Document:

Amended and Restated Limited Liability Company Agreement of Greater China

 Exhibit 4.1 
 AMENDED AND RESTATED 
 LIMITED LIABILITY COMPANY AGREEMENT

 OF 
 GREATER CHINA INTERMODAL INVESTMENTS LLC 
 a Republic of the Marshall
Islands Limited Liability Company 
 Effective as of March 14, 2011 

LIMITED LIABILITY COMPANY MEMBERSHIP INTERESTS REPRESENTED
HEREBY HAVE NOT BEEN REGISTERED WITH OR QUALIFIED BY THE U.S. SECURITIES
AND EXCHANGE COMMISSION OR ANY SECURITIES REGULATORY AUTHORITY OF ANY JURISDICTION.
THE INTERESTS ARE BEING SOLD IN RELIANCE UPON EXEMPTIONS FROM SUCH
REGISTRATION OR QUALIFICATION REQUIREMENTS. THE INTERESTS CANNOT BE SOLD, TRANSFERRED,
ASSIGNED OR OTHERWISE DISPOSED OF EXCEPT IN COMPLIANCE WITH THE RESTRICTIONS
ON TRANSFERABILITY CONTAINED IN THIS LIMITED LIABILITY COMPANY AGREEMENT AND
APPLICABLE U.S. FEDERAL AND STATE SECURITIES LAWS AND THE SECURITIES LAWS OF
ANY OTHER APPLICABLE JURISDICTION. 

 TABLE OF CONTENTS 

 

									
	 	 	 	  	 	  	Page	 
			
	ARTICLE I.	  	DEFINITIONS	  	 	1	  
				
		 	1.01	  	Certain Definitions	  	 	1	  
		 	1.02	  	Construction	  	 	12	  
			
	ARTICLE II.	  	ORGANIZATION	  	 	13	  
				
		 	2.01	  	Formation	  	 	13	  
		 	2.02	  	Name	  	 	13	  
		 	2.03	  	Registered Agent; Registered Office	  	 	13	  
		 	2.04	  	Purpose and Powers	  	 	14	  
		 	2.05	  	Term	  	 	15	  
		 	2.06	  	Fiscal Year	  	 	15	  
		 	2.07	  	Foreign Qualification	  	 	15	  
		 	2.08	  	Certain Tax Matters	  	 	15	  
		 	2.09	  	Organizational Expenses	  	 	15	  
			
	ARTICLE III.	  	MEMBERS	  	 	16	  
				
		 	3.01	  	Members	  	 	16	  
		 	3.02	  	Additional Members	  	 	16	  
		 	3.03	  	Resignation or Withdrawal of a Member	  	 	16	  
		 	3.04	  	No Participation in Control	  	 	16	  
		 	3.05	  	Interest in Property of the Company	  	 	17	  
		 	3.06	  	No Right of Partition	  	 	17	  
		 	3.07	  	No Liability of Members and Directors	  	 	17	  
		 	3.08	  	Tax Matters Partner	  	 	17	  
			
	ARTICLE IV.	  	CAPITAL CONTRIBUTIONS	  	 	17	  
				
		 	4.01	  	Commitments; Capital Contributions	  	 	17	  
		 	4.02	  	Capital Accounts	  	 	19	  
		 	4.03	  	Negative Balances	  	 	19	  
		 	4.04	  	Failure to Make Capital Contributions	  	 	20	  
		 	4.05	  	Termination of Investment Commitment Period	  	 	20	  
			
	ARTICLE V.	  	ALLOCATIONS AND DISTRIBUTIONS	  	 	21	  
				
		 	5.01	  	Allocations for Capital Account Purposes	  	 	21	  
		 	5.02	  	Allocations for Tax Purposes	  	 	21	  
		 	5.03	  	Distributions	  	 	21	  
		 	5.04	  	Deemed Advance of Carlyle Fees	  	 	22	  
		 	5.05	  	Clawback	  	 	23	  
		 	5.06	  	Withholding	  	 	23	  

  
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		 	5.07	  	Distributions and Withholdings in Error	  	 	24	  
			
	ARTICLE VI.	  	MANAGEMENT	  	 	24	  
				
		 	6.01	  	Board of Directors	  	 	24	  
		 	6.02	  	Meetings of the Board	  	 	26	  
		 	6.03	  	Actions Requiring Supermajority Approval	  	 	27	  
		 	6.04	  	Committees	  	 	28	  
		 	6.05	  	Officers	  	 	30	  
		 	6.06	  	Standard of Care; Limitation of Liability	  	 	30	  
		 	6.07	  	Related-Party Transactions	  	 	31	  
		 	6.08	  	Contractual Authority	  	 	33	  
		 	6.09	  	Subsidiary Governance Documents	  	 	33	  
			
	ARTICLE VII.	  	INFORMATION RIGHTS; CONFIDENTIALITY	  	 	33	  
				
		 	7.01	  	Information Rights	  	 	33	  
		 	7.02	  	Confidentiality	  	 	34	  
			
	ARTICLE VIII.	  	BOOKS AND RECORDS; BANK ACCOUNTS	  	 	35	  
				
		 	8.01	  	Maintenance of Books and Records	  	 	35	  
		 	8.02	  	Reports	  	 	35	  
		 	8.03	  	Bank Accounts	  	 	36	  
			
	ARTICLE IX.	  	INSURANCE; POWER OF ATTORNEY	  	 	36	  
				
		 	9.01	  	Insurance	  	 	36	  
		 	9.02	  	Power of Attorney	  	 	36	  
			
	ARTICLE X.	  	DISSOLUTION, LIQUIDATION AND TERMINATION	  	 	36	  
				
		 	10.01	  	Dissolution	  	 	36	  
		 	10.02	  	Liquidation and Termination	  	 	37	  
		 	10.03	  	Cancellation of Filing	  	 	38	  
			
	ARTICLE XI.	  	TRANSFERS OF INTERESTS	  	 	38	  
				
		 	11.01	  	Transfers of Interests	  	 	38	  
		 	11.02	  	Tag-Along Right	  	 	39	  
		 	11.03	  	Drag-Along Right	  	 	41	  
		 	11.04	  	IPO Reorganization; Registration Rights	  	 	43	  
			
	ARTICLE XII.	  	PREEMPTIVE RIGHTS	  	 	47	  
				
		 	12.01	  	Preemptive Rights for New Securities	  	 	47	  

  
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	ARTICLE XIII.	  	INVESTMENT REPRESENTATIONS	  	 	48	  
				
		 	13.01	  	Organization; Authority	  	 	48	  
		 	13.02	  	Due Authorization; Binding Agreement	  	 	48	  
		 	13.03	  	Consents and Approvals; No Conflict	  	 	48	  
		 	13.04	  	No Litigation	  	 	49	  
		 	13.05	  	Preexisting Relationship or Experience	  	 	49	  
		 	13.06	  	Investment Intent	  	 	49	  
		 	13.07	  	No Registration of Interests	  	 	49	  
		 	13.08	  	Restricted Securities	  	 	49	  
		 	13.09	  	Investment Risk	  	 	49	  
		 	13.10	  	Restrictions on Transferability	  	 	49	  
		 	13.11	  	Information Reviewed	  	 	50	  
		 	13.12	  	No Advertising	  	 	50	  
		 	13.13	  	Investor Qualification	  	 	50	  
		 	13.14	  	Certain Regulatory Compliance Matters	  	 	50	  
		 	13.15	  	No Undisclosed Agreements	  	 	52	  
			
	ARTICLE XIV.	  	GENERAL PROVISIONS	  	 	52	  
				
		 	14.01	  	Notices	  	 	52	  
		 	14.02	  	Entire Agreement	  	 	52	  
		 	14.03	  	Amendment	  	 	52	  
		 	14.04	  	Effect of Waiver or Consent	  	 	53	  
		 	14.05	  	Binding Effect	  	 	53	  
		 	14.06	  	Governing Law	  	 	53	  
		 	14.07	  	Consent to Jurisdiction; Waiver of Trial by Jury	  	 	54	  
		 	14.08	  	Specific Performance	  	 	54	  
		 	14.09	  	Severability	  	 	54	  
		 	14.10	  	Further Assurances	  	 	55	  
		 	14.11	  	Publicity	  	 	55	  
		 	14.12	  	Counterparts	  	 	55	  

  
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 AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT 
 OF 
 GREATER CHINA INTERMODAL INVESTMENTS LLC 

This Amended and Restated Limited Liability Company Agreement (this “Agreement”) of Greater China Intermodal Investments
LLC, a Republic of the Marshall Islands limited liability company (the “Company”), is made and entered into as of March 14, 2011 (the “Effective Date”) by and among the undersigned members of the Company
(collectively, the “Initial Members” and each individually an “Initial Member”). 
 WHEREAS,
the Company was duly formed under the Act (as defined below) by the filing of a Certificate of Formation (the “Certificate of Formation”) with the Office of the Registrar of Corporations of the Republic of the Marshall Islands (the
“Office of the Registrar”) effective as of March 11, 2011; and 
 WHEREAS, the parties hereto desire to
enter into this Agreement in order to delineate their rights and obligations as Members, to provide for the Company’s management, and to provide for certain other matters, all as permitted under the Act. 

NOW THEREFORE, in consideration of the mutual covenants expressed herein, and for other good and valuable consideration, the parties
hereto do hereby agree as follows: 
 ARTICLE I. 
 DEFINITIONS 
 1.01 Certain Definitions. 

(a) As used in this Agreement, the following terms have the meanings set forth below: 

“Act” means the Republic of the Marshall Islands Limited Liability Company Act of 1996. 

“Affiliate” means, when used with respect to a specified Person, another Person that, either directly or indirectly
through one or more intermediaries, Controls, is Controlled by or is under common Control with the Person specified. 

“Aggregate Rate of Return” as of any date of determination means the aggregate annual cumulative compounded rate of
return accruing on Capital Contributions of all Members from the date that such Capital Contributions are made (or deemed made in the case of any Service Contribution Amount) through such date of determination, determined by the Board in good faith
based on the aggregate distributions made by the Company to the Members (other than the Incentive Distributions) through such determination date. 
 “Applicable Law” means, with respect to any Person, all statutes, laws, rules, orders, regulations, ordinances, judgments, decrees and injunctions affecting such Person, such
Person’s assets or the securities of such Person, whether now or hereafter enacted and in force, including, 

 
to the extent applicable, the Securities Act, the Exchange Act, the Investment Advisers Act, the Investment Company Act, the Code and applicable national securities exchange rules and
regulations. 
 “Available Cash” means (i) the gross cash proceeds from the Company’s operations,
including (A) any cash received from any Subsidiaries of the Company, (B) cash proceeds from sales and dispositions of property whether or not in the ordinary course of business and (C) cash proceeds from the sale or disposition of
any Investment or maritime vessel asset by the Company or any of its Subsidiaries, plus (ii) net cash proceeds from any issuance of equity or debt securities or the refinancing of any debt less (iii) amounts used to pay or
establish reserves for all expenses, debt payments, capital improvements, capital expenditures, replacements, liabilities, future acquisitions and Investments and contingencies of the Company, all as determined by the Board in good faith.

 “Business” means the business of (i) acquiring, holding, owning, chartering, leasing, financing,
disposing of and/or otherwise dealing with or in newbuild and secondhand maritime container shipping assets, in each case, used in major shipping segments primarily strategic to Greater China (including global maritime shipping assets primarily
strategic to Greater China), (ii) providing chartering and other services in respect of the shipping assets referred to in the foregoing clause (i) of this definition, and/or (iii) activities related or incidental to the activities
referred to in the foregoing clauses (i) and (ii) of this definition. For the purpose of Section 6.07, the term Business shall not include acquiring, owning, holding, chartering, leasing, financing, disposing of and/or
otherwise dealing with or in container boxes. 
 “Business Day” means any day that is not a Saturday, a
Sunday, or other day on which banks are required or authorized by law to be closed in Hong Kong, Vancouver, British Columbia or Washington, D.C. 
 “Capital Contribution” means contributions of cash and, to the extent permitted under this Agreement, other property contributed by the Members to the Company and amounts deemed to be
contributed with respect to services provided by a Member pursuant to the terms of the Strategic Services Agreement. The amount of the Capital Contributions made by any Member as of any date shall be deemed to equal (i) the amount of cash and,
to the extent permitted under this Agreement, the fair market value (as determined by the Board in good faith) of any other property contributed by a Member to the Company as of such date and (ii) the Service Contribution Amount with respect to
such Member as of such date. 
 “Carlyle” means Carlyle Investment Management L.L.C., a Delaware limited
liability company. 
 “Carlyle Consulting Services Agreement” means the Consulting Services Agreement between
Carlyle, the Initial Operating Company, and, solely for the purposes described therein, the Company, dated as of the date hereof. 
 “Carlyle Fees” means any fees paid pursuant to the Carlyle Consulting Services Agreement, excluding (i) amounts paid thereunder as reimbursement of expenses and (ii) any

  
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fees payable to Carlyle pursuant to the Carlyle Consulting Services Agreement in connection with any debt financing or lease transaction. 

“Change of Control” of any Entity means the direct or indirect Transfer (whether by merger, consolidation,
reorganization or similar transaction or otherwise) of a majority of the outstanding voting securities or interests of such Entity. 
 “Commitment” means, with respect to any Member, the maximum aggregate amount of cash to be contributed by such Member to the Company, as adjusted from time to time as provided in this
Agreement. The Commitment of each Initial Member is set forth opposite such Initial Member’s name on Exhibit A; provided, however, that, in the event of any GC Industrial Non-Container Investment, (i) the Commitment of
GC Industrial shall be reduced by the amount of such GC Industrial Non-Container Investment and (ii) the Commitment of each Member (other than the GC Industrial Member and the Tiger Member) will be reduced (not below zero) by an amount equal to
(A) the amount of such Member’s Commitment multiplied by (B) a fraction the numerator of which is the amount of such GC Industrial Non-Container Investment and the denominator of which is the amount of GC Industrial's
Commitment immediately prior to such GC Industrial Non-Container Investment. 
 “Commitment Percentage” means,
with respect to any Member as of any date, the ratio of (i) the Commitment of such Member to (ii) the aggregate Commitments of all Members. Each Member’s initial Commitment Percentage is set forth opposite such Member’s name on
Exhibit A. 
 “Company Group” means the Company, each of its direct and indirect Subsidiaries, and any
other Entity in which the Company has made, directly or indirectly, an Investment. 
 “Company Group Member”
means any member of the Company Group. 
 “Company Sale” means a Drag-Along Transaction or any other
transaction, or series of related transactions, as a result of which one or more Persons or group of Persons (other than the GC Industrial Member or any of its Affiliates) acquires: (i) Interests constituting greater than fifty percent
(50%) of the Interests then outstanding (measured by the Percentage Interests immediately prior to such Transfer), whether such transaction is effected by merger, consolidation, recapitalization, sale or Transfer of the Company’s Interests
or otherwise; provided that, following such transaction, neither GC Industrial nor any of its Affiliates retains the power to direct or cause the direction of the management and policies of, or otherwise Controls the Company (or of any
successor of the Company surviving such transaction), or (ii) assets of the Company Group representing seventy-five percent (75%) of the consolidated total net asset value of the Company Group (by way of sale, license, lease or disposition
of the assets of the Company Group or a sale of the equity interests of the Company Group Members or otherwise). 

“Contemplated Investment Activity” means (i) investing in Subsidiaries of the Company and other Entities that are
engaged or will engage in (A) the Business or (B) any activity that would constitute a Contemplated Investment Activity if engaged in by any Company Group Member, (ii) acquiring, holding, owning and disposing of and otherwise dealing
with or 

  
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in securities or other Investments in Subsidiaries of the Company and other Entities that, directly or indirectly through their Subsidiaries, are engaged or will engage in the Business,
(iii) making, holding and disposing of Permitted Cash Equivalent Investments and (iv) activities incidental to the investment activities described in clauses (i) through (iii) of this definition; provided that any activity
determined by the Transaction Committee in good faith to fall within the foregoing definition shall be deemed to constitute a Contemplated Investment Activity. 
 “Control” means, when used with respect to a specified Person, the power to direct or cause the direction of the management and policies of such Person, directly or indirectly, whether
through the ownership of voting securities or interests, by contract or otherwise. “Controlled” and “Controlling” will have correlative meanings. 

“Disposition” means a disposition, sale, assignment, Transfer, exchange, pledge, or the grant of a security interest or
other encumbrance. 
 “Entity” means any corporation, limited liability company, partnership, limited
partnership, limited liability partnership, joint venture, trust, business trust, unincorporated association, estate or other legal entity. 
 “Exchange Act” means the Securities Exchange Act of 1934. 

“GC Industrial” means Greater China Industrial Investments LLC, a limited liability company formed under the laws of the
Republic of the Marshall Islands. 
 “GC Industrial Member” means GC Industrial and any subsequent transferee
of Interests held by GC Industrial; provided that such Transfer is effected in compliance with this Agreement. 

“GC Industrial Non-Container Investment” means any capital contribution made to GC Industrial by its members (other than
a service contribution pursuant to Section 4.03 of the Management Agreement, dated as of the date hereof, by and among TML, GC Industrial Operating Company and (solely for certain purposes described therein) GC Industrial) that is not used to
fund Capital Contributions to the Company. 
 “Greater China” means the People’s Republic of China, Taiwan
and the Special Administrative Regions of Hong Kong and Macau. 
 “Holder” means any Member that hereafter
holds any securities of the same class or series as any Publicly Offered Securities. 
 “Incentive
Distribution” means any distribution made to GC Industrial pursuant to subclause (B) of Section 5.03(a)(iii), 5.03(a)(iv) or 5.03(a)(v). 

“Initial Budget” means the initial budget of the Company, as amended from time to time in accordance with this
Agreement. 
 “Initial Investment Date” means the first date that the Company receives a cash Capital
Contribution with respect to its initial Investment.  

  
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 “Initial Operating Company” means GC Intermodal Operating Company, a
Republic of the Marshall Islands corporation and wholly owned Subsidiary of the Company. 
 “Initial Public
Offering” means the initial public offering of securities of the Company, any Subsidiary of the Company or any Successor Entity (or any other successor of the Company or any Subsidiary of the Company) for cash pursuant to an effective
registration statement under the Securities Act or the comparable statute of any applicable jurisdiction; provided that in the event of an initial public offering of securities of any Subsidiary of the Company, the net asset value of such
Subsidiary shall constitute greater than sixty percent (60%) of the consolidated total net asset value of the Company Group (as reflected on the most recently prepared consolidated balance sheet of the Company). 

“Initial Seaspan Member” means Seaspan Investment I Ltd., a corporation formed under the laws of the Republic of the
Marshall Islands. 
 “Initial Tiger Member” means TML. 

“Initial Washington Member” means Blue Water Commerce, LLC, a Montana limited liability company. 

“Interest” means all of the interest of a Member in the Company (including rights to distributions (liquidating or
otherwise), allocations, information, and to consent or approve) existing from time to time hereunder.

“Investment” means any equity or debt investment made or committed to be made by the Company or any of its Subsidiaries,
except that payment of any general, administrative or other operating or formation expense of the Company or any of its Subsidiaries (including through any investment in any such entity, to the extent so designated by the Transaction Committee) will
not constitute an Investment. 
 “Investment Advisers Act” means the Investment Advisers Act of 1940.

 “Investment Commitment Period” means the period commencing on the Effective Date and ending on the earlier
of (i) the fifth anniversary of the Effective Date, unless such period is extended with the consent of all the Members, (ii) dissolution of the Company pursuant to Section 10.01(a), and (iii) consummation of a Company
Sale, in each case unless earlier terminated pursuant to this Agreement. 
 “Investment Company Act” means the
Investment Company Act of 1940. 
 “IPO Date” means the first date of the issuance of Publicly Offered
Securities in an Initial Public Offering. 
 “Manager Entity” means any counterparty to a Services Agreement
(other than the Company or any of its Subsidiaries) that is a controlled Affiliate of Seaspan Corporation, TML and/or SMSL. 

  
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 “Material Affiliate Transaction” means any transaction or series of related
or substantially similar transactions involving consideration provided by or to the Company and/or any of its Subsidiaries in excess of $1.75 million in the aggregate between the Company or any Subsidiary, on the one hand, and any Member or any
Affiliate of such Member (other than the Company or any of its Subsidiaries or any employee of the Company or any of its Subsidiaries), on the other hand, other than (i) any transaction contemplated by this Agreement or any agreement
contemplated to be entered into in connection with this Agreement (including any Services Agreement), including any Capital Contribution contemplated by this Agreement, distributions made in accordance with the terms of this Agreement, any decision
to make or refrain from making any capital call or distribution under this Agreement in accordance with the terms of this Agreement, payment of any Organizational Expenses in accordance with the terms of this Agreement, payment of fees under any
Services Agreement, and any determination to be made under this Agreement or any Services Agreement not involving a default under such agreements and not resulting in an increase in any fees under the Service Agreements, (ii) the issuance of
Interests or other equity interests of the Company effected in compliance with Article XII (other than issuance of Interests or other equity interests of the Company to Members or their Affiliates, including Interests issued pursuant to the
Strategic Services Agreement, for consideration other than cash, other than in connection with an IPO Reorganization), (iii) any amendment or modification of any Services Agreement (other than the Carlyle Consulting Agreement) not providing for
or resulting in an increase in fees payable thereunder, (iv) participation in any bona fide debt or lease financing transaction provided to the Company or any Subsidiary of the Company by any Affiliate of any Member that is
regularly engaged in providing debt, lease or similar financing or investing in loans, debt securities or debt or lease financings (and the purchase of securities issued in connection therewith) and payment of principal, interest, rent and other
amounts payable thereunder, compliance with the terms thereof and performance of any obligation of the Company or any of its Subsidiaries thereunder and any amendment or modification thereof; provided that one or more Persons unaffiliated
with any Member also participates in such financing on the same terms and conditions, (v) any transaction with a portfolio company of any investment fund managed by any Member or any of its Affiliates; provided that such transaction (or
series of related or substantially similar transactions) (A) is entered into in the ordinary course of business of such portfolio company on terms substantially similar to the terms of similar transactions that such portfolio company enters
into with unaffiliated third parties and (B) represents less than five percent (5%) of the consolidated revenues or consolidated assets of such portfolio company and of the Company and (vi) any amendment or modification of this
Agreement effected in compliance with Section 14.03. 
 “Member” means any member of the Company,
including any Initial Member and any other Person that becomes a member of the Company in accordance with the terms hereof after the date hereof, in each case, so long as such Person remains a member of the Company. 

“Net Initial G&A Capital Contributions” as of any date means the amount of the Initial G&A Capital Contributions
previously made by the GC Industrial Member as of such date, minus the amount of Reimbursement Distributions received by the GC Industrial Member on or prior to such date. 

  
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 “New Securities” shall mean any Interest of the Company (for avoidance of
doubt, including as a result of the increase in the Commitment of one or more Members), and any rights, options or warrants to purchase Interests of the Company, and securities that are convertible into, or exchangeable for, Interests of the
Company; provided, however, that the term “New Securities” does not include (i) Interests, securities, warrants, options or other rights issued for consideration other than cash (including Interests issued
pursuant to the Strategic Services Agreement), (ii) Interests, securities, warrants, options or other rights issued pursuant to the acquisition of another Person or business by the Company or other business combinations, (ii) Interests,
securities, warrants, options or other rights issued in connection with an Initial Public Offering, any IPO Reorganization or other pro rata recapitalization of the Company (including any pro rata distribution of any Interests,
securities, warrants, options or other rights to the Members), (iii) Interests, securities, warrants, options or other rights issued in or pursuant to any Initial Public Offering or any other offering of Interests, securities, warrants, options
or other rights to the public or pursuant to a so called “Rule 144A offering” with unaffiliated parties (or the equivalent thereof); (iv) Interests, securities, warrants, options or other rights issued to officers, directors,
employees or consultants of the Company or any of its Subsidiaries under any benefit or incentive plan or arrangement approved by the Board, (v) Interests, securities, warrants, options or other rights issued in connection with any debt
financings or in exchange for any outstanding indebtedness, or (vi) Interests issued in connection with joint ventures or strategic relationships or similar transactions permitted by the terms of this Agreement. 

“Organizational Expenses” means (i) all out-of-pocket expenses incurred by the Company, GC Industrial and the
members of GC Industrial in connection with (A) the formation and organization of the Company and GC Industrial in an amount not to exceed the amount of such expenses disclosed in writing by GC Industrial to the Seaspan Member and the
Washington Member prior to the date of this Agreement and (B) the preparation of the Services Agreements and other agreements contemplated by this Agreement and (ii) the fees and expenses of outside counsel and outside accounting advisors
of the Seaspan Member and the Washington Member incurred in connection with negotiation of this Agreement, the ROFR Agreement and the Services Agreements, the preparation and negotiation of related documentation and the investment by such Members in
the Company in an amount not to exceed the amount of such fees and expenses disclosed in writing to the GC Industrial Member prior to the date of this Agreement. 
 “Percentage Interest” means, with respect to any Member as of any date, the ratio of (i) the Capital Contributions of such Member as of such date (other than any Initial G&A
Capital Contributions) to (ii) the aggregate Capital Contributions (other than any Initial G&A Capital Contributions) of all Members as of such date. The Percentage Interests of the Members, as adjusted from time to time, will be maintained
with the books and records of the Company. 
 “Permitted Cash Equivalent Investments” means, unless otherwise
determined by the Transaction Committee, any of the following: (i) investments in direct obligations of the United States of America or any agency thereof, (ii) investments in time deposit accounts, certificates of deposit and money market
deposits maturing within 180 days of the date of acquisition thereof issued by a bank or trust company which is organized under the laws of the United States of America, any state thereof or any foreign country recognized by the United States of
America, and which bank or trust company has capital, surplus and undivided profits aggregating in excess 

  
 7 

 
of $50,000,000 (or the foreign currency equivalent thereof) and has outstanding debt which is rated “A” (or such similar equivalent rating) or higher by at least one nationally
recognized rating organization, (iii) investments in commercial paper, repurchase agreements or other similar securities or instruments that mature not more than 180 days after the date of acquisition, issued by a corporation organized and in
existence under the laws of the United States of America, any state thereof or any foreign country recognized by the United States of America with a rating at the time as of which any investment therein is made of “P-2” (or higher)
according to Moody’s Investors Service, Inc. or “A-2” (or higher) according to Standard & Poor’s Ratings Services or whose long-term rating, according to Moody’s Investor Service, Inc. or Standard &
Poor’s Ratings Services, as the case may be, is at least Baa3 or BBB-, and (iv) investments in mutual funds whose investment guidelines restrict such funds’ investments to those satisfying the provisions of clauses (i) through
(iii) above. 
 “Permitted Transfer” means (i) in the case of a Member that is an Entity, the
Transfer of Interests by such Member to any Affiliate of such Member; provided, that, in the case of any Transfer by the Tiger Member, such Transfer does not result in any reduction in the equity or voting interest held by Gerry Wang or
Graham Porter in the Company (provided that such interest may be held indirectly through one or more of their respective Affiliates), (ii) in the case of any Member that is a natural person, (A) the Transfer of any Interests of such Member
to any immediate family member of such Member, (B) the Transfer of any Interests upon the death of such Member pursuant to will or intestate succession and (C) Transfers of any Interests for estate planning purposes where the Transferring
Member retains the power to vote and dispose of the Transferred Interests, (iii) Transfers of any Interests issued pursuant to Section 4.03 of the Strategic Services Agreement by the Tiger Member to the Washington Member or any of its
Affiliates; provided that for purposes of this clause (iii) the Tiger Member retains all rights to appoint any director under this Agreement associated with such Transferred Interest and any right to grant or withhold any consent,
approval or agreement under this Agreement associated with such Interests (including any right to agree, or withhold agreement, to any amendment of this Agreement), (iv) Transfers of any Interests by Seaspan Corporation or its controlled
Affiliates to any successor Person as a result of any merger, consolidation, reorganization or similar transaction or any sale of all or substantially all the assets thereof and (v) in the case of the Washington Member, in addition to Transfers
provided for above, Transfers to (A) Dennis Washington and/or his immediate family members and lineal descendants, (B) one or more trusts established for the benefit of, or one or more Entities Controlled by, any of the Persons described
in subclause (A) of this clause (v), or one or more Entities Controlled by trusts described in this subclause (B) of this clause (v) and (C) one or more charitable foundations established by any of the Persons described in
subclause (A) of this clause (v). 
 “Permitted Transferee” means any Person to whom such Member effects a
Permitted Transfer of any Interests held by such Member. 
 “Person” means any individual or Entity.

 “Publicly Offered Securities” means equity securities offered in an Initial Public Offering. 

  
 8 

 “Registrable Securities” means any equity securities of the Company, any
Successor Entity or any other successor to the Company held at any time by any Holder (including any shares or units of equity securities in the Company which may be issued or distributed in respect thereof by way of dividend or split or other
distribution, recapitalization or reclassification). Any particular Registrable Securities that are issued will cease to be Registrable Securities when (i) a registration statement with respect to the sale by the Holder of such securities has
become effective under the Securities Act or the comparable statute of any applicable jurisdiction and such securities have been disposed of in accordance with such registration statement, (ii) such securities will have been distributed to the
public pursuant to Rule 144 (or any successor provision) under the Securities Act, or (iii) such securities will have ceased to be outstanding. 
 “Registration Expenses” means any and all expenses incident to performance of or compliance with the provisions of Section 11.04, including (i) all SEC and stock exchange
or financial regulatory authority registration and filing fees (including, if applicable, the fees and expenses of any “qualified independent underwriter” and of its counsel), (ii) all fees and expenses of complying with securities or
blue sky laws (including fees and disbursements of counsel for the underwriters in connection with blue sky qualifications of the Registrable Securities), (iii) all printing, messenger and delivery expenses, (iv) all fees and expenses
incurred in connection with the listing of the Registrable Securities on any securities exchange and all rating agency fees, (v) the fees and disbursements of counsel for the Company and of its independent public accountants, including the
expenses of any special audits and/or “comfort” letters required by or incident to such performance and compliance, (vi) the reasonable fees and disbursements of counsel selected by the Holders of the Registrable Securities being
registered to represent such Holders in connection with each such registration and (vii) other reasonable out-of-pocket expenses of Holders (provided that such expenses will not include expenses of counsel other than those provided for in
clause (vi) above). 
 “Right of First Refusal Agreement” means that certain Right of First Refusal
Agreement, dated as of the date hereof, by and among the Company, Seaspan Corporation and the Washington Member. 

“Seaspan Corporation” means Seaspan Corporation, a corporation formed under the laws of the Republic of the Marshall
Islands. 
 “Seaspan Member” means the Initial Seaspan Member and any Controlled Affiliate of Seaspan
Corporation that subsequently becomes a Member. 
 “SEC” means the U.S. Securities and Exchange Commission, or
any other federal agency at the time administering the Securities Act or the Exchange Act. 
 “Securities Act”
means the U.S. Securities Act of 1933. 
 “Service Contribution Amount” means, with respect to any Member, as
of any date, the aggregate amount of fees otherwise payable in cash pursuant to the Strategic Services Agreement that, as a result the operation of Section 4.03 of the Strategic Services Agreement, have been paid through the issuance of
Interests pursuant to Section 4.03 of the Strategic Services Agreement on or prior to such date. 

  
 9 

 “Service Contributions” means service contributions deemed to be made
pursuant to Section 4.03 of the Strategic Services Agreement. 
 “Services Agreements” means (i) the
Strategic Services Agreement, (ii) the Carlyle Consulting Services Agreement and (iii) the Technical and Commercial Management Agreement. 
 “SMSL” means Seaspan Management Services Limited, a company formed under the laws of Bermuda. 
 “SSML” means Seaspan Ship Management Ltd., a company formed under the laws of British Columbia. 
 “Subsidiary” means, with respect to any Person, any other Person more than 50% of the voting power of which is held, directly or indirectly, by such first Person and/or any of such first
Person’s Subsidiaries, or over which such Person either directly or indirectly exercises Control (including (i) any limited partnership of which such first Person, directly or indirectly, is the general partner or otherwise has the power
to direct or cause the direction of the management and policies thereof and (ii) any limited liability company of which such first Person, directly or indirectly, is the managing member or otherwise has the power to direct or cause the
direction of the management and policies thereof). 
 “Tiger Member” means the Initial Tiger Member and any
Affiliate of any Tiger Member that subsequently becomes a Member. 
 “TML” means Tiger Management Limited, a
limited liability company formed under the laws of the Cayman Islands. 
 “Transfer” means any transfer,
conveyance, assignment, pledge, mortgage, charge, hypothecation or other disposition. 
 “Unreturned Contribution
Amount” as of any date means, for each Member, an amount equal to the excess of (i) the cumulative Capital Contributions of such Member as of such date, over (ii) the cumulative distributions received (or deemed received)
by such Member from the Company prior to such date pursuant to Section 4.01(b) (including any Reimbursement Distributions), Section 5.03(a)(i) and Section 10.02(a). 

“Vessel” means an ocean-going vessel specifically constructed to transport containerized cargo. 

“Washington Member” means the Initial Washington Member and any Permitted Transferee of any Washington Member that
subsequently becomes a Member. 
 (b) The following terms have the meanings provided in the Sections set forth below:

  

			
	 Term
	  	 Section

	 Adjusted Capital Account
	  	Appendix A-1
	 Agreement
	  	Preamble

  
 10 

			
	 Term
	  	 Section

	 Amended Drag-Along Notice
	  	11.03(d)
	 Authorized Director
	  	6.02(f)
	 Authorizing Director
	  	6.02(f)
	 Board
	  	6.01(a)
	 Capital Account
	  	Appendix A-1
	 Carlyle Consulting Services Agreement
	  	2.04(b)
	 Certificate of Formation
	  	Recitals
	 Clawback Determination Date
	  	5.05(b)
	 Clawback Amount
	  	5.05(b)
	 close associate
	  	13.14(c)(iv)
	 Code
	  	Appendix A-1
	 Company
	  	Preamble
	 Company Minimum Gain
	  	Appendix A-1
	 Confidential Information
	  	7.02
	 Defaulting Member
	  	4.04(a)
	 Depreciation
	  	Appendix A-1
	 Director
	  	6.01(a)
	 Drag-Along Interests
	  	11.03(a)
	 Drag-Along Member
	  	11.03(a)
	 Drag-Along Notice
	  	11.03(d)
	 Drag-Along Right
	  	11.03(a)
	 Drag-Along Transaction
	  	11.03(a)
	 Effective Date
	  	Preamble
	 Fiscal Year
	  	2.06
	 G&A Cap
	  	4.01(b)
	 GC Industrial Directors
	  	6.01(b)
	 Governmental Authority
	  	13.14(c)
	 Gross Asset Value
	  	Appendix A-1
	 immediate family member
	  	13.14(c)(iii)
	 Initial G&A Capital Contributions
	  	4.01(b)
	 Initial Members
	  	Preamble
	 IPO Reorganization
	  	11.04(a)
	 Liquidation Event
	  	10.01(a)
	 Member Minimum Gain
	  	Appendix A-1
	 Member Nonrecourse Debt
	  	Appendix A-1
	 Member Nonrecourse Deductions
	  	Appendix A-1
	 New Securities Notice
	  	12.01(b)
	 Non-Competition Agreement
	  	2.04(b)
	 Nonrecourse Deductions
	  	Appendix A-1
	 Nonrecourse Liability
	  	Appendix A-1
	 OFAC
	  	13.14(a)
	 OFAC Regulations
	  	13.14(a)
	 Offered Interests
	  	11.02(a)
	 Office of the Registrar
	  	Recitals

  
 11 

			
	 Term
	  	 Section

	 Permitted Service
	  	6.07(d)
	 PFIC
	  	7.01(b)
	 Profits and Losses
	  	Appendix A-1
	 Proposed Closing Date
	  	12.01(b)
	 Proposed Third-Party Sale
	  	11.02(a)
	 Public Official
	  	13.14(c)
	 Regulatory Allocations
	  	Appendix A-1
	 Reimbursement Distribution
	  	4.01(b)
	 Sale Notice
	  	11.02(c)
	 Seaspan Director
	  	6.01(b)
	 Seaspan True Up Amount
	  	5.03(b)
	 Selling Members
	  	11.02(a)
	 Strategic Services Agreement
	  	2.04(b)
	 Subscription Notice
	  	12.01(b)
	 Subscription Period
	  	12.01(b)
	 Successor Entity
	  	11.04(a)
	 Supermajority of the Board
	  	6.03
	 Tag-Along Member
	  	11.02(a)
	 Tag-Along Notice
	  	11.02(d)
	 Tag-Along Right
	  	11.02(a)
	 Technical and Commercial Management Agreement
	  	2.04(b)
	 Third-Party Purchaser
	  	11.02(a)
	 Third-Party Terms
	  	11.02(c)
	 Tiger Directors
	  	6.01(b)
	 Transaction Committee
	  	6.04(a)(i)
	 Transaction Committee Meeting Materials
	  	6.04(a)
	 Treasury Regulations
	  	Appendix A-1
	 True Up Amount
	  	5.03(b)
	 True Up Distribution
	  	5.03(b)
	 Washington Director
	  	6.01(b)
	 Washington True Up Amount
	  	5.03(b)

 1.02 Construction.

 (a) Unless the context of this Agreement otherwise requires, (i) any pronoun will include the corresponding
masculine, feminine and neuter forms, (ii) words using the singular or plural number also include the plural or singular number, respectively, (iii) the terms “hereof,” “herein,” “hereby” and derivative or
similar words refer to this entire Agreement, (iv) the terms “Article”, “Section”, “Attachment”, “Appendix” and “Exhibit” refer to the specified Article, Section, Attachment, Appendix or
Exhibit, respectively, of this Agreement, (v) the word “including” will mean “including, without limitation”, (vi) the word “or” will be disjunctive but not exclusive, and (vii) “$” will mean
U.S. dollars. 

  
 12 

 (b) References to this Agreement will be deemed to include all Appendices and Exhibits
hereto. References to agreements and other documents will be deemed to include all subsequent amendments and other modifications or supplements thereto. 
 (c) References to statutes will include all regulations promulgated thereunder and references to statutes or regulations will be construed as including all statutory and regulatory provisions
consolidating, amending or replacing such statute or regulation. 
 (d) The headings and subheadings of the Sections contained
in this Agreement are solely for the purpose of reference and will not affect the meaning or interpretation of this Agreement. 

(e) The language used in this Agreement will be deemed to be the language chosen by the Members to express their mutual intent, and no
rule of strict construction will be applied against any Member. 
 (f) References to an “agreement”,
“approval”, “authorization”, “consent”, “designation”, “determination”, or “selection” of or by the Transaction Committee shall mean an agreement, approval, authorization, consent,
designation, determination or selection of or by the voting members of the Transaction Committee. 
 ARTICLE II.

 ORGANIZATION 
 2.01 Formation. 
 The Company was formed as a Republic of the Marshall
Islands limited liability company by the filing of the Certificate of Formation in the Office of the Registrar as of March 11, 2011. The Person who executed, delivered and filed the Certificate of Formation of the Company in the office of
Office of the Registrar was a designated “authorized person” within the meaning of the Act, and such filing is hereby ratified and approved. The rights and liabilities of the Members will be determined pursuant to the Act and this
Agreement. To the extent that there is any conflict or inconsistency between any non-mandatory provision of the Act and any provision of this Agreement, the provisions of this Agreement control and take precedence. 

2.02 Name. 
 The name of the Company is “Greater China Intermodal Investments LLC”. The Company may conduct business under that name or any other name selected by the Transaction Committee and approved by
the Board from time to time in accordance with Applicable Law. 
 2.03 Registered Agent; Registered Office. 

The registered agent of the Company in the Republic of the Marshall Islands will be the initial registered agent designated in the
Certificate of Formation, or such other Person as the Board may designate from time to time in accordance with the Act. The registered office of the Company in the Republic of the Marshall Islands will be the initial registered office designated

  
 13 

 
in the Certificate of Formation or such other office (which need not be a place of business of the Company) as the Board may designate from time to time in accordance with the Act. 

2.04 Purpose and Powers. 
 (a) The Company is organized for the object and purpose of engaging in any lawful transaction and in any lawful activity permitted to be conducted by a limited liability company under the Act and any
other Applicable Law. The Company will have all powers permitted to be exercised by a limited liability company formed in the Republic of the Marshall Islands. Subject to the approval of the Board, the Company may form, acquire and hold membership
interests, partnership interests, capital stock or other securities of other Entities. The Company will not engage in any trade or businesses other than the Contemplated Investment Activities. 

(b) Concurrently with the execution of this Agreement, (i) the Initial Operating Company, TML and, solely for the limited purposes
set forth therein, the Company are entering into a Management Agreement in substantially the form attached as Exhibit B (the “Strategic Services Agreement”), pursuant to which TML will provide to the Company Group financial
and strategic advisory services, (ii) the Initial Operating Company, Carlyle and, solely for the limited purpose set forth therein, the Company are entering into the Carlyle Consulting Services Agreement in substantially the form attached as
Exhibit C (the “Carlyle Consulting Services Agreement”), pursuant to which Carlyle will provide to the Company Group certain consulting and advisory services, (iii) the Initial Operating Company, SMSL and, solely for the
purposes set forth therein, the Company are entering into a Technical and Commercial Management Agreement in the form attached as Exhibit D (the “Technical and Commercial Management Agreement”), pursuant to which SMSL will
provide to the Company Group technical and commercial management services for container vessels owned by the Company Group, and (iv) the Company, GC Industrial and each of Gerry Wang, Graham Porter and SMSL are entering into a Non-Competition
Agreement in substantially the forms attached as Exhibit E-1, Exhibit E-2 and Exhibit E-3, respectively (each a “Non-Competition Agreement”). The Company shall, except as determined by the Transaction Committee,
cause each Company Group Member that is a direct or indirect Subsidiary of the Company to execute and deliver a counterpart signature page or joinder agreement, as applicable, to the Strategic Services Agreement, the Carlyle Consulting Services
Agreement and the Technical and Commercial Management Agreement. For the avoidance of doubt, in no event will amounts paid by any Company Group Member pursuant to any Services Agreement be deemed a distribution by the Company to any of its Members.

 (c) GC Industrial agrees that, during the Investment Commitment Period, the Company and its Subsidiaries shall constitute the
exclusive vehicle in which it will make direct or indirect investments in Vessels (excluding any investment in any Entity where, at the time of such Investment, Vessels constitute less than thirty percent (30%) of the consolidated total assets
of such Entity on the date of acquisition of such Entity, and there is no current intention by GC Industrial on such date to separately dispose of substantially all of the non-

  
 14 

 
Vessel assets of such Entity within twelve (12) months of the date of acquisition of such Entity). 
 2.05 Term. 
 The Company will continue in existence in perpetuity unless its
business and affairs are wound up pursuant to Section 10.01(a). 
 2.06 Fiscal Year. 

The fiscal year of the Company (the “Fiscal Year”) for financial statement purposes will end on December 31, unless
otherwise determined by the Board. 
 2.07 Foreign Qualification. 

The Board may cause to be filed, on behalf of the Company, such documents, forms and instruments, and undertake such other actions, as may
be required in order to qualify the Company to do business and to transact business in any jurisdiction in which it is required to so qualify. 
 2.08 Certain Tax Matters. 
 Subject to Section 11.04, the
parties intend that the Company be treated as a partnership for U.S. income tax purposes, and the Company, each member of the Board and each officer of the Company is hereby authorized to take all necessary or appropriate actions to cause the
Company to be treated as a partnership for U.S. income tax purposes. In furtherance of the foregoing, the Company will timely execute and file a U.S. Internal Revenue Service Form 8832 electing to classify the Company as a partnership for U.S.
federal income tax purposes as of the date the Company was formed and each Member agrees to execute any such form or other documentation that the Company requests it execute in connection with making such election. Subject to
Section 11.04, the Company will not elect to be treated as an association taxable as a corporation for U.S. federal, state or local income tax purposes under Regulations Section 301.7701-3 or under any corresponding provision of
state or local law and the Company will use its reasonable best efforts to operate in a manner such that it will not be treated as a publicly traded partnership for U.S. income tax purposes. The Company will use its reasonable best efforts to ensure
that (i) it is not engaged in a trade or business within the United States within the meaning of the Code and (ii) it does not generate items of gross income that are taken into account for purposes of calculating “unrelated business
taxable income” as defined in Section 512 and Section 514 of the Code. The taxable year of the Company will be its Fiscal Year unless otherwise required under the Section 706 of the Code. 

2.09 Organizational Expenses. 
 Organizational Expenses will be borne by and charged to the Company. Within 30 days after the submission by the GC Industrial Member, the Seaspan Member, the Washington Member or any of their respective

  
 15 

 
Affiliates of invoices evidencing the incurrence of Organizational Expenses prior to the Initial Investment Date, the Company will reimburse the GC Industrial Member, the Seaspan Member, the
Washington Member or any of their respective Affiliates, as applicable, for such Organizational Expenses. GC Industrial represents and warrants that, other than the Organizational Expenses and any obligations under this Agreement, any Services
Agreement and that certain letter agreement between the Company and Deutsche Bank Securities, Inc. dated on or about the date hereof, no Company Group Member has any liabilities as of the Effective Date. 

ARTICLE III. 
 MEMBERS 
 3.01 Members. 

As of the Effective Date, each of the Entities set forth on Exhibit A is hereby admitted as a Member. The names, addresses,
Commitments and Commitment Percentages of each Member are set forth on Exhibit A. Subject to any approvals required by this Agreement, the Board is hereby authorized to complete or amend Exhibit A to reflect the admission of additional
Members, the resignation of a Member or a change to the address, Commitment or Commitment Percentage of a Member as provided in this Agreement. The Company will promptly deliver to each Member a copy of Exhibit A, as amended, no less
frequently than annually and in any event promptly following an amendment to Exhibit A pursuant to this Section 3.01 in connection with admission of any New Members (other than in connection with a Permitted Transfer). The Company
will maintain the Percentage Interests of the Members in the books and records of the Company and will automatically update the Percentage Interests of the Members promptly following the deemed contribution of any Service Contribution Amount
pursuant to the Strategic Services Agreement. 
 3.02 Additional Members. 

A Person may be admitted as a Member if (a) such Person has executed and delivered to the Company a counterpart signature page to
this Agreement agreeing to be bound by the terms of this Agreement and any other agreements or instruments by which a Member is bound as a condition to or by virtue of the Member’s ownership of Interests and (b) other than admission of a
Transferee of Interests pursuant to a Permitted Transfer, the admission of such Person as a Member has been approved by the Board as provided in this Agreement. 
 3.03 Resignation or Withdrawal of a Member. 
 No Member will have the right
to resign or withdraw from membership in the Company, except as specifically provided in Article X or upon a Transfer of all of such Member’s Interests in accordance with Article XI. 

3.04 No Participation in Control. 
 The Members will have no power to participate in the management of the Company, except as expressly authorized by this Agreement or the Certificate of Formation or expressly required by the Act. The
approval or consent of the Members will not be required in order to authorize the taking of any action by the Company, and the Members will have no right to reject, overturn, override, veto or otherwise approve, consent or pass judgment upon any
action taken by the Company or any authorized officer of the Company, in each case, unless and then only to 

  
 16 

 
the extent that (a) such approval or consent is expressly required by this Agreement, the Certificate of Formation or the Act or (b) the Board has determined in its sole discretion that
obtaining such approval or consent would be appropriate or desirable. No Member, acting in the capacity of a Member, is an agent of the Company, nor will any Member, unless expressly authorized in writing to do so by the Board, have any right, power
or authority to bind or act on behalf of the Company in any way, to pledge its credit, to execute any instrument on its behalf or to render it liable for any purpose. 
 3.05 Interest in Property of the Company. 
 Each Member’s Interest will
for all purposes be personal property. No Member will have any interest in specific Company property. All property of the Company, whether real or personal, tangible or intangible, will be deemed to be owned by the Company as an Entity, and no
Member, individually, will have any direct ownership in, or rights to, such property. 
 3.06 No Right of Partition.

 No Member has or will have any right to seek or obtain partition by court decree or operation of law of any Company
property, or the right to own or use particular or individual assets of the Company. 
 3.07 No Liability of Members and
Directors. 
 No Member or Director will have any personal liability for any obligations or liabilities of the Company,
whether such liabilities arise in contract, tort or otherwise, except to the extent that any such liabilities or obligations are expressly assumed herein or otherwise in writing by such Member or Director. 

3.08 Tax Matters Partner. 
 To the extent applicable, the GC Industrial Member is hereby designated as the “tax matters partner” of the Company pursuant to Section 6231(a)(7) of the Code. To the extent applicable, the
“tax matters partner” will take such actions as are necessary to cause each other Member to become a “notice partner” within the meaning of Section 6231(a)(8) of the Code. The Company will not file a U.S. federal or state
income tax partnership return that takes the position that the Company is engaged in a U.S. trade or business unless required by Applicable Law. 
 ARTICLE IV. 
 CAPITAL CONTRIBUTIONS 

4.01 Commitments; Capital Contributions. 
 (a) Commitments. Subject to Section 4.05, each Member agrees to make cash Capital Contributions to the Company from time to time in accordance with the terms of this Agreement in an
aggregate amount not to exceed the Commitment of such Member set forth opposite such Member’s name on Exhibit A. Amounts distributed to Members (other 

  
 17 

 
than Reimbursement Distributions) will not increase any Member’s Commitment. Reimbursement Distributions will increase the Commitment of the Members receiving such Reimbursement
Distributions by the amount of such Reimbursement Distributions. No distributions (including Reimbursement Distributions) may be recalled by the Company, except as expressly provided herein. 

(b) Capital Contributions. Subject to Section 4.05, the Members will make cash Capital Contributions to the Company
pro rata in accordance with their relative Commitment Percentages, at such times and in such amounts as may be determined by the Board in its sole discretion; provided, however, that (x) no Member will be required to make
Capital Contributions (other than Service Contributions) in excess of such Member’s Commitment and (y) no Member shall make Capital Contributions (other than Service Contributions) after the expiration or termination of the Investment
Commitment Period other than to fund Investments pursuant to binding commitments entered into by the Company or its Subsidiaries in compliance with this Agreement before the expiration or termination of the Investment Commitment Period; and,
provided, further, that (i) to the extent that the Board determines that the Members should make Capital Contributions to fund payment of general and administrative expenses of the Company and its Subsidiaries incurred in
accordance with the Initial Budget prior to the date on which the Company makes its first Investment (other than any Permitted Cash Equivalent Investment), which Capital Contributions shall in no event exceed the actual aggregate amount of general
and administrative expenses incurred (the “Initial G&A Capital Contributions”), the GC Industrial Member will make 100% of such Initial G&A Capital Contributions, up to an aggregate cap of $2,000,000 less the aggregate
amount expended by GC Industrial to fund payment of general and administrative expenses of GC Industrial (such net amount, the “G&A Cap”), (ii) upon the earliest to occur of the GC Industrial Member having made Initial
G&A Capital Contributions equal to the G&A Cap, the Company having made any distributions pursuant to Section 5.03(a), the Company having made a payment to a third party to fund an initial Investment (for the avoidance of doubt,
excluding any Permitted Cash Equivalent Investment) and GC Industrial having made a payment to a third party to fund any investment (other than an investment in the Company), (A) each Member (other than the GC Industrial Member) will, within 21
days of receipt of the GC Industrial Member’s written request for reimbursement for the Initial G&A Capital Contributions, make a Capital Contribution to the Company in an amount equal to (x) such Member’s Commitment Percentage as
of the date of such written request, multiplied by (y) the Initial G&A Capital Contributions made by the GC Industrial Member as of such date and (B) the Company will distribute to the GC Industrial Member an amount equal to the
aggregate amount of Capital Contributions made to the Company by all Members pursuant to the foregoing clause (A) (any such distribution being referred to as a “Reimbursement Distribution”) and (iii) cash Capital
Contributions otherwise required to be made by the GC Industrial Member in connection with the Company’s initial Investment will be reduced by the excess of (A) Net Initial G&A Capital Contributions over (B) the product of
(x) GC Industrial’s Commitment Percentage as of the date of the written request of the GC Industrial Member for such Reimbursement Distribution multiplied by (y) Initial G&A Capital Contributions; provided,
however, that any Capital Contribution adjustments under clauses (ii) and (iii) above shall be made without duplication. 

  
 18 

 (c) Capital Call Notice. Unless waived by a contributing Member, any Capital
Contribution (other than Service Contributions) will be requested in a capital call issued by the Board upon at least 21 days’ written notice to such Member. For all purposes under this Agreement, any Capital Contributions will be deemed to
have been made on the later of (i) the date such Capital Contribution is required to be made pursuant to a notice delivered pursuant to this Section 4.01(c) and (ii) the date on which such Capital Contribution is actually made.

 (d) Commitment Limit and Increase. Any increase in the Capital Commitment of any Member will be subject to approval by
a Supermajority of the Board. No Member will be required to make Capital Contributions (other than Service Contributions) in excess of its Commitment (or to increase its Commitment) without the consent of such Member (in its sole discretion). The
Board may, in its sole discretion, offer Members the opportunity, upon 21 days’ written notice, to increase their Commitments, but any such offer will be made on a pro rata basis in accordance with their then-existing Commitments. Any
such increase will, subject to the first sentence of this Section 4.01(d), become binding upon delivery of written acceptance by the increasing Member or Members to the Company and each other Member. The Company will amend Exhibit
A to reflect any changes in Commitments and Commitment Percentages resulting from any acceptance of additional Commitments hereunder. Notwithstanding any of the foregoing to the contrary, nothing in this Section 4.01(d) will be
deemed to limit a Member’s right to make additional Capital Contributions to the Company to the extent approved by a Supermajority of the Board and to the extent such additional Capital Contributions are made in compliance with Article
XII. 
 (e) Return of Contributions. A Member is not entitled to the return of any part of its Capital Contributions
or to be paid interest in respect of either its Capital Account or its Capital Contributions (other than the Initial G&A Capital Contributions to the extent provided in Section 4.01(b)). An unrepaid Capital Contribution is not a
liability of the Company or of the other Members. No Member is required to contribute or to lend any cash or property to the Company to enable the Company to return the Capital Contributions of any other Member. 

(f) Loans. No Member will be required to make any loan or provide any credit support to the Company or any of its Subsidiaries.
Any such loan or credit support will not be treated as a Capital Contribution or otherwise affect the Interests of such Member. 

4.02 Capital Accounts. 
 The Company will maintain for each Member owning an Interest a separate Capital Account with respect to such Interest in accordance with the rules of Treasury Regulation Section 1.704-1(b)(2)(iv) and
as set forth in this Agreement. 
 4.03 Negative Balances. 

Each Member will look solely to the assets of the Company for all distributions with respect to the Company and no Member will be required
to pay to the Company or to any other 

  
 19 

 
Member the amount of any negative balance which may exist from time to time in such Member’s Capital Account, including at the time of dissolution or liquidation of the Company. 

4.04 Failure to Make Capital Contributions. 
 (a) General. If any Member fails to make any portion of such Member’s Capital Contribution when due, then the Company will promptly provide written notice of such failure to such Member (with
a copy to all other Members). If such Member fails to make such Capital Contribution within five Business Days after receipt of such notice, then the Board may, in its sole discretion, designate such Member a “Defaulting Member” and
the provisions of this Section 4.04 will apply. The Company will provide written notice of any such designation to each other Member. 
 (b) Remedies. Without limiting the other remedies available to the Company and the non-Defaulting Members, a Defaulting Member will have no further right or power to vote its Interest (including to
appoint any Director) until such default is cured to the reasonable satisfaction of the Board, and the Board may further impose any or all of the following remedies in its discretion against a Defaulting Member: (i) charging an additional
amount on the unpaid balance of any such Capital Contribution or other payments at a rate equal to 12% per annum from the date such balance was due and payable through the date full payment for such balance is actually made,
(ii) prohibiting the Member from participating in future Investments, (iii) offsetting amounts otherwise distributable or payable to such Defaulting Member or any Affiliate of such Defaulting Member under this Agreement or any of the
Services Agreements, (v) reducing the Defaulting member’s proportionate share of all future distributions by the Company to take into account the failure of the Defaulting Member to make any Capital Contribution required under this
Agreement, and/or (vi) imposing any other remedies available at law. The Board may, in its sole discretion, allow each non-Defaulting Member to either (x) make additional Capital Contributions pro rata in accordance with the
Commitments of such non-Defaulting Member relative to the aggregate Commitments of all non-Defaulting Members to cover the defaulted Capital Contribution of a Defaulting Member and, to the extent any such defaulted amount is not assumed by any such
other Member, the Board may permit any of the Members so contributing to assume any such unpaid amounts (in which case each Member’s Commitment will be adjusted proportionately to account for such substituted Capital Contribution(s)), or
(y) after reasonable notice to the Defaulting Member, make a loan to the Defaulting Member in an amount equal to the Defaulting Member’s portion of the applicable Capital Contribution pro rata in accordance with such non-Defaulting
Member’s Commitment Percentage, which loan will be repaid in full out of distributions otherwise payable to the Defaulting Member hereunder prior to any distribution being made to such Defaulting Member and shall be secured by a pledge of the
Defaulting Member’s Interests. 
 4.05 Termination of Investment Commitment Period. 

Notwithstanding anything in this Article IV to the contrary, the GC Industrial Member will have the right, but not the obligation,
to terminate the Investment Commitment Period by 

  
 20 

 
notifying the Company and each other Member in writing of such decision at any time within eighteen (18) months of the Effective Date. 

ARTICLE V. 

ALLOCATIONS AND DISTRIBUTIONS 
 5.01 Allocations for Capital Account Purposes. 
 (a) Profits and
Losses. Except as otherwise provided herein, Profits and Losses and, to the extent necessary, individual items of income, gain, loss or deduction of the Company will be allocated among the Capital Accounts of the Members in a manner that as
closely as possible gives economic effect to the provisions in Section 5.03, Section 5.04, Article X and the other relevant provisions of this Agreement. 

(b) Regulatory Allocations. Notwithstanding Section 5.01(a), special allocations will be made as set forth in
Appendix A-1. 
 5.02 Allocations for Tax Purposes. 

For U.S. federal income tax purposes, allocations will be made as set forth in Appendix A-2. 

5.03 Distributions. 
 (a) Distributions of Available Cash. Other than Reimbursement Distributions pursuant to Section 4.01(a), and subject to Sections 5.04, 5.05 and 5.06, Available
Cash and, if applicable, other property declared by the Board to be available for distribution under this Section 5.03(a) will be promptly distributed among the Members in the following order of priority: 

(i) First, to the Members, in proportion to, and to the extent of, the Members’ respective Unreturned Contribution Amounts
at the time of such distribution; 
 (ii) Second, to the Members, pro rata in accordance with their respective
Percentage Interests, until the Aggregate Rate of Return at the time of such distribution is equal to twelve percent (12%); 

(iii) Third, (A) eighty percent (80%) to the Members pro rata in accordance with their respective Percentage
Interests and (B) twenty percent (20%) to the GC Industrial Member until the Aggregate Rate of Return at the time of such distribution is equal to twenty percent (20%); 

(iv) Fourth, (A) seventy-five percent (75%) to the Members pro rata in accordance with their respective
Percentage Interests and (B) twenty-five percent (25%) to the 

  
 21 

 
GC Industrial Member until the Aggregate Rate of Return at the time of such distribution is equal to twenty-five percent (25%); and 

(v) Thereafter, (A) seventy percent (70%) to the Members pro rata in accordance with their respective Percentage
Interests and (B) thirty percent (30%) to the GC Industrial Member. 
 (b) True Up. Notwithstanding anything in
Section 5.03(a) to the contrary, in the event of any distribution of Available Cash pursuant to Section 5.03(a) (ii), (iii), (iv) or (v) above, (i) (A) the portion of such distribution that would
otherwise be distributed to the Seaspan Members pursuant to Section 5.03(a) (ii), (iii), (iv) or (v) will be increased by the Seaspan True Up Amount, pro rata in accordance with each Seaspan Member’s
Percentage Interest relative to the aggregate Percentage Interests of all Seaspan Members and (B) the portion of such distribution that would otherwise be distributed to the Washington Member pursuant to Section 5.03(a) (ii), (iii),
(iv) or (v) will be increased by the Washington True Up Amount, pro rata in accordance with each Washington Member’s Percentage Interest relative to the aggregate Percentage Interests of all Washington Member (in
each case, a “True-Up Distribution”), (ii) the portion of such distribution that would otherwise be distributed to the GC Industrial Member pursuant to Section 5.03(a) (ii), (iii), (iv) or (v) will
be decreased by the sum of the Seaspan True Up Amount and the Washington True Up Amount. For the avoidance of doubt, in the event of a distribution under more than one clause of Section 5.03(a), the amounts distributed to the GC
Industrial Member, on the one hand, and to the Seaspan Members and the Washington Member, on the other hand, will be decreased or increased, respectively, only once by such Seaspan True Up Amount and Washington True Up Amount, respectively. For
purposes of this Section 5.03(b), the “Seaspan True Up Amount” in connection with any True-Up Distribution means an amount equal to the excess of (i) the product of (x) the aggregate Carlyle Fees paid by the
Company following the Effective Date and prior to such True-Up Distribution, multiplied by (y) a fraction, the numerator of which is the aggregate Commitments of all Seaspan Members and the denominator of which is the aggregate
Commitments of all Members, over (ii) the aggregate amount of prior True-Up Distributions to all Seaspan Members. For purposes of this Section 5.03(b), the “Washington True Up Amount” in connection with any
True-Up Distribution means an amount equal to the excess of (i) the product of (x) the aggregate Carlyle Fees paid by the Company following the Effective Date and prior to such True-Up Distribution, multiplied by (y) a
fraction, the numerator of which is the aggregate Commitments of all Washington Members and the denominator of which is the aggregate Commitments of all Members, over (ii) the aggregate amount of prior True-Up Distributions to all
Washington Members. 
 5.04 Deemed Advance of Carlyle Fees. 

Solely for the purpose of determining the Aggregate Rate of Return as of any date, any Carlyle Fees paid by the Company will be deemed to
have been distributed by the Company to the Members, pro rata in accordance with Section 5.03, on the day that such Carlyle Fees are paid to Carlyle or its Affiliates pursuant to the Carlyle Consulting Services Agreement.

  
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 5.05 Clawback. 

Following the earliest to occur of (i) the dissolution of the Company pursuant to Section 10.02, (ii) the date on
which the Board determines that no further Capital Contributions (excluding, for the avoidance of doubt, Service Contribution Amounts) can be called from the Members and the aggregate distributions to date are sufficient to ensure that no Clawback
Amount could be due pursuant to this Section 5.05 and (iii) a Company Sale (in the case of (i), (ii) or (iii), the “Clawback Determination Date”), if, after giving effect to all distributions made pursuant to
Section 5.03 and Section 10.02, but before giving effect to this Section 5.05, the GC Industrial Member has (or but for this Section 5.05 would have) received aggregate Incentive Distributions in
excess of the Incentive Distributions that it would have received pursuant to Section 5.03 and Section 10.02 if such distributions were computed on an aggregate basis as of the Clawback Determination Date, taking into account
all transactions of the Company (and, in the case of a Company Sale, treating amounts received on the sale of Interests as if distributed under Section 5.03 for the purpose of the foregoing computation), then GC Industrial will pay to
the Company the aggregate amount of such excess (the “Clawback Amount”). The Clawback Amount will be payable by the GC Industrial Member (x) other than in the case of a Company Sale, within five Business Days of dissolution of
the Company or demand by the Board, as applicable, or (y) in the case of a Company Sale, concurrently with the consummation of such Company Sale. Upon receipt by the Company, the Clawback Amount will promptly be distributed to the Members
(other than the GC Industrial Member) pro rata in proportion to such Member’s respective Percentage Interests relative to the aggregate Percentage Interests of all Members (other than the GC Industrial Member). 

5.06 Withholding. 
 (a) The Company may withhold distributions or portions thereof if it is required to do so by any Applicable Law, and each Member hereby authorizes the Company to withhold from or pay on behalf of or with
respect to such Member any amount of federal, state, local or foreign taxes that the Board determines that the Company is required to withhold or pay with respect to any amount distributable or allocable to such Member pursuant to this Agreement.
Any amounts withheld pursuant to this Section 5.06(a) will be treated as having been distributed to such Member. The Company will not withhold from distributions to a Member without giving such Member prior written notice of its
intention to withhold. 
 (b) Each Member will, to the fullest extent permitted by Applicable Law, indemnify and hold harmless
the Company and each Person who is or who is deemed to be the responsible withholding agent for federal, state, local or foreign tax purposes against all claims, liabilities and expenses of whatever nature relating to the Company’s or such
Person’s obligation to withhold and to pay over, or otherwise pay, any withholding or other taxes payable by the Company with respect to such Member or as a result of such Member’s participation in the Company. 

(c) To the extent that the cumulative amount of such withholding for any period exceeds the distributions to which such Member is
entitled for such period, the amount of such excess will be considered a loan from the Company to such Member. Such loan may, at the option of the Board, be satisfied (i) out of distributions to which such Member would

  
 23 

 
otherwise be subsequently entitled, or (ii) by the immediate payment in cash to the Company of such excess amount. The Board, on behalf of the Company, may take any other action it
determines to be necessary or appropriate in connection with any obligation or possible obligation to impose withholding pursuant to any tax law or to pay any tax with respect to a Member. Each Member hereby unconditionally and irrevocably grants to
the Company a security interest in such Member’s Interests to secure such Member’s obligation to pay to the Company any amounts required to be paid pursuant to this Section 5.06. Each Member will take such actions as the
Company may request in order to perfect or enforce the security interest created hereunder. 
 5.07 Distributions and
Withholdings in Error. 
 Any distributions pursuant to Section 5.03 made in error or in violation of § 40
of the Act, will, upon demand by the Board, be returned to the Company. Any distributions withheld from distributions to a Member pursuant to Section 5.05 in error will, upon written demand of such Member, be promptly distributed to such
Member. 
 ARTICLE VI. 
 MANAGEMENT 
 6.01 Board of Directors. 

(a) General. Except as otherwise expressly provided in this Agreement, the business, property and affairs of the Company will be
governed by, and all powers of the Company will be exercised by, or under the direction of, a Board of Managers (the “Board”) consisting of up to nine (9) individuals as set forth in Section 6.01(b) below (each
member of the Board, a “Director”). Subject to Section 6.04(a), no Director will have the ability or the authority to execute contracts or deliver instruments binding upon the Company unless such Director has been
authorized to do so by action of the Board. 
 (b) Members of the Board. The Board will be comprised of (i) up to
five (5) Directors appointed by the GC Industrial Member (the “GC Industrial Directors”), which GC Industrial Directors will initially be Cedric Bobo, Greg Ledford, Ho Wai Edward Man, Wesley Bieligk and one additional
individual named by the GC Industrial Member at any time after the date hereof, (ii) during the ROFR Period (as defined in the Right of First Refusal Agreement), one (1) Director appointed by the Washington Member (the “Washington
Director”), which Washington Director will initially be Kyle Washington, (iii) one (1) Director appointed by the Seaspan Members (the “Seaspan Director”), which Seaspan Director will initially be John Hsu, and
(iv) so long as the Tiger Member is entitled to designate or appoint members of the Board of Managers of GC Industrial, two (2) Directors appointed by the Tiger Member (the “Tiger Directors”), which Tiger Directors will be
Gerry Wang and Graham Porter unless otherwise agreed by the Tiger Member and the GC Industrial Member; provided, however, that in the case of the death, resignation or removal of the GC Industrial Director, the Seaspan Director, the
Washington Director or any Tiger Director, the Member that designated such 

  
 24 

 
Director will be entitled, subject, in the case of the death, resignation or removal of the Seaspan Director, the Washington Director or any Tiger Director, to the approval of the GC Industrial
Member, which approval will not be unreasonably withheld, conditioned or delayed, to designate a replacement for such Director for so long as such Member remains entitled to appoint or designate one or more Directors under this
Section 6.01(b); provided, further, that, in the event that the Tiger Member ceases to be entitled to appoint or designate members of the Board of Managers of GC Industrial, the Board will consist only of the Seaspan
Director, the Washington Director and such number of GC Industrial Directors as shall be determined by the GC Industrial Members. Any Director (other than the Tiger Directors, the Seaspan Director and the Washington Director) may be removed from the
Board by the GC Industrial Member. For the avoidance of doubt, upon the expiration or termination of the ROFR Period, the Washington Member’s right to elect a Director to the Board shall automatically terminate and the Board will cease to
comprise a Washington Director. Gerry Wang will serve as the chairman of the Board so long as he serves as a Director unless otherwise determined by the Board. 
 (c) Resignation, Removal and Replacement. Each Director will hold office until a successor is appointed in accordance with this Section 6.01 or until such Director’s earlier death,
resignation or removal in accordance with the provisions hereof. Any Director may resign at any time by giving written notice to the Company. The resignation of any Director will take effect upon receipt of such notice or at such later time as
specified in the notice of resignation. Unless otherwise specified in the notice of resignation, the acceptance of the resignation will not be necessary to make it effective. Subject to Section 6.01(b), if any vacancies occur in the
Board at any time, for any reason, such vacancy will be filled by the Member or Members that appointed the departing Director pursuant to Section 6.01(b) (provided that such Member continues to retain the right to appoint such Director),
by providing written notice to the Company and the other Members of the name of the Person appointed to fill such vacancy and the effective date of such appointment. Any GC Industrial Director may only be removed by the GC Industrial Member (which
removal may be undertaken by the GC Industrial Member at any time for any reason, with or without cause, or for no reason) and, during the period in which the Tiger Member is entitled to appoint any Tiger Directors, any Tiger Director may only be
removed by the Tiger Member (which removal may be undertaken by the Tiger Member at any time for any reason, with or without cause, or for no reason); provided, however, that the removal of Gerry Wang or Graham Porter will require the
consent of the GC Industrial Member, which shall not be unreasonably withheld, conditioned or delayed. Any Seaspan Director may only be removed by the Seaspan Member (which removal may be undertaken by the Seaspan Member at any time for any reason,
with or without cause, or for no reason). For so long as the Washington Member is entitled to designate a Director, any Washington Director may only be removed by the Washington Member (which removal may, from and after the time Kyle Washington is
no longer willing or able to serve, be undertaken by the Washington Member at any time for any reason, with or without cause, or for no reason). Removal or appointment, subject to Section 6.01(b), of any Director may be effected by any
Member entitled to remove or appoint such Director by providing written notice to the Company and each other Member of the name of the Director to be removed or Person to be appointed as a Director and the effective date of such removal and/or
appointment. 
 (d) Compensation; Reimbursement. None of the Directors will be entitled to receive any compensation for
serving as a member of the Board (or any committee of the 

  
 25 

 
Board) or for attending any meeting of the Board or any committee thereof; provided, however, that each Director will be reimbursed by the Company for reasonable, out-of-pocket
travel and other expenses incurred in attending or participating in meetings of the Board or any committee thereof or otherwise fulfilling such Director’s duties as a Director. 

6.02 Meetings of the Board. 
 (a) Meetings. Except as otherwise determined by the Board from time to time, meetings of the Board will be held at least quarterly, with such additional meetings being held as determined by the
Board from time to time. Meetings of the Board may (subject to the last sentence of this Section 6.02(a)) be held in person or telephonically, as determined by the Board. In-person meetings of the Board will be held at such place as may
be approved by the Board. Directors may participate in all meetings of the Board in person or telephonically. 
 (b) Notice
of Meetings. Any meeting of the Board may be called by any Director. Any meeting of the Board requires at least two (2) Business Days’ notice delivered personally or by telephone, facsimile or electronic mail to each member of the
Board. Notwithstanding the foregoing, any meeting of the Board, whether held in person or by telephone, relating to the Disposition of any Investment shall require at least ten Business Days notice. A notice need not specify the purpose of any
meeting; provided, however, that any meeting relating to the Disposition of an Investment shall require notice specifying the material terms of such proposed Disposition, including all agreements and arrangements (in whatever form)
relating thereto. Notice of a meeting need not be given to any member of the Board who signs a waiver of notice or a consent to hold the meeting (which waiver or consent need not specify the purpose of the meeting) or approves of the minutes
thereof, whether before or after the meeting, or who attends the meeting in person or by telephone without protesting such lack of notice prior to commencement of such meeting. 

(c) Quorum. Subject to the immediately following sentence, at all meetings of the Board, the presence of at least five (5) GC
Industrial Directors and, so long as the Tiger Member is entitled to designate or appoint one or more Tiger Directors, at least one Tiger Director will constitute a quorum for the transaction of business; provided, however, that,
(i) any GC Industrial Director may at any meeting waive the requirement that at least five (5) GC Industrial Directors be present to establish a quorum at such meeting; provided that such waiver is in writing, and (ii) if both
Tiger Directors fail to attend two consecutive duly called meetings of the Board, any GC Industrial Director may call a meeting of the Board in accordance with this Section 6.02 for the purpose of conducting the business that was to be
conducted at the two previously called meetings at which a quorum was not present and the presence of a majority of all Directors shall constitute a quorum for the transaction of business at such meeting. The quorum requirements for the transaction
of business by the Board following the termination of the right of the Tiger Member to appoint or designate the Tiger Directors will be determined by the GC Industrial Member in its sole discretion. If a quorum is not present at any meeting of the
Board, a majority of the Directors present thereat may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum is present; provided, that if meeting is adjourned for more than 24 hours,
notice 

  
 26 

 
of such adjournment will be given prior to the time of the adjourned meeting to the Directors who are not present at the time of adjournment. 

(d) Acts of the Board. Except as otherwise provided in this Agreement (including Section 6.03 and
Section 6.04) or required by Applicable Law, the act of a majority of the Directors at a meeting will constitute an act of the Board; provided, however, (i) that no Director designated by a Defaulting Member shall be
entitled to vote in respect of the authorization of any action or remedy to be taken by the Company with respect to such Defaulting Member under Section 4.04 and (ii) the vote of a majority of the Directors (other than the Directors
designated by such Defaulting Member) shall be sufficient to authorize any action or remedy with respect to such Defaulting Member under Section 4.04. Except as otherwise explicitly provided in this Agreement, including in
Section 6.04, all decisions customarily reserved for a corporate board of directors of a Delaware corporation will require approval by the Board. 
 (e) Action by Written Consent. Any action required or permitted to be taken at any meeting of the Board or any committee thereof may be taken by written consent without a meeting by unanimous
consent of Directors, and such writing or writings are filed with the minutes of the proceedings of the Board or the relevant committee. 
 (f) Proxies. Any Director (an “Authorizing Director”) may authorize another Director (an “Authorized Director”) to vote and otherwise act for such Authorizing
Director at any meeting of the Board as a proxy by providing written notice to the Company and all other Directors that such Authorized Director is entitled to vote and otherwise act for the Authorizing Director at such meeting. The presence of any
Authorized Director at any meeting of the Board shall constitute the presence of the Authorizing Director for the purposes of determining whether a quorum is present at such meeting. 

(g) Electronic Communications. Members of the Board or any committee thereof may participate in a meeting of the Board or any
committee, as applicable, by means of conference telephone or similar communications equipment by means of which all Persons participating in the meeting can hear each other, and such participation in a meeting will constitute presence in person at
the meeting. 
 6.03 Actions Requiring Supermajority Approval. 

(a) Notwithstanding anything in this Agreement to the contrary, approval of a majority of the Board, including at least one Tiger Director
so long as the Tiger Member has the right to appoint a Tiger Director under Section 6.01(b) (a “Supermajority of the Board”), will be required to authorize the Company to take any of the following actions: 

(i) issue any capital calls to the Members with respect to their Commitments; 

(ii) increase or decrease the Commitment of any Member other than changes contemplated in the definition of “Commitment”;

  
 27 

 (iii) other than in connection with an Initial Public Offering or IPO Reorganization or a
Company Sale, amend the terms of the Certificate of Formation or this Agreement; 
 (iv) other than (A) in connection with
an Initial Public Offering or IPO Reorganization, (B) a Company Sale or (C) except as provided in Section 2.08, make an election, or take any other action, to change the tax structure or form of organization of the Company;

 (v) admission of new Members, other than (A) admission as a Member of a transferee of any Interests if relevant
Transfer was effected in compliance with this Agreement and (B) admission of any Person as a Member in connection with a Company Sale or an IPO Reorganization effected in compliance with this Agreement; or 

(vi) appointment of a Chief Executive Officer of the Company (provided that the approval of the appointment of any Tiger Director as the
Chief Executive Officer may not be unreasonably withheld, conditioned or delayed). 
 (b) Notwithstanding any provision to the
contrary, the Company will not: 
 (i) increase or decrease the Capital Commitment of any Member without the written consent of
such Member; or 
 (ii) effect any non-pro rata redemption or repurchase of any Interests (other than any Interests issued in
the future as incentive compensation to employees, officers or directors of the Company or any of its Subsidiaries upon termination of service or employment of such employees, officers and directors) without the prior written consent of each Member.

 6.04 Committees. 
 (a) Transaction Committee. The Board will designate a committee of the Board (the “Transaction Committee”), which will be composed of (i) two GC Industrial Directors, each of
whom shall be a voting member of the Transaction Committee, (ii) two Tiger Directors, each of whom shall be a voting member of the Transaction Committee, and (iii) so long as Kyle Washington serves as a Washington Director, Kyle
Washington, who shall be a non-voting member of the Transaction Committee; provided, however, that in the event that Tiger ceases to have any right to designate any Tiger Directors, the Transaction Committee will consist only of GC
Industrial Directors in such number as the GC Industrial Member may determine from time to time in its sole discretion. The initial members of the Transaction Committee are set forth on Exhibit F. So long as Kyle Washington serves as a
Washington Director and as a non-voting member of the Transaction Committee, he shall, subject to execution by Kyle Washington of a confidentiality agreement in favor of the Company, in form and substance reasonably agreeable to the Company and Kyle
Washington, which confidentiality agreement shall be consistent with Section 7.02 hereof, be entitled to (1) receive notice of Transaction Committee meetings and actions taken by written consent of the Transaction Committee and
receive copies of all written materials distributed to members of the Transaction Committee (as part of such notice or otherwise) in connection with any such meeting or written consent prepared by (A) the Company, (B) members of the
Transaction Committee or (C) third parties at the request of the Company pertaining to existing and 

  
 28 

 
potential Container Investment Opportunities (as defined in the Right of First Refusal Agreement) and Container Vessel Business Acquisition Opportunities (as defined in the Right of First Refusal
Agreement) and related charter and financing arrangements to the extent such materials are to be discussed or considered at any meeting of the Transaction Committee to which any such notice relates or provided in connection with consideration of a
proposed written consent (the “Transaction Committee Meeting Materials”), in each case, at the same time as such notice or action, and any related materials distributed for such meeting or action, are provided to all other
Transaction Committee members, and (2) attend, as a non-voting member, meetings of the Transaction Committee; provided, that, notwithstanding the confidentiality agreement described in the immediately preceding sentence, Kyle Washington
shall be permitted to disclose the Transaction Committee Meeting Materials to Seaspan Corporation following execution by Seaspan Corporation of a confidentiality agreement in favor of the Company in form and substance reasonably acceptable to the
Company, which confidentiality agreement shall (i) be consistent with Section 7.02 hereof and (ii) prohibit the use of the Transaction Committee Meeting Materials by Seaspan Corporation and its Affiliates, other than in
connection with the evaluation by Seaspan Corporation and its Affiliates of the investment by the Seaspan Member in the Company and the exercise and enforcement of the rights of the Seaspan Member under this Agreement and the rights of Seaspan
Corporation under the ROFR Agreement. The Transaction Committee will be primarily responsible for evaluating the purchase, newbuild contracting, chartering, financing and technical management of new and existing Investments, consistent with this
Agreement. For the avoidance of doubt, the Transaction Committee shall be primarily responsible (on behalf of the relevant Company Group Member) for (A) reviewing and approving each Vessel Budget (as defined in the Technical and Commercial
Management Agreement), including the form thereof, (B) reviewing and approving any subcontracts of Management Services (as defined in the Technical and Commercial Management Agreement) and Construction Supervision Services (as defined in the
Technical and Commercial Management Agreement) to Affiliates of the Manager (as defined in the Technical and Commercial Management Agreement) or third parties, including the terms and conditions of such subcontracts to third parties and
(C) authorizing the Manager to negotiate newbuild contracts and contracts to make Investments. In the event that the Company desires any Company Group Member to engage or appoint any Entity (other than a Manager Entity or an Affiliate of a
Manager Entity) to provide any services to such Company Group Member in connection with any transaction with respect to which a Manager Entity would be entitled to a Charter Commission (as defined in the Strategic Services Agreement) then the
Company shall obtain the Transaction Committee’s prior consent to such engagement or appointment; provided, however, that (x) for any such engagement where the Manager Entity would be entitled to a Management Fee, the Manager
Entity shall be reasonably involved in the selection and engagement of such Entity and (y) the Company shall cause such Entity to reasonably coordinate with the Manager Entity in connection with the provision of such services. For the purpose
of determining the Transaction Fee under the Strategic Services Agreement or the Carlyle Consulting Services Agreement, the fair market value of any non-cash consideration payable to or from any Company Group Member pursuant to any Purchase or Sale
Contract or New Build Contract (each as defined in the Strategic Services Agreement and the Carlyle Consulting Services Agreement, as applicable) shall be determined by the Transaction Committee in good faith. All decisions of the Transaction
Committee will require the unanimous vote or consent of the voting members of the 

  
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Transaction Committee. Except as set forth in this Section 6.04 or otherwise unanimously agreed by the voting members of the Transaction Committee, (1) the actions specifically
delegated to the Transaction Committee pursuant to this Section 6.04 will not require the approval or consent of the Board or the Members, and (2) once an action is approved by the Transaction Committee, the voting members of the
Transaction Committee will have the authority (subject to any specific limit on the delegation of authority in connection with such Transaction Committee approval or any subsequent determination of the Transaction Committee) to bind the Company and
to execute on behalf of the Company any instrument in writing or any assignment or endorsement thereof giving effect to such action, in each case, to the extent consistent with such Transaction Committee approval and without requiring further
consent or approval of the Transaction Committee, the Board or the Members. Notwithstanding any of the foregoing to the contrary, no approval by the Transaction Committee will be required to authorize (x) any Company Sale, Initial Public
Offering, IPO Reorganization (subject to the first sentence of Section 11.04(a)) or Drag-Along Transaction, or (y) any action approved by the Board (including any action set forth in Section 6.03). 

(b) Other Committees. The Board may from time to time designate one or more additional committees, with such composition,
membership requirements, powers and functions as the Board may determine in accordance with this Agreement, but subject to the limitations set forth in Sections 6.03 and 6.04(a). Each committee will keep regular minutes of its meetings
and report the same to the Board when required. Unless otherwise agreed by the Seaspan Member, the Washington Member or the Tiger Member, as applicable, each of the Seaspan Director, the Washington Director and the Tiger Director shall be a member
of each committee of the Board other than the Transaction Committee (except for any independent committee of the Board established to review or approve any transaction by the Company or any Company Group Member with respect to which the Seaspan
Member, the Washington Member or the Tiger Member or their respective Affiliates has a material financial interest in such transaction that is different from such Member’s interest as a Member). 

6.05 Officers. 
 The Board may at any time appoint one or more officers of the Company. The officers of the Company may include a chief executive officer, a president, one or more vice presidents, a secretary, a chief
financial officer or treasurer and any other officers designated by the Board. Each officer will serve at the pleasure of the Board. Any individual may hold any number of offices. Subject to Section 6.04(a), the general areas of
responsibility and specific powers and duties of each officer will be as determined by the Board from time to time and otherwise such officers will have such duties and responsibilities as like-titled officers of a Delaware corporation. The initial
officers of the Company are set forth on Exhibit F. 
 6.06 Standard of Care; Limitation of Liability. 

(a) Standard of Care. In the exercise of rights and performance of duties hereunder, each Member, the Board, each Director, the
Transaction Committee and each member of the Transaction Committee will, to the fullest extent permitted by Applicable Law, 

  
 30 

 
have no fiduciary duties to the Company or to any Member other than the Member appointing such Director. Notwithstanding any other provision of this Agreement or otherwise applicable provision of
law or equity, whenever in this Agreement the Board or Transaction Committee is permitted or required to make a decision, each member of the Board or the Transaction Committee, as applicable, will be entitled to consider only such interests and
factors as it desires, including its own interests (including, the interests of the Member that appointed such Director and such Member’s Affiliates), and will, to the fullest extent permitted by Applicable Law, have no duty or obligation to
give any consideration to any interest of or factors affecting the Company or any Member. 
 (b) Limitation of Liability.
Except as otherwise provided herein, no Member, Director or officer of the Company will be liable to the Company or to any Member for any act or failure to act pursuant to this Agreement (other than liability of a Member for breach of this
Agreement) if he, she or it acted in good faith, to the maximum extent permitted by law or equity. Other than liability of a Member for breach of this Agreement, no Member, Director or officer of the Company will be liable to the Company or to any
Member for such Member’s (or its designated Director’s) good faith reliance on the provisions of this Agreement, the records of the Company and upon such information, opinions, reports or statements presented to the Company by any of its
Directors, Members, officers, employees, or by any other Person, as to matters such Person reasonably believes are within such other Person’s professional or expert competence and who has been selected with reasonable care by or on behalf of
the Company, including information, opinions, reports, or statements as to the value and amount of the assets, liabilities, profits or losses of the Company or any other facts pertinent to the existence and amount of assets from which distributions
to Members may be paid. 
 6.07 Related-Party Transactions. 

(a) Other Obligations. In order to induce the Members to enter into this Agreement, concurrently with the execution of this
Agreement, SMSL, Gerry Wang and Graham Porter are each executing and delivering to the Company a Non-Competition Agreement in substantially the form attached hereto as Exhibit E. 

(b) Other Business. Except as expressly provided in this Agreement, the Non-Competition Agreements and, in the case of the Tiger
Member, the amended and restated limited liability company agreement, dated as of the date hereof, of GC Industrial, this Agreement may not be construed in any manner to limit or preclude any Member from engaging in any activity whatsoever permitted
by Applicable Law. Subject to the terms of the Non-Competition Agreements, the Strategic Services Agreement and the Technical and Commercial Management Agreement, each Member expressly acknowledges that one or more other Members engage or may engage
in other business or investment activities, including within the shipping industry and including with respect to businesses that do or may compete with the Company. Except as otherwise provided in this Agreement, the Non-Competition Agreements, the
Strategic Services Agreement or the Technical and Commercial Management Agreement, (i) any Member may engage in or possess an interest in other profit-seeking or 

  
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business ventures of any kind, nature or description, independently or with others, whether or not such ventures are competitive with the Company or its Subsidiaries, (ii) the doctrine of
corporate opportunity, or any analogous doctrine, will not apply to any Member and (iii) no Member that acquires knowledge of a potential transaction, agreement, arrangement or other matter that may be an opportunity for the Company will have
any duty to communicate or offer such opportunity to the Company, and such Member will not be liable to the Company for breach of any fiduciary or other duty by reason of the fact that such Member pursues or acquires for, or directs such opportunity
to, another Person or does not communicate such investment opportunity to the Company. Subject to compliance with the terms of the Non-Competition Agreements, the Strategic Services Agreement and the Technical and Commercial Management Agreement,
neither the Company nor any other Member will have any rights or obligations by virtue of this Agreement or the relationships created hereby in or to such independent ventures or the income or profits or losses derived there from, and the pursuit of
such ventures outside the Company, even if competitive with the activities of the Company, will not be deemed wrongful or improper. 
 (c) Related-Party Transactions. Notwithstanding any duty that may otherwise exist at law or in equity, each Member, acting for itself (and not on behalf of the Company), is hereby authorized to
purchase property from, sell property to, or otherwise deal with any other Member, the Company or any of its Affiliates; provided, however, that neither the Company nor any of its Subsidiaries will enter into a Material Affiliate
Transaction unless (i) such Material Affiliate Transaction has been approved by the vote of a majority of the Directors whose designating Member (or Affiliates thereof) does not have a material financial interest in such Material Affiliate
Transaction that is different from such Member’s interest as a Member or (ii) such transaction is on arm’s-length terms (it being understood that a Material Affiliate Transaction shall be conclusively determined to be on
arm’s-length terms if the Company receives from an unaffiliated investment banking, valuation or financial advisory firm of nationally-recognized standing in the United States or Canada an opinion to the effect that such Material Affiliate
Transaction is fair, from a financial point of view, to the Company or the applicable Subsidiary of the Company). 
 (d)
Container Investments by GC Industrial. Notwithstanding the foregoing, in the event that, prior to June 30, 2013, the GC Industrial Member terminates the Investment Commitment Period pursuant to Section 4.05 or dissolves the
Company pursuant to Section 10.01(a)(i) or Section 10.01(a)(ii), GC Industrial agrees for itself and its Subsidiaries that, prior to June 30, 2013, (i) neither it nor its Subsidiaries will make any investments in
any Vessel (excluding any investment in any Entity that, at the time of such investment, owns an interest in both Vessels and other maritime vessels and assets and/or other properties; provided that at the time of the investment in the Entity
in question (A) Vessels comprise less than thirty percent (30%) of the consolidated total assets of such Entity and (B) there is no current intention by GC Industrial or its Subsidiaries to separately dispose of substantially all of
the non-Vessel assets of such Entity) and (ii) it will not permit the members of GC Industrial (other than the Tiger Member) or their Subsidiaries to make any joint investment in any Vessel with the Tiger Member or any of its Subsidiaries
(excluding any investment in any Entity that, at the time of such investment, owns an interest in both Vessels and other maritime vessels and assets and/or other properties; provided that at the time of the investment in the Entity in
question (A) Vessels comprise less than thirty percent (30%) of the consolidated total assets of 

  
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such Entity and (B) there is no current intention by GC Industrial or its Subsidiaries to separately dispose of substantially all of the non-Vessel assets of such Entity). The provisions of
this Section 6.07(d) shall survive dissolution of the Company for the period provided by this Section 6.07(d). 
 (e) No Solicitation. Until the later of (i) the termination or expiration of the Investment Commitment Period and (ii) June 30, 2013, (A) GC Industrial and the Company will not, and
will not permit any of their respective Subsidiaries to, knowingly solicit for employment with the Company, GC Industrial or any of their respective Subsidiaries any then-current senior management employee of Seaspan or SMSL (excluding, for
avoidance of doubt, Gerry Wang and Graham Porter) and (B) the Seaspan Member and the Washington Member will not, and will not permit any of their respective Subsidiaries to, knowingly solicit for employment with the Seaspan Member, the
Washington Member or any of their respective Subsidiaries any then-current senior management employee of the Company, GC Industrial or any of their respective Subsidiaries (excluding, for avoidance of doubt, Gerry Wang and Graham Porter);
provided, however, that the foregoing clauses (i) and (ii) shall not prohibit any general solicitation of employees (including through the use of newspapers, trade journals, the internet, other media, employment agencies or
search firms) not specifically directed at any such Person described in clause (i) or clause (ii) above. The provisions of this Section 6.07(e) shall survive dissolution of the Company for the period provided by this
Section 6.07(e). 
 (f) Acknowledgment of Certain Duties. Each of the Members acknowledges that Gerry Wang
and Graham Porter owe existing fiduciary duties to Seaspan Corporation and SSML, which they shall be entitled to fulfill regardless of this Agreement. 
 6.08 Contractual Authority. 
 Except as set forth in
Section 6.04(a), only those officers of the Company and/or any other individuals associated with the Company who have been given authority by the Board to do so may execute on behalf of the Company any contract, note, mortgage, evidence
of indebtedness, certificate, statement, conveyance, or other instrument in writing, or any assignment or endorsement thereof. Any Person dealing with the Company or the Board may, subject to the second sentence of Section 6.01(a), rely
upon a certificate signed by any member of the Board as to (a) the identity of the members of the Board or any Member of the Company or (b) the Persons who are authorized to execute and deliver any instrument or document for or on behalf
of the Company. 
 6.09 Subsidiary Governance Documents. 

The Company will not cause or permit any governance document of any Subsidiary of the Company to contain any material term or condition
that is inconsistent with the terms and conditions of this Agreement. 
 ARTICLE VII. 

INFORMATION RIGHTS; CONFIDENTIALITY 
 7.01 Information Rights. 

  
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 (a) So long as any Member owns any Interests, the Company (i) will deliver to such
Member, upon such Member’s written request, any information that such Member is entitled to receive pursuant to Section 22 of the Act and (ii) shall: 
 (A) use commercially reasonable efforts to provide to each Member within one hundred and twenty (120) days of the end of each full fiscal year of the Company, annual audited financial statements of
the Company with respect to such fiscal year, in the form approved by the Board and prepared in accordance with U.S. generally accepted accounting principles, consistently applied; 

(B) use commercially reasonable efforts to provide to each Member within sixty (60) days of the end of each full fiscal quarter of
the Company, unaudited quarterly financial statements of the Company with respect to such fiscal quarter; 
 (C) provide to
each Member within thirty (30) days of approval by the Board or the Transaction Committee, any annual operating or capital expenditure budget prepared by the Company and approved by the Board or the Transaction Committee; and 

(D) provide to each Member within ninety (90) days following the end of each calendar year (or as promptly as reasonably
practicable thereafter), information of a nature reported on Schedule K-1 to IRS Form 1065 with respect to such Member’s Interest. 
 (b) The Company will determine within 75 days of the end of each taxable year (or as soon as practicable thereafter) whether any of its Subsidiaries is, or is reasonably likely to be, a “passive
foreign investment company” within the meaning of Section 1297 of the Code (a “PFIC”) for such taxable year. If it is determined that any of its Subsidiaries is, or is reasonably likely to be, a PFIC for a taxable year,
the Company will (i) provide each Member with a notice to such effect within 75 days after the end of such taxable year (or as soon as practicable thereafter), (ii) comply with the information and other reporting requirements set forth in
Subtitle A, Chapter 1 subchapter P, Part VI of the Code and the Treasury Regulations promulgated thereunder and (iii) within 90 days after the end of such taxable year (or as soon as practicable thereafter), provide each Member with information
sufficient to allow each Member (or any of their direct or indirect beneficial owners) to timely make an election to elect to treat such Subsidiary as a “qualified electing fund” (within the meaning of section 1295 of the Code) for U.S.
federal income tax purposes or to timely file a “protective statement” pursuant to Treasury Regulation Section 1.1295-3. 
 7.02 Confidentiality. 
 Except as may be required by Applicable Law,
(a) none of the Company, the Members or their respective Directors will make any disclosure to any third party concerning this Agreement without the consent of the Company, (b) none of the Company, the Members or their respective Directors
will make any disclosure to any third party of any proprietary, confidential or other non-public information or trade secrets of the Company or any of its Subsidiaries (the 

  
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“Confidential Information”) without the prior approval of the Transaction Committee and (c) none of the Company, the Members or their respective Directors will make any
disclosure to any third party of any non-public information concerning another Member or such Member’s Affiliates without the consent of such Member; provided, however, that nothing in this Agreement will restrict any
Member (or any Person referred to in clause (v) of this sentence) from disclosing information (i) that is already publicly available through no breach by such Member (or any Person referred to in clause (v) of this sentence),
(ii) that was or becomes known to the disclosing party other than as a result of disclosure by or on behalf of the Company or any of its Subsidiaries or a party subject to contractual, fiduciary or other disclosure obligations with respect to
such Confidential Information or is independently developed by the disclosing party without reference to such information, (iii) to the extent required by applicable law or rule or regulation of any Governmental Authority, (iv) in response
to any summons or subpoena or discovery or similar request by or before any court, arbitrator or Governmental Authority or pursuant to a request by a regulatory authority having jurisdiction over the business of the disclosing party, provided
that with respect to any disclosure pursuant to this clause (iv) such Member or other disclosing party will use reasonable best efforts to notify the Company and the other Members in advance of such disclosure so as to permit the Company and
the other Members to seek a protective order or otherwise contest such disclosure, and such Member will use reasonable best efforts to cooperate, at the expense of the Company, with the Company and the other Members in pursuing such protective
order, and (v) to such Member’s (or its Affiliate’s or, in the case of the Washington Member, related Entities’ covered by subclause (v)(B) of the definition of Permitted Transfer) officers, managers, members, investors,
employees, partners, auditors, insurance broker or underwriters, counsel or other representatives, so long as such Persons are informed of the confidential nature of such Confidential Information and the terms of this Section 7.02 or are
subject to an equivalent confidentiality obligation to such Member. Such Member shall be liable to the Company and the other Members for any disclosure by any Person referred to in clause (v) of the preceding sentence in violation of this
Section 7.02. Notwithstanding anything in this Section 7.02 to the contrary, the GC Industrial Member and its members may utilize Confidential Information relating to their respective investment results, track record and
experience for the purpose of forming or soliciting funding for any investment fund. 
 ARTICLE VIII. 

BOOKS AND RECORDS; BANK ACCOUNTS 
 8.01 Maintenance of Books and Records. 
 At all times during the continuance
of the Company, the Company will maintain or cause to be maintained books of account necessary to enable the Company to prepare financial statements in accordance with U.S. generally accepted accounting principles, consistently applied. In addition,
the Company will keep all records as required to be kept pursuant to the Act. The books of account for the Company and other records of the Company will be located at the principal office of the Company or such other place as the Board may deem
appropriate, and will be maintained on an accrual basis in accordance with the terms of this Agreement, except that the Capital Accounts of the Members will be maintained in accordance with Section 4.02. 

8.02 Reports. 

  
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 The Company will cause to be prepared or delivered such reports as the Board or the
Transaction Committee may reasonably require. The Company will cause to be filed, in accordance with the Act, all reports and documents required to be filed with any governmental agency. In each case, the Company will bear the costs of such
preparing and filing such reports. 
 8.03 Bank Accounts. 

The Board will cause the Company to establish and maintain one or more separate bank and investment accounts for Company funds in the
Company name with such financial institutions and firms as the Board may select and designate signatories thereon. The Board may not commingle the Company’s funds with other funds of any other Person. 

ARTICLE IX. 

INSURANCE; POWER OF ATTORNEY 
 9.01 Insurance. 
 The Company may purchase and maintain insurance on behalf
of such Persons as the Board may determine against any liability that may be asserted against or expenses that may be incurred by such Person in connection with the Company’s activities, regardless of whether the Company would have the
obligation to indemnify such Person against such liability under the provisions of this Agreement. The Company will purchase such insurance on terms the Board concludes are reasonable. 

9.02 Power of Attorney. 
 Each Member having the right to appoint a Director under Section 6.01 hereby constitutes and appoints each Director appointed by such Member, with full power of substitution, as such
Member’s true and lawful agent and attorney-in-fact, in each case with full power and authority in its name, place and stead, to execute, swear to, acknowledge, deliver, file and record in the appropriate public offices (i) all instruments
which the Board deems appropriate or necessary to reflect any amendment, change, modification or restatement of this Agreement in accordance with its terms, (ii) all conveyances and other instruments or documents which the Board deems
appropriate or necessary to reflect a conversion of the Company from a limited liability company to a corporation pursuant to this Agreement, (iii) all conveyances and other instruments or documents which the Board deems appropriate or
necessary to reflect the dissolution and liquidation of the Company pursuant to the terms of this Agreement, including a certificate of cancellation, and (iv) all instruments relating to the admission, withdrawal or substitution of any Member.
The foregoing power of attorney is irrevocable and coupled with an interest, and will survive the death, disability, incapacity, dissolution, bankruptcy, insolvency or termination of any Member and the transfer of all or any portion of his or its
Interest and will extend to such Member’s heirs, successors, assigns and personal representatives. 
 ARTICLE X.

 DISSOLUTION, LIQUIDATION AND TERMINATION 
 10.01 Dissolution. 

  
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 (a) The Company will dissolve and its affairs will be wound up upon the first to occur of
any of the following (each, a “Liquidation Event”): 
 (i) the date that is 18 months from the Effective Date
if no Investment has been made and no binding agreement to make an Investment has been entered into by any Company Group Member as of such date, unless otherwise determined by the Transaction Committee; 

(ii) the approval of the Board and the Transaction Committee; provided, that the approval of the Transaction Committee need not
be obtained if such Liquidation Event is effected in connection with a Company Sale or an IPO Reorganization (subject to the first sentence of Section 11.04(a)); 
 (iii) the first date on which (A) the Company and its Subsidiaries no longer own any Investments and (B) the Company cannot call capital from the Members (including as a result of termination of
the Investment Commitment Period pursuant to Section 4.05); or 
 (iv) the occurrence of any other event causing
dissolution of the Company under the Act. 
 The death, retirement, withdrawal, bankruptcy, insolvency, expulsion or dissolution of a Member or
the occurrence of any other event that terminates the continued membership of a Member of the Company will not in and of itself cause a dissolution of the Company. 
 (b) Upon an occurrence of any Liquidation Event set forth in Section 10.01(a), the Investment Commitment Period shall automatically terminate and the Members’ obligations to fund new
Investments shall be suspended with immediate effect. The Members shall use reasonable best efforts to wind up the affairs of the Company within 12 months in accordance with Section 10.02. In addition, if requested by the GC Industrial
Member, the Tiger Member shall cause Gerry Wang and Graham Porter to provide reasonable assistance to dissolve and wind-up the business and affairs the Company for a period of 12 months following such termination. 

10.02 Liquidation and Termination. 
 (a) On dissolution of the Company, the Board will act as liquidator or may appoint one or more other Persons as liquidator(s). The liquidator will proceed diligently to wind up the affairs of the Company
and make final distributions as provided herein. The costs of liquidation will be borne by the Company. Until final distribution, the liquidator will continue to operate the Company properties with all of the power and authority of the Board. The
liquidator will wind up the affairs of the Company, dispose of the assets of the Company as it deems necessary or appropriate, and will pay and distribute the assets of the Company (including the proceeds of any such dispositions) as follows:

  
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 (i) First, the liquidator will pay all of the debts and liabilities of the Company
(including all expenses incurred in liquidation and any advances described in this Section 10.02) or otherwise make adequate provision therefor (including the establishment of a cash escrow fund for contingent, conditional or unmatured
liabilities in such amount and for such term as the liquidator may reasonably determine); and 
 (ii) Thereafter, the
liquidator will distribute all Company property among the Members in accordance with Section 5.03(a). All distributions made pursuant to this Section 10.02(a)(ii) will be made by the end of the taxable year in which the
dissolution of the Company occurs (or, if later, within 90 days after the date of such liquidation). 
 (b) In the event the
liquidator distributes any assets of the Company, other than cash, pursuant to Section 10.02(a), the fair market value of such assets will be determined by the Board in good faith and the Capital Accounts of the Members will be adjusted
to reflect the manner in which the unrealized income, gain, loss, and deduction inherent in property that has not been reflected in the Capital Accounts previously would be allocated among the Members if there were a taxable disposition of that
property for the fair market value of that property on the date of distribution. 
 10.03 Cancellation of Filing.

 Upon completion of the winding up of the affairs of the Company as provided herein, the Board (or such other Person or
Persons as may be required) will cause the cancellation of the Certificate of Formation and will execute, file and record such other certificates, instruments and documents as it will deem necessary or appropriate to terminate the Company.

 ARTICLE XI. 
 TRANSFERS OF INTERESTS 
 11.01 Transfers of Interests. 

(a) General. No Member may Transfer any Interests except in accordance with this Section 11.01 and Sections
11.02 and 11.03. Any attempted Transfer other than in accordance with the foregoing sentence will be void and will not be recognized by the Company. A transferee will become a substituted Member automatically upon a Transfer that complies
with this Section 11.01 and, as applicable, Sections 11.02 and 11.03. Except as provided in Section 11.02(g), (i) a Change of Control of any Washington Member by way of a merger, reorganization or other
business combination transaction will be deemed a Transfer of the Interests held by such Member unless the Person acquiring Control in such transaction is a transferee of the Washington Member permitted by the definition of a “Permitted
Transfer” and (ii) no direct or indirect Transfer of equity or ownership interests in any Member shall constitute a Transfer of Interests. 
 (b) Conditions to Transfer. Notwithstanding any other provision of this Agreement, no Transfer of Interests (other than (x) any Transfer that entitles the transferring Member to exercise the
Drag-Along Right pursuant to Section 11.03, (y) a Transfer effected as 

  
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part of a Company Sale effected pursuant to Section 11.03, or (z) a Transfer effected as a part of an IPO Reorganization) may be effected by any Member unless: (i) such
Transfer (other than a Permitted Transfer) is approved by the Board in its sole discretion, (ii) such Transfer is in compliance with the Securities Act and all applicable state securities laws of the securities laws of any other applicable
jurisdiction, and, if requested by the Board, such Transferring Member has delivered an opinion of such Member’s counsel to the Company, in form and substance reasonably satisfactory to the Board, to the effect that such Transfer is either
exempt from the requirements of the Securities Act and the applicable securities laws of any other applicable jurisdiction or that such Transfer has been effected in compliance with such registration requirements, (iii) if such Transfer is
effected prior to an IPO Reorganization, such Transfer would not cause the Company to be treated as an association or “publicly traded partnership” taxable as a corporation and (iv) any Person receiving a Transfer of any Interests in
accordance with the terms set forth herein agrees to be bound by the terms of this Agreement by executing and delivering a counterpart signature page to this Agreement. 
 11.02 Tag-Along Right. 
 (a) In the event that any Member or group of
Members (the “Selling Members”) propose to Transfer to any Person that, prior to such Transfer, is not an Affiliate of such Member (a “Third-Party Purchaser”) any Interests held by such Member (other than any
Permitted Transfer) in one transaction or a series of related transactions (a “Proposed Third-Party Sale”), each other Member (each, a “Tag-Along Member”) will have a right (a “Tag-Along Right”) to
sell such Tag-Along Member’s pro rata share of the Interests to be Transferred by the Selling Members in such Proposed Third-Party Sale (the “Offered Interests”), which pro rata share of each Tag-Along Member will
be deemed to equal (x) the portion of the aggregate purchase price to be paid by the Third-Party Purchaser to all Selling Members and Tag-Along Members in connection with such Proposed Third-Party Sale that would have been received by such
Tag-Along Member if such aggregate purchase price were paid to the Company on the date of the applicable Sale Notice and distributed by the Company to the Members pursuant to Section 5.03 of this Agreement on such date, divided by
(y) the aggregate purchase price to be paid by the Third-Party Purchaser to all Selling Members and Tag-Along Members in connection with such Proposed Third-Party Sale. To the extent that one or more Tag-Along Members exercises their Tag-Along
Rights in accordance with the terms and conditions set forth below, the Interests that the Selling Members may sell in the Proposed Third-Party Sale shall be correspondingly reduced. 

(b) The aggregate purchase price payable for the Interests in connection with such Proposed Third-Party Sale will be allocated among the
Selling Members and the participating Tag-Along Members as if the proceeds of such sale were being distributed to such Members in accordance with Section 5.03(a). 
 (c) In the event the Selling Members propose to make a Transfer giving rise to a Tag-Along Right, the Selling Members will notify each Tag-Along Member (such notice, a “Sale Notice”) at
least 15 days prior to the date of such Transfer. Each Sale Notice will set forth (i) a description of the Interests to be Transferred pursuant to such Proposed Third-Party 

  
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Sale, (ii) the identity of the Third-Party Purchaser and (iii) the proposed amount and form of consideration and the other terms and conditions of such Proposed Third-Party Sale being
offered by the Third-Party Purchaser and, if any portion of the consideration to be paid is other than cash, all information in the Selling Member’s possession regarding such non-cash consideration (collectively, the “Third-Party
Terms”). 
 (d) A Tag-Along Right may be exercised by a Tag-Along Member by delivery of a written notice to the Selling
Members (the “Tag-Along Notice”) within 15 days following receipt of the Sale Notice from the Selling Members. The Tag-Along Notice will state the Interests held by the Tag-Along Member that such Tag-Along Member proposes to include
in such Proposed Third-Party Sale and include an offer to sell such Interests held by the Tag-Along Member on the same terms and conditions as specified in the Sale Notice. In the event that one or more Tag-Along Members delivers a Tag-Along Notice
within such 15-day period following receipt of the Sale Notice, then the Selling Members will be prohibited from selling any of the Offered Interests to the proposed Third-Party Purchaser in the Proposed Third-Party Sale unless the Selling Members
procure that the Third-Party Purchaser purchases the applicable Interests held by the participating Tag-Along Member(s) on the Third-Party Terms. In the event that no Tag-Along Member delivers a Tag-Along Notice within such 15-day period following
receipt of the Sale Notice or the participating Tag-Along Members fail to consummate the sale of Interests of such Tag-Along Members in accordance with the terms and conditions of the Sale Notice, the Selling Members will thereafter have the right
to sell (not later than 180 days following the expiration of the 15-day period described above) all (but not less than all) of the Offered Interests to a Third-Party Purchaser for a purchase price and on other terms and conditions that, on the
whole, are no more favorable to the Selling Members than the Third-Party Terms specified in the Sale Notice without again complying with this Section 11.02. 
 (e) In connection with the exercise of any Tag-Along Right, each participating Tag-Along Member will execute such documents, and make such representations, warranties, covenants and indemnities, as are
executed or made by the Selling Members; provided, however, that (i) any indemnification obligation of the Members in connection with such Proposed Third-Party Sale for which recourse is not limited to recovery of purchase price
paid into escrow will be several (rather than joint) and pro rata as among the Selling Members and the participating Tag-Along Members in accordance with the relative amount of the aggregate consideration received by such Selling Members and
participating Tag-Along Members in connection with such Proposed Third-Party Sale, other than with respect to representations made by a Member concerning such Member or the ownership or title of the Interests, the authority or capacity of such
Member or due, execution, delivery and enforceability of, or conflict of any transaction with, any agreement to which such Member is a party and any covenants of such Member and (ii) no Seaspan Member, Washington Member or Tiger Member shall be
required to enter into any covenant or agreement not to compete with any Person in order to exercise its Tag-Along Right in connection with any Proposed Third-Party Sale. All reasonable fees and expenses incurred by the Selling Members (including in
respect of financial advisors, accountants and counsel to the Selling Members) in connection with a Proposed Third-Party Sale will be shared by the Selling Members and the participating Tag-Along Members pro rata in accordance with the
consideration received by such Selling Members and participating Tag-Along Members. 

  
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 (f) The provisions of this Section 11.02 will not apply to Transfers of
Interests in connection with, or following the consummation of, an IPO Reorganization or an Initial Public Offering. 
 (g) The
GC Industrial Member will not permit any member of GC Industrial to effect a Transfer of the indirect economic interest of such member of GC Industrial in the Company by Transferring any membership interest in GC Industrial to a Third-Party
Purchaser (other than (i) a Transfer that would constitute a Permitted Transfer if the transferring member of GC Industrial were a Member and were Transferring Interests to such Third–Party Purchaser or (ii) any such Transfer in
connection with or following an Initial Public Offering, an IPO Reorganization or an initial public offering of any equity securities of GC Industrial or any of its Subsidiaries (or any reorganization of GC Industrial or any of its Subsidiaries that
is comparable to an IPO Reorganization)) unless the GC Industrial Member permits the Seaspan Member and the Washington Member to Transfer Interests in connection with such Transfer, on a pro rata basis, in a manner that provides to the
Seaspan Member and the Washington Member the economic benefit of the Tag-Along Right provided for in this Section 11.02 with respect to such Transfer of indirect interests in the Company. 

11.03 Drag-Along Right. 
 (a) In the event that the GC Industrial Member proposes to Transfer to one or more Third-Party Purchasers, in a single transaction or a series of related transactions, Interests representing at least a
majority of all the Interests (determined on the basis of Percentage Interests), the GC Industrial Member will have the right (the “Drag-Along Right”), in its sole discretion, to require each other Member (a “Drag-Along
Member”) to Transfer to the Third-Party Purchaser in such transaction or transactions (a “Drag-Along Transaction”) such portion of the Interests held by such Drag-Along Member (in each case, the “Drag-Along
Interests”) equal to the percentage derived by dividing (x) the Percentage Interests of the GC Industrial Member being Transferred in such Drag-Along Transaction, divided by (y) the aggregate Percentage Interests then held
by the GC Industrial Member, on the terms set forth in this Section 11.03; provided, that the Transfer of Interests held by any Drag-Along Member in connection with such Drag-Along Transaction shall be on terms no less favorable
than those offered to the GC Industrial Member; provided further that, if (i) consideration received by the Members in connection with such Transfer includes equity securities of any Entity and (ii) following such Transfer,
the Members, as a group, are entitled to designate one, but not more than one, member of the board of directors (or similar governing body) of such Entity, the granting to the GC Industrial Member of the right to designate or elect such member of
the board of directors (or similar governing body of such Entity) shall not, in and of itself, be deemed to cause the Transfer of the Interests of any Drag Along Member to be on terms less favorable than those offered to the GC Industrial Member.

 (b) The aggregate cash purchase price or other consideration payable for all of the Interests being Transferred, converted or
exchanged in a Drag-Along Transaction will be allocated among all Members Transferring Interests as if the proceeds of such sale were being distributed to such Members in accordance with Section 5.03(a). 

  
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 (c) In connection with any Drag-Along Transaction, each Member will execute such documents,
and make such representations, warranties, covenants and indemnities, as are executed or made by the GC Industrial Members; provided, however, that (i) any indemnification obligation of the Members in connection with such
Drag-Along Transaction for which recourse is not limited to recovery of any portion of the purchase price paid into escrow will be several (rather than joint) and pro rata as among the Members in accordance with the relative amount of the
aggregate consideration to be received by the Members, other than with respect to covenants of, or representations made by, a Member concerning such Member or such Member's ownership or title of any Transferred Interests, the authority or capacity
of such Member or due execution, delivery and enforceability of, or conflict of any transaction with, any agreement to which such Member is a party and any covenants of such Member and (ii) no Seaspan Member, Washington Member or Tiger Member
shall be required to enter into any covenant or agreement not to compete with any Person in connection with any Drag-Along Transaction. All reasonable fees and expenses incurred by the GC Industrial Member (including in respect of financial
advisors, accountants and counsel to the GC Industrial Member) and by the Transferring Members in connection with a Drag-Along Transaction will be shared by the Transferring Members pro rata in accordance with the consideration received by
such Members. 
 (d) The Drag-Along Right may be exercised by the GC Industrial Member at any time by giving written notice (the
“Drag-Along Notice”) to each other Member at least 45 days prior to the date on which the GC Industrial Member expects to consummate the Drag-Along Transaction. In the event that the terms or conditions set forth in the Drag-Along
Notice are thereafter amended in any respect, the GC Industrial Member will give prompt (and in any event within five (5) Business Days of such amendment) written notice (an “Amended Drag-Along Notice”) of the amended terms and
conditions of the proposed Transfer to each other Member. Each Drag-Along Notice and Amended Drag-Along Notice will set forth (i) the name and address of the proposed drag-along transferee or transferees, (ii) the proposed amount and form
of consideration (including the material terms and conditions of any non-cash consideration) offered by the drag-along transferee or transferees, and (iii) all other material terms of the proposed transaction, including the expected closing
date of the transaction. 
 (e) Without limiting the foregoing, each Member agrees that, in the event that any Company Sale has
been approved by the GC Industrial Member, each Member will consent and raise no objection to, and take all actions reasonably requested by the GC Industrial Member or the Board in connection with, such Company Sale (including, if such Company Sale
is structured as a merger or consolidation, waiving any applicable dissenters’ rights, appraisal rights or similar rights in connection with such merger or consolidation); provided, that the Transfer of the Interests held by the Members
(other than the GC Industrial Member) in connection with such Company Sale shall on the same terms and conditions offered to the GC Industrial Member; provided that, if (i) consideration received by the Members in connection with such
Company Sale includes equity securities of any Entity and (ii) following such Company Sale, the Members, as a group, are entitled to designate one, but not more than one, member of the board of directors (or similar governing body) of such
Entity, the granting to the GC Industrial Member of the right to designate or elect such member of the board of directors (or similar governing body of such Entity) shall not, in and of itself, be deemed to cause the Transfer of the Interests of the
Members (other than the GC Industrial 

  
 42 

 
Member) in connection with such Company Sale to be on terms less favorable than those offered to the GC Industrial Member. 

(f) In connection with any Company Sale, each Member will execute such documents, and make such representations, warranties, covenants
and indemnities, as are executed or made by the GC Industrial Member; provided, however, that (i) any indemnification obligation of the Members in connection with such Company Sale for which recourse is not limited to recovery of
purchase price paid into escrow will be several (rather than joint) and pro rata as among the Members in accordance with the relative amount of the aggregate consideration received by the Members in connection with such Company Sale, other
than with respect to representations made by a Member concerning such Member or such Member’s ownership or title of the Interests, the authority or capacity of such Member or due, execution, delivery and enforceability of, or conflict of any
transaction with, any agreement to which such Member is a party and any covenants of such Member and (ii) no Seaspan Member, Washington Member or Tiger Member shall be required to enter into any covenant or agreement not to compete with any
Person in connection with any Company Sale. All reasonable fees and expenses incurred by the Company and the GC Industrial Member (including in respect of financial advisors, accountants and counsel to the Company and/or the GC Industrial Member)
and by the other Members in connection with a Company Sale will be shared by the Members pro rata in accordance with the consideration received by such Members. 
 (g) Notwithstanding the foregoing, this Section 11.03 shall not apply if the GC Industrial Member is a Defaulting Member and has not cured the default in question. 

11.04 IPO Reorganization; Registration Rights. 
 (a) Conversion. The Members will take all actions reasonably requested by the Board in connection with an Initial Public Offering to effect a reorganization (an “IPO
Reorganization”) of the Company into a corporation or other Entity (such corporation or other Entity being referred to as the “Successor Entity”) and causing all of the Interests to be transferred, exchanged or converted
(free and clear of all liens, encumbrances, restrictions and adverse claims (other than those created by this Agreement)), as determined by the Board, into securities of the same class as the Publicly Offered Securities; provided,
however, that (A) in the event of any such IPO Reorganization, each Member’s Interests will be transferred for, or exchanged or converted into, that number of shares of common stock having a value (based on the price to the public
in the Initial Public Offering) equal to the amount that such Member would be deemed to have received if the Company (or a successor thereto) had been liquidated following the sale of 100% of its assets (and assumption of 100% of its liabilities)
for consideration in an amount equal to the Company’s value implied by the per share price to the public of the Initial Public Offering and such consideration was distributed under Section 10.02(a), (B) any such IPO
Reorganization shall be effective on, and conditioned upon the occurrence of, such Initial Public Offering and (C) the Company will not effect an IPO Reorganization without the approval of the Transaction Committee, unless the rights and
obligations of the Tiger Member in the Successor Entity immediately following the IPO 

  
 43 

 
Reorganization are, in all material respects, the same as the rights and obligations of the Tiger Member in the Company prior to consummation of the IPO Reorganization. In connection with an IPO
Reorganization, the parties hereto shall, and shall cause the Successor Entity to, enter into a stockholders, partnership or similar agreement providing the Members who became stockholders, partners or other holders of equity interests of the
Successor Entity in connection with such IPO Reorganization with rights with respect to their investment in the Successor Entity that are equivalent to the rights of such Members under Article VI and Article XI hereof and subjecting
such Members to obligations with respect to their investment in the Successor Entity that are equivalent to the obligations of the Members under Article VI and Article XI hereof. For the purpose of this Section 11.04, in
the event of an IPO Reorganization, after the occurrence of such IPO Reorganization, respectively, all references to the Company in this Section 11.04 will be deemed to refer to the Successor Entity. 

(b) Terms and Conditions. Subject to Section 11.04(a), the terms of the Initial Public Offering and of the Publicly
Offered Securities will be determined by the Board. In connection with any IPO Reorganization effected pursuant to Section 11.04(a) that, when considered together with the Initial Public Offering, will result in the Company being
classified as a corporation for U.S. Federal income tax purposes, the Company will consult with the Tiger Member, the GC Industrial Member and Seaspan Corporation concerning the structuring of such transaction and the parties will cooperate and use
their respective reasonable efforts to effect such transaction in as a tax efficient manner as practicable. 
 (c) Piggyback
Registrations. If the Company at any time after the IPO Date proposes to register or is required to register any shares of equity securities issued by the issuer of the Registrable Securities under the Securities Act (including any registration
requested pursuant to Section 11.04(d) hereof but excluding any registration statement on Form S-4 or S-8, or any successor or other forms promulgated for similar purposes, or any registration statement with respect to corporate
reorganizations or other transactions under Rule 145 of the Securities Act or any successor rule promulgated for similar purposes), whether or not for sale for its own account, in a manner which would permit registration of Registrable Securities
for sale to the public under the Securities Act or the comparable statute of any applicable jurisdiction, it will, at each such time, give prompt written notice to all Holders of Registrable Securities of its intention to do so, which notice will
specify the number and type of securities to be registered, and, subject to Section 11.04(f), it will afford each such Holder an opportunity to include in such registration all or part of the Registrable Securities held by such Holder;
provided, that any terms or rights offered to the GC Industrial Member in connection with the foregoing and not specifically addressed herein shall be offered to all Members (other than the GC Industrial Member) pari passu. Upon the
written request of any such Holder made within 15 days after the receipt of any such notice (which request will specify the Registrable Securities intended to be disposed of by such Holder), the Company will, subject to Section 11.04(f),
use its reasonable best efforts to effect the registration under the Securities Act of all Registrable Securities which the Company has been so requested to register by the Holders to the extent required to permit the disposition of the Registrable
Securities so to be registered; provided, however, that (A) if, at any time after giving written notice of its intention to register any securities and prior to the effective date of the registration statement filed in connection
with such registration, the Company will determine for any reason not to proceed with the proposed registration of the securities to be sold by it, the Company may, at its 

  
 44 

 
election, give written notice of such determination to each Holder of Registrable Securities and, thereupon, will be relieved of its obligation to register any Registrable Securities in
connection with such registration, and (B) if such registration involves an underwritten offering, then all Holders of Registrable Securities requesting to be included in the Company’s registration must sell their Registrable Securities to
the underwriters selected by the Company on the same terms and conditions as apply to the Company (including entering into an underwriting agreement in customary form with the underwriter or underwriters selected for such offering by the Company),
as may be customary or appropriate in secondary offerings. If a registration requested pursuant to this Section 11.04(c) involves an underwritten public offering, any Holder of Registrable Securities requesting to be included in such
registration may elect, in writing at least 10 days prior to the effective date of the registration statement filed in connection with such registration, not to register such securities in connection with such registration. 

(d) Demand Registrations. At any time after 180 days after the IPO Date relating to the Initial Public Offering of the issuer of
Registrable Securities, the GC Industrial Member or its designees will have the right to request registration of such Registrable Securities (which may, at such Holders’ request, be shelf registrations pursuant to Rule 415 promulgated under the
Securities Act), which request or requests will specify the number of Registrable Securities intended to be Transferred and the Holders thereof and the intended method of distribution of such Registrable Securities; provided, however,
that Holders may not request registration of Registrable Securities having an aggregate gross offering price (not taking into account underwriters discounts and commissions) of less than $25 million. Upon receipt of such request, the Company will
use its reasonable best efforts to promptly effect the registration under the Securities Act of the Registrable Securities so requested to be registered; provided, however, that the Company will not be required to prepare and file more
than five registration statements which actually become or are declared effective by the SEC at the request of the GC Industrial Member. Notwithstanding the foregoing, the Company may delay the filing or effectiveness of any registration of
Registrable Securities pursuant to this Section 11.04(d) for a period of not more than 180 days if at the time of such request (x) the Company is engaged, or has fixed plans to engage within 180 days following receipt of such
request, in a firm commitment underwritten public offering of Registrable Securities in which the Holders of Registrable Securities have been or will be permitted to include all the Registrable Securities so requested to be registered pursuant to
this Section 11.04(d) or (y) the Board reasonably determines that such registration and offering would interfere with any material transaction involving the Company; provided, however, that the Company will not use the
right set forth in this clause (y) more than three times for an aggregate of 180 days in any 12-month period. 
 (e)
Registration Expenses. The Company will pay all Registration Expenses incurred in connection with each registration of Registrable Securities pursuant to this Section 11.04. All discounts, commissions, or fees of underwriters,
selling brokers, dealer managers or similar securities industry professionals relating to the distribution of the Registrable Securities applicable to Registrable Securities sold by Holders incurred in connection with each registration pursuant to
this Section 11.04 will be borne by the Holders of the Registrable Securities so registered pro rata based on the number of securities so registered. 

  
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 (f) Priority. If a registration pursuant to this Section 11.04 involves
an underwritten offering and the managing underwriter determines in good faith that marketing factors require a limitation on the number of securities to be underwritten, then the Company will so advise all requesting Holders and the number of
securities that may be included will be limited to the number of securities that, in the opinion of such underwriter, should be included and the securities to be included in the registration will be allocated first, in the case of any offering other
than an offering requested pursuant to Section 11.04(d), to the Company, and second, to all requesting Holders pari passu on the basis of the relative number of Registrable Securities then held by each such Holder (provided
that any securities thereby allocated to any such Holder that exceed such Holder’s request will be reallocated among the remaining requesting Holders in like manner). 
 (g) Lockup. If the Company effects any registration in connection with an underwritten public offering (including the Initial Public Offering) of its equity securities (whether pursuant to this
Agreement or otherwise), each Holder of Registrable Securities will, if requested by the Company, enter into an agreement with the Company and the underwriter or underwriters of such offering (in form reasonably acceptable to the Company) pursuant
to which such Holder will agree not to Transfer sell, make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of, including any sale pursuant to Rule 144 under the Securities Act, any equity securities of the
Company, or of any security convertible into or exchangeable or exercisable for any equity security of the Company (in each case, other than as part of such underwritten public offering), during (i) the 30-day period immediately prior to the
effective date of such registration, (ii) during the 180-day period following the effective date of such registration in the case of an Initial Public Offering and (iii) during the 90-day period following the effective date of such
registration in connection with any other such underwritten public offering. The Company may impose stop-transfer instructions with respect to the Registrable Securities subject to the foregoing restriction until the end of said 90-day or 180-day
period. 
 (h) Certain Conditions. It will be a condition of each Holder’s rights hereunder to have Registrable
Securities owned by it registered that: 
 (i) such Holder will reasonably cooperate with the Company by supplying information
and executing documents relating to such Holder or the securities of the Company owned by such Holder in connection with such registration; 
 (ii) such Holder will enter into such undertakings and take such other actions relating to the conduct of the proposed offering which the Company or the underwriters may request as being necessary to
ensure compliance with federal and state securities laws and the securities laws of any applicable jurisdiction and the rules or other requirements of the applicable exchange or otherwise to effectuate the offering; and 

(iii) such Holder will execute and deliver an agreement, in customary form, to indemnify and hold harmless the Company and each
underwriter (as defined in the Securities Act), and each Entity, if any, who controls such underwriter within the meaning of the Securities Act, against such losses, claims, damages or liabilities (including reimbursement for legal and other
expenses) to which such underwriter or controlling Person or entity may become 

  
 46 

 
subject under the Securities Act or otherwise, in such manner as is customary for registrations of the type then proposed, but only with respect to information furnished by such Holder in writing
and specifically for use in the registration statement or prospectus in connection with such registration (other than information given with respect to the Company in such Holder’s capacity as an officer, director or employee of the Company)
and with respect to such Holder’s failure to deliver prospectuses as required under the Securities Act; provided that the aggregate liability of such Holder under such an agreement will not exceed the net proceeds received by such Holder
in respect of Registrable Securities sold in such offering. 
 (i) Indemnification. In the event of any registration
under the Securities Act of any Registrable Securities of Members pursuant to this Section 11.04, the Company will execute and deliver an agreement, in customary form, to indemnify and hold harmless each Holder disposing of such
Registrable Securities and any underwriter in connection with such disposition against such losses, claims, damages or liabilities (including reimbursement for legal and other expenses) to which such Holder may become subject under the Securities
Act or otherwise, in such manner as is customary in underwriting agreements for registrations of the type then proposed. 

ARTICLE XII. 
 PREEMPTIVE RIGHTS 
 12.01 Preemptive Rights for New Securities.

 (a) The Company hereby grants to each of the Members the right to increase its Commitment by investing in New Securities
which the Company may, from time to time prior to the occurrence of an Initial Public Offering or a Company Sale, propose to issue and sell to the extent provided in this Section 12.01 and in accordance with the procedures set forth in
Section 12.01(b). 
 (b) Prior to the issuance of any New Securities, the Company shall give each Member written
notice (such notice, a “New Securities Notice”) of such proposed issuance, describing the amount of such New Securities intended to be issued and the terms and conditions upon which the Company proposes to issue the same. Each
Member shall have ten (10) Business Days from the date of delivery of such New Securities Notice (such ten (10) Business Day period being referred to as the “Subscription Period”) to determine whether to purchase all or
any portion of the Member’s pro rata share of such Interests (based on its Percentage Interest of the then outstanding Interests) upon the terms specified in such New Securities Notice by giving written notice (a “Subscription
Notice”) to the Company and stating therein the quantity of New Securities to be purchased (which notice shall constitute such Member’s irrevocable agreement to purchase such New Securities on the terms set forth in the New Securities
Notice on a closing date (the “Proposed Closing Date”) selected by the Company and set forth in a written notice from the Company provided to such Member at least five (5) Business Days prior to such Proposed Closing Date;
provided that such Proposed Closing Date shall be within 120 days of the expiration of the Subscription Period). Notwithstanding the foregoing, neither the issuance of a New Securities Notice by the

  
 47 

 
Company nor the receipt by the Company of any Subscription Notice from one or more Members shall obligate the Company to issue any New Securities to any Member. 

(c) Following the issuance of a New Securities Notice and expiration of the Subscription Period applicable to such New Securities Notice,
the Company shall be permitted to issue and/or sell the New Securities identified in such New Securities Notice, solely to the extent not subscribed for by Members by timely delivery to the Company of a Subscription Notice, to any Person or Persons
selected by the Company from time to time within 180 days of the expiration of such Subscription Period on terms determined by the Board in good faith to be not less advantageous to the Company than the terms set forth in such New Securities Notice.

 (d) Notwithstanding any provision hereof to the contrary, the preemptive right provided by this Section 12.01
shall apply to the issuance of rights, options or warrants to purchase Interests and securities convertible into or exchangeable for Interests of the Company and not to the issuance of Interests of the Company upon exercise, conversion or exchange
of such rights, options, warrants or convertible or exchangeable securities. 
 (e) This Section 12.01 shall terminate
and no longer be of any force or effect upon consummation of any Initial Public Offering or any Company Sale. 
 ARTICLE XIII.

 INVESTMENT REPRESENTATIONS 
 Except as otherwise set forth in Section 13.15, each Member hereby represents and warrants to the Company and each other Member as of the Effective Date as follows: 

13.01 Organization; Authority. 
 Such Member is duly organized and validly existing in the jurisdiction of its formation, organization or incorporation, as applicable. Such Member has the requisite authority to enter into this Agreement
and to perform its obligations hereunder. 
 13.02 Due Authorization; Binding Agreement. 

The execution, delivery and performance of this Agreement by such Member have been duly and validly authorized by all necessary action of
such Member. This Agreement has been duly executed and delivered by such Member, or an authorized representative of such Member, and constitutes a legal, valid and binding obligation of such Member, enforceable against the Member in accordance with
the terms hereof. 
 13.03 Consents and Approvals; No Conflict. 

No consent, waiver, approval or authorization of, or filing, registration or qualification with, or notice to, any Governmental Authority
or any other Person is required to be made, obtained or given by such Member in connection with the execution, delivery and performance of this Agreement by such Member. The execution and delivery of this Agreement by such Member do not, and the
performance by such Member of its obligations under this 

  
 48 

 
Agreement will not, (a) conflict with any other contract, agreement or arrangement to which such Member is a party or by which it is or its assets are bound or (b) violate any provision
of, or result in the breach of, any Applicable Law or the organizational documents of such Member. 
 13.04 No Litigation.

 Neither such Member nor any of its Affiliates is a party to any litigation, arbitration, investigation or other judicial,
arbitral or administrative proceeding, nor is such Member aware of any threatened litigation, arbitration, investigation or other judicial, arbitral or administrative proceeding involving such Member or its Affiliates, that would reasonably be
expected to interfere with such Member’s ability to fulfill its obligations under this Agreement. 
 13.05 Preexisting
Relationship or Experience. 
 By reason of its business or financial experience, or by reason of the business or financial
experience of its general partner or its financial advisor who is unaffiliated with and who is not compensated, directly or indirectly, by the Company or any affiliate or selling agent of the Company, such Member is capable of evaluating the risks
and merits of an investment in the Interests and of protecting its own interests in connection with this investment. 
 13.06
Investment Intent. 
 Such Member is acquiring the Interest for investment purposes for its own account only and not with a
view to or for sale in connection with any distribution of all or any part of such Interest. 
 13.07 No Registration of
Interests. 
 Such Member acknowledges that the Interests have not been registered under the Securities Act, under any
applicable blue sky laws or under any other Applicable Law in reliance, in part, upon its representations, warranties, and agreements herein. 
 13.08 Restricted Securities. 
 Such Member understands that the Interests
are “restricted securities” under the Securities Act in that such Interests will be acquired from the Company in a transaction not involving a public offering, and that the Interests may be resold without a registration under the
Securities Act only in certain limited circumstances and that otherwise the Interests must be held indefinitely. 
 13.09
Investment Risk. 
 Such Member acknowledges that the Interests are speculative investments which involve a substantial
degree of risk of loss of its entire investment in the Company, and it understands and takes full cognizance of the risks related to the purchase of such Interests. 
 13.10 Restrictions on Transferability. 

  
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 Such Member acknowledges that there are substantial restrictions on the transferability of
the Interests pursuant to this Agreement, that there is no public market for such Interests and that none is expected to develop, and that, accordingly, it may not be possible for it to liquidate its investment in the Company. 

13.11 Information Reviewed. 
 Such Member has received and reviewed this Agreement and the other information provided by the Company it considers necessary or appropriate for deciding whether to invest in the Company. 

13.12 No Advertising. 
 Such Member has not seen, received, been presented with, or been solicited by any leaflet, public promotional meeting, article or any other form of advertising or general solicitation with respect to the
sale of Interests. 
 13.13 Investor Qualification. 

Such Member is an “accredited investor” as that term is defined in Rule 501(a) of Regulation D under the Securities Act and a
“qualified purchaser” as such term is defined under the Investment Company Act. If such Member is an individual, such Member has (a) a net worth over $1 million (excluding the value of such Member’s primary residence), and/or
(b) individual income in excess of $200,000 (or joint income with spouse in excess of $300,000) in each of the two most recent years and such Member reasonably expects to reach the same income level in the current year. If such Member is an
Entity, such Member has total assets in excess of $5 million. Such Member is familiar with the criteria for status as an “accredited investor” and, in connection with the proposed investment in the Company, will notify the Board if it
qualifies as an accredited investor under other criteria or is otherwise unable to make the foregoing representations. 

13.14 Certain Regulatory Compliance Matters. 
 (a) Neither such Member, nor any of its Affiliates, officers, directors or employees, (i) appears on the Specially Designated Nationals and Blocked Persons List of the Office of Foreign Assets
Control of the U.S. Department of the Treasury (“OFAC”), nor are they otherwise a party with which the Company is prohibited to deal under the laws of the United States, (ii) is a Person identified as a terrorist organization
on any other relevant lists maintained by governmental authorities or (iii) unless otherwise disclosed in writing to the Board prior to its acquisition of the Interests, is a Public Official, or any immediate family member or close associate of
a Public Official, as such terms are defined below. The monies used to fund the investment in the Interests by such Member are not derived from, invested for the benefit of, or related in any way to, (i) the government of any country designated
by the U.S. Secretary of State as a country supporting international terrorism, (ii) property that is blocked under any laws, orders or regulations administered by OFAC (“OFAC Regulations”), or that would be blocked under OFAC
Regulations if it were in the custody of a U.S. national, 

  
 50 

 
(iii) Persons to whom U.S. nationals cannot lawfully export services, or with whom U.S. nationals cannot lawfully engage in transactions, under OFAC Regulations or (iv) the governments of
any country that has been designated as a “non-cooperative country or territory” by the Financial Action Task Force on Money Laundering or a country or financial institution designated as a “primary money laundering concern” by
the U.S. Secretary of the Treasury. In addition, such Member (x) has conducted thorough due diligence with respect to all of its beneficial owners, (y) has established the identities of all direct and indirect beneficial owners and the
source of each of such beneficial owner’s funds and (z) will retain evidence of any such identities, any such source of funds and any such due diligence. 
 (b) Pursuant to anti-money laundering laws and regulations, the Board and/or any administrator acting on behalf of the Company may be required to collect documentation verifying such Member’s
identity and the source of funds used to acquire an Interest before, and from time to time after, acquisition of the Interest by such Member. Such Member further represents that it does not know or have any reason to suspect that (i) the monies
used to fund its investment in the Interests have been or will be derived from or related to any illegal activities, including, without limitation, money laundering activities, or (ii) the proceeds from its investment in the Interests will be
used to finance any illegal activities. 
 (c) For purposes of this Agreement: 

(i) “Governmental Authority” means (A) any non-U.S. national, federal, state, county, municipal, or local
government or any Entity exercising executive, legislative, judicial, regulatory, military, taxing or administrative functions of or pertaining to government, (B) any public international organization, (C) any agency, division, bureau,
department or other political subdivision of any government, entity or organization described in the foregoing clauses (A) or (B) of this definition, or (D) any company, business, enterprise or other Entity owned, in whole or in part,
or Controlled by any government, entity, organization or other Person described in the foregoing clauses (A), (B) or (C) of this definition; 
 (ii) “Public Official” means (A) any official, officer, employee or representative of, or any Person acting in an official capacity for or on behalf of, any Governmental Authority,
whether elected or not and regardless of rank or title, (B) any non-U.S. political party or party official or candidate for political office or (C) any official, officer, employee or representative of any company, business, corporation,
enterprise or other entity owned, in whole or in part, or controlled by any government, entity, organization or other Person described in the foregoing clauses (A) or (B) or that was formed by, or for the benefit of, a Public Official;

 (iii) an “immediate family member” of a Public Official includes the Public Official’s parents,
siblings, spouse, children and in-laws; and 
 (iv) a “close associate” of a Public Official is a person who
is publicly known to maintain a close relationship with the Public Official, and includes any person who is in a position to conduct substantial U.S. or non-U.S. financial transactions on behalf of the Public Official. 

  
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 13.15 No Undisclosed Agreements. 

(a) The Tiger Member hereby represents to the GC Industrial Member, the Seaspan Member and the Washington Member that, as of the date
hereof, except as previously disclosed in writing prior to the date hereof, there are no agreements or understandings, written or oral, between the Tiger Member, any Affiliates of the Tiger Member, Gerry Wang or Graham Porter, on the one hand, and
the Washington Member, the Seaspan Member, SMSL or any of their respective Affiliates, on the other hand, pursuant to which the Tiger Member, any Affiliate of the Tiger Member, Gerry Wang or Graham Porter receive any material benefit or are subject
to any material obligation. 
 (b) The Washington Member hereby represents to the GC Industrial Member and the Seaspan Member
that, as of the date hereof, except as previously disclosed in writing prior to the date hereof, there are no material agreements or understandings between the Tiger Member, any Affiliates of the Tiger Member, Gerry Wang or Graham Porter, on the one
hand, and the Washington Member or its Affiliates, on the other hand, pursuant to which the Tiger Member, any Affiliate of the Tiger Member, Gerry Wang or Graham Porter receive any material benefit or are subject to any material obligation.

 (c) The Seaspan Member hereby represents to the GC Industrial Member and the Washington Member that, as of the date hereof,
except as previously disclosed in writing prior to the date hereof, there are no material agreements or understandings between the Tiger Member, any Affiliates of the Tiger Member, Gerry Wang or Graham Porter, on the one hand, and the Seaspan Member
or its Affiliates (including, for the avoidance of doubt, Seaspan Corporation), on the other hand, pursuant to which the Tiger Member, any Affiliate of the Tiger Member, Gerry Wang or Graham Porter receive any material benefit or are subject to any
material obligation. 
 ARTICLE XIV. 
 GENERAL PROVISIONS 
 14.01 Notices. 

All notices and other communications provided for or permitted hereunder will be deemed to have been duly given and received when
delivered in writing by overnight courier or hand delivery, or when sent by telecopy (receipt confirmed), to the Members at the addresses set forth on Exhibit A (or at such other address for any Member as specified by like notices to the
Company and each other Member). 
 14.02 Entire Agreement. 

This Agreement (including the exhibits hereto) constitutes the entire agreement and understanding among the Members with respect to the
Company and supersedes any prior or contemporaneous understandings and/or written or oral agreements among them respecting the Company. 
 14.03 Amendment. 

  
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 This Agreement (including the exhibits hereto) may be amended or modified from time to time
only by a written instrument that is approved in writing by the Members holding a majority of the Percentage Interests; provided, however, that in no event shall this Agreement be amended, supplemented, or otherwise modified
(a) to require any Member to make any additional Capital Contribution or increase such Member’s Commitment to the Company without that Member’s prior written consent, (b) in a manner that would adversely affect a Member’s
rights or increase a Member’s obligations without such Member’s prior written consent (it being understood that the increase in any Member’s Commitments (with such Member’s consent) shall not be deemed to adversely affect any
other Member’s rights or increase the obligations of any other Member), (c) in a manner that affects the rights and/or obligations of any Member under the last sentence of Section 2.04(a), the entirety of
Section 2.04(c), Section 2.09, Section 3.02, Section 5.03, Sections 6.01 through 6.04, Section 6.07, Section 11.02, Section 11.03,
Section 12.01 or this Section 14.03 or modifies the definition of the Investment Commitment Period or any other defined term used in the identified sections of this sentence without the consent of such Member or
(d) adversely affects the rights of any Member under Section 5.01, Section 5.02, Section 5.05 or Section 11.04(c). Notwithstanding anything herein to the contrary, a Company Sale to an
unaffiliated third party shall not be deemed an amendment requiring the consent of any Members other than the Members holding a majority of the Percentage Interests. The Company will deliver to each Member a copy of any amendment to this Agreement.

 14.04 Effect of Waiver or Consent. 
 A waiver or consent, express or implied, to or of any breach or default by any Person in the performance by that Person of its obligations hereunder will not constitute a consent or waiver to or of any
other breach or default in the performance by that Person of the same or any other obligations of that Person hereunder. Failure on the part of a Person to complain of any act of any Person or to declare any Person in default with respect to the
Company, irrespective of how long such failure continues, will not constitute a waiver by that Person of its rights with respect to that default until the applicable limitations period has expired. 

14.05 Binding Effect. 
 This Agreement will be binding upon and inure to the benefit of the Parties hereto and their respective legal representatives, heirs, legatees, successors, and permitted assigns and any other permitted
transferee of the Interests and will also apply to any Interests acquired by Members after the date hereof. Nothing in this Agreement, express or implied, is intended to confer upon any Person, other than the Members and their respective successors
and permitted assigns, any rights or remedies under this Agreement or otherwise create any third party beneficiary hereto. 

14.06 Governing Law. 
 This Agreement is governed by and will be construed in accordance with the laws of the Republic of the Marshall Islands, without giving effect to any principles of conflicts of laws, whether of the
Republic of the Marshall Islands or any other jurisdiction, that would result in the application of the law of any other jurisdiction. 

  
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 14.07 Consent to Jurisdiction; Waiver of Trial by Jury. 

(a) Each Member and the Company irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the
federal or state courts of or located in the State of Delaware in any action or proceeding arising out of or relating to this Agreement or the agreements delivered in connection herewith or the transactions contemplated hereby or thereby or for
recognition or enforcement of any judgment relating thereto, and each of the parties hereby irrevocably and unconditionally (i) agrees that any claim in respect of any such action or proceeding shall be heard and determined in the federal or
state courts of or located in the State of Delaware, (ii) waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any such action or proceeding in such
courts, (iii) waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in such courts, (iv) agrees that any actions or proceedings arising in connection with this
Agreement or the transactions contemplated hereby shall be brought, tried and determined in the federal or state courts of or located in the State of Delaware and, on appeal, the Delaware Supreme Court or, in the case of appeal from the United
States District Court in Delaware, the United States Court of Appeals for the Third Circuit and (v) agrees that it will not bring any action relating to this Agreement or the transactions contemplated hereby in any court other than the
aforesaid courts. Each Member and the Company agrees that a final judgment in any such action or proceeding, as to which available appeals have been exhausted or no appeals have been filed within the time set by law, will be conclusive and may be
enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Each Member and the Company irrevocably consents to service of process in the manner provided for giving notices in Section 14.01. Nothing in
this Agreement will affect the right of any Member or the Company to serve process in any other manner permitted by law. 
 (b)
TO THE FULLEST EXTENT PERMITTED BY LAW, EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT AND ANY OF THE
AGREEMENTS DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 
 14.08 Specific
Performance. 
 Each Member, in addition to being entitled to exercise all rights provided herein or granted by law,
including recovery of damages, will be entitled to specific performance of each other Member’s and the Company’s obligations under this Agreement. The Company and the Members agree that monetary damages would not be adequate compensation
for any loss incurred by reason of a breach by any of them of the provisions of this Agreement and each hereby agrees to waive the defense in any action for specific performance that a remedy at law would be adequate. 

14.09 Severability. 

  
 54 

 If any provision of this Agreement or its application 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 such provision will be enforced to the greatest extent permitted by
law.
 14.10 Further Assurances. 
 The Company and each Member agree to execute and deliver any additional documents and instruments and perform any additional acts that may be necessary to effectuate the provisions of this Agreement.

 14.11 Publicity. 
 The Members will consult with each other and will obtain the consent of each of the other Members before issuing any press release or otherwise making any public statement with respect to this Agreement
and the Company or its Subsidiaries and will not issue any such press release or make any such public statement prior to such consultation and consent, except to the extent such disclosure is required by Applicable Law or as otherwise permitted
under the last sentence of Section 7.02. 
 14.12 Counterparts. 

This Agreement may be executed in any number of counterparts with the same effect as if all signatories had signed the same document. All
counterparts will be construed together and constitute the same instrument. This Agreement may be executed and delivered by facsimile or as a .pdf file attached to electronic mail. 

[Signature Pages Follow] 

  
 55 

 IN WITNESS THEREOF, the Company and the undersigned Members have executed this Agreement
effective as of the Effective Date. 
  

							
	COMPANY
	
	GREATER CHINA INTERMODAL INVESTMENTS LLC
			
		 	By:	 	 /s/ Cedric Bobo

		 		 	Name:	 	Cedric Bobo
		 		 	Title:	 	Authorized Person

  
 [Signature
Page to LLC Agreement of Greater China Intermodal Investments LLC] 

 
							
	MEMBERS
	
	GREATER CHINA INDUSTRIAL INVESTMENTS LLC
			
		 	By:	 	 /s/ Cedric Bobo

		 		 	Name:	 	Cedric Bobo
		 		 	Title:	 	Authorized Person

  
 [Signature
Page to LLC Agreement of Greater China Intermodal Investments LLC] 

 
							
	SEASPAN INVESTMENT I LTD.
			
		 	By:	 	 /s/ Sai W. Chu

		 		 	Name:	 	Sai W. Chu
		 		 	Title:	 	President

  
 [Signature
Page to LLC Agreement of Greater China Intermodal Investments LLC] 

 
							
	BLUE WATER COMMERCE, LLC
			
		 	By:	 	 /s/ Lawrence R. Simkins

		 		 	Name:	 	Lawrence R. Simkins
		 		 	Title:	 	Manager

  
 [Signature
Page to LLC Agreement of Greater China Intermodal Investments LLC] 

 
							
	TIGER MANAGEMENT LIMITED
			
		 	By:	 	 /s/ Graham Porter

		 		 	Name:	 	Graham Porter
		 		 	Title:	 	Director

  
 [Signature
Page to LLC Agreement of Greater China Intermodal Investments LLC] 

 APPENDIX A-1 

Allocations for Capital Account Purposes 
 (a) Additional Definitions. As used in the Agreement, the following terms have the meanings set forth below: 
 “Adjusted Capital Account” means, with respect to any Member, the balance, if any, in such Member’s Capital Account as of the end of the relevant Fiscal Year or other period, after
giving effect to the following adjustments: 
 (i) add to such Capital Account any amounts which such Member is
obligated to restore pursuant to the Agreement or is deemed to be obligated to restore to the Company pursuant to Treasury Regulations Section 1.704-1(b)(2)(ii)(c) or the penultimate sentence of each of Treasury Regulations Sections
1.704-2(g)(1) and 1.704-2(i)(5); and 
 (ii) subtract from such Capital Account such Member’s share of the
items described in Treasury Regulations Sections 1.704-1(b)(2)(ii)(d)(4), (5) and (6). 
 “Capital
Account” means the Capital Account maintained for each Member on the Company’s books and records in accordance with the following provisions: 
 (i) To each Member’s Capital Account there will be added (A) the amount of cash and the Gross Asset Value of any other asset contributed by such Member to the Company pursuant to Article
IV hereof, (B) such Member’s allocable share of Profits and any items in the nature of income or gain that are specially allocated to such Member pursuant to Section 5.01 and this Appendix A-1 or other provisions of
the Agreement, and (C) the amount of any Company liabilities assumed by such Member or which are secured by any property distributed to such Member. 
 (ii) From each Member’s Capital Account there will be subtracted (A) the amount of cash and the Gross Asset Value of any other Company assets distributed to such Member pursuant to any provision
of the Agreement, (B) such Member’s allocable share of Losses and any other items in the nature of expenses or losses that are specially allocated to such Member pursuant to Section 5.01 and this Appendix A-1 or other
provisions of the Agreement, and (C) liabilities of such Member assumed by the Company or which are secured by any property contributed by such Member to the Company. 

(iii) In the event any Interest is Transferred in accordance with the terms of the Agreement, the transferee will succeed
to the Capital Account of the transferor to the extent it relates to the Transferred Interest. 
 (iv)
Determination of the amount of any liability for purposes of subparagraphs (i) and (ii) above will take into account Code Section 752(c) and any other applicable provisions of the Code and Treasury Regulations. 

 (v) The foregoing provisions and the other provisions of the Agreement
relating to the maintenance of Capital Accounts are intended to comply with Treasury Regulations Sections 1.704-1(b) and 1.704-2 and will be interpreted and applied in a manner consistent with such Treasury Regulations. In the event that the Board
determines that it is prudent to modify the manner in which the Capital Accounts, or any additions or subtractions thereto, are computed in order to comply with such Treasury Regulations, the Board may make such modification, provided that it is not
likely to have a material effect on the amounts distributable to any Member pursuant to Section 10.02 upon the dissolution of the Company. 
 “Code” means the Internal Revenue Code of 1986, as amended. 

“Company Minimum Gain” has the meaning set forth in Treasury Regulations Sections 1.704-2(b)(2) and 1.704-2(d)(1) for
the phrase “partnership minimum gain.” 
 “Depreciation” means, for each Fiscal Year or other period,
an amount equal to the depreciation, amortization or other cost recovery deduction allowable for U.S. federal income tax purposes with respect to an asset for such Fiscal Year or other period, except that if the Gross Asset Value of an asset differs
from its adjusted basis for U.S. federal income tax purposes at the beginning of such Fiscal Year or other period, then Depreciation will be an amount that bears the same ratio to such beginning Gross Asset Value as the U.S. federal income tax
depreciation, amortization or other cost recovery deduction for such Fiscal Year or other period bears to such beginning adjusted tax basis. Notwithstanding the foregoing, if the U.S. federal income tax depreciation, amortization or other cost
recovery deduction for such Fiscal Year or other period is zero, then Depreciation will be determined with reference to such beginning Gross Asset Value using any reasonable method selected by the Board. 

“Gross Asset Value” means, with respect to any asset, such asset’s adjusted basis for U.S. federal income tax
purposes, except as follows: 
 (i) The initial Gross Asset Value of any asset contributed by a Member to the
Company is the gross fair market value of such asset, as determined by the Board in good faith. 
 (ii) The Gross
Asset Value of all Company assets immediately prior to the occurrence of any event described in subparagraphs (A) through (E) below may be adjusted to equal their respective gross fair market values, as determined by the Board using such
reasonable method of valuation as it may adopt, as of the following times: 
 (A) the acquisition of an
additional Interest by a new or existing Member in exchange for more than a de minimis Capital Contribution, if the Board reasonably determines that such adjustment is necessary or appropriate to reflect the relative Interests of the Members
in the Company; 
 (B) the distribution by the Company to a Member of more than a de minimis amount of
Company assets as consideration for an Interest, if the Board reasonably determines that such adjustment is necessary or appropriate to reflect the relative Interests of the Members in the Company; 

 (C) the liquidation or dissolution of the Company within the meaning of
Treasury Regulations Section 1.704-1(b)(2)(ii)(g); 
 (D) the grant of an Interest (other than a de
minimis interest) as consideration for the provision of services to or for the benefit of the Company by an existing Member acting in his capacity as a Member, or by a new Member acting his capacity as a Member or in anticipation of becoming a
Member of the Company, if the Board reasonably determines that such adjustment is necessary or appropriate to reflect the relative Interests of the Members in the Company; and 

(E) at such other times as the Board may reasonably determine necessary or advisable in order to comply with Treasury
Regulations Sections 1.704-1(b) and 1.704-2. 
 (iii) The Gross Asset Value of any Company asset distributed to a
Member is the gross fair market value of such asset (taking Section 7701(g) of the Code into account) on the date of distribution as determined by the Board in good faith. 

(iv) The Gross Asset Values of Company assets will be increased (or decreased) to reflect any adjustments to the adjusted
basis of such assets pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant to Treasury Regulations
Section 1.704-1(b)(2)(iv)(m), except that Gross Asset Values will not be adjusted pursuant to this subparagraph (iv) to the extent that an adjustment pursuant to subparagraph (ii) above is made in connection with a transaction that
would otherwise result in an adjustment pursuant to this subparagraph (iv). 
 (v) If the Gross Asset Value of a
Company asset has been determined or adjusted pursuant to subsection (ii) or (iv) above, such Gross Asset Value will thereafter be adjusted by the Depreciation taken into account with respect to such asset for purposes of computing Profits
and Losses. 
 “Member Minimum Gain” means an amount, with respect to each Member Nonrecourse Debt, equal to
the Minimum Gain that would result if such Member Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance with Treasury Regulations Section 1.704-2(i) with respect to “partner minimum gain.” 

“Member Nonrecourse Debt” has the meaning set forth in Treasury Regulations Section 1.704-2(b)(4) for the phrase
“partner nonrecourse debt.” 
 “Member Nonrecourse Deductions” has the meaning set forth in Treasury
Regulations Section 1.704-2(i) for the phrase “partner nonrecourse deductions.” 
 “Nonrecourse
Deductions” has the meaning set forth in Treasury Regulations Sections 1.704-2(b)(1) and 1.704-2(c). 

“Nonrecourse Liability” has the meaning set forth in Treasury Regulations Sections 1.704-2(b)(3) and 1.752-1(a)(2).

 “Profits” and “Losses” means, for each Fiscal Year or
other period, an amount equal to the Company’s taxable income or loss for such year or period determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss, deduction or credit required to be stated
separately pursuant to Code Section 703(a)(1) will be included in taxable income or loss), with the following adjustments: 
 (i) Any income of the Company that is exempt from U.S. federal income tax and not otherwise taken into account in computing Profits or Losses pursuant to this definition of Profits and Losses will
increase the amount of such income and/or decrease the amount of such loss; 
 (ii) Any expenditure of the
Company described in Code Section 705(a)(2)(B) or treated as Code Section 705(a)(2)(B) expenditures pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Profits or Losses
pursuant to this definition of Profits and Losses, will decrease the amount of such income and/or increase the amount of such loss; 
 (iii) Gain or loss resulting from any disposition of Company assets where such gain or loss is recognized for U.S. federal income tax purposes will be computed by reference to the Gross Asset Value of the
Company assets disposed of, notwithstanding that the adjusted tax basis of such Company assets differs from its Gross Asset Value; 
 (iv) In lieu of the depreciation, amortization and other cost recovery deductions taken into account in computing such income or loss, Depreciation will be taken into account for such fiscal year or other
period; 
 (v) To the extent an adjustment to the adjusted tax basis of any asset included in Company assets
pursuant to Code Section 734(b) or Code Section 743(b) is required pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m) to be taken into account in determining Capital Accounts as a result of a distribution other than in
liquidation of a Member’s Interest, the amount of such adjustment will be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases the basis of the asset) from the disposition of the
asset and will be taken into account for the purposes of computing Profits and Losses; 
 (vi) If the Gross Asset
Value of any Company asset is adjusted in accordance with subparagraph (ii) or subparagraph (iii) of the definition of “Gross Asset Value” above, the amount of such adjustment will be taken into account in the taxable year of
such adjustment as gain or loss from the disposition of such asset for purposes of computing Profits or Losses; and 
 (vi) Notwithstanding any other provision of this definition of Profits and Losses, any items that are specially allocated pursuant to Appendix A-2 will not be taken into account in computing
Profits or Losses. The amounts of the items of Company income, gain, loss or deduction available to be specially allocated pursuant to Appendix A-2 will be determined by applying rules analogous to those set forth in this definition of
Profits and Losses. 

 “Treasury Regulations” means the U.S. Department of the Treasury
regulations promulgated under the Code. 
 (b) Regulatory Allocations. Notwithstanding Section 5.01(a), the
Company will make special allocations as set forth in this Appendix A-1 in the following order of priority: 
 (i)
Minimum Gain Chargeback. If there is a net decrease in Company Minimum Gain during a Company taxable year, then each Member will be allocated items of Company income and gain for such taxable year (and, if necessary, for subsequent years) in
an amount equal to such Member’s share of the net decrease in Company Minimum Gain, determined in accordance with Treasury Regulations Section 1.704-2(g)(2). This Appendix A-1(b)(i) is intended to comply with the minimum gain
chargeback requirement of Treasury Regulations Section 1.704-2(f) and will be interpreted consistently therewith. 
 (ii)
Member Minimum Gain Chargeback. If there is a net decrease in Member Minimum Gain attributable to a Member Nonrecourse Debt during any Company taxable year, each Member who has a share of the Member Minimum Gain attributable to such Member
Nonrecourse Debt, determined in accordance with Regulations Section 1.704-2(i)(5), will be specially allocated items of Company income and gain for such taxable year (and, if necessary, subsequent years) in an amount equal to such Member’s
share of the net decrease in Member Minimum Gain attributable to such Member Nonrecourse Debt, determined in a manner consistent with the provisions of Treasury Regulations Section 1.704-2(g)(2). This Appendix A-1(b)(ii) is intended to
comply with the partner nonrecourse debt minimum gain chargeback requirement of Treasury Regulations Section 1.704-2(i)(4) and will be interpreted consistently therewith. 

(iii) Qualified Income Offset. If any Member unexpectedly receives an adjustment, allocation, or distribution of the type
contemplated by Treasury Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6), items of income and gain will be allocated to all such Members (in proportion to the amounts of their respective deficit Adjusted Capital Accounts) in an
amount and manner sufficient to eliminate the deficit balance in the Adjusted Capital Account of such Member as quickly as possible, provided that an allocation pursuant to this Appendix A-1(b)(iii) will be made if and only to the extent that
such Member would have an Adjusted Capital Account deficit after all other allocations provided for in this Article V have been tentatively made as if this Appendix A-1(b)(iii) were not in the Agreement. It is intended that this
Appendix A-1(b)(iii) qualify and be construed as a “qualified income offset” within the meaning of Treasury Regulations Section 1.704-1(b)(2)(ii)(d). 
 (iv) Limitation on Allocation of Net Loss. If the allocation of Losses to a Member as provided in Section 5.01(a) would create or increase an Adjusted Capital Account deficit, there
will be allocated to such Member only that amount of Losses as will not create or increase an Adjusted Capital Account deficit. The Losses that would, absent the application of the preceding sentence, otherwise be allocated to such Member will be
allocated to the other Members in accordance with their relative proportion of Units, subject to the limitations of this Appendix A-1(b)(iv). 

 (v) Certain Additional Adjustments. To the extent that an adjustment to the adjusted
tax basis of any Company asset pursuant to Code Section 734(b) or Code Section 743(b) is required, pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(2) or Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(4), to be
taken into account in determining Capital Accounts as the result of a distribution to a Member in complete liquidation of its Interest, the amount of such adjustment to the Capital Accounts will be treated as an item of gain (if the adjustment
increases the basis of the asset) or loss (if the adjustment decreases such basis), and such gain or loss will be specially allocated to the Members in accordance with their Interests in the Company in the event that Treasury Regulations
Section 1.704-1(b)(2)(iv)(m)(2) applies, or to the Members to whom such distribution was made in the event that Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(4) applies. 

(vi) Nonrecourse Deductions. The Nonrecourse Deductions for each taxable year of the Company will be allocated to the Members in
proportion to their respective Interest. 
 (vii) Member Nonrecourse Deductions. The Member Nonrecourse Deductions will
be allocated each year to the Member that bears the economic risk of loss (within the meaning of Treasury Regulations Section 1.752-2) for the Member Nonrecourse Debt to which such Member Nonrecourse Deductions are attributable. 

(viii) Curative Allocations. The allocations set forth in Appendix A-1(b)(i) through (vii) hereof (the
“Regulatory Allocations”) are intended to comply with certain requirements of Treasury Regulations Sections 1.704-1(b) and 1.704-2(i) and will be interpreted in manner consistent with such intent. 

(c) If a Member’s Percentage Interest changes at anytime during a Fiscal Year, then, for purposes of making the allocations required
under Section 5.01 and this Appendix A-1, the Percentage Interests of the relevant Members will be adjusted in accordance with Section 706 of the Code using any reasonable convention as determined by the Board. 

 APPENDIX A-2 

Allocations for Tax Purposes 
 (a) Except as required by Section 704(c) of the Code, for U.S. federal income tax purposes, (i) each item of income, gain, loss and deduction will be allocated among the Members in the same
manner as its correlative item of “book” income, gain, loss or deduction is allocated pursuant to Section 5.01 and Appendix A-1, and (ii) each tax credit will be allocated to the Members in the same manner as the
receipt or expenditure giving rise to such credit is allocated pursuant to Section 5.01 and Appendix A-1. The Members’ shares of depreciation, depletion, amortization, gain or loss, as computed for U.S. federal income tax
purposes, will be determined so as to take account of the variation between the adjusted tax basis and the book value of the Company’s property, in accordance with Section 704(c) of the Code using such method as determined by the Board and
the contributing Member. 
 (b) All items of income, gain, loss, deduction and credit recognized by the Company for U.S. federal
income tax purposes and allocated to the Members in accordance with the provisions hereof will be determined without regard to any election under Section 754 of the Code which may be made by the Company; provided, however, that
such allocations, once made, will be adjusted as necessary or appropriate to take into account those adjustments permitted or required by Sections 734 and 743 of the Code. 
 (c) Any gain allocated to the Members upon the taxable Disposition of any Company asset will, to the extent possible, after taking into account other required allocations of gain pursuant to this
Appendix A-2, be characterized as depreciation recapture income in the same proportions and to the same extent as such Members (or their predecessors in interest) have been allocated any deductions directly or indirectly giving rise to the
treatment of such gains as depreciation recapture income. 
 (d) Allocations under this Appendix A-2 are made solely for
U.S. federal, state and local income tax purposes and will not affect any Member’s Capital Account balance or share of distributions. 

 EXHIBIT A 

Members, Commitments and Commitment Percentages† 

 

									
	 Member
	  	Commitment	 	  	Commitment
Percentage	 
	 Greater China Industrial Investments LLC
	  	$	775,000,000	  	  	 	86.1111	% 
	 Seaspan Investment I Ltd.
	  	$	100,000,000	  	  	 	11.1111	% 
	 Blue Water Commerce, LLC
	  	$	25,000,000	  	  	 	2.7778	% 
	 Tiger Management Limited
	  	 
 
 	$0 (all contributions to
be in the form of
Service Contributions)	  
  
  	  	 	0	% 
	 TOTAL
	  	$	900,000,000	  	  	 	100	% 

  

	†	Subject to adjustment in accordance with the Agreement. 

 Member Contact Information 
 Greater China Industrial Investments LLC:

 c/o The Carlyle Group 
 1001
Pennsylvania Avenue, N.W. 
 Suite 220 South 
 Washington, DC 20004 
 Attention: Cedric Bobo 

Fax No.: +1.202.347.1818 
 with a copy,
which will not constitute notice, to: 
 Latham & Watkins LLP 
 555 Eleventh Street, N.W. 
 Suite 1000 
 Washington, DC 20004 
 Attention: Daniel T. Lennon 

Fax No.: +1.202.637.2201 
 Seaspan
Investment I Ltd.: 
 c/o Seaspan Corporation 
 Unit 2 – 7th Floor, Bupa Centre 
 141 Connaught Road West 

 Hong Kong 
 Attention: Corporate Secretary 
 Fax: +852.2540.1689 

with a copy, which will not constitute notice, to: 
 Seaspan Ship Management Ltd. 
 2600 - 200 Granville Street, 

Vancouver BC V6C 1S4 
 Attention: Corporate
Secretary 
 Fax: +1 604-648-9514 

and 
 Perkins Coie LLP 

1120 N.W. Couch Street 
 Tenth Floor 

Portland, Oregon 97209 
 Attention: David S.
Matheson 
 Fax No.: +1.503.727.2222 
 Blue Water Commerce, LLC: 
 101 International Drive 

P.O. Box 16630 
 Missoula, MT 59808 

Attention: Lawrence R. Simkins 
 Fax:
+1.406.523.1399 
 with a copy, which will not constitute notice, to: 
 K&L Gates LLP 
 925 Fourth Avenue 
 Suite 2900 
 Seattle, WA 98104 
 Attention: Stephan Coonrod and Chris Visser 
 Fax: +1.206.623.7022 

Tiger Management Limited: 
 Graham
Porter/Gerry Wang 
 c/o Tiger Ventures Limited 
 1401 Jardine House 
 1 Connaught Place 
 Central Hong Kong 
 Fax: +852.2160.5199 

with a copy, which will not constitute notice, to: 
 Shearman & Sterling LLP 
 12/F, Gloucester Tower 

 The Landmark 
 15 Queen’s Road Central 
 Hong Kong 
 Attention: Paul Strecker 
 Fax: +852.2140.0338 

 EXHIBIT B 

Form of Strategic Services Agreement 
 (attached) 

 EXHIBIT C 

Form of Carlyle Consulting Services Agreement 
 (attached) 

 EXHIBIT D 

Form of Technical and Commercial Management Agreement 
 (attached) 

 EXHIBIT E 

Form of Non-Competition Agreements 
 (attached) 

 EXHIBIT F 

Transaction Committee and Officers 
 Transaction Committee 
 Gerry Wang 

Graham Porter 

Greg Ledford 

Cedric Bobo 

Kyle Washington (non-voting member) 
 Officers 
 To be determined by the Board.Right of First Refusal Agreement among Seaspan Corporation, Greater China

 Exhibit 4.2 
 RIGHT OF FIRST REFUSAL AGREEMENT 
 THIS RIGHT OF FIRST REFUSAL AGREEMENT
(this “Agreement”) is dated as of the 14th day of March, 2011 (the “Effective Date”), by and among Greater China Intermodal Investments LLC, a limited liability company formed under the laws of the Marshall Islands
(the “Company”), Seaspan Corporation, a corporation formed under the laws of the Marshall Islands (“Seaspan”), and Blue Water Commerce, LLC, a limited liability company formed under the laws of Montana
(“Washington” and, together with Seaspan, the “ROFR Parties”). The Company, Seaspan and Washington are referred to herein collectively as the “Parties” and each as a “Party”.

 WHEREAS, Seaspan, Washington (whose Affiliates were involved in forming Seaspan, are significant shareholders in Seaspan, and
have been sources of capital and other support for Seaspan), and Greater China Industrial Investments LLC, a limited liability company formed under the laws of the Marshall Islands (“GC Industrial”), have agreed to jointly pursue
through the Company certain investment opportunities in Container Vessels (defined below) used in major shipping segments strategic to the greater China region; and 
 WHEREAS, as a material inducement to the willingness of Seaspan and Washington to jointly pursue such investment opportunities through the Company, the Parties are entering into this Agreement.

 NOW, THEREFORE, in consideration of the mutual covenants and premises of the Parties herein contained and for other good and
valuable consideration (the receipt and sufficiency of which is hereby acknowledged by each Party), the Parties agree as follows: 
 1. Certain Definitions; Construction. 
 (a) As used in this Agreement,
the following terms have the meanings set forth below: 
 “Affiliate” means, when used with respect to a
specified Person, another Person that, either directly or indirectly through one or more intermediaries, Controls, is Controlled by or is under common Control with the Person specified. 

“Business Day” means any day that is not a Saturday, a Sunday, or other day on which banks are required or authorized by
law to be closed in Hong Kong, Vancouver, British Columbia or Washington, D.C. 
 “Carlyle” means Carlyle
Investment Management L.L.C., a Delaware limited liability company. 
 “Charter” means a letter of intent or
definitive contract or other agreement (including any charter party agreement (including any bareboat, time, voyage or slot charter party), lease with respect to which any Company Group Member is proposed to be the lessor, or contract of
affreightment) between any Company Group Member, on the one hand, and an unaffiliated third party, on the other hand (which letter of intent, contract or agreement may be subject to conditions precedent), providing for the use or other employment of
any Container 

 
Vessel and in a form that the Company is prepared to execute. “Charters” means all such letters of intent and definitive contracts and agreements. 

“Company Group” means the Company, each of its direct and indirect Subsidiaries, and any other Entity in which the
Company has made, directly or indirectly, an Investment. 
 “Company Group Member” means any member of the
Company Group. 
 “Company Sale” means any transaction or series of related transactions as a result of which
one or more Persons or group of Persons (other than GC Industrial or any of its Affiliates) acquires: (i) Interests constituting greater than fifty percent (50%) of the Interests then outstanding, whether such transaction is effected by
merger, consolidation, recapitalization, sale or Transfer of the Company’s Interests or otherwise; provided that, following such transaction, neither GC Industrial nor any of its Affiliates retains the power to direct or cause the
direction of the management and policies of the Company (or of any successor of the Company surviving such transaction) or (ii) assets of the Company Group representing seventy-five percent (75%) of the consolidated net asset value of the
Company Group (by way of sale, license, lease or disposition of the assets of the Company Group or a sale of the equity interests of the Company Group Members or otherwise). 
 “Container Vessel” means an ocean-going vessel specifically constructed to transport containerized cargo. 
 “Container Vessel Business” means any Entity (other than any Affiliate of the Company) that owns Container Vessels which comprise more than fifty percent (50%) of such Entity’s
consolidated total assets (as reflected on the most recently prepared consolidated balance sheet of such Entity). For avoidance of doubt, the opportunity to acquire one hundred percent (100%) of the equity of an Entity that owns a Container
Vessel and related rights and appurtenances but essentially no other assets shall be treated as a Container Investment Opportunity in respect of a Container Vessel. 
 “Container Vessel Business Acquisition” means the acquisition of over fifty percent (50%) of the equity securities of any Container Vessel Business. 

“Control” means, when used with respect to a specified Person, the power to direct or cause the direction of the
management and policies of such Person, directly or indirectly, whether through the ownership of voting securities or interests, by contract or otherwise. “Controlled” and “Controlling” will have correlative
meanings. 
 “Entity” means any corporation, limited liability company, partnership, limited partnership,
limited liability partnership, joint venture, trust, business trust, unincorporated association, estate or other legal entity. 

“Governmental Authority” means (i) any U.S. or non-U.S. national, federal, state, county, municipal, or local
government or any Entity exercising executive, legislative, judicial, regulatory, military, taxing or administrative functions of or pertaining to government, (ii) any public international organization, (iii) any agency, division, bureau,
department or other political subdivision of any government, entity or organization described in the foregoing clauses (i) or (ii)

  
 2 

 
of this definition, or (iv) any company, business, enterprise or other Entity owned, in whole or in part, or Controlled by any government, entity, organization or other Person described in
the foregoing clauses (i), (ii) or (iii) of this definition 
 “Initial Public Offering” means the
initial public offering of securities of the Company, any Subsidiary of the Company or any successor Entity of the Company or any of its Subsidiaries for cash pursuant to an effective registration statement under the U.S. Securities Act of 1933 or
the comparable statute of any applicable jurisdiction; provided that in the event of an initial public offering of securities of any Subsidiary of the Company, the net asset value of such Subsidiary shall constitute greater than sixty percent
(60%) of the consolidated total net asset value of the Company Group (as reflected on the most recently prepared consolidated balance sheet of the Company). 
 “Initial Operating Company” means GC Intermodal Operating Company, a Marshall Islands corporation and wholly-owned Subsidiary of the Company. 

“Interest” means all of the interest of a Member in the Company (including rights to distributions (liquidating or
otherwise), allocations, information, and to consent or approve) existing from time to time hereunder. 
 “Material
Terms” with respect to any Container Investment Opportunity means the following terms: (i) ship builder or counterparty, (ii) number of ships, (iii) vessel size(s) and material specifications, (iv) delivered or contract
price, (v) estimated delivery date range, (vi) acceptable charter parties, (vii) range of daily rates (gross and net) and (viii) tenor of any Charters, in each case, on a ship-by-ship basis, to the extent available, and to the
extent included in the applicable ROFR Notice (or Revised ROFR Notice, if applicable). 
 “Member” means any
initial member of the Company and any other Person that becomes a member of the Company after the date hereof in accordance with the terms of the limited liability company agreement of the Company then in effect, in each case, so long as such Person
remains a member of the Company. 
 “Net Seaspan True-Up Vessels” means, with respect to any Container
Investment Opportunity during the ROFR Period, a number of Container Vessels (which shall not be less than zero) equal to (i) the total number of Container Vessels with respect to which Seaspan previously exercised its right of first refusal by
executing (or causing any of its Qualified Subsidiaries to execute) the relevant Negotiated Vessel Contracts (or Revised Negotiated Vessel Contracts where applicable), but which Container Vessels were not purchased by Seaspan or one of its Qualified
Subsidiaries due to (x) the refusal or failure of the counterparty or counterparties to such Negotiated Vessel Contracts (or Revised Negotiated Vessel Contracts where applicable) to execute such Negotiated Vessel Contracts (or Revised
Negotiated Vessel Contracts where applicable) with Seaspan or one of its Qualified Subsidiaries, or (y) in cases where the Negotiated Vessel Contracts or Revised Negotiated Vessel Contracts are in the form of letter(s) of intent that
contemplate(s) subsequent definitive agreement(s), the counterparty’s refusal or failure to execute definitive agreement(s) that have the same Material Terms as the letter of intent and the ROFR Notice or Revised ROFR Notice, as applicable
(other than due to Seaspan’s refusal, failure or unwillingness to execute such definitive agreement(s)), notwithstanding commercially reasonable 

  
 3 

 
efforts by Seaspan to enter into (or cause any of its Qualified Subsidiaries to enter into) such definitive agreement(s) (circumstances covered by (y), an “SSW Letter of Intent
Failure”) minus (for determinations relating to any Phase II Container Investment Opportunities) (ii) the excess of (x) the total number of Seaspan ROFR Vessels for any and all previous Phase II Container Investment
Opportunities that were purchased by Seaspan or its Qualified Subsidiaries, over (y) fifty percent (50%) of the aggregate number of all Container Vessels comprising all previous Phase II Container Investment Opportunities (rounded
to the nearest whole number, with 0.5 being rounded up to 1), other than such Container Vessels that were not purchased by Seaspan or one of its Qualified Subsidiaries due to the refusal or failure of the counterparty or counterparties to the
relevant Negotiated Vessel Contracts (or Revised Negotiated Vessel Contracts where applicable) to execute such Negotiated Vessel Contracts (or Revised Negotiated Vessel Contracts where applicable) with Seaspan or one of its Qualified Subsidiaries or
to an SSW Letter of Intent Failure. Notwithstanding anything herein to the contrary, in no event shall Net Seaspan True-Up Vessels include any Vessels not purchased by Seaspan or one of its Qualified Subsidiaries because of any refusal or failure of
any counterparty to any Negotiated Vessel Contracts (or Revised Negotiated Vessel Contracts) to execute such Negotiated Vessel Contracts (or Revised Negotiated Vessel Contracts where applicable) with Seaspan or its Qualified Subsidiary, the stated
reason for which by such counterparty was the refusal or failure of Seaspan or its Qualified Subsidiary to provide adequate credit support (as determined by such counterparty in its reasonable discretion) for the acquisition of the applicable
Vessels pursuant to such Negotiated Vessel Contracts (or Revised Negotiated Vessel Contracts). 
 “Net Washington
True-Up Vessels” means, with respect to any Container Investment Opportunity during the ROFR Period, a number of Container Vessels (which shall not be less than zero) equal to (i) the total number of Container Vessels with respect to
which Washington previously exercised its right of first refusal by executing (or causing any of its Qualified Subsidiaries to execute) the relevant Negotiated Vessel Contracts (or Revised Negotiated Vessel Contracts where applicable), but which
Container Vessels were not purchased by Washington or one of its due to (x) the refusal or failure of the counterparty or counterparties to such Negotiated Vessel Contracts (or Revised Negotiated Vessel Contracts where applicable) to execute
such Negotiated Vessel Contracts (or Revised Negotiated Vessel Contracts where applicable) with Washington or one of its Qualified Subsidiaries, or (y) in cases where the Negotiated Vessel Contracts are in the form of letter(s) of intent that
contemplate(s) subsequent definitive agreement(s), the counterparty’s refusal or failure to execute definitive agreement(s) that have the same Material Terms as the letter of intent and the ROFR Notice or Revised ROFR Notice, as applicable
(other than due to Washington’s refusal, failure or unwillingness to execute such definitive agreement(s)), notwithstanding commercially reasonable efforts by Washington to enter into (or cause any of its Qualified Subsidiaries to enter into)
such definitive agreement(s) (circumstances covered by (y), a “Washington Letter of Intent Failure”) minus (ii) the excess of (x) the total number of Washington ROFR Vessels for any and all previous Container
Investment Opportunities that were purchased by Washington or its Qualified Subsidiary over (y) twenty-five percent (25%) of the aggregate number of all Seaspan Declined Vessels for all previous Container Investment Opportunities
(rounded to the nearest whole number with 0.5 being rounded up to 1), other than such Container Vessels that were not purchased by Washington or one of its Qualified Subsidiaries due to the refusal or failure of the counterparty or counterparties to
the relevant Negotiated Vessel Contracts (or Revised Negotiated Vessel Contracts where applicable) to execute such Negotiated Vessel Contracts (or Revised Negotiated Vessel Contracts where 

  
 4 

 
applicable) with Washington or one of its Qualified Subsidiaries or to a Washington Letter of Intent Failure. Notwithstanding anything herein to the contrary, in no event shall Net Washington
True-Up Vessels include any Vessels not purchased by Washington or one of its Qualified Subsidiaries because of any refusal or failure of any counterparty to any Negotiated Vessel Contracts (or Revised Negotiated Vessel Contracts) to execute such
Negotiated Vessel Contracts (or Revised Negotiated Vessel Contracts where applicable) with Washington or a Qualified Subsidiary of Washington, the stated reason for which by such counterparty was the refusal or failure of Washington or its Qualified
Subsidiary to provide adequate credit support (as determined by such counterparty in its reasonable discretion) for the acquisition of the applicable Vessels pursuant to such Negotiated Vessel Contracts (or Revised Negotiated Vessel Contracts).

 “Person” means any individual or Entity. 

“Phase II Container Investment Opportunities” means all Container Investment Opportunities for which the ROFR Notice is
provided on or after August 15, 2014. 
 “Qualified Subsidiary” of any Person means (i) a Subsidiary
of such Person of which 80% or more of the voting and equity securities or interests are owned, directly or indirectly, by such Person and (ii) in the case of Washington, any Entity in which 80% or more of the voting and equity securities or
interests are owned, directly or indirectly, by (A) Dennis Washington and/or his immediate family members and lineal descendants, (B) one or more trusts established for the benefit of any of the Persons described in subclause (A) of
this clause (ii) and (C) one or more charitable foundations established by any of the Persons described in subclause (A) of this clause (ii). 
 “ROFO Period” means the period beginning on the Effective Date and ending on the last day of the ROFR Period. 
 “ROFR Period” means the period beginning on the Effective Date and ending on the earlier of (i) March 31, 2015, (ii) the date on which the Company is dissolved or
liquidated and (iii) the date on which this Agreement is terminated pursuant to Section 5 hereof. 

“ROFR Review Date” means each of August 15, 2011, August 15, 2012, August 15, 2013 and
August 15, 2014. 
 “Seaspan Declined Vessels” means, with respect to any Container Investment
Opportunity, a number of Container Vessels equal to the excess of (i) the number of Seaspan ROFR Vessels with respect to such Container Investment Opportunity, over (ii) the number of Seaspan Identified Vessels with respect to such
Container Investment Opportunity. 
 “Seaspan ROFR Vessels” means, with respect to any Container Investment
Opportunity (i) prior to August 15, 2014, one hundred percent (100%) of the Container Vessels comprising such Container Investment Opportunity and (ii) on or after August 15, 2014, a number of Container Vessels (not to
exceed 100% of the Container Vessels comprising such Container Vessel Opportunity) equal to the sum of (x) fifty percent (50%) of the number of Container Vessels comprising such Container Investment Opportunity (the “Base Seaspan
ROFR Vessels”) and (y) the number of Net Seaspan True-Up Vessels with respect to such Container Investment Opportunity (if a Net Seaspan True-Up Vessel opportunity is not used by Seaspan for one

  
 5 

 
Container Investment Opportunity, it may be carried over to subsequent such opportunities until used); provided, however, that, with respect to clause (ii), (A) in the event
that any ROFR Notice (or Revised ROFR Notice) relating to such Container Investment Opportunity identifies only one Vessel, the number of Base Seaspan ROFR Vessels with respect to such Container Investment Opportunity shall be one, (B) in the
event that any ROFR Notice (or Revised ROFR Notice) with respect to such Container Investment Opportunity identifies an odd number (other than one) of Vessels as the number of Container Vessels comprising such Container Investment Opportunity, the
number of Base Seaspan ROFR Vessels with respect to such Container Investment Opportunity will be rounded to the nearest whole number (i.e., 0.5 being rounded up to 1) and (C) if such Container Investment Opportunity involves more than
one Container Vessel, the Transaction Committee will, subject to determination of the number of Seaspan ROFR Vessels with respect to such Container Investment Opportunity in accordance with the foregoing provisions of this definition, determine in
good faith which particular Container Vessels are to constitute the Seaspan ROFR Vessels with respect to such Container Investment Opportunity, which determination shall be intended to allocate between the relevant Parties on as nearly an equitable
basis as possible the Container Vessels by capacity and quality. For purposes of illustration only, Exhibit B hereto sets forth the number of Seaspan ROFR Vessels under certain hypothetical scenarios. 

“Services Agreements” means (i) that certain Management Agreement, dated as of the date hereof, by and among the
Company, the Initial Operating Company and TML pursuant to which TML will provide to the Initial Operating Company and certain future Subsidiaries of the Company financial and strategic advisory services, (ii) that certain Consulting Services
Agreement by and among the Initial Operating Company, Carlyle and the Company, pursuant to which Carlyle will provide to certain Subsidiaries of the Company consulting and advisory services and (iii) that certain Technical and Commercial
Management Agreement, among the Initial Operating Company, the Company and SMSL, pursuant to which SMSL will provide to certain Subsidiaries of the Company technical and commercial management services for Container Vessels owned by such
Subsidiaries. 
 “SMSL” means Seaspan Management Services Limited, a company formed under the laws of Bermuda.

 “Subsidiary” means, with respect to any Person, any other Person more than 50% of the voting power of which
is held, directly or indirectly, by such first Person and/or any of such first Person’s Subsidiaries, or over which such Person either, directly or indirectly, exercises Control (including (i) any limited partnership of which such first
Person, directly or indirectly, is the general partner or otherwise has the power to direct or cause the direction of the management and policies thereof and (ii) any limited liability company of which such first Person, directly or indirectly,
is the managing member or otherwise has the power to direct or cause the direction of the management and policies thereof). 

“TML” means Tiger Management Limited, a limited liability company formed under the laws of the Cayman Islands.

 “Transaction Committee” means the transaction committee of the Board of Directors of the Company, as set
forth in the Company’s limited liability company agreement. 

  
 6 

 “Transfer” means any transfer, conveyance, assignment, pledge, mortgage,
charge, hypothecation or other disposition. 
 “Vessel Purchase Contract” means a letter of intent or
definitive contract or other agreement between any Company Group Member, on the one hand, and an unaffiliated third party, on the other hand (which letter of intent, contract or agreement may be subject to conditions precedent), providing for
(i) the construction of one or more Container Vessels and the acquisition of such Container Vessels by the Company or one or more of its Subsidiaries upon completion of construction, (ii) the purchase of one or more Container Vessels
during construction thereof and the acquisition of such Container Vessels by the Company or one or more of its Subsidiaries upon completion of construction, (iii) the purchase or acquisition of one or more then existing Container Vessels or
(iii) any Container Vessel Business Acquisition. A Vessel Purchase Contract shall not contain a covenant of the purchaser not to compete in any business or jurisdiction. For purposes of clarity, option contracts to have constructed or to
acquire Container Vessels shall not be deemed to represent a Vessel Purchase Contract (or a Container Investment Opportunity) until such option is proposed to be exercised by the Company, in which case it shall be deemed to represent a Vessel
Purchase Contract (and a Container Investment Opportunity) subject to this Agreement. 
 “Washington ROFR
Vessels” means, with respect to any Container Investment Opportunity, a number of Container Vessels (not to exceed 100% of the Seaspan Declined Vessels with respect to such Container Investment Opportunity) equal to the sum of
(x) twenty-five percent (25%) of the number of Seaspan Declined Vessels with respect to such Container Investment Opportunity and (y) the number of Net Washington True-Up Vessels with respect to such Container Investment Opportunity
(if a Net Washington True-Up Vessel opportunity is not used by Washington for one Container Investment Opportunity, it may be carried over to subsequent opportunity until used); provided, however, that (i) in the event that the
number of Seaspan Declined Vessels with respect to any Container Investment Opportunity is less than or equal to three (3), the number of Washington ROFR Vessels with respect to such Container Investment Opportunity shall be one (1), (ii) in
the event that the number of Washington ROFR Vessels is a number other than a whole number (other than in the case of clause (i)), the number of Washington ROFR Vessels with respect to such Container Investment Opportunity will be rounded to the
nearest whole number (i.e., 0.5 being rounded up to 1), (iii) in the case of the period commencing August 15, 2014, such term shall mean, with respect to any Container Investment Opportunity, the greater of (A) twenty-five
percent (25%) of the Seaspan Declined Vessels with respect to such Container Investment Opportunity and (B) twelve and one-half percent (12.5%) of the Container Vessels the subject of such Container Vessel Opportunity, and
(iv) if such Container Investment Opportunity involves more than one Container Vessel, the Transaction Committee will, subject to determination of the number of Washington ROFR Vessels with respect to such Container Investment Opportunity in
accordance with the foregoing provisions of this definition, determine in good faith which particular Container Vessels are to constitute Washington ROFR Vessels with respect to such Container Investment Opportunity, which determination shall be
intended to allocate between the relevant Parties on as nearly an equitable basis as possible the Container Vessels by capacity and quality. For purposes of illustration only, Exhibit B hereto sets forth the number of Washington ROFR Vessels
under certain hypothetical scenarios. 
 (b) Unless the context of this Agreement otherwise requires, (i) any pronoun will
include the corresponding masculine, feminine and neuter forms, (ii) words using the singular or 

  
 7 

 
plural number also include the plural or singular number, respectively, (iii) the terms “hereof,” “herein,” “hereby” and derivative or similar words refer to
this entire Agreement, (iv) the terms “Article”, “Section” and “Exhibit” refer to the specified Article, Section or Exhibit, respectively, of this Agreement, (v) the word “including” will mean
“including, without limitation”, (vi) the word “or” will be disjunctive but not exclusive, and (vii) “$” will mean U.S. dollars. References to this Agreement will be deemed to include all Exhibits hereto.
References to agreements and other documents will be deemed to include all subsequent amendments and other modifications or supplements thereto. References to statutes will include all regulations promulgated thereunder and references to statutes or
regulations will be construed as including all statutory and regulatory provisions consolidating, amending or replacing such statute or regulation. The headings and subheadings of the Sections contained in this Agreement are solely for the purpose
of reference and will not affect the meaning or interpretation of this Agreement. The language used in this Agreement will be deemed to be the language chosen by the Parties to express their mutual intent, and no rule of strict construction will be
applied against any Party. References to a “determination” by the Transaction Committee shall mean a determination by the voting members of the Transaction Committee. 

2. Right of First Refusal. 
 (a) During the ROFR Period, prior to entering into (or permitting any Subsidiary to enter into) any Vessel Purchase Contract other than in connection with or pursuant to a Container Vessel Business
Acquisition (a “Container Investment Opportunity”), the Company will deliver to Seaspan and Washington (i) a written notice (a “ROFR Notice”) relating to such Container Investment Opportunity, which ROFR Notice
will include, to the extent applicable, the information set forth on Exhibit A hereto (the “Container Investment Opportunity Terms”), (ii) a copy of a negotiated Vessel Purchase Contract relating to such Container
Investment Opportunity, in the form that the Company or its Subsidiary is prepared to execute in connection with such Container Investment Opportunity and which Vessel Purchase Contract reflects the Material Terms set forth in such ROFR Notice (the
“Negotiated Vessel Purchase Contract”) and (iii) if the Company has, at such time, completed negotiation of the terms of a Charter or Charters with respect to Vessels subject to such Negotiated Vessel Purchase Contract, which
the Company or its Subsidiary is prepared to execute, a copy of such negotiated Charters relating to such Container Investment Opportunity, in the form that the Company or its Subsidiary is prepared to execute in connection with such Container
Investment Opportunity and which Charters reflect the Material Terms set forth in such ROFR Notice (each a “Negotiated Charter Contract”). The Negotiated Vessel Purchase Contract and the Negotiated Charter Contracts, if any,
relating to such Negotiated Vessel Purchase Contract required to be delivered pursuant to this Section 2(a) are collectively referred to as the “Negotiated Vessel Contracts” with respect to such Container Investment
Opportunity. 
 (b) In the event that (i) within twelve (12) Business Days following the date of receipt by Seaspan of
any ROFR Notice (a “Seaspan ROFR Deadline”), Seaspan delivers to the Company and Washington written notice (a “Seaspan Exercise Notice”) stating that Seaspan is exercising its right of first refusal with respect to
the Container Investment Opportunity to which such ROFR Notice relates and identifying the number of Seaspan ROFR Vessels (which number shall not exceed the number of Seaspan ROFR Vessels with respect to such Container Investment Opportunity but may
be less than the number of Seaspan ROFR Vessels with respect to such 

  
 8 

 
Container Investment Opportunity, as Seaspan may elect) and, if applicable, the particular Seaspan ROFR Vessels that Seaspan intends to purchase (and, if applicable and Seaspan so elects, in its
sole discretion, the particular Negotiated Charter Contracts that Seaspan intends to enter into with respect to such Seaspan ROFR Vessels), directly or through any of its Qualified Subsidiaries, in connection with such Container Investment
Opportunity (the “Seaspan Identified Vessels”), and (ii) Seaspan (or such Qualified Subsidiary) executes such Negotiated Vessel Purchase Contract (and, to the extent Seaspan so elects, any such Negotiated Charter Contracts)
with respect to such Seaspan Identified Vessels and delivers such executed Negotiated Vessel Contracts to the Company (which the Company shall be authorized to deliver to the counterparty or counterparties to such Negotiated Vessel Contracts on
Seaspan’s behalf) on or before the later of (A) such Seaspan ROFR Deadline and (B) four (4) Business Days after the date on which such Negotiated Vessel Contracts are delivered to Seaspan by the Company (the “Seaspan
Contract Delivery Deadline”), the Company will use commercially reasonable efforts for a period of five (5) Business Days following receipt by the Company of such executed Negotiated Vessel Contracts to cause the counterparty or
counterparties to such Negotiated Vessel Contracts to enter into such Negotiated Vessel Contracts with Seaspan or such Qualified Subsidiary and, upon execution of such Negotiated Vessel Purchase Contract by such counterparty, Seaspan or such
Qualified Subsidiary will, subject to Section 2(f) below, be entitled to acquire such Seaspan Identified Vessels to the extent provided in such Negotiated Vessel Purchase Contract and to charter such Vessels to the extent provided by any
countersigned Negotiated Charter Contract, if applicable; provided, however, that (A) if, despite the exercise of such commercially reasonable efforts by the Company, the counterparty or counterparties to such Negotiated Vessel
Contracts refuse or fail to enter into such Negotiated Vessel Contracts with Seaspan or such Qualified Subsidiary during such five (5) Business Day period, the Seaspan Identified Vessels subject to such Negotiated Vessel Purchase Contract shall
cease to constitute Seaspan Identified Vessels and (B) Seaspan shall not be permitted to exercise any right of first refusal hereunder unless its board of directors (or a committee thereof to which authority to authorize such transaction has
been unconditionally delegated) has approved the acquisition of the Seaspan Identified Vessels on the terms set forth in the ROFR Notice prior to or on the date of the Seaspan Exercise Notice. If the Negotiated Vessel Contracts (or Revised
Negotiated Vessel Contracts) include both a Vessel Purchase Contract and Charter, (i) Seaspan may condition the execution thereof by Seaspan or its Qualified Subsidiary on acceptance by all counterparties thereto and (ii) if the
counterparty refusing or failing to enter into the Negotiated Vessel Contracts (or Revised Negotiated Vessel Contracts) is with respect to a Charter, Seaspan may nevertheless, for all purposes relevant herein, elect to acquire such Vessel pursuant
to the Negotiated Vessel Purchase Contract (or Revised Vessel Purchase Contract), in which event the Charter shall no longer be treated as part of the Negotiated Vessel Purchase Contract (or Revised Vessel Purchase Contract) for all purposes
relevant to this Agreement. 
 (c) In the event that, in connection with any Container Investment Opportunity, (i) Seaspan
does not (A) provide to the Company and Washington a Seaspan Exercise Notice stating that Seaspan is exercising its right of first refusal with respect to all of the Seaspan ROFR Vessels in connection with such Container Investment Opportunity
prior to or on the Seaspan ROFR Deadline applicable to such Container Investment Opportunity and (B) execute the applicable Negotiated Vessel Purchase Contract (and, to the extent Seaspan so elects, any such Negotiated Charter Contracts) with
respect to such Seaspan Identified Vessels and deliver such Negotiated Vessel Contracts to the Company on or before the applicable Seaspan Contract Delivery Deadline (which the Company shall be authorized to deliver to the counterparty or

  
 9 

 
counterparties to such Negotiated Vessel Contracts on Seaspan’s behalf), (ii) Washington delivers, within fifteen (15) Business Days of the date of receipt by Washington of the
applicable ROFR Notice (the “Washington ROFR Deadline”), written notice (a “Washington Exercise Notice”) stating that Washington is exercising its right of first refusal with respect to the Container Investment
Opportunity to which such ROFR Notice relates and identifying the number of Washington ROFR Vessels (which number shall not exceed the number of Washington ROFR Vessels with respect to such Container Investment Opportunity but may be less than the
number of Washington ROFR Vessels with respect to such Container Investment Opportunity, as Washington may elect) and, if applicable, the particular Washington ROFR Vessels that Washington intends to purchase (and, if applicable and Washington so
elects, in its sole discretion, the particular Negotiated Charter Contracts that Washington intends to enter into with respect to such Washington ROFR Vessels), directly or through one of its Qualified Subsidiaries, in connection with such Container
Investment Opportunity (the “Washington Identified Vessels”) and (iii) Washington (or such Qualified Subsidiary) executes the applicable Negotiated Vessel Purchase Contract (and, to the extent Washington so elects, any such
Negotiated Charter Contracts) with respect to such Washington Identified Vessels and delivers such executed Negotiated Vessel Contracts to the Company (which the Company shall be authorized to deliver to the counterparty or counterparties to such
Negotiated Vessel Contracts on Washington’s behalf) on or before the later of (A) such Washington ROFR Deadline and (B) five (5) Business Days after the date on which such Negotiated Vessel Contracts were delivered to Washington
by the Company (the “Washington Contract Delivery Deadline”), the Company will use commercially reasonable efforts for a period of five (5) Business Days to cause the counterparty or counterparties to such Negotiated Vessel
Contracts to enter into such Negotiated Vessel Contracts with Washington and, upon execution of such Negotiated Vessel Contracts by such counterparty or counterparties, Washington will, subject to Section 2(f) below, be entitled to
acquire such Washington Identified Vessels to the extent provided in such Negotiated Vessel Purchase Contract and to charter such Vessels to the extent provided by any countersigned Negotiated Charter Contract, if applicable; provided,
however, that (A) if, despite the exercise of such commercially reasonable efforts by the Company, the counterparty or counterparties to such Negotiated Vessel Contracts fail or refuse to not enter into the Negotiated Vessel Contracts
with Washington or such Qualified Subsidiary during such five (5) Business Day period, the Washington Identified Vessels subject to such Negotiated Vessel Purchase Contract shall cease to constitute Washington Identified Vessels and
(B) Washington shall not be permitted to exercise any right or first refusal hereunder unless Washington’s board of directors (or the equivalent) has approved the acquisition of the Washington Identified Vessels on the terms set forth in
the ROFR Notice prior to or on the Washington ROFR Deadline. If the Negotiated Vessel Contracts include both a Vessel Purchase Contract and Charter, (i) Washington may condition its execution thereof on acceptance by all counterparties thereto
and (ii) if the counterparty refusing or failing to enter into the Negotiated Vessel Contracts (or Revised Negotiated Vessel Contracts) is with respect to a Charter, Washington may nevertheless, for all purposes relevant herein, elect to
acquire such Vessel pursuant to the Negotiated Vessel Purchase Contract (or Revised Vessel Purchase Contract), in which event the Charter shall no longer be treated as part of the Negotiated Vessel Purchase Contract (or Revised Vessel Purchase
Contract) for all purposes relevant to this Agreement. 
 (d) Notwithstanding anything in Section 2(c) to the
contrary, in the event that, prior to the Washington Contract Delivery Deadline with respect to any Container Investment Opportunity, there is any change to any of the Material Terms of the ROFR Notice provided in

  
 10 

 
connection with such Container Investment Opportunity, whether by reason of variation of the Negotiated Vessel Purchase Contract or any Negotiated Charter Contract from the ROFR Notice or
otherwise, then (A) the Company shall promptly deliver to Seaspan and Washington (1) a revised ROFR Notice (a “Revised ROFR Notice”) with respect to such Container Investment Opportunity reflecting such changes and
(2) a revised Negotiated Vessel Purchase Contract reflecting the material terms set forth in such Revised ROFR Notice (the “Revised Negotiated Vessel Purchase Contract”) and, to the extent applicable, a revised Negotiated
Charter Contract reflecting the material terms set forth in such Revised ROFR Notice (the “Revised Negotiated Charter Contract” and, together with the Revised Negotiated Vessel Purchase Contract, the “Revised Negotiated
Vessel Contracts”), (B) Seaspan shall have until the later of (x) four (4) Business Days following receipt of such Revised ROFR Notice and (y) the Seaspan ROFR Deadline (the “Revised Seaspan ROFR
Deadline”) to provide the Seaspan Exercise Notice, (C) Seaspan shall have until the later of (x) the Revised Seaspan ROFR Deadline and (y) four (4) Business Days following receipt of any Revised Negotiated Contracts to
execute (or, if applicable, cause one of its Qualified Subsidiary to execute) such Revised Negotiated Vessel Contracts as it may elect and deliver any such executed Revised Negotiated Vessel Contracts to the Company (which the Company shall be
authorized to deliver to the counterparty or counterparties to such Revised Negotiated Contracts on Seaspan’s behalf), (D) Washington shall have until the later of (x) five (5) Business Days following receipt of such Revised ROFR
Notice and (y) the Washington ROFR Deadline (the “Revised Washington ROFR Deadline”) to provide the Washington Exercise Notice and (E) Washington shall have until the later of (x) the Revised Washington ROFR Deadline
and (y) five (5) Business Days following receipt of any Revised Negotiated Contracts (the “Revised Washington Contract Delivery Deadline”) to execute (or, if applicable, cause one of its Qualified Subsidiary to execute)
such Revised Negotiated Vessel Contracts as it may elect and deliver any such executed Revised Negotiated Vessel Contracts to the Company (which the Company shall be authorized to deliver to the counterparty or counterparties to such Revised
Negotiated Vessel Contracts on Washington’s behalf). For the avoidance of doubt, the Company will use commercially reasonable efforts for a period of five (5) Business Days following receipt by the Company of any executed Revised
Negotiated Vessel Contracts to cause the counterparty or counterparties to such Revised Negotiated Vessel Contracts to enter into such Negotiated Vessel Contracts with Seaspan or Washington, as applicable (or, if applicable, one of their Qualified
Subsidiaries). 
 (e) Following the later of the Washington ROFR Deadline and the Washington Contract Delivery Deadline (or, if
applicable, the later of the Revised Washington ROFR Deadline and the Revised Washington Contract Delivery Deadline) applicable to any Container Investment Opportunity, the Company and/or any of its Subsidiaries will be free to enter into a Vessel
Purchase Contract and Charters with respect to, and to purchase or acquire and charter pursuant to such Vessel Purchase Contract and Charters, any or all of the Container Vessels comprising such Container Investment Opportunity, other than such
Container Vessels that constitute Seaspan Identified Vessels or Washington Identified Vessels; provided that the Material Terms of such Vessel Purchase Contract and related Charter(s) are the same as the Material Terms of the Negotiated
Vessel Contract(s) (or, if applicable, Revised Negotiated Vessel Contract(s)) applicable to such Container Investment Opportunity. 
 (f) The Company agrees that neither it nor any of its Subsidiaries will acquire any Seaspan Identified Vessel(s) or any Washington Identified Vessel(s) while any Negotiated

  
 11 

 
Vessel Purchase Contract (or, if applicable, any Revised Negotiated Vessel Purchase Contract) entered into by Seaspan or Washington, as applicable (or, if applicable, one of their Qualified
Subsidiaries), with respect to such Seaspan Identified Vessel(s) or Washington Identified Vessel(s), respectively, is still in effect; provided, however, that upon the expiration or valid termination of any such Vessel Purchase
Contract, the Company and/or any of its Subsidiaries shall have the right, but not the obligation to acquire any Container Vessels subject to such Vessel Purchase Contract and enter into any related Charters without further compliance with any
requirements of this Agreement. For avoidance of doubt, if (x) a Container Vessel Opportunity is presented to Seaspan and Washington and they (or any of their Qualified Subsidiaries) do not or cannot, because of the unwillingness of any of the
counterparties, enter into Vessel Purchase Contracts with respect to such Container Vessels, (y) the Company thereafter does not enter into a Vessel Purchase Contract with respect to such Container Vessels or does not consummate the acquisition
of such Container Vessels, and (z) either Seaspan or Washington or any of their respective Qualified Subsidiaries thereafter acquires any of such Container Vessels, such acquisition shall not be treated as an exercise of any rights of first
refusal under this Agreement. 
 (g) Notwithstanding anything herein to the contrary, in the event that, in connection with any
Container Investment Opportunity, the counterparty to any relevant Negotiated Vessel Contract or Revised Negotiated Vessel Contract informs the Company that such Container Investment Opportunity will not be available unless such Negotiated Vessel
Contract or Revised Negotiated Vessel Contract is executed prior to the Washington Contract Delivery Deadline (or, if applicable, the Revised Washington Contract Delivery Deadline) with respect to such Container Investment Opportunity despite the
Company’s commercially reasonable efforts to extend the deadline imposed by such counterparty, the Company will have the right to execute a Negotiated Vessel Contract or Revised Negotiated Vessel Contract, as applicable, for all Container
Vessels that constitute such Container Investment Opportunity and acquire such Container Vessels pursuant to the applicable Negotiated Vessel Purchase Contract or Revised Negotiated Vessel Purchase Contract and to charter out such Container Vessels
pursuant to the applicable Negotiated Charter Contract or Revised Negotiated Charter Contract; provided, however, that if Seaspan or Washington subsequently delivers a Seaspan Exercise Notice or a Washington Exercise Notice,
respectively, within the applicable Seaspan ROFR Deadline or Washington ROFR Deadline (or, if applicable, the Revised Seaspan ROFR Deadline or the Revised Washington ROFR Deadline), the Company will assign its rights under, and Seaspan or
Washington, as applicable, will assume and agree to perform and discharge its rights under, such Negotiated Vessel Contracts or Revised Negotiated Vessel Contracts with respect to the Seaspan Identified Vessels or the Washington Identified Vessels,
as applicable (or, if assignment is not permitted in the case of a Negotiated Vessel Purchase Contract or Revised Negotiated Vessel Purchase Contract, the Company and Seaspan and/or Washington, as applicable, will enter into an agreement providing
for the purchase of such Seaspan Identified Vessels or Washington Identified Vessels by Seaspan and Washington, respectively, on the same economic terms and conditions as set forth in the Negotiated Vessel Purchase Contract or Revised Negotiated
Vessel Purchase Contract and with the Company being solely responsible for any costs and expenses of the Company that would not otherwise arise in connection with the direct acquisition by Seaspan or Washington of the applicable Vessels
(collectively, “Transfer Expenses”) required to transfer, or arising from the transfer of, the Seaspan Identified Vessels or the Washington Identified Vessels and the related Vessel Purchase Contracts to Seaspan or Washington, as
applicable). The 

  
 12 

 
Company agrees to cooperate with Seaspan and Washington, and Seaspan and Washington agree to cooperate with the Company, in effecting any such assignment or purchase. 

(h) Notwithstanding anything in this Agreement to the contrary, (i) upon closing of the acquisition of any Seaspan Identified
Vessels by Seaspan or its Qualified Subsidiaries, Seaspan shall reimburse the Company for a portion of all out-of-pocket expenses (other than any Transfer Expenses) reasonably incurred by the Company and its Subsidiaries in connection with such
Container Investment Opportunity prior to the Seaspan Contract Delivery Deadline (or, if applicable, the Revised Seaspan Contract Delivery Deadline) equal to the product of (x) the amount of such out-of-pocket expenses, multiplied by
(y) a fraction, the numerator of which is the number of Seaspan Identified Vessels acquired by Seaspan or its Subsidiaries pursuant to such Container Investment Opportunity, and the denominator of which is the total number of Container Vessels
that are acquired by the Company, Seaspan, Washington and their respective Subsidiaries pursuant to such Container Investment Opportunity and (ii) upon closing of the acquisition of such Washington Identified Vessels by Washington or its
Qualified Subsidiaries, Washington shall reimburse the Company for a portion of all out-of-pocket expenses (other than any Transfer Expenses) reasonably incurred by the Company and its Subsidiaries in connection with such Container Investment
Opportunity prior to the Washington Contract Delivery Deadline (or, if applicable, the Revised Washington Contract Delivery Deadline) equal to the product of (x) the amount of such out-of-pocket expenses, multiplied by (y) a
fraction, the numerator of which is the number of Washington Identified Vessels acquired by Washington or its Subsidiaries pursuant to such Container Investment Opportunity, and the denominator of which is the total number of Container Vessels that
are acquired by the Company, Seaspan, Washington and their respective Subsidiaries pursuant to such Container Investment Opportunity. In no event shall Seaspan or Washington be obligated to reimburse the Company for any fees that may become payable
under the Services Agreements (or any similar agreements to which the Company or any of its Affiliates is a party) in connection with the acquisition pursuant to this Agreement of any Container Vessels or any Container Vessel Business by Seaspan,
Washington or any of their respective Subsidiaries; provided, however, that the reimbursement obligations of Seaspan and Washington under Section 2(o) will apply to out-of-pocket expenses (other than any Transfer Expenses)
paid by the Company or any of its Subsidiaries pursuant to any Service Agreement to the extent incurred in connection with the acquisition of any Container Vessel or Container Vessel Business covered by this Agreement. 

(i) During the ROFR Period, prior to entering into (or permitting any Subsidiary to enter into) any letter of intent or definitive
contract or other agreement (which letter of intent, contract or agreement may be subject to conditions precedent) providing for any Container Vessel Business Acquisition (a “Container Vessel Business Acquisition Opportunity”), the
Company will deliver to Seaspan and Washington (i) a written notice (a “Vessel Business ROFR Notice”) describing the material terms of such Container Vessel Business Acquisition Opportunity (the “Container Vessel
Business Acquisition Opportunity Terms”), which Vessel Business ROFR Notice will include, to the extent applicable, the information set forth on Exhibit A hereto, (ii) a copy of a negotiated Vessel Purchase Contract relating to
such Container Vessel Business Acquisition Opportunity, in the form that the Company is prepared to execute in connection with such Container Vessel Business Acquisition Opportunity and which Vessel Purchase Contract reflects the material terms set
forth in the Vessel Business ROFR Notice (the “Negotiated Vessel Business Purchase Contract”) and (iii) if applicable, a copy of any Negotiated 

  
 13 

 
Charter Contracts with respect to such Container Vessel Business Acquisition Opportunity (together with the Negotiated Vessel Business Purchase Contract, the “Negotiated Vessel Business
Contracts”). 
 (j) In the event that (i) within twelve (12) Business Days following the date of receipt by
Seaspan of any Vessel Business ROFR Notice (a “Seaspan Vessel Business ROFR Deadline”), Seaspan delivers to the Company written notice (a “Seaspan Vessel Business Exercise Notice”) stating that Seaspan is exercising
its right of first refusal with respect to the Container Vessel Business Acquisition Opportunity to which such Vessel Business ROFR Notice relates and (ii) Seaspan or any of its Qualified Subsidiaries executes such Negotiated Vessel Business
Purchase Contract and delivers such Negotiated Vessel Business Purchase Contract to the Company and each counterparty to such Negotiated Vessel Business Purchase Contract on or before the later of (A) such Seaspan Vessel Business ROFR Deadline
and (B) ten (10) Business Days after the date on which such Negotiated Vessel Business Purchase Contract was delivered to Seaspan by the Company (the “Seaspan Vessel Business Contract Delivery Deadline”), Seaspan will,
subject to Sections 2(l) and 2(m) below, be entitled to complete such Container Vessel Business Acquisition; provided, however, that Seaspan shall not be permitted to exercise its right of first refusal with respect to
such Container Vessel Business Acquisition unless its board of directors (or an applicable committee to which authority to authorize such transaction has been unconditionally delegated) has approved such Container Vessel Business Acquisition on the
terms set forth in the Vessel Business ROFR Notice prior to or on the date of the Seaspan Vessel Business Exercise Notice. 

(k) Notwithstanding anything in Section 2(j) to the contrary, in the event that, prior to the Seaspan Vessel Business ROFR
Deadline with respect to any Container Vessel Business Acquisition Opportunity, there is any change to any of the material terms of the Vessel Business ROFR Notice provided in connection with such Container Vessel Business Acquisition Opportunity,
whether by reason of variation of the Negotiated Vessel Business Purchase Contract or any Negotiated Vessel Charter Contract from the Vessel Business ROFR Notice or otherwise, then (A) the Company shall promptly deliver to Seaspan (1) a
revised Vessel Business ROFR Notice (a “Revised Vessel Business ROFR Notice”) and (2) a revised Negotiated Vessel Business Purchase Contract (the “Revised Negotiated Vessel Business Purchase Contract”) and, to
the extent applicable, a Revised Negotiated Vessel Charter Contract (together with the Revised Negotiated Vessel Business Purchase Contract, the “Revised Negotiated Vessel Business Contracts”) with respect to such Container Vessel
Business Acquisition Opportunity reflecting such changes and (B) Seaspan shall have until (1) the later of (x) five (5) Business Days following receipt of such Revised Vessel Business ROFR Notice and (y) the Seaspan Vessel
Business ROFR Deadline (the “Revised Vessel Business ROFR Deadline”) to provide a Seaspan Vessel Business Exercise Notice, and (2) the later of (x) five (5) Business Days following receipt of any Revised Negotiated
Vessel Business Contract and (y) the Seaspan Vessel Business Contract Delivery Deadline (the “Revised Business Contract Delivery Deadline”) to execute such Revised Negotiated Vessel Business Contract and deliver such Revised
Negotiated Vessel Business Contract to the Company and each counterparty to such Revised Negotiated Vessel Business Contract. 

(l) In the event that, in connection with any Container Vessel Business Acquisition Opportunity, (i) Seaspan does not
(A) provide to the Company a Seaspan Business 

  
 14 

 
Vessel Exercise Notice stating that Seaspan is exercising its right of first refusal with respect to such Container Vessel Business Acquisition Opportunity prior to the Seaspan Vessel Business
ROFR Deadline or, if applicable, the Revised Vessel Business ROFR Deadline applicable to such Container Vessel Business Acquisition Opportunity and (B) execute the applicable Negotiated Vessel Business Purchase Contract (or Revised Negotiated
Business Purchase Contract) and deliver such Negotiated Vessel Business Purchase Contract (or Revised Negotiated Business Purchase Contract) to the Company and each counterparty to such Negotiated Vessel Business Purchase Contract (or Revised
Negotiated Business Purchase Contract) on or before the applicable Seaspan Vessel Business Contract Delivery Deadline or, if applicable, Revised Business Contract Delivery Deadline, the Company and/or any of its Subsidiaries will be free to enter
into a Vessel Purchase Contract with respect to, and to effect, such Container Vessel Business Acquisition; provided that such Vessel Purchase Contract is in substantially the same form as the applicable Negotiated Vessel Business Purchase
Contract (or, if applicable, Revised Negotiated Business Purchase Contract). 
 (m) The Company agrees that neither it nor any
of its Subsidiaries will effect any Container Vessel Business Acquisition while any Vessel Purchase Contract entered into by Seaspan pursuant to this Agreement with respect to such Container Vessel Business Acquisition is still in effect;
provided, however, that upon the expiration or termination of any such Vessel Purchase Contract, the Company and/or any of its Subsidiaries shall have the right, but not the obligation, subject to Section 2(l) to effect such
Container Vessel Business Acquisition without further compliance with any requirements of this Agreement. 
 (n) Notwithstanding
anything herein to the contrary, in the event that, in connection with any Container Vessel Business Acquisition Opportunity, the counterparty to the relevant Negotiated Vessel Business Purchase Contract informs the Company that such Container
Vessel Business Acquisition Opportunity will not be available unless the Negotiated Vessel Business Purchase Contract is executed prior to the Seaspan Vessel Business Contract Delivery Deadline (or, if applicable, Revised Business Contract Delivery
Deadline) with respect to such Container Vessel Business Acquisition Opportunity despite the Company’s commercially reasonable efforts to extend the deadline imposed by such counterparty, the Company will have the right to execute a Negotiated
Vessel Business Purchase Contract or Revised Negotiated Vessel Business Purchase Contract, as applicable, with respect to such Container Vessel Business Acquisition Opportunity; provided, however, that if Seaspan subsequently delivers
a Seaspan Business Vessel Exercise Notice within the applicable Seaspan Vessel Business ROFR Deadline (or, if applicable, Revised Vessel Business ROFR Deadline), the Company will assign its rights under, and Seaspan or its Qualified Subsidiary will
assume and agree to perform and discharge its rights under, such Negotiated Vessel Business Purchase Contract or Revised Negotiated Vessel Business Purchase Contract, as applicable, with respect to such Container Vessel Business Acquisition
Opportunity (or, if assignment is not permitted, the Company and Seaspan will enter into an agreement providing for the purchase of such Container Vessel Business Acquisition Opportunity by Seaspan or its Qualified Subsidiary on the same economic
terms and conditions as set forth in the Negotiated Vessel Business Purchase Contract or Revised Negotiated Vessel Business Purchase Contract, as applicable, and with the Company being solely responsible for any Transfer Expenses of the Company that
would not otherwise arise in connection with the completion of the applicable Container Vessel Business Acquisition directly by Seaspan required to, or arising from the transfer of, the Container Vessel Business Acquisition Opportunity and the

  
 15 

 
related Vessel Purchase Contract to Seaspan). The Company agrees to cooperate with Seaspan, and Seaspan agrees to cooperate with the Company, in effecting any such assignment or purchase.

 (o) Notwithstanding anything in this Agreement to the contrary, upon the closing of any Container Vessel Business Acquisition
by Seaspan or its Qualified Subsidiary pursuant to this Agreement, Seaspan shall reimburse the Company for all out-of-pocket expenses (other than any Transfer Expenses) reasonably incurred by the Company and its Subsidiaries in connection with such
Container Vessel Business Acquisition. 
 (p) Notwithstanding anything herein to the contrary, the provisions of this
Section 2 shall terminate and be of no further force and effect upon termination or expiration of the ROFR Period. 

(q) In connection with any Container Investment Opportunity, the Company will provide Seaspan and Washington, as promptly as reasonable
practical after receiving a written request from Seaspan or Washington, after delivery of the ROFR Notice or any Revised ROFR Notice relating to such Container Investment Opportunity, with (i) all material written materials prepared by,
received from or shared with counterparties to contemplated Vessel Purchase Contracts, financing agreements and Charters in connection with such Container Investment Opportunity (including term sheets related to proposed Charter or financing
arrangements and draft agreements, if applicable) and specifically related to the terms of the Container Investment Opportunity subject to such ROFR Notice or Revised ROFR Notice and (ii) any special or subsequent survey in the possession of
the Company prepared by a third party with respect to the Vessels subject to such ROFR Notice or Revised ROFR Notice. 
 3.
Right of First Offer. 
 (a) During the ROFO Period, in the event that the Company or any of its Subsidiaries desires to
sell or otherwise Transfer one or more Container Vessels to any Person, other than (i) a sale or Transfer to the Company and/or its Controlled Affiliates or (ii) in connection with an Initial Public Offering or a Company Sale, then, prior
to effecting such sale or Transfer, the Company shall deliver a written notice (the “Proposed Sale Notice”) to Seaspan describing in reasonable detail the Container Vessel(s) to be sold or Transferred, related Charter terms (and
including a copy of the Charter documents), and any existing financing that may be assumed upon Transfer of the Vessel (and including copies of the related loan documentation); provided, however, that the Company shall not have an
obligation to deliver such Proposed Sale Notice if Seaspan or any of its Controlled Affiliates is then in material default or has materially breached any provision of this Agreement or the limited liability company agreement of the Company and, if
capable of being cured, such default or breach remains uncured for a period of thirty (30) days following written notice by the Company to Seaspan of such default or breach. Seaspan will have the right, but not the obligation, to deliver an
irrevocable written offer (an “Offer”) to the Company on or before the date that is twelve (12) Business Days after the date of receipt of the Proposed Sale Notice (the “ROFO Deadline”) to purchase (or to cause
any of its Qualified Subsidiaries to purchase) all, but not less than all, of the Container Vessels described in the Proposed Sale Notice, which Offer shall set forth all material terms and conditions (including the price) on which Seaspan desires
to purchase the Container Vessels described in the Proposed 

  
 16 

 
Sale Notice; provided that any Offer shall (A) provide for payment of consideration only in the form of cash in a specific amount set forth in such Offer and payable at the closing of
such sale or Transfer, and (B) not contain any conditions to closing other than receipt of any required approval of Governmental Authorities. The Company shall have the right to accept or reject any Offer in its sole and absolute discretion.

 (b) If the Company or one of its Subsidiaries receives an Offer in response to a Proposed Sale Notice
and, within twelve (12) Business Days of receipt of such Offer, the Company or such Subsidiary provides a written notice to Seaspan accepting such Offer (any such notice, an “Acceptance Notice”), the Company (or its applicable
Subsidiary) and Seaspan will use commercially reasonable efforts to consummate the transaction contemplated by the Offer as soon thereafter as reasonably possible, but in any event prior to the twentieth (20th) Business Day following receipt by Seaspan of the Acceptance
Notice (such date, as extended as applicable pursuant to the following proviso, being the “Closing Deadline”); provided that, if it is necessary to obtain any approvals of any Governmental Authorities to lawfully consummate
such transaction, the Closing Deadline will be extended until the earlier of (i) the fifth (5th) Business Day following receipt of each such approval by a Governmental Authority and (ii) the thirtieth (30th) Business Day after receipt by Seaspan of the Acceptance Notice. If it accepts any such Offer, the Company agrees
to reasonably cooperate, at Seaspan’s expense, in obtaining any such Governmental Authority approval, including the prompt making of any filings required thereby. 
 (c) In the event that (i) the Company does not receive an Offer in response to a Proposed Sale Notice before the applicable ROFO Deadline or (ii) the Company receives an Offer in response to a
Proposed Sale Notice that is accepted by the Company (or the applicable Subsidiary of the Company) pursuant to Section 3(b) but Seaspan fails to consummate the transaction contemplated by such Offer prior to the Closing Deadline, the
Company and/or its applicable Subsidiary will have the right, in its sole and absolute discretion, to thereafter sell or Transfer the Container Vessel(s) identified in such Proposed Sale Notice to one or more third parties in any transaction or
series of related transactions on such terms and conditions as are determined by the Company and/or its applicable Subsidiary in its sole and absolute discretion; provided that such sale or Transfer is consummated within 180 days of the date
of such Proposed Sale Notice (or such longer period as shall be necessary to obtain any regulatory or governmental approval required in connection with such sale or Transfer). If any such sale or Transfer of any such Container Vessel is not
consummated within such 180-day period (or such longer period as shall be necessary to obtain any regulatory or governmental approval required in connection with such sale or Transfer), neither the Company nor any of its Subsidiaries may Transfer
such Container Vessel without first complying again with its obligations under this Section 3. 
 (d) In the event
that the Company receives an Offer in response to a Proposed Sale Notice but does not accept such Offer, the Company and/or its applicable Subsidiary will have the right, in its sole and absolute discretion, to thereafter sell or Transfer the
Container Vessel(s) identified in such Proposed Sale Notice to one or more, non-Affiliated third parties in any transaction or series of related transactions; provided that (i) the board of directors of the Company determines in good
faith that, considering all of the terms of the transaction, the value of the consideration to be received by the Company in connection with such transaction is, on the whole, greater than the value of the consideration to be received by the Company
pursuant to the Offer and (ii) such sale or Transfer is consummated within 180 days of the date of such Proposed 

  
 17 

 
Sale Notice (or such longer period as shall be necessary to obtain any regulatory or governmental approval required in connection with such sale or Transfer). For the purpose of this
Section 3(d), the value of any non-cash consideration received by the Company or any of its Subsidiaries in connection with the sale or Transfer of any Container Vessel(s) shall be determined by the Company’s board of directors in
good faith. If any such sale or Transfer of any such Container Vessel is not consummated within such 180-day period (or such longer period as shall be necessary to obtain any regulatory or governmental approval required in connection with such sale
or Transfer), neither the Company nor any of its Subsidiaries may Transfer such Container Vessel without first complying again with its obligations under this Section 3. 

(e) Notwithstanding anything in this Agreement to the contrary, the provisions of this Section 3 shall terminate and be of no
further force and effect upon termination or expiration of the ROFO Period. 
 4. Responsibility Relating to Container
Investment Opportunities. Notwithstanding any provision hereof to the contrary, (i) each of Seaspan and Washington acknowledges that it will make its own investment decisions with respect to any Container Investment Opportunity or any
Container Vessel Business Acquisition Opportunity (including, in each case, with respect to any Charters associated therewith) and that the Company, its Subsidiaries and their respective officers, directors, employees, members and Affiliates are not
providing any recommendation or advice to Seaspan or Washington in connection with or relating to, or making any representation or warranty to Seaspan or Washington concerning, any Container Investment Opportunity or any Container Vessel Business
Acquisition Opportunity (including, in each case, any Charter associated therewith), (ii) Seaspan, Washington and their respective officers, directors, employees, members, stockholders or Affiliates shall have no interest (other than the
interest of any member of the Company) in, or any claim against the Company, its Subsidiaries or any of their respective officers, directors, employees, members, stockholders or Affiliates (in their respective capacities as such) in connection with
(and such Persons in such capacities shall have no liability to Seaspan, Washington and their respective officers, directors, employees, members, stockholders or Affiliates in any way related to) any Container Investment Opportunity, any Container
Vessel Business Acquisition Opportunity or other acquisition of any Container Vessels, Charters or other assets completed by any Party pursuant to or in compliance with the terms of this Agreement, other than in the case of any breach by the Company
or any Subsidiary of any of the terms of this Agreement or in the case of fraud by the Company, and (iii) Seaspan and Washington (each, an “Indemnifying Party”) shall each indemnify and hold harmless the Company, its
Subsidiaries and their respective officers, directors, employees, members, stockholders or affiliates (in their respective capacities as such) from and against any such claim or liability of such Indemnifying Party or such Indemnifying Party’s
officers, directors, employees, members, stockholders or Affiliates (it being understood that Seaspan shall not have any obligation in respect of any such claim or liability of Washington or its officers, directors, employees, members, stockholders
or Affiliates (other than Seaspan and any Affiliate of Washington that is also an Affiliate of Seaspan), and Washington shall not have any obligation in respect of any such claim or liability of Seaspan or its officers, directors, employees,
members, stockholders or Affiliates (other than Washington and its Subsidiaries), provided, however, that such obligation to indemnify shall not apply to the extent of any claim or liability in respect of any breach by the Company or
any Subsidiary of any of the terms of this Agreement or in the case of fraud by the Company. Each of the parties hereto acknowledges that Gerry Wang and Graham Porter owe existing fiduciary duties to Seaspan

  
 18 

 
Corporation and Seaspan Ship Management Ltd., which they shall be entitled to fulfill regardless of this Agreement. This Section 4 shall survive any termination of this Agreement
pursuant to Section 5. 
 5. Termination. This Agreement shall terminate and cease to be of any further force
or effect upon the earlier of (i) the Company’s election to terminate, given in writing to Seaspan and Washington at any time after any ROFR Review Date, if, during the period beginning on the date hereof and ending on such ROFR Review
Date, Seaspan and/or any of its Qualified Subsidiaries has validly exercised its right to acquire Container Vessels pursuant to Section 2 hereof (which shall include the execution and delivery by Seaspan or any of its Qualified
Subsidiaries to the Company of the applicable Negotiated Vessel Contracts (or Revised Negotiated Vessel Contracts) within the applicable time periods set forth in Section 2) with respect to greater than fifty percent (50%) of the Container
Vessels comprising all Container Investment Opportunities and Container Vessel Business Acquisition Opportunities during such period (it being understood that, for the purpose of this clause (i), (A) Seaspan shall not be deemed to have
exercised its right to acquire any Container Vessel that is subject to Negotiated Vessel Contracts or Revised Negotiated Vessel Contracts that are not executed by the counterparty or counterparties of such Negotiated Vessel Contracts or Revised
Negotiated Vessel Contracts within five (5) Business Days of execution of such Negotiated Vessel Contracts or Revised Negotiated Vessel Contracts by Seaspan or that is the subject of an SSW Letter of Intent Failure and (B) the Container
Vessels with respect to which Seaspan has exercised its right to purchase will include any Container Vessel with respect to which Washington has exercised its right to purchase under this Agreement if (I) such Container Vessel is subsequently
Transferred by Washington or any of its Affiliates (excluding, if applicable, Seaspan and any of its Subsidiaries) to Seaspan or one of its Controlled Affiliates within one year of the delivery of such Container Vessel to Washington or its Affiliate
(excluding, if applicable, Seaspan and any of its Subsidiaries) or (II) such Container Vessel is subsequently Transferred by Washington or any of its Affiliates (excluding, if applicable, Seaspan and any of its Subsidiaries) to Seaspan or one of its
Controlled Affiliates and, at the time of the delivery of such Container Vessel to Washington, Washington intended to so Transfer such container Vessel to Seaspan and its Controlled Affiliates), in each case, unless otherwise agreed by the Company;
provided that the Company’s election to terminate pursuant this clause (i) may not be exercised later than 90 days after receipt of notice from Seaspan that the conditions set forth in this clause (i) have been met,
(ii) consummation of an underwritten initial public offering of any equity securities of the Company or any of its Subsidiaries and (iii) consummation of a Company Sale; provided, however, that, (A) upon an initial
public offering of the equity securities of a Subsidiary of the Company (an “IPO Subsidiary”), this Agreement shall remain in effect with respect to, and continue to apply to, the Company and its Subsidiaries (other than the IPO
Subsidiary and the Subsidiaries of the IPO Subsidiary) but shall terminate with respect to, and cease to apply to, the IPO Subsidiary and the Subsidiaries of the IPO Subsidiary and (B) if a Company Sale shall have occurred that is structured as
the sale of the equity securities or assets of a Subsidiary of the Company and, following such Company Sale, the Company remains in existence and continues to hold assets or have the right to cause its members to make capital contributions, this
Agreement shall remain in effect, and continue to apply to, the Company but not the Subsidiary that has been sold or the Subsidiaries of such Subsidiary. Notwithstanding anything to the contrary, termination of the ROFR Period shall not terminate
rights of Seaspan and Washington in respect of Container Investment Opportunities or Container Vessel Business Acquisition Opportunities in respect of which the ROFR Notice (or Revised ROFR Notice) or Vessel Business ROFR Notice (or Revised

  
 19 

 
Vessel Business ROFR Notice) was or should have been given prior to such termination, which shall continue to be subject to the terms of this Agreement. 

6. Amendment. No amendment, supplement or restatement of any provision of this Agreement will be binding unless it is in writing
and signed by the Parties. 
 7. Non-Contravention. Each Party agrees to perform its obligations and exercise its rights
under this Agreement in good faith. 
 8. Notices. Each notice, consent or request required to be given to a Party
pursuant to this Agreement must be given in writing. All notices and other communications provided for or permitted hereunder will be deemed to have been duly given and received when delivered by overnight courier or hand delivery, or when sent by
electronic mail or fax (receipt confirmed), to the address, email address or fax number set forth below: 
  

	 	(a)	if to the Company: 

 Greater
China Industrial Investments LLC 
 c/o The Carlyle Group 

1001 Pennsylvania Avenue, N.W. 
 Suite 220 South 
 Washington, DC 20004 

Attention: Cedric Bobo 
 Fax No.: +1.202.347.1818 
 with copy, which shall not constitute notice, to:

 Latham & Watkins LLP 
 555 Eleventh Street, N.W. 
 Suite 1000 

Washington, DC 20004 
 Attention: Daniel T. Lennon 
 Fax No.: +1.202.637.2201 

and, for so long as Graham Porter and Gerry Wang are members of the Transaction Committee, with copies, which shall not constitute
notice, to: 
 Graham Porter and Gerry Wang 
 c/o Tiger Ventures Limited 
 1401 Jardine House 

1 Connaught Place 
 Central Hong Kong 
 Fax No.: +852.2160.5199 

Shearman & Sterling LLP 
 12/F, Gloucester Tower 
 The Landmark 

  
 20 

 15 Queen’s Road Central, Central 

Hong Kong, China 
 Attention: Paul Strecker 
 Fax No.: +852.2978.8099 

 

	 	(b)	if to Seaspan: 

 Seaspan
Corporation 
 Unit 2 – 7th Floor, Bupa Centre 
 141 Connaught Road West 
 Hong Kong 

Attention: Corporate Secretary 
 Fax No.: +852.2540.1689 
 with copies, which shall not constitute notice, to:

 Seaspan Ship Management Ltd. 
 2600 - 200 Granville Street 
 Vancouver BC V6C 1S4 

Attention: Secretary 
 Fax No.: +1.604.648.9514 
 Perkins Coie LLP 

1120 N.W. Couch Street 
 Tenth Floor 
 Portland, OR 97209-4128 

Attn: David S. Matheson 
 Fax No.: +1.503.727.2222 
 Email: dmatheson@perkinscoie.com 

 

	 	(c)	if to Washington: 

 Blue Water
Commerce, LLC 
 101 International Drive 
 P.O. Box 16630 
 Missoula, MT 59808 

Attention: Lawrence R. Simkins 
 Fax No.: +1.406.523.1399 
 with a copy, which will not constitute notice, to:

 K&L Gates LLP 
 925 Fourth Avenue 
 Suite 2900 

Seattle, WA 98104 
 Attention: Stephan Coonrod and Chris Visser 
 Fax No.: +1.206.623.7022

  
 21 

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

(i) if validly delivered on a Business Day, shall be deemed to have been given when delivered or, if delivered on an non-Business Day,
shall be deemed to have been given on the next Business Day; 
 (ii) if validly transmitted by fax before 5:00 p.m. (local time
at the place of receipt) on a Business Day, shall be deemed to have been given on that Business Day; and 
 (iii) if validly
transmitted by fax after 5:00 p.m. (local time at the place of receipt) on a Business Day or at any time on any non-Business Day, shall be deemed to have been given on the Business Day after the date of the transmission. 

9. No Third Party Rights. The provisions of this Agreement are enforceable solely by the Parties to this Agreement, and no member,
shareholder, partner, director, manager, employee, agent or representative of any Party or any other Person shall have the right, separate and apart from the Parties hereto, to enforce any provision of this Agreement or to compel any Party to this
Agreement to comply with the terms of this Agreement. 
 10. No Partnership. Nothing in this Agreement is intended to
create or shall be construed as creating a partnership or joint venture, and this Agreement shall not be deemed for any purpose to constitute any Party a partner of any other Party to this Agreement in the conduct of any business or otherwise or as
a member of a joint venture or joint enterprise with any other Party to this Agreement. 
 11. Severability. If any
provision of this Agreement or its application 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 such provision will be enforced to the greatest extent permitted by law. 
 12. Governing Law. This
Agreement is governed by and will be construed in accordance with the laws of the State of Delaware, without giving effect to any principles of conflicts of laws, whether of the State of Delaware or any other jurisdiction, that would result in the
application of the law of any other jurisdiction. 
 13. Consent to Jurisdiction; Waiver of Jury. 

(a) The Parties each irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the federal
or state courts of or located in the State of Delaware in any action or proceeding arising out of or relating to this Agreement or the agreements delivered in connection herewith or the transactions contemplated hereby or thereby or for recognition
or enforcement of any judgment relating thereto, and each of the parties hereby irrevocably and unconditionally (i) agrees that any claim in respect of any such action or proceeding shall be heard and determined in the federal or state courts
of or located in the State of Delaware, (ii) waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any such action or proceeding in such courts,
(iii) waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the 

  
 22 

 
maintenance of such action or proceeding in such courts, (iv) agrees that any actions or proceedings arising in connection with this Agreement or the transactions contemplated hereby shall
be brought, tried and determined only in any state or federal court within the State of Delaware and (v) agrees that it will not bring any action relating to this Agreement or the transactions contemplated hereby in any court other than the
aforesaid courts. Each of the Parties agrees that a final judgment in any such action or proceeding will be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Each Party irrevocably
consents to service of process in the manner provided for giving notices in Section 8. Nothing in this Agreement will affect the right of any Party to serve process in any other manner permitted by law. 

(b) TO THE FULLEST EXTENT PERMITTED BY LAW, EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY
JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT AND ANY OF THE AGREEMENTS DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 

14. Assignment. Seaspan may assign its rights hereunder with respect to any particular opportunity under this Agreement to any of
its Qualified Subsidiaries; provided that Seaspan shall remain jointly and severally liable with any such assignee for performance of its obligations under this Agreement in respect of such opportunity. Washington may assign its rights
hereunder with respect to any particular opportunity under this Agreement to any of its Qualified Subsidiaries; provided that Washington shall remain jointly and severally liable with any such assignee for performance of its obligations under
this Agreement in respect of such opportunity. Except as otherwise provided herein, no Party may assign any of its rights under this Agreement, in whole or in part, without the prior written consent of the other Parties, which consent may be
withheld in their sole discretion. 
 15. Waiver. No failure by any Party to insist upon the strict performance of any
covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute a waiver of any such breach or of any other covenant, duty, agreement or condition. Any waiver must be in
writing and signed by the Party granting such waiver. 
 16. Entire Agreement. This Agreement (including the Exhibit
hereto) constitutes the entire agreement among the Parties pertaining to the subject matter hereof and supersedes all prior or contemporaneous understandings and/or written or oral agreements among them pertaining thereto. 

17. Counterparts. This Agreement may be executed in any number of counterparts with the same effect as if all signatories had
signed the same document. All counterparts will be construed together and constitute the same instrument. This Agreement may be executed and delivered by facsimile or as a .pdf file attached to electronic mail. 

[Signature Pages Follow] 

  
 23 

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

					
	GREATER CHINA INTERMODAL INVESTMENTS LLC
		
	By:	 	 /s/ Cedric Bobo

		 	Name:	 	Cedric Bobo
		 	Title:	 	Authorized Person

 [Signature Page to
Right of First Refusal Agreement] 

 
					
	SEASPAN CORPORATION
		
	By:	 	 /s/ Sai W. Chu

		 	Name:	 	Sai W. Chu
		 	Title:	 	Chief Financial Officer

 [Signature
Page to Right of First Refusal Agreement] 

 
					
	BLUE WATER COMMERCE, LLC
		
	By:	 	 /s/ Lawrence R. Simkins

		 	Name:	 	Lawrence R. Simkins
		 	Title:	 	Manager

 [Signature Page to Right of
First Refusal Agreement] 

 EXHIBIT A 

FORM OF ROFR NOTICE 
 1.
Vessel Terms 
 a. Ship builder or counterparty 
 b. Number of ships 
 c. Container Vessel size(s) and specifications 

d. Delivered or Contract Price 
 e. Payment schedule 
 f. Estimated delivery date range 

g. Estimated pre-delivery expenses 
 2. Charter Terms 
 a. Acceptable charter parties 

b. Range of daily rates, gross and net 
 c. Tenor of charter(s) 
 3. Indicative Financing Terms 

a. LTV range 
 b.
Interest Rate/LIBOR spread range 
 c. Term profile 
 d. Estimation of cost of funds 
 e. Any credit enhancements 

Note: Information described in items 2 and 3 above to be included in ROFR Notice only to the extent known by the Company at the time of delivery
of the ROFR Notice, including on a ship-by-ship basis as applicable. 

  
 Exhibit A-1

 EXHIBIT B 

EXAMPLES OF ROFR CALCULATIONS 
 ROFR Appendix - Effective Date through August 14, 2014 
  

							
	ROFR Vessels
	Seaspan Declined
Vessels	 	25% of Declined
Vessels	 	Maximum
Washington ROFR
Vessels (1)	 	Minimum
Remainder Vessels
for GC Intermodal
	1	 	0.25	 	1	 	0
	2	 	0.50	 	1	 	1
	3	 	0.75	 	1	 	2
	4	 	1.00	 	1	 	3
	5	 	1.25	 	1	 	4
	6	 	1.50	 	2	 	4
	7	 	1.75	 	2	 	5
	8	 	2.00	 	2	 	6
	9	 	2.25	 	2	 	7
	10	 	2.50	 	3	 	7
	11	 	2.75	 	3	 	8
	12	 	3.00	 	3	 	9
	13	 	3.25	 	3	 	10
	14	 	3.50	 	4	 	10
	15	 	3.75	 	4	 	11
	16	 	4.00	 	4	 	12
	17	 	4.25	 	4	 	13
	18	 	4.50	 	5	 	13
	19	 	4.75	 	5	 	14
	20	 	5.00	 	5	 	15
	21	 	5.25	 	5	 	16
	22	 	5.50	 	6	 	16
	23	 	5.75	 	6	 	17
	24	 	6.00	 	6	 	18
	25	 	6.25	 	6	 	19
	26	 	6.50	 	7	 	19
	27	 	6.75	 	7	 	20
	28	 	7.00	 	7	 	21
	29	 	7.25	 	7	 	22
	30	 	7.50	 	8	 	22

  

	(1)	As per the ROFR Agreement, in the event that the number of Seaspan Declined Vessels is less than or equal to three, the number of Washington ROFR Vessels shall
be one. 

	(2)	The table assumes that the number of Net Washington True-Up Vessels is zero. 

  
 Exhibit B-1

 ROFR Appendix - Final Period (August 15, 2014 - March 31, 2015) 

 

																	
	Total
Container
Vessel
Opportunity	 	50% of
Container
Vessel
Opportunity (1)	 	Maximum
Possible
Seaspan
ROFR Vessels	 	Seaspan
ROFR
Exercised	 	Seaspan
Declined
Vessels	 	25% of
Declined
Vessels	 	12.5% of Vessels
of a Container
Vessel
Opportunity	 	Maximum
Washington
ROFR Vessels 
(2)	 	GC Intermodal
Vessels if
Washington
Exercises Full
ROFR
	 Assumes: Seaspan Exercises ROFR for Full 50% of Container Vessel Opportunity

	1	 	0.5	 	1	 	1	 	0	 	0	 	0.13	 	0	 	0
	2	 	1.0	 	1	 	1	 	0	 	0	 	0.25	 	1	 	0
	3	 	1.5	 	2	 	2	 	0	 	0	 	0.38	 	1	 	0
	4	 	2.0	 	2	 	2	 	0	 	0	 	0.50	 	1	 	1
	5	 	2.5	 	3	 	3	 	0	 	0	 	0.63	 	1	 	1
	6	 	3.0	 	3	 	3	 	0	 	0	 	0.75	 	1	 	2
	7	 	3.5	 	4	 	4	 	0	 	0	 	0.88	 	1	 	2
	8	 	4.0	 	4	 	4	 	0	 	0	 	1.00	 	1	 	3
	9	 	4.5	 	5	 	5	 	0	 	0	 	1.13	 	1	 	3
	10	 	5.0	 	5	 	5	 	0	 	0	 	1.25	 	1	 	4
	11	 	5.5	 	6	 	6	 	0	 	0	 	1.38	 	1	 	4
	12	 	6.0	 	6	 	6	 	0	 	0	 	1.50	 	2	 	4
	13	 	6.5	 	7	 	7	 	0	 	0	 	1.63	 	2	 	4
	14	 	7.0	 	7	 	7	 	0	 	0	 	1.75	 	2	 	5
	15	 	7.5	 	8	 	8	 	0	 	0	 	1.88	 	2	 	5
	16	 	8.0	 	8	 	8	 	0	 	0	 	2.00	 	2	 	6
	17	 	8.5	 	9	 	9	 	0	 	0	 	2.13	 	2	 	6
	18	 	9.0	 	9	 	9	 	0	 	0	 	2.25	 	2	 	7
	19	 	9.5	 	10	 	10	 	0	 	0	 	2.38	 	2	 	7
	20	 	10.0	 	10	 	10	 	0	 	0	 	2.50	 	3	 	7
	21	 	10.5	 	11	 	11	 	0	 	0	 	2.63	 	3	 	7
	22	 	11.0	 	11	 	11	 	0	 	0	 	2.75	 	3	 	8
	23	 	11.5	 	12	 	12	 	0	 	0	 	2.88	 	3	 	8
	24	 	12.0	 	12	 	12	 	0	 	0	 	3.00	 	3	 	9
	25	 	12.5	 	13	 	13	 	0	 	0	 	3.13	 	3	 	9
	26	 	13.0	 	13	 	13	 	0	 	0	 	3.25	 	3	 	10
	27	 	13.5	 	14	 	14	 	0	 	0	 	3.38	 	3	 	10
	28	 	14.0	 	14	 	14	 	0	 	0	 	3.50	 	4	 	10
	29	 	14.5	 	15	 	15	 	0	 	0	 	3.63	 	4	 	10
	30	 	15.0	 	15	 	15	 	0	 	0	 	3.75	 	4	 	11

  

	(1)	For the period from 8/15/14 to 3/31/15 the ROFR is 50% Seaspan. 

	(2)	Washington receives the greater of 25% of Seaspan Declined Vessels or 12.5% of the vessels subject to a Container Investment Opportunity.

	(3)	This table assumes that the number of Net Seaspan True-Up Vessels and the number of Net Washington True-Up Vessels is zero. 

  
 Exhibit B-2

 ROFR Appendix - Final Period (August 15, 2014 - March 31, 2015) 

 

																	
	
Total
Container
Vessel
Opportunity
	 	
50% of
Container
Vessel
Opportunity (1)
	 	
Maximum
Possible
Seaspan
ROFR Vessels
	 	 Seaspan

ROFR

Exercised
	 	 Seaspan
Declined
Vessels
	 	 25% of

Declined
Vessels
	 	 12.5% of Vessels

of a Container
 Vessel
Opportunity
	 	
Maximum
Washington
ROFR Vessels (2)
	 	
GC Intermodal
Vessels if
Washington
Exercises Full
ROFR

	 Assumes: Seaspan Does Not Exercise ROFR

	 1
	 	0.5	 	1	 	0	 	1	 	0.25	 	0.13	 	1	 	0
	 2
	 	1.0	 	1	 	0	 	1	 	0.25	 	0.25	 	1	 	1
	 3
	 	1.5	 	2	 	0	 	2	 	0.50	 	0.38	 	1	 	2
	 4
	 	2.0	 	2	 	0	 	2	 	0.50	 	0.50	 	1	 	3
	 5
	 	2.5	 	3	 	0	 	3	 	0.75	 	0.63	 	1	 	4
	 6
	 	3.0	 	3	 	0	 	3	 	0.75	 	0.75	 	1	 	5
	 7
	 	3.5	 	4	 	0	 	4	 	1.00	 	0.88	 	1	 	6
	 8
	 	4.0	 	4	 	0	 	4	 	1.00	 	1.00	 	1	 	7
	 9
	 	4.5	 	5	 	0	 	5	 	1.25	 	1.13	 	1	 	8
	 10
	 	5.0	 	5	 	0	 	5	 	1.25	 	1.25	 	1	 	9
	 11
	 	5.5	 	6	 	0	 	6	 	1.50	 	1.38	 	2	 	9
	 12
	 	6.0	 	6	 	0	 	6	 	1.50	 	1.50	 	2	 	10
	 13
	 	6.5	 	7	 	0	 	7	 	1.75	 	1.63	 	2	 	11
	 14
	 	7.0	 	7	 	0	 	7	 	1.75	 	1.75	 	2	 	12
	 15
	 	7.5	 	8	 	0	 	8	 	2.00	 	1.88	 	2	 	13
	 16
	 	8.0	 	8	 	0	 	8	 	2.00	 	2.00	 	2	 	14
	 17
	 	8.5	 	9	 	0	 	9	 	2.25	 	2.13	 	2	 	15
	 18
	 	9.0	 	9	 	0	 	9	 	2.25	 	2.25	 	2	 	16
	 19
	 	9.5	 	10	 	0	 	10	 	2.50	 	2.38	 	3	 	16
	 20
	 	10.0	 	10	 	0	 	10	 	2.50	 	2.50	 	3	 	17
	 21
	 	10.5	 	11	 	0	 	11	 	2.75	 	2.63	 	3	 	18
	 22
	 	11.0	 	11	 	0	 	11	 	2.75	 	2.75	 	3	 	19
	 23
	 	11.5	 	12	 	0	 	12	 	3.00	 	2.88	 	3	 	20
	 24
	 	12.0	 	12	 	0	 	12	 	3.00	 	3.00	 	3	 	21
	 25
	 	12.5	 	13	 	0	 	13	 	3.25	 	3.13	 	3	 	22
	 26
	 	13.0	 	13	 	0	 	13	 	3.25	 	3.25	 	3	 	23
	 27
	 	13.5	 	14	 	0	 	14	 	3.50	 	3.38	 	4	 	23
	 28
	 	14.0	 	14	 	0	 	14	 	3.50	 	3.50	 	4	 	24
	 29
	 	14.5	 	15	 	0	 	15	 	3.75	 	3.63	 	4	 	25
	 30
	 	15.0	 	15	 	0	 	15	 	3.75	 	3.75	 	4	 	26

  

	(1)	For the period from 8/15/14 to 3/31/15 the ROFR is 50% Seaspan. 

	(2)	Washington receives the greater of 25% of Seaspan Declined Vessels or 12.5% of the vessels subject to a Container Investment Opportunity.

	(3)	This table assumes that the number of Net Seaspan True-Up Vessels and the number of Net Washington True-Up Vessels is zero. 

 

																	
	 Hypothetical 20 Container Vessel Example
	 		 		 	
	 20
	 	10.0	 	10	 	0	 	10	 	2.50	 	2.50	 	3	 	17
	 20
	 	10.0	 	10	 	1	 	9	 	2.25	 	2.50	 	3	 	16
	 20
	 	10.0	 	10	 	2	 	8	 	2.00	 	2.50	 	3	 	15
	 20
	 	10.0	 	10	 	3	 	7	 	1.75	 	2.50	 	3	 	14
	 20
	 	10.0	 	10	 	4	 	6	 	1.50	 	2.50	 	3	 	13
	 20
	 	10.0	 	10	 	5	 	5	 	1.25	 	2.50	 	3	 	12
	 20
	 	10.0	 	10	 	6	 	4	 	1.00	 	2.50	 	3	 	11
	 20
	 	10.0	 	10	 	7	 	3	 	0.75	 	2.50	 	3	 	10
	 20
	 	10.0	 	10	 	8	 	2	 	0.50	 	2.50	 	3	 	9
	 20
	 	10.0	 	10	 	9	 	1	 	0.25	 	2.50	 	3	 	8
	 20
	 	10.0	 	10	 	10	 	0	 	0.00	 	2.50	 	3	 	7

  
 Exhibit B-3

 ROFR Appendix - Net Washington True-Up Vessels 

 

																					
	Initial Container Vessel Opportunity	 	Next Container Vessel Opportunity
	ROFR Vessels	 	ROFR Vessels
	Seaspan
Declined
Vessels	 	25% of
Declined
Vessels	 	Maximum
Washington
ROFR Vessels (1)	 	Hypothetical
Vessels Not
Approved by
Counterparty	 	Seaspan
Declined
Vessels	 	Maximum
Washington
ROFR Vessels	 	+	 	Net
Washington
True-Up
Vessels	 	=	 	Revised
Maximum
Washington
ROFR Vessels (2)	 	Minimum
Remainder
Vessels for GC
Intermodal
	1	 	0.25	 	1	 	1	 	1	 	1	 		 	1	 		 	1	 	0
	2	 	0.50	 	1	 	1	 	2	 	1	 		 	1	 		 	2	 	0
	3	 	0.75	 	1	 	1	 	3	 	1	 		 	1	 		 	2	 	1
	4	 	1.00	 	1	 	1	 	4	 	1	 		 	1	 		 	2	 	2
	5	 	1.25	 	1	 	1	 	5	 	1	 		 	1	 		 	2	 	3
	6	 	1.50	 	2	 	2	 	6	 	2	 		 	2	 		 	4	 	2
	7	 	1.75	 	2	 	2	 	7	 	2	 		 	2	 		 	4	 	3
	8	 	2.00	 	2	 	2	 	8	 	2	 		 	2	 		 	4	 	4
	9	 	2.25	 	2	 	2	 	9	 	2	 		 	2	 		 	4	 	5
	10	 	2.50	 	3	 	3	 	10	 	3	 		 	3	 		 	6	 	4
	11	 	2.75	 	3	 	3	 	11	 	3	 		 	3	 		 	6	 	5
	12	 	3.00	 	3	 	3	 	12	 	3	 		 	3	 		 	6	 	6
	13	 	3.25	 	3	 	3	 	13	 	3	 		 	3	 		 	6	 	7
	14	 	3.50	 	4	 	4	 	14	 	4	 		 	4	 		 	8	 	6
	15	 	3.75	 	4	 	4	 	15	 	4	 		 	4	 		 	8	 	7
	16	 	4.00	 	4	 	4	 	16	 	4	 		 	4	 		 	8	 	8
	17	 	4.25	 	4	 	4	 	17	 	4	 		 	4	 		 	8	 	9
	18	 	4.50	 	5	 	5	 	18	 	5	 		 	5	 		 	10	 	8
	19	 	4.75	 	5	 	5	 	19	 	5	 		 	5	 		 	10	 	9
	20	 	5.00	 	5	 	5	 	20	 	5	 		 	5	 		 	10	 	10
	21	 	5.25	 	5	 	5	 	21	 	5	 		 	5	 		 	10	 	11
	22	 	5.50	 	6	 	6	 	22	 	6	 		 	6	 		 	12	 	10
	23	 	5.75	 	6	 	6	 	23	 	6	 		 	6	 		 	12	 	11
	24	 	6.00	 	6	 	6	 	24	 	6	 		 	6	 		 	12	 	12
	25	 	6.25	 	6	 	6	 	25	 	6	 		 	6	 		 	12	 	13
	26	 	6.50	 	7	 	7	 	26	 	7	 		 	7	 		 	14	 	12
	27	 	6.75	 	7	 	7	 	27	 	7	 		 	7	 		 	14	 	13
	28	 	7.00	 	7	 	7	 	28	 	7	 		 	7	 		 	14	 	14
	29	 	7.25	 	7	 	7	 	29	 	7	 		 	7	 		 	14	 	15
	30	 	7.50	 	8	 	8	 	30	 	8	 		 	8	 		 	16	 	14

  

	(1)	As per the ROFR Agreement, in the event that the number of Seaspan Declined Vessels is less than or equal to three, the number of Washington ROFR Vessels shall
be one. 

	(2)	In a scenario where the revised maximum Washington ROFR vessel number exceeds the Seaspan Declined Vessels available to Washington, the incremental
Net Washington True-Up Vessel(s) would carry forward to the next Container Vessel Opportunity. 

	(3)	This table applies only for the time period from the Effective Date to 8/15/14. In the Final Period Washington ROFR Vessels could be higher because Washington has
the right to purchase the greater of 25% of Seaspan Declined Vessels or 12.5% of the entire Container Vessel Opportunity. 

  
 Exhibit B-4

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