Document:

EX-10.17.1

 EXHIBIT 10.17.1 

SPECIFIC TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE REDACTED MATERIAL HAS BEEN SEPARATELY
FILED WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH FIVE ASTERISKS (*****). 

AMENDMENT NO. 3 
 Dated
23 April 2014 
 to 

SRV LNG CARRIER 
 TIME
CHARTERPARTY 
 (HULL 1689 / GDF SUEZ CAPE ANN) 

between 
 SRV JOINT GAS TWO
LTD 
 and 
 GDF
SUEZ LNG SUPPLY SA 
 (ex GDF SUEZ GLOBAL LNG SUPPLY SA) 

dated 20 March 2007 

  
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 This amendment (the “Amendment No. 3”) to the Charter (as defined in Recital A below) is
made on this 23 of April 2014, and forms an integral part of the Charter. 
 BY AND BETWEEN: 

 

	(i)	SRV Joint Gas Two Ltd, a corporation organized and existing under the laws of Cayman Island (the “Owner”); and 

 

	(ii)	GDF Suez LNG Supply SA (ex GDF Suez Global LNG Supply SA), a corporation organized and existing under the laws of Luxembourg (the “Charterer”); 

(each a “Party” and together the “Parties”). 

WHEREAS 
  

	(A)	The Owner and the Charterer have entered into an SRV LNG Carrier Time Charterparty dated 20 March 2007, as novated and/or amended from time to time, (the “Charter”), whereby the Owner has agreed to
let and the Charterer has agreed to hire the use and service of a Shuttle and Regasification Vessel m.v. “GDF SUEZ CAPE ANN” built by Samsung Heavy Industries Co. Ltd. (previously Hull no. 1689) (the “Vessel”);

  

	(B)	The Parties have agreed to amend the methodology of the yearly adjustment of that portion of the Variable Element which relates to management (the “Management Fee”). 

All capitalized and upper case terms used herein shall have the same meaning ascribed to them in the Charter, except as otherwise provided in this Amendment
No. 3. In addition: 
 “Höegh LNG Fleet” means the fleet of LNG carriers and FSRUs managed from time to time by Höegh LNG
Fleet Services AS or its successor as management company within the Höegh LNG group of companies. 
 “Non Pass-through Period” means
that period during which the Management Fee is not comprised within the Variable Element on a cost pass-through basis by operation of this Amendment No. 3. 

  
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 SPECIFIC TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN
REQUESTED. THE REDACTED MATERIAL HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH FIVE ASTERISKS (*****). 

NOW THEREFORE in consideration of the premises and the mutual covenants herein contained (and for other good and valuable consideration the receipt and
sufficiency of which the Parties hereby acknowledge), the Parties have agreed as follows: 
  

	 	(a)	Paragraph 1.2(a) of Schedule III to the Charter shall be amended as follows during the Non Pass-through Period: 

“Comprising ***** United States Dollars (US$*****) per day, the Variable Element is subject to annual adjustment, up or down, to
reflect changes in such operating costs in accordance with paragraph 2 of this Schedule III. The operating costs, subject to annual approval by Charterer, shall be included in the Hire Rate on a
cost-pass-through basis including general maintenance work (but excluding regular drydocking and excluding also the extra cost associated with the US crew requirement). The Management Fee (as defined in
paragraph 2.2 (b)), while also included in the Hire Rate, shall not be adjusted on a cost-pass-through basis during the Non Pass-through Period but shall be adjusted in accordance with paragraph 2.2 (b). Regular drydocking and the extra cost
associated with the US crew requirement, whilst also paid by Charterer on a pass-through basis, shall not be included in the Hire Rate but shall be reimbursed separately.” 

 

	 	(b)	Paragraph 1.2(b) of Schedule III to the Charter shall be amended during the Non Pass-through Period by replacing the words “all categories specified in paragraph 1.2(c)(i) through (viii)” by
“all categories specified in paragraph 1.2(c)(ii) through (viii)” such that the fifth sentence shall read as follows: 

“If, at any time during the year, Owner anticipates that actual expenditures for all categories specified in paragraph 1.2(c)(ii)
through (viii) of this Schedule III are likely to exceed the approved estimates in such year by more than ***** percent (*****%), Owner shall prepare and submit a revised estimate to Charterer for approval (which approval shall not be
unreasonably withheld).” 
  

	 	(c)	Paragraph 2.2 of Schedule III to the Charter shall be replaced with following wording during the Non Pass-through Period: 

  

	 	2.2	Calculation of Hire Rate 

  

	 	(a)	No later than 15 October of each calendar year Owner and Charterer shall meet for the purpose of agreeing on the budget for operating costs for the following calendar year. The Variable Element (except for the
Management Fee during the Non Pass-through Period) shall be calculated by dividing the agreed estimated operating costs for the calendar year by the number of days in said calendar year (or pro rata for the first and last Hire Periods).

  

	 	(b)	The yearly cost of the Management item of the Variable Element, as defined in paragraph 1.2(c)(i) (“Management Fee”) shall during the Non-Pass-through Period be fixed at US $650,000 for the year 2013 based
on a Höegh LNG fleet consisting of 7 vessels/units (“Matthew”, “Arctic Lady”, “Arctic Princess”, “GDF SUEZ Neptune”, “GDF SUEZ Cape Ann”, “STX Frontier” and “Norman Lady”).

  
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 SPECIFIC TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN
REQUESTED. THE REDACTED MATERIAL HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH FIVE ASTERISKS (*****). 

It shall thereafter be adjusted annually (but for the sake of clarification the first increase or decrease shall be for year 2014) based
on changes in the Norwegian Labour Cost Index in total industry (“Norwegian Labour Cost” – Table 0532 Labour Cost Index in total industry, by country (2008=100)), in accordance with the following: 

Escalating element for any given year (“Year N”) = Norwegian Labour Cost as of
2nd quarter in Year N minus 1 divided by Norwegian Labour Cost as of 2nd quarter in Year N minus 2 (“Escalating Element”). 

The revised Management Fee for year N = Management Fee for year N minus 1 multiplied by Escalating Element. 

The adjustment for indexation shall be made as part of the audits referred to in paragraph 2.4. 

In addition, the Management Fee shall during Non Pass-through Period be (i) reduced by US $20,000 per annum per vessel/unit each time
a new vessel/unit enters the Höegh LNG Fleet after 1st January 2013 but no such reduction shall occur in respect of any increase in the size of the Höegh LNG Fleet above 12 vessels/units and (ii) increased by US $20,000 per
vessel/unit each time a vessel/unit leaves the Höegh LNG Fleet after 1st January 2013. 

The figure of US $20,000 per vessel/unit shall be adjusted pro rata by reference to a portion of a year to reflect the timing of a
vessel/unit entering or leaving the Höegh LNG Fleet. If the Management Fee is adjusted in respect of reductions or increase in the size of the Höegh LNG Fleet by reference to assumed times which turn out to be incorrect the Management Fee
shall be adjusted (including, where applicable, retrospectively) during the next audit referred to in paragraph 2.4 to reflect the actual times”. 
  

	 	(d)	Paragraph 2.4(c) of Schedule III to the Charter shall be amended during the Non Pass-through Period by replacing the words “all categories specified in paragraph 1.2(c)(i) through (vii)” by “all
categories specified in paragraph 1.2(c)(ii) through (viii)” such that the last sentence reads as follows: 

“Notwithstanding anything herein to the contrary, in no event shall Charterer be required to pay amounts in excess of ***** percent
(*****%) of the estimated Variable Element for all categories specified in paragraphs 1.2(c)(ii) through (viii) for any year unless expenditures relating to such excess amounts were approved in writing by Charterer as provided in paragraph
1.2(b).” 
  

	 	(e)	                 

  

	 	(i)	Owner is bound to perform its contractual duties as regards management during the Non Pass-through Period even if events have rendered performance more onerous than could reasonably have been anticipated at the time of
the conclusion of this Amendment No. 3. 

  
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	 	(ii)	Notwithstanding sub-paragraph (i) above, where Owner establishes that: 

 (aa) the
continued performance of its contractual duties as regards management during the Non Pass-through Period has become excessively onerous due to an event or circumstance beyond its control which it could not have been expected to have taken into
account at the time of the conclusion of this Amendment No. 3, and that, 
 (bb) it could not reasonably have avoided or overcome the
event or its consequences, 
 Owner may notify Charterer accordingly and the parties are bound to negotiate in good faith and in a
commercially reasonable manner alternative contractual compensation terms which reasonably allow for the consequences of the event. 
  

	 	(iii)	Where sub-paragraph (ii) above applies, but where alternative contractual compensation terms proposed by Owner which reasonably allow for the consequences of the event are not agreed by Charterer within 3 months of
Owner’s initial invocation of sub-paragraph (ii) above the Management Fee shall revert to being included once again within the Variable Element on a cost pass-through basis with effect from the date of Owner’s initial invocation of sub-paragraph (ii) above. 

  

	 	(iv)	In circumstances where sub-paragraph (iii) above applies the Non Pass-through Period shall end and the amendments made to Schedule III to the Charter by this Amendment No. 3 shall cease to apply, with effect
from the date of the Owner’s initial invocation of sub-paragraph (ii) above and the provisions of Schedule III to the Charter shall revert to the position which applied before the amendments made by this Amendment No. 3.

  
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	(f)	For the purposes of giving effect to this Amendment No. 3 the defined terms “Höegh LNG Fleet” and “Non Pass-through Period” shall be deemed to be incorporated in Schedule III to the
Charter. 

  

	(g)	Save as expressly amended by this Addendum No. 3 the Charter shall continue in full force and effect. 

  

	(h)	The provisions of Clause 53 (Law and Arbitration) of the Charter shall apply to this Addendum No. 3. 

IN WITNESS WHEREOF the Parties have duly executed this Amendment No. 3 in duplicate as of the date above first written. 

 

			
	 For and on behalf of Charterer:
  

 
 /s/ FRANCIS BRETNACHER

Name: Francis Bretnacher
 Title: Managing Director
	  	 Witness
  

 
 /s/ GUY-HUBERT SOLA

Guy-Hubert SOLA

Director

		
	 For and on behalf of Owner: 
  

/s/ RUNE KARLSEN
 Name: Rune Karlsen

Title: Head of Commercial Operations,
  

Attorney in fact Höegh LNG AS
	  	 Witness
  

/s/ MARTHE SOLAAS
 Marthe Solaas

Commercial Manager, Höegh LNG AS
  

  
 6Exhibit 10.4 T Wright amendment

April 30, 2014

Tim Wright
51 Lime Street
London EC3M 7DQ

Dear Tim,

In consideration for your continued employment by Willis Limited, your Contract of Employment, dated December 17, 2007 (your “Contract of Employment”), is amended by adding the following paragraphs to the end of the section entitled “Termination of Employment”:
If your employment is terminated by the Company without Good Cause (and other than by reason of death or Permanent Disability) or by you for Good Reason, then you shall be entitled to:
(a)continued payment of your base salary during the 12-month period following the termination date (the “Severance Period”) payable in accordance with normal payroll practices, beginning on the first payroll date on or after the 60th day following the termination date; provided that, in the event such termination occurs within 24 months following a Change in Control, such payment shall equal two times your base annual salary and shall be made in a cash lump sum on the first business day on or after the 60th day following the termination date; provided further that, such amount shall be reduced by any salary paid to you between the date the Company provides you with notice of termination and your termination date; 
(b)payment of an amount equal to one times your target award under the annual incentive plan of Willis Group Holdings Public Limited Company (“Willis”) applicable at the time of your termination (your “Target AIP”), payable in equal installments during the Severance Period in accordance with normal payroll practices, beginning on the first payroll date on or after the 60th day following the termination date; provided that, in the event such termination occurs within 24 months following a Change in Control, such payment shall equal two times your Target AIP and shall be made in a cash lump sum on the first business day on or after the 60th day following the termination date;
(c)payment of a pro-rated award under Willis’ annual incentive plan applicable for the fiscal year in which the termination date occurs equal to the award you are entitled based on actual performance for such year, multiplied by a fraction, the numerator of which is the number of days in the fiscal year of your termination prior to the termination date, and the denominator of which is 365, payable at the time as such awards are paid generally to participants for the applicable year; provided that, in the event such termination occurs within 24 months following a Change in Control, such pro-rated award shall be determined based upon the Target AIP rather than actual results;
(d)continued participation for you and your spouse and then covered dependents in the applicable group medical plan of the Company, if any, in which you and your eligible spouse and dependents participate as of the date of termination in accordance with the terms of such plan in effect from time to time for officers of the Company generally and so 

long as such continued participation is permissible under applicable law and does not result in any penalty or additional tax (other than taxes applicable to the payment of wages) upon you or the Company or, in lieu of such continued coverage and solely in order to avoid any such penalty or additional tax, monthly payments equal to the excess of the full premium rate (or equivalent rate) under such group medical plan over the amount payable generally by officers of the Company, in each case until the earlier of (x) 12 months following the termination date or (y) the date that you (or any eligible spouse or dependent but only as to the eligibility of such spouse or dependent) obtains new employment that offers group medical coverage;
(e)for purposes of determining the achievement of any employment or service-based vesting requirements applicable to any outstanding stock options, restricted stock units or other long-term incentive awards, you shall be treated as having an additional 12 months of employment or service as of the date of termination; provided that, in the event such termination without Good Cause or for Good Reason occurs within 24 months following a Change in Control, all employment or service-based vesting requirements in such awards shall be waived as of the date of termination; and 
(f)each stock option granted to you which is vested (or deemed vested in accordance with this Section of the Contract of Employment) on your termination date will remain exercisable until the earlier of (x) one year following the date of such termination without Good Cause or for Good Reason (or, if later, the post-termination expiration date specified in the option) and (y) the normal expiration date of such stock option that would have applied if your employment with the Company had continued.  
Any and all amounts payable pursuant to this Section of the Contract of Employment will only be payable if you deliver to the Company and does not revoke a general release in a form reasonably acceptable to the Company within 30 days following the termination date.  Except as may be required by applicable law, you will not be entitled to severance pay of any type following your employment termination for any other reason or pursuant to any severance policy of Willis or its affiliates.
For the avoidance of doubt, you acknowledge and agree that the above payments include any amount which may be due to you in damages for any breach by the Company of any notice provision pertaining to your employment.
“Change in Control” has the meaning set forth in Willis’ 2012 Equity Incentive Plan).
“Good Cause” means (i) your gross and/or chronic neglect of your duties, (ii) your conviction in a Court or Tribunal of competent jurisdiction of an offence involving moral turpitude, (iii) dishonesty, embezzlement, fraud or other material willful misconduct by you in connection with your employment, (iv) the issue of any final instruction or order for your removal as an associate of the Company and/or officer of the Company by any Court, Tribunal or regulatory authority of competent jurisdiction, (v) your violation of any obligation of confidence and/or fiduciary duty and/or duty or loyalty and/or any other material obligation owed by you to the Company as set out in this Contract of Employment or other agreement with the Company or as implied at common law, (vi) any material breach by you of the Company’s Code of Ethics, or (vii) your failure to maintain any insurance or other license or permission necessary for the proper performance of the duties of your position.  Good Cause shall not include an immaterial, isolated instance of ordinary negligence or failure to act, whether due to an error in judgment or otherwise, if your have 

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exercised substantial efforts in good faith to perform the duties reasonably assigned or appropriate to your position.
“Good Reason” means one or more of the following events has occurred without your written consent: (i) a material adverse diminution in your position, authority or responsibilities or the assignment to you of duties or responsibilities which are materially inconsistent with your position; provided, that, a material diminution in the foregoing shall not be deemed to have occurred solely as a result of the occurrence of a Change in Control or Willis ceasing to be a public company, so long as your position, authority or responsibilities with Willis or any successor is not otherwise materially diminished, (ii) a reduction in your monthly base salary or Target AIP percentage; or (iii) you is required to relocate your office outside a radius of 35 miles from the current office location of the Willis Building at 51 Lime Street in London.  You may not resign or otherwise terminate your employment for any reason set forth above as Good Reason unless you first notifies the Company in writing describing such Good Reason within 90 days of the first occurrence of such circumstances, and, thereafter, such Good Reason is not corrected by the Company within 30 days of your written notice of such Good Reason, and you actually terminates employment within 90 days following the expiration of the Company’s 30-day cure period described above.
“Permanent Disability” has the meaning set forth in Willis’ 2012 Equity Incentive Plan). 
Notwithstanding the foregoing, if it is reasonably determined by Willis that any payments or benefits that are to be paid or provided to you or for your benefit in connection with a change of control (within the meaning of Section 280G of the Internal Revenue Code) (the “Payments”) would be subject to the excise tax imposed under section 4999 of the Internal Revenue Code (the “Excise Tax”), then such Payments shall be reduced by the smallest amount necessary in order for no portion of the Payments to be subject to the Excise Tax; provided that, no reduction in the Payments shall be made if the After Tax Amount of the Payments payable to you without such reduction would exceed the After Tax Amount of the reduced Payments payable to you.  For purposes of the foregoing, the “After Tax Amount” of your Payments shall mean the amount of the Payments that you would retain after payment of all taxes (including without limitation any federal, state or local income taxes, the Excise Tax, and employment taxes) imposed with respect to such Payments.  The payment reduction shall be implemented by (i) first reducing any cash severance payments, and (ii) then reducing all other payments and benefits, in each case, with amounts having later payment dates being reduced first.
For the avoidance of doubt, this letter agreement supersedes and replaces Section 2 of the letter amending your Contract of Employment, dated July 19, 2012.
Except as set forth above, your Contract of Employment will remain in full force and effect.  Please acknowledge the changes to your Contract of Employment by signing and dating this letter agreement as indicated below.

Sincerely yours,

/s/ Dominic Casserley_________

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Name: Dominic Casserley
Title:   Chief Executive Officer  

Signed and Acknowledged:

/s/ Tim Wright_______________ 
Tim Wright
Date: 06/05/14

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