Document:

EX-10.3

 Exhibit 10.3 

April 8, 2021 
 High Trail Investments SA LLC 

High Trail Investments ON LLC 
 221 River Street, 9th Floor 
 Hoboken, NJ 07030 

Attention: Eric Helenek 
  

	 	Re:	 Waiver of Certain Rights 

Ladies and Gentlemen: 
 Reference is made to that
certain (i) Securities Purchase Agreement, dated February 2, 2021, between Mohawk Group Holdings, Inc. (the “Company”) and High Trail Investments ON LLC (“High Trail ON”), as amended (the “February
Agreement”), and (ii) Securities Purchase Agreement, dated November 30, 2020, between the Company and High Trail Investments SA LLC (“High Trail SA”), as amended (the “November Agreement”). 

For purposes of the February Agreement, High Trial ON, representing the Required Holders (as defined in the February Agreement), irrevocably
waives Section 4(j) with respect to the transactions contemplated by that certain Securities Purchase and Exchange Agreement, dated as of April 8, 2021, between the Company and High Trail ON (the “Purchase and Exchange
Agreement”) and agrees to the termination of Section (4)(t) of the February Agreement, in each case, effective upon the closing of the transactions contemplated by the Purchase and Exchange Agreement. For purposes of the November Agreement,
High Trial SA, representing the Required Holders (as defined in the November Agreement), irrevocably waives Section 4(j) with respect to the transactions contemplated by the Purchase and Exchange Agreement and agrees to the termination of
Section (4)(t) of the November Agreement, in each case, effective upon the closing of the transactions contemplated by the Purchase and Exchange Agreement. 

Except as expressly waived by this letter, the February Agreement shall continue in effect in accordance with its terms and the November
Agreement shall continue in effect in accordance with its terms. 
 [Remainder of Page Left Blank; Signature Page Follows] 

 This letter agreement may be executed in any number of counterparts and by different parties
hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all of which counterparts together shall constitute but one and the same instrument. 

 

			
	Very truly yours,
	
	MOHAWK GROUP HOLDINGS, INC.
		
	By:	 	 /s/ Arturo Rodriguez

	Name:	 	Arturo Rodriguez
	Title:	 	Chief Financial Officer

 AGREED AND ACCEPTED: 
  

			
	HIGH TRAIL INVESTMENTS SA LLC
		
	By:	 	 /s/ Eric Helenek

	Name:	 	Eric Helenek
	Title:	 	Authorized Signatory
	
	HIGH TRAIL INVESTMENTS ON LLC
		
	By:	 	 /s/ Eric Helenek

	Name:	 	Eric Helenek
	Title:	 	Authorized SignatoryExhibit 4.3
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HÖEGH LNG PARTNERS LP
AMENDED AND RESTATED NON-EMPLOYEE DIRECTOR COMPENSATION PLAN
FOR THE PERIOD 2020-2021
(As approved by the Board on June 4, 2019, amended April 24, 2020 and September 11, 2020)
The non-employee members of the Board of Directors (the “Board”) of Höegh LNG Partners LP (the “Partnership”) will be entitled to receive the following compensation:
1.     Retainer Fees
		●	Each non-employee director will receive an annual cash retainer fee of USD 40,600 (subject to adjustment from time to time, as determined by the Board) for each year of service as a director.

		●	The Chairman of the Board of Directors will receive an annual cash retainer fee of USD 21,900 (subject to adjustment from time to time, as determined by the Board) for each year of service in such capacity.

		●	The Chairs of the Audit and Conflict Committees will each receive an annual cash retainer fee of USD 21,900 (subject to adjustment from time to time, as determined by the Board) for each year of service in such capacity.

		●	Other committee members will receive an annual cash retainer fee of USD 11,000 (subject to adjustment from time to time, as determined by the Board) for each year of service in such capacity.

2.     Equity Awards
		●	Each non-employee director will receive an annual equity-based award (with award type, vesting and all other terms and conditions to be determined by the Board for any given year), valued at USD 40,600 (subject to adjustment from time to time, as determined by the Board) on the applicable date of grant, for each year of service as a director, which such award will be granted under the Höegh LNG Partners LP Long Term Incentive Plan, as amended from time to time (the “Plan”), or a successor plan, program or arrangement. Subject to approval by the Board, the Partnership may elect to pay cash (or a combination of equity and cash) in lieu of the equity-based award described in this Section 2 to any one or more directors.

3.     Expense Reimbursement
		●	Each non-employee director will be reimbursed for travel and miscellaneous expenses to attend meetings and activities of the Board or its committees and related to the director’s participation in the Partnership’s general education and orientation programs for directors.Exhibit 4.4.1
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ADDENDUM NO. 1
​
TO
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ADMINISTRATIVE SERVICES AGREEMENT
​
This Addendum no. 1 (the “Amendment”) to the Administrative Services Agreement entered into on December 20, 2019 and effective as of July 3, 2019 (the “Agreement”), is made with effect from August 21, 2020 between:
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	(i)
	Höegh LNG Partners LP (the ”MLP”);

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	(ii)
	Höegh LNG Partners Operating LLC (the “Operating Company”);

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and
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	(ii)
	Höegh LNG AS (as “Höegh Norway”);

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(each a “Party” and together the “Parties”).
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	WHEREAS
	The Chief Executive Officer and Chief Financial Officer, Steffen Føreid, has notified the board of his resignation; and

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	WHEREAS
	The Parties agree that the Agreement should include specifications on how Höegh Norway should be reimbursed.

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NOW THEREFORE the Parties have agreed as follows:
​
		1.
	Section 2. General to be extended to include reimbursement and that the following articles are to be added to Section 2:

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		“(b)
	The MLP or the Operating Company (as applicable) shall reimburse Höegh Norway on a monthly basis in arrears for all costs and expenses reasonably incurred by Höegh Norway in connection with the provision of the Administrative Services for the preceding month;

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		(c)
	the MLP or the Operating Company (as applicable) shall pay to Höegh Norway on a monthly basis in arrears a services fee equal to 3.00% of Höegh Norway’s Costs and Expenses, including direct payroll costs for the preceding month;

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		(d)
	within 20 days after the end of each calendar month, Höegh Norway shall submit to the MLP and the Operating Company for payment an invoice covering the Costs and Expenses and the Services Fees. Each invoice will contain such supporting detail as may be reasonably required to validate such amounts due; and

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		(e)
	the MLP or the Operating Company (as applicable) shall make payment owed pursuant to this Section 2(a) within 45 days of the date of each invoice (any such day on which a payment is due, a “Due Date”).  All invoices for the Costs and Expenses and the Services Fees will be submitted in and paid in U.S. Dollars.  All amounts not paid within 10 days after the Due Date bear interest at the rate of 3.00% per annum above LIBOR as of the Due Date from such Due Date until the date payment is received in full by Höegh Norway.”

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		(f)
	Schedule B Managers, of the Agreement to read:

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SCHEDULE B MANAGERS
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	​

	​

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	Name
	Position with the Operating Company
	Position with the MLP

	Sveinung J. S. Støhle
	Chief Executive Officer 
	Chief Executive Officer 

	Håvard Furu
	Chief Financial Officer
	Chief Financial Officer

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		2.
	Section 16. Notice to be amended to reflect that notices to the MLP and the Operating Company shall be for the attention of Håvard Furu. Notice details to Höegh Norway remain unchanged.

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		3.
	All other terms of the Agreement remain unchanged.

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IN WITNESS WHEREOF, the Parties have executed this Agreement on, and effective as of, the date first above written.
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	​

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	HÖEGH LNG PARTNERS LP

	​

	​
	By:
	/s/ Håvard Furu

	​
	​
	Name:
	Håvard Furu

	​
	​
	Title:
	Chief Financial Officer

	​

	​
	HÖEGH LNG PARTNERS OPERATING LLC

	​

	​
	By:
	/s/ Håvard Furu

	​
	​
	Name:
	Håvard Furu

	​
	​
	Title:
	Chief Financial Officer

	​

	​
	HÖEGH LNG AS

	​

	​
	By:
	/s/ Sveinung J.S. Støhle

	​
	​
	Name:
	Sveinung J. S. Støhle

	​
	​
	Title:
	General Manager

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Page 2 of 2Exhibit 4.4.2
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ADDENDUM NO. 2
​
TO
​
ADMINISTRATIVE SERVICES AGREEMENT
​
This Addendum no. 2 (the “Amendment”) to the Administrative Services Agreement entered into on December 20, 2019 and effective as of July 3, 2019 and as amended by Addendum no. 1 dated and effective as of August 21, 2020 (the “Agreement”) is made with effect from April 9, 2021 between:
​
(i)          Höegh LNG Partners LP (the ”MLP”);
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(ii)         Höegh LNG Partners Operating LLC (the “Operating Company”);
​
and
​
(ii)         Höegh LNG AS (as “Höegh Norway”);
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(each a “Party” and together the “Parties”).
​
WHEREAS             The ultimate parent company of Höegh Norway has entered into an agreement and plan of amalgamation with Larus Limited dated 8 March 2021 (the “Amalgamation”); and
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WHEREAS             The Parties wants to confirm their agreement that the Agreement will continue in full force and effect following the consummation of the Amalgamation by way of entering into this Amendment.
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NOW THEREFORE the Parties have agreed as follows:
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1.    The Parties agree that the Agreement will continue in full force and effect following the consummation of the Amalgamation. For the avoidance of doubt, Höegh Norway undertakes not to enforce any rights to terminate the Agreement pursuant to Section 10 (b) (i) as a result of the consummation of the Amalgamation.
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2.    All other terms of the Agreement remain unchanged.
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IN WITNESS WHEREOF, the Parties have executed this Agreement on, and effective as of, the dates first above written.
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	​

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	HÖEGH LNG PARTNERS LP

	​
	​
	​

	​
	By:
	/s/ Sveinung J.S. Støhle
	​

	​
	​
	Name: 
	Sveinung J.S. Støhle
	​

	​
	​
	Title: 
	Chief Executive Officer

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	HÖEGH LNG PARTNERS OPERATING LLC

	​
	​
	​

	​
	By:
	/s/ Sveinung J.S. Støhle
	​

	​
	​
	Name: 
	Sveinung J.S. Støhle
	​

	​
	​
	Title: 
	Chief Executive Officer

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	HÖEGH LNG AS

	​
	​
	​

	​
	By:
	/s/ Morten W. Høegh
	​

	​
	​
	Name: 
	Morten W. Høegh
	​

	​
	​
	Title: 
	Chairman

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Page 2 of 2

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