Document:

Exhibit 10.1

			
		 	CONFIDENTIAL TREATMENT REQUESTED: Certain
portions
of this document have been omitted pursuant
to a request for confidential treatment and, where
applicable, have been marked with an asterisk
(“[******]”) to denote where omissions have been
made. The confidential material has
been filed
separately with the Securities and Exchange
Commission. 

  
 EMPLOYMENT
AGREEMENT 
 This Employment Agreement (“Agreement”) dated this 20th day of March, 2008 between Choice Hotels International,
Inc. (“Employer”), a Delaware corporation with principal offices at 10750 Columbia Pike, Silver Spring, Maryland 20901, and Stephen P. Joyce (“Employee”), sets forth the terms and conditions governing the employment relationship
between Employee and Employer. 
 1.    Employment. During the first six (6) months of the Term, as
hereinafter defined, Employer hereby employs Employee as President and Chief Operating Officer (“COO”), and thereafter during the remainder of the Term as President and Chief Executive Officer (“CEO”). Employee hereby accepts
such employment upon the terms and conditions hereinafter set forth and agrees to faithfully and to the best of his ability perform such duties as may be from time to time assigned by Employer’s CEO or Employer’s Board of Directors (the
“Board of Directors”) (while he is COO) and by the Board of Directors (while he is CEO), such duties to be rendered at the principal office of Employer, subject to reasonable travel. Employer shall assign to Employee only those duties
consistent with his position as President and COO or President and CEO, as applicable. Employee, in his position as President and COO, shall report directly to Employer’s CEO and the Board of Directors and all senior executives of Employer
shall report either directly to Employee or indirectly through other senior executives. Employee, in his position as President and CEO, shall report directly to the Board of Directors and all senior executives of Employer shall continue to report
either directly to Employee or indirectly through other senior executives. Employee also agrees to perform his duties in accordance with policies established by the Board of Directors, which may be changed from time to time. During the Term,
Employee shall be nominated by the Board of Directors for election to the Board of Directors as a Class III director. 
 2.    Term. Subject to the provisions for termination hereinafter provided, the term of this Agreement (the “Term”) shall begin on May 1, 2008 (the “Effective Date”) and shall terminate
five (5) years thereafter (the “Termination Date”). 
 3.    Compensation. For all services
rendered by Employee under this Agreement during the Term, Employer shall pay Employee the following compensation: 
 (a)    Salary. A base salary at the rate of Six Hundred Seventy-Five Thousand Dollars ($675,000) per annum while he is employed as COO, which will be increased to Seven Hundred Seventy-Five Thousand Dollars
($775,000) per annum when he becomes CEO. The base salary will be payable in equal bi-weekly installments, less required and authorized deductions and withholdings. Such salary shall be reviewed by the Compensation Committee of the Board of
Directors on the next annual review of officers and each annual review thereafter and may be increased at the discretion of Employer. If the base salary is increased it shall not thereafter be decreased during the Term. 
 (b)    Incentive Bonus. Beginning in fiscal year 2008 and continuing through the Term, Employee shall have the opportunity to
earn a target bonus of One Hundred Percent (100%) per annum of the base salary set forth in subparagraph 3(a) above in Employer’s bonus plans as adopted from time to time by the Board of Directors. The fiscal year 2008 bonus will

  

 not be pro-rated and will be paid if earned as if Employee was employed by Employer the entire year. If earned, the bonus
will be paid no later than March 15 of the year following the year in which the bonus was earned. 
 (c)    Initial Awards of Performance-Based Restricted Stock and Stock Options. On the Effective Date, Employer shall issue to Employee: (i) such number of restricted shares of Choice Hotels’ common stock
(“Common Stock”) that have a fair market value on the Effective Date in the amount of One Million Three Hundred Thirty-Eight Thousand Dollars ($1,338,000), vesting of which shall occur in four (4) equal annual installments beginning
one (1) year from the Effective Date; (ii) such number of options to purchase Common Stock that have a Black-Scholes valuation on the Effective Date equal to Two Million Five Hundred Thirteen Thousand Dollars ($2,513,000), which options
shall have an option exercise price at least equal to the current fair market value on the Effective Date of the underlying stock to which such options relate and shall vest in four (4) equal annual installments beginning one (1) year from
the Effective Date; and (iii) such number of restricted shares of Common Stock that have a fair market value on the Effective Date in the amount of Two Million Dollars ($2,000,000), vesting of which shall occur five (5) years from the
Effective Date, provided (in the case of this clause (iii) only) that there is [*****] (the “Initial PBRS”). 
 (d)    Automobile. Employer shall provide Employee with an allowance for automobile expenses of One Thousand One Hundred Dollars ($1,100) per month beginning on the Effective Date. 
 (e)    Club Membership. Employer shall provide Employee with an appropriate corporate membership, including initial and annual
fees, at a dining and/or recreational club at the choice of Employee for the purpose of business entertainment. 
 (f)    Stock Awards and Option Grants. In addition to the awards set forth in Section 3(c) above, Employee shall be eligible to receive annual awards of options to purchase Common Stock and/or
performance-based restricted stock (“Annual Awards”) under the Choice Hotels International, Inc. Long Term Incentive Plan (the “LTIP”), or similar plan, in accordance with the policy of the Board of Directors as in effect from
time to time. The value of the Annual Awards issued to Employee each year after the Effective Date will be based on a multiple of Employee’s base salary, which multiple shall be determined in the discretion of the Compensation Committee of the
Board of Directors, but in no event will the Annual Awards have a value of less than $1,550,000 on the date of grant. The value of stock options will be based on a Black-Scholes valuation. Awards of performance-vested restricted shares will be
referred to herein as the “PVRS.” 
 (g)    SERP and Deferred Compensation Plan. From and after the
commencement of Employee’s employment, Employee shall participate in the Choice Hotels International, Inc. Supplemental Executive Retirement Plan (the “SERP”) and the Choice Hotels International Executive Deferred Compensation Plan
approved September 25, 2002 (the “Deferred Comp Plan”). As applied to Employee, Section 1.11 of the SERP shall be amended by adding the following at the end thereto: “From and after attaining age fifty-five (55), the
Participant’s Years of Service shall be deemed to be his actual Years of Service plus ten (10)

  

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years”. For purposes of Section 5.1 of the Deferred Comp Plan, Employee upon attaining age fifty-five (55) shall be deemed to have ten
(10) Years of Service. 
 (h)    Use of Employer’s Aircraft. When Employee becomes CEO, Employee shall,
subject to availability, have the right to use Employer’s corporate aircraft for personal use for up to twenty-five (25) flight hours per year during the Term consistent with Employer’s Aircraft Use Policy. 
 (i)    Reimbursement of Expenses. Employee shall be entitled to receive prompt reimbursement for all reasonable (given the
position and title of Employee) expenses incurred by Employee in the performance of services hereunder, including all expenses of travel and living expenses while away from home on business or at the request of and in the service of Employer in
accordance with Employer’s policy for Employer’s President and COO or President and CEO, as applicable. Such expenses will be reimbursed by Employer no later than March 15 of the calendar year following the year in which the expenses
were incurred. 
 (j)    Other Benefits. Employee shall, when eligible, be entitled to participate in all other
retirement, health, welfare and fringe benefit plans and policies, including Employer’s vacation policy, generally accorded the other most senior executive officers of Employer as are in effect from time to time on the same basis as such other
senior executive officers at the participation level associated with Employer’s President and COO or President and CEO, as applicable. Such participation level shall be no less favorable than that generally accorded to the other most senior
executive officers of Employer. 
 (k)    Gross-Up Payments. Employer shall provide additional payments to
Employee on a fully grossed up basis to cover applicable federal, state and local income and excise taxes, when and to the extent, if any, that such taxes are payable by Employee with respect to compensation set forth under Sections 3(d), 3(e) and
3(h). 
 4.    Extent of Services. Employee shall devote his full professional time, attention, and energies to
the business of Employer, and shall not, during the Term, be engaged in any other business activity whether or not such business activity is pursued for gain, profit, or other pecuniary advantage; but the foregoing shall not be construed as
preventing Employee from investing his assets in (i) the securities of public companies, or (ii) the securities of private companies or limited partnerships outside the lodging industry, if such holdings are passive investments of one
percent (1%) or less of outstanding securities and Employee does not hold positions of officer, employee or general partner in such companies or partnerships. Employee shall be permitted to serve as a director of companies outside of the
lodging industry so long as such service does not inhibit his performance of services to Employer. Employee shall not be permitted to serve as a director of any company within the lodging industry unless (i) Employer’s Corporate Compliance
officer has determined in advance that there is no conflict of interest and (ii) such service does not inhibit his performance of services to Employer. Employee warrants and represents that he has no contracts with, or obligations to, others
which would materially inhibit the performance of his services under this Agreement. Employee may engage in charitable, civic, fraternal, professional and trade association activities that do not materially interfere with Employee’s obligations
to Employer. 
  

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 5.    Disclosure and Use of Confidential Information, Non-Compete. 

(a)    Employee recognizes and acknowledges that information about Employer’s and affiliates’ present and prospective
clients, customers, franchises, management contracts, acquisitions and personnel, as they may exist from time to time, and to the extent it has not been otherwise disclosed, is a valuable, special and unique asset of Employer’s business
(“Confidential Information”). Throughout the Term and after termination or expiration of this Agreement for whatever cause or reason Employee shall not directly or indirectly, or cause others to, make use of or disclose to others any
Confidential Information; provided that Employee may disclose any information (i) as may be required by Employee’s duties to Employer and for the benefit of Employer, (ii) as may be required by applicable law, order, regulation or
ruling, and (iii) as may be required or appropriate in response to any summons or subpoena in connection with any litigation. Notwithstanding the foregoing, Confidential Information does not include information which (i) was or becomes
generally available to the public other than as a result of a disclosure by Employee; or (ii) is developed by Employee or on his behalf without reliance on information furnished to Employee by Employer or its agents. 
 (b)    For a period of two (2) years after the expiration or termination of Employee’s employment with Employer, Employee
will not, except as required by Employee’s duties for Employer and for the benefit of Employer, or with the prior written consent of the Board of Directors, directly or indirectly, own, manage, operate, join, control, finance or participate in
the ownership, management, operation, control or financing of, or be connected as an officer, director, employee, partner, principal, agent, representative, consultant or otherwise with, or use or permit Employee’s name to be used in connection
with, any business or enterprise which is engaged in the mid-market or economy hotel franchising business or any other line of business in which Employer is materially engaged at the time of termination (“Competing Business”) in the United
States or Canada; provided, however, the foregoing shall not be construed as preventing Employee from (i) investing his assets in (A) the securities of any Competing Business that is a public company; or (B) the securities of any
Competing Business that is a privately held corporation, limited partnership, limited liability company or other business entity, if such holdings are passive investments of one percent (1%) or less of such entity’s outstanding securities;
or (ii) becoming an employee, agent or representative of, consultant to, or otherwise connected with any business entity that has multiple lines of business, some of which are not a Competing Business, if Employee’s services for such
entity are restricted so that he will provide no services or other assistance in support of, and will not otherwise be involved with, any such Competing Business conducted by such entity. 
 (c)    During the Term and for a period of two (2) years after its expiration or termination, Employee agrees not to solicit for
employment, directly or indirectly, on his behalf or on behalf of any person or entity, other than on behalf of Employer, any person employed by Employer, or its subsidiaries or affiliates during such period, unless Employer consents in writing;
provided that Employee shall not be precluded from hiring any such employee who (i) initiates discussions regarding such employment without any direct or indirect solicitation by Employee and responds to any general public advertisement or
(ii) was not an employee of Employer during the three (3) month period prior to commencement of employment discussions between Employee and such employee. Additionally, during such period, Employee agrees not to solicit for business nor to
solicit to end their relationship with Employer any person or entity 

  

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who was a franchisee of Employer (or its subsidiaries) during the Term; provided, however, the foregoing shall not be construed as preventing Employee from
soliciting business from any such franchisee that is for a line of business other than any Competing Business. 
 (d)    Employee acknowledges and agrees that the restrictions contained in this Section 5 are reasonable and necessary to protect and preserve the legitimate interests, properties, goodwill and business of Employer,
that Employer would not have entered into this Agreement in the absence of such restrictions and that irreparable injury will be suffered by Employer should Employee breach any of those provisions. Employee represents and acknowledges that
(i) Employee has been advised by Employer to consult Employee’s own legal counsel in respect of this Agreement, and (ii) that Employee has had full opportunity, prior to execution of this Agreement, to review thoroughly this Agreement
with Employee’s counsel. Employee further acknowledges and agrees that a breach of any of the restrictions in this Section 5 cannot be adequately compensated by monetary damages and that Employer shall be entitled to seek preliminary and
permanent injunctive relief, without the necessity of proving actual damages, as well as any other appropriate equitable relief, which rights shall be cumulative and in addition to any other rights or remedies to which Employer may be entitled. In
the event that any of the provisions of this Section 5 should ever be adjudicated to exceed the time, geographic, service, or other limitations permitted by applicable law in any jurisdiction, it is the intention of the parties that the
provision shall be amended to the extent of the maximum time, geographic, service, or other limitations permitted by applicable law, that such amendment shall apply only within the jurisdiction of the court that made such adjudication and that the
provision otherwise be enforced to the maximum extent permitted by law. 
 6.    Notices. Any notice, request or
demand required or permitted to be given under this Agreement shall be in writing, and shall be delivered personally to the recipient or, if sent by certified or registered mail or overnight courier service to his residence in the case of Employee,
or to its principal office in the case of Employer, return receipt requested. Such notice shall be deemed given when delivered if personally delivered or when actually received if sent certified or registered mail or overnight courier. 

7.    Constructive Termination. 
 (a)    Nothing contained in this Agreement is intended to nor shall be construed to abrogate, limit or affect the powers, rights and privileges of (i) Employee to resign from the positions set
forth in Section 1 during the Term pursuant to the terms set forth in this Agreement or (ii) the Board of Directors or Employer’s stockholders to remove Employee from the positions set forth in Section 1, with or without Cause
(as defined in Section 10 below), during the Term or to elect someone other than Employee to those positions, as provided by law and the By-Laws of Employer. In the event Employer elects to terminate Employee’s employment without Cause,
Employer must provide Employee with fourteen (14) days’ prior written notice. 
 (b)    If Employee is
Constructively Terminated (as defined in Section 7(c) below), it is expressly understood and agreed that Employee’s rights under this Agreement shall in no way be prejudiced except as expressly otherwise provided for herein. Employee
shall, at his sole discretion, either (i) assume another position with Employer under a title and terms that are mutually agreed upon by Employer and Employee or (ii) if such Constructive Termination 

  

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occurs (x) within two (2) years of the Effective Date, be entitled to receive all forms of compensation referred to in Sections 3(a) through 3(g)
and Section 3(k) above for three (3) years after the date of such Constructive Termination, payable in installments in accordance with Employer’s payroll cycle, including bonuses (calculated based only on the actual payout of the EPS
portion of the bonus as all Employer’s officers receive in a given year) but excluding ungranted stock options and restricted shares or (y) more than two (2) years after the Effective Date, be entitled to receive all forms of
compensation referred to in Sections 3(a) through 3(g) and Section 3(k) above for the longer of the remainder of the Term or two (2) years, payable in installments in accordance with Employer’s payroll cycle, including bonuses
(calculated based only on the actual payout of the EPS portion of the bonus as all Employer’s officers receive in a given year) but excluding ungranted stock options and restricted shares. The period of time that Employee receives compensation
pursuant to clause (ii)(x) or (ii)(y) above shall be referred to as the “Constructive Termination Severance Period”. Additionally, except for the Initial PBRS, all unvested shares of restricted Common Stock and stock options then held by
Employee shall continue to vest as otherwise set forth herein during the applicable Constructive Termination Severance Period. With respect to the Initial PBRS, if the Initial PBRS would otherwise be deemed to have vested pursuant to the terms set
forth in Section 3(c)(iii) above, Employee will be entitled to vesting of a fraction of the Initial PBRS, the numerator of which is the amount of time from the Effective Date until the date of Constructive Termination (rounded to the nearest
whole number of years) and the denominator of which is five (5) years. With respect to the PVRS, such shares will not continue to vest following any such Constructive Termination, nor will they immediately become vested or exercisable
immediately following any such Constructive Termination. If required under section 409A of the Internal Revenue Code (the “Code”), any payments which would otherwise be made to Employee during the first six (6) months following the
date of Constructive Termination will be deferred and paid to Employee in a lump sum amount six (6) months following the date of Constructive Termination together with interest at the Applicable Federal Rate (the “AFR”) on such date;
provided, however, that any payments or benefits provided under this Section 7(b) that may be considered deferred compensation under section 409A of the Code but that do not exceed the Section 409A Limit (as defined below) and which
qualify as separation pay under Treasury Regulation Section 1.409A-1(b)(9)(iii), may be paid within the first six (6) months following Employee’s Constructive Termination under this Agreement. For purposes of this Agreement,
“Section 409A Limit” means two (2) multiplied by the lesser of: (i) the annualized compensation paid to Employee during Employer’s taxable year preceding the taxable year of Employee’s Constructive Termination as
determined under Treasury Regulation Section 1.409A-1(b)(9)(iii)(A)(1) and any related Internal Revenue Service guidance; or (ii) the maximum amount of compensation that may be taken into account under a qualified plan pursuant to
Section 401(a)(17) of the Code for the year in which such Constructive Termination occurs. Additionally, if Employee is Constructively Terminated then Employer will provide Employee and his family health insurance coverage, through COBRA
reimbursement, until the earlier of eighteen (18) months following such Constructive Termination or the date that Employee starts other full-time employment. From and after the date of Constructive Termination, Employee shall have no further
obligation to provide any services to Employer under this Agreement, and shall not be required to mitigate damages but nevertheless shall be entitled in his sole discretion to pursue other employment. Employer agrees that, if Employee’s
employment is terminated during the Term, Employee is not required to seek other employment or to attempt in any way to reduce any 
  

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 amounts payable to Employee by Employer. Further, the amount of any payment provided hereunder shall not be reduced by
any compensation otherwise earned by Employee. 
 (c)    For purposes of this Agreement, “Constructively
Terminated” shall mean, and “Constructive Termination” shall mean termination of employment with Employer of Employee after the occurrence of, (i) Employer’s removal or termination of Employee other than in accordance with
Section 10, (ii) failure of Employer to place Employee’s name in nomination for election or re-election to the Board of Directors, (iii) assignment of duties by Employer inconsistent with Section 1, (iv) a decrease in
Employee’s compensation or benefits, (v) a change in Employee’s title or the line of reporting set forth in Section 1, (vi) a significant reduction in the scope of Employee’s authority, position, duties or
responsibilities, (vii) the relocating of Employee’s office location to a location more than 25 miles from Employee’s prior principal place of employment; (viii) a change in Employer’s annual bonus program which would
adversely affect Employee or (ix) any other material breach of this Agreement by Employer. Except in the case of bad faith, Employer shall have an opportunity to cure the basis for Constructive Termination during the fourteen (14) day
period after written notice by Employee to Employer of material breach. If Employer fails to cure such basis within such fourteen (14) day period, Employee shall be considered to have been Constructively Terminated as of the last day of such
fourteen (14) day period. 
 8.    Waiver of Breach. The waiver of either party of a breach of any provision
of this Agreement shall not operate or be construed as a waiver of any subsequent breach. 
 9.    Assignment. The
rights and obligations of Employer under this Agreement shall inure to the benefit of and shall be binding upon the successors and assigns of Employer. The obligations of Employee hereunder may not be assigned or delegated. 
 10.    Termination of Agreement. This Agreement shall terminate upon the following events and conditions: 
 (a)    Upon expiration of the Term. In the event of termination due to such expiration, granting and vesting of all Annual Awards and
options and shares, including without limitation the PVRS, will cease as of the date of such termination. 
 (b)    After
written notice by Employer, for Cause, which means a reasonable determination by the Board of Directors (i) of Employee’s gross negligence, willful misconduct or willful nonfeasance in the performance of duties to Employer, (ii) of
Employee’s material breach of this Agreement, (iii) of Employee’s conviction following final disposition of any available appeal of a felony, or pleading guilty or no contest to a felony, or (iv) after an investigation in which
Employee is accorded his right of due process that Employee has committed a material violation of Employer’s anti- harassment, ethics or discrimination policies. Employee shall be entitled to fourteen (14) days advance written notice of
termination, except in the case of clause (iii) or if the basis for termination constitutes willful misconduct on the part of Employee involving dishonesty or bad faith, in which case the termination shall be effective upon receipt of notice.
Such written notice shall specify in reasonable detail the grounds for Cause and Employee shall have an opportunity to contest or cure such basis for termination during the fourteen (14) day period after receipt of written notice. In the event
of a termination 

  

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for Cause, granting and vesting of all Annual Awards and options and shares, including without limitation the Initial PBRS and the PVRS, will cease as of
date of such termination. 
 (c)    Upon written notice by Employer, subject to state and federal laws, if Employee is
unable to perform the essential functions of the services described herein, after reasonable accommodation, for more than 180 days (whether or not consecutive) in any period of 365 consecutive days. In the event of such termination, all non-vested
stock option and other non-vested obligations granted after the Effective Date shall continue to vest in accordance with their terms, except for the Initial PBRS and the PVRS. With respect to the Initial PBRS, if the Initial PBRS would otherwise be
deemed to have vested pursuant to the terms set forth in Section 3(c)(iii) above, Employee will be entitled to vesting of a fraction of the Initial PBRS, the numerator of which is the amount of time from the Effective Date until the date of
such termination (rounded to the nearest whole number of years) pursuant to this Section 10(c) and the denominator of which is five (5) years. With respect to the PVRS, such shares will not continue to vest following such termination, nor
will they immediately become vested or exercisable immediately following such termination. 
 (d)    Upon Employee’s
death during the Term. In the event of such termination, all non-vested stock option and other non-vested obligations granted after the Effective Date shall continue to vest in accordance with their terms, except for the Initial PBRS and the PVRS.
With respect to the Initial PBRS, if the Initial PBRS would otherwise be deemed to have vested pursuant to the terms set forth in Section 3(c)(iii) above, Employee will be entitled to vesting of a fraction of the Initial PBRS, the numerator of
which is the amount of time from the Effective Date until date of death (rounded to the nearest whole number of years) and the denominator of which is five (5) years. With respect to the PVRS, such shares will not continue to vest following
such termination, nor will they immediately become vested or exercisable immediately following such termination. 
 (e)    Upon termination of employment of Employee, after written notice by Employee to Employer of voluntary resignation of Employee, which resignation shall not be effective, if such resignation is not a Change of
Control Termination or due to Constructive Termination, until the expiration of ninety (90) days after providing such written notice of resignation. In the event of such voluntary resignation, granting and vesting of all Annual Awards and
options and shares, including without limitation the Initial PBRS and the PVRS, will cease as of the date of such termination. 
 11.    Change of Control Severance. 
 (a)    If, within twelve (12) months
after a Change in Control, as defined in Section 11(c), there occurs a Change of Control Termination, as defined in Section 11(d), Employee shall receive as severance compensation a payment in an amount equal to (i) if such Change of
Control Termination occurs within two (2) years of the Effective Date, all forms of compensation referred to in Sections 3(a) through 3(g) and Section 3(k) above for three (3) years after the date of such Change of Control
Termination, payable in installments in accordance with Employer’s payroll cycle, including bonuses (calculated based only on the actual payout of the EPS portion of the bonus as all Employer’s officers receive in a given year) but
excluding ungranted stock options and restricted shares; or (ii) if such Change of Control Termination 

  

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occurs more than two (2) years after the Effective Date, all forms of compensation referred to in Sections 3(a) through 3(g) and Section 3(k) above
for the longer of the remainder of the Term or two and one-half (2  1/2) years, payable in installments in accordance with
Employer’s payroll cycle, including bonuses (calculated based only on the actual payout of the EPS portion of the bonus as all Employer’s officers receive in a given year) but excluding ungranted stock options and restricted shares. The
period of time that Employee receives compensation pursuant to clause (i) or (ii) above shall be referred to as the “Change of Control Severance Period”. Moreover, all unvested shares of restricted Common Stock and stock options
then held by Employee (except the Initial PBRS) shall automatically become fully vested and any and all restrictions thereon shall lapse immediately prior to the date of such Change of Control Termination. With respect to the Initial PBRS, if the
Initial PBRS would otherwise be deemed to have vested pursuant to the terms set forth in Section 3(c)(iii) above, Employee will be entitled to vesting of a fraction of the Initial PBRS, the numerator of which is the amount of time from the
Effective Date until the date of Change of Control Termination (rounded to the nearest whole number of years) and the denominator of which is five (5) years. With respect to the PVRS, such shares will not continue to vest following any such
Change of Control Termination, nor will they immediately become vested or exercisable immediately following any such Change of Control Termination. If required under section 409A of the Code, any payments which would otherwise be made to Employee
during the first six (6) months following the date of the Change of Control Termination will be deferred and paid to Employee in a lump sum amount six (6) months following the date of the Change of Control Termination together with
interest at the AFR on such date; provided, however, that any payments or benefits provided under this Section 11(a) that may be considered deferred compensation under section 409A of the Code but that do not exceed the Section 409A Limit
(as defined in Section 7(b) above) and that qualify as separation pay under Treasury Regulation Section 1.409A-1(b)(9)(iii), may be paid within the first six (6) months following Employee’s Change of Control Termination under
this Agreement. Additionally, Employer will provide Employee and his family health insurance coverage, through COBRA reimbursement, until the earlier of eighteen (18) months following such Change of Control Termination and the date that
Employee starts other full-time employment. 
 (b)    Employee’s right to receive the benefits described in
Section 11(a) shall be conditioned upon Employee’s executing Employer’s standard release agreement in which Employee releases all claims against Employer. 
 (c)    A Change in Control of Employer shall occur upon the happening of the earliest to occur of the following: 
 (1)    Any “person” as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of
1934, as amended (the “Exchange Act”) (other than (i) Employer, (ii) any trustee or other fiduciary holding securities under an employee benefit plan of Employer, (iii) any corporations owned, directly or indirectly, by the
stockholders of Employer in substantially the same proportions as their ownership of stock, or (iv) Stewart Bainum, his wife, their lineal descendants, and their spouses (so long as they remain spouses) and the estate of any of the foregoing
persons, and any partnership, trust, corporation or other entity to the extent shares of common stock (or their equivalent) are considered to be beneficially owned by any of the persons or estates referred to in the foregoing 

  

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provisions of this Section 11(c) or any transferee thereof) becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act),
directly or indirectly, of securities of Employer representing 33% or more of the combined voting power of Employer’s then outstanding voting securities. 
 (2)    Individuals constituting the Board of Directors on the Effective Date and the successors of such individuals
(“Continuing Directors’) cease to constitute a majority of the Board of Directors. For this purpose, a director shall be a successor if and only if he or she was nominated by a Board of Directors (or a Nominating Committee thereof) on
which individuals constituting the Board of Directors on the Effective Date and their successors (determined by prior application of this sentence) constituted a majority. 
 (3)    The stockholders of Employer approve a plan of merger or consolidation (“Combination”) with any
other corporation or legal person, other than a Combination which would result in stockholders of Employer immediately prior to such Combination owning, immediately thereafter, more than sixty-five percent (65%) of the combined voting power of
either the surviving entity or the entity owning directly or indirectly all of the common stock, or its equivalent, of the surviving entity; provided, however, that if stockholder approval is not required for such Combination, the Change in Control
shall occur upon the consummation of such Combination. 
 (4)    The stockholders of Employer approve a
plan of complete liquidation of Employer or an agreement for the sale or disposition by Employer of all or substantially all of Employer’s stock and/or assets, or accept a tender offer for substantially all of Employer’s stock (or any
transaction having a similar effect); provided, however, that if stockholder approval is not required for such transaction, the Change in Control shall occur upon consummation of such transaction. 
 (d)    “Change of Control Termination” shall mean and include the termination of Employee’s employment with Employer
at any time during the twelve (l2) month period after a Change of Control if such termination is (i) by Employer without Cause or (ii) a Constructive Termination. 
 12.    Excise Taxes. 
 (a)    Notwithstanding anything in this Agreement to the contrary and except as set forth below, in the event it shall be determined that any payment that is paid or payable to or for the benefit of Employee during the
Term (collectively, the “Payments”) would be subject to the tax imposed by Section 4999 of the Code (the “Excise Tax”), Employee shall be entitled to receive an additional payment (a “280G Gross-Up Payment”) in an
amount such that, after payment by Employee of all taxes (and any interest or penalties imposed with respect to such taxes), including any income and employment taxes (and any interest and penalties imposed with respect thereto) and the Excise Tax
imposed upon such 280G Gross-Up Payment, Employee 

  

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retains a portion of such 280G Gross-Up Payment equal to the Excise Tax imposed upon such Payment. 
 (b)    Except as contemplated by Section 12(d), all determinations required to be made under this Section 12, including
whether and when a Gross-Up Payment is required and the amount of such Gross-Up Payment, and the assumptions to be utilized in arriving at such determinations shall be made by Accountants which determinations shall be provided to Employee and
Employer with detailed supporting calculations with respect to such Gross-Up Payment at the time Employee is entitled to receive any Payment that is a parachute payment. For the purposes of this Section 12, the “Accountants” shall
mean independent certified public accountants mutually agreed upon by Employer and Employee, which agreement shall not unreasonably be withheld. All fees and expenses of the Accountants shall be borne solely by Employer. For the purposes of
determining whether any of the Payments will be subject to the Excise Tax and the amount of such Excise Tax, all Payments will be treated as “parachute payments” within the meaning of section 280G of the Code, and all “parachute
payments” in excess of Employee’s “base amount” (as defined under section 280G(b)(3) of the Code) shall be treated as subject to the Excise Tax, except to the extent in the opinion of the Accountants that, more likely than not,
such Payments either do not constitute “parachute payments”, represent reasonable compensation for services actually rendered by Employee (within the meaning of section 280G(b)(4) of the Code) in excess of the “base amount,” or
are “parachute payments” not otherwise subject to such Excise Tax. For purposes of determining the amount of a Gross-Up Payment, Employee shall be deemed to pay Federal income taxes at the highest applicable marginal rate of Federal income
taxation for the calendar year in which such Gross-Up Payment is to be made and to pay any applicable state and local income taxes at the highest applicable marginal rate of taxation for the calendar year in which such Gross-Up Payment is to be
made. Any determination by the Accountants shall be binding upon Employer and Employee. 
 (c)    If any tax authority
finally determines that a greater Excise Tax should be imposed upon the Payments or the Gross-Up Payment that is determined by the Accountants, Employee shall be entitled to receive an additional Gross-Up Payment calculated on the basis of the
additional amount of Excise Tax determined to be payable by such tax authority (including related penalties and interest) from Employer. Employee shall cooperate with Employer as it may reasonably request to permit Employer (at its sole expense) to
contest the determination of such taxing authority to minimize the amount payable under this Section 12(c). If any tax authority finally determines the Excise Tax payable by Employee to be less than the amount taken into account hereunder in
calculating the Gross-Up Payment, Employee shall repay Employer within 30 days after Employee’s receipt of a tax refund resulting from that determination, to the extent of such refund, the portion of the Gross-Up Payment attributable to such
reduction (including the refunded portion of Gross-Up Payment attributable to the Excise Tax and federal, state and local income and employment taxes imposed on the Gross-Up Payment being repaid, less any additional income tax resulting from receipt
of such refund). 
 (d)    Any Gross-Up Payment determined by the Accountants to be due with respect to any Payment shall
be paid by Employer at the time Employee is entitled to receive such Payment, and any Gross-up Payment determined to be due after the making of such Payment by reason of an increased assessment by a tax authority of Excise Tax, shall be paid at the
time that such tax assessment is required to be paid by Employee. In no event shall any such 

  

 11 

 
Gross-Up Payment be made in a manner inconsistent with Treasury Regulation section 1.409A-3(i)(1)(v). 
 13.    Legal Fees. Employer shall reimburse Employee for all reasonable attorneys’ fees incurred in connection with the
negotiation and execution of this Agreement, up to a maximum of $20,000. Such reimbursement will occur by no later than March 15 of the calendar year following the year in which such expenses are incurred. 
 14.    Tax Indemnity. In the event Employee incurs any penalty, interest, or additional taxes imposed under section 409A of
the Code and the corresponding regulations with respect to amounts payable by the Employer or its affiliates under this Agreement or otherwise, Employer shall indemnify and hold Employee harmless for any such taxes, penalty, or interest and any
additional federal, state, or local income or employment taxes imposed on Employee due to satisfaction of the foregoing indemnification, by payment of an additional amount that causes Employee’s After-Tax Proceeds from such payment to equal the
After-Tax Proceeds that Employee would have had if section 409A of the Code had not applied. Employee shall give Employer timely notice of any IRS notices and proceedings to which this indemnity obligation applies. Any and all amounts incurred by
Employee in a year which are subject to Employer’s indemnification obligations shall be paid by Employer in that year (or pursuant to such other schedule or at such other times as may be required to comply with section 409A of the Code).

 15.    D&O Insurance; Indemnification. Employer shall indemnify Employee against all expenses (including
reasonable attorneys’ fees), judgments, fines and amounts paid in settlement, as actually and reasonably incurred by Employee in connection with any threatened or pending action, suit or proceeding, whether civil, criminal, administrative or
investigative that Employee is made a party to by reason of the fact that he is or was performing services as an officer or director of Employer or any of its subsidiaries to the same extent and on the same terms that such indemnification is
provided to the other directors and most senior executives of Employer. If applicable, such indemnification shall continue as to Employee even if he has ceased to be an employee, officer or director of Employer and shall inure to the benefit of his
heirs and estate. During Employee’s employment with Employer and from and after the date that Employee’s employment is terminated for whatever reason, Employee shall receive the same benefits provided to any of Employer’s officers and
directors under any D&O insurance or similar policy, indemnification agreement or Employer policy or under the certificate of incorporation or by-laws of Employer. 
 16.    Survival. The rights and obligations of Employee and Employer set forth in this Agreement shall survive any termination or expiration of this Agreement to the extent that such rights
and obligations are intended by their terms to so survive. 
 17.    Headings. The section headings contained in
this Agreement are for reference purposes only and shall not in any way affect the meaning or interpretation of this Agreement. 
 18.    Entire Agreement. This instrument contains the entire agreement of the parties concerning the subject matter. It may be changed only by an agreement in writing signed by both parties. This Agreement
supersedes all previous agreements, discussions or understandings between the parties with respect to the subject matter hereof. This Agreement shall be governed 

  

 12 

 
by the laws of the State of Maryland, and any disputes arising out of or relating to this Agreement shall be brought and heard in any court of competent
jurisdiction in the State of Maryland. 
 19.    Counterparts. This Agreement may be executed in several
counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument. 
  
  
 [Signatures on Following Page] 
  

 13 

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

  

			
	Employer:
	
	CHOICE HOTELS INTERNATIONAL, INC.
		
	By:	 	/s/ Stewart Bainum, Jr.
		
	Title:	 	Chairman of the Board of Directors
	
	Employee:
	
	/s/ Stephen P. Joyce

  

 14Vessel Management Agreement

 Exhibit 4.9 
 VESSEL MANAGEMENT AGREEMENT 
 Two 13,100 TEU Vessels with Hull No. 2177 and Hull No. S452

 built by Hyundai Heavy Industries Co., Ltd. and Hyundai Samho Heavy Industries Co., Ltd. 
 and chartered to 
 COSCO Container Lines Co.,
Ltd. 
 Dated as of the 28th day of January, 2008. 
 Among 
 SEASPAN CORPORATION 
 SEASPAN MANAGEMENT SERVICES LIMITED 
 SEASPAN ADVISORY SERVICES LIMITED 
 SEASPAN SHIP MANAGEMENT LTD. and 
 SEASPAN CREW
MANAGEMENT LTD. 

 TABLE OF CONTENTS 
  

							
	 1.
	  	    DEFINITIONS AND INTERPRETATION	  	5
				
		  	1.1	  	Certain Definitions	  	5
		  	1.2	  	Construction	  	9
		  	1.3	  	Headings	  	9
			
	 2.
	  	    ENGAGEMENT OF MANAGER	  	9
				
		  	2.1	  	Engagement	  	9
		  	2.2	  	Powers and Duties of the Manager	  	10
		  	2.3	  	Ability to Subcontract	  	10
		  	2.4	  	Outside Activities	  	10
		  	2.5	  	Exclusive Appointment	  	10
		  	2.6	  	Authority of the Parties	  	11
		  	2.7	  	Inspection of Books and Records	  	11
		  	2.8	  	Changes to Vessels subject to this Agreement	  	11
		  	2.9	  	Manager’s Personnel	  	11
			
	 3.
	  	    TECHNICAL SERVICES	  	11
				
		  	3.1	  	Technical Vessel Management Services	  	12
		  	3.2	  	Commercial Management Services	  	13
		  	3.3	  	Crew Management Services	  	13
		  	3.4	  	Insurance	  	14
		  	3.5	  	Dry-Docking, Repairs and Improvements	  	15
		  	3.6	  	Regulatory Compliance Services	  	16
			
	 4.
	  	    PRE-DELIVERY SERVICES	  	16
				
		  	4.1	  	Pre-delivery Services	  	16
		  	4.2	  	Pre-delivery Purchases and Expenses	  	17
		  	4.3	  	Estimates and Consultation	  	17
			
	 5.
	  	    COMPENSATION	  	17
				
		  	5.1	  	Initial Technical Services Fee	  	17
		  	5.2	  	Adjustment to Initial Technical Services Fee	  	18
		  	5.3	  	Technical Services Fees for New Vessels	  	18
		  	5.4	  	Dispute Resolution of Technical Services Fee	  	18
		  	5.5	  	Incentive Shares	  	19
		  	5.6	  	Reimbursement for Expenses for Pre-delivery Services	  	19
		  	5.7	  	Invoicing	  	19
		  	5.8	  	Dispute of Invoice	  	19
		  	5.9	  	Direction to Pay	  	20
		  	5.10	  	Payments from Operating Account of Company	  	20
			
	 6.
	  	    LIABILITY OF THE MANAGER; INDEMNIFICATION	  	20
				
		  	6.1	  	Liability of the Manager	  	20
		  	6.2	  	Extraordinary Costs and Capital Expenditures	  	20

							
		  	6.3	  	Manager Indemnification	  	21
		  	6.4	  	Company Indemnification	  	21
		  	6.5	  	Limitation Regarding Crew	  	21
			
	7.	  	    TERM AND TERMINATION	  	21
				
		  	7.1	  	Initial Term	  	21
		  	7.2	  	Renewal Term	  	22
		  	7.3	  	Termination for Breach	  	22
		  	7.4	  	Other Termination	  	22
		  	7.5	  	Effects of Termination, Expiry or Cessation of Management	  	22
		  	7.6	  	Nature of the Agency	  	23
			
	8.	  	    DISPUTE RESOLUTION	  	23
				
		  	8.1	  	Notice of Dispute	  	23
		  	8.2	  	Mediation	  	24
			
	9.	  	    GENERAL	  	24
				
		  	9.1	  	Assignment	  	24
		  	9.2	  	Force Majeure	  	24
		  	9.3	  	Confidentiality	  	25
		  	9.4	  	Notices	  	25
		  	9.5	  	Third Party Rights	  	26
		  	9.6	  	No Partnership	  	26
		  	9.7	  	Severability	  	26
		  	9.8	  	Governing Law and Jurisdiction	  	26
		  	9.9	  	Binding Effect	  	27
		  	9.10	  	Amendment and Waivers	  	27
		  	9.11	  	Entire Agreement	  	27
		  	9.12	  	Waiver	  	27
		  	9.13	  	Counterparts	  	27

 VESSEL MANAGEMENT AGREEMENT 
 THIS VESSEL MANAGEMENT AGREEMENT is dated as of the 28th day of January, 2008. 
 AMONG: 
 SEASPAN CORPORATION, a corporation formed under the laws of the Marshall Islands, having its registered office at Trust Company Complex, Ajeltake
Road, Ajeltake Island, P.O. Box 1405, Majuro, Marshall Islands, MH96960 
 AND 
 SEASPAN MANAGEMENT SERVICES LIMITED, a company formed under the laws of Bermuda, having its registered office at Clarendon House, 2 Church Street, Hamilton, HM 11, Bermuda 
 AND 
 SEASPAN ADVISORY SERVICES LIMITED, a company
formed under the laws of Bermuda, having its registered office at Clarendon House, 2 Church Street, Hamilton, HM 11, Bermuda 
 AND 
 SEASPAN SHIP MANAGEMENT LTD., a company formed under the laws of British Columbia, having an office at 2600—200 Granville Street, Vancouver,
British Columbia, Canada, V6C 1S4 
 AND 
 SEASPAN CREW MANAGEMENT LTD., a company formed under the laws of the Bahamas, having its registered office at Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas 
 RECITALS: 
 WHEREAS: 
 A. the Company has already engaged the Manager to manage and operate the business and affairs of the Company pursuant to a management agreement dated August 8, 2005,
as amended and restated on May 4, 2007 and as may be further amended (the “IPO Management Agreement”); and 
 B. the Company has
acquired the Vessels (as defined herein) and has engaged the Manager to provide certain vessel management services for the Vessels, and the parties wish to formalize such engagement as set out in this vessel management agreement. 
 NOW, THEREFORE, in consideration of the mutual covenants and premises of the Parties herein contained and for other good and valuable consideration (the
receipt and sufficiency of which is hereby acknowledged by each Party), the Parties agree as follows: 
  

 4 

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	Certain Definitions 

 In this Agreement, including the recitals
hereto, unless the context requires otherwise, the following terms shall have the respective meanings set forth below: 
 “Accounting
Referee” has the meaning ascribed to such term in Section 5.8. 
 “Adjusted Technical Services Fee” has the
meaning ascribed to such term in Section 5.2. 
 “Advisor” means Seaspan Advisory Services Limited or any successor
thereof permitted in accordance with this Agreement. 
 “Affiliates” means, with respect to any Person as at any particular
date, any other Persons that directly or indirectly, through one or more intermediaries, Controls, are Controlled by, or are under common Control with the Person in question, and Affiliate means any one of them. 
 “Agreement” means this vessel management agreement as the same may be amended from time to time. 
 “Applicable Laws” means, in respect of any Person, property, transaction or event, all laws, including, without limitation, the Exchange
Act and the rules and regulations of the United States Securities and Exchange Commission, all statutes, ordinances, regulations, municipal by-laws, treaties, judgments and decrees applicable to that Person, property, transaction or event, all
applicable official directives, rules, consents, approvals, authorizations, guidelines, orders, codes of practice and policies of any Governmental Authority having authority over that Person, property, transaction or event and having the force of
law, and all general principles of common law and equity. 
 “Books and Records” means all books of account and records,
including tax records, sales and purchase records, vessel records, computer software, formulae, business reports, plans and projections and all other documents, files, correspondence and other information of the Company with respect to the Vessels
(whether or not in written, printed, electronic or computer printout form). 
 “Business Day” means a day other than a
Saturday, Sunday or statutory holiday on which the banks in the Marshall Islands, Bermuda, Hong Kong or Vancouver, British Columbia are required to close. 
 “Charter” means a charter party agreement with the Company that relates to any of the Vessels, and “Charters” means all such charter party agreements. 
 “Charterer” means either COSCO Container Lines Co., Ltd. of Shanghai, People’s Republic of China or such other Persons that have
entered into, or assumed the obligations under by novation or otherwise, a Charter with the Company. 
 “Commercial
Services” has the meaning ascribed to such term in Section 3.2. 
 “Company” means Seaspan Corporation and any
successor company permitted under this Agreement. 
 “Company Breach” has the meaning ascribed to such term in
Section 7.3(b). 

 “Company Group” means the Company and its Subsidiaries. 
 “Company Group Member” means any member of the Company Group. 
 “Company Indemnified Persons” has the meaning ascribed to it in Section 6.4; 
 “Containerships” means ocean-going vessels that are intended to be used primarily to transport containers or are being used primarily to
transport containers, and “Containership” means any such vessel. 
 “Control” or
“Controlled” means, with respect to any Person, the right to elect or appoint, directly or indirectly, a majority of the directors of such Person or a majority of the Persons who have the right, including any contractual right, to
manage and direct the business, affairs and operations of such Person, or the possession of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of Voting Securities, by contract, or
otherwise. 
 “Credit Facilities” means the credit facility agreement dated December 28, 2007 for Seaspan Finance II
Co. Ltd. and Seaspan Finance III Co. Ltd. as borrowers with the Company as guarantor as arranged by Industrial and Commercial Bank of China Limited (“ICBC”) and with ICBC as facility agent, as such agreement may be amended, supplemented or
restated and any other credit facility or other financing facility in respect of the Vessels, including any replacement facilities or junior priority facilities. 
 “Crew” means the master, officers, employees, ratings and other crew members of a Vessel. 
 “Crew Employment and Support Expenses” means all Employment Expenses of the Crew and all expenses of a general nature which are not particularly referable to any individual member of the Crew or individual Vessel which are
incurred for the purpose of providing Crew Management Services and, without prejudice to the generality of the foregoing, shall include the cost of crew standby pay, training schemes for officers and ratings, cadet training schemes, study pay,
recruitment and interviews. 
 “Crew Insurances” means insurances against crew risks which shall include but not be limited
to death, sickness, repatriation, injury, shipwreck unemployment indemnity and loss of personal effects. 
 “Crew Manager”
means Seaspan Crew Management Ltd. or any successor thereof permitted in accordance with this Agreement. 
 “Crew Management
Services” has the meaning ascribed to such term in Section 3.3. 
 “Designated Representative” and
“Designated Representatives” each have the meaning ascribed to such terms in Section 8.1. 
 “Dispute”
has the meaning ascribed to such term in Section 8.1. 
 “Dry-docking Allocation” has the meaning ascribed to such term
in Section 3.5(a). 
 “Employment Expenses” means all costs, expenses, debts, liabilities and obligations related to or
incurred in respect of employment, including salaries, fees, wages, incentive pay, gratuities, bonuses, vacation pay, holiday pay, other paid leave, overtime, standby pay, sick pay, workers’ compensation legislation contributions or costs,
benefits and related costs, statutory contributions and remittances, pension plan contributions and costs, recruitment costs, Severance 

 
Costs, payroll and accounting costs, training and education costs, discounts, meals, accommodation, associated legal costs arising from disputes,
administrative costs, travel costs, perquisites, relocation expenses and uniform expenses. 
 “Exchange Act” means the
Securities Exchange Act of 1934, as amended. 
 “Fair Market Fee” has the meaning ascribed to such term in
Section 5.4. 
 “Force Majeure Event” has the meaning ascribed to such term in Section 9.2. 
 “Governmental Authority” means any domestic or foreign government, including any federal, provincial, state, territorial or municipal
government, any multinational or supranational organization, any government agency, including, without limitation, the SEC, any tribunal, labour relations board, commission or stock exchange, including, without limitation, the New York Stock
Exchange, and any other authority or organization exercising executive, legislative, judicial, regulatory or administrative functions of, or pertaining to, government. 
 “Initial Term” means the initial term of this Agreement as set out in Section 7.1. 
 “Initial Technical Services Fee” has the meaning ascribed to such term in Section 5.1. 
 “Insurances” has the meaning ascribed to such term in Section 3.4. 
 “IPO Management
Agreement” has the meaning ascribed to it in the recitals to this Agreement. 
 “Legal Action” means any action,
claim, complaint, demand, suit, judgment, investigation or proceeding, pending or threatened, by any Person or before any Governmental Authority. 
 “Losses” means losses, expenses, costs, liabilities and damages, excluding lost profits and consequential damages, but including interest charges, penalties, fines and monetary sanctions. 
 “Management Services” means, collectively, the Technical Services and Pre-delivery Services. 
 “Manager” means Seaspan Management Services Limited or any successor thereof permitted in accordance with this Agreement. 
 “Manager Breach” has the meaning ascribed to such term in Section 7.3(a). 
 “Manager Entities” means the Manager, the Ship Manager, the Crew Manager and the Advisor, and “Manager Entity” means
any one of them. 
 “Manager Indemnified Persons” has the meaning ascribed to such term in Section 6.3. 
 “Manager Misconduct” has the meaning ascribed to it in Section 6.1(a). 
 “Manager’s Personnel” means all individuals that are employed by or have entered into consulting arrangements with any Manager
Entity or any subcontractor under Section 2.3, other than the Crew. 
 “Mediator’s Report” has the meaning
ascribed to such term in Section 8.2. 

 “New Build” means a Vessel under construction pursuant to a ship building contract
between the Company and either Hyundai Heavy Industries Co., Ltd. or Hyundai Samho Heavy Industries Co., Ltd. 
 “Parties”
means the Company, the Manager, the Ship Manager, the Crew Manager and the Advisor, and “Party” means any one of them. 
 “Person” means an individual, corporation, limited liability company, partnership, joint venture, trust or trustee, unincorporated organization, association, government, government agency or political subdivision thereof,
or other entity. 
 “Pre-delivery Services” has the meaning ascribed to such term in Section 4.1 
 “Pre-delivery Purchases and Expenses” has the meaning ascribed to such term in Section 4.2. 
 “Renewal Term” means any renewal term of this Agreement referred to in Section 7.2. 
 “Severance Costs” means the termination or severance liabilities, costs and expenses which employers are legally obliged to provide or
pay to or in respect of their employees, or the compensation or damages owed in lieu of such liabilities, costs and expenses, as a result of the termination of any employment. 
 “Ship Manager” means Seaspan Ship Management Ltd. or any successor thereof permitted in accordance with this Agreement. 
 “Stores and Equipment” means the stores, spares, lubricating oil, supplies and equipment that customarily are considered part of a
Containership for which a buyer would ordinarily reimburse a seller on the sale of such Containership and does not include consumables that are not of incremental value to the Containership. 
 “Subsidiaries” means, with respect to any Person, (a) a corporation of which more than 50% of the voting power of shares entitled
(without regard to the occurrence of any contingency) to vote in the election of directors or other governing body of such corporation is owned, directly or indirectly, at the date of determination, by such Person, by one or more corporations
Controlled by such Person or a combination thereof, (b) a partnership (whether general or limited) in which such Person or a corporation Controlled by such Person is, at the date of determination, a general or limited partner of such
partnership, but only if more than 50% of the partnership interests of such partnership (considering all of the partnership interests of the partnership as a single class) is owned, directly or indirectly, at the date of determination, by such
Person, one or more corporations Controlled by such Person, or a combination thereof, or (c) any other Person (other than a corporation or a partnership) in which such Person, one or more corporations Controlled by such Person, or a combination
thereof, directly or indirectly, at the date of determination, has (i) at least a majority ownership interest or (ii) the power to elect or direct the election of a majority of the directors or other governing body of such Person.

 “Technical Services” means the Technical Vessel Management Services, the Commercial Services, the Crew Management
Services, the procurement of insurance as described in Section 3.4, the dry-docking and repair services described in Section 3.5 and the regulatory compliance services described in Section 3.6. 
 “Technical Services Fee” means the Initial Technical Services Fee or Adjusted Technical Services Fee, as applicable. 

 “Technical Vessel Management Services” has the meaning ascribed to such term in
Section 3.1. 
 “Term” means the Initial Term and any Renewal Term, in each case subject to any early termination of
this Agreement as permitted herein. 
 “Vessels” means the vessels owned, under construction or to be acquired by the
Company or any of its Subsidiaries from time to time as set out in Schedule A, as the same may be amended from time to time in accordance with Section 2.8, and “Vessel” means any one of them. 
  

	1.2	Construction 

 In this Agreement, unless the context requires
otherwise: 
  

	(a)	references to laws and regulations refer to such laws and regulations as they may be amended from time to time, and references to particular provisions of a law or regulation
include any corresponding provisions of any succeeding law or regulation; 

  

	(b)	references to money refer to legal currency of the United States of America; 

  

	(c)	the word “including” when following any general term or statement shall not be construed as limiting the general term or statement to the specific matter immediately
following the word “including” or to similar matters, and the general term or statement shall be construed as referring to all matters that reasonably could fall within the broadest possible scope of the general term or statement;

  

	(d)	words importing the singular include the plural and vice versa, and words importing gender include all genders; and 

  

	(e)	a reference to an “approval”, “authorization”, “consent”, “notice” or “agreement” means an approval, authorization, consent, notice
or agreement, as the case may be, in writing. 

  

	1.3	Headings 

 All article or section headings in this Agreement are for
convenience only and shall not be deemed to control or affect the meaning or construction of any of the provisions hereof. 
  

	2.	ENGAGEMENT OF MANAGER 

  

	2.1	Engagement 

 The Company hereby engages the Manager to provide the
services specified herein and to manage each Vessel for and on behalf of the relevant Company Group Member, and the Manager hereby accepts such engagement, all in accordance with the terms of this Agreement. The Company and the Manager each
acknowledge that to the extent set out in this Agreement, the Manager is acting solely on behalf of, as agent of and for the account of, the Company. The Manager may advise Persons with whom it deals on behalf of the Company that it is conducting
such business for and on behalf of the Company. 

	2.2	Powers and Duties of the Manager 

 The Manager has the power and
authority to take such actions on its own behalf or on behalf of the relevant Company Group Member as it from time to time considers necessary or appropriate to enable it to perform its obligations under this Agreement, subject to the customary
oversight and supervision of the Company and its board of directors. The Manager shall use its reasonable best efforts to provide the Management Services and perform the Technical Services to be provided hereunder in accordance with customary ship
management practice and with the care, diligence and skill that a prudent manager of vessels such as the Vessels would possess and exercise, except that the Manager in the performance of its management responsibilities under this Agreement may have
regard to its overall responsibility in relation to all vessels as may from time to time be entrusted to its management and in particular, but without prejudice to the generality of the foregoing, the Manager may allocate available supplies,
manpower and services in such manner as in the prevailing circumstances the Manager, acting reasonably, considers to be fair and reasonable. 
  

	2.3	Ability to Subcontract 

 The Manager may subcontract any of its
duties and obligations hereunder to any of its Affiliates without the consent of the Company and may subcontract certain of its duties and obligations to Persons that are not Affiliates with the prior written consent of the Company, which consent
shall not be unreasonably withheld or delayed. In the event of any subcontract by the Manager, the Manager shall promptly notify the Company thereof and shall remain fully liable for the due performance of its obligations under this Agreement. The
Ship Manager, Advisor and Crew Manager may subcontract any of their obligations under any subcontract of the Management Agreement to any Affiliate of the Manager without the consent of the Company. In the event of any subcontract by the Ship
Manager, Advisor or Crew Manager, the Ship Manager, Advisor or Crew Manager, as the case may be, shall promptly notify the Company thereof and the Manager shall remain fully liable for the due performance of its obligations under this Agreement.

 The Company acknowledges the Manager shall engage (a) the Ship Manager to provide all or certain of the Technical Services to the Company pursuant to
a subcontract of the relevant provisions of this Agreement; (b) the Crew Manager to provide all or certain of the Crew Management Services pursuant to a subcontract of the relevant provisions of this Agreement; and (c) the Advisor to
perform all of the Pre-delivery Services pursuant to a subcontract of the relevant provisions of this Agreement; and the Ship Manager, Crew Manager and Advisor hereby accept such engagement providing that the Manager give the notice referred to in
Section 5.9 of this Agreement. Notwithstanding the above, the Manager shall be responsible for all costs and expenses related to any subcontracting of the Technical Services, and the Technical Services Fee shall not be adjusted therefor.

  

	2.4	Outside Activities 

 The Company acknowledges that the Manager and
its Affiliates may have business interests and engage in business activities in addition to those relating to the Company, for its own account and for the accounts of others. Subject to the provisions of the omnibus agreement dated August 8,
2005 between, among others, the Company and the Manager, the Manager and its Affiliates may undertake activities that may compete with the Company. 
  

	2.5	Exclusive Appointment 

 The Company acknowledges that the
appointment of the Manager hereunder is an exclusive appointment for the Term. The Company shall not appoint other managers with respect to the Vessels or the Containership business during the Term, except in circumstances in which it is necessary
to do so in order to comply with Applicable Laws or as otherwise agreed by the Manager in writing. This Section 2.5 does not prohibit the Company from having its own employees perform the Management Services. 

	2.6	Authority of the Parties 

 Each Party represents to the others that
it is duly authorized with full power and authority to execute, deliver and perform this Agreement. The Company represents that the engagement of the Manager has been duly authorized by the Company and is in accordance with all governing documents
of the Company. 
  

	2.7	Inspection of Books and Records 

 At all reasonable times and on
reasonable notice, any person authorized by the Company may inspect, examine, copy and audit the Books and Records of the Company kept pursuant to this Agreement. 
  

	2.8	Changes to Vessels subject to this Agreement 

 With the prior
approval of the Manager and subject to Section 5.3, the Company may engage the Manager to provide the services contemplated by this Agreement for other Containerships that are to be financed under the Credit Facilities. The Company, with
reasonable notice to the Manager, may remove a Vessel from the engagement under this Agreement, provided that the Manager is being engaged to manage such Vessel under a separate agreement with the Company. Unless the parties otherwise agree, a
Vessel shall automatically be removed from engagement under this Agreement upon a sale or total loss of such Vessel. Upon any addition of a Containership to this engagement or any removal of a Vessel from this engagement, the parties shall amend
Schedule A as required. 
  

	2.9	Manager’s Personnel 

 The Manager shall provide the Management
Services hereunder through the Manager’s Personnel and the Crew. The relevant Manager Entity shall be responsible for all aspects of the employment or other relationship of such Manager’s Personnel and Crew as required in order for the
Manager to perform its obligations hereunder, including recruitment, training, staffing levels, compensation and benefits, supervision, discipline and discharge, and other terms and conditions of employment or contract. However, the Manager shall
remain directly responsible and liable to the Company to carry out all of its obligations under this Agreement, whether performed directly or subcontracted to the Ship Manager, Crew Manager, Advisor or any other Person, and the Manager (and not the
Company) shall be responsible for the compensation and reimbursement of all such entities at its own cost to the extent such services are encompassed in the Technical Services. Although such Manager’s Personnel will at all times remain
employees of the relevant Manager Entity, the Company shall reimburse the Manager, in accordance with Section 5.6, for that portion of the Employment Expenses of the Manager’s Personnel attributable to the provision of Pre-delivery
Services provided pursuant to this Agreement. Subject to Section 5.9, the Manager shall in turn reimburse the relevant Manager Entity as required. 
  

	3.	TECHNICAL SERVICES 

 Subject to Section 6.2, in exchange for
the Technical Services Fee, the Manager shall provide to the Company the Technical Services in this Section 3 at the Manager’s own cost. 

	3.1	Technical Vessel Management Services 

 Commencing with the
acquisition of each Vessel by any Company Group Member, the Manager shall provide all usual and customary technical vessel management services with respect to the operation of that Vessel, including but not limited to: 
  

	(a)	supervising the day-to-day operation, maintenance, safety and general efficiency of the Vessel to ensure the seaworthiness and maintenance condition of the Vessel;

  

	(b)	arranging for, supervising and paying for general and routine repairs, alterations and maintenance of the Vessel, and the Manager shall provide the Company with a description of
such repairs, alterations and maintenance normally included in the operating expense budget for each Vessel, which list will be subject to the acknowledgment and consent of the Company; 

  

	(c)	purchasing the necessary stores, spares, lubricating oil, supplies and equipment (other than such equipment as is covered by Section 6.2(c)), and the Manager shall provide the
Company with a description of such stores, spares, lubricating oil, supplies and equipment normally included in the operating expense budget for each Vessel, which list will be subject to the acknowledgment and consent of the Company;

  

	(d)	appointing such surveyors, supervisors, technical consultants and other support for the Vessel on behalf of the Company as the Manager may consider from time to time to be
necessary; 

  

	(e)	providing technical and shore-side support for the Vessel and attending to all other technical matters necessary for the operation of the Vessel; 

  

	(f)	handling of each Vessel while in ports or transiting canals either directly or by use of vessel agents, unless otherwise handled by the Charterer; 

  

	(g)	procuring and arranging for port entrance and clearance, pilots, vessel agents, consular approvals, and other services necessary or desirable for the management and safe operation
of each Vessel, unless otherwise procured or arranged by the Charterer; 

  

	(h)	preparing, issuing or causing to be issued to shippers the customary freight contract, cargo receipts and/or bills of lading unless normally prepared, issued or arranged for by the
Charterer; 

  

	(i)	performing all usual and customary duties concerned with the loading and discharging of cargoes at all ports unless normally performed by the Charterer; 

  

	(j)	arranging for the prompt dispatch of each Vessel from loading and discharging ports in accordance with the Charterer’s instructions and for transit through canals;

  

	(k)	arranging for employment of counsel and the investigation, follow-up and negotiating of the settlement of all claims arising in connection with the operation of each Vessel;

  

	(l)	paying all ordinary charges incurred in connection with the management of each Vessel, including, but not limited to, all canal tolls, port charges, any amounts due to any
Governmental Authority with respect to the Crew and all duties and taxes in respect of cargo or freight (whether levied against the Vessel or the Company) unless otherwise paid by the Charterer; 

	(m)	in such form and on such terms as may be requested by the Company, the prompt reporting to the Company of each Vessel’s movement, position at sea, arrival and departure dates,
major casualties and damages received or caused by each Vessel; 

  

	(n)	informing the Company promptly of any major release or discharge of oil or other hazardous material not in compliance with Applicable Laws; 

  

	(o)	if the Company requests, providing the Company with a copy of any vessel inspection reports, valuations, surveys, insurance claims and other similar reports prepared by ship
brokers, valuators, surveyors, classification societies and insurers; and 

  

	(p)	arranging and paying for any and all material licenses, permits, franchises, registrations and similar authorizations of any Governmental Authority which are necessary and used in
the operation of the Vessels; 

 (which together comprise the “Technical Vessel Management Services”). 
  

	3.2	Commercial Management Services 

 Commencing with the acquisition of
each Vessel by any Company Group Member, the Manager shall administer the Charters and monitor payment to any Company Group Member or its nominee of all hire, freight revenues or other moneys to which the Company may be entitled arising out of the
Charter or other employment of that Vessel (the “Commercial Services”). 
  

	3.3	Crew Management Services 

 Commencing with or, to the extent
reasonably necessary for the provision of the Crew Management Services in an efficient manner, prior to the acquisition of each Vessel by any Company Group Member, the Manager shall provide all usual and customary crew management services in respect
of that Vessel and shall manage all aspects of the employment of the Crew, including but not limited to: 
  

	(a)	procuring, supervising and managing suitably qualified Crew, which in the opinion of the Manager is required for the Vessel, in accordance with the International Convention on
Standards of Training, Certification and Watchkeeping to Seafarers, 1978, as amended in 1995 or any subsequent amendment thereto; 

  

	(b)	recruiting, selecting, hiring and engaging the Vessel’s Crew, arranging and paying, at its own expense, all compensation and administering payroll arrangements, pensions and
other benefits and insurance for the Crew (including processing all claims); 

  

	(c)	ensuring that the Applicable Laws of the flag of the Vessel and all places where the Vessel trades are satisfied in respect of manning levels, rank, qualification and certification
of the Crew and employment regulations, including statutory withholding tax requirements and social insurance requirements; 

  

	(d)	ensuring that all members of the Crew have passed a medical examination with a qualified doctor certifying that they are fit for the duties for which they are engaged and are in
possession of valid medical certificates issued in accordance with appropriate flag state requirements and, in the absence of applicable flag state requirements, the medical certificate shall be dated not more than three months prior to the
respective Crew members leaving their country of domicile and shall be maintained for the duration of their service on board the Vessel; 

	(e)	ensuring that the Crew have command of the English language at a sufficient standard to enable them to perform their duties effectively and safely; 

  

	(f)	arranging for all transportation (including repatriation), board and lodging for the Crew as and when required at rates and types of accommodations as customary in the industry;

  

	(g)	attending to and supervising the training, discipline, discharge and other terms and conditions of employment of the Crew; 

  

	(h)	conducting all union negotiations for and on behalf of the Company pursuant to Section 4.5(c) of the IPO Management Agreement; 

  

	(i)	administering the Company’s and the Manager’s drug and alcohol policy in respect of the Crew; 

  

	(j)	ensuring that any concerns of the Charterer with respect to the master or any of the officers or other Crew are appropriately investigated in a timely manner, communicating the
results of such investigations to the Charterer and the Company and, if such concerns are well-founded, ensuring that any appropriate remedial actions are taken without delay; 

  

	(k)	keeping and maintaining full and complete records of any labour agreements which may be entered into with the Crew and reporting to the Company reasonably promptly after notice or
knowledge thereof is received of any change or proposed change in labour agreements or other regulations relating to the Crew; 

  

	(l)	negotiating the settlement of all wages with the Crew during the course of and upon termination of their employment; 

  

	(m)	handling all details and negotiating the settlement of any and all claims of the Crew including, but not limited to, those arising out of accidents, sickness, death, loss of
personal effects, or disputes under articles or contracts of enlistment, policies of insurance and fines; 

  

	(n)	keeping and maintaining all administrative and financial records relating to the Crew as required by Applicable Law and any labour or collective agreements of the Company, and
rendering to the Company any and all reports when, as and in such form as requested by the Company; and 

  

	(o)	performing any other function in connection with the Crew as may be requested by the Company; 

 (collectively, the “Crew Management Services”). 
  

	3.4	Insurance 

 The Manager shall obtain, purchase and maintain
insurance for each Vessel from third party providers for and on behalf of the Company against physical damage, total loss, third party liability and other risks normally insured against in accordance with industry practice, including: 
  

	(a)	usual hull and machinery marine risks (including crew negligence) and excess liabilities; 

  

	(b)	protection and indemnity risks (including pollution risks and Crew Insurances); and 

	(c)	war risks (including protection and indemnity and crew risks); 

 each in
accordance with the best practice of prudent owners of vessels of a similar type to each Vessel, with insurance companies, underwriters or associations in amounts and on terms that are in accordance with industry practice and, in any event, are no
less than the market value of the Vessel (and in the case of protection and indemnity coverage, entered for her full gross tonnage) (collectively, the “Insurances”). 
 The Manager shall pay on behalf of the Company all premiums and calls on the Insurances promptly and in any event by their due date. The Manager shall procure for and on behalf of the Company any such additional
insurance required under the Credit Facilities, including arranging for any of the lenders, facility agent or security agent being named as “loss payee” or “additional insured” in accordance with the terms of the Credit
Facilities. The Manager shall co-operate with the Company’s insurers and underwriters with respect to the investigation or settlement of claims by the Company or any third party under the Insurances, including taking the necessary steps to have
repairs contemplated in Section 6.2(a) covered by the applicable insurance policy or policies. 
  

	3.5	Dry-Docking, Repairs and Improvements 

  

	(a)	General 

 Subject to Section 6.2, the Manager shall arrange, pay for
and supervise the dry-dockings, repairs, alterations and maintenance of each Vessel to the standards required to ensure that each Vessel will comply, in all material respects, with the laws of the flag of such Vessel and of the places where such
Vessel trades and all requirements and recommendations of the classification society. Notwithstanding the foregoing and subject to this Section 3.5, the Manager shall pay only for the costs and expenses associated with normally scheduled
dry-docking and general and routine repairs, maintenance and alterations of the Vessels. The Company acknowledges that the Manager intends to allocate a portion of the Technical Services Fees of each Vessel toward the normally scheduled dry-docking
costs and expenses of such Vessel and that the amount allocated will be based on a period of time specified and agreed to between the Company and the Manager (the “Dry-docking Allocation”). The Company shall make available to the
Manager sufficient funds for such other dry-dockings, repairs, alterations and maintenance as described in Section 6.2. 
  

	(b)	Refund 

 If and to the extent the Company has paid to the Manager any
amounts included in the Technical Services Fee that comprise the Dry-docking Allocation of such Vessel, and this Agreement is terminated for any reason or expires, or the Manager otherwise ceases to manage such Vessel under this Agreement, prior to
the carrying out of such dry-docking, the partial or full costs of which have been prepaid in the Technical Services Fee, the Manager shall refund to the Company the Dry-docking Allocation for such Vessel. 
  

	(c)	Major Expenditures Prior to Dry-docking 

 If and to the extent there is any
major expenditure for repairing a Vessel where such cost or expense is not within Section 6.2 and may be repaired at the next normally scheduled dry-docking, but the Manager reasonably considers such repair should be performed prior to the next
normally scheduled dry-docking and the Manager pays for such repair to be performed, and this Agreement is terminated for any reason or expires, or the Manager otherwise ceases to manage such Vessel under this Agreement, prior to the next normally
scheduled dry-docking, the Company shall reimburse the Manager for the costs and expenses for such repair that the Manager has not yet recovered from the Dry-docking Allocation of the Technical Services Fees paid to the Manager. 

	3.6	Regulatory Compliance Services 

 The Manager shall
operate and maintain the Vessels, in all material respects, in compliance with, and take all actions necessary to ensure that each Vessel is in compliance with, all Applicable Laws, including the laws of Hong Kong Special Administrative Region or
such other flag as each Vessel may bear, the Applicable Laws of the countries to which the Vessels trade and with the requirements of the relevant classification society, the International Management Code for the Safe Operation of Ships and for
Pollution Prevention as adopted by the International Maritime Organization (IMO) by resolution A.741(18), or any subsequent amendment thereto, and the International Ship and Port Facility Security Code adopted by the International Maritime
Organization Assembly, as the same may have been or may be amended or supplemented from time to time. 
  

	4.	PRE-DELIVERY SERVICES 

 In addition to any Strategic Services (as
defined in the IPO Management Agreement), the Manager shall provide to the Company the services set out in this Section 4. 
  

	4.1	Pre-delivery Services 

 The Manager shall oversee and supervise, in
all material respects, the construction of the New Build or the acquisition of any Vessel to be purchased and made subject to this Agreement, as the case may be, prior to its delivery, including but not limited to the following, as applicable:

  

	(a)	negotiating the ship building contract and specifications and related documentation; 

  

	(b)	attending to plan approval for the design of the New Build; 

  

	(c)	liaising with the ship builder and supervising the ship builder’s progress with respect to the New Build and reviewing the general operation and efficiency of the ship builder;

  

	(d)	arranging for and supervising alterations and changes to the New Build; 

  

	(e)	overseeing construction to ensure the ship builder is constructing the New Build in accordance with the relevant ship building contract, design and specifications;

  

	(f)	negotiating the purchase and sale agreement and related documentation; 

  

	(g)	liaising with classification societies, suppliers and other service providers; 

  

	(h)	procuring, supervising and managing suitably qualified Crew to test the New Build in the water prior to delivery; 

  

	(i)	attending to the purchasing and other activities related to the Pre-Delivery Purchases and Expenses; and 

  

	(j)	arranging for registration of the Vessel under the relevant flag and in accordance with Applicable Laws and registration of the Vessel with the relevant classification society and
other authorities as may be required for obtaining trading, canal, and other marine certificates for the Vessel; 

 (collectively, the “Pre-delivery Services”). 
  

	4.2	Pre-delivery Purchases and Expenses 

 Prior to the delivery to the
Company of any Vessel, the Company shall provide at its own expense, but at the recommendation of the Manager, the necessary stores, spares, lubricating oil, supplies, equipment and services related to the delivery of the Vessel (all of which shall
be set out by the Manager in a pre-delivery budget for each Vessel and subject to the acknowledgment and consent of the Company) to ensure the seaworthiness and readiness for service of each such Vessel and shall pay for the fees associated with the
relevant classification society or the registration of the Vessel in the name of the Company under the relevant flag (“Pre-delivery Purchases and Expenses”). For greater certainty, the Pre-delivery Purchases and Expenses may include
items that are identified before or after delivery of the Vessel once the Manager has determined that such items are required for the safe and efficient operation of the Vessel so that it can be managed and operated as contemplated by this
Agreement. The Manager shall arrange for and make such Pre-delivery Purchases and Expenses for and on behalf of the Company and the Company shall reimburse the Manager in accordance with Section 5.6. 
  

	4.3	Estimates and Consultation 

 The Manager shall consult with and
obtain the approval of the Company with respect to all material decisions to be made regarding the New Build. The Manager shall also consult with the Company regarding, and provide to the Company an estimate of the cost of, the Pre-delivery Services
and the various Pre-delivery Purchases and Expenses for any Vessel for approval by the Company reasonably in advance of such services being provided or such items being purchased. If the actual cost of the Pre-delivery Services or any of the
Pre-delivery Purchases and Expenses exceeds the previous estimate provided by the Manager by $50,000 or less, the Manager shall so advise the Company prior to settling payment of the relevant invoice. If the actual cost of the Pre-delivery Services
or any of the Pre-delivery Purchases and Expenses exceeds the previous estimate provided by the Manager by more than $50,000, the Manager shall consult with and obtain the prior approval of the Company prior to incurring such costs. 
  

	5.	COMPENSATION 

  

	5.1	Initial Technical Services Fee 

 For the provision of the Technical
Services between the commencement of this Agreement and December 31, 2008, the Company shall pay to the Manager in advance on a monthly basis the daily fixed fees per Vessel set out in Schedule A hereto (the “Initial Technical Services
Fee”) commencing on the date of delivery of each Vessel to any Company Group Member. This fee is all-inclusive and represents all costs to be paid to the Manager for the provision of the Technical Services; any related costs paid by the
Manager in connection with the Technical Services shall not be passed through to or be reimbursed by the Company, except as set forth in Section 6.2 below. The Company and the Manager each acknowledge that the Initial Technical Services
Fee for the Vessels represents the fair market value of providing the Technical Services for each Vessel as of the date hereof. The Technical Services Fee is payable regardless of whether the Vessels are subject to a Charter or whether the relevant
Charterer has paid the relevant charter hire to the Company. However, in circumstances where the Vessel is off-hire (whether or not subject to a Charter), there shall be an appropriate downward adjustment to the Technical Services Fee for any
decrease in variable costs during such period. 

	5.2	Adjustment to Initial Technical Services Fee 

 The Initial Technical
Services Fee shall remain in effect until December 31, 2008, and thereafter will be adjusted every three years beginning January 1, 2009. Ninety (90) days prior to December 31, 2008 and the end of each successive three-year
period thereafter, the Manager and the Company shall negotiate the fee for Technical Services for the successive three-year period (the “Adjusted Technical Services Fee”). 
  

	5.3	Technical Services Fees for New Vessels 

 If the Company acquires a
Containership that is to be financed under the Credit Facilities, the Technical Services Fee in respect of that Containership shall be the same fee that is applicable to Vessels of the same size, unless there is a material and demonstrable
difference in the operating costs associated with such Containership. If such a difference exists or if there are no Vessels of a similar size already owned by the Company, the Company and the Manager shall negotiate in good faith a fair market
Technical Services Fee for that Containership. The Parties shall update Schedule A as required from time to time to reflect the Technical Services Fees for the newly acquired Containerships. For Containerships that were previously subject to this
Agreement and are subsequently being returned to the engagement under this Agreement, the Technical Services Fee shall be that which was applicable prior to removal from this Agreement. 
  

	5.4	Dispute Resolution of Technical Services Fee 

 If the Company and
the Manager are unable to agree on the Adjusted Technical Services Fee pursuant to Section 5.2 within forty-five (45) days prior to the end of the applicable calendar year or are unable to agree on the Technical Services Fee for a newly
acquired Containership pursuant to Section 5.3, the Company and the Manager shall engage an independent arbitrator to determine the fair market value of providing the Technical Services to the Company for the Vessel or Vessels, as the case may
be, in accordance with this Agreement (the “Fair Market Fee”). In determining the Fair Market Fee in respect of the Adjusted Technical Services Fee, the arbitrator will be provided with the proposed terms of the Adjusted Technical
Services Fee discussed between the Company and the Manager in the prior 45-day period, all the relevant historical information regarding the Vessels for the previous three-year period, the anticipated costs of operating and managing such Vessels for
the next three-year period and any other information that the Company or the Manager may deem relevant. In determining the Fair Market Fee in respect of any newly acquired vessel, the arbitrator will be provided with the proposed Technical Services
Fee of such vessel as discussed between the Company and the Manager, the anticipated costs of operating and managing such vessel for the next three-year period and any other information that the Company or the Manager may deem relevant. The
arbitrator shall determine the Fair Market Fee within thirty (30) days of its engagement and furnish the Company and the Manager with its determination, and the Adjusted Technical Services Fee for the ensuing three-year period, in the case of
Section 5.2, or the Technical Services Fee for relevant period, in the case of a newly acquired vessel pursuant to Section 5.3, shall be the Fair Market Fee as determined by the arbitrator. 
 Solely in the case of the Adjusted Technical Services Fee for the three-year period commencing January 1, 2009, the Adjusted Technical Services Fee shall be the
greater of (a) the Fair Market Fee determined by the arbitrator; and (b) the Initial Technical Services Fee. During all other periods, the Adjusted Technical Services Fee shall be the Fair Market Fee determined by the arbitrator. The fees
and expenses of the arbitrator shall be paid by the Company and the Manager in equal proportions. 

	5.5	Incentive Shares 

 Under the IPO Management Agreement, the Manager
was engaged to provide certain Strategic Services (as defined therein), which services included certain Pre-delivery Services as set out herein. In respect of such Strategic Services, which were subcontracted to the Advisor, the Advisor received 100
Incentive Shares having an aggregate purchase price of $1,000. The Company, the Manager and the Advisor each acknowledge that the Incentive Shares were issued to the Advisor, in part, as consideration for the provision of the Pre-Delivery Services
hereunder. 
  

	5.6	Reimbursement for Expenses for Pre-delivery Services 

 The Company
shall reimburse the Manager for: (a) all of the reasonable direct costs and expenses incurred by the Manager and its Affiliates in providing the Pre-delivery Services, including the Pre-Delivery Purchases and Expenses; and (b) all
reasonable and necessary costs and expenses incurred by the Manager and its Affiliates that are allocable to the provision of the Pre-delivery Services to the Company (including the allocable Employment Expenses associated with officers and
employees of the Manager and its Affiliates to the extent that they provide such Pre-delivery Services to the Company for the Manager pursuant to this Agreement). If any of the costs and expenses are incurred pursuant to the provision of services
the benefit of which will be shared among or realized by the Company, the Manager and another Person or Persons, the reimbursement of such costs and expenses shall be apportioned accordingly and the Manager shall promptly notify the Company of such
apportionment. 
  

	5.7	Invoicing 

 The Manager shall in good faith determine the expenses
related to the Pre-delivery Services that are allocable to the Company in any reasonable manner determined by the Manager and shall provide to the Company on a monthly basis an invoice for the costs and expenses to be reimbursed under
Section 5.6, which invoice will contain a description in reasonable detail of the costs and expenses that comprise the aggregate amount of the payment being invoiced. The Manager shall maintain the records of all costs and expenses incurred,
including any invoices, receipts and supplementary materials as are necessary or proper for the settlement of accounts between the Parties. The Company shall pay such invoices within thirty (30) days of receipt, unless the invoice is being
disputed in accordance with this Agreement. 
  

	5.8	Dispute of Invoice 

 If the Company, in good faith, disputes the
amount of the invoice, the Company shall give written notice of such dispute on or before the due date with respect to all or any portion of the relevant invoice, with the particulars of such dispute. Upon receipt of such notice, the Manager shall
furnish the Company with additional supporting documentation to reasonably substantiate the amount of the invoice. Upon delivery of such additional documentation, the Company and the Manager shall cooperate in good faith and use their reasonable
best efforts to resolve such dispute. If they are unable to resolve their dispute within ten (10) Business Days of the delivery of such additional supporting information, then the dispute shall be referred for resolution to a firm of
independent accountants of nationally recognized standing reasonably satisfactory to each of the Manager and the Company (the “Accounting Referee”), which shall determine the disputed amounts within thirty (30) days of the
referral of such dispute to such Accounting Referee. The determination of the Accounting Referee shall not require the Company to pay more than the amount in dispute nor require the Manager to return any amount previously paid by the Company. The
fees and expenses of the Accounting Referee shall be borne equally by the Company and the Manager. If any dispute is resolved in favour of the Manager, the Company shall make payment to the Manager within ten (10) days of resolution of the
dispute. Notwithstanding the foregoing, in no event shall the Company be entitled to withhold any amounts other than those portions of the applicable payment that are in dispute. 

	5.9	Direction to Pay 

 By written notice to the Company, the Manager
shall direct the Company to pay any amounts owing under this Agreement to an Affiliate of the Manager, pursuant to a subcontract of any provisions of this Agreement, directly to such Affiliate. The Manager hereby directs that the Technical Services
Fee be paid by the Company directly to the Ship Manager. 
  

	5.10	Payments from Operating Account of Company 

 The Company shall
ensure that all charter hire associated with the Charters is paid by the Charterer into one or more operating accounts of the Company. Unless otherwise instructed by the Company, the Manager shall instruct the financial institutions at which the
account or accounts have been established to pay from the relevant operating account: (1) on the first Business Day of each month to the bank account of the Ship Manager that the Ship Manager designates the amount of the Technical Services Fee;
and (2) amounts outstanding under the Credit Facilities as and when required under the Credit Facilities. 
  

	6.	LIABILITY OF THE MANAGER; INDEMNIFICATION 

  

	6.1	Liability of the Manager 

 The Manager shall not be liable
whatsoever to the Company for any loss, damage, delay or expense of whatsoever nature, whether direct or indirect, (including but not limited to loss of profit arising out of or in connection with arrest, detention of or delay to any Vessel) and
arising from the Management Services unless and to the extent that such loss, damage, delay or expense resulted from: 
  

	(a)	the fraud, gross negligence, recklessness or wilful misconduct of the Manager or any of the Manager Entities or any of their employees, agents or sub-contractors (“Manager
Misconduct”); or 

  

	(b)	any breach of this Agreement by the Manager or any of the Manager Entities. 

  

	6.2	Extraordinary Costs and Capital Expenditures 

 Notwithstanding
anything to the contrary in this Agreement, the Manager shall not be responsible for paying any costs, liabilities and expenses in respect of a Vessel to the extent that such costs, liabilities and expenses are “extraordinary”, which
consist of the following: 
  

	(a)	repairs, refurbishment or modifications resulting from maritime accidents, collisions, other accidental damage or unforeseen events (except to the extent that such accidents,
collisions, damage or events are due to Manager’s Misconduct unless and to the extent otherwise covered by insurance); 

  

	(b)	unscheduled or non-routine dry-docking of a Vessel; 

  

	(c)	any improvement, upgrade or modification to, structural changes with respect to or the installation of new equipment aboard any Vessel that results from a change in, an introduction
of new, or a change in the interpretation of Applicable Laws, at the recommendation of the classification society for that Vessel or otherwise; 

	(d)	any increase in Crew Employment and Support Expenses resulting from an introduction of new, or a change in the interpretation of, Applicable Laws; or 

  

	(e)	any other similar costs, liabilities and expenses that were not reasonably contemplated by the Company and the Manager as being encompassed by or a component of the Technical
Services Fee at the time the Technical Services Fee was determined. 

  

	6.3	Manager Indemnification 

 The Company shall indemnify and save
harmless each Manager Entity and its respective current and former directors, officers, employees, subcontractors and current and future Affiliates (the “Manager Indemnified Persons”) from and against any and all Losses incurred or
suffered by the Manager Indemnified Persons by reason of, resulting from, in connection with, or arising in any manner whatsoever out of or in the course of their performance of this Agreement or a Legal Action brought or threatened against such
Manager Indemnified Persons in connection with their performance of this Agreement, other than for any Losses related to: 
  

	(a)	any liabilities or obligations that the Manager has agreed to pay or for which the Manager is otherwise responsible under this Agreement; 

  

	(b)	Manager Misconduct; or 

  

	(c)	any breach of this Agreement by the Manager or any of the Manager Entities. 

  

	6.4	Company Indemnification 

 The Manager shall indemnify and save
harmless each Company Group Member and its respective current and former directors, officers, employees, subcontractors and current and future Affiliates (the “Company Indemnified Persons”) from and against any and all Losses
incurred or suffered by the Company Indemnified Persons related to: 
  

	(a)	any liabilities or obligations that the Manager has agreed to pay or for which the Manager is otherwise responsible under this Agreement; 

  

	(b)	Manager Misconduct; or 

  

	(c)	any breach of this Agreement by the Manager or any of the Manager Entities. 

  

	6.5	Limitation Regarding Crew 

 Notwithstanding anything to the contrary
in this Agreement, the Manager shall not be liable for any of the actions of the Crew, even if such actions are negligent, grossly negligent or wilful, except only to the extent that they are shown to have resulted from a failure by the Manager to
discharge its obligations under Section 3.3, in which case its liability shall be determined in accordance with the terms of this Section 6. 
  

	7.	TERM AND TERMINATION 

  

	7.1	Initial Term 

 The initial term of this Agreement commences on
January 28, 2008 and ends on December 31, 2025, unless terminated earlier pursuant to this Agreement (the “Initial Term”). 

	7.2	Renewal Term 

 This Agreement shall, without any further act or
formality on the part of any Parties, on the expiration of the Initial Term, or any Renewal Term, be automatically renewed for a further term of five (5) years (each a “Renewal Term”) unless notice of termination is given by
the Company or the Manager in accordance with Section 7.3. 
  

	7.3	Termination for Breach 

 This Agreement may be terminated:

  

	(a)	by the Company if, at any time, there has been a material breach of this Agreement by the Manager and the matter is unresolved after ninety (90) days pursuant to the dispute
resolution process in Section 8 (“Manager Breach”); and 

  

	(b)	by the Manager if, at any time, there has been a material breach of this Agreement by the Company and the matter is unresolved after ninety (90) days pursuant to the dispute
resolution process in Section 8 (“Company Breach”). 

  

	7.4	Other Termination 

 This Agreement may also be terminated by the
Company or the Manager in the same manner that the IPO Management Agreement may be terminated, with the same notice or cure periods as applicable. Sections 10.3(b) to (h), Section 10.4(a) and Section 10.5 of the IPO Management Agreement
shall apply to this Agreement mutatis mutandis, and the term “Agreement” as used in those sections shall mean this Agreement. Any notice of termination given under the IPO Management Agreement shall be deemed to be given in respect of this
Agreement as well. This Agreement shall terminate automatically and immediately if and when the IPO Management Agreement is terminated for any reason whatsoever. 
  

	7.5	Effects of Termination, Expiry or Cessation of Management 

  

	(a)	Option of Company 

 If the Manager terminates this Agreement pursuant to
Section 7.4 of this Agreement but with reliance on Section 10.4(a) of the IPO Management Agreement, 
  

	 	(1)	the Company shall have the option to require the Manager to continue to provide Technical Services to the Company at the Fair Market Fee for up to an additional two-year period from
the date of termination of this Agreement, provided that the Manager or any of its Affiliates continues in the business of providing such services to third parties for similar types of vessels; and 

  

	 	(2)	the omnibus agreement dated August 8, 2005 shall remain in effect and binding on the parties thereto for a two-year period from the date of termination of this Agreement.

  

	(b)	Liability after Termination 

 Upon lawful termination or
expiry of this Agreement, this Agreement shall be void and there shall be no liability on the part of any Party (or their respective officers, directors or employees) except that the obligation of the Company to pay to the Manager or its Affiliates
the amounts accrued but outstanding under Section 5 and the terms and conditions set forth in Sections 6, 7.5 and 9.3 shall survive such termination. 

	(c)	Return of Vessels 

 After a written notice of termination
has been given under this Section 7 or upon expiry, the Company may direct the Manager to, at the cost of the Company, undertake any actions reasonably necessary to transfer any aspect of the possession or control of the Vessels to the Company
or to any nominee of the Company and to do all other things reasonably necessary to bring the appointment of the Manager hereunder to an end at the appropriate time, and the Manager shall comply with all such reasonable directions. Upon termination
or expiry of this Agreement, the Manager shall deliver to any new manager or the Company any Books and Records in respect of the Vessels held by the Manager under this Agreement and shall execute and deliver such instruments and do such things as
may reasonably be required to permit the new manager of the Company to assume its responsibilities. 
  

	(d)	Stores and Equipment 

 Upon termination for any reason
whatsoever or expiry of this Agreement or upon the Manager otherwise ceasing to manage a Vessel under this Agreement, at the time of such termination, expiry or cessation, the Manager shall either: (i) return the Vessel to the Company with
materially the same level and complement of Stores and Equipment as required to continue operating the Vessel in accordance with customary ship operation and practice that a prudent owner of a vessel such as the Vessel would deem reasonably
necessary, taking into account reasonable wear and tear; or (ii) pay to the Company an amount representing the equivalent thereof at the option of the Company, (such amount to be proposed by the Manager and approved by the Company). If the
Vessel is to be scrapped immediately following such termination, expiry or cessation, the Manager shall be required to make the payment contemplated in (ii) above. Until any of the foregoing events arise, the Manager shall have no obligation to
the Company to account for any diminution in value of the Stores and Equipment. 
  

	7.6	Nature of the Agency 

 Except as specifically set forth in
Section 7 of this Agreement, this Agreement and the engagement of the Manager hereunder may not be terminated by the Company, which acknowledges that the Manager and its Affiliates have an on-going interest in the Company, its Containership
business and the agency relationship created by this Agreement. The agency relationship created hereunder is an agency coupled with the interest of the Manager and its Affiliates as more fully described in the Recitals to this Agreement and the IPO
Management Agreement. 
  

	8.	DISPUTE RESOLUTION 

  

	8.1	Notice of Dispute 

 If a dispute or disagreement arises among the
Parties with respect to any provision of this Agreement (other than Section 5.8), including its interpretation or the performance of a Party under this Agreement, and any circumstance where (a) the Company in good faith believes that a
Manager Breach has occurred or is reasonably likely to occur or (b) the Manager in good faith believes that a Company Breach has occurred or is reasonably likely to occur (each a “Dispute”), any Party may, or the Party alleging
such breach shall, deliver written notice to the other Party. Such notice shall contain in detail the specific facts and circumstances relating to the Dispute. Each Party shall designate an individual to negotiate and resolve the Dispute (each a
“Designated Representative” 

 
and together, the “Designated Representatives”). The Designated Representatives shall in good faith attempt to resolve the matter within a
thirty (30) day period from the date of the notice referred to above. If any Designated Representative intends to be accompanied by counsel at any meeting, such Designated Representative shall give the other Designated Representative at least
three (3) Business Days’ notice. All discussions and negotiations pursuant to this Section 8 shall be confidential but without prejudice to settlement negotiations. 
  

	8.2	Mediation 

 If a Dispute is not resolved by the Designated
Representatives after the thirty (30) days provided in Section 8.1, any of the affected Parties shall refer the matter to mediation, such mediator to be mutually agreed upon by the Parties, and such mediator shall be instructed to:

  

	(a)	review the terms of the Dispute and the position of the Parties; 

  

	(b)	consider the terms of and context of this Agreement; and 

  

	(c)	render a non-binding report within sixty (60) days of the appointment of the mediator (the “Mediator’s Report”) or such later date as to which the Parties
may agree. 

 The Parties shall consider the Mediator’s Report and may decide, unanimously, to make it a binding report. If the mediator
is not able to facilitate a binding agreement between the Parties, the Dispute is not resolved to the satisfaction of the Parties as a result of the Mediator’s Report or a mediator cannot be chosen mutually by the Parties, this Agreement is
breached and the Parties may commence legal proceedings in the Supreme Court of British Columbia in the City of Vancouver. 
  

	9.	GENERAL 

  

	9.1	Assignment 

 The Parties may not assign any of their rights under
this Agreement in whole or in part without the prior written consent of the other Parties, which consent may be arbitrarily withheld. 
  

	9.2	Force Majeure 

 None of the Parties shall be under any liability for
any failure to perform any of their obligations hereunder if any of the following occurs (each a “Force Majeure Event”): 
  

	(a)	any event, cause or condition which is beyond the reasonable control of any or all of the Parties and which prevents any or all of the Parties from performing any of its obligations
under this Agreement; 

  

	(b)	acts of God, including fire, explosions, unusually or unforeseeably bad weather conditions, epidemic, lightning, earthquake, tsunami or washout; 

  

	(c)	acts of public enemies, including war or civil disturbance, vandalism, sabotage, terrorism, blockade or insurrection; 

  

	(d)	acts of a governmental entity, including injunction or restraining orders issued by any judicial, administrative or regulatory authority, expropriation or requisition;

  

	(e)	government rule, regulation or legislation, embargo or national defence requirement; or 

	(f)	labour troubles or disputes, strikes or lockouts, including any failure to settle or prevent such event which is in the control of any Party. 

 A Party shall give written notice to the other Party promptly upon the occurrence of a Force Majeure Event. 
  

	9.3	Confidentiality 

 Each Party agrees that, except with the prior
written consent of the other Party, it shall at all times keep confidential and not disclose, furnish or make accessible to anyone (except to employees, agents and professional advisors in the ordinary course of business) any confidential or
proprietary information, knowledge or data concerning or relating to the other Party and to the business or financial affairs of the other Party to which it has been or shall become privy by reason of this Agreement, except for any
(a) disclosure required by judicial or administrative process (including discovery for litigation), (b) information that becomes publicly available through no fault of it or otherwise ceases to be confidential, (c) information
required by law or applicable stock exchange rules to be disclosed, or (d) disclosure made to a Person under a binding confidentiality agreement in favour of the Party whose confidential or proprietary information is being disclosed.

  

	9.4	Notices 

 Each notice, consent or request required to be given to a
Party pursuant to this Agreement must be given in writing. A notice may be given by delivery to an individual or by fax, and shall be validly given if delivered on a Business Day to an individual at the following address, or, if transmitted on a
Business Day, by fax addressed to the following Party: 
  

											
	(a)	 	if to Seaspan Corporation:	  	(b)	 	if to Seaspan Management Services Limited:
		 	Address:	  	 Unit 2, 7th Floor, Bupa Centre
 141 Connaught Road West
 Hong Kong F4 00000
 China
	  		 	Address:	  	 Clarendon House
 2 Church Street
 PO Box HM 666
 Hamilton, HM CX
 Bermuda

						
		 	Attention:	  	Chief Financial Officer	  		 	Attention:	  	Managing Director
		 	Fax No.:	  	(852) 2540-1689	  		 	Fax No.:	  	(441) 278-9977
				
	(c)	 	if to Seaspan Advisory Services Limited:	  	(d)	 	if to Seaspan Ship Management Ltd. or Seaspan Crew Management Ltd.:
		 	Address:	  	 Clarendon House
 2 Church Street
 PO Box 666
 Hamilton, HM CX
 Bermuda
	  		 	Address:	  	 2600 - 200 Granville Street
 Vancouver, British Columbia

 V6C 1S4
 Canada

						
		 	Attention:	  	Chief Executive Officer	  		 	Attention:	  	Chief Financial Officer
		 	Fax No.:	  	(441) 278-9977	  		 	Fax No.:	  	(604) 638-2595

 or to any other address, fax number or individual that the Party designates. Any notice 
  

	(a)	if validly delivered on a Business Day, shall be deemed to have been given when delivered; 

	(b)	if validly transmitted by fax before 3:00 p.m. (local time at the place of receipt) on a Business Day, shall be deemed to have been given on that Business Day; and

  

	(c)	if validly transmitted by fax after 3:00 p.m. (local time at the place of receipt) on a Business Day, shall be deemed to have been given on the next Business Day after the date of
the transmission. 

  

	9.5	Third Party Rights 

 The provisions of this Agreement are
enforceable solely by the Parties to this Agreement, and no shareholder, employee, agent of any Party or any other Person shall have the right, separate and apart from the Parties hereto, to enforce any provision of this Agreement or to compel any
Party to this Agreement to comply with the terms of this Agreement. 
  

	9.6	No Partnership 

 Nothing in this Agreement is intended to create or
shall be construed as creating a partnership or joint venture, and this Agreement shall not be deemed for any purpose to constitute any party a partner of any other Party to this Agreement in the conduct of any business or otherwise or as a member
of a joint venture or joint enterprise with any other Party to this Agreement. 
  

	9.7	Severability 

 Each provision of this Agreement is several. If any
provision of this Agreement is or becomes illegal, invalid or unenforceable in any jurisdiction, the illegality, invalidity or unenforceability of that provision shall not affect: 
  

	(a)	the legality, validity or enforceability of the remaining provisions of this Agreement; or 

  

	(b)	the legality, validity or enforceability of that provision in any other jurisdiction; 

 except that if: 
  

	(c)	on the reasonable construction of this Agreement as a whole, the applicability of the other provision presumes the validity and enforceability of the particular provision, the other
provision shall be deemed also to be invalid or unenforceable; or 

  

	(d)	as a result of the determination by a court of competent jurisdiction that any part of this Agreement is unenforceable or invalid and, as a result of this Section 9.7, the
basic intentions of the Parties in this Agreement are entirely frustrated, the Parties shall use all reasonable efforts to amend, supplement or otherwise vary this Agreement to confirm their mutual intention in entering into this Agreement.

  

	9.8	Governing Law and Jurisdiction 

 This Agreement is governed
exclusively by, and is to be enforced, construed and interpreted exclusively in accordance with, the laws of British Columbia, which are deemed to be the proper law of the Agreement. Each Party shall submit to the exclusive jurisdiction of the
Supreme Court of British Columbia and all courts having appellate jurisdiction thereover in any suit, action or other proceeding arising out of or relating to this Agreement commenced in such court by any Party against any other Party or Parties,
and each Party waives and shall not assert by way of motion as a defence or otherwise in any such action, any claim that: 

	(a)	such Party is not subject to the jurisdiction of such Court; 

  

	(b)	such action is brought in an inconvenient forum; 

  

	(c)	the venue of such action is improper; or 

  

	(d)	any subject matter of such action may not be enforced in or by such Court; 

 and shall not seek and hereby waives any suit or action brought to obtain a judgment for the recognition or enforcement of any final judgment rendered in an action and review, other than by way of appeal, in any court of any other
jurisdiction of or pertaining to the merits of any action, whether or not such Party appears in or defends the action. 
  

	9.9	Binding Effect 

 This Agreement is binding upon and inures to the
benefit of the Parties hereto and their successors but shall not be assignable except as provided in Section 9.1. 
  

	9.10	Amendment and Waivers 

 No amendment, supplement, restatement or
termination of any provision of this Agreement is binding unless it is in writing and signed by each Person that is a Party to this Agreement at the time of the amendment, supplement, restatement or termination. 
  

	9.11	Entire Agreement 

 This Agreement constitutes the entire agreement
among the Parties pertaining to the subject matter hereof and supersedes all prior agreements and understandings pertaining thereto. 
  

	9.12	Waiver 

 No failure by any Party to insist upon the strict
performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute a waiver of any such breach or of any other covenant, duty, agreement or condition.

  

	9.13	Counterparts 

 This Agreement may be executed in any number of
counterparts, all of which together shall constitute one agreement binding on the Parties hereto. 
 IN WITNESS WHEREOF, this Agreement has been duly
executed by the Parties hereto as of the date first above written. 
  

									
	SEASPAN CORPORATION	 		 	SEASPAN MANAGEMENT SERVICES LIMITED
					
	By:	 	 /s/ Gerry Wang
	 		 	By:	 	 /s/ Gerry Wang

	Name:	 	Gerry Wang	 		 	Name:	 	Gerry Wang
	Title:	 	Director and Chief Executive Officer	 		 	Title:	 	Director

									
	SEASPAN ADVISORY SERVICES LIMITED	 		 	SEASPAN SHIP MANAGEMENT LTD.
					
	By:	 	 /s/ Graham Porter
	 		 	By:	 	 /s/ Sai W. Chu

	Name:	 	Graham Porter	 		 	Name:	 	Sai W. Chu
	Title:	 	Director	 		 	Title:	 	Chief Financial Officer and Secretary
				
	SEASPAN CREW MANAGEMENT LTD.	 		 		 	
					
	By:	 	 /s/ Sai W. Chu
	 		 		 	
	Name:	 	Sai W. Chu	 		 		 	
	Title:	 	Chief Financial Officer	 		 		 	

 SCHEDULE A 
 VESSELS AND INITIAL TECHNICAL SERVICES FEES1
 
 The following table lists the Vessels that are under construction for the Company with the
applicable Initial Technical Services Fees. 
  

												
	 Builder’s Hull
No.
	  	TEU	  	 Charterer
	  	Contracted
Delivery Date	  	Initial
Technical
Services Fees
(US$) per day	  	Intended
Flag
	 S452
	  	13,100	  	COSCO Container Lines Co., Ltd.	  	January 5, 2011	  	$	6,750	  	Hong Kong
						
	 2177
	  	13,100	  	COSCO Container Lines Co., Ltd.	  	March 31, 2011	  	$	6,750	  	Hong Kong

  

	 1
	 [Schedule as of January 28, 2008]

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