Document:

EX-4.3

 Exhibit 4.3 

INVESTOR RIGHTS AGREEMENT 

THIS INVESTOR RIGHTS AGREEMENT (this “Agreement”), dated November 5, 2013, is among Navigator Holdings Ltd., a
corporation incorporated under the laws of the Republic of the Marshall Islands (together with its successors and permitted assigns, the “Company”), and the persons signing this Agreement as “Investors” on the signature
page hereto (each, an “Investor” and collectively, the “Investors”). 
 RECITALS 

A. The Investors collectively own 28,040,508 common shares of the Company, par value $0.01 per share (such shares, together with any equity
securities issued or issuable directly or indirectly with respect to such shares by way of share dividend or share split or in connection with a combination of shares, recapitalization, reclassification, merger, amalgamation, arrangement,
consolidation or other reorganization, the “Shares”) 
 B. The parties desire to enter into this Agreement with respect to
certain arrangements relating to the rights and obligations of the Company and the Investors with respect to the Shares. 
 NOW, THEREFORE,
the parties hereby agree as follows: 
 1. Definitions. 

1.1. Defined Terms in 2013 Investment Agreement. Unless otherwise specified herein, capitalized terms that are not defined herein will
have the meanings given to them in the 2013 Investment Agreement. 
 1.2. Other Defined Terms. In addition to the terms referenced in
Section 1.1 and the terms defined elsewhere in the Agreement, the following terms have the meanings indicated when used in this Agreement with initial capital letters: 

“2011 Investment Agreement” means the Investment Agreement, dated November 10, 2011, among the Company, WLR and the other
parties thereto. 
 “2013 Investment Agreement” means the Investment Agreement, dated February 15, 2013, among the
Company, WLR and the other parties thereto. 
 “Change of Control” means an event or series of events by which (a) any
Person (other than the Investors or another entity sponsored by or Affiliated with WLR) acquires Beneficial Ownership of 50% or more of the outstanding Common Shares, (b) all or substantially all of the consolidated assets of the Company are
sold, leased, exchanged or transferred to any Person or group of Persons, (c) the Company is consolidated, merged, amalgamated, reorganized or otherwise enters into a similar transaction in which it is combined with another Person, unless the
Persons who Beneficially Own the outstanding Voting Securities of the Company immediately before consummation of the transaction Beneficially Own a majority of the outstanding Voting 

 
Securities of the combined or surviving entity immediately thereafter in substantially the same proportion among such Persons as prior to giving effect to such transaction, or (d) the
Shareholders approve of any plan or proposal for the liquidation or dissolution of the Company. 
 “Initial Public Offering”
means the first Public Offering of the Company. 
 “Investment Agreements” means, collectively, the 2011 Investment
Agreement and the 2013 Investment Agreement. 
 “Material Disclosure Event” means (a) a material transaction in which
the Company or any of its Subsidiaries proposes to engage or is engaged, including a purchase or sale of assets or securities, financing, merger, consolidation, tender offer or other material corporate development, or (b) another material
non-public event or development, and with respect to which the Board has determined in good faith that compliance with this Agreement may reasonably be expected to either materially interfere with the Company’s or such Subsidiary’s ability
to consummate such transaction in a timely fashion (in the case of clause (a)) or require the Company to disclose material, non-public information or such material corporate event or development prior to such time as it would otherwise be required
to be disclosed. 
 “Public Offering” means any primary or secondary public offering of equity securities of the Company
pursuant to an effective registration statement under the Securities Act, other than pursuant to a registration statement on Form S-4 or Form S-8 or any successor or similar form. 

“Registrable Securities” means (a) all Shares and (b) any equity securities issued or issuable directly or
indirectly with respect to the securities referred to in the foregoing clause by way of share dividend or share split or in connection with a combination of shares, recapitalization, reclassification, merger, amalgamation, arrangement,
consolidation or other reorganization; provided, however, that such securities will cease to be Registrable Securities (i) when such securities have been sold or transferred pursuant to a Registration Statement, (ii) when
such securities have been transferred in compliance with Rule 144 under the Securities Act, or are transferable by a Person who is not an Affiliate of the Company pursuant to Rule 144 without any volume or manner of sale restrictions thereunder, or
(iii) if such securities have ceased to be outstanding. 
 “Registration Statement” means a registration statement
filed with the SEC on which it is permissible to register securities for sale to the public under the Securities Act. 

“SEC” means the Securities and Exchange Commission. 

“Shareholders” means the holders of Voting Securities as of the applicable time. 

“WLR” means WL Ross & Co. LLC. 

  
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 2. Corporate Governance Rights. 

2.1. Board Designees. (a) The Company has caused (i) one designee of the Investors (who is a Person who is not a United States
citizen or resident) to be appointed to the Board, effective as of December 13, 2011, and (ii) one additional designee of the Investors to be appointed to the Board, effective as of April 2, 2012. Without limiting the foregoing,
(A) until the date on which the Investors cease to Beneficially Own at least 937,500 Shares, the Investors will be entitled to designate one designee to be nominated by the Company to serve as a director of the Company and (B) until the
date on which the Investors cease to Beneficially Own at least 3,750,000 Shares, the Investors will be entitled to designate two designees (such individuals, together with the individuals described in the first sentence of this Section 2.1(a),
the “Board Designees”) to be nominated by the Company to serve as directors of the Company. The Company will take all actions necessary to provide the Investors with the representation on the Board contemplated by this
Section 2.1, including (i) causing the Board Designees to be included in the slate of nominees recommended by the Board to the Shareholders for election as directors, (ii) causing the election of such Board Designees, including using
its reasonable efforts to cause officers of the Company who hold proxies (unless otherwise directed by the Shareholder submitting such proxy) to vote such proxies in favor of the election of such Board Designees, and (iii) using the same
efforts to cause the Board Designees to be elected to the Board as it uses to cause other nominees of the Board to be elected. 
 (b) If any
Board Designee ceases to serve as a director for any reason, the Company will use its reasonable efforts to cause any vacancy resulting thereby to be filled by another designee designated by the Investors. 

(c) Notwithstanding anything to the contrary contained in this Agreement, the Company will provide such indemnification, reimbursement and
compensation to the Board Designees as is consistent with the indemnification, reimbursement and compensation provided to other non-executive members of the Board. The Company will maintain its directors and officers liability insurance policies in
such amounts and on such terms as approved by the Board, including the Board Designees. 
 2.2. Confidentiality. Each Investor agrees,
and will cause its Affiliates, to (a) keep confidential all proprietary or non-public information of the Company and its Subsidiaries received by participation in the activities of the Board (whether from a Board Designee or otherwise) or
otherwise received by it from the Company, its Subsidiaries or their respective representatives, (b) not disclose or reveal any such information to any Person without the prior written consent of the Company other than to such Investor’s
Affiliates’ directors, general partner, investors and officers, attorneys, accountants and financial advisors (the “Permitted Representatives”) whom the Investor determines in good faith need to know such information for the
purpose of evaluating, monitoring or taking any other action with respect to the investment by the Investor in the Company, and (c) use reasonable efforts to cause those Permitted Representatives to observe the terms of this Section 2.2;
provided, however, that nothing herein will 

  
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prevent any Investor or any of its Affiliates from disclosing any information that (i) is or becomes generally available to the public in accordance with Law, other than (A) as a result
of any action or inaction by an Investor or its Affiliates, the Permitted Representatives or Subsidiaries, in violation of this Section 2.2, (B) in violation of any other confidentiality agreement between the Company and such Person or WLR
or any other Investor, or (C) in violation of any other contractual, legal or fiduciary duty of such Person or WLR or any other Investor, (ii) was within an Investor’s or its Affiliates’ possession or developed by such Person
prior to being furnished with such information, (iii) becomes available to an Investor or its Affiliates on a non-confidential basis from a source other than the Company, or (iv) that any Investor or any of its Affiliates determines in
good faith after consultation with counsel is required to be disclosed by Law (provided that, prior to such disclosure, the applicable Investor or such Affiliate will, unless prohibited by Law, make reasonable efforts to notify the Company of
any such disclosure, use reasonable efforts to limit the disclosure requirements of such Law and maintain the confidentiality of such information to the maximum extent permitted by Law). For as long as any employee of WLR or any Investor is serving
as a Board Designee, each Investor will, and will cause its Affiliates to, endeavor in good faith to comply with the Company’s policies applicable to transactions in Company securities by officers and directors. 

2.3. Rights Solely for the Investors. The rights and obligations of the Investors pursuant to this Article 2 will only apply to the
Investors, and may not be transferred to any other Person; provided, however, that any Investor may transfer such rights and obligations to another Investor or to an Affiliate of WLR or an Investor to whom the Investor transfers its
Shares. 
 3. Certain Covenants and Other Agreements. 

3.1. Legends; Securities Act Compliance. (a) Each Investor acknowledges that the Shares have not been registered under the
Securities Act or under any state securities Laws and agrees that it will not sell or otherwise dispose of any of the Shares, except in compliance with the registration requirements or exemption provisions of the Securities Act and any other
applicable securities Laws. Each Investor agrees that all certificates, book-entry shares or other instruments representing the Shares subject to this Agreement will bear a legend substantially to the following effect: 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, OR THE
SECURITIES LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT RELATING THERETO OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT.” 

(b) Subject to Section 4.7(b), upon the request of an Investor, upon receipt by the Company of an opinion of counsel reasonably
satisfactory to the Company to the effect that such legend is no longer required under the Securities Act or applicable state Laws, as the case may be, the Company will promptly cause the legend to be removed from any certificate or book-entry share
for any Shares to be so transferred. 

  
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 3.2. Competitive Operations. WLR and each Investor and their respective Affiliates
(including any Board Designee) are free to engage in businesses that may be competitive with the business of the Company or its Subsidiaries, and neither the Investors nor any of their Affiliates (including WLR) will have any duty to the Company or
its Subsidiaries, the other Shareholders, or any of their respective Affiliates with respect to any business opportunity. 
 3.3. Certain
Tax Matters. (a) The Company will, and will cause each of its Subsidiaries to, provide all information with respect to the Company and its Subsidiaries which is requested by an Investor to enable such Investor (or its direct or indirect
owners) to comply with their U.S. federal income tax reporting obligations, including but not limited to rules relating to “controlled foreign corporations” (each a “CFC”) and “passive foreign investment
companies” (each, a “PFIC”). Such assistance will include providing information to enable Investors (or their direct or indirect owners) to comply with their obligations under Sections 1248, 6038, 6038B, 6038D, 6046 and 6046A
of the Code, including information relating to earnings and profits as computed for U.S. federal income tax purposes. The Company will determine annually if it or any of its Subsidiaries is a CFC or PFIC, and if the Company or any Investor
determines that any such corporation is a PFIC, the Company will permit the Investor (or its direct or indirect owners) to make a “Qualified Electing Fund” election with respect to its interest in such corporation pursuant to
Section 1295 of the Code, and will cause to be furnished to such Investor no later than 60 days following the end of the Company’s taxable year the relevant PFIC annual information statement pursuant to U.S. Treasury Regulation
Section 1.1295-1(g). 
 (b) In addition to the foregoing covenants set forth in this Section 3.3, the Company (i) will not
take any action that would cause the Company not to be classified as a corporation for U.S. federal income tax purposes and (ii) will use commercially reasonable efforts to not take any action that would cause the Company to become a PFIC;
provided, however, that the foregoing covenants under clauses (i) and (ii) of this sentence will not require the Company or any of its Subsidiaries to incur any significant additional cost or expense, or to forego any
significant benefit, not expressly provided for in this Agreement or the Investment Agreements. 
 4. Registration Rights. 

4.1. Registration on Request. (a) Subject to Section 4.1(c), if at any time following the 180-day period after the Initial
Public Offering, the Company receives a written request from an Investor or Investors (the “Initiating Investors”) that the Company file a Registration Statement covering the registration of at least 10% of the then-outstanding
Registrable Securities, then the Company will, as expeditiously as possible, use its commercially reasonable efforts to effect the registration of such portion of the Registrable Securities that such Investor or Investors request, pursuant to

  
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a Registration Statement. Each request for a registration pursuant to this Section 4.1 will be in writing and will specify the approximate number of Registrable Securities requested to be
registered and the intended method of distribution. Notwithstanding the foregoing, the Company will not be obligated to file a registration requested pursuant to this Section 4.1: 

(i) within a period of 90 calendar days after the effective date of any other registration requested pursuant to this
Section 4.1; 
 (ii) on a total of more than five occasions; 

(iii) in any particular jurisdiction in which the Company would be required to execute a general consent to service of process
in effecting such registration, qualification, or compliance, unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act; or 

(iv) if the Investors propose to dispose of shares of Registrable Securities that may be registered at such time pursuant to a
Registration Statement contemplated in Section 4.2. 
 (b) A registration requested pursuant to this Section 4.1 will not be deemed
to have been effected unless the Registration Statement has become effective; provided, however, that if, within the period ending on the earlier to occur of (i) 90 days after the applicable Registration Statement has become
effective and (ii) the date on which the distribution of the securities covered thereby has been completed, the offering of securities pursuant to such Registration Statement is interfered with by any stop order, injunction or other order or
requirement of the SEC or other governmental agency or court, such Registration Statement will be deemed not to have been effected; provided, further, that if an Investor, after exercising its right to request a registration pursuant
to this Section 4.1, withdraws from a registration so requested after the filing thereof, such registration will be deemed to have been effective with respect to such Investor in accordance with this Section 4.1. 

(c) Subject to Section 4.2, if, within five Business Days of receipt of a Registration Request, the Initiating Holders are advised in
writing (the “Underwriter’s Advice”) that the Company has in good faith commenced the preparation of a Registration Statement for an underwritten Public Offering prior to receipt of such request and the managing underwriter of
the proposed Public Offering has determined that in such firm’s good faith opinion, a registration at the time and on the terms requested would materially and adversely affect such underwritten Public Offering, then the Company will not be
required to effect such requested registration pursuant to this Section 4.1 until the earliest of: 
 (i) the
abandonment of such underwritten Public Offering by the Company; 

  
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 (ii) 60 days after receipt of the Underwriter’s Advice by the Initiating
Investors, unless the Registration Statement for such offering has become effective and such Public Offering has commenced on or prior to such 60th day; and 

(iii) if the Registration Statement for such Public Offering has become effective and such Public Offering has commenced on or
prior to such 60th day, the day on which the restrictions on the Investors contained in the related lock-up agreement lapse with respect to such offering. 

Notwithstanding the foregoing, the Company will not be permitted to defer a registration requested pursuant to this Section 4.1 in reliance on this
Section 4.1(c) more than once in any 365-day period. 
 (d) The Company may postpone the filing or effectiveness of any Registration
Statement and suspend any Investor’s use of any prospectus which is a part of the Registration Statement (in which event the Investors will discontinue sales of the Registrable Securities pursuant to the Registration Statement) for a period of
up to an aggregate of 90 days in any 365-day period, exclusive of days covered by any lock-up agreement executed by the Investor in connection with any underwritten Public Offering, after the request for registration pursuant to this
Section 4.1 if a Material Disclosure Event exists or is pending at such time. 
 (e) The Company will have the right to cause the
registration of additional securities for sale for the account of any Person other than an Investor (including the Company) in any registration requested pursuant to this Section 4.1 to the extent the managing underwriter or other independent
marketing agent for such offering (if any) determines that, in its opinion, the additional securities proposed to be sold will not materially and adversely affect the offering and sale of the Registrable Securities to be registered in accordance
with the intended method or methods of disposition then contemplated by such registration requested pursuant to this Section 4.1. 

4.2. Piggyback Registration. (a) If the Company proposes or is required to file a Registration Statement under the Securities Act
or any other securities Laws with respect to an offering of any Common Shares, whether or not for sale for its own account (other than a registration statement (i) on Form S-4, Form F-4, Form S-8 or any similar form under non-U.S. Laws or
(ii) filed solely in connection with any employee benefit or dividend reinvestment plan), then the Company will give prompt written notice of such proposed filing at least 10 Business Days before the anticipated filing date (the
“Piggyback Notice”) to the Investors. The Piggyback Notice will offer the Investors the opportunity to include in such Registration Statement the number of Registrable Securities as they may request (a “Piggyback
Registration”), subject to Section 4.2(b). The Company will include in each such Piggyback Registration all Registrable Securities with respect to which the Company has received written requests for inclusion therein by the Investors
holding in the aggregate at least 10% of the aggregate number of Registrable Securities subject to Section 4.2(b). The Holders will 

  
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be permitted to withdraw all or part of the Registrable Securities from a Piggyback Registration at any time at least five Business Days prior to the effective date of the Registration Statement
relating to such Piggyback Registration. The Company will be required to maintain the effectiveness of the Registration Statement for a Piggyback Registration for a period of 60 days after the effective date thereof or such shorter period in which
all Registrable Securities included in such Registration Statement have actually been sold. 
 (b) If the managing underwriter or
underwriters of a proposed underwritten offering advise the Company and the holders of such Registrable Securities that, in their judgment, because of the size of the offering which the Investors, the Company and such other Persons intend to make,
the success of the offering would be materially and adversely affected by inclusion of the Registrable Securities requested to be included (taking into account, in addition to any considerations that the managing underwriter or underwriters deem
relevant in its or their sole discretion, the timing and manner to effect the offering), then the amount of Registrable Securities to be offered for the accounts of the Investors will be reduced pro rata to the extent necessary to reduce the total
amount of Registrable Securities to be included in such offering to the amount recommended by such managing underwriter or underwriters; provided that if Common Shares are being offered for the account of other Persons as well as the Company,
then the Common Shares intended to be offered for the account of such other Persons will be reduced pro rata to the extent necessary to permit the Investors to include all of their Registrable Securities in such offering. 

4.3. Registration Procedures. The Company agrees to: 

(a) before filing a Registration Statement or any amendments or supplements thereto, the Company will furnish to each Investor copies of all
such documents proposed to be filed, which documents will be subject to review of the Investors; 
 (b) subject to Section 4.1(e),
prepare and, if the registration is pursuant to notice given under Section 4.1, in any event within 60 days after the giving of notice pursuant to Section 4.1, file with the SEC a Registration Statement with respect to such Registrable
Securities on any form for which the Company then qualifies or which counsel for the Company deems appropriate and which form will be available for the sale of such Registrable Securities in accordance with the intended methods of distribution
thereof, and use its best efforts to cause such Registration Statement to become and remain effective; 
 (c) prepare and file with the SEC
or other Governmental Entity having jurisdiction such amendments and supplements to such Registration Statement as may be necessary to keep such Registration Statement effective continuously for the period referred to in the last sentence of
Section 4.2(a); 

  
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 (d) furnish to each Investor such number of copies, without charge, of such Registration
Statement, each amendment and supplement thereto, including each preliminary prospectus, final prospectus, any other prospectus (including any prospectus filed under Rule 424, Rule 430A or Rule 430B under the Securities Act and any “issuer free
writing prospectus” as such term is defined under Rule 433 promulgated under the Securities Act), all exhibits and other documents filed therewith and such other documents as an Investor may reasonably request including in order to facilitate
the disposition of its Registrable Securities; 
 (e) register or qualify such Registrable Securities under such other securities or blue sky
Laws of such jurisdictions as an Investor reasonably requests and do any and all other acts and things that may be reasonably necessary or reasonably advisable to enable the Investors to consummate the disposition in such jurisdictions of the
Registrable Securities owned by the Investors (provided that the Company will not be required to (i) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this subsection,
(ii) subject itself to taxation in any such jurisdiction, or (iii) consent to general service of process in any such jurisdiction); 

(f) notify each Investor at any time when a prospectus relating to the Registrable Securities is required to be delivered under the Securities
Act, upon discovery that, or upon the discovery of the happening of any event as a result of which, the prospectus contains an untrue statement of a material fact or omits any fact necessary to make the statements therein not misleading in the light
of the circumstances under which they were made, and, as soon as reasonably practicable, prepare and furnish to each Investor a reasonable number of copies of a supplement or amendment to such prospectus so that, as thereafter delivered to the
purchasers of such Registrable Securities, such prospectus will not contain an untrue statement of a material fact or omit to state any fact necessary to make the statements therein not misleading in the light of the circumstances under which they
were made; 
 (g) notify each Investor (i) when such Registration Statement or the prospectus or any prospectus supplement or
post-effective amendment has been filed and, with respect to such Registration Statement or any post-effective amendment, when the same has become effective, (ii) of any request by the SEC or other Governmental Entity for amendments or
supplements to such Registration Statement or to amend or to supplement such prospectus or for additional information, and (iii) of the issuance by the SEC or other Governmental Entity of any stop order suspending the effectiveness of such
Registration Statement or the initiation of any proceedings for any of such purposes; 
 (h) cause all such Registrable Securities to be
listed on each securities exchange on which similar securities issued by the Company are then listed, if applicable; 
 (i) provide a
transfer agent and registrar for all such Registrable Securities not later than the effective date of such Registration Statement; and 

  
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 (j) make available for inspection by each Investor and its respective counsel, any underwriter
participating in any disposition pursuant to such Registration Statement and any attorney, accountant or other agent retained by an Investor or underwriter, all financial and other records, pertinent corporate documents and documents relating to the
business of the Company, and cause the Company’s officers, directors, employees and independent accountants to supply all information reasonably requested by an Investor, underwriter, attorney, accountant or agent in connection with such
Registration Statement, provided that it will be a condition to such inspection and receipt of such information that the inspecting Person (i) enter into a confidentiality agreement in form and substance reasonably satisfactory to the
Company and (ii) agree to minimize the disruption to the Company’s business in connection with the foregoing. 
 (k) if requested,
obtain a “comfort” letter or letters from the Company’s independent public accountants in customary form and covering matters of the type customarily covered by “comfort” letters as the applicable Investor or Investors
reasonably request; 
 (l) if requested, obtain a legal opinion of the Company’s outside counsel in customary form and covering such
matters of the type customarily covered by legal opinions of such nature and reasonably satisfactory to the applicable Investor or Investors, which opinion will be addressed to any underwriters and such Investor or Investors; and 

(m) if applicable, cooperate with the applicable Investor or Investors and each underwriter or agent participating in the disposition of such
Registrable Securities and their respective counsel in connection with any filings required to be made with the Financial Industry Regulatory Authority. 

4.4. Provision of Information. As a condition to registering Registrable Securities, the Company may require an Investor to furnish the
Company with such information regarding such Investor and pertinent to the disclosure requirements relating to the registration and the distribution of such securities as the Company may from time to time reasonably request in writing. 

4.5. Registration Expenses. Except as otherwise provided in this Agreement, all expenses incidental to the Company’s performance of
or compliance with this Agreement, including all registration and filing fees, fees and expenses of compliance with securities or blue sky Laws, word processing, duplicating and printing expenses, messenger and delivery expenses, and fees and
disbursements of counsel for the Company and counsel (limited to one law firm) for WLR or the Investors and all independent certified public accountants and other Persons retained by the Company (all such expenses, “Registration
Expenses”), will be borne by the Company. The Company will, in any event, pay its internal expenses (including all salaries and expenses of its officers and employees performing legal or accounting duties), the expenses of any annual audit
or quarterly review, the expenses of any liability insurance and, if applicable, the expenses and fees for listing the securities to be registered on 

  
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each securities exchange on which similar securities issued by the Company are then listed. Each Investor will pay all underwriting discounts, selling commissions and transfer taxes applicable to
the sale of Registrable Securities hereunder, the fees and expenses of counsel beyond the one law firm paid for by the Company and any other Registration Expenses required by Law to be paid by such Investor pro rata on the basis of the amount of
proceeds from the sale of their securities so registered. 
 4.6. Participation Conditions. (a) No Investor may participate in
any registration hereunder that is underwritten unless such Investor (i) agrees to sell its Registrable Securities on the basis provided in any underwriting arrangements approved by the Investors (including pursuant to the terms of any
over-allotment or “green shoe” option requested by the managing underwriter(s), provided that an Investor will not be required to sell more than the number of Registrable Securities that such Investor has requested the Company to
include in any registration), (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements, lock-up or holdback agreements and other documents reasonably required under the terms of such underwriting
arrangements, so long as such provisions are substantially the same for all selling shareholders, and (iii) cooperates with the Company’s reasonable requests in connection with such registration or qualification. Notwithstanding the
foregoing, the liability of an Investor or any transferee participating in such an underwritten registration will be limited to an amount equal to the amount of gross proceeds attributable to the sale of such Investor’s Registrable Securities.

 (b) Each Investor that is participating in any registration hereunder agrees that, upon receipt of any notice from the Company of the
happening of any event of the kind described in Section 4.3(f), such Person will forthwith discontinue the disposition of its Registrable Securities pursuant to the Registration Statement until such Person receives copies of a supplemented or
amended prospectus as contemplated by such Section 4.3(f). In the event the Company gives any such notice, the applicable time period mentioned in Section 4.3(c) during which a Registration Statement is to remain effective will be extended
by the number of days during the period from and including the date of the giving of such notice pursuant to this Section 4.6(b) to and including the date when the Investors will have received the copies of the supplemented or amended
prospectus contemplated by Section 4.3(f). 
 4.7. Rule 144. (a) The Company will use its reasonable best efforts to, upon
the request of an Investor or any transferee, make publicly available such information as necessary to permit sales pursuant to Rule 144, and will use reasonable best efforts to take such further action as an Investor or any transferee may
reasonably request, all to the extent required from time to time to enable such Person to sell shares of Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by Rule 144. Upon the
request of an Investor or any transferee, the Company will deliver to such Person a written statement as to whether it has complied with such information requirements. 

  
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 (b) The Company will not issue new certificates or enter any book-entry shares for Registrable
Securities without a legend restricting further transfer unless (i) such shares have been sold to the public pursuant to an effective Registration Statement under the Securities Act or Rule 144, or (ii) (x) otherwise permitted under
the Securities Act, (y) the holder of such shares has delivered to the Company an opinion of counsel, which opinion and counsel is reasonably satisfactory to the Company, to such effect, and (z) the holder of such shares expressly requests
the issuance of such certificates or book-entry shares in writing. 
 4.8. Holdback. In consideration for the Company agreeing to its
obligations under this Agreement, each Investor (and any transferee) agrees in connection with any registration of the Company’s securities (whether or not such Person is participating in such registration) upon the request of the Company and
the underwriters managing any underwritten offering of the Company’s securities, on the same terms as all directors, officers and greater than 5% holders agree, not to effect (other than pursuant to such registration) any public sale or
distribution of Registrable Securities or make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any Registrable Securities, any other equity securities of the Company or any securities convertible into or
exchangeable or exercisable for any equity securities of the Company without the prior written consent of the Company or such underwriters, as the case may be, during such period as may be required by the managing underwriter. 

5. Miscellaneous. 
 5.1.
Termination. This Agreement will terminate, except for this Article 5 and as otherwise provided in this Agreement, on the earlier of (a) the date that the Investors no longer Beneficially Own any Common Shares and (b) upon the
written consent of the Company and the Investors. 
 5.2. Expenses. (a) Except as otherwise provided herein or in the Investment
Agreements, all expenses incurred in connection with this Agreement and the transactions contemplated hereby will be paid by the party incurring such expenses. 

(b) In the event that the Board or the chief executive officer of the Company requests that WLR or one or more of the Investors considers any
action that would be reasonably likely to require a change or amendment to this Agreement or affect their rights in any manner that is different than or in addition to the effect on shareholders generally, the Company will pay on behalf of or
reimburse each of WLR and the Investors for all of its reasonable out-of-pocket costs and expenses incident thereto, or incurred or to be incurred in connection therewith, including the actual and reasonable fees of counsel, accountants and/or other
consultants to WLR and the Investors billed at standard hourly rates and disbursements; provided, however, that promptly after the completion of the Initial Public Offering, and in any event within ten Business Days of WLR’s or
the Investors’ request therefor (accompanied by reasonable substantiating documentation), the Company will reimburse WLR and the Investors for up to $250,000 for legal expenses incurred in connection with the Initial Public Offering. 

  
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 5.3. Notice. All notices, requests, demands and other communications made under or by
reason of the provisions of this Agreement must be in writing and be given by hand delivery, email, facsimile or next Business Day courier to the affected party at the addresses and facsimile numbers set forth below or at such other addresses or
facsimile numbers as such party may have provided to the other parties in accordance herewith. Such notices will be deemed given at the time personally delivered (if delivered by hand with receipt acknowledged), upon issuance by the transmitting
machine of confirmation that the number of pages constituting the notice has been transmitted without error and confirmed telephonically (if sent by email or facsimile), and the first Business Day after timely delivery to the courier (if sent by
next-Business Day courier specifying next-Business Day delivery). 
  

	 	(a)	If to the Company, to: 

 Navigator Holdings Ltd. 

399 Park Avenue 

39th Floor 

New York, New York 10022 

Attention: David Butters 

Fax No.: 212.355.5981 

Email: davidbutters@navigatorgas.com 

With a copy (which will not constitute notice) to: 

Vinson & Elkins L.L.P. 

666 Fifth Avenue, 26th Floor 

New York, New York 10103 

Attention: Mike Rosenwasser 

Fax No.: 917.206.8100 

Email: mrosenwasser@velaw.com 
  

	 	(b)	If to any of the Investors: 

 c/o WL Ross & Co. LLC 

1166 Avenue of the Americas 

New York, NY 10036 

Attention: Wilbur L. Ross, Jr. 

Fax No.: 212.317.4893 

Email: wlross@wlross.com 

With a copy (which will not constitute notice) to: 

Jones Day 

222 East 41st Street 

New York, New York 10017 

Attention: Robert Profusek 

                Andrew Levine 

Fax No.: 212.755.7306 

Email: raprofusek@jonesday.com 

            amlevine@jonesday.com 

  
 -13- 

 5.4. Interpretation. This Agreement has been freely and fairly negotiated among the
parties. If an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties and no presumption or burden of proof will arise favoring or disfavoring any party because of the
authorship of any provision of this Agreement. When a reference is made in this Agreement to an Article or Section, such reference will be to an Article or Section of this Agreement unless otherwise indicated. The headings contained in this
Agreement are for reference purposes only and will not affect in any way the meaning or interpretation of this Agreement. Whenever the words “include,” “includes” or “including” are used in this Agreement, they will be
deemed to be followed by the words “without limitation.” “$” refers to U.S. dollars. Words used in the singular form in this Agreement will be deemed to include the plural, and vice versa, as the context may require. If the date
upon or by which any party hereto is required to perform any covenant or obligation hereunder falls on a day that is not a Business Day, then such date of performance will be automatically extended to the next Business Day thereafter. The words
“hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement will refer to this Agreement as a whole and not to any particular provision of this Agreement. Unless the context otherwise
requires, (i) “or” is disjunctive but not necessarily exclusive, (ii) the use in this Agreement of a pronoun in reference to a party hereto includes the masculine, feminine or neuter, as the context may require, and
(iii) unless otherwise defined herein, terms used herein which are defined in GAAP have the meanings ascribed to them therein. All Exhibits hereto will be deemed part of this Agreement and included in any reference to this Agreement. Any
agreement, instrument or Law defined or referred to herein means such agreement, instrument or Law as from time to time amended, modified or supplemented (and, in the case of any Law, the rules and regulations promulgated thereunder), including (in
the case of agreements or instruments) by waiver or consent and (in the case of Laws) by succession of comparable successor Laws. 
 5.5.
Governing Law. This Agreement, any claims, causes of actions or disputes (whether in contract or tort) based upon, arising out of or relating to this Agreement or the negotiation, execution or performance of this Agreement will be governed by
and construed in accordance with the Laws applicable to contracts made and to be performed entirely in the State of New York, United States of America, without regard to any applicable conflict of Laws principles. The parties hereto agree that any
action seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement will only be brought in any United States District Court located in New York County, New York so long as such court has subject
matter jurisdiction over such action, or alternatively in any New York State Court located in New York County, New York if the aforesaid United States District Courts do not have subject matter jurisdiction, and that any cause of action arising out
of this Agreement will be deemed to have arisen from a transaction of business in the State of New York, and each of the parties hereby irrevocably consents to the jurisdiction of such court (and 

  
 -14- 

 
of the appropriate appellate courts therefrom) in any such action and irrevocably waives any objection that it may now or hereafter have to the laying of the venue of any such action in any such
court or that any such action which is brought in such court has been brought in an inconvenient forum. Process in any such action may be served on any party anywhere in the world, whether within or without the jurisdiction of such court. Without
limiting the foregoing, each party agrees that service of process on such party as provided in Section 5.3 will be deemed effective service of process on such party. In the event of litigation relating to this Agreement, the non-prevailing
party will be liable and pay to the prevailing party the reasonable costs and expenses (including attorney’s fees) incurred by the prevailing party in connection with such litigation, including any appeal therefrom. 

5.6. Specific Performance. The parties agree that irreparable damage would occur in the event that any of the provisions of this
Agreement were not performed in accordance with their specific terms or were otherwise breached, that monetary damages may be inadequate and that a party may have no adequate remedy at Law. Notwithstanding Section 5.5, the parties accordingly
agree that the parties will be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement in action instituted in a United States District Court located in
New York County, New York, this being in addition to any other remedy to which such party is entitled at Law or in equity. In the event that a party seeks in equity to enforce the provisions of this Agreement, no party will allege, and each party
hereby waives the defense or counterclaim that, there is an adequate remedy at Law. 
 5.7. Successors and Assigns; Assignment. Except
as otherwise expressly provided herein, the provisions hereof will inure to the benefit of, and be binding upon, the successors, permitted assigns, heirs, executors and administrators of the parties hereto. This Agreement may not be assigned by
(a) the Company (other than by operation of Law, including in connection with a Change of Control), without the prior written consent of the Investors, or (b) any Investor without the prior written consent of the Company, except that each
Investor may assign their respective rights and obligations without such consent in connection with a transfer of its Shares to an Affiliate of such Investor, including any Affiliated fund. 

5.8. Amendment and Waiver. No amendment, waiver or other modification of, or consent under, any provision of this Agreement will be
effective against the Company, unless it is approved in writing by the Company, and no amendment, waiver or other modification of, or consent under, any provision of this Agreement will be effective against any Investor, unless it is approved in
writing by such Investor; provided that any Investor may also waive any rights or provide consent with respect to itself; provided further that notwithstanding the foregoing, the addition of an Investor as a party hereto will not
constitute an amendment hereto and may be effected by the execution of a counterpart hereto by such Investor and the Company. No waiver of any breach of any agreement or provision herein contained will be deemed a waiver of any preceding or
succeeding breach thereof or of any other agreement or provision herein contained. The failure or delay of any of the parties to assert any of its rights or remedies under this Agreement will not constitute a waiver of such rights nor will it
preclude any other or further exercise of the same or of any other right or remedy. 

  
 -15- 

 5.9. No Third-Party Beneficiaries. This Agreement is for the sole benefit of the parties
and their permitted assigns and nothing herein expressed or implied will give or be construed to give any Person, other than the parties and such assigns, any legal or equitable rights hereunder. 

5.10. Entire Agreement. This Agreement (including the exhibits hereto), the Investment Agreements and the Investors Restrictions
Agreement, dated August 9, 2012, constitute the entire agreement among the parties hereto with respect to the subject matter hereof and supersede all prior agreements, understandings, representations and undertakings, both written and oral,
among the parties with respect to the subject matter hereof and thereof, including any confidentiality agreements previously entered into by the Company, on the one hand, and WLR or any Investor, on the other hand. 

5.11. Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any Law or
public policy in any jurisdiction, all other terms and provisions of this Agreement will nevertheless remain in full force and effect so long as the economic or legal substance of the transactions and the intention of the parties with respect to the
transactions contemplated hereby is not affected in any manner materially adverse to any of the parties. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties will negotiate in good
faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent
possible. 
 5.12. Counterparts. This Agreement may be executed in two or more counterparts, each of which will be deemed an original,
but all of which will constitute one and the same agreement. This Agreement may be executed by any party hereto by means of a facsimile, email or PDF transmission of an originally executed counterpart, the delivery of which facsimile, email or PDF
transmission will have the same force and effect, except as specified in any document executed and delivered pursuant to the immediately preceding sentence, as the delivery of the originally executed counterpart. 

[Remainder of Page Intentionally Left Blank.] 

  
 -16- 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first set
forth above. 
  

			
	NAVIGATOR HOLDINGS LTD.
		
	By:	 	/s/ David J. Butters
		 	Name: David J. Butters
		 	Title: Chairman of the Board of Directors, President and Chief Executive Officer
	
	INVESTORS:
	
	WLR RECOVERY FUND IV DSS AIV, L.P.
		
	By:	 	WLR Recovery Associates IV DSS
		 	AIV, L.P., its General Partner
		
	By:	 	WLR Recovery Associates IV DSS
		 	AIV GP, Ltd., its General Partner
		
	By:	 	/s/ Wilbur L. Ross, Jr.
		 	Name: Wilbur L. Ross, Jr.
		 	Title: Managing Member
	
	WLR IV PARALLEL ESC, L.P.
		
	By:	 	 INVESCO WLR IV Associates LLC,
 its General
Partner

		
	By:	 	 Invesco Private Capital, Inc.,
 its Managing
Member

		
	By:	 	/s/ Wilbur L. Ross, Jr.
		 	Name: Wilbur L. Ross, Jr.
		 	Title: Chairman

 [Signature Page to the Investor Rights Agreement] 

 
			
	WLR RECOVERY FUND V DSS AIV, L.P.
		
	By:	 	WLR Recovery Associates V DSS
		 	AIV, L.P., its General Partner
		
	By:	 	WLR Recovery Associates V DSS
		 	AIV GP, Ltd., its General Partner
		
	By:	 	/s/ Wilbur L. Ross, Jr.
		 	Name: Wilbur L. Ross, Jr.
		 	Title: Managing Member
	
	WLR V PARALLEL ESC, L.P.
		
	By:	 	 Invesco WLR V Associates LLC,
 its General
Partner

		
	By:	 	 Invesco Private Capital, Inc.,
 its Managing
Member

		
	By:	 	/s/ Wilbur L. Ross, Jr.
		 	Name: Wilbur L. Ross, Jr.
		 	Title: Chairman
	
	WLR SELECT CO-INVESTMENT, L.P.
		
	By:	 	 WLR Select Associates DSS, L.P.,
 its General
Partner

		
	By:	 	 WLR Select Associates DSS GP, Ltd.,
 its
General Partner

		
	By:	 	/s/ Wilbur L. Ross, Jr.
		 	Name: Wilbur L. Ross, Jr.
		 	Title: Authorized Person

  
 [Signature Page to
the Investor Rights Agreement]EX-10.7

 Exhibit 10.7 

Executuion Version 
 ISIN NO
001 0665508 
 BOND AGREEMENT 

between 
 Navigator Holdings
Ltd 
 (Issuer) 
 and 

Norsk Tillitsmann ASA 

(Bond Trustee) 
 on behalf of 

the Bondholders 
 in the
bond issue 
 9.0 per cent Navigator Holdings Ltd Senior Unsecured Callable Bond Issue 2012/2017 

  
 1 

 Executuion Version 

TABLE OF CONTENTS 
  

							
			
	1	  	INTERPRETATION	  	 	3	  
			
	2	  	THE BONDS	  	 	9	  
			
	3	  	LISTING	  	 	10	  
			
	4	  	REGISTRATION IN THE SECURITIES DEPOSITORY	  	 	10	  
			
	5	  	PURCHASE AND TRANSFER OF BONDS	  	 	10	  
			
	6	  	CONDITIONS PRECEDENT	  	 	10	  
			
	7	  	REPRESENTATIONS AND WARRANTIES	  	 	12	  
			
	8	  	STATUS OF THE BONDS AND SECURITY	  	 	14	  
			
	9	  	INTEREST	  	 	14	  
			
	10	  	MATURITY OF THE BONDS AND REDEMPTION	  	 	14	  
			
	11	  	PAYMENTS	  	 	16	  
			
	12	  	ISSUER’S ACQUISITION OF BONDS	  	 	17	  
			
	13	  	COVENANTS	  	 	17	  
			
	14	  	FEES AND EXPENSES	  	 	23	  
			
	15	  	EVENTS OF DEFAULT	  	 	24	  
			
	16	  	BONDHOLDERS’ MEETING	  	 	27	  
			
	17	  	THE BOND TRUSTEE	  	 	30	  
			
	18	  	MISCELLANEOUS	  	 	32	  

  
 2 

 This agreement has been entered into on 14 December 2012 between: 

 

	(1)	NAVIGATOR HOLDINGS LTD, (a corporation existing under the laws of Marshall Islands with registration number 29140) as issuer (the “Issuer”), and 

 

	(2)	NORSK TILLITSMANN ASA, (a company existing under the laws of Norway with registration number 963 342 624) as bond trustee (the “Bond Trustee”). 

 

	1	Interpretation 

  

	1.1	Definitions 

 In this Bond Agreement, the following terms shall have the following
meanings: 
 “Account Manager” means a Bondholder’s account manager in the Securities Depository. 

“Approved Shipbroker” means any of Lorentzen & Stemoco AS, Joachim Grieg & Co AS, Inge Steensland AS,
Braemar Seascope Ltd, Fearnleys, EA Gibsons Ltd, Clarksons Ltd and Poten and Partners or such other independent reputable ship broker nominated by the Issuer and approved by the Bond Trustee from time to time. 

“Attachment” means the attachments to this Bond Agreement. 

“Bond Agreement” means this bond agreement, including any Attachments to it, each as amended from time to time. 

“Bond Issue” means the bond issue constituted by the Bonds. 

“Bondholder” means a holder of Bond(s), as registered in the Securities Depository, from time to time. 

“Bondholders’ Meeting” means a meeting of Bondholders, as set out in Clause 16. 

“Bonds” means the debt instruments issued by the Issuer pursuant to this Bond Agreement. 

“Business Day” means any day on which Norwegian banks are open for general business, and when Norwegian banks can settle
foreign currency transactions. 
 “Business Day Convention” means that no adjustment will be made, notwithstanding the
Payment Date occurs on a day that is not a Business Day, and if such date is not a Business Day, payments of interest and/or principal (as the case may be) will be made on the first following day that is a Business Day (No Adjustments of Business
Day). 
 “Call Option” shall have the meaning set out in Clause 10.2. 

  
 3 

 “Change of Control Event” means if and when any person or a group of persons
(other than WL Ross & Co LLC, a US IARD (Investment Adviser Registration Depository) with a registration number of 141854, or any indirectly or directly controlled subsidiary, fund or other entity of WL Ross & Co LLC) acting in
concert, directly or indirectly, acquires Decisive Influence over the Issuer. 
 “Current Assets” means the aggregate book
value of the Group’s assets (on a consolidated basis) which are treated as current assets in accordance with GAAP less the aggregate book value of any restricted cash (where restricted cash means cash which is Encumbered and/or blocked). 

“Current Liabilities” means the aggregate book value of the Group’s liabilities (on a consolidated basis) which
are treated as current liabilities in accordance with GAAP, excluding the current portion of long term debt. 
 “Decisive
Influence” means a person having, as a result of an agreement or through the ownership of shares or interests in another person: 
  

	 	(a)	a majority of the voting rights in that other person (excluding proxies given in connection with any shareholder meeting); or 

  

	 	(b)	a right to elect or remove a majority of the members of the board of directors of that other person. 

When determining the relevant person’s number of voting rights in the other person or the right to elect and remove members of the board
of directors, rights held by the parent company of the relevant person and the parent company’s Subsidiaries shall be included. 

“Defeasance Pledge” shall have the meaning given to it in Clause 18.2. 

“EBITDA” means (on a consolidated basis) the Group’s aggregate earnings before interest, taxes, depreciation and
amortization (to be calculated on a 12-month rolling basis) determined in accordance with GAAP. 
 “Escrow Account” means
any account opened in the name of the Issuer after the date of this Bond Agreement should this be required for compliance with the Asset Cover Ratio covenant set out in paragraph (e) of Clause 13.5, pledged and blocked on first priority as
security for the Issuer’s obligations under the Finance Documents. 
 “Escrow Account Pledge” means a pledge over any
Escrow Account opened after the date of this Bond Agreement, where the bank operating the account has waived any set-off rights and for which the Bond Trustee shall act as security agent. 

“Encumbrance” means any encumbrance, mortgage, charge, pledge, lien or other security interest securing any obligation of any
person or any other agreement or arrangement having a similar effect. 
 “Equity” means (on a consolidated basis) the
aggregate book value of the Group’s total equity treated as equity in accordance with GAAP. 

  
 4 

 “Equity Ratio” means the ratio of Equity to Total Assets. 

“Event of Default” means the occurrence of an event or circumstance specified in Clause 15.1. 

“Exchange” means (i) a securities exchange or other reputable regulated market, or (ii) Oslo Alternative Bond
Market, on which the Bonds are listed, or where the Issuer has applied for listing of the Bonds. 
 “Face Value” means the
denomination of each of the Bonds, as set out in Clause 2.2. 
 “Finance Documents” means (i) this Bond Agreement,
(ii) the agreement between the Bond Trustee and the Issuer referred to in Clause 14.2 and (iii) any other document (whether creating a security or not) which is executed at any time by the Issuer or any other person in relation to any
amount payable under this Bond Agreement. 
 “Financial Indebtedness” means any indebtedness for or in respect of: 

 

	 	(a)	moneys borrowed; 

  

	 	(b)	any amount raised by acceptance under any acceptance credit facility or dematerialized equivalent; 

  

	 	(c)	any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument; 

 

	 	(d)	the amount of any liability in respect of any lease or hire purchase contract which would, in accordance with GAAP, be treated as finance or capital lease; 

 

	 	(e)	receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis); 

  

	 	(f)	any amount raised under any other transaction (including any forward sale or purchase agreement) having the commercial effect of a borrowing; 

 

	 	(g)	any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price (and, when calculating the value of any derivative transaction, only the mark to market
value shall be taken into account); and 

  

	 	(h)	(without double counting) the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in paragraphs (a) to (g) above. 

“Financial Statements” means the audited unconsolidated and consolidated annual financial statements of the Issuer for any
financial year, drawn up according to GAAP, such accounts to include a profit and loss account, balance sheet, cash flow statement and management commentary or report from the Board of Directors. 

  
 5 

 “GAAP” means the generally accepted accounting practice and principles in the
United States of America, or, if applied by the Issuer, the IFRS, in force from time to time. 
 “Group” means the Issuer
and its Subsidiaries, and a “Group Company” means the Issuer or any of its Subsidiaries. 
 “IFRS” means
international accounting standards within the meaning of IAS Regulation 1606/2002. 
 “Interest Coverage Ratio”
means the ratio of EBITDA to Net Interest Cost. 
 “Interest Payment Date” means 18 June and 18 December each
year and the Maturity Date. Any adjustment will be made according to the Business Day Convention. 
 “Interim Accounts”
means the unaudited consolidated quarterly financial statements of the Issuer for any quarter ending on a Quarter Date, drawn up according to GAAP. 

“ISIN” means International Securities Identification Number – the identification number of the Bond Issue. 

“Issue Date” means 18 December 2012. 

“Issuer’s Bonds” means any Bonds owned by the Issuer, any person or persons who has Decisive Influence over the Issuer,
or any person or persons over whom the Issuer has Decisive Influence. 
 “Liquidity” means the aggregate book value of the
Group’s freely available and unrestricted cash and cash equivalents (on a consolidated basis), free of any Encumbrance. 

“Manager” means any of the managers for the Bond Issue. 

“Market Value” means the aggregate fair market value of the Group’s vessels. The valuations shall be conducted without
physical inspection at the Issuer’s expense by two Approved Shipbrokers, and shall be made on the basis of a voluntary sale between a willing buyer and a willing seller, free of any charter or employment contract. The valuation shall be dated
no earlier than 30 days prior to the relevant Quarter Date (being 30 June and 31 December), and shall indicate the vessels’ value per same date for all vessels, and such valuation shall be made available to the Bond Trustee semi-annually
on each relevant Reporting Date. The aggregate value shall be the arithmetic mean of the two valuations. 
 “Material Adverse
Effect” means an event or circumstance which has a material adverse effect on: (a) the business, financial condition or operations of the Issuer and/or the Group taken as a whole, (b) the Issuer’s ability to perform and
comply with its obligations under the Finance Documents; or (c) the validity or enforceability of any of the Finance Documents. 

“Maturity Date” means 18 December 2017. Any adjustment will be made according to the Business Day Convention. 

  
 6 

 “Net Interest Cost” means on a consolidated basis the aggregate gross cash
interest costs of the Group related to the Group’s interest bearing debt less the aggregate gross cash interest income of the Group according to GAAP (to be calculated on a 12-month rolling basis). 

“New Equity” means the issuance of new shares with net proceeds of minimum USD 75,000,000 for the purpose of
financing the Transaction in part. 
 “NOK” means Norwegian kroner, being the lawful currency in Norway. 

“Outstanding Bonds” means the Bonds not redeemed or otherwise discharged. 

“Party” means a party to this Bond Agreement (including its successors and permitted transferees). 

“Paying Agent” means Nordea Bank Norge ASA the legal entity appointed by the Issuer to acts as its paying agent in the
Securities Registry with respect to the Bonds. 
 “Payment Date” means a date for payment of principal or interest under
this Bond Agreement. 
 “Permitted Financial Indebtedness” means the following: 

 

	 	(i)	the USD 80 million secured term loan facility dated 1 April 2011 entered into between Navigator Gas LLC, Navigator Saturn LLC, Navigator Leo LLC and Navigator Libra LLC as borrowers and Nordea Bank Finland PLC
and Skandinaviska Enskilda Banken AB (publ) as lenders; 

  

	 	(ii)	the USD 180 million secured term loan facility dated 18 April 2012 entered into between Navigator Gas LLC as borrower and DVB Bank SE Nordic Branch, Nordea Bank Finland PLC and Skandinaviska Enskilda Banken AB
(publ) as lenders; 

  

	 	(iii)	the USD 270 million secured term loan facility to be entered into based on a commitment letter dated 13 November 2012 with Navigator Gas LLC as borrower and DVB Bank SE Nordic Branch, Nordea Bank Finland Plc.
and Skandinaviska Enskilda Banken AB (publ) as lenders; 

  

	 	(iv)	the USD 120 million secured term loan facility to be entered into based on a commitment letter dated 2 November 2012 with four SPV Group Companies (to be established) and/or Navigator Gas L.L.C as borrowers
and China EXIM and Credit Agricole CIB as arrangers; 

  

	 	(v)	future secured financial indebtedness provided by commercial banks or other financial institutions or funds with the purpose of financing additional vessel(s) (including the current two Indonesian vessels
(“Navigator Aries” and “Navigator Pluto”); and 

  

	 	(vi)	 any refinancing, amendments or replacements of any of (i)-(iv) above provided by commercial banks or other financial institutions or funds from
time to time, however, the refinanced amount shall (a) under the relevant facility in (iii) and (iv) above, not exceed the full amount outstanding, 

  
 7 

	 	
available and/or committed (less any commitments made in respect of vessels no longer forming part of such relevant financing) if such facility has not previously been fully drawn, and
(b) otherwise not exceed the amount outstanding under the relevant facility at the time of such refinancing, and any refinancing, amendments or replacements shall be subject to the original amortization schedule of the relevant facility (except
for the bullet payment). 

 “Quarter Date” means each 31 March, 30 June, 30 September and 31
December. 
 “Reporting Date” means each date on which the Issuer makes its Financial Statements or Interim
Accounts available to the Bond Trustee and on its webpages pursuant to Clause 13.2.1 (c) and (d). 
 “Securities
Depository” means the securities depository in which the Bond Issue is registered, being Verdipapirsentralen ASA (VPS) in Norway. 

“Security Agent” means (if applicable) the Bond Trustee in its capacity as security agent and/or security trustee pursuant to
Clause 17.4. 
 “Security and Covenant Defeasance” shall have the meaning given to it in Clause 18.2. 

“Stamdata” means the web site www.stamdata.no, maintained by the Bond Trustee. 

“Subsidiary” means a company over which another company has Decisive Influence. 

“Total Assets” means (on a consolidated basis) the aggregate book value of the Group’s total assets treated as assets in
accordance with GAAP. 
 “Total Interest-Bearing Debt” means (on a consolidated basis) the aggregate book
value of the Group’s total interest-bearing debt in accordance with GAAP. 
 “Transaction” means the Group’s
acquisition of 11 handy-size LPG-vessels pursuant to to a Framework Agreement dated 14 November 2012 entered into between Maersk Handy Gas Pte Ltd, A. P. Moller Singapore Pte Ltd, Live Oak Company Limited, Navigator Holdings LTD and Navigator
Gas L.L.C. 
 “US Securities Act” means the U.S. Securities Act of 1933, as amended. 

“USD” means US Dollars, being the legal currency of the United States of America. 

“Voting Bonds” means the Outstanding Bonds less the Issuer’s Bonds. 

“Working Capital” means Current Assets less Current Liabilities. 

 

	1.2	Construction 

 In this Bond Agreement, unless the context otherwise requires: 

 

	 	(a)	headings are for ease of reference only; 

  

	 	(b)	words denoting the singular number shall include the plural and vice versa; 

  
 8 

	 	(c)	references to Clauses are references to the Clauses of this Bond Agreement; 

  

	 	(d)	references to a time is a reference to Oslo time unless otherwise stated herein; 

  

	 	(e)	references to a provision of law is a reference to that provision as it may be amended or re-enacted, and to any regulations made by the appropriate authority pursuant to such law, including any determinations, rulings,
judgments and other binding decisions relating to such provision or regulation; 

  

	 	(f)	an Event of Default is “continuing” if it has not been remedied or waived; and 

  

	 	(g)	references to a “person” shall include any individual, firm, company, corporation, government, state or agency of a state or any association, trust, joint venture, consortium or partnership (whether or
not having separate legal personality). 

  

	2	The Bonds 

  

	2.1	Binding nature of this Bond Agreement 

  

	2.1.1	By virtue of being registered as a Bondholder (directly or indirectly) with the Securities Depository, the Bondholders are bound by the terms of this Bond Agreement and any other Finance Document, without any further
action required to be taken or formalities to be complied with, see also Clause 18.1. 

  

	2.1.2	This Bond Agreement is available to anyone and may be obtained from the Bond Trustee or the Issuer. The Issuer shall ensure that this Bond Agreement is available to the general public throughout the entire term of the
Bonds. This Bond Agreement may be published on Stamdata or such other venues as decided by the Bond Trustee. 

  

	2.2	The Bonds 

 The Issuer has resolved to issue a series of Bonds in the maximum amount of
USD 125,000,000 (USD onehundredandtwentyfivemillion). 
 The Face Value is USD 200,000. The Bonds shall rank pari passu between themselves.

 The Bond Issue will be described as “9.0 per cent Navigator Holdings Ltd Senior Unsecured Callable Bond Issue 2012/2017”. 

The ISIN of the Bond Issue will be NO 001 066550.8. 

The tenor of the Bonds is from and including the Issue Date to the Maturity Date. 

  
 9 

	2.3	Purpose and utilization 

 The net proceeds of the Bonds shall be applied (i) to
partly finance the Transaction, (ii) to finance the Group’s further fleet expansion, and (iii) for the Group’s general corporate purposes. 
  

	3	Listing 

  

	3.1	The Issuer shall apply for listing of the Bonds on Oslo Børs or, at the discretion of the Issuer, on Oslo Børs ASA’s Alternative Bond Market (“ABM”). 

 

	3.2	If the Bonds are listed, the Issuer shall ensure that the Bonds remain listed until they have been discharged in full. 

  

	4	Registration in the Securities Depository 

  

	4.1	The Bond Issue and the Bonds shall prior to disbursement be registered in the Securities Depository according to the Norwegian Securities Depository Act (Act 2002/64) and the terms and conditions of the Securities
Depository. 

  

	4.2	The Issuer shall ensure that correct registration in the Securities Depository is made and shall notify the Securities Depository of any changes in the terms and conditions of this Bond Agreement. The Bond Trustee shall
receive a copy of the notification. The registration may be executed by the Paying Agent. 

  

	4.3	The Bonds have not been registered under the US Securities Act, and the Issuer is under no obligation to arrange for registration of the Bonds under the US Securities Act. 

 

	5	Purchase and transfer of Bonds 

  

	5.1	Bondholders may be subject to purchase or transfer restrictions with regard to the Bonds, as applicable from time to time under local laws to which a Bondholder may be subject (due e.g. to its nationality, its
residency, its registered address, its place(s) for doing business). Each Bondholder must ensure compliance with applicable local laws and regulations at its own cost and expense. 

 

	5.2	Notwithstanding the above, a Bondholder which has purchased the Bonds in breach of applicable mandatory restrictions may nevertheless utilize its rights (including, but not limited to, voting rights) under this Bond
Agreement. 

  

	6	Conditions Precedent 

  

	6.1	Disbursement of the net proceeds of the Bonds to the Issuer will be subject to the Bond Trustee having received the documents listed below, in form and substance satisfactory to it, at least two Business Days prior to
the Issue Date: 

  

	 	(a)	this Bond Agreement, duly executed by all parties thereto; 

  

	 	(b)	 a certificate from the Issuer (and any further documentation in relation hereto that the Bond Trustee reasonably may require) evidencing that
(i) the Transaction is agreed and that the framework agreement between Navigator 

  
 10 

	 	
Holdings Ltd. and A.P. Moeller Maersk A/S has been signed; (ii) that the facilities described in (iii) and (iv) under Permitted Financial Indebtedness have been fully committed and
that the Commitment Letters for this purpose were signed on 2 and 13 November 2012, and (iii) that the New Equity is irrevocably and fully committed and that equity commitment letter(s) were signed on 16 November 2012;

  

	 	(c)	certified copies of all necessary corporate resolutions of the Issuer to issue the Bonds and execute the Finance Documents; 

  

	 	(d)	a power of attorney from the Issuer to relevant individuals for their execution of the relevant Finance Documents, or extracts from the relevant register or similar documentation evidencing such individuals’
authorisation to execute the Finance Documents on behalf of the Issuer; 

  

	 	(e)	certified copies of (i) the Certificate of Incorporation or other similar official document for the Issuer, evidencing that it is validly registered and existing and (ii) the articles of incorporation and
by-laws; 

  

	 	(f)	the Issuer’s latest Financial Statements and Interim Accounts (if any); 

  

	 	(g)	confirmation from the Manager that the requirements set out in Chapter 7 of the Norwegian Securities Trading Act (implementing the EU prospectus directive (2003/71 EC) concerning prospectuses have been fulfilled;

  

	 	(h)	to the extent necessary, any public authorisations required for the Bond Issue; 

  

	 	(i)	a certificate confirming that no Event of Default has occurred and is continuing; 

  

	 	(j)	confirmation from the Paying Agent that the Bonds have been registered in the Securities Depository; 

  

	 	(k)	the Bond Trustee fee agreement set out in Clause 14.2, duly executed; 

  

	 	(l)	copies of any written documentation used in the marketing of the Bonds or made public by the Issuer or the Manager in connection with the Bond Issue; 

 

	 	(m)	documentation evidencing the Issuer’s appointment of a process agent in Norway as set out in Clause 18.8; and 

  

	 	(n)	any statements or legal opinions reasonably required by the Bond Trustee (including any capacity corporate opinions for the Issuer and opinions related to the validity and enforceability of the Finance Documents).

  

	6.2	The Bond Trustee may, in its reasonable opinion, waive the deadline or requirements for documentation as set out in Clause 6.1. 

  
 11 

	6.3	Disbursement of the net proceeds from the Bonds is subject to the Bond Trustee’s written notice to the Issuer, the Manager and the Paying Agent that the documents have been controlled and that the required
conditions precedent are fulfilled. 

  

	6.4	On the Issue Date, subject to i) that no Event of Default has occurred and is continuing and ii) receipt of confirmation from the Bond Trustee pursuant to Clause 6.3, the Manager shall make the net proceeds from the
Bond Issue available to the Issuer. 

  

	7	Representations and Warranties 

  

	7.1	The Issuer represents and warrants to the Bond Trustee that: 

  

	 	(a)	Status 

 It is a limited liability company, duly domesticated and validly existing and
registered under the laws of the Marshall Islands, and has the power to own its assets and carry on its business as it is being conducted. 
  

	 	(b)	Power and authority 

 It has the power to enter into, perform and deliver, and has taken
all necessary action to authorise its entry into, performance and delivery of, this Bond Agreement and any other Finance Document to which it is a party and the transactions contemplated by those Finance Documents. 

 

	 	(c)	Valid, binding and enforceable obligations 

 This Bond Agreement and each other Finance
Document to which it is a party constitutes (or will constitute, when executed by the respective parties thereto) its legal, valid and binding obligations, enforceable in accordance with their respective terms, and (save as provided for therein) no
further registration, filing, payment of tax or fees or other formalities are necessary or desirable to render the said documents enforceable against it. 
  

	 	(d)	Non-conflict with other obligations 

 The entry into and performance by it of this Bond
Agreement and any other Finance Document to which it is a party and the transactions contemplated thereby do not and will not conflict with (i) any law or regulation or judicial or official order; (ii) its constitutional documents; or
(iii) any agreement or instrument which is binding upon it or any of its assets. 
  

	 	(e)	No Event of Default 

  

	 	(i)	No Event of Default exists or is likely to result from the making of any drawdown under this Bond Agreement or the entry into, the performance of, or any transaction contemplated by, any Finance Document.

  

	 	(ii)	No other event or circumstance is outstanding which constitutes (or with the expiry of a grace period, the giving of notice, the making of any determination or any combination of any of the foregoing, would constitute)
a default or termination event (howsoever described) under any other agreement or instrument which is binding on it or any of its Subsidiaries or to which its (or any of its Subsidiaries’) assets are subject which has or is likely to have a
Material Adverse Effect. 

  
 12 

	 	(f)	Authorizations and consents 

 All authorisations, consents, approvals, resolutions,
licenses, exemptions, filings, notarizations or registrations required: 
  

	 	(i)	to enable it to enter into, exercise its rights and comply with its obligations under this Bond Agreement or any other Finance Document to which it is a party; and 

 

	 	(ii)	to carry on its business as presently conducted and as contemplated by this Bond Agreement, 

have been obtained or effected and are in full force and effect. 
  

	 	(g)	Litigation 

 No litigation, arbitration or administrative proceedings or investigations
of or before any court, arbitral body or agency which, if adversely determined, is likely to have a Material Adverse Effect have (to the best of its knowledge and belief) been started or threatened against it or any of its Subsidiaries. 

 

	 	(h)	Financial Statements 

 Its most recent Financial Statements and Interim Accounts fairly
and accurately represent the assets and liabilities and financial condition as at their respective dates, and have been prepared in accordance with GAAP, consistently applied. 
  

	 	(i)	No Material Adverse Effect 

 Since the date of the Financial Statements, there has been
no change in its business, assets or financial condition that is likely to have a Material Adverse Effect. 
  

	 	(j)	No misleading information 

 Any factual information provided by it to the subscribers or
the Bond Trustee for the purposes of this Bond Issue was true and accurate in all material respects as of the date it was provided or as of the date (if any) at which it is stated. 

 

	 	(k)	No withholdings 

 The Issuer is not required to make any deduction or withholding from
any payment which it may become obliged to make to the Bond Trustee or the Bondholders under this Bond Agreement. 
  

	 	(l)	Pari passu ranking 

 Its payment obligations under this Bond Agreement or any other
Finance Document to which it is a party rank at least pari passu as set out in Clause 8.1. 
  

	 	(m)	Security 

 No Encumbrance exists over any of the present assets of any Group Company in
conflict with this Bond Agreement. 

  
 13 

	7.2	The representations and warranties set out in Clause 7.1 are made on the execution date of this Bond Agreement, and shall be deemed to be repeated on the Issue Date and on each Interest Payment Date. 

 

	8	Status of the Bonds and security 

  

	8.1	The Bonds shall constitute senior debt obligations of the Issuer. The Bonds shall rank at least pari passu with all other senior unsecured debt of the Issuer (save for such claims which are preferred by
bankruptcy, insolvency, liquidation or other similar laws of general application) and shall rank ahead of subordinated debt. 

  

	8.2	The Bonds are, except for the Excrow Account Pledge, unsecured. 

  

	9	Interest 

  

	9.1	The Issuer shall pay interest on the par value of the Bonds from, and including, the Issue Date at a fixed rate of nine per cent. (9 %) per annum (the “Fixed Rate”). 

 

	9.2	Interest payments shall be made semi annually in arrears on the Interest Payment Dates each year, the first Interest Payment Date being 18 June 2013. 

 

	9.3	The relevant interest payable amount shall be calculated based on a period from, and including, one Interest Payment Date to, but excluding, the next following applicable Interest Payment Date. 

 

	9.4	The day count fraction in respect of the calculation of the payable interest amount shall be “30/360” (“Fixed Rate Day Count Fraction”), which means that the number of days in the calculation
period in respect of which payment is being made divided by 360 (the number of days to be calculated on the basis of a year of 360 days with twelve 30-days months (unless (i) the last day of the calculation period is the 31st day of a month but
the first day of the calculation period is a day other than the 30th or 31st day of a month, in which case the month that includes that last day shall not be considered to be shortened to a 30-day month, or (ii) the last day of the calculation
period is the last day of the month of February, in which case the month of February shall not be considered to be lengthened to a 30-day month)). 

  

	9.5	The payable interest amount per Bond for a relevant calculation period shall be calculated as follows: 

  

													
	Interest	  	=	  	Face	  	x	  	Fixed	  	x	  	Fixed Rate
	 Amount
 Fraction
	  		  	Value	  		  	Rate	  		  	Day Count

  

	10	Maturity of the Bonds and Redemption 

  

	10.1	Maturity 

 The Bonds shall mature in full on the Maturity Date, and shall be repaid at
100% of par value by the Issuer. 
  

	10.2	Call Option 

  
 14 

	10.2.1	The Issuer may redeem the Bond Issue in whole or in part as follows (Call Option): 

  

	 	(a)	at any time from and including the Interest Payment Day in December 2015 to, but not including, the Interest Payment Day in December 2016 at a price equal to 104.00% of par value (plus accrued interest on the redeemed
amount), 

  

	 	(b)	at any time from and including the Interest Payment Day in December 2016 to, but not including, the Interest Payment Day in June 2017 at a price equal to 102.00% of par value (plus accrued interest on the redeemed
amount); and 

  

	 	(c)	at any time from and including the Interest Payment Day in June 2017 to, but not including, the Maturity Date at a price equal to 101.00% of par value (plus accrued interest on the redeemed amount) 

 

	10.2.2	Exercise of the Call Option shall be notified by the Issuer in writing to the Bond Trustee and the Bondholders at least thirty (30) Business Days prior to the settlement date of the Call Option. 

 

	10.2.3	Partial redemption must be carried out pro rata (in accordance with the procedures of the Securities Depository). 

  

	10.2.4	On the settlement date of the Call Option, the Issuer shall pay to each of the Bondholders holding Bonds to be redeemed, in respect of each such Bond, the principal amount of such Bond (including any premium as stated
above) and any unpaid interest accrued up to the settlement date. 

  

	10.2.5	Bonds redeemed by the Issuer in accordance with this Clause 10.2 shall be discharged against the Outstanding Bonds. 

  

	10.3	Change of control 

  

	10.3.1	Upon a Change of Control Event occurring, each Bondholder shall have a right of prepayment (a “Put Option”) of its Bonds at a price of 101.00 % of par value (plus accrued interest on
the redeemed amount). 

  

	10.3.2	The Put Option must be exercised within 60 calendar days after the Issuer has given notification to the Bond Trustee of a Change of Control Event. Such notification shall be given as soon as possible after a Change of
Control Event has taken place. 

  

	10.3.3	The Put Option may be exercised by each Bondholder by giving written notice of the request to its Account Manager. The Account Manager shall notify the Paying Agent of the redemption request. The settlement date of the
Put Option shall be within 75 calendar days following the notice of a Change of Control Event. 

  

	10.3.4	On the settlement date of the Put Option, the Issuer shall pay to each of the Bondholders holding Bonds to be redeemed, the principal amount of each such Bond (including any premium pursuant to Clause 10.3.1) and any
unpaid interest accrued up to the settlement date. 

  
 15 

	11	Payments 

  

	11.1	Covenant to pay 

  

	11.1.1	The Issuer will on any Payment Date (or any other due date pursuant to any Finance Document) unconditionally pay to or to the order of the Bond Trustee all amounts due under this Bond Agreement or any other Finance
Document. 

  

	11.1.2	The covenant contained in Clause 11.1.1 shall be for the benefit of the Bond Trustee and the Bondholders. 

  

	11.2	Payment mechanics 

  

	11.2.1	If no specific order is made by the Bond Trustee under Clause 11.1.1, the Issuer shall pay all amounts due to the Bondholders under this Bond Agreement or any other Finance Document by crediting the bank account
nominated by each Bondholder in connection with its securities account in the Securities Depository. 

  

	11.2.2	Payment shall be deemed to have been made once the amount has been credited to the bank which holds the bank account nominated by the Bondholder in question, but if the paying bank and the receiving bank are the same,
payment shall be deemed to have been made once the amount has been credited to the bank account nominated by the Bondholder in question, see however Clause 11.3. 

  

	11.2.3	In case of irregular payments, the Bond Trustee may instruct the Issuer or Bondholders of other payment mechanisms than described in Clause 11.2.1 or 11.2.2 above. The Bond Trustee may also obtain payment information
regarding Bondholders’ accounts from the Securities Depository or Account Managers. 

  

	11.2.4	Subject to Clause 11.3, payment by the Issuer in accordance with this Clause 11.2 shall constitute good discharge of its obligations under Clause 11.1.1. 

 

	11.3	Currency 

  

	11.3.1	If the Bonds are denominated in other currencies than NOK, each Bondholder has to provide the Paying Agent (either directly or through its Account Manager) with specific payment instructions, including foreign exchange
bank account details. Depending on any currency exchange settlement agreements between each Bondholder’s bank and the Paying Agent, cash settlement may be delayed, and payment shall be deemed to have been made at the date of the cash
settlement, provided however, that no default interest or other penalty shall accrue for the account of the Issuer. 

  

	11.3.2	Except as otherwise expressly provided, all amounts payable under this Bond Agreement and any other Finance Document shall be payable in the same currency as the Bonds are denominated in. If, however, the Bondholder has
not given instruction as set out in Clause 11.3.1 within five Business Days prior to a Payment Date, the cash settlement will be exchanged into NOK and credited to the NOK bank account registered with the Bondholder’s account in the Securities
Depository. 

  
 16 

	11.3.3	Amounts payable in respect of costs, expenses, taxes and other liabilities of a similar nature shall be payable in the currency in which they are incurred. 

 

	11.4	Set-off and counterclaims 

 The Issuer may not apply or perform any counterclaims or
set-off against any payment obligations pursuant to this Bond Agreement or any other Finance Document. 
  

	11.5	Interest in the event of late payment 

  

	11.5.1	In the event that any amount due under this Bond Agreement or any Finance Document is not made on the relevant due date, the unpaid amount shall bear interest from the due date at an interest rate equivalent to the
interest rate according to Clause 9 plus five per cent. (5.00 %) per annum. 

  

	11.5.2	The interest charged under this Clause 11.5 shall be added to the defaulted amount on each respective Interest Payment Date relating thereto until the defaulted amount has been repaid in full. 

 

	11.5.3	The unpaid amounts shall bear interest as stated above until payment is made, whether or not the Bonds are declared to be in default pursuant to Clause 15.1(a), cf. Clauses 15.2 - 15.4. 

 

	11.6	Partial payments 

 If the Bond Trustee or the Paying Agent receives a payment that is
insufficient to discharge all the amounts then due and payable under the Finance Documents, that payment shall be applied in the following order: 
  

	 	(a)	first, in or towards payment of any unpaid fees, costs and expenses of the Bond Trustee under the Finance Documents; 

  

	 	(b)	secondly, in or towards payment of any accrued interest due but unpaid under the Bond Agreement, pro rata and without any preference or priority of any kind; and 

 

	 	(c)	thirdly, in or towards payment of any principal due but unpaid under the Bond Agreement, pro rata and without any preference or priority of any kind. 

 

	12	Issuer’s acquisition of Bonds 

 The Issuer has the right to acquire and own Bonds
(Issuer’s Bonds). The Issuer’s holding of Bonds may at the Issuer’s discretion be retained by the Issuer, sold or discharged. 
  

	13	Covenants 

  

	13.1	General 

  
 17 

	13.1.1	The Issuer undertakes from the date of this Bond Agreement and until such time that no amounts are outstanding under this Bond Agreement or any other Finance Document, to the Bond Trustee, as further set out in this
Clause 13. 

  

	13.2	Information Covenants 

  

	13.2.1	The Issuer shall: 

  

	 	(a)	without being requested to do so, promptly inform the Bond Trustee in writing of any Event of Default, any event or circumstance which the Issuer understands or ought to understand may lead to an Event of Default and
any other event which may have a Material Adverse Effect; 

  

	 	(b)	without being requested to do so, inform the Bond Trustee in writing if the Issuer agrees to sell or dispose of all or a substantial part of its assets or operations, or change the nature of its business;

  

	 	(c)	without being requested to do so, prepare Financial Statements and make them directly available to the Bond Trustee and on its website in the English language (alternatively by arranging for publication at Stamdata) as
soon as they become available, and not later than 120 days after the end of the relevant financial year; 

  

	 	(d)	without being requested to do so, prepare Interim Accounts and make them directly available to the Bond Trustee and on its website in the English language (alternatively by arranging for publication on Stamdata) as soon
as they become available, and not later than 60 days after the end of the relevant quarter; 

  

	 	(e)	at the request of the Bond Trustee, report the balance of the Issuer’s Bonds; 

  

	 	(f)	without being requested to do so, send the Bond Trustee copies of any statutory notifications of the Issuer, including but not limited to in connection with mergers, de-mergers and reduction of the Issuer’s share
capital or equity; 

  

	 	(g)	if the Bonds are listed on an exchange, without being requested to do so, send a copy to the Bond Trustee of its notices to the Exchange; 

 

	 	(h)	if the Issuer and/or the Bonds are rated, without being requested to do so, inform the Bond Trustee of its and/or the rating of the Bond Issue, and any changes to such rating; 

 

	 	(i)	without being requested to do so, inform the Bond Trustee of changes in the registration of the Bonds in the Securities Depository; and 

 

	 	(j)	within a reasonable time, provide such information about the Issuer’s business, assets and financial condition as the Bond Trustee may reasonably request. 

  
 18 

	13.2.2	The Issuer shall in connection with the publication of its financial reports under Clause 13.2.1(c) and (d), confirm to the Bond Trustee in writing the Issuer’s compliance with the covenants in this Clause 13,
unless the Bond Trustee explicitly waives such requirement. Such confirmation shall be undertaken in a certificate, substantially in the form set out in Attachment 1 hereto, signed by the Chief Executive Officer or Chief Financial Officer of the
Issuer (a “Compliance Certificate”). In the event of non-compliance, the Compliance Certificate shall describe the non-compliance, the reasons therefore as well as the steps which the Issuer has taken and will take in order to
rectify the non-compliance. 

  

	13.3	General Covenants 

  

	 	(a)	Pari passu ranking 

 The Issuer shall ensure that its obligations under this Bond
Agreement and any other Finance Document shall at all time rank at least pari passu as set out in Clause 8.1. 
  

	 	(b)	Mergers 

 The Issuer shall not, and shall ensure that no other Group Company shall, carry
out any merger or other business combination or corporate reorganization involving a consolidation of the assets and obligations of the Issuer or any of its Subsidiaries with any other companies or entities not being a member of the Group if such
transaction would have a Material Adverse Effect. 
  

	 	(c)	De-mergers 

 The Issuer shall not, and shall ensure that no other Group Company shall,
carry out any de-merger or other corporate reorganization involving a split of the Issuer or any of its Subsidiaries into two or more separate companies or entities, if such transaction would have a Material Adverse Effect. 

 

	 	(d)	Continuation of business 

 The Issuer shall not, and shall ensure that no other Group
Company shall, cease to carry on its business, if such cessation would have a Material Adverse Effect. The Issuer shall procure that no material change is made to the general nature or scope of the business of the Group from that carried on at the
date of this Bond Agreement, or as contemplated by this Bond Agreement. 
  

	 	(e)	Disposal of business 

 The Issuer shall not, and shall procure that no other Group
Company shall, sell or otherwise dispose of all or a substantial part of the Group’s assets or operations, unless: 
  

	 	(i)	the transaction is carried out at fair market value, on terms and conditions customary for such transactions; and 

  

	 	(ii)	such transaction would not have a Material Adverse Effect. 

  
 19 

 In the event that: 

(i) a Group Company sells or disposes of one or more vessels and/or shares in a Group Company owning (directly or indirectly) a vessel (or
takes any other action which has the similar effect as a sale or disposal of a vessel or dilution of the ownership interest in a vessel), excluding any intra-Group transactions; 

(ii) the Equity Ratio is less than 35% (but more than 30%, cf Clause 13.5(d)) on the Quarter Date immediately prior to such disposal; and 

(iii) any net proceeds realized from such sale or disposal (following repayment of any relevant Permitted Financial Indebtedness pertaining to
the relevant asset) has not been re-invested in one or more second-hand vessels within 180 days from receipt of such proceeds, 
 the Issuer
undertakes to promptly apply not less than 50% of such net proceeds (i.e. gross proceeds less ordinary cost and fees in accordance with such disposal) towards prepayment of any Permitted Financial Indebtedness. 

 

	 	(f)	Arm’s length transactions 

 The Issuer shall not, and the Issuer shall ensure that
no other Group Company shall, enter into directly or indirectly any transaction with any person (without limitation, the purchase, sale or exchange of assets or the rendering of any service) except in the ordinary course of business and pursuant to
the reasonable requirement of the Issuer’s or such Group Company’s business, upon fair and reasonable terms and for fair market value that are no less favorable to the Issuer or such Group Company, as the case may be, than those which
might be obtained in an arm’s length transaction at the time. 
  

	 	(g)	Corporate status 

 The Issuer shall not change its type of organization or jurisdiction
of incorporation without the prior written consent of the Bond Trustee. 
  

	 	(h)	Compliance with laws 

 The Issuer shall, and shall ensure that all other Group Companies
shall, carry on its business in accordance with acknowledged, careful and sound practices in all material aspects and comply in all material respects with all laws and regulations it or they may be subject to from time to time. 

 

	13.4	Special covenants 

  

	 	(a)	Dividends and other distributions 

 The Issuer shall not declare or make any dividend
payment, repurchase of shares or make other distributions or payments to its shareholders (other than servicing of loans provided by shareholders, cf. Clause f) “Subordinated loans” below), whether in cash or in kind, including without
limitation any total return swaps or instruments with similar effect (a “Distribution”) (other than in respect of services rendered and/or transactions done in the ordinary course and on market terms for an amount of up to USD
2 million per calendar year) until after 31 December 2013. Thereafter the Issuer shall not declare or make any Distribution exceeding 50% of Issuer’s consolidated net profit after taxes based on the audited annual accounts for the
previous financial year, however always provided that the Group on a consolidated basis is in pro-forma compliance with an Equity Ratio of minimum 35% immediately after giving effect to such Distribution paid or declared. 

  
 20 

	 	(b)	Subsidiaries’ distributions 

 Save for obligations under the Permitted Financial
Indebtedness, the Issuer shall not permit any Group Company to create or permit to exist any contractual obligation (or encumbrance) restricting the right of any Group Company to (i) pay dividends or make other distributions to its
shareholders, (ii) service any Financial Indebtedness to the Issuer, or (iii) make any loans to the Issuer, if the creation of such contractual obligation is reasonably likely to prevent the Issuer from complying with its payment
obligations under this Bond Agreement. 
  

	 	(c)	Negative pledge 

 The Issuer shall not, and shall ensure that no other Group Company
shall, create, permit to subsist or allow to exist any Encumbrance over any of its present or future respective assets (including shares in Subsidiaries) or its revenues, other than the Encumbrances granted to secure any of the following: 

 

	 	(i)	this Bond Issue; 

  

	 	(ii)	the Permitted Financial Indebtedness; 

  

	 	(iii)	any derivative transactions related to the Issuer’s hedging policy; and 

  

	 	(iv)	any lien arising by operation of law. 

  

	 	(d)	Financial Indebtedness restrictions 

 The Issuer shall not, and shall ensure that no
other Group Company shall, incur, create or permit to subsist any Financial Indebtedness other than: 
  

	 	(i)	this Bond Issue; 

  

	 	(ii)	any unsecured Financial Indebtedness with the Issuer as borrower provided as a subordinated loan cf. clause (f) below; 

  

	 	(iii)	the Permitted Financial Indebtedness; 

  

	 	(iv)	any unsecured intra-group loans granted by any member of the Group; 

  

	 	(v)	any derivative transactions related to the Issuer’s hedging policy; and 

  

	 	(vi)	any Financial Indebtedness incurred in the ordinary course of business for an amount of up to USD 10 million. 

  
 21 

	 	(e)	Financial support restrictions 

 The Issuer shall not, and shall ensure that no other
Group Company shall, grant any loans, guarantees or other financial assistance (including, but not limited to granting of security) (“Financial Support”) to or for the benefit of any third party or other Group Companies, other than:

  

	 	(i)	unsecured intra-group loans granted by any Group Company to another Group Company; 

  

	 	(ii)	Financial Support in the ordinary course of business; and 

  

	 	(iii)	Financial Support in connection with Permitted Financial Indebtedness. 

  

	 	(f)	Subordinated loans 

 The Issuer shall ensure that any existing and future loans from a
shareholder of the Issuer or any subordinated loans from a third party to the Issuer shall be subordinated to the Bonds. For the avoidance of doubt, any such loans may be serviced as long as (i) no Event of Default is in existence, or
(ii) no cure period has commenced but not expired under the Bond Agreement. 
  

	 	(g)	Insurances 

 The Issuer shall, and the Issuer shall ensure that each Group Company will,
maintain with financially sound and reputable insurance companies, funds or underwriters adequate insurance or captive arrangements with respect to its assets, equipment and business against such liabilities, casualties and contingencies and of such
types and in such amounts as are consistent with prudent business practice in their relevant jurisdiction including, but not limited to, insurance for all the Group’s vessels in accordance with the requirements of the Permitted Financial
Indebtedness. 
  

	13.5	Financial covenants 

 The Issuer undertakes to comply with the following financial
covenants during the term of the Bond Issue: 

  
 22 

	 	(a)	Minimum Liquidity: The Issuer shall ensure that the Group maintains a Liquidity of no less than the greater of (i) USD 12.5 million and (ii) 5% of Total Interest-Bearing Debt; 

 

	 	(b)	Minimum Working Capital: The Issuer shall ensure that the Group maintains a positive Working Capital; 

  

	 	(c)	Interest Coverage Ratio: The Issuer shall ensure that the Group maintains an Interest Coverage Ratio not less than 3.0; 

  

	 	(d)	Equity Ratio: The Issuer shall ensure that the Group maintains an Equity Ratio of minimum 30.0%; and 

  

	 	(e)	Asset Coverage Ratio: From and including 30 June 2013, the Issuer shall ensure that the aggregate value of: 

(1) the Market Value of the Group’s vessels; plus 

(2) any balance on the Escrow Account, 

is at least 120% of the Total Interest-Bearing Debt. 

If the aggregate Market Value of the Group’s vessels is not sufficient to meet the Asset Coverage Ratio covenant, the Issuer and/or any
Group Company shall be entitled to transfer cash to the Escrow Account in an amount sufficient to again become compliant. Any amount so transferred to the Escrow Account shall be released, in whole or in part, when the Asset Coverage Ratio is again
sufficient to meet the Asset Coverage Ratio covenant. 
 The Issuer undertakes to comply with the above Financial Covenants at all times,
such compliance to be measured on each Quarter Date and certified by the Issuer with each annual financial statement and quarterly financial statement on the respective Reporting Date. However, (e) above shall only be measured semi-annually
from and including the Quarter Date 30 June 2013. All Financial Covenants shall be calculated on a consolidated basis for the Group during the lifetime of the Bonds. 
  

	14	Fees and expenses 

  

	14.1	The Issuer shall cover all costs and expenses incurred by it or the Bond Trustee (and/or the Security Agent) in connection with this Bond Agreement and the fulfilment of its obligations under this Bond Agreement or any
other Finance Document, including in connection with the negotiation, preparation, execution and enforcement of this Bond Agreement and the other Finance Documents and any registration or notifications relating thereto (including any stamp duty),
the listing of the Bonds on an Exchange (if applicable), and the registration and administration of the Bonds in the Securities Depository. The Bond Trustee may withhold funds from any escrow account (or similar arrangement) or from other funds
received from the Issuer or any other person, irrespective of such funds being subject to security under a Finance Documents, to set-off and cover any such costs and expenses. 

  
 23 

	14.2	The fees, costs and expenses payable to the Bond Trustee (and/or the Security Agent) shall be paid by the Issuer and are set out in a separate agreement between the Issuer and the Bond Trustee (and/or the Security
Agent). 

  

	14.3	Fees, costs and expenses payable to the Bond Trustee (or the Security Agent) which, due to the Issuer’s insolvency or similar circumstances, are not reimbursed in any other way may be covered by making an
equivalent reduction in the proceeds to the Bondholders hereunder of any costs and expenses incurred by the Bond Trustee (or the Security Agent) in connection with the restructuring or default of the Bond Issue and the enforcement of any security.

  

	14.4	Any public fees levied on the trade of Bonds in the secondary market shall be paid by the Bondholders, unless otherwise provided by law or regulation, and the Issuer is not responsible for reimbursing any such fees.

  

	14.5	The Issuer is responsible for withholding any withholding tax imposed by applicable law on any payments to the Bondholders. 

  

	14.6	If the Issuer is required by law to withhold any withholding tax from any payment under any Finance Document: 

  

	 	(a)	the amount of the payment due from the Issuer shall be increased to such amount which is necessary to ensure that the Bondholders receive a net amount which is (after making the required withholding) equal to the
payment which would have been due if no withholding had been required; and 

  

	 	(b)	the Issuer shall at the request of the Bond Trustee deliver to the Bond Trustee evidence that the required tax reduction or withholding has been made. 

 

	15	Events of Default 

  

	15.1	The Bond Trustee may declare the Bonds to be in default upon occurrence of any of the following events: 

  

	 	(a)	Non-payment 

 The Issuer fails to fulfil any payment obligation due under this Bond
Agreement or any Finance Document when due, unless, in the opinion of the Bond Trustee, it is likely that such payment will be made in full within five (5) Business Days following the original due date. 

 

	 	(b)	Breach of other obligations 

 The Issuer does not comply with any provision pursuant to
this Bond Agreement or any other Finance Document, unless, in the opinion of the Bond Trustee, such failure is capable of being remedied and is remedied within ten (10) Business Days after notice thereof is given to the Issuer by the Bond
Trustee. 

  
 24 

	 	(c)	Cross default 

 If for any Group Company: 

 

	 	(i)	any Financial Indebtedness is not paid when due nor within any originally applicable grace period; 

  

	 	(ii)	any Financial Indebtedness is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event of default (however described); 

 

	 	(iii)	any commitment for any Financial Indebtedness is cancelled or suspended by a creditor as a result of an event of default (however described); or 

 

	 	(iv)	any creditor becomes entitled to declare any Financial Indebtedness due and payable prior to its specified maturity as a result of an event of default (however described) and such default has not been waived in writing
by the relevant creditor; 

 always provided that the amount of the relevant Financial Indebtedness falling within paragraphs
(i), (ii) and (iv) above or the commitment for Financial Indebtedness falling within paragraph (iii) above must exceed USD 10 million, or the equivalent thereof in other currencies, for a cross-default to exist under this Bond
Agreement. 
  

	 	(d)	Misrepresentations 

 Any representation, warranty or statement (including statements in
compliance certificates) made under this Bond Agreement or any other Finance Document or in connection therewith is or proves to have been incorrect, inaccurate or misleading in any material respect when made or deemed to have been made. 

 

	 	(e)	Insolvency 

  

	 	(i)	A Group Company, is unable or admits inability to pay its debts as they fall due, suspends making payments on any of its debts or, by reason of actual or anticipated financial difficulties, commences negotiations with
one or more of its creditors with a view to rescheduling any of its indebtedness; 

  

	 	(ii)	The value of the assets of any member of the Group is less than its liabilities (taking into account contingent and prospective liabilities); or 

 

	 	(iii)	A moratorium is declared in respect of any indebtedness of any member of the Group, 

  

	 	(f)	Insolvency proceedings and dissolution 

 If for any Group Company, any corporate action,
legal proceedings or other procedure step is taken in relation to: 
  

	 	(i)	the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) other than solvent
liquidation or reorganization; 

  
 25 

	 	(ii)	a composition, compromise, assignment or arrangement with any creditor, having an adverse effect on the Issuer’s ability to perform its payment obligations hereunder; 

 

	 	(iii)	the appointment of a liquidator (other than in respect of a solvent liquidation), receiver, administrative receiver, administrator, compulsory manager or other similar officer of any of its assets; or 

 

	 	(iv)	its dissolution, 

 or any analogous procedure or step is taken in any
jurisdiction. 
  

	 	(g)	Creditors’ process 

 Any Group Company has a substantial proportion of the assets
impounded, confiscated, attached or subject to distraint, or is subject to enforcement of any security over any of its assets. 
  

	 	(h)	Litigation 

 Any litigation, arbitration, administrative, governmental, regulatory or
other investigations, proceedings or disputes are commenced or threatened in relation to the Finance Documents or the transactions contemplated in the Finance Documents or against any member of the Group or its assets which has or is reasonably
likely to have a Material Adverse Effect. 
  

	 	(i)	Impossibility or illegality 

 It is or becomes impossible or unlawful for any Group
Company to fulfil or perform any of the terms of any Finance Document to which it is a party. 
  

	 	(j)	Material Adverse Effect 

 Any other event or circumstance occurs which, in the reasonable
opinion of the Bond Trustee, after consultations with the Issuer, would have a Material Adverse Effect. 
  

	15.2	In the event that one or more of the circumstances mentioned in Clause 15.1 occurs and is continuing, the Bond Trustee can, in order to protect the interests of the Bondholders, declare the Outstanding Bonds including
accrued interest, costs and expenses to be in default and due for immediate payment. 

 The Bond Trustee may at its discretion,
take every measure necessary to recover the amounts due under the Outstanding Bonds, and all other amounts outstanding under this Bond Agreement and any other Finance Document. 

 

	15.3	In the event that one or more of the circumstances mentioned in Clause 15.1 occurs and is continuing, the Bond Trustee shall declare the Outstanding Bonds including accrued interest, costs and expenses to be in default
and due for immediate payment if: 

  

	 	(a)	the Bond Trustee receives a demand in writing that a default shall be declared from Bondholders representing at least 1/5 of the Voting Bonds, and the Bondholders’ Meeting has not decided on other solutions, or

  
 26 

	 	(b)	the Bondholders’ Meeting has with simple majority decided to declare the Outstanding Bonds in default and due for payment. 

In either case the Bond Trustee shall take every measure necessary to recover the amounts due under the Outstanding Bonds. 

 

	15.4	In the event that the Bond Trustee pursuant to the terms of Clauses 15.2 or 15.3 declares the Outstanding Bonds to be in default and due for payment, the Bond Trustee shall immediately deliver to the Issuer a notice
demanding payment of interest and principal due to the Bondholders under the Outstanding Bonds including accrued interest and interest on overdue amounts and expenses. The claim derived from the Outstanding Bonds due for payment as a result of an
Event of Default shall be calculated at the prices set out in Clause 10.2. 

  

	16	Bondholders’ Meeting 

  

	16.1	Authority of the Bondholders’ Meeting 

  

	16.1.1	The Bondholders’ Meeting represents the supreme authority of the Bondholders community in all matters relating to the Bonds, and has the power to make all decisions altering the terms and conditions of the Bonds,
including, but not limited to, any reduction of principal or interest and any conversion of the Bonds into other capital classes. 

  

	16.1.2	The Bondholders’ Meeting cannot resolve that any overdue payment of any instalment shall be reduced unless there is a pro rata reduction of the principal that has not fallen due, but may resolve that accrued
interest (whether overdue or not) shall be reduced without a corresponding reduction of principal. 

  

	16.1.3	If a resolution by or an approval of the Bondholders is required, such resolution shall be passed at a Bondholders’ Meeting, see however Clause 17.1. Resolutions passed at Bondholders’ Meetings shall be
binding upon all Bondholders and prevail for all the Bonds. 

  

	16.2	Procedural rules for Bondholders’ meetings 

  

	16.2.1	A Bondholders’ Meeting shall be held at the written request of: 

  

	 	(a)	the Issuer; 

  

	 	(b)	Bondholders representing at least 1/10 of the Voting Bonds; 

  

	 	(c)	the Exchange, if the Bonds are listed; or 

  

	 	(d)	the Bond Trustee. 

  

	16.2.2	The Bondholders’ Meeting shall be summoned by the Bond Trustee. A request for a Bondholders’ Meeting shall be made in writing to the Bond Trustee, and shall clearly state the matters to be discussed.

  
 27 

	16.2.3	If the Bond Trustee has not summoned a Bondholders’ Meeting within ten (10) Business Days after having received a valid request, then the requesting party may summon the Bondholders’ Meeting itself.

  

	16.2.4	The notice of a Bondholders’ Meeting shall be dispatched no later than ten (10) Business Days prior to the date of the Bondholders’ Meeting. The notice and a confirmation of each Bondholder’s
holdings of Bonds shall be sent to all Bondholders registered in the Securities Depository at the time of distribution. The notice shall also be sent to the Exchange for publication if the Bonds are listed. 

 

	16.2.5	The summons shall specify the agenda of the Bondholders’ Meeting. The Bond Trustee may in the summons also set out other matters on the agenda than those requested. If amendments to this Bond Agreement have been
proposed, the main content of the proposal shall be stated in the summons. 

  

	16.2.6	The Bond Trustee may restrict the Issuer from making any changes in the number of Voting Bonds in the period from distribution of the summons until the Bondholders’ Meeting, by serving notice to it to such effect.

  

	16.2.7	Matters that have not been reported to the Bondholders in accordance with the procedural rules for summoning of a Bondholders’ Meeting may only be adopted with the approval of all Voting Bonds. 

 

	16.2.8	The Bondholders’ Meeting shall be held on premises designated by the Bond Trustee. The Bondholders’ Meeting shall be opened and shall, unless otherwise decided by the Bondholders’ Meeting, be chaired by
the Bond Trustee. If the Bond Trustee is not present, the Bondholders’ Meeting shall be opened by a Bondholder, and be chaired by a representative elected by the Bondholders’ Meeting. 

 

	16.2.9	Minutes of the Bondholders’ Meeting shall be kept. The minutes shall state the numbers of Bondholders and Bonds represented at the Bondholders’ Meeting, the resolutions passed at the meeting, and the result of
the voting. The minutes shall be signed by the chairman and at least one other person elected by the Bondholders’ Meeting. The minutes shall be deposited with the Bond Trustee and shall be available to the Bondholders. 

 

	16.2.10	The Bondholders, the Bond Trustee and – provided the Bonds are listed – representatives of the Exchange, have the right to attend the Bondholders’ Meeting. The chairman may grant access to the meeting to
other parties, unless the Bondholders’ Meeting decides otherwise. Bondholders may attend by a representative holding proxy. Bondholders have the right to be assisted by an advisor. In case of dispute the chairman shall decide who may attend the
Bondholders’ Meeting and vote for the Bonds. 

  

	16.2.11	Representatives of the Issuer have the right to attend the Bondholders’ Meeting. The Bondholders’ Meeting may resolve that the Issuer’s representatives may not participate in particular matters. The
Issuer has the right to be present under the voting. 

  

	16.3	Resolutions passed at Bondholders’ Meetings 

  
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	16.3.1	At the Bondholders’ Meeting each Bondholder may cast one vote for each Voting Bond owned at close of business on the day prior to the date of the Bondholders’ Meeting in accordance with the records registered
in the Securities Depository. The Bond Trustee may, at its sole discretion, accept other evidence of ownership. Whoever opens the Bondholders’ Meeting shall adjudicate any question concerning which Bonds shall count as the Issuer’s Bonds.
The Issuer’s Bonds shall not have any voting rights. 

 For this purpose, a Bondholder that has a Bond that is nominee
registered shall be deemed as the Bondholder of such Bond (instead of the nominee) provided that the Bondholder presents relevant evidence stating that the relevant Bondholder is the Bondholder of the Bond and the amount of Bonds held by such
Bondholder. 
  

	16.3.2	In all matters, the Issuer, the Bond Trustee and any Bondholder have the right to demand vote by ballot. In case of parity of votes, the chairman shall have the deciding vote, regardless of the chairman being a
Bondholder or not. 

  

	16.3.3	In order to form a quorum, at least half (1/2) of the Voting Bonds must be represented at the meeting, see however Clause 16.4. Even if less than half (1/2) of the Voting Bonds are represented, the
Bondholders’ Meeting shall be held and voting completed. 

  

	16.3.4	Resolutions shall be passed by simple majority of the Voting Bonds represented at the Bondholders’ Meeting, unless otherwise set out in Clause 16.3.5. 

 

	16.3.5	A majority of at least 2/3 of the Voting Bonds represented at the Bondholders’ Meeting is required for any waiver or amendment of any terms of this Bond Agreement. 

 

	16.3.6	The Bondholders’ Meeting may not adopt resolutions which may give certain Bondholders or others an unreasonable advantage at the expense of other Bondholders. 

 

	16.3.7	The Bond Trustee shall ensure that resolutions passed at the Bondholders’ Meeting are properly implemented, however, the Bond Trustee may refuse to carry out resolutions being in conflict with this Bond Agreement
(or any other Finance Document) or any applicable law. 

  

	16.3.8	The Issuer, the Bondholders and the Exchange shall be notified of resolutions passed at the Bondholders’ Meeting. 

  

	16.4	Repeated Bondholders’ Meeting 

  

	16.4.1	If the Bondholders’ Meeting does not form a quorum pursuant to Clause 16.3.3, a repeated Bondholders’ Meeting may be summoned to vote on the same matters. The attendance and the voting result of the first
Bondholders’ Meeting shall be specified in the summons for the repeated Bondholders’ Meeting. 

  

	16.4.2	A valid resolution may be passed at a repeated Bondholders’ meeting even though less than half (1/2) of the Voting Bonds are represented. 

  
 29 

	17	The Bond Trustee 

  

	17.1	The role and authority of the Bond Trustee 

  

	17.1.1	The Bond Trustee shall monitor the compliance by the Issuer of its obligations under this Bond Agreement and applicable laws and regulations which are relevant to the terms of this Bond Agreement, including supervision
of timely and correct payment of principal or interest, (however, this shall not restrict the Bond Trustee from discussing matters of confidentiality with the Issuer), arrange Bondholders’ Meetings, and make the decisions and implement the
measures resolved pursuant to this Bond Agreement. The Bond Trustee is not obligated to assess the Issuer’s financial situation beyond what is directly set out in this Bond Agreement. 

 

	17.1.2	The Bond Trustee may take any step it in its sole discretion considers necessary or advisable to ensure the rights of the Bondholders in all matters pursuant to the terms of this Bond Agreement and is entitled to rely
on advice from professional advisors. The Bond Trustee may in its sole discretion postpone taking action until such matter has been put forward to the Bondholders’ Meeting. The Bond Trustee is not obliged to take any steps to ascertain whether
any Event of Default has occurred and until it has actual knowledge or express notice to the contrary the Bond Trustee is entitled to assume that no Event of Default has occurred. 

 

	17.1.3	The Bond Trustee may make decisions binding for all Bondholders concerning this Bond Agreement, including amendments to this Bond Agreement and waivers or modifications of certain provisions, which in the opinion of the
Bond Trustee, do not materially and adversely affect the rights or interests of the Bondholders pursuant to this Bond Agreement. 

  

	17.1.4	The Bond Trustee may reach decisions binding for all Bondholders in circumstances other than those mentioned in Clause 17.1.3 provided that prior notification has been made to the Bondholders. Such notice shall contain
a proposal of the amendment and the Bond Trustee’s evaluation. Further, such notification shall state that the Bond Trustee may not reach a decision binding for all Bondholders in the event that any Bondholder submits a written protest against
the proposal within a deadline set by the Bond Trustee. Such deadline may not be less than five (5) Business Days following the dispatch of such notification. 

 

	17.1.5	The Bond Trustee may reach other decisions than set out in Clauses 17.1.3 or 17.1.4 to amend or rectify decisions which due to spelling errors, calculation mistakes, misunderstandings or other obvious errors do not have
the intended meaning. 

  

	17.1.6	The Bond Trustee may not adopt resolutions which may give certain Bondholders or others an unreasonable advantage at the expense of other Bondholders. 

 

	17.1.7	The Issuer, the Bondholders and the Exchange shall be notified of decisions made by the Bond Trustee pursuant to Clause 17.1 unless such notice obviously is unnecessary. 

 

	17.1.8	The Bondholders’ Meeting can decide to replace the Bond Trustee without the Issuer’s approval, as provided for in Clause 16.3.5. 

  
 30 

	17.1.9	The Bond Trustee may act as bond trustee and/or security agent for several bond issues relating to the Issuer notwithstanding potential conflicts of interest. The Bond Trustee may delegate exercise of its powers to
other professional parties. 

  

	17.1.10	The Bond Trustee may instruct the Paying Agent to split the Bonds to a lower denomination in order to facilitate partial redemptions or restructuring of the Bonds or other situations. 

 

	17.2	Liability and indemnity 

  

	17.2.1	The Bond Trustee is liable only for direct losses incurred by Bondholders or the Issuer as a result of gross negligence or wilful misconduct by the Bond Trustee in performing its functions and duties as set out in this
Bond Agreement. Such liability is limited to the maximum amount set out in Clause 2.2. The Bond Trustee is not liable for the content of information provided to the Bondholders on behalf of the Issuer. 

 

	17.2.2	The Issuer is liable for, and shall indemnify the Bond Trustee fully in respect of, all losses, expenses and liabilities incurred by the Bond Trustee as a result of negligence by the Issuer (including its directors,
management, officers, employees, agents and representatives) to fulfil its obligations under the terms of this Bond Agreement and any other Finance Document, including losses incurred by the Bond Trustee as a result of the Bond Trustee’s
actions based on misrepresentations made by the Issuer in connection with the establishment and performance of this Bond Agreement and any other Finance Document. 

 

	17.2.3	The Bond Trustee can as a condition for carrying out an instruction from the Bondholders (including, but not limited to, instructions set out in Clause 15.3(a) or 16.2.1 (b), require satisfactory security and
indemnities for any possible liability and anticipated costs and expenses, from those Bondholders who requested that instruction and/or those who voted in favour of the decision to instruct the Bond Trustee. Any instructions from the Bondholders may
be put forward to the Bondholders’ Meeting by the Bond Trustee before the Bond Trustee takes any action. 

  

	17.3	Change of Bond Trustee 

  

	17.3.1	Change of Bond Trustee shall be carried out pursuant to the procedures set out in Clause 16. The Bond Trustee shall continue to carry out its duties as bond trustee until such time that a new Bond Trustee is elected.

  

	17.3.2	The fees and expenses of a new bond trustee shall be covered by the Issuer pursuant to the terms set out in Clause 14, but may be recovered wholly or partially from the Bond Trustee if the change is due to a breach by
the Bond Trustee of its duties pursuant to the terms of this Bond Agreement or other circumstances for which the Bond Trustee is liable. 

  

	17.3.3	The Bond Trustee undertakes to co-operate so that the new bond trustee receives without undue delay following the Bondholders’ Meeting the documentation and information necessary to perform the functions as set out
under the terms of this Bond Agreement. 

  
 31 

	17.4	Appointment of Security Agent 

  

	17.4.1	The Bond Trustee is appointed to act as Security Agent for the Bond Issue. 

 The main functions
of the Security Agent may include holding Security on behalf of the Bondholders and monitoring compliance by the Issuer and other relevant parties of their respective obligations under this Bond Agreement and/or the Security Documents with respect
to the Security. 
 Before the appointment of a Security Agent other than the Bond Trustee, the Issuer shall be given the opportunity to
state its views on the proposed Security Agent, but the final decision as to appointment shall lie exclusively with the Bond Trustee. 
  

	17.4.2	The functions, rights and obligations of the Security Agent may be determined by a Security Agent agreement to be entered into between the Bond Trustee and the Security Agent, which the Bond Trustee shall have the right
to require the Issuer and any other parties to any Security Document to sign as a party, or, at the discretion of the Bond Trustee, to acknowledge. The Bond Trustee shall at all times retain the right to instruct the Security Agent in all matters.

 Any changes to this Bond Agreement necessary or appropriate in connection with the appointment of a Security Agent shall be
documented in an amendment to this Bond Agreement, signed by the Bond Trustee. 
  

	17.4.3	If so desired by the Bond Trustee, any or all of the Security Documents shall be amended, assigned or re-issued, so that the Security Agent is the holder of the relevant Security (on behalf of the Bondholders). The
costs incurred in connection with such amendment, assignment or re-issue shall be for the account of the Issuer. 

  

	18	Miscellaneous 

  

	18.1	The community of Bondholders 

 By virtue of holding Bonds, which are governed by this
Bond Agreement (which pursuant to Clause 2.1.1 is binding upon all Bondholders), a community exists between the Bondholders, implying, inter alia, that: 
  

	 	(a)	the Bondholders are bound by the terms of this Bond Agreement; 

  

	 	(b)	the Bond Trustee has power and authority to act on behalf of, and/or represent; the Bondholders, in all matters, included but not limited to taking any legal or other action, including enforcement of the Bond Issue
and/or any security, opening of bankruptcy or other insolvency proceedings; 

  

	 	(c)	the Bond Trustee has, in order to manage the terms of this Bond Agreement, access to the Securities Depository to review ownership of Bonds registered in the Securities Depository; and 

 

	 	(d)	this Bond Agreement establishes a community between Bondholders meaning that: 

  

	 	(i)	the Bonds rank pari passu between each other; 

  
 32 

	 	(ii)	the Bondholders may not, based on this Bond Agreement, act directly towards the Issuer and may not themselves institute legal proceedings against the Issuer, however not restricting the Bondholders to exercise their
individual rights derived from this Bond Agreement; 

  

	 	(iii)	the Issuer may not, based on this Bond Agreement, act directly towards the Bondholders; 

  

	 	(iv)	the Bondholders may not cancel the Bondholders’ community; and 

  

	 	(v)	the individual Bondholder may not resign from the Bondholders’ community. 

  

	18.2	Defeasance 

  

	18.2.1	The Issuer may, at its option and at any time, elect to have certain obligations discharged (see Clause 18.2.2) upon complying with the following conditions (“Security and Covenant Defeasance”):

  

	 	(a)	the Issuer shall have irrevocably pledged to the Bond Trustee for the benefit of the Bondholders cash or government bonds accepted by the Bond Trustee (the “Defeasance Pledge”) in such amounts as will
be sufficient for the payment of principal (including if applicable premium payable upon exercise of a Call Option) and interest on the Outstanding Bonds to Maturity Date (or redemption upon a exercise of a notified Call Option) or any other amount
agreed between the Parties; 

  

	 	(b)	no Event of Default shall have occurred and be continuing on the date of establishment of the Defeasance Pledge, or insofar as Events of Default from bankruptcy or insolvency events are concerned, at any time during any
hardening period applicable to the Defeasance Pledge (or the relevant period for non-Norwegian companies) or any other date agreed between the Parties; 

  

	 	(c)	if the Bonds are secured, the Defeasance Pledge shall be considered as a replacement of the security established prior to the Defeasance Pledge; 

 

	 	(d)	the Issuer shall have delivered to the Bond Trustee a certificate signed by its Chief Executive Officer that the Defeasance Pledge was not made by the Issuer with the intent of preferring the Bondholders over any other
creditors of the Issuer or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Issuer or others; and 

  

	 	(e)	 the Issuer shall have delivered to the Bond Trustee any certificate or legal opinion reasonably required by the Bond Trustee regarding the Security
and Covenant Defeasance or Defeasance Pledge, including any certificate or legal opinion on (i) the compliance of the conditions of the Security and Covenant Defeasance, (ii) that the Defeasance Pledge constitutes a valid, perfected and
enforceable security in favour of the Bond Trustee for the benefit of the Bondholders which will not be subject to any rights of creditors of the Issuer or any bankruptcy, insolvency, reorganization or similar laws affecting creditors rights
generally under the laws of the jurisdiction where the Defeasance Pledge was established and the corporate 

  
 33 

	 	
domicile of the Issuer, (iii) any relevant tax issues concerning the Bondholders, (iv) any valuation of any assets or (vii) any other certificate or opinion regarding the Security
and Covenant Defeasance or the Defeasance Pledge. 

  

	18.2.2	Upon the exercise by the Issuer of its option under Clause 18.2.1: 

  

	 	(a)	the Issuer shall be released from their obligations under all provisions in Clause 13, except Clauses 13.2.1(a), (e), (h), (i) and (j), or as otherwise agreed; 

 

	 	(b)	the Issuer shall not (and shall ensure that all Group Companies shall not) take any actions that may cause the value of the security created by this Security and Covenant Defeasance to be reduced, and shall at the
request of the Bond Trustee execute, or cause to be executed, such further documentation and perform such other acts as the Bond Trustee may reasonably require in order for the security to remain valid, enforceable and perfected by the Bond Trustee
for the account of the Bondholders; 

  

	 	(c)	any amount standing to the credit of the Escrow Account shall be released; and 

  

	 	(d)	all other provisions of this Bond Agreement (except (a) – (c) above) shall remain fully in force without any modifications, or as otherwise agreed. 

 

	18.2.3	All amounts owed by the Issuer hereunder covered by the Defeasance Pledge shall be applied by the Bond Trustee, in accordance with the provisions of this Bond Agreement, against payment to the Bondholders of all sums
due to them under this Bond Agreement on the due date thereof. 

 Any excess funds not required for the payment of principal,
premium and interest to the Bondholders (including any expenses, fees etc. due to the Bond Trustee hereunder) shall be returned to the Issuer. 
  

	18.3	Limitation of claims 

 All claims under the Bonds and this Bond Agreement for payment,
including interest and principal, shall be subject to the time-bar provisions of the Norwegian Limitation Act of May 18, 1979 No. 18. 
  

	18.4	Access to information 

  

	18.4.1	This Bond Agreement is available to anyone and copies may be obtained from the Bond Trustee or the Issuer. The Bond Trustee shall not have any obligation to distribute any other information to the Bondholders or others
than explicitly stated in this Bond Agreement. The Issuer shall ensure that a copy of this Bond Agreement is available to the general public until all the Bonds have been fully discharged. 

 

	18.4.2	The Bond Trustee shall, in order to carry out its functions and obligations under this Bond Agreement, have access to the Securities Depository for the purposes of reviewing ownership of the Bonds registered in the
Securities Depository. 

  
 34 

	18.5	Amendments 

 All amendments of this Bond Agreement shall be made in writing, and shall
unless otherwise provided for by this Bond Agreement, only be made with the approval of all parties hereto. 
  

	18.6	Notices, contact information 

  

	18.6.1	Written notices, warnings, summons etc to the Bondholders made by the Bond Trustee shall be sent via the Securities Depository with a copy to the Issuer and the Exchange. Information to the Bondholders may also be
published at Stamdata only. Any such notice or communication shall be deemed to be given or made as follows: 

  

	 	(a)	if by letter via the Securities Depository, when sent from the Securities Depository; and 

  

	 	(b)	if by publication on Stamdata, when publicly available. 

  

	18.6.2	The Issuer’s written notifications to the Bondholders shall be sent via the Bond Trustee, alternatively through the Securities Depository with a copy to the Bond Trustee and the Exchange. 

 

	18.6.3	Unless otherwise specifically provided, all notices or other communications under or in connection with this Bond Agreement between the Bond Trustee and the Issuer shall be given or made in writing, by letter, e-mail or
fax. Any such notice or communication shall be deemed to be given or made as follows: 

  

	 	(a)	if by letter, when delivered at the address of the relevant Party; 

  

	 	(b)	if by e-mail, when received; and 

  

	 	(c)	if by fax, when received. 

  

	18.6.4	The Issuer and the Bond Trustee shall ensure that the other party is kept informed of changes in postal address, e-mail address, telephone and fax numbers and contact persons. 

 

	18.6.5	When determining deadlines set out in this Bond Agreement, the following shall apply (unless otherwise stated): 

  

	 	(a)	If the deadline is set out in days, the first day when the deadline is in force shall not be inclusive, however, the meeting day or the occurrence the deadline relates to, shall be included. 

 

	 	(b)	If the deadline is set out in weeks, months or years, the deadline shall end on the day in the last week or the last month which, according to its name or number, corresponds to the first day the deadline is in force.
If such day is not a part of an actual month, the deadline shall be the last day of such month. 

  
 35 

	 	(c)	If a deadline ends on a day which is not a Business Day, the deadline is postponed to the next Business Day. 

  

	18.7	Dispute resolution and legal venue 

  

	18.7.1	This Bond Agreement and all disputes arising out of, or in connection with this Bond Agreement between the Bond Trustee, the Bondholders and the Issuer, shall be governed by Norwegian law. 

 

	18.7.2	All disputes arising out of, or in connection with this Bond Agreement between the Bond Trustee, the Bondholders and the Issuer, shall, subject to paragraph 18.7.3 below, be exclusively resolved by the courts of Norway,
with the District Court of Oslo as sole legal venue. 

  

	18.7.3	Clause 18.7.2 is for the benefit of the Bond Trustee only. As a result, the Bond Trustee shall not be prevented from taking proceedings relating to a dispute in any other courts with jurisdiction. To the extent allowed
by law, the Bond Trustee may take concurrent proceedings in any number of jurisdictions. 

  

	18.8	Process Agent 

 The Issuer shall, prior to the Issue Date, nominate a process agent in
Norway for the purpose of serving a writ of summons and/or any other act of process in respect of the courts in Norway, or any notices as set out in this Bond Agreement. 

***** 
 This Bond Agreement has been executed in
two originals, of which the Issuer and the Bond Trustee retain one each. 
  

					
	 Issuer

/s/ Niall Nolan

By: Niall Nolan

Position: Attorney-in-Fact
	 		  	 Bond Trustee

/s/ Ola Nygard
 By: Ola
Nygard
 Position: Authorized Signatory

  
 36 

 Attachment 1 

COMPLIANCE CERTIFICATE 
 Norsk Tillitsmann
ASA 
 P.O. Box 1470 Vika 
 N-0116 Oslo 

Norway 
 Fax: + 47 22 87 94 10 

E-mail: mail@trustee.no 
 [date] 

Dear Sirs, 
 9.0 per cent Navigator Holdings Ltd Bond
Agreement 2012/2017 - ISIN 001 0665508 
 We refer to the Bond Agreement for the abovementioned Bond Issue made between Norsk Tillitsmann ASA as Bond
Trustee on behalf of the Bondholders, and the undersigned as Issuer under which a Compliance Certificate shall be issued. This letter constitutes the Compliance Certificate for the period [PERIOD]. 

Capitalised terms used herein shall have the same meaning as in this Bond Agreement. 

With reference to Clause 13.2.2 we hereby certify that: 
  

	1.	all information contained herein is true and accurate and there has been no change which would have a Material Adverse Effect on the financial condition of the Issuer since the date of the last accounts or the last
Compliance Certificate submitted to you; 

  

	2.	the covenants set out in Clause 13 are satisfied; 

  

	3.	no Event of Default has occurred and is continuing; and 

  

	4.	in accordance with Clause 13.5 and as of [date], 

  

	 	(i)	the Minimum Liquidity is USD [    ] which is [    ] % of the Total Interest-Bearing Debt. 

  

	 	(ii)	the Minimum Working Capital is USD [    ] 

  

	 	(iii)	the Interest Coverage Ratio is [    ] 

  

	 	(iv)	the Equity Ratio in respect of the Group is [    ]%; and 

  

	 	(v)	[the Asset Coverage Ratio is [from and including the Quarter Date 30 June 2013]]. 

 Copies of our latest
consolidated [Financial Statements] / [Interim Accounts] are enclosed. 
  

			
	 Yours faithfully,
 Navigator
Holdings Ltd.

		
		 	 
		 	Name of authorized person
		 	Enclosure: [copy of any written documentation]

  
 37

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