Document:

Exhibit 4.1

 

Execution Version

  

 

 

CONTRIBUTION, PURCHASE AND Sale AGREEMENT

 

Dated as of August 8,
2014

 

 

 

    	 

    	 

    

 

TABLE
OF CONTENTS

 

	 	ARTICLE I	 
	 	 	 
	DEFINITIONS	4
	 	 	 
	Section 1.1	Definitions	4
	 	 	 
	 	ARTICLE II	 
	 	 	 
	The pre-offering TRANSACTIONS	8
	 	 	 
	Section 2.1	Sale of 50% of SRV Joint Gas, 50% of SRV Joint Gas Two and 100% of Höegh Lampung	8
	Section 2.2	Payment of Intercompany Obligations	8
	 	 	 
	 	ARTICLE III	 
	 	 	 
	The Offering and Concurrent Transactions	8
	 	 	 
	Section 3.1	Sale of the Operating Company and the SRV and Lampung Promissory Note	8
	Section 3.2	The Offering	9
	Section 3.3	Use of the IPO Proceeds	9
	 	 	 
	 	ARTICLE IV	 
	 	 	 
	Deferred Issuance And Distribution	9
	 	 	 
	Section 4.1	Deferred Issuance and Distribution	9
	 	 	 
	 	ARTICLE V	 
	 	 	 
	Other Agreements	9
	 	 	 
	Section 5.1	Use of Net Available Cash from the Mooring	9
	 	 	 
	 	ARTICLE VI	 
	 	 	 
	Representations and Warranties of Höegh lng and Höegh lng LTd.; Disclaimer	10
	 	 	 
	Section 6.1	Representations and Warranties	10
	Section 6.2	Disclaimer of Warranties	13
	 	 	 
	 	ARTICLE VII	 
	 	 	 
	FURTHER ASSURANCES	13
	 	 	 
	Section 7.1	Further Assurances	13
	Section 7.2	Attorney-in-Fact	14

 

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	 	ARTICLE VIII	 
	 	 	 
	Miscellaneous	14
	 	 	 
	Section 8.1	Survival of Representations and Warranties	14
	Section 8.2	Taxes	14
	Section 8.3	Headings; References, Interpretation	15
	Section 8.4	Successors and Assigns	15
	Section 8.5	No Third-Party Rights	15
	Section 8.6	Counterparts	15
	Section 8.7	Governing Law	15
	Section 8.8	Severability	15
	Section 8.9	Deed; Bill of Sale; Assignment	16
	Section 8.10	Amendment or Modification	16
	Section 8.11	Integration	16

 

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CONTRIBUTION,
Purchase AND Sale AGREEMENT

 

This CONTRIBUTION, PURCHASE
AND SALE AGREEMENT (this “Agreement”), dated as of August 8, 2014, is made by and among Höegh LNG
Holdings Ltd., a Bermuda exempted company (“Höegh LNG”), Höegh LNG Ltd., a Bermuda exempted
company (“Höegh LNG Ltd.”), Höegh LNG Partners LP, a Marshall Islands limited partnership (the
“Partnership”), Höegh LNG GP LLC, a Marshall Islands limited liability company and the general
partner of the Partnership (the “General Partner”), and Höegh LNG Partners Operating LLC, a Marshall
Islands limited liability company (the “Operating Company”). The above-named entities are sometimes referred
to in this Agreement each as a “Party” and collectively as the “Parties.”

 

RECITALS

 

WHEREAS, prior to
the date hereof, Höegh LNG formed the General Partner pursuant to the Marshall Islands Limited Liability Company Act of 1996
for the purposes set forth in the Limited Liability Company Agreement of the General Partner, dated April 14, 2014.

 

WHEREAS, prior to
the date hereof, Höegh LNG and the General Partner formed the Partnership pursuant to the Marshall Islands Limited Partnership
Act for the purposes set forth in the Agreement of Limited Partnership of the Partnership, dated April 28, 2014.

 

WHEREAS, prior to
the date hereof, Höegh LNG formed the Operating Company and contributed to it $1,000, in exchange for 100% of the limited
liability company interests in the Operating Company.

 

WHEREAS, prior to
the date hereof, the Operating Company formed Höegh LNG Services Ltd, a private limited company registered in England and
Wales (“Höegh UK”), pursuant to the Companies Act of England and Wales.

 

WHEREAS, on the
date hereof:

 

		1.	Höegh LNG Ltd. is a wholly owned subsidiary of Höegh LNG.

 

		2.	Höegh LNG, as lender, and Höegh LNG Ltd., as borrower, are parties to an Inter-Company
Loan Agreement, dated as of January 30, 2009, as amended by Amendment No. 1, dated as of August 9, 2010, Amendment No. 2, dated
as of September 13, 2011, Amendment No. 3, dated as of August 15, 2012, Amendment No. 4, dated as of May 22, 2013 and Amendment
No. 5, dated as of December 18, 2013 (as amended, the “Höegh LNG Intercompany Loan”).

 

		3.	Höegh LNG Ltd. owns 50% of the equity interests, comprising 25,000 ordinary shares (the “SRV
JG Shares”), in SRV Joint Gas Ltd., a Cayman Islands company and the owner of the GDF Suez Neptune, a floating
storage and regasification unit (“SRV Joint Gas”), and is party to that certain Amended and Restated
Shareholders’ Loan Agreement, dated August 31, 2010, among Mitsui O.S.K. Lines, Ltd. (“MOL”), Tokyo
LNG Tanker Co., Ltd. (“TLT”), Höegh LNG Ltd. and SRV Joint Gas, pursuant to which Höegh LNG
Ltd. has made a loan to SRV Joint Gas (the “SRV Joint Gas Shareholders’ Loan”).

 

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		4.	Höegh LNG Ltd. owns 50% of the equity interests, comprising 25,000 ordinary shares (the “SRV
JG 2 Shares”), in SRV Joint Gas Two Ltd., a Cayman Islands company and the owner of the GDF Suez Cape Ann,
a floating storage and regasification unit (“SRV Joint Gas Two”), and is party to that certain Amended
and Restated Shareholders’ Loan Agreement, dated August 31, 2010, among MOL, TLT, Höegh LNG Ltd. and SRV Joint Gas Two,
pursuant to which Höegh LNG Ltd. has made a loan to SRV Joint Gas Two (the “SRV Joint Gas Two Shareholders’
Loan”).

 

		5.	Höegh LNG Ltd. owns 100% of the equity interests in Hoegh LNG Lampung Pte Ltd., a Singapore
company (“Höegh Lampung”), comprising 100,000 ordinary shares and 101,500,000 redeemable preference
shares.

 

		6.	Höegh Lampung owns 9,800 Class A shares of PT Hoegh LNG Lampung, an Indonesian company and
the owner of the PGN FSRU Lampung, a floating storage and regasification unit (“PT Hoegh”), representing
49% of the issued and outstanding share capital of PT Hoegh, and PT Bahtera Daya Utama, an Indonesian company (“PT
Bahtera”), owns 10,200 Class B shares of PT Hoegh, representing 51% of the issued and outstanding share capital of
PT Hoegh.

 

		7.	Höegh Lampung, as lender, is party to that certain Amendment and Restatement Agreement, dated
October 9, 2013, with PT Bahtera, as borrower, the proceeds of which were used by PT Bahtera’s to purchase its 51% ownership
interests in PT Hoegh described above.

 

		8.	Höegh Lampung is the borrower under (i) the Intercompany Loan Agreement, dated October 9,
2013, evidencing $40 million payable on demand to Höegh LNG Ltd. (the “$40 Million Promissory Note”)
and (ii) a $101.5 million promissory note payable to Höegh LNG Ltd., the principal of which is no longer outstanding (the
“$101.5 Million Promissory Note”).

 

		9.	PT Hoegh is the borrower under a $48.5 million promissory note payable to Höegh LNG Ltd.,
the principal of which is no longer outstanding (the “$48.5 Million Promissory Note”).

 

		10.	The General Partner is a wholly owned subsidiary of Höegh LNG.

 

		11.	Höegh LNG owns a 100% limited partner interest in the Partnership, and the General Partner
owns a non-economic general partner interest in the Partnership.

 

		12.	Höegh LNG owns 100% of the equity interests in the Operating Company.

 

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		13.	The Operating Company owns 100% of the equity interests in Höegh UK.

 

WHEREAS, pursuant
to this Agreement, the following will occur on the date that is two business days prior to the closing of the underwritten initial
public offering of the Partnership (such offering, the “Offering,” and such time, the “Initial
Effective Time”):

 

		1.	Höegh LNG Ltd. sells, assigns and transfers to the Operating Company (a) the SRV JG Shares,
(b) the SRV JG 2 Shares, (c) its share of the receivable (including all rights to accrued interest) associated with (i) the SRV
Joint Gas Shareholders’ Loan, such transfer to be evidenced by a novation deed effective as of the Initial Effective Time,
and (ii) the SRV Joint Gas Two Shareholders’ Loan, such transfer to be evidenced by a novation deed effective as of the Initial
Effective Time, (d) 100% of the equity interests in Höegh Lampung and (e) its receivable associated with (i) the $40 Million
Promissory Note issued by Höegh Lampung (including all rights to accrued interest) (ii) the remaining accrued interest on
the $48.5 Million Promissory Note and (iii) the remaining accrued interest on the $101.5 Million Promissory Note, in exchange for
a promissory note dated the Initial Effective Time from the Operating Company in the amount of $123,248,000 (the “SRV
and Lampung Promissory Note”).

 

WHEREAS, pursuant
to this Agreement, the following will occur on the date that is one business day prior to the closing of the Offering (the “Second
Effective Time”):

 

		1.	Höegh LNG Ltd. sells, assigns and transfers to Höegh LNG the SRV and Lampung Promissory
Note, in exchange for the reduction of $123,248,000 of Höegh LNG Ltd.’s outstanding debt pursuant to the Höegh
LNG Intercompany Loan.

 

WHEREAS, pursuant
to this Agreement, each of the following will occur on the closing date of the Offering (the “Third Effective Time”):

 

		1.	Höegh LNG sells, assigns and transfers to the Partnership (a) 100% of the equity interests
in the Operating Company and (b) the SRV and Lampung Promissory Note.

 

		2.	As consideration for the assignment and transfer in Paragraph 1 of this recital, the Partnership
issues to Höegh LNG 2,116,060 Common Units, 13,156,060 Subordinated Units, the IDRs and the deferred issuance and distribution
rights set forth in Section 4.1.

 

		3.	The Partnership issues to the public 9,600,000 Common Units in the Offering in exchange for $192,000,000
(the “IPO Proceeds”).

 

		4.	The Partnership uses $15,660,000 of the IPO Proceeds to pay underwriting discounts, structuring
fees and estimated offering expenses.

 

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		5.	The Partnership uses $140,000,000 of the IPO Proceeds to make an intercompany loan to
Höegh LNG, in exchange for a note bearing interest at a rate of 5.88%, which is repayable on demand or which the Partnership
can elect to utilize as part of the purchase consideration in the event the Partnership purchases all or a portion of Höegh
LNG’s interests in the floating storage and regasification unit the Independence (the “$140 Million Demand
Note”).

 

		6.	The Partnership retains $20,000,000 of the IPO Proceeds to be used for general partnership
purposes.

 

		7.	The Partnership distributes the remaining $16,340,000 of the IPO Proceeds to Höegh
LNG.

 

agreement

 

NOW THEREFORE, in
consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
and intending to be legally bound hereby, the Parties hereby agree as follows:

 

ARTICLE I

 

DEFINITIONS

 

Section 1.1            Definitions.
The following defined terms have the meanings given below:

 

“$40
Million Promissory Note” has the meaning set forth in the Recitals of this Agreement.

 

“$48.5
Million Promissory Note” has the meaning set forth in the Recitals of this Agreement.

 

“$101.5
Million Promissory Note” has the meaning set forth in the Recitals of this Agreement.

 

“$140
Million Demand Note” has the meaning set forth in the Recitals of this Agreement.

 

“Agreement”
has the meaning set forth in the opening paragraph of this Agreement.

 

“Attorney-in-Fact”
has the meaning set forth in Section 7.2.

 

“Common
Unit” means a common unit representing a limited partner interest in the Partnership having the rights set forth
in the Partnership Agreement.

 

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“Conveying
Party” or “Conveying Parties” has the meaning set forth in Section 7.2.

 

“Firm
Units” means Common Units to be sold to the Underwriters pursuant to the terms of the Underwriting Agreement, excluding
Option Units.

 

“FSRU
Financing Agreements” means the (i) Neptune Facility Agreement, dated December 20, 2007, between SRV Joint Gas and
the other parties thereto, as amended by the Amendment Agreement, dated March 25, 2010, the Letter from the Agent for the Lenders,
dated August 26, 2010 and the Letter from the Agent for the Lenders, dated July 25, 2014, (ii) Cape Ann Facility Agreement, dated
December, 20, 2007, between SRV Joint Gas Two and the other parties thereto, as amended by the Amendment Agreement, dated March
25, 2010, the Letter from the Agent for the Lenders, dated August 26, 2010, the Amendment Agreement, dated June 29, 2012 and the
Letter from the Agent for the Lenders, dated July 25, 2014, and (iii) $299 Million Lampung Facility Agreement, dated September
12, 2013, between PT Hoegh and the other parties thereto.

 

“FSRU-Owning
Subsidiaries” means collectively SRV Joint Gas, SRV Joint Gas Two and PT Hoegh.

 

“FSRUs”
means collectively the GDF Suez Neptune, the GDF Suez Cape Ann and the PGN FSRU Lampung.

 

“General
Partner” has the meaning set forth in the opening paragraph of this Agreement.

 

“Höegh
Lampung” has the meaning set forth in the Recitals of this Agreement.

 

“Höegh
LNG” has the meaning set forth in the opening paragraph of this Agreement.

 

“Höegh
LNG Intercompany Loan” has the meaning set forth in the Recitals of this Agreement.

 

“Höegh
LNG Ltd.” has the meaning set forth in the opening paragraph of this Agreement.

 

“Höegh
UK” has the meaning set forth in the Recitals of this Agreement.

 

“IDRs”
means the incentive distribution rights of the Partnership having the rights set forth in the Partnership Agreement.

 

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“Initial
Effective Time” has the meaning set forth in the Recitals of this Agreement.

 

“IPO Proceeds”
has the meaning set forth in the Recitals of this Agreement.

 

“Laws”
has the meaning set forth in Section 6.1(c).

 

“MOL”
has the meaning set forth in the Recitals of this Agreement.

 

“Mooring”
means the tower yoke mooring system related to the PGN FSRU Lampung, a floating storage and regasification unit.

 

“Mooring
Price” means the total amount payable by PGN for the price of the Mooring.

 

“Net
Available Cash from the Mooring” is the Mooring Price less all unpaid, accrued or expected remaining payments for
the Mooring.

 

“Offering”
has the meaning set forth in the Recitals of this Agreement.

 

“Operating
Company” has the meaning set forth in the opening paragraph of this Agreement.

 

“Option
Units” means Common Units that the Partnership will agree to issue upon exercise of the Over-Allotment Option.

 

“Over-Allotment
Option” means the number of Common Units equal to 15% of the Firm Units, which the Partnership will agree to sell
to the Underwriters, at their option, to cover over-allotments in connection with the Offering.

 

“Partnership”
has the meaning set forth in the opening paragraph of this Agreement.

 

“Partnership
Agreement” means the First Amended and Restated Agreement of Limited Partnership of the Partnership, substantially
in the form attached as Appendix A to the Registration Statement.

 

“Party”
or “Parties” has the meaning set forth in the opening paragraph of this Agreement.

 

“PGN”
has the meaning set forth in Section 6.1(g).

 

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“PT
Bahtera” has the meaning set forth in the Recitals of this Agreement.

 

“PT
Hoegh” has the meaning set forth in the Recitals of this Agreement.

 

“Registration
Statement” means the Registration Statement on Form F-1 filed with the Securities and Exchange Commission (Registration
No. 333-197228), including the preliminary prospectus contained therein, as amended.

 

“Subordinated
Unit” means a subordinated unit representing a limited partner interest in the Partnership having the rights set
forth in the Partnership Agreement.

 

“SRV
JG Shares” has the meaning set forth in the Recitals of this Agreement.

 

“SRV
JG 2 Shares” has the meaning set forth in the Recitals of this Agreement.

 

“SRV
Joint Gas” has the meaning set forth in the Recitals of this Agreement.

 

“SRV
Joint Gas Shareholders’ Loan” has the meaning set forth in the Recitals of this Agreement.

 

“SRV
Joint Gas Two” has the meaning set forth in the Recitals of this Agreement.

 

“SRV
Joint Gas Two Shareholders’ Loan” has the meaning set forth in the Recitals of this Agreement.

 

“SRV
and Lampung Promissory Note” has the meaning set forth in the Recitals of this Agreement.

 

“Third
Effective Time” has the meaning set forth in the Recitals of this Agreement.

 

“TLT”
has the meaning set forth in the Recitals of this Agreement.

 

“Transferred
Subsidiaries” means collectively the Operating Company, Höegh UK, Höegh Lampung and the FSRU-Owning Subsidiaries.

 

“Underwriters”
means the underwriters listed in the Underwriting Agreement.

 

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“Underwriting
Agreement” means a firm commitment underwriting agreement to be entered into between the Partnership, Höegh
LNG, the Operating Company, the General Partner and the underwriters named in the Registration Statement.

 

ARTICLE II

 

The
pre-offering TRANSACTIONS

 

The following transactions
shall be completed, as of the times set forth below and in the order set forth below.

 

Section 2.1            Sale
of 50% of SRV Joint Gas, 50% of SRV Joint Gas Two and 100% of Höegh Lampung. As of the Initial Effective Time, Höegh
LNG Ltd. hereby sells, assigns and transfers to the Operating Company (a) the SRV JG Shares, together with all rights now or hereafter
attached or accruing thereto, (b) the SRV JG 2 Shares, together with all rights now or hereafter attached or accruing thereto,
(c) its share of the receivable (including all rights to accrued interest) associated with (i) the SRV Joint Gas Shareholders’
Loan, such transfer to be evidenced by a novation deed effective as of the Initial Effective Time, and (ii) the SRV Joint Gas Two
Shareholders’ Loan, such transfer to be evidenced by a novation deed effective as of the Initial Effective Time, (d) 100%
of the equity interests in Höegh Lampung and (e) its receivables associated with (i) the $40 Million Promissory Note issued
by Höegh Lampung (including all rights to accrued interest) (ii) the remaining accrued interest on the $48.5 Million Promissory
Note and (iii) the remaining accrued interest on the $101.5 Million Promissory Note, in exchange for the SRV and Lampung Promissory
Note.

 

Section 2.2            Payment
of Intercompany Obligations. As of the Second Effective Time, Höegh LNG Ltd. hereby sells, assigns and transfers to Höegh
LNG (without recourse or warranty other than as set forth in Article VI) the SRV
and Lampung Promissory Note, in exchange for the reduction of $123,248,000 of Höegh LNG Ltd.’s outstanding debt pursuant
to the Höegh LNG Intercompany Loan.

 

ARTICLE III

 

The
Offering and Concurrent Transactions

 

After the consummation
of the transactions occurring as of the Initial Effective Time and as of the Second Effective Time, as described in Article
II, the following transactions will be completed in the order set forth below, as of the Third Effective Time:

 

Section 3.1            Sale
of the Operating Company and the SRV and Lampung Promissory Note. Höegh LNG hereby (a) sells, assigns and transfers to
the Partnership 100% of the equity interests in the Operating Company and (b) sells, assigns and transfers to the Partnership
(without recourse or warranty other than as set forth in Article VI) the SRV and
Lampung Promissory Note, in exchange for 2,116,060 Common Units, 13,156,060 Subordinated Units, the IDRs and the deferred issuance
and distribution rights set forth in Section 4.1.

 

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Section 3.2            The
Offering. The Partnership shall issue 9,600,000 Common Units to the public in the Offering pursuant to the Underwriting Agreement,
in exchange for the IPO Proceeds.

 

Section 3.3            Use
of the IPO Proceeds.

 

(a)           The Partnership shall
use $15,660,000 of the IPO Proceeds to pay underwriting discounts, structuring fees and estimated offering expenses.

 

(b)           The Partnership shall
use $140,000,000 of the IPO Proceeds to make an intercompany loan to Höegh LNG, in exchange for the $140 Million
Demand Note.

 

(c)           The Partnership shall
retain $20,000,000 of the IPO Proceeds to be used for general partnership purposes.

 

(d)           The Partnership shall
distribute the remaining $16,340,000 of the IPO Proceeds to Höegh LNG.

 

ARTICLE IV

 

Deferred
Issuance And Distribution

 

Section 4.1            Deferred
Issuance and Distribution. Upon the earlier to occur of the expiration of the Over-Allotment Option period or the exercise
in full of the Over-Allotment Option, the Partnership shall issue to Höegh LNG a number of additional Common Units that is
equal to the excess, if any, of (a) the total number of Option Units over (b) the aggregate number of Common Units, if any, actually
purchased by and issued to the Underwriters pursuant to the exercise(s) of the Over-Allotment Option. Upon each exercise of the
Over-Allotment Option, the Partnership shall distribute to Höegh LNG an amount of cash equal to the proceeds therefrom net
of the underwriters’ discount and structuring fees of each such exercise.

 

ARTICLE V

 

Other
Agreements

 

Section 5.1            Use
of Net Available Cash from the Mooring. As part of the transfer to the Partnership of Höegh LNG’s equity interest
in the Operating Company, which indirectly owns equity interest in PT Hoegh, Höegh LNG hereby agrees that Net Available Cash
from the Mooring will be used to fund (a) the remaining costs of the PGN FSRU Lampung, to avoid further draws on the external
debt facilities, (b) payment of approximately $16 million to a restricted cash account required by the external debt facilities,
(c) the repayment of amounts due to owners and affiliates of PT Hoegh used to finance operations until the start of time charter
hire under the PGN FSRU Lampung time charter and (d) the repayment of approximately $7.9 million under the external debt
facilities.

 

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ARTICLE VI

 

Representations
and Warranties of Höegh lng and Höegh lng LTd.; Disclaimer

 

Section 6.1            Representations
and Warranties. Höegh LNG and Höegh LNG Ltd., severally and jointly, hereby represent and warrant that:

 

(a)           Each of the Transferred
Subsidiaries has been duly formed or incorporated, is validly existing, is in good standing under the Laws of its respective jurisdiction
of formation or incorporation and has all requisite power and authority to operate its assets and conduct its business as described
in the Registration Statement.

 

(b)           The execution and
delivery of this Agreement, and all documents, instruments and agreements required to be executed and delivered by Höegh LNG
and/or Höegh LNG Ltd. pursuant to this Agreement in connection with the completion of the transactions contemplated by this
Agreement, has been duly authorized by all necessary action on the part of Höegh LNG and Höegh LNG Ltd., as applicable.
Furthermore, this Agreement has been duly executed and delivered by each of Höegh LNG and Höegh LNG Ltd. and constitutes
a legal, valid and binding obligation of Höegh LNG and Höegh LNG Ltd., as applicable, enforceable in accordance with
the terms of this Agreement, except as may be limited by bankruptcy, insolvency, liquidation, reorganization, reconstruction and
other similar Laws of general application affecting the enforceability of remedies and rights of creditors and except that equitable
remedies such as specific performance and injunction are in the discretion of a court.

 

(c)           The execution, delivery
and performance by Höegh LNG and Höegh LNG Ltd. of this Agreement will not (i) conflict with, result in any violation
of or constitute a breach of any of the terms or provisions of, (ii) result in the acceleration of any obligation under or (iii)
constitute a default under any provision of (A) the certificate of formation, certificate of incorporation, agreement of limited
partnership, limited liability company agreement, memorandum and articles of association, bylaws or other organizational documents
of Höegh LNG, Höegh LNG Ltd. or any Transferred Subsidiary; (B) any lien, encumbrance, security interest, pledge,
mortgage, charge, other claim, bond, indenture, agreement, contract, franchise license, permit or other instrument or obligation
to which Höegh LNG, Höegh LNG Ltd. or any Transferred Subsidiary is a party, is subject or by which any of the assets
of Höegh LNG, Höegh LNG Ltd. or any Transferred Subsidiary is bound; (C) any applicable laws, statutes, ordinances,
rules or regulations promulgated by a governmental authority, orders of a governmental authority, judicial decisions, decisions
of arbitrators or determinations of any governmental authority or court (collectively, “Laws”); or (D) any
time charter to which any Transferred Subsidiary is a party or any material provision of any material contract to which Höegh
LNG, Höegh LNG Ltd. or any Transferred Subsidiary is a party or by which any of the assets of Höegh LNG, Höegh LNG
Ltd. or any Transferred Subsidiary is bound.

 

(d)           Except as has already
been obtained or that will be obtained in the ordinary course of business, no consent, permit, approval or authorization of, notice
or declaration to or filing with any governmental authority or any other person, including those related to any environmental Laws
or regulations, is required in connection with the execution and delivery by Höegh LNG or Höegh LNG Ltd. of this Agreement
or the consummation by Höegh LNG or Höegh LNG Ltd. of the transactions contemplated hereunder.

 

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(e)           All of the issued
and outstanding equity interests of each Transferred Subsidiary are duly authorized, validly issued in accordance with the certificate
of formation, certificate of incorporation, agreement of limited partnership, limited liability company agreement, bylaws or other
organizational documents of such Transferred Subsidiary and fully paid and non-assessable.

 

(f)            Höegh LNG owns
100% of the equity interests in the Operating Company. The Operating Company owns 100% of the equity interests in Höegh UK.
Höegh LNG Ltd. owns (i) 100% of the equity interests in Höegh Lampung, (ii) 50% of the equity interests in SRV Joint
Gas and (iii) 50% of the equity interests in SRV Joint Gas Two. Höegh Lampung owns 49% of the equity interests in PT Hoegh.
Höegh LNG, Höegh LNG Ltd., the Operating Company or Höegh Lampung, as applicable, has good and marketable title
to such equity interests, free and clear of all liens, encumbrances, security interests, pledges, mortgages, charges or other claims,
other than those arising under the FSRU Financing Agreements.

 

(g)           There is no outstanding
agreement, contract, option, commitment or other right or understanding in favor of, or held by, any person other than the Partnership
to acquire the Transferred Subsidiaries or the assets of the Transferred Subsidiaries, including the FSRUs, that has not been waived,
other than (i) the purchase option set forth in Clause 36 of the Amendment and Restatement Agreement of the Original Lease, Operation
and Maintenance Agreement, dated October 17, 2012, between Höegh LNG Ltd. and PT Perusahaan Gas Negara (Persero) Tbk (“PGN”),
as novated by the Novation Agreement for Amended & Restated Lease, Operation & Maintenance Agreement, dated September 18,
2013, among PGN, Höegh LNG Ltd. and PT Hoegh, as novated by the Novation Agreement for Amended & Restated Lease, Operation
& Maintenance Agreement, dated February 21, 2014, among PGN, PT PGN LNG Indonesia and PT Hoegh and (ii) the Second Amended
and Restated Shareholders’ Agreement, among MOL, TLT and Höegh LNG Ltd. 

 

(h)           Correct and complete
copies of the organizational documents of each Transferred Subsidiary (as amended to the date of this Agreement) and each time
charter to which any Transferred Subsidiary is a party have been made available to the Partnership.

 

(i)            Each time charter
to which any Transferred Subsidiary is a party is a valid and binding agreement of such Transferred Subsidiary, enforceable in
accordance with its terms and, to the knowledge of Höegh LNG and Höegh LNG Ltd., of all other parties thereto, enforceable
in accordance with its terms, except as may be limited by bankruptcy, insolvency, liquidation, winding up, reorganization, reconstruction
and other similar Laws of general application affecting the enforceability of remedies and rights of creditors and except that
equitable remedies such as specific performance and injunction are in the discretion of a court.

 

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(j)            Except as described
in the Registration Statement, each FSRU-Owning Subsidiary has fulfilled all material obligations required pursuant to its respective
time charter to have been performed by it prior to the date of this Agreement and has not waived any material rights thereunder.
No material default or breach exists in respect thereof on the part of any FSRU-Owning Subsidiary or, to the knowledge of Höegh
LNG and Höegh LNG Ltd., any of the other parties thereto. To the knowledge of Höegh LNG and Höegh LNG Ltd., no event
has occurred that, after giving of notice or the lapse of time, or both, would constitute such a material default or breach.

 

(k)           Except for such liabilities,
debts obligations, encumbrances, defects, restrictions or claims of a general nature and magnitude that would arise in connection
with the operation of floating storage and regasification units of the same type as the FSRUs in the ordinary course of business,
there are no liabilities, debts or obligations of, encumbrances, defects or restrictions with respect to, or claims against the
Transferred Subsidiaries or any of the assets owned by the Transferred Subsidiaries, including the FSRUs, other than those arising
under or in connection with the FSRU Financing Agreements and shareholder loans. For the avoidance of doubt, Höegh LNG will
retain any and all obligations arising in connection with agents agreements related to contractual arrangements in Indonesia.

 

(l)            Each FSRU is (i) adequate
and suitable for use by the applicable Transferred Subsidiary in such Transferred Subsidiary’s business as presently conducted
by it in all material respects as described in the Registration Statement, ordinary wear and tear excepted, (ii) in good running
order and repair, (iii) insured against all risks, and in amounts, consistent with common industry practices, (iv) in
compliance with applicable Laws and regulations, (v) duly registered under the flag set forth opposite such FSRU’s name
on Schedule A hereto and (vi) in compliance in all material respects with the requirements of its present class
and classification society. All class certificates of each FSRU are clean, valid and free of overdue recommendations affecting
class.

 

    	12

    	 

    

 

Section 6.2            Disclaimer
of Warranties. EXCEPT TO THE EXTENT PROVIDED IN THIS AGREEMENT OR IN ANY OTHER DOCUMENT, INSTRUMENT OR AGREEMENT EXECUTED
OR DELIVERED IN CONNECTION WITH THIS AGREEMENT, THE PARTIES ACKNOWLEDGE AND AGREE THAT NONE OF THE PARTIES HAS MADE, NONE OF THE
PARTIES DOES MAKE AND EACH PARTY SPECIFICALLY NEGATES AND DISCLAIMS ANY REPRESENTATIONS, WARRANTIES, PROMISES, COVENANTS, AGREEMENTS
OR GUARANTIES OF ANY KIND OR CHARACTER WHATSOEVER, WHETHER EXPRESS, IMPLIED OR STATUTORY, ORAL OR WRITTEN, PAST OR PRESENT, REGARDING
(A) THE VALUE, NATURE, QUALITY OR CONDITION OF THE ASSETS OWNED BY THE TRANSFERRED
SUBSIDIARIES, INCLUDING, WITHOUT LIMITATION, THE ENVIRONMENTAL CONDITION OF THE ASSETS GENERALLY, INCLUDING, WITHOUT LIMITATION,
THE PRESENCE OR LACK OF HAZARDOUS SUBSTANCES OR OTHER MATTERS ON SUCH ASSETS, (B) THE INCOME TO BE DERIVED FROM SUCH ASSETS,
(C) THE SUITABILITY OF SUCH ASSETS FOR ANY AND ALL ACTIVITIES AND USES THAT MAY BE CONDUCTED THEREON OR THEREWITH, (D) THE
COMPLIANCE OF OR BY SUCH ASSETS OR THEIR OPERATION WITH ANY LAWS (INCLUDING, WITHOUT LIMITATION, ANY ZONING, ENVIRONMENTAL PROTECTION,
POLLUTION OR LAND USE LAWS, RULES, REGULATIONS, ORDERS OR REQUIREMENTS) OR (E) THE HABITABILITY, MERCHANTABILITY, MARKETABILITY,
PROFITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OF SUCH ASSETS. EXCEPT TO THE EXTENT PROVIDED IN ANY OTHER DOCUMENT, INSTRUMENT
OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION WITH THIS AGREEMENT, EACH PARTY ACKNOWLEDGES AND AGREES THAT SUCH PARTY HAS HAD
THE OPPORTUNITY TO INSPECT THE ASSETS OF THE Transferred Subsidiaries, AND SUCH
PARTY IS RELYING SOLELY ON ITS OWN INVESTIGATION OF THE ASSETS OF THE Transferred Subsidiaries
AND NOT ON ANY INFORMATION PROVIDED OR TO BE PROVIDED BY ANY OF THE OTHER PARTIES. EXCEPT TO THE EXTENT PROVIDED IN ANY
OTHER DOCUMENT, INSTRUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION WITH THIS AGREEMENT, NONE OF THE PARTIES IS LIABLE
OR BOUND IN ANY MANNER BY ANY VERBAL OR WRITTEN STATEMENTS, REPRESENTATIONS OR INFORMATION PERTAINING TO THE ASSETS OF THE Transferred
Subsidiaries FURNISHED BY ANY AGENT, EMPLOYEE, SERVANT OR THIRD PARTY. THIS SECTION 6.2 SURVIVES THE CONTRIBUTION
AND CONVEYANCE OF THE INTERESTS OR THE TERMINATION OF THIS AGREEMENT. THE PROVISIONS OF THIS SECTION 6.2 HAVE BEEN NEGOTIATED
BY THE PARTIES AFTER DUE CONSIDERATION AND ARE INTENDED TO BE A COMPLETE EXCLUSION AND NEGATION OF ANY REPRESENTATIONS OR WARRANTIES,
WHETHER EXPRESS, IMPLIED OR STATUTORY, WITH RESPECT TO THE ASSETS OF THE Transferred Subsidiaries
THAT MAY ARISE PURSUANT TO ANY LAW NOW OR HEREAFTER IN EFFECT, OR OTHERWISE, EXCEPT AS SET FORTH IN THIS AGREEMENT OR ANY
OTHER DOCUMENT, INSTRUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION WITH THIS AGREEMENT.

 

ARTICLE VII

 

FURTHER
ASSURANCES

 

Section 7.1            Further
Assurances. From time to time after the date of this Agreement, and without any further consideration, the Parties agree to
execute, acknowledge and deliver all such additional deeds, assignments, bills of sale, conveyances, instruments, notices, releases,
acquittances and other documents, and will do all such other acts and things, all in accordance with applicable Law, as may be
necessary or appropriate (a) more fully and effectively to assure that the applicable Parties own all of the properties,
rights, titles, interests, estates, remedies, powers and privileges granted by this Agreement, or which are intended to be so
granted, (b) more fully and effectively to vest in the applicable Parties and their respective successors and assigns beneficial
and record title to the interests contributed and assigned by this Agreement or intended so to be and (c) more fully and
effectively to carry out the purposes and intent of this Agreement.

 

    	13

    	 

    

 

Section 7.2            Attorney-in-Fact.
Each Party that has conveyed any interests as reflected by this Agreement (collectively, the “Conveying Parties”)
hereby constitutes and appoints Richard Tyrrell (the “Attorney-in-Fact”) as its true and lawful attorney-in-fact
with full power of substitution for it and in its name, place and stead or otherwise on behalf of the applicable Conveying Party
and its successors and assigns, and for the benefit of the Attorney-in-Fact (a) to demand and receive from time to time the interests
conveyed by this Agreement (or intended so to be), (b) to execute in the name of the applicable Conveying Party and its successors
and assigns instruments of conveyance or instruments of further assurance, (c) to give receipts and releases in respect of the
same, and (d) from time to time to institute and prosecute in the name of the applicable Conveying Party for the benefit of the
Attorney-in-Fact any and all proceedings at Law, in equity or otherwise that the Attorney-in-Fact deems proper in order to (i) collect,
assert or enforce any claims, rights or titles of any kind in and to such interests, (ii) defend and compromise any and all
actions, suits or proceedings in respect of such interests and (iii) do any and all such acts and things in furtherance of
this Agreement as the Attorney-in-Fact deems advisable. Each Conveying Party hereby declares that the appointment hereby made
and the powers hereby granted are coupled with an interest, and are and will be irrevocable and perpetual and will not be terminated
by any act of any Conveying Party or its successors or assigns or by operation of Law.

 

ARTICLE VIII

 

Miscellaneous

 

Section 8.1            Survival
of Representations and Warranties. The representations and warranties of Höegh LNG and Höegh LNG Ltd. in this Agreement,
and in or under any documents, instruments and agreements delivered pursuant to this Agreement, will survive the completion of
the transactions contemplated hereby regardless of any independent investigations that the Partnership may make or cause to be
made, or knowledge it may have, prior to the date of this Agreement and will continue in full force and effect for a period of
one year from the date of this Agreement. At the end of such period, such representations and warranties will terminate, and no
claim may be brought by the Partnership against Höegh LNG and Höegh LNG Ltd. in respect of such representations and
warranties, except for claims that have been asserted by the Partnership prior to the date of this Agreement.

 

Section 8.2             Taxes.
The Partnership shall pay any and all sales, use and similar taxes arising out of the contributions, conveyances and deliveries
to be made hereunder and shall pay all documentary, filing, recording, transfer, deed and conveyance taxes and fees required in
connection therewith; provided, however, that Höegh LNG shall pay, or reimburse the Operating Company for, any and all Singapore
corporate income tax, stamp duties, indirect taxes or withholding taxes arising out of the contributions, conveyances and deliveries
to be made hereunder.

 

    	14

    	 

    

 

Section 8.3            Headings;
References, Interpretation. All Article and Section headings in this Agreement are for convenience only and will not be deemed
to control or affect the meaning or construction of any of the provisions hereof. The words “hereof,” “herein”
and “hereunder,” and words of similar import, when used in this Agreement, refer to this Agreement as a whole, including,
without limitation, all Schedules attached hereto, and not to any particular provision of this Agreement. All references herein
to Articles, Sections and Schedules will, unless the context requires a different construction, be deemed to be references to the
Articles and Sections of this Agreement and the Schedules attached hereto, and all such Schedules attached hereto are hereby incorporated
herein and made a part hereof for all purposes. All personal pronouns used in this Agreement, whether used in the masculine, feminine
or neuter gender, include all other genders, and the singular includes the plural and vice versa. The use herein of the word “including”
following any general statement, term or matter will not be construed to limit such statement, term or matter to the specific items
or matters set forth immediately following such word or to similar items or matters, whether or not non-limiting language (such
as “without limitation,” “but not limited to” or words of similar import) is used with reference thereto,
but rather will be deemed to refer to all other items or matters that could reasonably fall within the broadest possible scope
of such general statement, term or matter.

 

Section 8.4            Successors
and Assigns. This Agreement will be binding upon and inure to the benefit of the Parties and their respective successors and
assigns.

 

Section 8.5            No
Third-Party Rights. The provisions of this Agreement are intended to bind the Parties as to each other and are not intended
to, and do not create, rights in any other person or confer upon any other person any benefits, rights or remedies. No person
is or is intended to be a third-party beneficiary of any of the provisions of this Agreement.

 

Section 8.6            Counterparts.
This Agreement may be executed in any number of counterparts with the same effect as if all Parties had signed the same document.
All counterparts will be construed together and constitute one and the same instrument. The delivery of an executed counterpart
copy of this Agreement by facsimile or electronic transmission in PDF format will be deemed to be the equivalent of delivery of
the originally executed copy thereof.

 

Section 8.7             Governing
Law. This Agreement is governed by, and construed in accordance with, the Laws of the state of New York, United States of
America, applicable to contracts made and to be performed wholly within such jurisdiction without giving effect to conflict-of-Law
principles thereof other than Section 5-1401 of the New York General Obligations Law, except to the extent that it is mandatory
that the Law of some other jurisdiction applies. 

 

Section 8.8            Severability.
If any of the provisions of this Agreement are held by any court of competent jurisdiction to contravene, or to be invalid
under, the Laws of any governmental body having jurisdiction over the subject matter hereof, such contravention or invalidity will
not invalidate the entirety of this Agreement. Instead, this Agreement will be construed as if it did not contain the particular
provision or provisions held to be invalid, and an equitable adjustment will be made and necessary provision added so as to give
effect, as nearly as possible, to the intention of the Parties as expressed in this Agreement at the time of execution of this
Agreement.

 

    	15

    	 

    

 

Section 8.9            Deed;
Bill of Sale; Assignment. To the extent required and permitted by applicable Law, this Agreement will also constitute a “deed,”
“bill of sale” or “assignment” of the interests referenced herein.

 

Section 8.10          Amendment
or Modification. This Agreement may be amended or modified from time to time only by the written agreement of all the Parties.
Each such instrument will be reduced to writing and designated on its face as an amendment to this Agreement.

 

Section 8.11          Integration.
This Agreement and the instruments referenced herein supersede all previous understandings or agreements among the Parties,
whether oral or written, with respect to the subject matter of this Agreement and such instruments. This Agreement and such instruments
contain the entire understanding of the Parties with respect to the subject matter hereof and thereof. No understanding, representation,
promise or agreement, whether oral or written, is intended to be or will be included in or form part of this Agreement unless
it is contained in a written amendment hereto executed by the Parties after the date of this Agreement.

 

[THE REMAINDER OF THIS
PAGE IS LEFT INTENTIONALLY BLANK]

 

    	16

    	 

    

 

IN WITNESS WHEREOF,
the Parties have caused this Agreement to be duly executed as of the date first above written.

 

	 	HÖEGH LNG HOLDINGS LTD.
	 	 	 
	 	By:	/s/ Camilla Nyhus-Møller
	 	Name:	Camilla Nyhus-Møller
	 	Title:	Attorney-in-fact
	 	 	 
	 	HÖEGH LNG LTD.
	 	 	 
	 	By:	/s/ Camilla Nyhus-Møller
	 	Name:	Camilla Nyhus-Møller
	 	Title:	Attorney-in-fact
	 	 	 
	 	HÖEGH LNG PARTNERS LP
	 	 	 
	 	By:	/s/ Richard Tyrrell
	 	Name:	Richard Tyrrell
	 	Title:	Chief Executive Officer and Chief Financial Officer
	 	 	 
	 	HÖEGH LNG GP LLC
	 	 	 
	 	By:	/s/ Sveinung Støhle
	 	Name:	Sveinung Støhle
	 	Title:	Director

 

Signature
Page

to

Contribution,
Purchase and Sale Agreement

 

    	 

    	 

    

 

	 	Höegh LNG Partners Operating LLC
	 	 	 
	 	By:	/s/ Richard Tyrrell
	 	Name:	Richard Tyrrell
	 	Title:	Chief Executive Officer and
	 		Chief Financial Officer

 

Signature
Page

to

Contribution,
Purchase and Sale Agreement

 

    	 

    	 

    

 

SCHEDULE A

 

FSRU-Owning
Subsidiaries and FSRUs

 

	
        FSRU-Owning
        Subsidiary
	 	
        Jurisdiction
        of Registration
	 	
        FSRU
	 	
        Flag

	SRV Joint Gas	 	Cayman Islands	 	GDF Suez Neptune	 	Norway
	SRV Joint Gas Two	 	Cayman Islands	 	GDF Suez Cape Ann	 	Norway
	PT Hoegh	 	Indonesia	 	PGN FSRU Lampung	 	Indonesia

 

Schedule
A

To

Contribution, Purchase and Sale AgreementExhibit 4.2

 

Execution Version

 

 

OMNIBUS AGREEMENT

 

AMONG

 

HÖEGH LNG HOLDINGS LTD.,

 

HÖEGH LNG PARTNERS LP,

 

HÖEGH LNG GP LLC

 

AND

 

HÖEGH LNG PARTNERS OPERATING LLC

 

 

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	ARTICLE I

                                                                    DEFINITIONS
	 
	 	 	 
	Section 1.1.	Definitions	1
	 	 	 
	 	ARTICLE II

                                                        FIVE-YEAR VESSEL RESTRICTED BUSINESS OPPORTUNITIES
	 
	 	 	 
	Section 2.1.	Five-Year Vessel Restricted Businesses	6
	Section 2.2.	Permitted Exceptions	6
	 	 	 
	 	ARTICLE III

                                                        NON-FIVE-YEAR VESSEL RESTRICTED BUSINESS OPPORTUNITIES
	 
	 	 	 
	Section 3.1.	Non-Five-Year Vessel Restricted Businesses	7
	Section 3.2.	Permitted Exceptions	7
	 	 	 
	 	ARTICLE IV

                                                        BUSINESS OPPORTUNITIES PROCEDURES
	 
	 	 	 
	Section 4.1.	Procedures	8
	Section 4.2.	Scope of Prohibition	10
	Section 4.3.	Enforcement	10
	 	 	 
	 	ARTICLE V

                                                        RIGHTS OF FIRST OFFER
	 
	 	 	 
	Section 5.1.	Rights of First Offer	11
	Section 5.2.	Procedures for Rights of First Offer	11
	 	 	 
	 	ARTICLE VI

                                                        INDEPENDENCE INTERESTS PURCHASE OPTION
	 
	 	 	 
	Section 6.1.	Option to Purchase the Independence Interests	12
	Section 6.2.	Procedures	13
	 	 	 
	 	ARTICLE VII

                                                        INDEMNIFICATION
	 
	 	 	 
	Section 7.1.	Höegh Indemnification	15
	Section 7.2.	Limitation Regarding Indemnification	15
	Section 7.3.	Indemnification Procedures	15
	 	 	 
	 	ARTICLE VIII

                                                        MISCELLANEOUS
	 
	 		 
	Section 8.1.	Choice of Law; Submission To Jurisdiction	16
	Section 8.2.	Notice	17
	Section 8.3.	Entire Agreement	17

 

    	i

    	 

    

 

Table
of Contents

(continued)

	 	 	Page
	 	 	 
	Section 8.4.	Termination	17
	Section 8.5.	Waiver; Effect of Waiver or Consent	17
	Section 8.6.	Amendment or Modification	17
	Section 8.7.	Assignment	18
	Section 8.8.	Counterparts	18
	Section 8.9.	Severability	18
	Section 8.10.	Gender, Parts, Articles and Sections	18
	Section 8.11.	Further Assurances	18
	Section 8.12.	Withholding or Granting of Consent	18
	Section 8.13.	Laws and Regulations	18
	Section 8.14.	Negotiation of Rights of Höegh, Limited Partners, Assignees and Third Parties	18

 

    	ii

    	 

    

 

OMNIBUS AGREEMENT

 

THIS OMNIBUS AGREEMENT
is entered into on, and effective as of, the Closing Date (as defined herein), among Höegh LNG Holdings Ltd., a limited company
organized under the laws of Bermuda (“Höegh”), Höegh LNG Partners LP, a Marshall Islands limited
partnership (the “MLP”), Höegh LNG GP LLC, a Marshall Islands limited liability company and the
general partner of the MLP (including any permitted successors and assigns under the MLP Agreement (as defined herein)) (the “General
Partner”), and Höegh LNG Partners Operating LLC, a Marshall Islands limited liability company and wholly owned
subsidiary of the MLP.

 

RECITALS:

 

1.             The
Parties desire by their execution of this Agreement to evidence their understanding, as more fully set forth in Articles II
and IV, with respect to (a) those business opportunities that the Höegh Entities (as defined herein) shall not
pursue during the term of this Agreement and (b) the procedures whereby such business opportunities are to be offered to the Partnership
Group (as defined herein) and accepted or declined.

 

2.             The
Parties desire by their execution of this Agreement to evidence their understanding, as more fully set forth in Articles III
and IV, with respect to (a) those business opportunities that the Partnership Group shall not pursue during the term
of this Agreement and (b) the procedures whereby such business opportunities are to be offered to Höegh and accepted or declined.

 

3.             The
Parties desire by their execution of this Agreement to evidence their understanding, as more fully set forth in Article V,
with respect to (a) Höegh’s right of first offer relating to Five-Year Vessels (as defined herein) or Non-Five-Year
Vessels (as defined herein) owned by the MLP and (b) the MLP’s right of first offer relating to Five-Year Vessels that Höegh
might own.

 

4.              The
Parties desire by their execution of this Agreement to evidence their understanding, as more fully set forth in Article VI,
with respect to the rights of the MLP to purchase the Independence Interests (as defined herein) from Höegh.

 

5.             The
Parties desire by their execution of this Agreement to evidence their understanding, as more fully set forth in Section 6.2(c)(ii)
and Article VII, with respect to certain indemnification obligations of Höegh.

 

In consideration of the
premises and the covenants, conditions and agreements contained herein, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

 

ARTICLE
I

 

DEFINITIONS

 

Section 1.1.          Definitions.
As used in this Agreement, the following terms have the respective meanings set forth below:

 

    	1

    	 

    

 

“ABKN”
means AB Klaipèdos Nafta, the charterer of the Independence after its delivery.

 

“Acquiring
Party” has the meaning given such term in Section 4.1.

 

“Affiliate”
means, with respect to any Person, any other Person that directly or indirectly through one or more intermediaries controls, is
controlled by or is under common control with, the Person in question. As used herein, the term “control”
means the possession, direct or indirect, 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.

 

“Agreement”
means this Omnibus Agreement, as it may be amended, modified or supplemented from time to time in accordance with Section 8.6.

 

“Applicable
Independence Interests” has the meaning given such term in Section 6.1(a).

 

“Board”
means the Board of Directors of the MLP.

 

“Break-up Costs”
means the aggregate amount of any and all additional taxes, flag administration, financing, legal and other similar costs (except
with respect to Section 2.2(b) where Break-up Costs are deemed to include only administrative costs associated with transfer
and re-flagging, including related legal costs) to (a) the Höegh Entities that would be required to transfer Five-Year Vessels
acquired by the Höegh Entities as part of a larger transaction to a Partnership Group Member pursuant to Section 2.2(b)
or 2.2(d)(i) or (b) the Partnership Group that would be required to transfer Non-Five-Year Vessels acquired by the Partnership
Group as part of a larger transaction to a Höegh Entity pursuant to Section 3.2(b)(i).

 

“Change of
Control” means, with respect to any Person (the “Applicable Person”), any of the following
events: (a) any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all or substantially
all of the Applicable Person’s assets to any other Person, unless immediately following such sale, lease, exchange or other
transfer such assets are owned, directly or indirectly, by the Applicable Person; (b) the consolidation or merger of the Applicable
Person with or into another Person pursuant to a transaction in which the outstanding Voting Securities of the Applicable Person
are changed into or exchanged for cash, securities or other property, other than any such transaction where (i) the outstanding
Voting Securities of the Applicable Person are changed into or exchanged for Voting Securities of the surviving Person or its parent
and (ii) the holders of the Voting Securities of the Applicable Person immediately prior to such transaction own, directly or indirectly,
not less than a majority of the outstanding Voting Securities of the surviving Person or its parent immediately after such transaction;
and (c) a “person” or “group” (within the meaning of Section 13(d) or 14(d)(2)
of the Exchange Act), other than Höegh or its Affiliates with respect to the General Partner, being or becoming the “beneficial
owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act) of more than 50% of all of the then outstanding
Voting Securities of the Applicable Person, except in a merger or consolidation that would not constitute a Change of Control under
clause (b) above.

 

“Closing Date”
means August 12, 2014, the date of the closing of the initial public offering of common units representing limited partner interests
in the MLP.

 

    	2

    	 

    

 

“Conflicts
Committee” means the Conflicts Committee of the Board.

 

“Contribution
Assets” has the meaning given such term in Section 7.1.

 

“Covered Environmental
Losses” means all Losses suffered or incurred by the Partnership Group by reason of, arising out of or resulting
directly from:

 

(i)          any
violation or correction of violation of Environmental Laws; or

 

(ii)         any
event or condition relating to environmental or human health and safety matters, in each case, associated with the ownership or
operation by the Partnership Group or the Höegh Entities of the Contribution Assets (including, without limitation,
the presence of Hazardous Substances on, under, about or migrating to or from the Contribution Assets or the disposal or release
of, or exposure to, Hazardous Substances generated by or otherwise related to operation of the Contribution Assets), including,
without limitation, the reasonable and documented cost and expense of (a) any investigation, assessment, evaluation, monitoring,
containment, cleanup, repair, restoration, remediation or other corrective action required or necessary under Environmental Laws,
(b) the preparation and implementation of any closure, remedial, corrective action or other plans required or necessary under Environmental
Laws and (c) any environmental or toxic tort (including, without limitation, personal injury or property damage claims) pre-trial,
trial or appellate legal or litigation support work;

 

but only to the extent that such violation
complained of under clause (i), or such events or conditions included in clause (ii), occurred before the Closing
Date; and, provided that, in no event will Losses to the extent arising from a change in any Environmental Law after the Closing
Date be deemed “Covered Environmental Losses.”

 

“Environmental
Laws” means all international, federal, state, foreign and local laws, statutes, rules, regulations, treaties, conventions,
orders, judgments and ordinances having the force and effect of law and relating to protection of natural resources, health and
safety and the environment, each in effect and as amended through the Closing Date.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended.

 

“First Offer
Negotiation Period” has the meaning given such term in Section 5.2(c).

 

“Five-Year
Vessel” means any LNG Carrier or FSRU that has commenced operating under a charter for a remaining period, not including
options, of five or more years, together with the related charter and any ancillary installations or equipment also covered by
that charter.

 

“FSRU”
means a floating storage and regasification unit.

 

“General Partner”
has the meaning given such term in the introduction to this Agreement.

 

    	3

    	 

    

 

“Hazardous
Substances” means (a) each substance defined, designated or classified as a hazardous waste, hazardous substance,
hazardous material, solid waste, contaminant or toxic substance under Environmental Laws; (b) petroleum and petroleum products,
including crude oil and any fractions thereof; (c) natural gas, synthetic gas and any mixtures thereof; (d) any radioactive material;
and (e) any asbestos-containing materials in a friable condition.

 

“Höegh”
has the meaning given such term in the introduction to this Agreement.

 

“Höegh
Entities” means Höegh and any Person controlled, directly or indirectly, by Höegh, other than the Partnership
Entities.

 

“Höegh
Potential Transferee” has the meaning given such term in Section 5.2(b).

 

“Höegh
Sale Assets” has the meaning given such term in Section 5.2(b).

 

“Höegh
Transfer Notice” has the meaning given such term in Section 5.2(b).

 

“Höegh
Transferring Party” has the meaning given such term in Section 5.2(b).

 

“Independence”
means the newbuild FSRU that, upon delivery, will operate under a time charter with ABKN.

 

“Independence
Interests” means all of Höegh’s rights, title and interests in the Independence, including interests
in any Höegh Entity holding interests in the Independence and any charters or other agreements relating to the operation
of the Independence then in effect.

 

“LNG Carrier”
means a liquefied natural gas carrier.

 

“Losses”
means losses, damages, liabilities, claims, demands, causes of action, judgments, settlements, fines, penalties, costs and expenses
(including, without limitation, court costs and reasonable attorneys’ and experts’ fees) of any and every kind or character;
provided, however, that such term does not include any special, indirect, incidental or consequential damages.

 

“MLP”
has the meaning given such term in the introduction to this Agreement.

 

“MLP Agreement”
means the First Amended and Restated Agreement of Limited Partnership of the MLP, dated as of August 12, 2014, as such agreement
is in effect on the Closing Date, to which reference is hereby made for all purposes of this Agreement. No amendment or modification
to the MLP Agreement subsequent to the Closing Date will be given effect for purposes of this Agreement unless consented to by
each of the Parties.

 

“Non-Five-Year
Vessel” means any LNG Carrier or FSRU that is not a Five-Year Vessel.

 

“Offer”
has the meaning given such term in Section 4.1.

 

“Offer Period”
has the meaning given such term in Section 4.1.

 

“Offered Assets”
has the meaning given such term in Section 4.1.

 

    	4

    	 

    

 

“Offeree”
has the meaning given such term in Section 4.1.

 

“Parties”
means the parties to this Agreement and their successors and permitted assigns.

 

“Partnership
Entities” means the General Partner, the MLP and any Person controlled by any such entity.

 

“Partnership
Group” means the MLP and any Person controlled by any such entity.

 

“Partnership
Group Member” means any Person in the Partnership Group.

 

“Partnership
Potential Transferee” has the meaning given such term in Section 5.2(a).

 

“Partnership
Sale Assets” has the meaning given such term in Section 5.2(a).

 

“Partnership
Transfer Notice” has the meaning given such term in Section 5.2(a).

 

“Partnership
Transferring Party” has the meaning given such term in Section 5.2(a).

 

“Person”
means an individual, corporation, partnership, joint venture, trust, limited liability company, unincorporated organization or
any other entity.

 

“PGN”
means PT PGN LNG Indonesia, a limited liability company established under the laws of Indonesia.

 

“PGN FSRU Lampung”
means the floating storage and regasification unit PGN FSRU Lampung.

 

“PGN FSRU LOM”
means the Amendment and Restatement Agreement of the Original Lease, Operation and Maintenance Agreement dated January 25, 2012,
between PT Perusahaan Gas Negara (Persero) Tbk and Höegh LNG Ltd., dated October 17, 2012, as novated by the Novation Agreement
for Amended & Restated Lease, Operating & Maintenance Agreement, dated September 18, 2013, between PT Perusahaan Gas Negara
(Persero) Tbk, Höegh LNG Ltd. and PT Hoegh LNG Lampung, as novated by the Novation Agreement for Amended and Restated Lease,
Operating & Maintenance Agreement, dated February 21, 2014, among PT Perusahaan Gas Negara (Persero) Tbk, PT PGN LNG Indonesia
and PT Hoegh LNG Lampung, as further amended, novated or modified from time to time.

 

“Potential
Transferee” has the meaning given such term in Section 5.2(b).

 

“Sale Assets”
has the meaning given such term in Section 5.2(b).

 

    	5

    	 

    

 

“Transfer”
means any transfer, assignment, sale or other disposition of any Non-Five-Year Vessel by a Höegh Entity or of any Five-Year
Vessel or Non-Five-Year Vessel by a Partnership Group Member; provided, however, that such term does not include:
(a) transfers, assignments, sales or other dispositions from a Höegh Entity to another Höegh Entity, or from a Partnership
Group Member to another Partnership Group Member; (b) transfers, assignments, sales or other dispositions pursuant to the terms
of any related charter or other agreement with a charter party; (c) transfers, assignments, sales or other dispositions pursuant
to Article II or III; or (d) grants of security interests in or mortgages or liens on such Five-Year Vessels or Non-Five-Year
Vessels in favor of a bona fide third-party lender and the foreclosing of any such security interest, mortgage or lien or other
exercise of remedies by a bona fide third-party lender.

 

“Transfer Notice”
has the meaning given such term in Section 5.2(b).

 

“Transferring
Party” has the meaning given such term in Section 5.2(b).

 

“Voting Securities”
means securities of any class of Person entitling the holders thereof to vote in the election of members of the board of directors
or other similar governing body of the Person.

 

ARTICLE
II

 

FIVE-YEAR
VESSEL RESTRICTED BUSINESS OPPORTUNITIES

 

Section 2.1.          Five-Year
Vessel Restricted Businesses. Subject to Section 8.4 and except as permitted by Section 2.2, each of the Höegh
Entities shall be prohibited from acquiring, owning, operating or chartering Five-Year Vessels.

 

Section 2.2.          Permitted
Exceptions. Notwithstanding any provision of Section 2.1 to the contrary, the restrictions in this Agreement do not
prevent any Höegh Entity from:

 

(a)           acquiring,
owning, operating or chartering any Non-Five-Year Vessel;

 

(b)           acquiring
one or more Five-Year Vessels if such Höegh Entity offers to sell the vessel to the MLP for the acquisition price plus any
Break-up Costs in accordance with the procedures set forth in Section 4.1;

 

(c)           delivering
a Non-Five-Year Vessel under charter for five or more years if such Höegh Entity offers to sell the vessel to the MLP for
fair market value (x) after the time it becomes a Five-Year Vessel and (y) at each renewal or extension of that charter for five
or more years, in each case in accordance with the procedures set forth in Section 4.1;

 

(d)           acquiring
one or more Five-Year Vessels as part of the acquisition of a controlling interest in a business or package of assets and owning,
operating or chartering such Five-Year Vessel(s); provided, however, that:

 

(i)           if
less than a majority of the value of the business or assets acquired is attributable to Five-Year Vessels, as determined in good
faith by Höegh’s board of directors, the Höegh Entity must offer to sell such Five-Year Vessel(s) to the MLP for
their fair market value plus any Break-up Costs in accordance with the procedures set forth in Section 4.1; and

 

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(ii)          if
a majority or more of the value of the business or assets acquired is attributable to Five-Year Vessels, as determined in good
faith by Höegh’s board of directors, Höegh shall notify the MLP of the proposed acquisition in writing. The MLP
shall, not later than the 10th calendar day following receipt of such notice, notify Höegh if it or any other Partnership
Group Member wishes to acquire any Five-Year Vessel forming part of that business or package of assets in cooperation and simultaneously
with the Höegh Entity acquiring the Non-Five-Year Vessels forming part of that business or package of assets. If the MLP does
not notify Höegh of its intent to pursue the acquisition within such 10 calendar days, the Höegh Entity may proceed with
the acquisition and then offer to sell such vessels to the MLP as provided in Section 2.2(d)(i);

 

(e)           acquiring
a non-controlling interest in any company, business or pool of assets;

 

(f)            acquiring,
owning, operating or chartering any Five-Year Vessel if the MLP does not fulfill its obligation to purchase such Five-Year Vessel
in accordance with the terms of any existing or future agreement;

 

(g)           acquiring,
owning, operating or chartering any Five-Year Vessel that is subject to an offer to purchase by a Partnership Group Member as described
in Sections 2.2(b), 2.2(c) and 2.2(d), in each case pending the offer of such Five-Year Vessel to the
MLP and the MLP’s determination pursuant to Section 4.1 whether to purchase the Five-Year Vessel and, if the MLP has
determined to purchase or to cause any Partnership Group Member to purchase such Five-Year Vessel, pending the closing of such
purchase;

 

(h)           providing
ship management services relating to any vessel;

 

(i)            subject
to Section 6.1, owning or operating any Five-Year Vessel that Höegh owns on the Closing Date and that is not part of
the Partnership Group’s initial fleet on the Closing Date; or

 

(j)             acquiring,
owning, operating or chartering any Five-Year Vessel if the MLP has previously advised Höegh that it consents to such acquisition,
operation or charter.

 

ARTICLE
III

 

NON-FIVE-YEAR
VESSEL RESTRICTED BUSINESS OPPORTUNITIES

 

Section 3.1.          Non-Five-Year
Vessel Restricted Businesses. Subject to Section 8.4 and except as permitted by Section 3.2, each Partnership
Group Member shall be prohibited from acquiring, owning, operating or chartering Non-Five-Year Vessels.

 

Section 3.2.          Permitted
Exceptions. Notwithstanding any provision of Section 3.1 to the contrary, the restrictions in this Agreement shall not
prevent any Partnership Group Member from:

 

(a)           owning,
operating or chartering any Non-Five-Year Vessel that was previously a Five-Year Vessel while owned by any Partnership Group Member;

 

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(b)           acquiring
one or more Non-Five-Year Vessels as part of the acquisition of a controlling interest in a business or package of assets and owning,
operating or chartering those Non-Five-Year Vessels; provided, however, that:

 

(i)           if
less than a majority of the value of the business or assets acquired is attributable to Non-Five-Year Vessels, as determined in
good faith by the Board, such Partnership Group Member must offer to sell such Non-Five-Year Vessels to Höegh for their fair
market value plus any applicable Break-up Costs in accordance with the procedures set forth in Section 4.1; and

 

(ii)          if
a majority or more of the value of the business or assets acquired is attributable to Non-Five-Year Vessels, as determined in good
faith by the Board, the MLP shall notify Höegh of the proposed acquisition in writing. Höegh shall, not later than the
10th calendar day following receipt of such notice, notify the MLP if it or any other Höegh Entity wishes to acquire
any Non-Five-Year Vessel forming part of that business or package of assets in cooperation and simultaneously with the Partnership
Group Member acquiring the Five-Year Vessels forming part of that business or package of assets. If Höegh does not notify
the MLP of its intent to pursue the acquisition within such 10 calendar days, the Partnership Group Member may proceed with the
acquisition and then offer to sell such Non-Five-Year Vessels to Höegh as provided in Section 3.2(b)(i);

 

(c)            acquiring,
owning, operating or chartering any Non-Five-Year Vessel that is subject to an offer to purchase by a Höegh Entity as described
in Section 3.2(b) pending the offer of such Non-Five-Year Vessel to Höegh and Höegh’s determination pursuant
to Section 4.1 whether to purchase the Five-Year Vessel and, if Höegh has determined to purchase or cause any Höegh
Entity to purchase such Five-Year Vessel, pending the closing of such purchase; or

 

(d)           acquiring,
owning, operating or chartering Non-Five-Year Vessels if Höegh has previously advised the MLP that it consents to such acquisition,
ownership, operation or charter.

 

ARTICLE
IV

 

BUSINESS
OPPORTUNITIES PROCEDURES

 

Section 4.1.          Procedures.
In the event that (a) a Partnership Group Member acquires, operates or puts under charter Non-Five-Year Vessels in accordance with
Section 3.2(b)(i), or (b) a Höegh Entity acquires, operates or puts under charter Five-Year Vessels in accordance with
Section 2.2(b), 2.2(c) or 2.2(d)(i), then simultaneously or in any event not later than 30 calendar days after
the consummation of the acquisition or the commencement of operations or charter, such acquiring Party (the “Acquiring
Party”) shall notify (a) Höegh, in the case of an acquisition by a Partnership Group Member, or (b) the Board,
in the case of an acquisition by a Höegh Entity, and offer such party to be notified (each an “Offeree”)
the opportunity for any Höegh Entity or Partnership Group Member, as applicable, to purchase such Non-Five-Year Vessels or
Five-Year Vessels, as applicable (the “Offered Assets”), for their fair market value (or, in the case
of an acquisition in accordance with Section 2.2(b), the acquisition price) plus, in the case of an acquisition in accordance
with Section 2.2(b), 2.2(d)(i) or 3.2(b)(i), any applicable Break-up Costs, in each case on commercially reasonable
terms in accordance with this Section 4.1 (the “Offer”). The Offer will set forth the Acquiring
Party’s proposed terms relating to the purchase of the Offered Assets by the applicable Höegh Entity or Partnership
Group Member, including any liabilities to be assumed by the applicable Höegh Entity or Partnership Group Member as part of
the Offer. As soon as practicable after the Offer is made, the Acquiring Party shall deliver to the Offeree all information prepared
by or on behalf of or in the possession of such Acquiring Party relating to the Offered Assets and reasonably requested by the
Offeree. As soon as practicable, but in any event, within 30 calendar days after receipt of the Offer, the Offeree shall notify
the Acquiring Party in writing that either:

 

    	8

    	 

    

 

(a)            Höegh
has elected not to purchase (or not to cause any of its permitted Affiliates to purchase) or the Board has elected not to cause
any Partnership Group Member to purchase, as applicable, such Offered Assets, in which event the Acquiring Party and its Affiliates
will, subject to the other terms of this Agreement (including Section 2.2(b)), be forever free, subject to the provisions
of this Agreement, to continue to own, operate and charter such Offered Assets; or

 

(b)           Höegh
has elected to purchase (or to cause any of its permitted Affiliates to purchase) or the Board has elected to cause any Partnership
Group Member to purchase, as applicable, such Offered Assets, in which event the following procedures will be followed:

 

(i)           After
the receipt of the Offer by the Offeree, the Acquiring Party and the Offeree shall negotiate in good faith regarding the fair market
value (and any applicable Break-up Costs) of the Offered Assets that are subject to the Offer and the other terms of the Offer
on which the Offered Assets will be sold to the applicable Höegh Entity or Partnership Group Member. If the Acquiring Party
and the Offeree agree on the fair market value (and any applicable Break-up Costs) of the Offered Assets that are subject to the
Offer and the other terms of the Offer during the 30-calendar-day period (the “Offer Period”) after receipt
by the Acquiring Party of Höegh’s election to purchase (or election to cause any of its permitted Affiliates to purchase)
or of the Board’s election to cause any Partnership Group Member to purchase, as applicable, the Offered Assets, Höegh
shall purchase (or cause any of its permitted Affiliates to purchase) or the Board shall cause any Partnership Group Member to
purchase, as applicable, the Offered Assets on such terms as soon as commercially practicable after such agreement has been reached.

 

(ii)          If
the Acquiring Party and the Offeree are unable to agree on the fair market value (and any applicable Break-up Costs) of the Offered
Assets that are subject to the Offer or on any other terms of the Offer during the Offer Period, the Acquiring Party and the Offeree
shall engage a mutually-agreed-upon investment banking firm, ship broker or other expert advisor prior to the end of the Offer
Period to determine the fair market value of the Offered Assets and/or the other terms on which the Acquiring Party and the Offeree
are unable to agree. In determining the fair market value of the Offered Assets and other terms on which the Offered Assets are
to be sold, the investment banking firm, ship broker or other expert advisor, as applicable, will have access to the proposed sale
and purchase values and terms for the Offer submitted by the Acquiring Party and the Offeree, respectively, and to all information
prepared by or on behalf of the Acquiring Party relating to the Offered Assets and reasonably requested by such investment banking
firm, ship broker or other expert advisor. Such investment banking firm, ship broker or other expert advisor will determine the
fair market value (and any applicable Break-up Costs) of the Offered Assets and/or the other terms on which the Acquiring Party
and the Offeree are unable to agree within 30 calendar days of its engagement and furnish the Acquiring Party and the Offeree its
determination. The fees and expenses of the investment banking firm, ship broker or other expert advisor, as applicable, will be
divided equally between the Acquiring Party and the Offeree. Upon receipt of such determination, the Offeree will have the option,
but not the obligation:

 

    	9

    	 

    

 

(A)         in
the case that the Offeree is Höegh, to purchase or cause any of its permitted Affiliates to purchase, or in the case that
the Offeree is the Board, to cause any Partnership Group Member to purchase the Offered Assets for the fair market value (and any
applicable Break-up Costs), and on the other terms determined by the ship broker or investment banking firm, as soon as commercially
practicable after determinations have been made; or

 

(B)         in
the case that the Offeree is Höegh, to elect not to cause any of its permitted Affiliates to purchase, or in the case that
the Offeree is the Board, not to cause any Partnership Group Member to purchase such Offered Assets, in which event the Acquiring
Party and its Affiliates will, subject to the other terms of this Agreement, be forever free to continue to own and operate such
Offered Assets.

 

Section 4.2.          Scope
of Prohibition. If any Party or its Affiliates engages in the ownership or operation of Five-Year Vessels in the case of a
Höegh Entity, or Non-Five-Year Vessels in the case of a Partnership Group Member, pursuant to any of the exceptions described
in Section 2.2 or 3.2, as applicable, the Party and its Affiliates may not subsequently expand that portion of their
business other than pursuant to the exceptions contained in such Section 2.2 or 3.2. Except as otherwise provided
in this Agreement or the MLP Agreement, each Party and its Affiliates will be free to engage in any business activity whatsoever,
including those that may be in direct competition with the Höegh Entities or the Partnership Group Members.

 

Section 4.3.          Enforcement.
Each Party agrees and acknowledges that the other Parties do not have an adequate remedy at law for the breach by any such Party
of its covenants and agreements set forth in this Article IV, and that any breach by any such Party of its covenants and
agreements set forth in this Article IV would result in irreparable injury to such other Parties. Each Party further agrees
and acknowledges that any other Party may, in addition to the other remedies which may be available to such other Party, file a
suit in equity to enjoin such Party from such breach, and consent to the issuance of injunctive relief to enforce the provisions
of this Article IV.

 

    	10

    	 

    

 

ARTICLE
V

 

RIGHTS
OF FIRST OFFER

 

Section 5.1.          Rights
of First Offer.

 

(a)            The
Partnership Group hereby grants Höegh a right of first offer on any proposed Transfer by any Partnership Group Member of any
Five-Year Vessels or any Non-Five-Year Vessels owned or acquired by any Partnership Group Member. With respect to any such proposed
Transfer, the Partnership Group need not offer any particular Five-Year Vessel or Non-Five-Year Vessel to Höegh if Höegh
has previously advised the MLP that it does not wish to acquire such vessel.

 

(b)            The
Höegh Entities hereby grant the MLP a right of first offer on any proposed Transfer of any Five-Year Vessels owned or acquired
by any Höegh Entity. With respect to any such proposed Transfer, the Höegh Entities need not offer any particular Five-Year
Vessel to the MLP if the MLP has previously advised the Höegh Entities that it does not wish to acquire such vessel.

 

(c)            The
Parties acknowledge that all potential Transfers of Five-Year Vessels or Non-Five-Year Vessels pursuant to this Article V
are subject to obtaining any and all written consents of governmental authorities and other non-affiliated third parties (including,
without limitation, lenders and other providers of financing) and to the terms of all agreements (including, without limitation,
debt and other financing arrangements) in respect of such Five-Year Vessels or Non-Five-Year Vessels, as applicable.

 

Section 5.2.          Procedures
for Rights of First Offer.

 

(a)            In
the event that a Partnership Group Member (a “Partnership Transferring Party”) proposes to Transfer any
Non-Five-Year Vessels (the “Partnership Sale Assets”), prior to engaging in any negotiation for such
Transfer with any non-affiliated third party or otherwise offering to Transfer the Partnership Sale Assets to any non-affiliated
third party, such Partnership Transferring Party shall give Höegh (a “Partnership Potential Transferee”),
written notice setting forth all material terms and conditions (including, without limitation, the purchase price or the terms
of the charter agreement and a description of the Partnership Sale Asset(s) on which such Partnership Transferring Party desires
to Transfer the Partnership Sale Assets) (a “Partnership Transfer Notice”).

 

(b)           In
the event that a Höegh Entity (a “Höegh Transferring Party” and, together with a Partnership
Transferring Party, a “Transferring Party”) proposes to Transfer any Five-Year Vessels (the “Höegh
Sale Assets” and, together with the Partnership Sale Assets, the “Sale Assets”), prior
to engaging in any negotiation for such Transfer with any non-affiliated third party or otherwise offering to Transfer the Höegh
Sale Assets to any non-affiliated third party, such Höegh Transferring Party shall give the MLP (a “Höegh
Potential Transferee” and, together with a Partnership Potential Transferee, a “Potential Transferee”),
written notice setting forth all material terms and conditions (including, without limitation, the purchase price or the terms
of the charter agreement and a description of the Höegh Sale Asset(s) on which such Höegh Transferring Party desires
to Transfer the Höegh Sale Assets) (a “Höegh Transfer Notice” and, together with a Partnership
Transfer Notice, each a “Transfer Notice”).

 

    	11

    	 

    

 

(c)            After
delivery of a Transfer Notice, the Transferring Party then shall be obligated to negotiate in good faith for a 30-calendar-day
period following the delivery by the Transferring Party of the Transfer Notice (the “First Offer Negotiation Period”)
to reach an agreement for the Transfer of such Sale Assets to the Potential Transferee or any of its Affiliates on the terms and
conditions set forth in the Transfer Notice. If no such agreement with respect to the Sale Assets is reached during the First Offer
Negotiation Period, and the Transferring Party has not Transferred, or agreed in writing to Transfer, such Sale Assets to a third
party within 180 calendar days after the end of the First Offer Negotiation Period on terms generally no less favorable to the
Transferring Party than those included in the Transfer Notice, then the Transferring Party shall not thereafter Transfer any of
the Sale Assets without first offering such assets to the applicable Potential Transferee in the manner provided above.

 

ARTICLE
VI

 

INDEPENDENCE
INTERESTS PURCHASE OPTION

 

Section 6.1.          Option
to Purchase the Independence Interests.

 

(a)            Subject
to ABKN’s purchase option rights under the existing charter for the Independence, Höegh hereby grants
to the Partnership Group the right and option to purchase, in one or more transactions and subject to no condition other than as
set forth in Section 6.1(b), for fair market value at any time within 24 months after Höegh notifies the Board
pursuant to Section 6.2(a) that the Independence has been accepted by ABKN, all or a portion of the Independence
Interests (such interests, the “Applicable Independence Interests”). For the avoidance of doubt, if the
Partnership Group purchases a portion, but not all, of the Independence Interests in accordance with this Article VI, the
Partnership Group has the right and option to purchase, in one or more transactions and subject to no condition other than as set
forth in Section 6.1(b), for fair market value at any time within 24 months after Höegh notifies the Board pursuant
to Section 6.2(a) that the Independence has been accepted by ABKN, all or a portion of the remaining Independence
Interests.

 

(b)            The
Parties acknowledge that the potential transfer of the Applicable Independence Interests pursuant to this Article VI is
subject to obtaining any and all written consents of governmental authorities and other third parties, including providers of financing
and other holders of security interests in the Applicable Independence Interests, and to the terms of all agreements existing as
of the date hereof in respect of the Applicable Independence Interests including, without limitation, (i) any rights of first refusal
of the parties to such agreements to purchase the Applicable Independence Interests and (ii) any rights of lenders or other providers
of financing. Höegh hereby covenants and agrees to use its reasonable efforts to obtain any such consents required to be obtained
by it in connection with the transfer of the Applicable Independence Interests pursuant to this Article VI.

 

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Section 6.2.          Procedures.

 

(a)            Not
later than 30 calendar days after the date of acceptance of the Independence by ABKN, Höegh shall notify the Board
and offer the Board the opportunity to cause any Partnership Group Member to purchase the Applicable Independence Interests for
fair market value pursuant to Section 6.1(a).

 

(b)            If
a Partnership Group Member decides to exercise the option to purchase the Applicable Independence Interests, it shall provide written
notice to Höegh of such exercise, the fair market value it proposes to pay for the Applicable Independence Interests, and
the other material terms of the purchase. The decision to purchase the Applicable Independence Interests, the fair market value
to be paid for the Applicable Independence Interests, and the other terms of the purchase will be approved by the Conflicts Committee.
If the Partnership Group Member and Höegh are unable to agree on the fair market value of the Applicable Independence Interests
and/or the other material terms, the Partnership Group Member and Höegh shall engage a mutually-agreed-upon investment banking
firm, ship broker or other expert advisor to determine the fair market value of the Applicable Independence Interests and/or the
other material terms on which the Partnership Group Member and Höegh are unable to agree. In determining the fair market value
of the Applicable Independence Interests and/or the other material terms on which the Applicable Independence Interests are to
be sold, the investment banking firm, ship broker or other expert advisor, as applicable, will have access to the proposed sale
and purchase values and terms for the offer submitted by the Partnership Group Member and Höegh, respectively, and to all
information prepared by or on behalf of the Partnership Group Member and Höegh with respect to the Applicable Independence
Interests and reasonably requested by such investment banking firm, ship broker or other expert advisor. Such investment banking
firm, ship broker or other expert advisor will determine the fair market value of the Applicable Independence Interests and/or
the other terms on which the Partnership Group Member and Höegh are unable to agree within 30 calendar days of its engagement
and furnish the Partnership Group Member and Höegh its determination. The fees and expenses of the investment banking firm,
ship broker or other expert advisor, as applicable, will be divided equally between the Partnership Group Member and Höegh.
Upon receipt of such determination, the Partnership Group Member will have the option, but not the obligation, to purchase the
Applicable Independence Interests for the fair market value and on the other terms, which includes those specified in Section
6.2(c)(i) through Section 6.2(c)(vi), as determined by the investment banking firm, ship broker or other expert advisor,
as soon as commercially practicable after determinations have been made.

 

(c)            If
a Partnership Group Member chooses to exercise its option to purchase the Applicable Independence Interests under Section 6.2(a),
the applicable parties shall enter into a purchase and sale agreement for the purchase and sale of the Applicable Independence
Interests pursuant to which Höegh shall be obligated to sell the Applicable Independence Interests to the Partnership Group
Member and the Partnership Group Member shall be obligated to purchase the Applicable Independence Interests from Höegh. The
terms of the purchase and sale agreement will include the following:

 

(i)           the
Partnership Group Member shall deliver a cash purchase price (unless the Partnership Group Member and Höegh agree that the
consideration will be paid by means of equity of the MLP, an interest-bearing promissory note or other form of consideration);

 

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(ii)          the
Partnership Group will be entitled to the benefit of the indemnification contained in Article VII for the remaining term
of such indemnification with respect to events or conditions associated with the operation of the Independence and occurring
before the date of acquisition of the Applicable Independence Interests by the Partnership Group Member;

 

(iii)         Höegh
shall provide customary representations and warranties with respect to title to the Applicable Independence Interests and any other
such matters as the Partnership Group Member may approve, which approval will not be unreasonably withheld;

 

(iv)         Höegh
shall grant to the Partnership Group Member the right, exercisable at the Partnership Group Member’s risk and expense, to
make such surveys, tests and inspections of the Independence as the Partnership Group Member may deem desirable, so long
as such surveys, tests or inspections do not damage the Independence or interfere with the activities of the Höegh
Entities or ABKN thereon and so long as the Partnership Group Member has furnished Höegh with evidence that adequate liability
insurance is in full force and effect;

 

(v)          the
Partnership Group Member will have the right to terminate its obligation to purchase the Applicable Independence Interests under
this Article VI and the related purchase and sale agreement if the results of any searches, surveys, tests or inspections
conducted pursuant to Section 6.2(c)(iv) are, in the reasonable opinion of the Partnership Group, unsatisfactory; and

 

(vi)         neither
Höegh nor the applicable Partnership Group Member will have any obligation to sell or buy the Applicable Independence Interests
if any of the consents referred to in Section 6.1(b) have not been obtained.

 

(d)           If
the Board, on behalf of a Partnership Group Member, chooses or is deemed to have chosen not to exercise its option to purchase
all of the Independence Interests within 24 months after Höegh notifies the Board pursuant to Section 6.2(a)
that the Independence has been accepted by ABKN, all future rights to purchase any of the Independence Interests
by the Partnership Group will be extinguished.

 

    	14

    	 

    

 

ARTICLE
VII

 

INDEMNIFICATION

 

Section 7.1.         Höegh
Indemnification. Subject to the provisions of Section 7.2 and Section 7.3, Höegh shall indemnify, defend and hold harmless
the Partnership Group from and against: (a) any Covered Environmental Losses relating to the assets contributed by the Höegh
Entities to the Partnership Group prior to or on the Closing Date (the “Contribution Assets”) to the
extent that Höegh is notified by the MLP of any such Covered Environmental Losses within five years after the Closing Date;
(b) Losses to the Partnership Group arising from (i) the failure of the Partnership Group, immediately after the Closing Date,
to be the owner of such valid leasehold interests or fee ownership interests in and to the Contribution Assets as are necessary
to enable the Partnership Entities to own and operate the Contribution Assets in substantially the same manner that the Contribution
Assets were owned and operated by the Höegh Entities immediately prior to the respective dates on which each such Contribution
Asset was acquired by the Partnership Entities or (ii) the failure of the Partnership Entities to have by the Closing Date any
governmental or third-party consent or governmental permit necessary to allow the Partnership Entities to own or operate the Contribution
Assets from the Closing Date in substantially the same manner that the Contribution Assets were owned and operated by the Höegh
Entities immediately prior to the respective dates on which each such Contribution Asset was acquired by the Partnership Entities,
in each of clauses (i) and (ii) above, to the extent that Höegh is notified by the MLP of such Losses within
three years after the Closing Date; (c) all federal, state, foreign and local income tax liabilities attributable to the operation
of the Contribution Assets prior to the Closing Date, including any such income tax liabilities of the Höegh Entities that
may result from the consummation of the formation transactions for the Partnership Group and the MLP, but excluding any federal,
state, foreign and local income taxes reserved on the books of the Partnership Group on the Closing Date; and (d) Losses (i)
in the event hire rate payments under the PGN FSRU LOM are not received from PGN with respect to the period commencing on the Closing
Date through the earlier of (x) the date of acceptance of the PGN FSRU Lampung pursuant to the PGN FSRU LOM and (y) termination
of the PGN FSRU LOM for failure to receive PGN’s acceptance of the PGN FSRU Lampung, (ii) with respect to the obligation
to pay Delay Liquidated Damages (as defined in the PGN FSRU LOM) to PGN pursuant to Section 6.4 of the PGN FSRU LOM and (iii) with
respect to any non-budgeted expenses (including repair costs) incurred in connection with the PGN FSRU Lampung project (including
the construction of the related tower yoke mooring system) occurring prior to the date of acceptance of the PGN FSRU Lampung
pursuant to the PGN FSRU LOM.

 

Section 7.2.          Limitation
Regarding Indemnification. The aggregate liability of Höegh under Section 7.1(a) will not exceed $5,000,000. Furthermore,
no claim may be made against Höegh for indemnification pursuant to Section 7.1(a), unless the aggregate dollar amount
of all claims for indemnification pursuant to such section exceeds $500,000, in which case Höegh shall be liable for claims
for indemnification only to the extent such aggregate amount exceeds $500,000.

 

Section 7.3.          Indemnification
Procedures.

 

(a)           The
Partnership Group Members agree that within a reasonable period of time after they become aware of facts giving rise to a claim
for indemnification pursuant to Section 7.1, they shall provide notice thereof in writing to Höegh specifying the nature
of and specific basis for such claim.

 

(b)           Höegh
will have the right to control all aspects of the defense of (and any counterclaims with respect to) any claims brought against
the Partnership Group that are covered by the indemnification set forth in Section 7.1, including, without limitation, the
selection of counsel, determination of whether to appeal any decision of any court and the settling of any such matter or any issues
relating thereto; provided, however, that no such settlement will be entered into without the consent (which consent
will not be unreasonably withheld) of the Partnership Group unless it includes a full release of the Partnership Group from such
matter or issues, as the case may be.

 

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(c)            The
Partnership Group Members agree to cooperate fully with Höegh with respect to all aspects of the defense of any claims covered
by the indemnification set forth in Section 7.1, including, without limitation, the prompt furnishing to Höegh of any
correspondence or other notice relating thereto that the Partnership Group may receive, permitting the names of the members of
the Partnership Group to be utilized in connection with such defense, the making available to Höegh of any files, records
or other information of the Partnership Group that Höegh considers relevant to such defense and the making available to Höegh
of any employees of the Partnership Group; provided, however, that in connection therewith Höegh agrees to use
reasonable efforts to minimize the impact thereof on the operations of the Partnership Group and further agrees to maintain the
confidentiality of all files, records and other information furnished by a Partnership Group Member pursuant to this Section
7.3. In no event will the obligation of the Partnership Group to cooperate with Höegh as set forth in the immediately
preceding sentence be construed as imposing upon the Partnership Group an obligation to hire and pay for counsel in connection
with the defense of any claims covered by the indemnification set forth in this Article VII; provided, however,
that the Partnership Group Members may, at their own option, cost and expense, hire and pay for counsel in connection with any
such defense. Höegh agrees to keep any such counsel hired by the Partnership Group reasonably informed as to the status of
any such defense (including providing such counsel with such information related to any such defense as such counsel may reasonably
request), but Höegh will have the right to retain sole control over such defense.

 

In determining the amount
of any Loss for which any of the members of the Partnership Group is entitled to indemnification under this Agreement, the gross
amount of the indemnification will be reduced by (i) any insurance proceeds realized by the Partnership Group, and such correlative
insurance benefit will be net of any incremental insurance premium that becomes due and payable by the Partnership Group as a result
of such claim, (ii) all amounts recovered by the Partnership Group under contractual indemnities from third Persons and (iii) in
the case of Losses pursuant to Section 7.1(d), all amounts recovered by the Partnership Group from PGN or third parties
in respect of hire rate or Delay Liquidated Damages pursuant to Section 7.1(d). The Partnership Group hereby agrees to use
commercially reasonable efforts to realize any applicable insurance proceeds or amounts recoverable under such contractual indemnities;
provided, however, that the costs and expenses (including, without limitation, court costs and reasonable attorneys’ fees)
of the Partnership Group in connection with such efforts will be promptly reimbursed by Höegh in advance of any determination
of whether such insurance proceeds or other amounts will be recoverable.

 

ARTICLE
VIII

MISCELLANEOUS

 

Section 8.1.          Choice
of Law; Submission To Jurisdiction. This Agreement is subject to and governed by the laws of the State of New York. Each Party
hereby submits to the jurisdiction of the state and federal courts located in the State of New York and to venue in New York, New
York.

 

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Section 8.2.          Notice.
All notices, requests or consents provided for or permitted to be given pursuant to this Agreement must be in writing and must
be given by depositing the same in the mail, addressed to the Person to be notified, postpaid, and registered or certified with
return receipt requested or by delivering such notice in person or by private-courier, prepaid, or by telecopier to such Party.
Notice given by personal delivery or mail is effective upon actual receipt. Couriered notices are deemed delivered on the date
the courier represents that delivery will occur. Notice given by telecopier is effective upon actual receipt if received during
the recipient’s normal business hours, or at the beginning of the recipient’s next business day after receipt if not
received during the recipient’s normal business hours. All notices to be sent to a Party pursuant to this Agreement will
be sent to or made at the address set forth below such Party’s signature to this Agreement, or at such other address as such
party may stipulate to the other Parties in the manner provided in this Section 8.2.

 

Section 8.3.          Entire
Agreement. This Agreement constitutes the entire agreement of the Parties relating to the matters contained herein, superseding
all prior contracts or agreements, whether oral or written, relating to the matters contained herein.

 

Section 8.4.          Termination.
Upon a Change of Control of the General Partner or of the MLP, the provisions of Articles II, III, IV and
V (but not less than all of such Articles) terminate immediately. Upon a Change of Control of Höegh, the provisions of Articles
II, III, IV and V applicable to Höegh (but not less than all of such Articles) terminate at the time
that is the later of (a) the date on which all of the MLP’s outstanding subordinated units have converted to common units
of the MLP and (b) the date of the Change of Control of Höegh. On the date on which a majority of the members of the Board
ceases to consist of members of the Board that were (a) appointed by the General Partner prior to the 2014 annual meeting of unitholders
and (b) recommended for election to the Board by a majority of the Appointed Directors (as defined in the MLP Agreement), the provisions
of Articles II and VI and, to the extent applicable to any Höegh Entity, Section 5.1(b) and Section
5.2(b) shall terminate immediately.

 

Section 8.5.          Waiver;
Effect of Waiver or Consent. Any Party may (a) extend the time for the performance of any obligation or other act of any other
Party or (b) waive compliance with any agreement or condition contained herein. Except as otherwise specifically provided herein,
any such extension or waiver is valid only if set forth in a written instrument duly executed by the Party or Parties to be bound
thereby; provided, however, that the MLP may not, without the prior approval of the Conflicts Committee, agree to
any extension or waiver of this Agreement that, in the reasonable discretion of the Board, will adversely affect the holders of
common units of the MLP. No waiver or consent, express or implied, by any Party of or to any breach or default by any Person in
the performance by such Person of its obligations hereunder will be deemed or construed to be a waiver or consent of or to any
other breach or default in the performance by such Person of the same or any other obligations of such Person hereunder. Failure
on the part of a Party to complain of any act of any Person or to declare any Person in default, irrespective of how long such
failure continues, does not constitute a waiver by such Party of its rights hereunder until the applicable statute of limitations
period has run.

 

Section 8.6.          Amendment
or Modification. This Agreement may be amended or modified from time to time only by the written agreement of all the Parties;
provided, however, that the MLP may not, without the prior approval of the Conflicts Committee, agree to any amendment or modification
of this Agreement that, in the reasonable discretion of the Board, will adversely affect the holders of common units of the MLP.

 

    	17

    	 

    

 

Section 8.7.          Assignment.
No Party has the right to assign its rights or obligations under this Agreement without the consent of the other Parties.

 

Section 8.8.          Counterparts.
This Agreement may be executed in any number of counterparts with the same effect as if all signatory Parties had signed the same
document. All counterparts are to be construed together and constitute one and the same instrument.

 

Section 8.9.          Severability.
If any provision of this Agreement or the application thereof to any Person or circumstance is held invalid or unenforceable to
any extent, the remainder of this Agreement and the application of such provision to other Persons or circumstances will not be
affected thereby and will be enforced to the greatest extent permitted by law.

 

Section 8.10.         Gender,
Parts, Articles and Sections. Whenever the context requires, the gender of all words used in this Agreement includes the masculine,
feminine and neuter, and the number of all words includes the singular and plural. All references to Article numbers and Section
numbers refer to Articles and Sections of this Agreement.

 

Section 8.11.         Further
Assurances. In connection with this Agreement and all transactions contemplated by this Agreement, each signatory Party hereto
agrees to execute and deliver such additional documents and instruments and to perform such additional acts as may be necessary
or appropriate to effectuate, carry out and perform all of the terms, provisions and conditions of this Agreement and all such
transactions.

 

Section 8.12.         Withholding
or Granting of Consent. Each Party may, with respect to any consent or approval that it is entitled to grant pursuant to this
Agreement, grant or withhold such consent or approval in its sole and uncontrolled discretion, with or without cause, and subject
to such conditions as it deems appropriate.

 

Section 8.13.         Laws
and Regulations. Notwithstanding any provision of this Agreement to the contrary, no Party is required to take any act, or
fail to take any act, under this Agreement if the effect thereof would be to cause such Party to be in violation of any applicable
law, statute, rule or regulation.

 

Section 8.14.         Negotiation
of Rights of Höegh, Limited Partners, Assignees and Third Parties. The provisions of this Agreement are enforceable solely
by the Parties, and no shareholder of Höegh and no limited partner, member, assignee or other Person of the MLP has the right,
separate and apart from Höegh or the MLP, as applicable, to enforce any provision of this Agreement or to compel any Party
to comply with the terms of this Agreement. Höegh is entitled to enforce the rights on behalf of any Höegh Entity, and
the MLP is entitled to enforce the rights on behalf of any Partnership Group Member.

 

[SIGNATURE PAGES FOLLOW]

 

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IN WITNESS WHEREOF, the
Parties have executed this Agreement on, and effective as of, the Closing Date.

 

	 	HÖEGH LNG HOLDINGS LTD.
	 	 	 
	 	By:	/s/ Camilla Nyhus-Møller
	 	 	Name:  Camilla Nyhus-Møller
	 	 	Title: Attorney-in-fact

 

	 	Address for Notice:
	 	c/o Höegh LNG AS
	 	Drammensveien 134
	 	N-0277 Oslo, Norway
	 	Phone:	+4797557400
	 	Fax:	+4797557401
	 	Attention:	SVP Legal & Compliance

 

	 	HÖEGH LNG PARTNERS LP
	 	 	 	 
	 	By:	/s/ Richard Tyrrell
	 	 	Name:	Richard Tyrrell
	 	 	Title:	Chief Executive Officer and
	 	 	 	Chief Financial Officer

 

	 	Address for Notice:
	 	Suite 616
	 	48 Par-La-Ville Road
	 	Hamilton HM 11 Bermuda
	 	Phone:	+441-295-6815
	 	Fax:	+441-295-6101
	 	Attention:	Linda Longworth

 

[Signature
Page to Omnibus Agreement]

 

    	 

    	 

    

 

	 	HÖEGH LNG PARTNERS OPERATING LLC
	 	 	 	 
	 	By:	/s/ Richard Tyrrell
	 	 	Name:	Richard Tyrrell
	 	 	Title:	Chief Executive Officer and
	 	 	 	Chief Financial Officer

 

	 	Address for Notice:
	 	Suite 616
	 	48 Par-La-Ville Road
	 	Hamilton HM 11 Bermuda
	 	Phone:	+441-295-6815
	 	Fax:	+441-295-6101
	 	Attention:	Linda Longworth

 

	 	HÖEGH LNG GP LLC
	 	 	 	 
	 	By:	/s/
    Sveinung Støhle
	 	 	Name:	Sveinung Støhle
	 	 	Title:	Director

 

	 	Address for Notice:
	 	c/o Höegh LNG AS
	 	Drammensveien 134
	 	0277 Oslo, Norway
	 	Phone:	+4797557400
	 	Fax:	+4797557401
	 	Attention:	Steffen Føreid

 

[Signature
Page to Omnibus Agreement]

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