Document:

EX-10.38

 Exhibit 10.38 

Letter Agreement 

This Letter Agreement (this “Agreement”) is entered into as of this 23rd day of September, 2019 by and among Global Ship
Lease, Inc. (the “Company”), KIA VIII (Newco Marine) Ltd. (“KIA VIII”) and KEP VI (Newco Marine) Ltd. (“KEP VI” and together with KIA VII, “Kelso”). 

WHEREAS, Kelso currently holds 250,000 of the Company’s Series C Perpetual Preferred Shares (the “Series C
Shares”), representing all of the issued and outstanding Series C Shares of the Company; 
 WHEREAS, the Certificate of
Designation of the Series C Shares (the “Certificate”) provides holders thereof with the right to convert the Series C Shares into a number of the Company’s Class A common shares (the “Common Shares”), in
accordance with the formula contained in the Certificate, upon the occurrence of certain events, including on the date when the Company’s 9.875% First Priority Secured Notes due 2022 (the “Notes”) are no longer outstanding; and

 WHEREAS, the parties to this Agreement wish to provide for mandatory conversion of the Series C Shares held by Kelso when the
Notes are no longer outstanding. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, and intending to be legally bound, the parties hereto hereby agree as follows: 
  

	 	1.	 Conversion. The Company hereby agrees that it shall promptly deliver notice to Kelso, in accordance with
Section 4 herein, at such time as the Notes are no longer outstanding. Within five Business Days of the receipt of such notice from the Company, Kelso hereby agrees to deliver notice to the Company in accordance with the
Certificate that Kelso is electing to exercise the option set forth in the second paragraph of Section 6 of the Certificate to convert all of the Series C Shares held by Kelso into Common Shares pursuant to the terms of conversion set forth in
the Certificate; provided, however, if the Notes are no longer outstanding and the Company has not provided notice of such to Kelso, nothing herein shall restrict Kelso from exercising its rights to convert the Series C Shares in accordance with the
terms of conversion set forth in the Certificate. 

  

	 	2.	 Amendment and Waiver. This Agreement may not be amended, changed or supplemented or otherwise modified
except by an instrument in writing signed by each of the parties. 

  

	 	3.	 Governing Law. This Agreement, and all claims or causes of action that may arise out of or relate to
this Agreement shall be governed by and construed in accordance with the laws of the State of New York, without respect to its applicable principles of conflicts of laws that might require the application of the laws of another jurisdiction.

  

	 	4.	 Notices. Unless otherwise provided herein, all notices and other communications hereunder shall be in
writing and be deemed given and received (a) if delivered in person, on the date delivered, (b) if delivered by an express courier, on the second (2nd) business day after mailing and
(c) if transmitted by email, on the date sent, in each case, to the parties 

	 	
at the following addresses (or at the other address for a party as is specified to the other party hereto by like notice): 

If to Kelso, to: 
 KIA VIII
(Newco Marine) Ltd. 
 KEP VI (Newco Marine) Ltd. 

c/o Kelso & Company 

320 Park Avenue, 24th Floor 

New York, New York 10022 

Attention (email): Henry Mannix (hmannix@Kelso.com) and 

        William Woo (wwoo@kelso.com) 

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

Skadden, Arps, Slate, Meagher & Flom LLP 

4 Times Square 
 New York, NY
10036 
 Attention (email): Michael Civale (Michael.civale@skadden.com) 

If to the Company, to: 
 Global
Ship Lease, Inc. 
 c/o Global Ship Lease Services Ltd. 

25 Wilton Road 
 London SW1V
1LW, United Kingdom 
 Attention (email): Ian J. Webber (ian.webber@globalshiplease.com) 

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

Seward & Kissel LLP 

One Battery Park Plaza 
 New
York, NY 10004 
 Attention (email): Gary J. Wolfe (wolfe@sewkis.com) 

 

	 	5.	 Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed
an original, all of which together will constitute one and the same agreement. A signed copy of this Agreement delivered by email, facsimile or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an
original signed copy of this Agreement. 

 [Signature Page Follows] 

 IN WITESS WHEREOF, the parties hereto have caused this Agreement to be executed as of
the date first written above.     
  

			
	KIA VIII (NEWCO MARINE) LTD.
		
	By:	 	 /s/ Howard A. Matlin

	Name:	 	Howard A. Matlin
	Title:	 	Director
	
	KEP VI (NEWCO MARINE) LTD.
		
	By:	 	 /s/ Howard A. Matlin

	Name:	 	Howard A. Matlin
	Title:	 	Director
	
	GLOBAL SHIP LEASE, INC.
		
	By:	 	 /s/ Ian J. Webber

	Name:	 	Ian J. Webber
	Title:	 	Chief Executive OfficerEX-10.39

 Exhibit 10.39 

FORM OF 

REGISTRATION RIGHTS AGREEMENT 

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”), is entered into and effective as of September [●], 2019, by and
between Global Ship Lease, Inc., a Marshall Islands corporation (the “Company”), and [                ] (the “Investor”). 

RECITALS 
 WHEREAS,
the Company has agreed to issue and sell to an affiliate of the Investor (the “Underwriter”), in a public offering of $40.0 million of shares of the Company’s Class A common shares (“Common Stock”), plus up
to an additional $6.0 million shares of Common Stock pursuant to a 30-day option granted to the Underwriter (together, the “Offering Shares”), upon the terms and subject to the conditions
set forth in the Underwriting Agreement, dated September [●], 2019, by and between the Company and the Underwriter, (the “Offering”). 

WHEREAS, as an inducement to the Underwriter to enter into the Underwriting Agreement, the Company has agreed to provide the Investor
with certain registration rights as provided in this Agreement with respect to any Offering Shares purchased by the Investor in the Offering to the extent such Offering Shares held by the Investor may constitute “restricted securities” or
“control securities” under applicable U.S. Securities and Exchange Commission (the “Commission”) rules and regulations (the “Shares”). 

NOW, THEREFORE, in consideration of the representations, covenants and agreements contained herein, and certain other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 

1.    Definitions. As used in this Agreement, the following terms shall have the following meanings: 

“Advice” shall have the meaning set forth in Section 6(b). 

“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, such person. For purposes of this definition “control” (including the terms “controlled by” and “under common control with”) means the
possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a person, whether through the ownership of securities or partnership or other ownership interests, as trustee or executor, by contract
or otherwise. 
 “Agreement” shall have the meaning set forth in the preamble above. 

“Business Day” means any day, except a Saturday, Sunday or legal holiday on which the banking institutions in the City of New
York are authorized or obligated by law or executive order to close. 

 “Commission” shall have the meaning set forth in the recitals. 

“Common Stock” shall have the meaning set forth in the recitals. 

“Company” shall have the meaning given in the preamble. 

“Effectiveness Period” shall have the meaning set forth in Section 2(a). 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 “Holder” or “Holders” means the Investor and any permitted transferees or assignees under
Section 6(f) of this Agreement that is an Affiliate of an Investor. 
 “Merger Registration Rights
Agreement” shall mean that certain Amended and Restated Registration Rights Agreement, dated October 29, 2018, by and among the Company, KEP VI (Newco Marine) Ltd., KIA VIII (Newco Marine), Ltd., CMA CGM S.A., Management Investor Co.,
Anmani Consulting Inc., Marathon Founders, LLC, Michael S. Gross and Maas Capital Investments B.V., as may be further amended from time to time. 

“Indemnified Party” shall have the meaning set forth in Section 5(c). 

“Indemnifying Party” shall have the meaning set forth in Section 5(c). 

“Investor” shall have the meanings set forth in the preamble. 

“Losses” shall have the meaning set forth in Section 5(a). 

“Offering” shall have the meaning set forth in the recitals. 

“Offering Shares” shall have the meaning set forth in the recitals. 

“Piggyback Registration” shall have the meaning set forth in Section 2(b). 

“Plan of Distribution” shall have the meaning set forth in Section 2(a). 

“Proceeding” means an action, claim, suit, investigation or proceeding (including, without limitation, an investigation or
partial proceeding, such as a deposition), whether commenced or threatened. 
 “Prospectus” means the prospectus included
in the Registration Statement (including, without limitation, a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated under the
Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by the Registration Statement, and all other amendments and supplements to the
Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus. 

  
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 “Registrable Securities” means the Shares together with any securities
issued or issuable upon any exchange, stock split, dividend or other distribution, recapitalization or similar event with respect to the foregoing; provided, however, that any such Registrable Securities shall cease to be Registrable
Securities (and deemed no longer outstanding for purposes of Section 6(l) to the extent (i) a Registration Statement with respect to the sale of such Registrable Securities has been declared effective under the Securities Act and such
Registrable Securities have been sold, transferred, disposed of or exchanged in accordance with the plan of distribution set forth in such Registration Statement, (ii) such Registrable Securities are sold pursuant to Rule 144 or another
available safe-harbor or exemption from registration, (iii) such Registrable Securities may be sold, transferred or otherwise disposed of pursuant to Rule 144 under the Securities Act without volume or manner-of-sale restrictions or the current public information requirement of Rule 144 or (iv) such Registrable Securities are otherwise transferred, assigned, sold, conveyed or otherwise disposed of and
thereafter such securities may be resold without subsequent Registration under the Securities Act. 
 “Registration
Statement” means each registration statement required to be filed hereunder, including the Prospectus, amendments and supplements to the registration statement or Prospectus, including pre- and
post-effective amendments, all exhibits thereto, and all material incorporated by reference or deemed to be incorporated by reference in the Registration Statement. 

“Rule 415” means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time
to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 

“Rule 424” means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time
to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Shares” shall have the meaning set forth in the recitals. 

“Suspension Certificate” shall have the meaning set forth in Section 6(d). 

“Trading Market” means the New York Stock Exchange, the NASDAQ Global Market or the NASDAQ Capital Market; and, with respect
to any particular date, shall mean the Trading Market on which the Common Stock is listed or quoted for trading on such date. 

2.    Demand Registration. (a) Within ten (10) business days of the written request of the Holders
of at least a majority in interest of the then outstanding number of Registrable Securities, the Company shall prepare and file with the Commission a Registration Statement (and/or a Prospectus as applicable) covering the offering and resale of all
of the Registrable Securities pursuant to Rule 415, or if Rule 415 is not available for offers or sales of the Registrable Securities, for such other means of distribution of Registrable Securities as the Holder may reasonably request. The
Registration Statement required hereunder shall be on Form F-3 (except if the Company is not then eligible to register for resale the Registrable Securities on Form F-3,
in which case the Registration shall be on Form F-1 or another appropriate form as 

  
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shall be selected by the Company upon advice of its counsel). The Registration Statement required hereunder shall contain a “Plan of Distribution” reasonably acceptable to the
Holder and the Company. The Company shall use its reasonable best efforts to cause the Registration Statement to be declared effective under the Securities Act as promptly as possible after the filing thereof (the “Effectiveness
Date”), and shall use its reasonable best efforts to keep such Registration Statement continuously effective under the Securities Act (including the filing of any necessary amendments, post-effective amendments and supplements) with respect
to such Holder until such Holder no longer owns Registrable Securities (the “Effectiveness Period”). 

(b)    Right to Piggyback. To the extent the Company does not maintain an effective registration statement for any
portion of the Registrable Securities at any time during the period commencing on the 60th day after the filing of the Registration Statement and ending on the last day of the Effectiveness
Period, if the Company proposes to register any of its common equity securities under the Securities Act (other than a registration statement on Form S-8 or on Form F-4
or any similar successor forms thereto or in connection with (A) an employee stock option, stock purchase or compensation plan or securities issued or issuable pursuant to any such plan, (B) a dividend reinvestment plan or (C) a
merger or the acquisition of the securities or substantially all the assets of another entity), whether for its own account or for the account of one or more shareholders of the Company, and the registration form to be used may be used for any
registration of Registrable Securities (a “Piggyback Registration”), the Company shall give prompt written notice to all Holders of its intention to effect such a registration and shall, subject to Sections 2(d), 2(e) and 4(d),
include in such registration all such Registrable Securities with respect to which the Company has received written requests for inclusion therein within fifteen (15) Business Days after the delivery of the Company’s notice. The Company
may postpone or withdraw the filing or the effectiveness of a Piggyback Registration at any time in its sole discretion. All Holders proposing to distribute their Registrable Securities through an Underwritten Offering under this Section shall enter
into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering by the Company. 

(c)    Priority on Initial Registrations. If, (i) as a result of applicable law or based upon comments
received by the Commission, all of the securities to be included in the Registration Statement for any registration initiated on behalf of the Holder pursuant to Section 2(b) cannot be so included, or (ii) the Registration Statement for
any registration initiated on behalf of the Holder pursuant to Section 2(b) relates to the offering of Registrable Securities in an underwritten offering, and the managing underwriters advise the Company in writing that in their opinion the
number of securities requested to be included in such registration exceeds the number which can be sold in such offering without having an adverse effect on such offering, then the Company shall include in such registration (x) first, such
number of Registrable Securities requested to be included therein (allocated pro rata among the Holders based on the relative number of such Registrable Securities then held by each such Holder or in such manner as they may otherwise agree); (y)
second, the securities that the Company desires to sell; and (z) third, the securities proposed to be sold in such registration by holders of securities other than the Registrable Securities. 

  
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 (d)    Priority on Primary Piggyback Registrations. If,
(i) as a result of applicable law or based upon comments received by the Commission, all of the securities to be included in the Registration Statement for any Piggyback Registration initiated as a primary registration on behalf of the Company,
cannot be so included, or (ii) a Piggyback Registration is an underwritten primary registration on behalf of the Company, and the managing underwriters advise the Company in writing that in their opinion the number of securities requested to be
included in such registration exceeds the number which can be sold in such offering without having an adverse effect on such offering, then the Company shall include in such registration statement (x) first, the securities the Company proposes
to sell, (y) second, the securities as to which registration has been requested pursuant to the Merger Registration Rights Agreement, in the manner provided therein, (z) third, the Registrable Securities and other securities requested to
be included therein by the Holders and the holders of such other securities (the “Other Holders”), if any, pro rata among the Holders and the Other Holders on the basis of the number of shares requested to be registered by the
Holders and the Other Holders. 
 (e)    Priority on Secondary Piggyback Registrations. If, (i) as a result
of applicable law or based upon comments received by the Commission, all of the securities to be included in the Registration Statement for any Piggyback Registration initiated as a secondary registration on behalf of a holder of the Company’s
securities other than Registrable Securities, cannot be so included or (ii) a Piggyback Registration is an underwritten secondary registration on behalf of a holder of the Company’s securities other than Registrable Securities, and the
managing underwriters advise the Company in writing that, in their opinion, the number of securities requested to be included in such registration statement exceeds the number which can be sold in such offering without having an adverse effect on
such offering, the Company shall include in such registration (x) first, the securities of such requesting persons or entities, other than the Holders of Registrable Securities, (y) second, the Registrable Securities and other securities
requested to be included therein by the Holders and the Other Holders (including, for the avoidance of doubt, such Other Holders exercising their rights under the Merger Registration Rights Agreement), if any, pro rata among the Holders and the
Other Holders on the basis of the number of shares requested to be registered by the Holders and the Other Holders, and (z) third, the securities the Company proposes to sell, if any. 

(f)    Selection of Underwriters. If any Piggyback Registration is an underwritten primary or secondary offering,
the Company shall have the right to select the managing underwriter or underwriters to administer any such offering. 

(g)    Other Registrations. If the Company has previously filed a Registration Statement with respect to
Registrable Securities, and if such previous registration has not been withdrawn or abandoned, the Company shall not be obligated to cause to become effective any other registration of any of its securities under the Securities Act, whether on its
own behalf or at the request of any holder or holders of such securities, until a period of at least 90 days has elapsed from the termination of the offering under the previous registration. 

(h)    Requirements for Participation in Underwritten Offerings. No Holder may participate in any underwritten
offering for equity securities of the Company pursuant to a Registration initiated by the Company hereunder unless such person (i) agrees to sell such person’s securities on the basis provided in any underwriting arrangements approved by
the Company and (ii) completes and executes all customary questionnaires, powers of attorney, indemnities, lock-up agreements, underwriting agreements and other customary documents as may be reasonably
required under the terms of such underwriting arrangements. 

  
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	 	3.	 Registration Procedures. 

In connection with the Company’s registration obligations hereunder, the Company shall: 

(a)    Not less than two (2) Business Days prior to the filing of the Registration Statement or any related
Prospectus or any amendment or supplement thereto, (i) furnish to the Holders copies of all such documents proposed to be filed (including documents incorporated or deemed incorporated by reference to the extent requested by such person and not
already filed by the Company with the Commission) which documents will be subject to the review of such Holders, and (ii) cause its officers and directors, counsel and independent certified public accountants to respond to such inquiries as
shall be necessary, in the reasonable opinion of respective legal counsel to conduct a reasonable investigation within the meaning of the Securities Act. The Company shall not file the Registration Statement or any such Prospectus or any amendments
or supplements thereto to which the Holders of a majority of the Registrable Securities shall reasonably object in good faith. 

(b)    (i) Prepare and file with the Commission such amendments, including post-effective amendments, to the Registration
Statement and the Prospectus used in connection therewith as may be necessary to keep the Registration Statement continuously effective as to the Registrable Securities for the Effectiveness Period; (ii) cause the related Prospectus to be
amended or supplemented by any required Prospectus supplement, and as so supplemented or amended to be filed pursuant to Rule 424; (iii) respond as promptly as reasonably possible to any comments received from the Commission with respect to the
Registration Statement or any amendment thereto; and (iv) comply in all material respects with the provisions of the Securities Act and the Exchange Act with respect to the disposition of all Registrable Securities covered by the Registration
Statement in accordance with the intended methods of disposition by the Holders thereof set forth in the Registration Statement as so amended or in such Prospectus as so supplemented. 

(c)    Notify the Holders of Registrable Securities to be sold as promptly as reasonably possible (and, in the case of
(i)(A) below, not less than two (2) Business Days prior to such filing) and (if requested by any such person) confirm such notice in writing promptly following the day (i) (A) when a Prospectus or any Prospectus supplement or
post-effective amendment to the Registration Statement is proposed to be filed; (B) when the Commission notifies the Company whether there will be a “review” of the Registration Statement and whenever the Commission comments in
writing on the Registration Statement (the Company shall upon request provide true and complete copies thereof and all written responses thereto as promptly as reasonably possible to each of the Holders who so requests provided such requesting
Holders agree to keep such information confidential until it is publicly disclosed); and (C) with respect to the Registration Statement or any post-effective amendment, when the same has become effective; (ii) of any request by the
Commission or any other Federal or state governmental authority during the period of effectiveness of the Registration Statement for amendments or supplements to the Registration Statement or Prospectus or for additional information; (iii) of
the issuance by the Commission or any other federal or state governmental 

  
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authority of any stop order suspending the effectiveness of the Registration Statement covering any or all of the Registrable Securities or the initiation of any Proceedings for that purpose;
(iv) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of
any Proceeding for such purpose, and (v) of the occurrence of any event or passage of time that makes the financial statements included in the Registration Statement ineligible for inclusion therein or any statement made in the Registration
Statement or Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires any revisions to the Registration Statement, Prospectus or other documents so that, in the case of
the Registration Statement or the Prospectus, as the case may be, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of
the circumstances under which they were made, not misleading (provided that such Holder of Registrable Securities agrees to keep such information confidential until it is publicly disclosed). 

(d)    Use its best efforts to avoid the issuance of, or, if issued, obtain the withdrawal of (i) any order
suspending the effectiveness of the Registration Statement, or (ii) any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction, at the earliest practicable moment.

 (e)    To the extent requested by such Holders, furnish to each Holder, without charge, at least one conformed copy
of the Registration Statement and each amendment thereto, including financial statements and schedules promptly after the filing of such documents with the Commission. 

(f)    Promptly deliver to each Holder, without charge, as many copies of the Prospectus or Prospectuses (including each
form of prospectus) and each amendment or supplement thereto as such persons may reasonably request in connection with resales by the Holder of Registrable Securities. The Company hereby consents to the use of such Prospectus and each amendment or
supplement thereto by each of the selling Holders in connection with the offering and sale of the Registrable Securities covered by such Prospectus and any amendment or supplement thereto, except after the giving of any notice pursuant to
Section 3(c). 
 (g)    Use its commercially reasonable best efforts to register or qualify or
cooperate with the selling Holders in connection with the registration or qualification (or exemption from the Registration or qualification) of such Registrable Securities for the resale by the Holder under the securities or Blue Sky laws of such
jurisdictions within the United States as any Holder reasonably requests in writing, to keep each of the registration or qualification (or exemption therefrom) effective during the Effectiveness Period and to do any and all other acts or things
reasonably necessary to enable the disposition in such jurisdictions of the Registrable Securities covered by the Registration Statement; provided, that the Company shall not be required to qualify generally to do business in any jurisdiction where
it is not then so qualified, subject the Company to any material tax in any such jurisdiction where it is not then so subject or file a general consent to service of process in any such jurisdiction. 

  
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 (h)    If requested by the Holders, cooperate with the Holders to
facilitate the timely preparation and delivery of certificates representing Registrable Securities to be delivered to a transferee that were validly sold pursuant to an effective Registration Statement, which certificates shall be free, of all
restrictive legends, and to enable such Registrable Securities to be in such denominations and registered in such names as any such Holders may request. 

(i)    Upon the occurrence of any event contemplated by Section 3(c)(v), as promptly as
reasonably possible, prepare a supplement or amendment, including a post-effective amendment, to the Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, and
file any other required document so that, as thereafter delivered, neither the Registration Statement nor such Prospectus will contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary
to make the statements therein, in light of the circumstances under which they were made, not misleading. 
 The Company may require each
selling Holder to furnish to the Company a certified statement as to the number of shares of Common Stock beneficially owned by such Holder and the person thereof that has voting and dispositive control over the Shares, for purposes of disclosure in
the “Selling Stockholder” table in the Registration Statement. 
 4.    Registration Expenses.
All fees and expenses incident to the performance of or compliance with this Agreement by the Company shall be borne by the Company whether or not any Registrable Securities are sold pursuant to the Registration Statement. The fees and expenses
referred to in the foregoing sentence shall include, without limitation, (i) all registration and filing fees (including, without limitation, fees and expenses, including any filing fees for FINRA to the extent such filing is required
(A) with respect to filings required to be made with the Trading Market on which the Common Stock is then listed for trading, and (B) for compliance with applicable state securities or Blue Sky laws), (ii) printing expenses (including,
without limitation, expenses of printing certificates for Registrable Securities and of printing prospectuses if the printing of prospectuses is reasonably requested by the Holders of a majority of the Registrable Securities included in the
Registration Statement), (iii) messenger, telephone and delivery expenses and (iv) fees and disbursements of counsel for the Company, (v) Securities Act liability insurance, if the Company so desires such insurance, fees and expenses of
all other persons retained by the Company in connection with the consummation of the transactions contemplated by this Agreement. In addition, the Company shall be responsible for all of its internal and accounting expenses incurred in connection
with the consummation of the transactions contemplated by this Agreement (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties and all fees and expenses of the Company’s
certified public accountants), the expense of the preparation of all financial statements and any audit or review thereof by the Company’s accountants, including in connection with their rendering a “cold comfort” letter to the
underwriters, if requested. In no event shall the Company be responsible for any broker, underwriter or similar commissions or any taxes, legal fees or other costs of the Holders. 

  
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	 	5.	 Indemnification. 

(a)    Indemnification by the Company. The Company shall indemnify and hold harmless each Holder, and its respective
officers, directors, agents and employees, each person who controls any such Holder (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act), and the officers, directors, agents and employees of each such
controlling person, to the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, costs (including, without limitation, reasonable attorneys’ fees) and expenses (collectively,
“Losses”), as incurred, to the extent arising out of or relating to any untrue or alleged untrue statement of a material fact contained in the Registration Statement under which Registrable Securities were registered under the
Securities Act (including any Prospectus or any form of prospectus or in any amendment or supplement thereto or in any preliminary prospectus), or arising out of or relating to any omission or alleged omission of a material fact required to be
stated therein or necessary to make the statements therein (in the case of any Prospectus or form of prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading, or any violation or alleged violation by
the Company of the Securities Act, Exchange Act or any state securities law, or any rule or regulation thereunder in connection with such registration, qualification, compliance or sale of Registrable Securities, except to the extent, but only to
the extent, that (1) such untrue statements or omissions are based upon information regarding such Holder furnished in writing to the Company by such Holder expressly for use therein, or to the extent that such information relates to such
Holder or such Holder’s proposed method of distribution of Registrable Securities as set forth in the Plan of Distribution approved by such Holder expressly for use in the Registration Statement, such Prospectus or such form of
Prospectus or in any amendment or supplement thereto, or (2) such Holder used an outdated or defective Prospectus after the Company has notified such Holder in writing that the Prospectus is outdated or defective including after receipt by such
Holder of the Advice contemplated in Section 6(b) or the Suspension Certificate contemplated in Section 6(d). 

(b)    Indemnification by Holders. Each Holder shall, jointly and severally, indemnify and hold harmless the
Company, its officers, directors, agents and employees, each person who controls the Company (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act), and the officers, directors, agents and employees of
each such controlling person, to the fullest extent permitted by applicable law, from and against any and all Losses, as incurred, to the extent arising out of or based upon: (1) any untrue or alleged untrue statement of a material fact
contained in the Registration Statement, any Prospectus or any form of prospectus or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact
required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or form of prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading to the extent, but only to
the extent, that such untrue statement or omission is contained in any information so furnished in writing by such Holder to the Company specifically for inclusion in the Registration Statement or such Prospectus expressly for use therein, or
(2) the use by such Holder of an outdated or defective Prospectus; provided that such use by the Holder is after the Company has notified such Holder in writing that the Prospectus is outdated or defective including after receipt by such Holder
of the Advice contemplated in Section 6(b) or the Suspension Certificate contemplated in Section 6(d). 

  
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 (c)    Conduct of Indemnification Proceedings. If any Proceeding
shall be brought or asserted against any person entitled to indemnity hereunder (an “Indemnified Party”), such Indemnified Party shall promptly notify the person from whom indemnity is sought (the “Indemnifying
Party”) in writing, and the Indemnifying Party shall have the right to assume the defense thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all fees and expenses incurred in
connection with defense thereof; provided, that the failure of any Indemnified Party to give such notice shall not relieve the Indemnifying Party of its obligations or liabilities pursuant to this Agreement, except (and only) to the extent that it
shall be finally determined by a court of competent jurisdiction (which determination is not subject to appeal or further review) that such failure shall have prejudiced the Indemnifying Party. 

An Indemnified Party shall have the right to employ separate counsel in any such Proceeding and to participate in the defense thereof, but the
fees and expenses of such counsel shall be at the expense of such Indemnified Party or Parties unless: (1) the Indemnifying Party has agreed in writing to pay such fees and expenses; (2) the Indemnifying Party shall have failed promptly to
assume the defense of such Proceeding and to employ counsel reasonably satisfactory to such Indemnified Party in any such Proceeding; or (3) the named parties to any such Proceeding (including any impleaded parties) include both such
Indemnified Party and the Indemnifying Party, and such Indemnified Party shall have been advised by counsel that a conflict of interest is reasonably likely to exist if the same counsel were to represent such Indemnified Party and the Indemnifying
Party (in which case, if such Indemnified Party notifies the Indemnifying Party in writing that it elects to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying Party shall not have the right to assume the defense
thereof and the reasonable fees and expenses of no more than one separate counsel (the Indemnified Party’s counsel who first notifies the Company of such obligation) shall be at the expense of the Indemnifying Party). The Indemnifying Party
shall not be liable for any settlement of any such Proceeding effected without its written consent. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending Proceeding in respect
of which any Indemnified Party is a party, unless such settlement includes an unconditional release of such Indemnified Party from all liability on claims that are the subject matter of such Proceeding. 

All reasonable fees and expenses of the Indemnified Party (including reasonable fees and expenses to the extent incurred in connection with
investigating or preparing to defend such Proceeding in a manner not inconsistent with this Section) shall be paid to the Indemnified Party, as incurred, within ten (10) Business Days of written notice thereof to the Indemnifying Party;
provided, that the Indemnified Party shall promptly reimburse the Indemnifying Party for that portion of such fees and expenses applicable to such actions for which such Indemnified Party is not entitled to indemnification hereunder,
determined based upon the relative faults of the parties. 
 (d)    Contribution. If a claim for indemnification
under Section 5(a) or 5(b) is unavailable to an Indemnified Party (by reason of public policy or otherwise), then each Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid
or payable by such Indemnified Party as a result of such Losses, in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and Indemnified Party in 

  
 10 

 
connection with the actions, statements or omissions that resulted in such Losses as well as any other relevant equitable considerations. The relative fault of such Indemnifying Party and
Indemnified Party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission of a material fact, has been taken or made
by, or relates to information supplied by, such Indemnifying Party or Indemnified Party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such action, statement or omission. The amount
paid or payable by a party as a result of any Losses shall be deemed to include, subject to the limitations set forth in Section 5(c), any reasonable attorneys’ or other reasonable fees or expenses incurred by such
party in connection with any Proceeding to the extent such party would have been indemnified for such fees or expenses if the indemnification provided for in this Section was available to such party in accordance with its terms. 

The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 5(d) were
determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to in the immediately preceding paragraph. Notwithstanding the provisions of this
Section 5(d), no Holder shall be required to contribute, in the aggregate, any amount in excess of the amount by which the proceeds actually received by such Holder from the sale of the Registrable Securities subject to the
Proceeding exceeds the amount of any damages that such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission, except in the case of fraud by such Holder. The indemnity and
contribution agreements contained in this Section are in addition to any liability that the Indemnifying Parties may have to the Indemnified Parties. 
  

	 	6.	 Miscellaneous. 

(a)    Compliance. Each Holder covenants and agrees that it will comply with the prospectus delivery requirements of
the Securities Act as applicable to it in connection with sales of Registrable Securities pursuant to the Registration Statement. 

(b)    Discontinued Disposition. Each Holder agrees by its acquisition of such Registrable Securities that, upon
receipt of a notice from the Company of the occurrence of any event of the kind described in Section 3(c), such Holder will forthwith discontinue disposition of such Registrable Securities under the Registration Statement
until such Holder’s receipt of the copies of the supplemented Prospectus and/or amended Registration Statement or until it is advised in writing (the “Advice”) by the Company that the use of the applicable Prospectus may be
resumed, and, in either case, has received copies of any additional or supplemental filings that are incorporated or deemed to be incorporated by reference in such Prospectus or Registration Statement. In the event of a discontinued disposition
under this Section 6(b), the Company will use its reasonable best efforts to ensure that the use of the Prospectus may be resumed as promptly as is practicable and to provide copies of the supplemented Prospectus and/or
amended Registration Statement or the Advice as soon as possible in order to enable each Holder to resume dispositions of the Registrable Securities. The Company may provide appropriate stop orders to enforce the provisions of this paragraph. 

  
 11 

 (c)    Amendments in Writing. No amendment, modification, waiver,
termination or discharge of any provision of this Agreement, or any consent to any departure by the Company and any Holder of the then outstanding Registrable Securities from any provision hereof, shall in any event be effective unless the same
shall be in writing and signed by the Company and each Holder party to this Agreement, and each such amendment, modification, waiver, termination or discharge shall be effective only in the specific instance and for the specific purpose for which
given. No provision of this Agreement shall be varied, contradicted or explained by any oral agreement, course of dealing or performance or any other matter not set forth in an agreement in writing and signed by the Company and each Holder party to
this Agreement 
 (d)    Suspension of Trading. At any time after the Registrable Securities are covered by an
effective Registration Statement, the Company may deliver to the Holders of such Registrable Securities a certificate (the “Suspension Certificate”) approved by the Chief Executive Officer, Chief Financial Officer or Chief Operating
Officer of the Company and signed by an officer of the Company stating that the effectiveness of and sales of Registrable Securities under the Registration Statement would: 

(i)    materially interfere with any transaction that would require the Company to prepare financial statements under the
Securities Act that the Company would otherwise not be required to prepare in order to comply with its obligations under the Exchange Act, or 

(ii)    require public disclosure of any transaction of the type discussed in Section 6(d)(i)
prior to the time such disclosure might otherwise be required. 
 After the delivery of a Suspension Certificate by Holders of Registrable
Securities, the Company may, in its discretion, require such Holders of Registrable Securities to refrain from selling or otherwise transferring or disposing of any Registrable Securities or other Company securities then held by such Holders for a
specified period of time that is customary under the circumstances (not to exceed thirty (30) days. Notwithstanding the foregoing sentence, the Company shall be permitted to cause Holders of Registrable Securities to so refrain from selling or
otherwise transferring or disposing of any Registrable Securities or other securities of the Company on only three occasions during each twelve (12) consecutive month period that the Registration Statement remains effective. The Company may
impose stop transfer instructions to enforce any required agreement of the Holders under this Section 6(d). 

  
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 (e)    Notices. All notices, requests, consents and other
communications under this Agreement shall be in writing and shall be deemed delivered (i) on the date of transmission when delivered via facsimile prior to 5:00 p.m. (New York City time) on a Business Day, (ii) one Business Day after
transmission when delivered via facsimile later than 5:00 p.m. (New York City time) on any date and earlier than 11:59 p.m. (New York City time) on such date, (iii) upon delivery when delivered personally, (iv) three (3) days after being
sent by registered or certified mail, return receipt requested, postage prepaid, or (v) one (1) Business Day after being sent via a reputable nationwide overnight courier service guaranteeing next business day delivery, in each case to the
intended recipient as set forth below: 
 If to the Company: 

Global Ship Lease, Inc. 
 c/o
Global Ship Lease Services Ltd. 
 25 Wilton Road 

London SW1V 1LW 
 Attn: Ian J.
Webber, Chief Executive Officer 
 E-mail: ian.webber@globalshiplease.com 

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

Seward & Kissel LLP 

One Battery Park Plaza 
 New York,
New York 10004 
 Attn: Gary J. Wolfe, Esq. 

E-mail: wolfe@sewkis.com 

If to B. Riley, to: 
 B. Riley
Principal Investments, LLC 
 21255 Burbank Blvd., Suite 400 

Woodland Hills, CA 91367 
 Attn:
Phillip Ahn 
 With a copy to: 

Morgan, Lewis & Bockius LLP 

1400 Page Mill Road 
 Palo Alto,
CA 94304 
 Attn: Albert Lung, Esq. 

E-mail: albert.lung@morganlewis.com 

Any party may change the address to which notices, requests, consents or other communications hereunder are to be delivered by giving the
other parties notice in the manner set forth in this Section. 
 (f)    Successors and Assigns. This Agreement
shall be binding upon, shall inure to the benefit of and shall be enforceable by the parties hereto and their respective successors and assigns. The Company may not assign its rights or obligations hereunder without the prior written consent of all
of the Holders of the then-outstanding Registrable Securities, provided a sale of the Company shall not be deemed an assignment. The Investor may assign its rights hereunder to a purchaser or transferee of Registrable Securities; provided,
that (i) the Company is furnished a written notice of the name and address of such transferee or assignee and the Registrable Securities with respect to which such registration rights are being assigned; (ii) such purchaser or transferee
shall, as a condition to the effectiveness of such assignment, be required to execute a counterpart to this Agreement agreeing to be treated as a Holder whereupon 

  
 13 

 
such purchaser or transferee shall have the benefits of, and shall be subject to the restrictions contained in, this Agreement as if such purchaser or transferee was originally included in the
definition of an Holder herein and had originally been a party hereto; and (iii) the transferee is an Affiliate of the Investor at the time of transfer. 

(g)    Execution in Counterparts; Facsimile Signatures. This Agreement and any amendment, waiver or consent hereto
may be executed by the parties hereto in separate counterparts, each of which, when so executed and delivered, shall be an original, but all such counterparts shall together constitute one and the same instrument. All such counterparts may be
delivered among the parties hereto by facsimile or other electronic transmission, which shall not affect the validity thereof. 

(h)    Governing Law; Jurisdiction. This Agreement shall be governed by and construed under the laws of the State
of New York without regard to conflicts of laws principles. Any action or proceeding seeking to enforce any provision of, or based on any right arising out of, this Agreement shall be brought against the parties hereto or thereto in the courts of
the State of New York, County of New York, or, if it has or can acquire jurisdiction, in the United States District Court for the Southern District of New York, and each of the parties consents to the exclusive jurisdiction of such courts (and of
the appropriate appellate courts) in any such action or proceeding and waives any objection to venue laid therein. The parties hereby expressly waive all rights to trial by jury in any suit, action or proceeding arising under this Agreement. 

(i)    Cumulative Remedies. All remedies, either under this Agreement or by law, afforded to the parties hereto,
shall be cumulative and not alternative. 
 (j)    Severability. Any provision of this Agreement which is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting the validity or enforceability of
such provision in any other jurisdiction. 
 (k)    Section Headings and References. The section headings are for
the convenience of the parties and in no way alter, modify, amend, limit or restrict the contractual obligations of the parties. Any reference in this Agreement to a particular section or subsection shall refer to a section or subsection of this
Agreement, unless specified otherwise. 
 (l)    Termination. This Agreement shall terminate upon the earlier of
(i) the fifth anniversary of the date of this Agreement or (ii) the date when there shall no longer be any Registrable Securities outstanding. 

[Remainder of page intentionally left blank; Signature pages follow] 

  
 14 

 IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as
of the date first written above. 
  

			
	THE COMPANY:
	
	GLOBAL SHIP LEASE, INC.
		
	By:	 	              

	Name:	 	
	Title:	 	

 [Investor Signature page follows] 

 
			
	 THE INVESTOR:

[                          
          ].

		
	By:	 	
                     

	Name:	 	
	Title:

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