1934, as amended from time to time, becoming the beneficial owner directly or indirectly of securities of the Client representing more than 50% of the combined voting power of the Client’s outstanding securities entitled to vote in the election
of the directors of the Client (the “Voting Shares”); 
 b. the Client disposing of all or substantially all of its
assets; 

 c. 10% or more of the value of the assets of the Client, or the Voting Shares of the
Client are about to be transferred, or have been transferred, because of any taking, seizure, or defeasance as a result of, or in connection with (i) nationalization, expropriation, confiscation, coercion, force or duress, or other similar
action under the laws of the Republic of the Marshall Islands, or (ii) the imposition by the Republic of the Marshall Islands of a confiscatory tax, assessment, or other governmental charge or levy; or 
 d. the Client Board by resolution duly adopted by the affirmative vote of a simple majority of the votes cast by the Client Board
determines that for the purposes of this Agreement, a Change in Control Transaction has occurred. 
 “Client” means Global
Ship Lease, Inc. 
 “Client Board” means the board of directors of the Client as from time to time constituted or any duly
appointed committee of the Client Board. 
 “Good Reason” means the assignment to the Executive by the Company (including
an assignment requested to be made by the Client pursuant to the Services Memorandum) of any duties or responsibilities inconsistent with the Executive’s position, including but not limited to, any change in title the effect of which results in
the Executive having a lesser status than Chief Executive Officer, a reduction in the Executive’s base salary or any change in location of the Company or the Executive’s normal place of work which has the effect of the Executive being
required permanently to relocate his family home outside of England, Wales or Scotland. 
 “Group Company” means the
Client, any company of which it is a subsidiary (its holding company) and any other subsidiaries of the Client or such holding company, other than the Company (as such expressions are defined in sections 258, 259 and 736 Companies Act 1985, an
enactment of the United Kingdoms of England and Wales); 
 “Merger” means the consummation of the merger contemplated under
the Merger Agreement. 
 “Relevant Stock Exchange” means the New York Stock Exchange and/or any other stock exchange,
recognised investment exchange or automated quotation system on which any Group Company or any of their securities, as applicable, is listed, dealt in or admitted for trading; 
 “Services Memorandum” means the Memorandum of Agreement for Intra-group Management Services between the Company and the Client.

 “Stock Incentive Plan” means the Stock Incentive Plan of the Client. 
 “Subsidiary Company” means any Group Company other than the Client. 
 “Termination Date” means the date of the termination of the employment of the Executive hereunder, howsoever caused. 
  

 2 

	 	1.2	In this Agreement (unless the context otherwise requires): 

  

	 	(A)	any reference to any statute or statutory provision shall be construed as including a reference to any modification, re-enactment or extension of such statute or statutory provision
for the time being in force or to any subordinate legislation made under the same; 

  

	 	(B)	any reference to a clause is to a clause of this Agreement; 

  

	 	(C)	the expression “directly or indirectly” means (without prejudice to the generality of the expression) either alone or jointly with or on behalf of any other person,
firm or body corporate and whether on his own account or in partnership with another or others or as the holder of any interest in or as officer, employee or agent of or consultant to any other person, firm or body corporate.

  

	 	1.3	The headings contained in this Agreement are for convenience only and do not form part of and shall not affect the construction of this Agreement or any part of it.

  

	2.	APPOINTMENT 

  

	 	2.1	The Company hereby appoints the Executive and the Executive agrees to serve the Company as director and Chief Executive Officer. Under the terms of the Services Memorandum the
Company has agreed to provide Chief Executive Officer services to the Client and the Executive has agreed to serve the Company in that capacity. 

  

	 	2.2	The Executive warrants that by virtue of entering into this Agreement he will not be in breach of any express or implied terms of any contract with or of any other obligation to any
third party which are binding upon him. 

  

	3.	TERM AND NOTICE 

  

	 	3.1	The terms of this Agreement and the provision of services to the Company during the course of the Executive’s employment by the Company shall commence on the date of the
initial closing of the Merger and, subject to the provisions of clause 17, continue thereafter unless and until terminated by: 

  

	 	(A)	the Company giving to the Executive not less than 12 months’ written notice; or 

  

	 	(B)	the Executive giving to the Company not less than 6 months’ written notice. 

  

	 	3.2	For the purposes of the Employment Rights Act 1996, the Executive’s period of continuous employment with the Company commenced on 19 June 2007. 

 

 3 

	 	3.3	The Company reserves the right at any time, in its absolute discretion, to terminate the Executive’s employment by paying to the Executive a sum equal to his salary and
contractual benefits for the relevant period of notice, such sum to be subject to deductions for income tax and National Insurance Contributions as appropriate. 

  

	4.	DUTIES 

  

	 	4.1	The Executive shall during the continuance of his employment: 

  

	 	(A)	exercise such powers and perform such duties in relation to the business of the Company or of any Subsidiary Company as may from time to time be vested in or assigned to him by the
Board; 

  

	 	(B)	well and faithfully serve the Company and any relevant Subsidiary Companies and the Client to the best of his ability and carry out his duties with all due care, skill and ability,
and use his best endeavours to promote and maintain their interests and reputation; 

  

	 	(C)	if so requested by the Board, remain or become a director of the Company and remain in such capacity without any additional remuneration; and 

  

	 	(D)	if so requested by the Board, exercise such powers and perform such duties in relation to the business of the Client as shall be exercisable, or required to be performed, by the
Company under the terms of the Services Memorandum. 

  

	 	4.2	The Executive will serve the Company and any Subsidiary Company in such capacity as the Board shall determine from time to time. In performance of his duties the Executive shall:

  

	 	(A)	work normal office hours of 9 am to 5 pm together with such additional hours as are necessary for the proper performance of his duties and the parties acknowledge for the purposes
of the Working Time Regulations 1998 that the Executive is a managing executive with autonomous decision making powers; 

  

	 	(B)	perform his duties in London, England or at such other location within England, Wales or Scotland as the position of the Executive shall reasonably require, whether on a permanent
or temporary basis; 

  

	 	(C)	devote the whole of his working time, skill, ability and attention to the business of the Company and, as required by sub-clause (G) below, the Client;

  

	 	(D)	in all respects conform to and comply with lawful directions and regulations given and made by the Board; 

  

 4 

	 	(E)	in all respects conform to and comply with all relevant rules and/or codes issued by or on behalf of any Relevant Stock Exchange; 

  

	 	(F)	travel to such places (whether inside or outside the United Kingdom) in such manner and on such occasions and for such periods as the position of the Executive may from time to time
reasonably require; and 

  

	 	(G)	unless the Client requires the Company pursuant to the Services Memorandum to cause the Executive to cease to provide services and otherwise for so long as the Board may require,
serve the Client as Chief Executive Officer pursuant to and subject to the terms of the Services Memorandum and in that capacity the Executive shall in all respects conform to and comply with all and any lawful directions and regulations given and
made by the Client Board. 

  

	 	4.3	The Executive shall promptly disclose forthwith to the Board any and all information he has or acquires which relates or may relate to the business or any potential business of the
Company or any Group Company. 

  

	 	4.4	The Executive shall immediately upon the Company’s request supply any and all information which the Company or any Group Company may reasonably require in order to be able to
comply with any statutory or regulatory provision or stock exchange rule or requirement of any Relevant Stock Exchange. 

  

	 	4.5	The Executive shall not undertake or purport to undertake any transactions on behalf of the Client or any Group Company other than in the course of providing services pursuant to
and in accordance with the Services Memorandum (or other similar agreement between the Company and any Group Company) and, for the avoidance of doubt, the Executive shall not otherwise, without the prior express written authority of the Board;

  

	 	(A)	incur any expenditure in the name of or for the account of the Client or any Group Company; 

  

	 	(B)	hold himself out as having authority to bind the Client or any Group Company. 

  

	 	4.6	The Executive shall comply with the Client’s or any Group Company’s health and safety procedure from time to time in force. 

  

	5.	SALARY 

  

	 	5.1	The Company shall pay to the Executive by way of remuneration for his services under this Agreement a basic salary of £250,000 per annum (inclusive of any director’s
fees payable to him by the Company or any Group Company) which shall accrue from day to day and shall be payable in arrears by equal monthly installments on or about the 1st day of every month (or pro rata where the Executive is only employed during
part of a month). 

  

 5 

	 	5.2	Such salary shall be reviewed by (with the outcome of such review being at the absolute discretion of) the Board (or if appropriate the remuneration committee thereof) on or about
1 January in each calendar year with the first such review to take place as at 1 January 2009 without commitment to increase. 

  

	 	5.3	The Company shall be entitled to deduct from any sums payable to the Executive (including salary): 

  

	 	(A)	all sums from time to time owed by the Executive to the Company or to any Group Company howsoever arising; 

  

	 	(B)	all appropriate deductions for income tax, employee national insurance contributions and all other statutory deductions due in respect of his salary and any other benefits provided
to him by the Company or any Group Company; and 

  

	 	(C)	such sums as the Executive notifies the Company in writing to pay directly into any personal pension scheme of the Executive. 

  

	6.	EXPENSES 

 The Company shall reimburse the Executive all reasonable
travelling, hotel, entertainment and other out of pocket expenses properly incurred by him in or about the performance of his duties under this Agreement subject to his compliance with the Company’s then current guidelines, if any, relating to
expenses and to the production, if required, of receipts, vouchers or other supporting documents. 
  

	7.	BONUS SCHEME 

 The Executive will be entitled to participate in any
contractual bonus scheme or schemes established from time to time by the Company for executives of equivalent status to the Executive, subject always to the rules of those schemes. The Executive may from time to time receive a bonus payment up to an
annual maximum of 50% of the Executive’s basic salary as set out in clause 5.1 above based on achievement of objectives to be agreed between the Executive and the Company from time to time. The payment and amount of any payment (within the 50%
of basic salary threshold) is at the Company’s absolute discretion. A payment at any particular time will not create any entitlement to or expectation of any future payment or the amount of any future payment. Save in the case of any accrued
bonus under any bonus scheme in which the Executive is participating, the Executive will not be entitled to receive any such bonus payment if, at the date the bonus payment under the bonus scheme would ordinarily be made, he is not employed by the
Company or if the Executive has served notice to terminate his employment without Good Reason (as defined above). 
  

	8.	SHARE SCHEMES 

 The Executive will be entitled to participate in
such share schemes as the Client may operate upon such terms as the Board may from time to time determine and subject always to the rules and eligibility requirements of the scheme or schemes from time to time in force. 
  

 6 

	9.	HEALTH, LIFE AND MEDICAL INSURANCE 

  

	 	9.1	The Executive shall during his employment be entitled to participate in the Company’s: 

  

	 	(A)	permanent health insurance scheme; and 

  

	 	(B)	arrangements for private medical treatment or medical health insurance including spouse or partner or anyone living as such and dependent children under the age of 21 years; and

  

	 	(C)	life assurance 

 (together “Insurance Schemes”) operated
from time to time by or for the Company for the benefit of employees of the Company or any Group Company of equivalent status to the Executive, subject to any applicable rules and conditions of the Insurance Schemes. To the extent that there is any
disparity between the rules and conditions of the relevant Insurance Scheme and the terms of this Agreement the relevant scheme rules and conditions shall take precedence. The Company shall not have any liability to pay any benefit to the Executive
(or any family member) under any Insurance Scheme unless it receives payment of the benefit from the insurer under the scheme and shall not be responsible for providing the Executive (or any family member) with any benefit under an Insurance Scheme
in the event that the relevant insurer refuses for whatever reason to pay or provide or to continue to pay or provide that benefit to the Executive (or family member). 
  

	 	9.2	Any Insurance Scheme which is provided for the Executive is also subject to the Company’s right to alter the cover provided or any term of that scheme or to cease to provide
(without replacement) the scheme at any time if in the opinion of the Board (after the Executive has been examined by a medical practitioner nominated by the insurers or by the Company) the state of health of the Executive is or becomes such that
the Company is unable to insure the benefits under the scheme at the normal premiums applicable to a person of the Executive’s age. 

  

	 	9.3	No contracting out certificate is in force in relation to this employment. 

  

	10.	ILLNESS 

  

	 	10.1	In the event of illness or other incapacity beyond his control as a result of which he is unable to perform his duties the Executive shall remain entitled to receive his salary in
full for any continuous period of 3 months or an aggregate period of 90 days’ absence in any consecutive twelve month period subject to: 

  

	 	(A)	 compliance with the Company’s procedures relating to sickness notification, statutory sick pay and self-certification to cover absence from work due to
sickness or other incapacity and to the provision of medical certificates and/or (at the Company’s discretion) undergoing a medical examination by a doctor appointed by the Company. The Executive shall co-operate in ensuring the prompt delivery
of such report to the Company 

  

 7 

	 	 
and authorise his own medical practitioner to supply all such information as may be required by that doctor and, if so requested by the Company, authorise
his medical practitioner to disclose to the Company his opinion of the Executive’s state of health; 

  

	 	(B)	a deduction (at the Company’s discretion) from his salary of an amount or amounts equal to any statutory sick pay or social security benefits to which the Executive is
entitled; and 

  

	 	(C)	a deduction (at the Company’s discretion) from his salary of an amount or amounts equal to any payment made to the Executive under any health insurance arrangements effected
from time to time by the Company and/or any Group Company on his behalf. 

  

	11.	HOLIDAYS 

  

	 	11.1	The Executive shall be entitled to 25 working days’ holiday (in addition to the normal United Kingdom public holidays) in each calendar year commencing on 1 January in
each year (which shall accrue on a monthly basis). Holidays shall be taken at such times as are reasonable and convenient having regard to the requirements of the Company’s business. 

  

	 	11.2	If at the end of the calendar year the Executive has accrued holiday entitlement which he has not taken he shall be entitled to carry forward an absolute maximum of up to 10 days
into the following calendar year. 

  

	 	11.3	The Company reserves the right, at its absolute discretion, to require the Executive to take any outstanding holiday during any notice period. 

  

	 	11.4	On termination of the Executive’s employment (howsoever occasioned), if the Executive has taken more or less than his annual holiday entitlement an appropriate adjustment shall
be made to any payment of salary or benefits from the Company to the Executive. In this event the calculation shall be made on the basis that each day of holiday is worth 1/260 of his basic salary as set out in clause 5.1. 

 

	12.	OTHER BUSINESS INTERESTS 

  

	 	12.1	The Executive shall not during the continuance of his employment (whether during or outside working hours) without the prior consent in writing of the Board, be directly or
indirectly engaged, concerned or interested in any business, profession or occupation other than the Company or any Group Company in accordance with the terms of this Agreement provided that nothing in this clause 12 shall prohibit the Executive
from being the holder of not more than three per cent. of any class of stock, shares or debentures or other securities in any company which is listed, dealt in and/or admitted for trading on any stock exchange, recognised investment exchange or
automated quotation system (‘Exchange’); or 

  

 8 

	 	12.2	The Executive shall not during the continuance of his employment (except with the prior written consent of the Board) introduce to any other person, firm or company business of any
kind which could appropriately be dealt with by the Company or any Group Company, nor shall he have any financial interest in or derive any financial benefit from any contracts made by the Company or any Group Company with any third party.

  

	13.	CONFIDENTIAL AND BUSINESS INFORMATION 

  

	 	13.1	In addition to and without prejudice to the Executive’s common law obligations to keep information secret, the Executive shall not (except for the purpose of performing his
duties hereunder or unless ordered to do so by a court of competent jurisdiction) either during his employment or after its termination directly or indirectly use, disclose or communicate Confidential and Business Information and he shall use his
best endeavours to prevent the improper use, disclosure or communication of Confidential and Business Information: 

  

	 	(A)	concerning the business of the Company or any Group Company and which comes to the Executive’s attention during the course of or in connection with his employment or provision
of services to the Company or any Group Company from any source within the Company or any Group Company; or 

  

	 	(B)	concerning the business of any person having dealings with the Company or any Group Company and which is obtained in circumstances in which the Company or any Group Company is
subject to a duty of confidentiality in relation to that information. 

  

	 	13.2	For the purposes of clause 13.1, Confidential and Business Information means: 

  

	 	(A)	any information of a confidential nature (whether trade secrets, other private or secret information including secrets and information relating to corporate strategy, business
development plans, product designs, intellectual property, business contacts, terms of business with customers and potential customers and/or suppliers, annual budgets, management accounts and other financial information); and/or

  

	 	(B)	any confidential report or research undertaken by or for the Company or any Group Company before or during the course of the Executive’s employment; and/or

  

	 	(C)	lists or compilations of the names and contact details of the individuals or clients and counterparts with whom the Company or any Group Company transacts business; and/or

  

	 	(D)	the previous 18 months’ financial results of any individual part of the business of the Company or any Group Company; and/or 

  

 9 

	 	(E)	details of all computer systems and/or data processing or analysis software developed by the Company or any Group Company; and/or 

  

	 	(F)	details of the requirements, financial standing, terms of business and dealings with any Company or Group Company of any client of the Company or any Group Company; and/or

  

	 	(G)	contact details of all employees and directors of the Company or any Group Company together with details of their remuneration and benefits; and/or 

  

	 	(H)	information so designated by the Company or any Group Company or which to the Executive’s knowledge has been supplied to the Company or any Group Company subject to any
obligation of confidentiality. 

  

	 	13.3	The restrictions contained in this clause 13 shall cease to apply with respect to any information which would otherwise have been Confidential and Business Information but which
comes into the public domain otherwise than through an unauthorised disclosure by the Executive or a third party. 

  

	 	13.4	Notwithstanding the obligations and restrictions contained in this clause 13, nothing in this Agreement shall operate to prevent the Executive making a “protected
disclosure” pursuant to the Part IVA of the Employment Rights Act 1996. 

  

	 	13.5	The obligations of the Executive under this clause 13 shall continue to apply after the termination of the Executive’s employment (howsoever terminated).

  

	14.	DATA PROTECTION 

  

	 	14.1	The Company will hold computer records and personnel files relating to the Executive. These will include the Executive’s employment application, references, bank details,
performance appraisals, holiday and sickness records, salary reviews and remuneration details and other records (which may, where necessary, include sensitive data relating to the Executive’s health and data held for ethnic monitoring
purposes). The Company requires such personal data for personnel, administration and management purposes and to comply with its obligations regarding the keeping of employee/worker records. The Executive’s right of access to this data is as
prescribed by law. 

  

	 	14.2	The Executive hereby agrees that the Company and the Client may hold and process personal data relating to him for legal, personnel, administrative and management purposes
(including, in particular “sensitive personal data” (as defined in the Data Protection Act 1998) relating to the Executive including, as appropriate: 

  

	 	(A)	information about the Executive’s health or condition in order to monitor sick leave and take decisions as to the Executive’s fitness for work; or

  

 10 

	 	(B)	the Executive’s racial or ethnic origin or religious or similar beliefs in order to monitor compliance with equal opportunities legislation. 

 The Company may, when necessary for those purposes, make such data available to its advisers, to parties providing products and/or services to the Company (including,
without limitation, IT systems suppliers, pension, benefits and payroll administrators), to regulatory authorities (including HM Revenue and Customs) to any potential purchasers of the Company or any Group Company or their business (on a
confidential basis) and as required by law. Further, the Executive hereby agrees that the Company may transfer such data to and from the Client and any Group Companies where they are located outside the European Economic Area. 
  

	15.	NON COMPETITION 

  

	 	15.1	For the purposes of this clause the following expressions shall have the following meanings: 

  

	 	(A)	“Relevant Employee” means any senior employee or consultant to the Company or any Group Company who has significant client contacts and with whom the Executive has
had significant contact during the course of his employment hereunder; 

  

	 	(B)	“Relevant Customer” means a person, firm or company who during the period of twelve months immediately preceding the Termination Date conducted a business
relationship (including, without limitation, the provision of services and the negotiation for the same) with the Company or any Group Company and with whom the Executive had significant contact as an employee of the Company;

  

	 	(C)	“Relevant Business” means any business or part thereof howsoever carried on involving the supply of Restricted Goods and/or Services; 

  

	 	(D)	“Relevant Supplier” means any person firm or company who is or was at any time during the twelve months preceding the Termination Date a supplier or procurer of
goods and/or services to the Company or any Group Company as part of the trading activities within a Relevant Business; 

  

	 	(E)	“Restricted Goods and/or Services” means any goods and/or services with the provision and/or supply of which the Executive was materially concerned on behalf of the
Company and/or any Group Company during the period of twelve months immediately prior to the Termination Date. 

  

	 	15.2	In order to safeguard the legitimate business interests of the Company and any Group Company and particularly the goodwill of the Company and any Group Company in connection with
its clients, suppliers and employees the Executive hereby undertakes with the Company (for itself and as trustee for each Group Company) that, and so that each undertaking below shall constitute an entirely separate, severable and independent
obligation of the Executive, he will not (except with the prior written consent of the Company) directly or indirectly: 

  

	 	(A)	during his employment or for a period of 12 months after the Termination Date entice or solicit or endeavour to entice or solicit away from the Company or any Group Company any
Relevant Employee; 

  

 11 

	 	(B)	during his employment or for a period of 12 months after the Termination Date employ or otherwise engage any Relevant Employee; 

  

	 	(C)	during his employment or for a period of 12 months after the Termination Date in competition with the Company or any Group Company endeavour to supply or solicit the custom of any
Relevant Client in respect of Restricted Goods and/or Services; 

  

	 	(D)	during his employment or for a period of 12 months after the Termination Date in competition with the Company or any Group Company supply Restricted Goods and/or Services to any
Relevant Customer; 

  

	 	(E)	during his employment or for a period of 12 months after the Termination Date carry on or be concerned in any Relevant Business in competition with the business of the Company or
any Group Company; 

  

	 	(F)	during his employment or for a period of 12 months after the Termination Date to the detriment of the Company or any Group Company, persuade or endeavour to persuade any Relevant
Supplier to cease doing business or materially reduce its business with the Company or any Group Company. 

  

	 	15.3	For the purposes of clause 15.2 (E) the Executive is concerned in a business if (without limitation):- 

  

	 	(A)	he carries it on as principal or agent; or 

  

	 	(B)	he is a partner, director, employee, secondee, consultant, investor, shareholder or agent in, of or to any person who carries on the business; 

 disregarding only during the 12 month period after the Termination Date any financial interest of a person in securities which are listed, dealt in and/or admitted for
trading on any Relevant Stock Exchange, if that person, the Executive and any person connected with him are interested in securities which amount to less than three per cent. of the issued securities of that class and which, in all circumstances,
carry less than three per cent. of the voting rights (if any) attaching to the issued securities of that class. 
  

	 	15.4	The Executive shall not (except with the prior written consent of the Company) at any time after the termination of his employment represent himself to be connected with or
interested in the business of or employed by the Company or any Group Company or use for any purpose the name of the Company or any Group Company or any name capable of confusion therewith. 

  

 12 

	 	15.5	The Executive shall not during his employment whether during or outside office hours undertake any steps of any kind to promote or establish (or assist therein) any business which
in the reasonable opinion of the Company is or is intended to be or may become in competition with any business operated by the Company or any Group Company. 

  

	 	15.6	The Executive shall not at any time (whether during or after the termination of his employment) make whether directly or indirectly any untrue, misleading or derogatory oral or
written statement concerning the business, affairs, officers or employees of the Company or any Group Company. 

  

	 	15.7	The Executive agrees to enter into the restrictions in this clause 15 in consideration for the Company agreeing to employ him on the terms contained in this Agreement.

  

	 	15.8	While the restrictions in this clause 15 are considered by the Executive and the Company to be reasonable in all the circumstances, it is recognised that such restrictions may fail
for reasons unforeseen and, accordingly, it is hereby declared and agreed that if any of the restrictions shall be adjudged to be void as going beyond what is reasonable in all the circumstances for the protection of the interests of the Company but
that they would be valid if part of the wording thereof were deleted and/or if the periods (if any) specified therein were reduced and/or the areas dealt with thereby reduced in scope, the said restrictions shall apply with such modifications as may
be necessary to make them valid and effective. 

  

	16.	CHANGE OF CONTROL 

 Following a Change of Control Transaction, if
circumstances amounting to Good Reason exist then the Executive may serve written notice on the Company terminating his employment forthwith for that Good Reason and in these circumstances, the Executive will be entitled to receive within 7 days of
the Termination Date payment in lieu of salary and contractual benefits for his 12 month notice period together with any accrued (up to the Termination Date) but unpaid bonus and the Company shall treat him or use reasonable endeavours to procure
that (i) the Executive receives the full benefit of any option grants under the Stock Incentive Plan (including, without limitation, any acceleration of vesting or extension of the post-termination exercise term of the Executive’s awards
as provided for in the applicable option agreement) and (ii) he is treated as being a “Good Leaver” (as defined in the relevant scheme(s) and subject always to the rules and provisions of such scheme(s)) for the purposes of any other
applicable bonus or incentive scheme (besides the Stock Incentive Plan) which is operated by the Company or any Group Company from time to time and in which the Executive is participating as at the Termination Date. 
  

	17.	SUMMARY TERMINATION 

  

	 	17.1	The employment of the Executive may be terminated by the Company without notice or payment in lieu of notice if: 

  

	 	(A)	the Executive is guilty of misconduct or commits any serious breach or non-observance (and in the case of any misconduct, serious breach or non-observance which is capable of being
remedied by the Executive, having been given notice in writing and having failed to remedy the same within 7 days of such notice having been served) of any of the provisions of this Agreement or of his obligations to the Company or any Group Company
(whether under this Agreement or otherwise) or any lawful acts or directions of the Board or relevant rules and/or codes issued by or on behalf of any Relevant Stock Exchange or (having been given notice in writing and having failed to remedy the
same within 7 days of such notice having been served) is guilty of any continued or successive breaches or non-observance of any of such provisions, obligations, acts or directions, rules and/or codes in spite of written warning to the contrary by
the Board; 

  

 13 

	 	(B)	the Executive is in the reasonable opinion of the Board negligent or incompetent in the performance of his duties; 

  

	 	(C)	the Executive is adjudged bankrupt or enters into any composition or arrangement with or for the benefit of his creditors including a voluntary arrangement under the Insolvency Act
of 1986; 

  

	 	(D)	the Executive is guilty of any fraud or dishonesty or acts in any manner which in the reasonable opinion of the Board brings or is likely to bring the Company or any Group Company
into disrepute or is materially adverse to the interests of the Company or any Group Company; 

  

	 	(E)	the Executive performs any act or omission which in the reasonable opinion of the Board may seriously damage the interests of the Company or any Group Company or willfully or
negligently breaches any legislation or any regulation to which the Company or Group Company may be subject which may result in any penalties being imposed on him or any Directors of the Company or Group Company. 

  

	 	(F)	the Executive becomes prohibited by law or is disqualified from being a director or officer of a company; 

  

	 	(G)	the Executive is convicted of any criminal offence by a court of competent jurisdiction (other than a minor offence for which a fine or other non-custodial penalty is imposed);

  

	 	(H)	the Executive commits any act of deliberate discrimination or harassment on grounds of race, sex, disability, sexual orientation, religion or belief or age;

  

	 	(I)	the Executive becomes of unsound mind or a patient for the purpose of any statute relating to mental health; 

  

 14 

	 	(J)	the Executive is convicted of an offence under the Criminal Justice Act 1993 (or the Financial Services Authority becomes entitled to impose a penalty on the Executive pursuant to
section 123 of the Financial Services and Markets Act 2000) or the Executive is otherwise convicted or found liable under any other present or future statutory enactment or regulation relating to insider dealing and/or market abuse;

  

	 	(K)	the Executive resigns as a director or officer of the Company other than at the request of the Company; 

  

	 	(L)	the Client requires the Company to cause the Executive to cease providing services to it pursuant to clause 3.4 of the Services Memorandum; or 

  

	 	(M)	the Executive commits any other act warranting summary termination at common law including (but not limited to) any act justifying dismissal without notice in the terms of the
Company’s generally-applicable Disciplinary Rules in place from time to time. 

  

	 	17.2	The Company’s normal retirement age is 65 and subject to any statutory right to request that his retirement be extended to a greater age including the service of notices in
respect of the same, the employment of the Executive shall automatically terminate on the day upon which the Executive reaches the age of 65. 

  

	 	17.3	The termination of the Executive’s employment hereunder for whatsoever reason shall not affect those terms of this Agreement which are expressed to have effect after such
termination and shall be without prejudice to any accrued rights or remedies of the parties. 

  

	 	17.4	On the termination of the Executive’s employment either summarily or otherwise, or at any other time in accordance with instructions given to him by the Board, the Executive
will immediately return to the Company all equipment, correspondence, records, specifications, software, models, notes, reports and other documents and any copies thereof and any other property belonging to the Company or any Group Company
(including but not limited to credit cards, keys and passes) which are in the Executive’s possession or under his control. 

  

	 	17.5	On the termination of the Executive’s employment either summarily or otherwise, or at any other time in accordance with instructions given to him by the Board, the Executive
will immediately irretrievably delete any information relating to the business of the Company or any Group Company stored on any magnetic or optical disk or memory and all matter derived from such sources which is in his possession or under his
control outside the premises of the Company or any Group Company. 

  

	 	17.6	Upon the request of the Board, the Executive will provide a signed written statement that he has fully complied with his obligations under clauses 17.4 and/or 17.5 and the Company
may withhold any sums owing to the Executive on the Termination Date until the obligations in clause 17.4 and/or 17.5 have been complied with. 

  

 15 

	18.	INVENTIONS AND IMPROVEMENTS 

  

	 	18.1	For the purposes of this clause 18 the following words and expressions shall have the following meanings: 

 “Intellectual Property Rights” means (i) copyright, patents, know-how, confidential information, database rights, and rights in trade marks and
designs (whether registered or unregistered), (ii) applications for registration, and the right to apply for registration, for any of the same, and (iii) all other intellectual property rights and equivalent or similar forms of protection
existing anywhere in the world; 
 “Invention” means any method, idea, concept, experimental work, theme, invention, discovery, process,
model, formula, prototype, sketch, drawing, plan, composition, design, configuration, improvement or modification of any kind conceived, developed, discovered, devised or produced by the Executive alone or with one or more others during his
employment and which pertains to or is actually or potentially useful to the activities from time to time of the Company (or any Group Company) or any product or service of the Company (or any Group Company) or which pertains to, results from or is
suggested by any work which the Executive or any other employee of the Company (or any Group Company) has done or may hereafter during his employment do for the Company (or any Group Company). 
  

	 	18.2	The Executive shall promptly disclose and deliver to the Company in confidence full details of each Invention (whether or not it was made, devised or discovered during normal
working hours or using the facilities of the Company, and whether or not the Executive considers that by virtue of section 39 Patents Act 1977 rights to such Invention fail to vest in the Company) to enable the Company to determine whether rights to
such Invention vest in the Company, upon the making, devising or discovering of the same and shall at the expense of the Company give all such explanations, demonstrations and instructions as the Company may deem appropriate to enable the full and
effectual working, production and use of the same. To the extent that by virtue of section 39 Patents Act 1977 rights to such Invention vest in the Executive the Company shall return to the Executive any documentation provided by the Executive
pursuant to this clause 18 and the Company shall keep such details confidential unless or until such time as such details are in or enter the public domain, other than by a breach of this Agreement. 

  

	 	18.3	 The Executive hereby assigns (in so far as title has not automatically vested in the Company through the Executive’s employment) to the Company with full title
guarantee by way of future assignment all copyright, database right, design right and other similar rights for the full terms (including any extension or renewals thereof) thereof throughout the world in respect of all works, designs or materials
(including, without limitation, source code and object code for software) originated, conceived, written or made by the Executive during the period of his employment (except only 

  

 16 

	 	 
those works or designs originated, conceived, written or made by the Executive wholly outside his normal working hours which are wholly unconnected with any
business activity undertaken or planned to be undertaken by the Company or any Group Company) to hold unto the Company absolutely. The aforementioned assignment shall include the right to sue for damages and/or other remedies in respect of any
infringement (including prior to the date hereof). 

  

	 	18.4	The Executive hereby irrevocably and unconditionally waives in favour of the Company any and all moral rights conferred on him by Chapter IV of Part I of the Copyright Designs and
Patents Act 1988 for any work in which copyright or design right is vested in the Company whether by this clause 18 or otherwise. 

  

	 	18.5	The Executive shall, without additional payment to him (except to the extent provided in section 40 Patents Act 1977, or any similar provision of applicable law) at the request and
expense of the Company and whether or not during the continuance of his employment, promptly execute all documents and do all acts, matters and things as may be necessary or desirable to enable the Company or its nominee to obtain, maintain, protect
and enforce any Intellectual Property Right vested in the Company (save only to the extent that any Intellectual Property Rights fail to vest in the Company by virtue of section 39 Patents Act 1977) in any or all countries relating to the
Intellectual Property Right and to enable the Company to exploit any Intellectual Property Right vested in the Company. 

  

	 	18.6	The Executive shall not do anything (whether by omission or commission) during his employment or at any time thereafter to affect or imperil the validity of any Intellectual
Property Right obtained, applied for or to be applied for by the Company or its nominee, and in particular the Executive shall not disclose or make use of any Invention which is the property of the Company without the prior written consent of the
Company. The Executive shall during or after the termination of his employment with the Company, at the request and expense of the Company, provide all reasonable assistance in obtaining, maintaining and enforcing the Intellectual Property Right or
in relation to any proceeding relating to the Company’s right, title or interest in any Intellectual Property Right. 

  

	 	18.7	Without prejudice to the generality of the above clauses, the Executive hereby irrevocably authorises the Company to appoint a person to be his attorney in his name and on his
behalf to execute any documents and do any acts, matters or things as may be necessary for or incidental to grant the Company the full benefit of the provisions of this clause 18. 

  

	 	18.8	The obligations of the Executive under this clause 18 shall continue to apply after the termination of his employment (howsoever terminated). 

  

	 	18.9	For the avoidance of doubt, nothing in this Agreement shall oblige the Company (or any other Group Company) to seek protection for or exploit any Intellectual Property Right.

  

 17 

	19.	RESIGNATION OF OFFICES 

 The Executive shall immediately upon the
earlier of termination of his employment or notice of termination being served by either party in accordance with this Agreement give written notice resigning forthwith as a director or trustee or from any other office he may hold from time to time
with the Company and/or any Group Company or arising from his engagement by the Company and/or any Group Company without any further compensation. 
  

	20.	GRIEVANCE AND DISCIPLINARY PROCEDURES 

  

	 	20.1	In the event of the Executive wishing to seek redress of any grievance relating to his employment he should lay his grievance before the Board or the board of directors of the
parent company of any group of which the Company is a member from time to time (in this Clause 20, “Ultimate Board”) in writing, who will afford the Executive the opportunity of a full hearing before the board or a committee of the board
or the Ultimate Board (as appropriate) whose decision on such grievance shall be final and binding. 

  

	 	20.2	The Company’s usual disciplinary procedures do not apply to the Executive. In the event that any disciplinary action is to be taken against the Executive, any hearing in
respect thereof will be conducted by such director of the Company or the parent company of any group of which the Company is a member from time to time as the Board or the Ultimate Board may in its reasonable discretion nominate. If the Executive
seeks to appeal against any disciplinary action taken against him he should do so to the Ultimate Board submitting full written grounds for his appeal to the Chairman of the Ultimate Board within 7 days of the action appealed against. The decision
of the Ultimate Board or a delegated committee thereof shall be final and binding. For the avoidance of doubt, the Executive has no contractual right to either a disciplinary hearing or appeal. 

  

	 	20.3	The Company may in its absolute discretion suspend the Executive from some or all of his duties (and if applicable, from the Board) and/or require him to remain away from work
during any investigation conducted into an allegation relating to the Executive’s conduct or performance. During such period, the Executive’s salary will continue to be paid and he will continue to be entitled to all benefits provided to
him, including participating in any relevant bonus or share option schemes subject always to the rules of those schemes. 

  

	21.	GENERAL 

  

	 	21.1	No failure or delay by either party in exercising any right, power or privilege under this Agreement shall operate as a waiver thereof nor shall any single or partial exercise by
either party of any right, power or privilege hereunder preclude any further exercise thereof or the exercise of any other right, power or privilege. 

  

	 	21.2	 The Executive shall have no claim against the Company or any Group Company in respect of the termination of his employment hereunder in relation to any provision in
any articles of association, agreement, scheme, plan or arrangement which has the effect of requiring the Executive to sell, transfer or give up any shares, securities, 

  

 18 

	 	 
options or rights at any price or which causes any options or other rights granted to him to become prematurely exercisable or to lapse by reason of his
termination or because he has given or received notice of termination 

  

	 	21.3	The Executive hereby irrevocably and by way of security appoints the Company and each Group Company now or in the future existing to be his attorney and in his name and on his
behalf and as his act and deed to sign, execute and do all acts, things and documents which he is obliged to execute and do under the provisions of this Agreement and in particular, but without limitation, clauses 18 and 19 and the Executive hereby
agrees forthwith on the request of the Company to ratify and confirm all such acts, things and documents signed, executed or done in pursuance of this power. 

  

	 	21.4	There are no collective agreements which affect the terms and conditions of the employment of the Executive hereunder. 

  

	 	21.5	For the avoidance of doubt any payments made to or other benefits provided to the Executive or his family which are not expressly referred to in this Agreement shall be regarded as
ex gratia payments or benefits provided at the entire discretion of the Company and do not form part of the Executive’s contract of employment. 

  

	 	21.6	If any clause or provision in this Agreement is found by a court of competent jurisdiction or other competent authority to be invalid, unlawful or unenforceable then such clause or
provision shall be severed from the remainder of the Agreement or clause and that remainder shall continue to be valid and enforceable to the fullest extent permitted by law. In that case, the parties shall negotiate in good faith to replace any
invalid, unlawful or unenforceable clause or provision with a suitable substitute clause or provision which maintains as far as possible the purpose and effect of this Agreement. 

  

	22.	NOTICES 

  

	 	22.1	Any notice or communication given or required under this Agreement may be served by personal delivery or by leaving the same at or by sending the same through the post addressed in
the case of the Company to its registered office from time to time and in the case of the Executive to his aforesaid address or to the address provided from time to time by the Executive to the Company for the purposes of its employment records or
by facsimile transmission. 

  

	 	22.2	Any notice sent by post shall be deemed to have been served 24 hours after the time of posting by first class mail and service thereof shall be sufficiently proved by proving that
the notice was duly despatched through the post in a pre-paid envelope addressed as aforesaid. In the case of facsimile transmission it shall be deemed to have been received when in the ordinary course of such transmission it would be received by
the addressee or if transmitted after 5pm or on a day that is not an ordinary business day on the next business day. 

  

 19 

	23.	EXTENT AND SUBSISTENCE OF AGREEMENT 

 This Agreement supersedes all
other agreements other than those expressly referred to in this Agreement whether written or oral between the Company and the Executive relating to the employment of the Executive. The Executive acknowledges and warrants to the Company that he is
not entering into this Agreement in reliance upon any representation not expressly set out herein. 
  

	24.	GOVERNING LAW AND JURISDICTION 

 This Agreement shall be governed by
and construed in accordance with English law and the parties agree to submit to the exclusive jurisdiction of the English Courts as regards any claim, dispute or matter arising out of or relating to this Agreement. 
 IN WITNESS whereof a duly authorised representative of the Company has executed this Agreement and the Executive has executed this Agreement as his Deed on the
date of this Agreement. 
  

					
	EXECUTED as a DEED by the Company	 	
		
	acting by:	 	

					
			
	Director	 	  
	 	)

					
	Director/Secretary	 	  
	 	

  

			
	SIGNED and DELIVERED by	 	)
	the said Ian J Webber 	 	)
	as his DEED in the presence of:	 	)
		
	Witness’ signature	 	
	Witness’ name	 	
	Address	 	

 Occupation 
 I do/do
not [delete as applicable] consent to the processing of my personal data (including “sensitive personal data”) and the transfer of my personal data to and from any Group Company (including outside the EEA) in accordance with clause
14 above. 
  

	
	Signed
	Dated

  

 20

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