Document:

Exhibit 4.17

 

	Copyright, published by BIMCO   Explanatory Notes for SHIPMAN 2009 are available from BIMCO at www.bimco.org  First published 1988. Revised 1998 and 2009   Approved by the International Ship Managers’ Association	 

 

Printed by BIMCO's idea

 

		
        SHIPMAN 2009

        STANDARD SHIP MANAGEMENT AGREEMENT

         

        PART I

	
        1.     Place
        and date of Agreement

         

        24 March 2015

             Vessel:
        Höegh Gallant, IMO No. 9653678

         
	
        2.     Date
        of commencement of Agreement (Cls. 2, 12,
        21 and 25)

         

        The date of delivery of the Vessel under
        the memorandum of agreement dated on or about the date hereof and made between the Owners as buyers and Höeg hLNG FSRU III
        Ltd. as sellers

	
        3.     Owners
        (name, place of registered office and law of registry) (Cl. 1)

         

        (i)     Name:
        Hoegh LNG Cyprus Limited

         

        (ii)     Place
        of registered office: Profiti llia, 4, Kanika International Business Centre, 6th Floor, Flat 4, Germasogeia, 4046 Limassol, Cyprus

         

        (iii)     Law
        of registry: Cyprus

         
	
        4.     Managers
        (name, place of registered office and law of registry) (Cl. 1)

         

        (i)     Name:
        Höegh LNG Fleet Management AS

         

        (ii)     Place
        of registered office: Drammensveien 134, 0277 Oslo, Norway

         

        (iii)     Law
        of registry: Norway

	
        5.     The
        Company (with reference to the ISM/ISPS Codes) (state name and IMO Unique Company Identification number. If the Company is a third
        party then also state registered office and principal place of business) (Cls. 1 and
        9(c)(i))

         

        (i)     Name:
        Höegh LNG Fleet Management AS

         

        (ii)     IMO
        Unique Company Identification number: 5479796

         

        (iii)     Place
        of registered office: Drammensveien 134, 0277 Oslo, Norway

         

        (iv)     Principal
        place of business: Norway

         
	
        6.     Technical
        Management (state "yes” or “no” as agreed) (Cl. 4)

        Yes

         

         

	
        7.     Crew
        Management (state “yes” or “no” as agreed) (Cl. 5(a))

        No

         

         

	
        8.     Commercial
        Management (state "yes" or “no” as agreed) (Cl. 6)

        No

         

         

	
        9.     Chartering
        Services period (only to be filled in if “yes” stated in Box 8) (Cl.6(a))

        No
	
        10.     Crew
        Insurance arrangements (state “yes” or “no” as agreed)

         

        (i)     Crew
        Insurances* (Cl. 5(b)): No

         

        (ii)     Insurance
        for persons proceeding to sea onboard (Cl. 5(b)(i)): No

         

             *only
        to apply if Crew Management (Cl. 5(a)) agreed (see Box
        7)

         

	
        11.     Insurance
        arrangements (state “yes” or “no” as agreed) (Cl. 7)

        Yes

         

         
	
        12.     Optional
        Insurances (state optional insurance(s) as agreed, such as piracy, kidnap and ransom, loss of hire and FD & D) (CI.
        10(a)(iv))

        Piracy, kidnap and ransom,
        loss of hire and FD&D

	
        13.     Interest
        (state rate of interest to apply after due date to outstanding sums) (Cl. 9(a))

        2%
	
        14.     Annual
        management fee (state annual amount) (Cl. 12(a))

        

        

        USD 700,000

         

	15.     Manager's nominated account (C1.12(a))	
        16.     Daily
        rate (state rate for days in excess of those agreed in budget) (Cl. 12(c))

        N/A

         

	
        17.     Lay-up
        period / number of months (CI.12(d))

         

         

	
        18.     Minimum
        contract period (state number of months) (Cl. 21(a))

        N/A

         
	
        19.     Management
        fee on termination (state number of months to apply) (Cl. 22(g))

         

         

	
        20.     Severance
        Costs (state maximum amount) (Cl. 22(h)(ii))

        N/A
	
        21.     Dispute
        Resolution (state alternative Cl. 23(a), 23(b)
        or 23(c); if Cl. 23(c) place of arbitration
        must be stated) (Cl. 23) 

        

        

        London Clause 23 (a)

         

	
        22.     Notices
        (state full style contact details for serving notice and communication to the Owners) (Cl. 24)

        Höegh LNG Cyprus Limited.,
        c/o Höegh LNG AS, Drammensveien 134, PO Box 4 Skoyen, NO•0212 Oslo, Norway. Tel: +47 9755 7400.

        Fax: +47 9755 7401

         
	
        23.     Notices
        (state full style contact details for serving notice and communication to the Managers) Cl. 24)

        Höegh LNG Fleet Management
        AS, Drammensveien 134, PO Box 4 Skoyen, NO•0212 Oslo, Norway. Tel: +47 9755 7400, Fax: +47 9755 7401

 

It is mutually agreed between the party stated in Box
3 and the party stated in Box 4 that this Agreement consisting of PART I
and PART II as well as Annexes “A” (Details of Vessel or Vessels), “B” (Details of Crew), “C”
(Budget), “D” (Associated Vessels) and “E” (Fee Schedule) attached hereto, shall be performed subject
to the conditions contained herein. In the event of a conflict of conditions, the provisions of PART I and Annexes “A”,
“B”, “C”, “D” and “E” shall prevail over those of PART II to the extent of such
conflict but no further.

 

	
        Signature(s) (Owners)

        /s/ Veronica B. Sandnes

        Veronica B. Sandnes

        Attorney-in-Fact
	
        Signature(s) (Managers)

        /s/ Gorm O. Hillgaar

        Gorm O. Hillgaar

        General Manager

 

Continued

This document is a computer
generated SHIPMAN 2009 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the
event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original
BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies
between the original BIMCO approved document and this computer generated document.

 

     

     

    

 

	Copyright, published by BIMCO   Explanatory Notes for SHIPMAN 2009 are available from BIMCO at www.bimco.org  First published 1988. Revised 1998 and 2009   Approved by the International Ship Managers’ Association	 

 

Printed by BIMCO's idea

 

	
        ANNEX “A” (DETAILS OF VESSEL OR VESSELS)

	TO THE BIMCO STANDARD SHIP MANAGEMENT AGREEMENT
	CODE NAME: SHIPMAN 2009

 

Date of Agreement: 24 March 2015

 

Name of Vessel(s): Höegh Gallant

 

	
        Particulars of Vessel(s):
	 
	IMO:	9653678
	Call Sign:	LAUI7
	Flag:	Norwegian
	Ship Builder:	Hyundai Heavy Industries Co. Ltd.
	Classification Society:	DNV GL
	Built:	21 January 2013 (keel laid)
	Classification designation:	1A1 Tanker for Liquefied Gas, Ship Type 2G, NAUTICUS (Newbuilding), REGAS•2, E0, NAUT•OC, CLEAN, BIS, CSA•FLS2, PLUS, COAT•PSPC(B), Recyclable, Gas Fuelled, TMON, OPP•F
	Length:	294.0m
	Breadth:	46.0m
	Depth:	26.0m
	Gross Tonnage (International):	109.793
	Net Tonnage (International):	 
	Engine:	Dual Fuel Diesel Generator

 

Continued

This document is a computer generated SHIPMAN 2009 form printed
by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to
the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply.
BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved
document and this computer generated document.

 

     

     

    

  

	Copyright, published by BIMCO   Explanatory Notes for SHIPMAN 2009 are available from BIMCO at www.bimco.org  First published 1988. Revised 1998 and 2009   Approved by the International Ship Managers’ Association	 

 

Printed by BIMCO's idea

 

 

ANNEX
“B" (DETAILS OF CREW)

TO THE BIMCO STANDARD SHIP MANAGEMENT AGREEMENT

CODE NAME: SHIPMAN 2009

 

Date of Agreement:

 

Details of Crew:

 

Number         Rank            Nationality

 

Continued

This document is a computer generated SHIPMAN 2009 form printed
by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to
the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply.
BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved
document and this computer generated document.

 

     

     

    

 

	Copyright, published by BIMCO   Explanatory Notes for SHIPMAN 2009 are available from BIMCO at www.bimco.org  First published 1988. Revised 1998 and 2009   Approved by the International Ship Managers’ Association	 

 

Printed by BIMCO's idea

 

	ANNEX “C" (BUDGET)
	TO THE BIMCO STANDARD SHIP MANAGEMENT AGREEMENT
	CODE NAME: SHIPMAN 2009

 

Date of Agreement: 24 March 2015

 

Managers’ initial budget with effect from the commencement
date of this Agreement (see Box 2):

 

	
         
	USD
	Services:	848,000
	Spares:	600,000
	Consumables:	395,000
	Technical/Management Fee:	936,000
	 	 
	Based on 365 days / 12 months	 
	 	 
	TOTAL:	7,614/day

 

Vessel insurance to be arranged by Owner in accordance
with Clause 10.

 

In the event that the Höegh Gallant is positioned
for lay•up or similar for extended period (30 days +), the Owner reserves the right to re-negotiate the budget figures to
reflect the actual operating mode.

 

Continued

This document is a computer generated SHIPMAN 2009 form printed
by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to
the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply.
BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved
document and this computer generated document.

 

     

     

    

 

	Copyright, published by BIMCO   Explanatory Notes for SHIPMAN 2009 are available from BIMCO at www.bimco.org  First published 1988. Revised 1998 and 2009   Approved by the International Ship Managers’ Association	 

 

Printed by BIMCO's idea

  

	ANNEX “D” (ASSOCIATED VESSELS}
	TO THE BIMCO STANDARD SHIP MANAGEMENT AGREEMENT
	CODE NAME: SHIPMAN 2009

 

  

NOTE: PARTIES SHOULD BE AWARE THAT BY
COMPLETING THIS ANNEX "D" THEY WILL BE SUBJECT TO THE PROVISIONS OF SUB-CLAUSE 22(b)(i) OF THIS AGREEMENT.

 

Date of Agreement:

 

Details of Associated Vessels:

 

Continued

This document is a computer generated SHIPMAN 2009 form printed
by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to
the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply.
BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved
document and this computer generated document.

 

     

     

    

 

	Copyright, published by BIMCO   Explanatory Notes for SHIPMAN 2009 are available from BIMCO at www.bimco.org  First published 1988. Revised 1998 and 2009   Approved by the International Ship Managers’ Association	 

 

Printed by BIMCO's idea

 

 

	
        ANNEX "E" (FEE SCHEDULE)

	TO THE BIMCO STANDARD SHIP MANAGEMENT AGREEMENT
	CODE NAME: SHIPMAN 2009

 

Continued

This document is a computer generated SHIPMAN 2009 form printed
by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to
the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply.
BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved
document and this computer generated document.

 

     

     

    

 

PART II

SHIPMAN 2009

Standard ship management agreement

 

SECTION 1 – Basis of the
Agreement

 

	
        

        1. Definitions
	1
	 	 
	In this Agreement save where the context otherwise requires, the following words and expressions shall have	2
	the meanings hereby assigned to them:	3
	 	 
	"Company" (with reference to the ISM Code and the ISPS Code) means the organization identified in Box 5	4
	or any replacement organization appointed by the Owners from time to time (see Sub-clauses 9(b)(i) or 9(c)	5
	(ii), whichever is applicable).	6
	 	 
	"Crew" means the Master, and the officers as provided by the Owner to the Vessel at any time and ratingspersonnel of the numbers,	7
	rank and nationality as per the Manager's at any time current crewing procedures and manualsspecified in Annex "B" hereto.	 
	 	 
	"Crew Insurances" means insurance of liabilities in respect of crew risks which shall include but not be limited	8
	to death, permanent disability, sickness, injury, repatriation, shipwreck unemployment indemnity and loss	9
	of personal effects (see Sub-clause 5(b) (Crew Insurances) and Clause 7 (Insurance Arrangements) and	10
	Clause 10 (Insurance Policies) and Boxes 10 and 11).	11
	 	 
	"Crew Support Costs" means all expenses of a general nature which are not particularly referable to any	12
	individual vessel for the time being managed by the Managers and which are incurred by the Managers for the	13
	purpose of providing an efficient and economic management service and, without prejudice to the generality	14
	of the foregoing, shall include the cost of crew standby pay, training schemes for officers and ratings, cadet	15
	training schemes, sick pay, study pay, recruitment and interviews.	16
	 	 
	“Flag State" means the State whose flag the Vessel is flying.	17
	 	 
	"ISM Code" means the International Management Code for the Safe Operation of Ships and for Pollution	18
	Prevention and any amendment thereto or substitution therefor.	19
	 	 
	"ISPS Code" means the International Code for the Security of Ships and Port Facilities and the relevant	20
	amendments to Chapter XI of SOLAS and any amendment thereto or substitution therefor.	21
	 	 
	"Managers" means the party identified in Box 4.	22
	 	 
	"Management Services" means the services specified in SECTION 2 - Services (Clauses 4 through 7) as	23
	indicated affirmatively in Boxes 6 through 8, 10 and 11, and all other functions performed by the Managers	24
	under the terms of this Agreement.	25
	 	 
	"Owners" means the party identified in Box 3.	26
	 	 
	"Severance Costs" means the costs which are legally required to be paid to the Crew as a result of the early	27
	termination of any contracts for service on the Vessel.	28
	 	 
	"SMS" means the Safety Management System (as defined by the ISM Code).	29
	 	 
	"STCW 95" means the International Convention on Standards of Training, Certification and Watchkeeping	30
	for Seafarers, 1978, as amended in 1995 and any amendment thereto or substitution therefor.	31
	 	 
	"Vessel” means the vessel or vessels details of which are set out in Annex "A" attached hereto.	32
	 	 
	2. Commencement and Appointment	33
	 	 
	With effect from the date stated in Box 2 for the commencement of the Management Services and continuing	34
	unless and until terminated as provided herein, the Owners hereby appoint the Managers and the Managers	35
	hereby agree to act as the Managers of the Vessel in respect of the Management Services.	36
	 	 
	3. Authority of the Managers	37
	 	 
	Subject to the terms and conditions herein provided, during the period of this Agreement the Managers shall	38
	carry out the Management Services in respect of the Vessel as agents for and on behalf of the Owners. The	39
	Managers shall have authority to take such actions as they may from time to time in their absolute discretion	40
	consider to be necessary to enable them to perform the Management Services in accordance with sound	41
	ship management practice, including but not limited to compliance with all relevant rules and regulations.	42

 

    	 	1	 

     

    

 

PART II

SHIPMAN 2009

Standard ship management agreement

  

SECTION 2 – Services

 

	4. Technical Management	43
	 	 
	 	(only applicable if agreed according to Box 6).	44
	 	The Managers shall provide technical management which includes, but is not limited to, the following	45
	 	services:	46
	 	 	 	 
	 	(a)	ensuring that the Vessel complies with the requirements of the law of the Flag State;	47
	 	 	 	 
	 	(b)	ensuring compliance with the ISM Code;	48
	 	 	 	 
	 	(c)	ensuring compliance with the ISPS Code;	49
	 	 	 	 
	 	(d)	providing competent personnel to supervise the maintenance and general efficiency of the Vessel;	50
	 	 	 	 
	 	(e)	arranging and supervising dry dockings, repairs, alterations and the maintenance of the Vessel to the	51
	 	standards agreed with the Owners provide that the Managers shall be entitled to incur the necessary	52
	 	expenditure to ensure that the Vessel will comply with all requirements and recommendations of the	53
	 	classification society, and with the law of the Flag State and of the places where the Vessel is required to	54
	 	trade;	 	55
	 	 	 	 
	 	(f)	arranging the supply of necessary stores, spares and lubricating oil;	56
	 	 	 	 
	 	(g)	appointing surveyers and technical consultants as the Managers may consider form time to time to be	57
	 	necessary;	58
	 	 	 	 
	 	(h)	in accordance with the Owners’ instructions, supervising the sale and physical delivery of the Vessel	59
	 	under the sale agreement.  However services under this Sub-clause 4(h) shall not include negotiation of the	60
	 	sale agreement or transfer of ownership of the Vessel;	61
	 	 	 	 
	 	(i)	arranging for the supply of provisions unless provided by the Owners; and	62
	 	 	 	 
	 	(j)	arranging for the sampling and testing of bunkers.	63
	 	 	 	 
	5. Crew Management and Crew Insurances	64
	 	 
	 	(a)	Crew Management	65
	 	(only applicable if agreed according to Box 7)	66
	 	The ManagersOwner shall provide suitably qualified Crew who shall comply with the requirements of STCW 95 and the	67
	 	requirements from of the Manager. When on board the
    Vessel the Crew shall be under the instruction of the Manager for the purposes of the ISM Code.	 
	 	 	 
	 	The provision of such crew management services includes, but is not limited to, the following services:	68
	 	 	 	 
	 	(i)	selecting, engaging and providing for the administration of the Crew, including, as applicable, payroll	69
	 	 	arrangements, pension arrangements, tax, social security contributions and other mandatory dues related	70
	 	 	to their employment payable in each Crew member’s country of domicile;	71
	 	 	 	 
	 	(ii)	ensuring that the applicable requirements of the law of the Flag State in respect of rank, qualification	72
	 	 	and certification of the Crew and employment regulations, such as Crew’s tax and social insurances, are	73
	 	 	satisfied;	74
	 	 	 	 
	 	(iii)	ensuring that all Crew have passed a medical examination with a qualified doctor certifying that they are	75
	 	 	fit for the duties for which they are engaged and are in possession of valid medical certificates issued in	76
	 	 	accordance with appropriate Flag State requirements or such higher standard of medical examination	77
	 	 	as may be agreed with the Owners. In the absence of applicable Flag State requirements the medical	78
	 	 	certificate shall be valid at the time when the respective Crew member arrives on board the Vessel and	79
	 	 	shall be maintained for the duration of the service on board the Vessel;	80
	 	 	 	 
	 	(iv)	ensuring that the Crew shall have a common working language and a command of the English language	81
	 	 	of a sufficient standard to enable them to perform their duties safely;	82
	 	 	 	 
	 	(v)	arranging transportation of the Crew, including repatriation;	83

 

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PART II

SHIPMAN 2009

Standard ship management agreement

 

	 	(vi)	training of the Crew;	84
	 	 	 	 
	 	 (vii)	conducting union negotiations; and	85
	 	 	 	 
	 	(viii)	if the Managers are the Company, ensuring that the Crew, on joining the Vessel, are given proper	86
	 	 	familiarisation with their duties in relation to the Vessel’s SMS and that instructions which are essential	87
	 	 	to the SMS are identified, documented and given to the Crew prior to calling.	88
	 	 	 	 
	 	(ix)	if the Managers are not the Company:	89
	 	 	 	 	 
	 	 	(1)	ensuring that the Crew, before joining the Vessel, are given proper familiarisation with their duties	90
	 	 	 	in relation to the ISM Code; and	91
	 	 	 	 	 
	 	 	(2)	instructing the Crew to obey all reasonable orders of the Company in connection with the operation	92
	 	 	 	of the SMS.	93
	 	 	 	 
	 	(x)	Where
    Managers are not providing technical management services in accordance with Clause
    4	94
	 	 	(Technical Management):	95
	 	 	 	 
	 	(1)	ensuring that no person connected to the provision and the performance of the crew management	96
	 	 	services shall proceed to sea on board the Vessel without the prior consent of the Owners (such consent)	97
	 	 	not to be unreasonably withheld); and	98
	 	 	 	 
	 	(2)	ensuring that in the event that the Owners’ drug and alcohol policy requires measures to be taken	99
	 	 	prior to the Crew joining the Vessel, implementing such measures;	100
	 	 	 	 	 
	 	(b) Crew Insurances	101
	 	(only applicable if Sub-clause 5(a)
    applies and if agreed according to Box 10)	102
	 	The Managers shall throughout the period of this Agreement provide the following services:	103
	 	 	 	 	 
	 	(i)	arranging Crew Insurances in accordance with the best practice of prudent managers of vessels of a	104
	 	 	similar type to the Vessel, with sound and reputable insurance companies, underwriters or associations.	105
	 	 	insurance for any other persons proceeding to sea onboard the Vessel may be separately agreed by	106
	 	 	the Owners and the Managers (see Box
    10);	107
	 	 	 	 
	 	(ii)	ensuring that the Owners are aware of the terms, conditions, exceptions and limits of liability of the	108
	 	 	insurances in Sub-clause 5(b)(i);	109
	 	 	 	 
	 	(iii)	ensuring that all premiums or calls
    in respect of the insurances in Sub-clause 5(b)(i) are paid by their	110
	 	 	due date;	111
	 	 	 	 
	 	(iv)	if obtainable at no additional cost,
    ensuring that insurance in Sub-clause 5(b)(i) name the Owners as	112
	 	 	a joint assured with full cover and, unless otherwise agreed, on terms such that Owners shall be under	113
	 	 	no liability in respect of premiums or calls arising in connection with such insurances.	114
	 	 	 	 
	 	(v)	providing written evidence, to the reasonable satisfaction of the Owners, of the Managers’ compliance with	115
	 	 	their obligations under Sub-clauses
    5(b)(ii), and 5(b)(iii) within a reasonable time of the commencement	116
	 	 	of this Agreement, and of each renewal date and, if specifically requested, of each payment date of the	117
	 	 	insurances in Sub-clause 5(b)(i).	118
	 	 	 	 
	6. Commercial Management	119
	 	 
	 	(only applicable if agreed according
    to Box 8).	120
	 	The Managers shall provide the following services for the Vessel in accordance with the Owners' instructions,	121
	 	which shall include but not be limited to:	122
	 	 	 
	 	(a) seeking and negotiating employment for the Vessel and the conclusion (including the execution thereof)	123
	 	of charter parties or other contracts relating to the employment of the Vessel.  If such a contract exceeds the	124
	 	period states in Box 9, consent thereto
    in writing shall first be obtained from the Owners;	125
	 	 	 
	 	(b) arranging for the provision of bunker fuels of the quality specified by the Owners as required for the	126
	 	Vessel’s trade;	127
	 	 	 
	 	(c) voyage estimating and accounting and calculation of hire, freights, demurrage and/or despatch monies	128
	 	due from or due to the charterers of the Vessel; assisting in the collection of any sums due to the Owners	129

 

    	 	3	 

     

    

 

PART II

SHIPMAN 2009

Standard ship management agreement

 

	 	related to the commercial operation
    of the Vessel in accordance with Clause 11 (Income Collected and	130
	 	 	 
	 	Expenses Paid on Behalf of Owners);	131
	 	 	 
	 	If any of the services under Sub-clauses
    6(a), 6(b) and 6(c) are to be excluded from the Management Fee,
    remuneration	132
	 	for these services must be stated
    in Annex E (Fee Schedule). See Sub-clause 12(e).	133
	 	 	 	 
	 	(d)	issuing voyage instructions;	134
	 	 	 	 
	 	(e)	appointing agents;	135
	 	 	 	 
	 	(f)	appointing stevedores; and	136
	 	 	 	 
	 	(g)	arranging surveys associated with the commercial operation of the Vessel.	137
	 	 	 	 
	7. Insurance Arrangements	138
	 	 
	 	(only applicable if agreed according to Box 11).	139
	 	The Managers shall arrange insurances in accordance with Clause 10 (Insurance Policies), on such terms as	140
	 	the Owners shall have instructed or agreed, in particular regarding conditions, insured values, deductibles,	141
	 	franchises and limits of liability.	142

 

    	 	4	 

     

    

 

PART II

SHIPMAN 2009

Standard ship management agreement

 

SECTION 3 – Obligations

 

	8. Managers' Obligations	143
	 	 
	 	(a) The Managers undertake to use their best endeavours to provide the Management Services as agents	144
	 	for and on behalf of the Owners in accordance with sound ship management practice and to protect and	145
	 	promote the interests of the Owners in all matters relating to the provision of services hereunder.	146
	 	 	 
	 	Provided however, that in the performance of their management responsibilities under this Agreement, the	147
	 	Managers shall be entitled to have regard to their overall responsibility in relation to all vessels as may from	148
	 	time to time be entrusted to their management and in particular, but without prejudice to the generality of	149
	 	the foregoing, the Managers shall be entitled to allocate available supplies, manpower and services in such	150
	 	manner as in the prevailing circumstances the Managers in their absolute discretion consider to be fair and	151
	 	reasonable.	152
	 	 	 
	 	(b) Where the Managers are providing technical management services in accordance with Clause 4 (Technical	153
	 	Management), they shall procure that the requirements of the Flag State are satisfied and they shall agree	154
	 	to be appointed as the Company, assuming the responsibility for the operation of the Vessel and taking over	155
	 	the duties and responsibilities imposed by the ISM Code and the ISPS Code, if applicable.	156
	 	 	 	 
	9. Owners' Obligations	157
	 	 
	 	(a) The Owners shall pay all sums due to the Managers punctually in accordance with the terms of this	158
	 	Agreement. In the event of payment after the due date of any outstanding sums the Manager shall be entitled	159
	 	to charge interest at the rate stated in Box 13.	160
	 	 	 
	 	(b) Where the Managers are providing technical management services in accordance with Clause 4 (Technical	161
	 	Management), the Owners shall:	162
	 	 	 	 
	 	(i)	report (or where the Owners are not the registered owners of the Vessel procure that the registered	163
	 	 	owners report) to the Flag State administration the details of the Managers as the Company as required	164
	 	 	to comply with the ISM and ISPS Codes;	165
	 	 	 	 
	 	(ii)	procure that any officers and ratings supplied by them or on their behalf comply with the requirements	166
	 	 	of STCW 95; and	167
	 	 	 	 
	 	(iii)	instruct such officers and ratings to obey all reasonable orders of the Managers (in their capacity as the	168
	 	 	Company) in connection with the operation of the Managers’ safety management system.	169
	 	 	 	 
	 	(c) Where the Managers are not providing technical management
    services in accordance with Clause 4	170
	 	(Technical Management), the Owners shall:	 
	 	 	 	 
	 	(i)	procure that the requirements of the Flag State are satisfied and notify the Managers upon execution of	172
	 	 	this Agreement of the name and contact details of the organization that will be the Company by completing	173
	 	 	Box 5;	174
	 	 	 	 
	 	(ii)	if the Company changes at any time during this Agreement, notify the Managers in a timely manner of	175
	 	 	the name and contact details of the new organization;	176
	 	 	 	 
	 	(iii)	procure that the details of the Company, including any change thereof, are reported to the Flag State	177
	 	 	administration as required to comply with the ISM and ISPS Codes. The Owners shall advise the Managers	178
	 	 	in a timely manner when the Flag State administration has approved the Company; and	179
	 	 	 	 
	 	(iv)	unless otherwise agreed, arrange for the supply of provisions at their own expense.	180
	 	 	 	 
	 	(d) Where the Managers are providing crew management services
    in accordance with Sub-clause 5(a) the	181
	 	Owners shall:	182
	 	 	 	 
	 	(i)	inform the Managers prior to ordering the Vessel to any excluded or additional premium area under	183
	 	 	any of the Owners’ Insurance by reason of war risks and/or piracy or like perils and pay whatever	184
	 	 	additional costs may property be incurred by the Managers as a consequence of such orders including,	185
	 	 	if necessary, the costs of replacing any member of the Crew.  Any delays resulting from negotiation	186
	 	 	with or replacement of any member of the Crew as a result of the Vessel being ordered to such an area	187

 

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	 	 	shall be for the Owners’ account.  Should the Vessel be within an area which becomes an excluded or	188
	 	 	additional premium area the above provisions relating to cost and delay shall apply;	189
	 	 	 	 
	 	(ii)	agree with the Managers prior to any change of flag of the Vessel and pay whatever additional costs	190
	 	 	may properly be incurred by the Managers as a consequence of such change.  If agreement cannot be	191
	 	 	reached then either party may terminate this Agreement
    in accordance with Sub-clause 22(e); and	192
	 	 	 	 
	 	(iii)	provide, at no cost to the Managers, in accordance with the requirements of the law of the Flag State,	193
	 	 	or higher standard, as mutually agreed, adequate Crew accommodation and living standards.	194
	 	 	 	 
	 	(e) Where the Managers are not the Company, the Owners shall ensure that Crew are property familiarised	195
	 	with their duties in accordance with the Vessel’s SMS and that instructions which are essential to the SMS	196
	 	are identified, documented and given to the Crew prior to sailing.	197

 

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SECTION 4 – Insurance,
Budgets, Income, Expenses and Fees

 

	10. Insurance Policies	198
	 	 
	 	The Owners shall procure, whether by instructing the Managers under Clause 7 (Insurance Arrangements)	199
	 	or otherwise, that throughout the period of this Agreement:	200
	 	 	 
	 	(a) at the Owners' expense, the Vessel is insured for not less than its sound market value or entered for its	201
	 	full gross tonnage, as the case may be for:	202
	 	 	 
	 	(i) hull and machinery marine risks (including but not limited to crew negligence) and excess liabilities;	203
	 	 	 
	 	(ii) protection and indemnity risks (including but not limited to pollution risks, diversion expenses and,	204
	 	except to the extent insured separately by the Managers in accordance with Sub-clause 5(b)(i), Crew	205
	 	Insurances);	206
	 	 	 
	 	NOTE: If the Managers are not providing crew management services under Sub-clause 5(a) (Crew	207
	 	Management) or have agreed not to provide Crew Insurances separately in accordance with Sub-clause	208
	 	5(b)(i),
    then such insurances must be included in the protection and indemnity risks cover for the Vessel (see	209
	 	Sub-clause 10(a)(ii) above).	210
	 	 	 
	 	(iii)	war risks (including but not limited to blocking and trapping, protection and indemnity, terrorism and crew	211
	 	 	risks); and	212
	 	 	 	 
	 	(iv)	such optional insurances as may be agreed (such as piracy, kidnap and ransom, loss of hire and	213
	 	 	FD & D) (see Box 12)	214
	 	 	 
	 	Sub-clauses 10(a)(i) through 10(a)(iv) all in accordance with the best practice of prudent owners of vessels	215
	 	of a similar type to the Vessel, with sound and reputable insurance companies, underwriters or associations	216
	 	("the Owners' Insurances");	217
	 	 	 
	 	(b) all premiums and calls on the Owners' Insurances are paid by their due date;	218
	 	(c) the Owners' Insurances name the Managers and, subject to underwriters' agreement, any third party	219
	 	designated by the Managers as a joint assured, with full cover. It is understood that in some cases, such as	220
	 	protection and indemnity, the normal terms for such cover may impose on the Managers and any such third	221
	 	party a liability in respect of premiums or calls arising in connection with the Owners' Insurances.	222
	 	 	 
	 	If obtainable at no additional cost, however, the Owners shall procure such insurances on terms such that	223
	 	neither the Managers nor any such third party shall be under any liability in respect of premiums or calls arising	224
	 	in connection with the Owners' Insurances. In any event, on termination of this Agreement in accordance	225
	 	with Clause 21  (Duration of the Agreement) and Clause 22 (Termination), the Owners shall procure that the	226
	 	Managers and any third party designated by the Managers as joint assured shall cease to be joint assured	227
	 	and, if reasonably achievable, that they shall be released from any and all liability for premiums and calls	228
	 	that may arise in relation to the period of this Agreement; and	229
	 	 	 
	 	(d) written evidence is provided, to the reasonable satisfaction of the Managers, of the Owners' compliance	230
	 	with their obligations under this Clause 10 within a reasonable time of the commencement of the Agreement,	231
	 	and of each renewal date and, if specifically requested, of each payment date of the Owners' Insurances.	232
	 	 	 
	11. Income Collected and Expenses Paid on Behalf of Owners	233
	 	 
	 	(a) Except as provided in Sub-clause 11(c) all monies collected by the Managers under the terms of this	234
	 	Agreement (other than monies payable by the Owners to the Managers) and any interest thereon shall be	235
	 	held to the credit of the Owners in a separate bank account.	236
	 	 	 
	 	(b) All expenses incurred by the Managers under the terms of this Agreement on behalf of the Owners	237
	 	(including expenses as provided in Clause 12(c)) may be debited against the Owners in the account referred to	238
	 	under Sub-clause 11(a) but shall in any event remain payable by the Owners to the Managers on demand.	239
	 	 	 
	 	(c) All monies collected by the Managers
    under Clause 6 (Commercial Management) shall be paid into a	240
	 	bank account in the name of the Owners or as may be otherwise advised by the Owners in writing.	241
	 	 
	12. Management Fee and Expenses	242

 

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	 	(a) The Owners shall pay to the Managers an annual management fee as stated in Box 14 for their services	243
	 	as Managers under this Agreement, which shall be payable in equal monthly instalments in advance, the first	244
	 	instalment (pro rata if appropriate) being payable on the commencement of this Agreement (see Clause 2	245
	 	(Commencement and Appointment) and Box 2) and subsequent instalments being payable at the beginning	246
	 	of every calendar month. The management fee shall be payable to the Managers' nominated account stated	247
	 	in Box 15.	248
	 	 	 
	 	(b) The management fee shall be subject to an annual review and the proposed fee shall be presented in	249
	 	the annual budget in accordance with Sub-clause 13(a).	250
	 	 	 
	 	(c) The Managers shall, at no extra cost to the Owners, provide their own office accommodation, office staff,	251
	 	facilities and stationery. Without limiting the generality of this Clause 12 (Management Fee and Expenses) the	252
	 	Owners shall reimburse the Managers for postage and communication expenses, travelling expenses, and	253
	 	other out of pocket expenses properly incurred by the Managers in pursuance of the Management Services.	254
	 	Any days used by the Managers' personnel travelling to or from or attending on the Vessel or otherwise used	255
	 	in connection with the Management Services in excess of those agreed in the budget shall be charged at	256
	 	the daily rate stated in Box 16.	257
	 	 	 
	 	(d) If the Owners decide to layup the Vessel and
    such layup lasts for more than the number of months	258
	 	stated in Box 17, an appropriate
    reduction of the Management Fee for the period exceeding such period	259
	 	until one month before the Vessel is again put into service shall be mutually agreed between the parties. If	260
	 	the Managers are providing crew management services
    in accordance with Sub-clause 5(a), consequential	261
	 	costs of reduction and reinstatement of the Crew shall be for the Owners' account. If agreement cannot be	262
	 	reached then either party may terminate this Agreement in accordance with Sub-clause 22(e).	263
	 	 	 
	 	(e) Save as otherwise provided in this Agreement, all discounts and commissions obtained by the Managers	264
	 	in the course of the performance of the Management Services shall be credited to the Owners.	265
	 	 	 
	13. Budgets and Management of Funds	266
	 	 
	 	(a) The Managers' initial budget is set out in Annex "C" hereto. Subsequent budgets shall be for the following	267
	 	calendar yeartwelve	 
	 	month periods and shall be prepared by the Managers and presented to the Owners not less than three	268
	 	months before commencement of the budget yearthe end of the budget year.	269
	 	 	 
	 	(b) The Owners shall state to the Managers in a timely manner, but in any event within one month of	270
	 	presentation, whether or not they agree to each proposed annual budget. The parties shall negotiate in good	271
	 	faith and if they fail to agree on the annual budget, including the management fee, either party may terminate	272
	 	this Agreement in accordance with Sub-clause 22(e).	273
	 	 	 
	 	(c) Following the agreement of the budget, the Managers shall prepare and present to the Owners their	274
	 	estimate of the working capital requirement for the Vessel and shall each month request the Owners in writing	275
	 	to pay the funds required to run the Vessel for the ensuing month, including the payment of any occasional or	276
	 	extraordinary item of expenditure, such as emergency repair costs, additional insurance premiums, bunkers	277
	 	or provisions. Such funds shall be received by the Managers within ten running days after the receipt by the	278
	 	Owners of the Managers' written request and shall be held to the credit of the Owners in a separate bank	279
	 	account.	280
	 	 	 
	 	(d) The Managers shall at all times maintain and keep true and correct accounts in respect of the Management	281
	 	Services in accordance with the relevant International Financial Reporting Standards or such other standard	282
	 	as the parties may agree, including records of all costs and expenditure incurred, and produce a comparison	283
	 	between budgeted and actual income and expenditure of the Vessel in such form and at such intervals as	284
	 	shall be mutually agreed.	285
	 	 	 
	 	The Managers shall make such accounts available for inspection and auditing by the Owners and/or their	286
	 	representatives in the Managers' offices or by electronic means, provided reasonable notice is given by the	287
	 	Owners.	288
	 	 	 
	 	(e) Notwithstanding anything contained herein, the Managers shall in no circumstances be required to use	289
	 	or commit their own funds to finance the provision of the Management Services.	290

 

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SECTION 5 – Legal, General
and Duration of Agreement

 

	14. Trading Restrictions	291
	 	If the Managers are
    providing crew management services accordance with Sub-clause 5(a) (Crew	292
	 	Management), the Owners and the Managers will, prior to the commencement of this Agreement, agree on any	293
	 	trading restrictions to the Vessel that may result from the terms and conditions of the Crew's employment.	294
	 	 	 
	15. Replacement	295
	 	 
	 	If the Managers are
    providing crew management services in accordance with Sub-clause 5(a) (Crew	296
	 	Management), the Owners may require the replacement, at their own expense, at the next reasonable	297
	 	opportunity, of any member of the Crew found on reasonable grounds to be unsuitable for service. If the	298
	 	Managers have failed to fulfil their obligations in providing suitable qualified Crew within the meaning of Sub-	299
	 	clause 5(a) (Crew Management), then such replacement shall be at the Managers' expense.	300
	 	 	 
	16. Managers' Right to Sub-Contract	301
	 	 
	 	The Managers shall not subcontract any of their obligations hereunder without the prior written consent of	302
	 	the Owners which shall not be unreasonably withheld.  In the event of such a sub-contract the Managers	303
	 	shall remain fully liable for the due performance of their obligations under this Agreement.	304
	 	 	 
	17. Responsibilities	305
	 	 
	 	(a)	Force Majeure	 
	 	 	 	306
	 	Neither party shall be liable for any loss, damage or delay due to any of the following force majeure events	307
	 	and/or conditions to the extent that the party invoking force majeure is prevented or hindered from	308
	 	performing any or all of their obligations under this Agreement, provided they have made all	309
	 	reasonable efforts to avoid, minimize or prevent the effect of such events and/or conditions:	310
	 	 	 	 
	 	(i)	acts of God;	311
	 	 	 	 
	 	(ii)	any Government requisition, control, intervention, requirement or interference;	312
	 	 	 	 
	 	(iii)	any circumstances arising out of war, threatened act of war or warlike operations, acts of terrorism,	313
	 	 	sabotage or piracy, or the consequences thereof;	314
	 	 	 	 
	 	(iv)	riots, civil commotion, blockades or embargoes;	315
	 	 	 	 
	 	(v)	epidemics;	316
	 	 	 	 
	 	(vi)	earthquakes, landslides, floods or other extraordinary weather conditions;	317
	 	 	 	 
	 	(vii)	strikes, lockouts or other industrial action, unless limited to the employees (which shall not include the	318
	 	 	Crew) of the party seeking to invoke force majeure;	319
	 	 	 	 
	 	(viii)	fire, accident, explosion except where caused by negligence of the party seeking to invoke force majeure;	320
	 	 	and	321
	 	 	 	 
	 	(ix)	any other similar cause beyond the reasonable control of either party.	322
	 	 	 	 
	 	(b)	Liability to Owners	323
	 	 	 	 
	 	(i)	Without prejudice to Sub-clause 17(a), the Managers shall be under no liability whatsoever to the Owners	324
	 	 	for any loss, damage, delay or expense of whatsoever nature, whether direct or indirect, (including but	325
	 	 	not limited to loss of profit arising out of or in connection with detention of or delay to the Vessel) and	326
	 	 	howsoever arising in the course of performance of the Management Services UNLESS same is proved	327
	 	 	to have resulted solely from the negligence, gross negligence or wilful default of the Managers or their	328
	 	 	employees or agents, or sub-contractors employed by them in connection with the Vessel, in which case	329
	 	 	(save where loss, damage, delay or expense has resulted from the Managers' personal act or omission	330
	 	 	committed with the intent to cause same or recklessly and with knowledge that such loss, damage,	331
	 	 	delay or expense would probably result) the Managers' liability for each incident or series of incidents	332
	 	 	giving rise to a claim or claims shall never exceed a total of ten (10) times the annual management fee	333
	 	 	payable hereunder.	334
	 	 	 	 
	 	(ii)	Acts or omissions of the Crew - Notwithstanding anything that may appear to the contrary in this	335

 

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	 	Agreement, the Managers shall not be liable for any acts or omissions of the Crew, even if such acts	336
	 	or omissions are negligent, grossly negligent or wilful, except only to the extent that they are shown to	337
	 	have resulted from a failure by the Managers to discharge their obligations under Clause 5(a) (Crew	338
	 	Management), in which case their liability shall be limited in accordance with the terms of this Clause	339
	 	17 (Responsibilities).	340
	 	 	 
	 	(c) Indemnity	341
	 	 	 
	 	Except to the extent and solely for the amount therein set out that the Managers would be liable under	342
	 	Sub-clause 17(b), the Owners hereby undertake to keep the Managers and their employees,	343
	 	agents and sub-contractors indemnified and to hold them harmless against all actions, proceedings, claims,	344
	 	demands or liabilities whatsoever or howsoever arising which may be brought against them or incurred or	345
	 	suffered by them arising out of or in connection with the performance of this Agreement, and against and in	346
	 	respect of all costs, loss, damages and expenses (including legal costs and expenses on a full indemnity	347
	 	basis) which the Managers may suffer or incur (either directly or indirectly) in the course of the performance	348
	 	of this Agreement.	349
	 	 	 
	 	(d) “Himalaya"	350
	 	 	 
	 	It is hereby expressly agreed that no employee or agent of the Managers (including every	351
	 	sub-contractor from time to time employed by the Managers) shall in any circumstances whatsoever be	352
	 	under any liability whatsoever to the Owners for any loss, damage or delay of whatsoever kind arising or	353
	 	resulting directly or indirectly from any act, neglect or default on his part while acting in the course of or in	354
	 	connection with his employment and, without prejudice to the generality of the foregoing provisions in this	355
	 	Clause 17 (Responsibilities), every exemption, limitation, condition and liberty herein contained and every	356
	 	right, exemption from liability, defence and immunity of whatsoever nature applicable to the Managers or to	357
	 	which the Managers are entitled hereunder shall also be available and shall extend to protect every such	358
	 	employee or agent of the Managers acting as aforesaid and for the purpose of all the foregoing provisions	359
	 	of this Clause 17 (Responsibilities) the Managers are or shall be deemed to be acting as agent or trustee	360
	 	on behalf of and for the benefit of all persons who are or might be their servants or agents from time to time	361
	 	(including sub-contractors as aforesaid) and all such persons shall to this extent be or be deemed to be	362
	 	parties to this Agreement.	363
	 	 	 
	18. General Administration	364
	 	 	 
	 	(a) The Managers shall keep the Owners and, if appropriate, the Company informed in a timely manner of	365
	 	any incident of which the Managers become aware which gives or may give rise to delay to the Vessel or	366
	 	claims or disputes involving third parties.	367
	 	 	 
	 	(b) The Managers shall handle and settle all claims and disputes arising out of the Management Services	368
	 	hereunder, unless the Owners instruct the Managers otherwise. The Managers shall keep the Owners	369
	 	appropriately informed in a timely manner throughout the handling of such claims and disputes.	370
	 	 	 
	 	(c) The Owners may request the Managers to bring or defend other actions, suits or proceedings related	371
	 	to the Management Services, on terms to be agreed.	372
	 	 	 
	 	(d) The Managers shall have power to obtain appropriate legal or technical or other outside expert advice in	373
	 	relation to the handling and settlement of claims in relation to Sub-clauses 18(a) and 18(b) and disputes and	374
	 	any other matters affecting the interests of the Owners in respect of the Vessel, unless the Owners instruct	375
	 	the Managers otherwise.	376
	 	 	 
	 	(e) On giving reasonable notice, the Owners may request, and the Managers shall in a timely manner make	377
	 	available, all documentation, information and records in respect of the matters covered by this Agreement	378
	 	either related to mandatory rules or regulations or other obligations applying to the Owners in respect of	379
	 	the Vessel (including but not limited to STCW 95, the ISM Code and ISPS Code) to the extent permitted by	380
	 	relevant legislation.	381
	 	 	 
	 	On giving reasonable notice, the Managers may request, and the Owners shall in a timely manner make	382
	 	available, all documentation, information and records reasonably required by the Managers to enable them	383
	 	to perform the Management Services.	384
	 	 	 
	 	(f) The Owners shall arrange for the provision of any necessary guarantee bond or other security.	385

 

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	 	(g) Any costs incurred by the Managers in carrying out their obligations according to this Clause 18 (General Administration) shall be	386
	 	reimbursed by the Owners.	387
	 	(h) the Managers shall, as instructed by Owners, provide Key Performance Indicators (KPIs) in the	 
	 	Agreed format (see Annex E). These KPIs to be provided to the Owners by the 10th of each month. The format	 
	 	is to be reviewed annually or as necessary.	 
	 	 	 
	19. Inspection of Vessel	388
	 	 
	 	The Owners may at any time after giving reasonable notice to the Managers inspect the Vessel for any reason	389
	 	they consider necessary.	390
	 	 	 
	20. Compliance with Laws and Regulations	391
	 	 
	 	The parties will not do or permit to be done anything which might cause any breach or infringement of the	392
	 	laws and regulations of the Flag State, or of the places where the Vessel trades.	393
	 	 	 
	21. Duration of the Agreement	394
	 	 
	 	(a) This Agreement shall come into effect at the date stated in Box 2 and shall continue until terminated by	395
	 	either party by giving notice to the other; in which event this Agreement shall terminate upon the expiration	396
	 	of the
    later of the number of months stated in Box 18 or a period
    of thirty (30) days or as otherwise agreedtwo (2)	397
	 	months from the date on which	 
	 	such notice is received, unless terminated earlier in accordance with Clause 22 (Termination).	398
	 	 	 	 
	 	(b) Where the Vessel is not at a mutually convenient port or place on the expiry of such period, this Agreement	399
	 	shall terminate on the subsequent arrival of the Vessel at the next mutually convenient port or place.	400
	 	 	 
	22. Termination	401
	 	 
	 	(a)	Owners' or Managers' default	402
	 	 	 	 
	 	If either party fails to meet their obligations under this Agreement, the other party may give notice to the	403
	 	party in default requiring them to remedy it. In the event that the party in default fails to remedy it within a	404
	 	reasonable time to the reasonable satisfaction of the other party, that party shall be entitled to terminate this	405
	 	Agreement with immediate effect by giving notice to the party in default.	406
	 	 	 	 
	 	(b)	Notwithstanding Sub-clause 22(a):	407
	 	 	 	 
	 	(i)	The Managers shall be entitled to terminate the Agreement with immediate effect by giving notice to the	408
	 	 	Owners if any monies payable by the Owners under this Agreementand/or the owners of any associated vessel,	409
	 	 	details of	 
	 	 	which are listed in Annex "D", shall not have been received in the Managers' nominated account within	410
	 	 	ten days (10) of receipt by the Owners of the Managers' written request, or if the Vessel is repossessed by	411
	 	 	the Mortgagee(s).	412
	 	 	 	 
	 	(ii)	If the Owners proceed with the employment of or continue to employ the Vessel in the carriage of	413
	 	 	contraband, blockade running, or in an unlawful trade, or on a voyage which in the reasonable opinion	414
	 	 	of the Managers is unduly hazardous or improper, the Managers may give notice of the default to the	415
	 	 	Owners, requiring them to remedy it as soon as practically possible. In the event that the Owners fail to	416
	 	 	remedy it within a reasonable time to the satisfaction of the Managers, the Managers shall be entitled	417
	 	 	to terminate the Agreement with immediate effect by notice.	418
	 	 	 	 
	 	(iii)	If either party fails to meet their respective obligations under Sub-clause 5(b) (Crew Insurances) and	419
	 	 	Clause 10 (Insurance Policies), the other party may give notice to the party in default requiring them to	420
	 	 	remedy it within ten (10) days, failing which the other party may terminate this Agreement with immediate	421
	 	 	effect by giving notice to the party in default.	422
	 	 	 	 
	 	(c)	Extraordinary Termination	423
	 	 	 
	 	This Agreement shall be deemed to be terminated in the case of the sale of the Vessel or, if the Vessel	424
	 	becomes a total loss or is declared as a constructive or compromised or arranged total loss or is requisitioned	425
	 	or has been declared missing or, if bareboat chartered, unless otherwise agreed, when the bareboat charter	426
	 	comes to an end.	427
	 	 	 
	 	(d)	For the purpose of Sub-clause 22(c) hereof:	428
	 	 	 	 
	 	(i)	the date upon which the Vessel is to be treated as having been sold or otherwise disposed of shall be	429
	 	 	the date on which the Vessel's owners cease to be the registered owners of the Vessel;	430
	 	 	 	 
	 	(ii)	the Vessel shall be deemed to be lost either when it has become an actual total loss or agreement has	431

 

 

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	 	 	been reached with the Vessel's underwriters in respect of its constructive total loss or if such agreement	432
	 	 	with the Vessel's underwriters is not reached it is adjudged by a competent tribunal that a constructive	433
	 	 	loss of the Vessel has occurred; and	434
	 	 	 	 
	 	(iii)	the date upon which the Vessel is to be treated as declared missing shall be ten (10) days after the Vessel	435
	 	 	was last reported or when the Vessel is recorded as missing by the Vessel's underwriters, whichever	436
	 	 	occurs first. A missing vessel shall be deemed lost in accordance with the provisions of Sub-clause 22(d)	437
	 	 	(ii)	438
	 	 	 	 
	 	(e) In the event the parties fail to agree the annual budget in accordance with Sub-clause 13(b) or to agree	439
	 	a change of flag in accordance with Sub-clause 9(d)(ii) or to agree to a reduction in the Mangement Fee in	440
	 	accordance with Sub-clause 12(d), either party may terminate this Agreement by giving the other party not	441
	 	less than one month's notice, the result of which will be the expiry of the Agreement at the end of the current	442
	 	budget period or on expiry of the notice period, whichever is the later.	443
	 	 	 
	 	(f) This Agreement shall terminate forthwith in the event of an order being made or resolution passed	444
	 	for the winding up, dissolution, liquidation or bankruptcy of either party (otherwise than for the purpose of	445
	 	reconstruction or amalgamation) or if a receiver or administrator is appointed, or if it suspends payment,	446
	 	ceases to carry on business or makes any special arrangement or composition with its creditors.	447
	 	 	 
	 	(g) In the event of the termination of this Agreement for any reason other than default by the Managers the	448
	 	management fee payable to the Managers according to the provisions of Clause 12 (Management Fee and	449
	 	Expenses), shall continue to be payable for a further period of the number of months stated in Box 19 as	450
	 	from the effective date of termination. If Box 19 is left blank then ninety (90) days shall apply.	451
	 	 	 
	 	(h) In addition, where the Managers
    provide Crew for the Vessel in accordance with Clause 5(a) (Crew	452
	 	Management):	453
	 	 	 
	 	(i) the Owners shall continue to pay Crew Support Costs during the said further period of the number of	454
	 	months stated in Box 19; and	455
	 	 	 
	 	(ii) the Owners shall pay an equitable proportion of any Severance Costs which may be incurred, not	456
	 	exceeding the amount stated in Box
    20. The Managers shall use their reasonable endeavours to minimise	457
	 	such Severance Costs.	458
	 	 	 
	 	(i) On the termination, for whatever reason, of this Agreement, the Managers shall release to the Owners,	459
	 	if so requested, the originals where possible, or otherwise certified copies, of all accounts and all documents	460
	 	specifically relating to the Vessel and its operation.	461
	 	 	 
	 	(j) The termination of this Agreement shall be without prejudice to all rights accrued due between the parties	462
	 	prior to the date of termination.	463
	 	 	 
	23. BIMCO Dispute Resolution Clause	464
	 	 
	 	(a) This Agreement shall be governed by and construed in accordance with English law and any dispute	465
	 	arising out of or in connection with this Agreement shall be referred to arbitration in London in accordance with	466
	 	the Arbitration Act 1996 or any statutory	467
	 	modification or re-enactment thereof save to the extent necessary to give effect to the provisions of this Clause.	468
	 	 	 
	 	The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (LMAA)	469
	 	Terms current at the time when the arbitration proceedings are commenced.	470
	 	 	 
	 	The reference shall be to three arbitrators. A party wishing to refer a dispute to arbitration shall appoint its	471
	 	arbitrator and send notice of such appointment in writing to the other party requiring the other party to appoint	472
	 	its own arbitrator within 14 calendar days of that notice and stating that it will appoint its arbitrator as sole	473
	 	arbitrator unless the other party appoints its own arbitrator and gives notice that it has done so within the	474
	 	14 days specified. If the other party does not appoint its own arbitrator and give notice that it has done so	475
	 	within the 14 days specified, the party referring a dispute to arbitration may, without the requirement of any	476
	 	further prior notice to the other party, appoint its arbitrator as sole arbitrator and shall advise the other party	477
	 	accordingly. The award of a sole arbitrator shall be binding on both parties as if he had been appointed by	478
	 	agreement.	479
	 	 	 
	 	Nothing herein shall prevent the parties agreeing in writing to vary these provisions to provide for the	480

 

    	 	12	 

     

    

 

PART II

SHIPMAN 2009

Standard ship management agreement

 

	 	appointment of a sole arbitrator.	481
	 	 	 
	 	In cases where neither the claim nor any counterclaim exceeds the sum of USD50,000 (or such other sum	482
	 	as the parties may agree) the arbitration shall be conducted in accordance with the LMAA Small Claims	483
	 	Procedure current at the time when the arbitration proceedings are commenced.	484
	 	 	 
	 	(b) This Agreement shall be governed by and construed in accordance with Title 9 of the United States Code	485
	 	and the Maritime Law of the United States and any dispute arising out of or in connection with this Agreement	486
	 	shall be referred to three persons at New York, one to be appointed by each of the parties hereto, and the	487
	 	third by the two so chosen, their decision or that of any two of them shall be final, and for the purposes of	488
	 	enforcing any award, judgment may be entered on an award by any court of competent jurisdiction.  The	489
	 	proceedings shall be conducted in accordance with the rules of the Society of Maritime Arbitrators, Inc.	490
	 	 	 
	 	In cases where neither the claim nor any counterclaim exceeds the sum of USD50,000 (or such other sum	491
	 	as the parties may agree) the arbitration shall be conducted in accordance with the Shortened Arbitration	492
	 	Procedure of the Society of Maritime Arbitrators, Inc. current at the time when the arbitration proceedings	493
	 	are commenced.	494
	 	 	 
	 	(c) This Agreement shall be governed by and construed in accordance with the laws of the place mutually	495
	 	agreed by the parties and any dispute arising out of or in connection with this Agreement shall be referred	496
	 	to arbitration at a mutually agreed place, subject to the procedures applicable there.	497
	 	 	 
	 	(d) Notwithstanding Sub-clauses 23(a), 23(b) or 23(c) above, the parties may agree at any time to refer to	498
	 	mediation any difference and/or dispute arising out of or in connection with this Agreement.	499
	 	 	 	 
	 	(i)	In the case of a dispute in respect of which arbitration has been commenced under Sub-clauses 23(a);	500
	 	 	23(b) or 23(c) above, the following shall apply:	501
	 	 	 	 
	 	(ii)	Either party may at any time and from time to time elect to refer the dispute or part of the dispute to	502
	 	 	mediation by service on the other party of a written notice (the "Mediation Notice") calling on the other	503
	 	 	party to agree to mediation.	504
	 	 	 	 
	 	(iii)	The other party shall thereupon within 14 calendar days of receipt of the Mediation Notice confirm that	505
	 	 	they agree to mediation, in which case the parties shall thereafter agree a mediator within a further 14	506
	 	 	calendar days, failing which on the application of either party a mediator will be appointed promptly by	507
	 	 	the Arbitration Tribunal ("the Tribunal") or such person as the Tribunal may designate for that purpose.	508
	 	 	The mediation shall be conducted in such place and in accordance with such procedure and on such	509
	 	 	terms as the parties may agree or, in the event of disagreement, as may be set by the mediator.	510
	 	 	 	 
	 	(iv)	If the other party does not agree to mediate, that fact may be brought to the attention of the Tribunal	511
	 	 	and may be taken into account by the Tribunal when allocating the costs of the arbitration as between	512
	 	 	the parties.	513
	 	 	 	 
	 	(v)	The mediation shall not affect the right of either party to seek such relief or take such steps as it considers	514
	 	 	necessary to protect its interest.	515
	 	 	 	 
	 	(vi)	Either party may advise the Tribunal that they have agreed to mediation. The arbitration procedure shall	516
	 	 	continue during the conduct of the mediation but the Tribunal may take the mediation timetable into	517
	 	 	account when setting the timetable for steps in the arbitration.	518
	 	 	 	 
	 	(vii)	Unless otherwise agreed or specified in the mediation terms, each party shall bear its own costs incurred	519
	 	 	in the mediation and the parties shall share equally the mediator's costs and expenses.	520
	 	 	 	 
	 	(viii)	The mediation process shall be without prejudice and confidential and no information or documents	521
	 	 	disclosed during it shall be revealed to the Tribunal except to the extent that they are disclosable under	522
	 	 	the law and procedure governing the arbitration.	523
	 	 	 	 
	 	(Note: The parties should be aware that the mediation process may not necessarily interrupt time limits.)	524
	 	 	 
	 	(e) If Box 21 in Part I is not appropriately filled in, Sub-clause 23(a) of this Clause shall apply.	525
	 	 	 
	 	Note: Sub-clauses 23(a), 23(b) and 23(c) are alternatives; indicate alternative agreed in Box 21. Sub-clause	526

 

    	 	13	 

     

    

 

PART II

SHIPMAN 2009

Standard ship management agreement

 

	 	23(d) shall apply in all cases.	527
	 	 
	24. Notices	528
	 	 
	 	(a) All notices given by either party or their agents to the other party or their agents in accordance with the	529
	 	provisions of this Agreement shall be in writing and shall, unless specifically provided in this Agreement to	530
	 	the contrary, be sent to the address for that other party as set out in Boxes 22 and 23 or as appropriate or	531
	 	to such other address as the other party may designate in writing.	532
	 	 	 
	 	A notice may be sent by registered or recorded mail, facsimile, electronically or delivered by hand in accordance	533
	 	with this Sub-clause 24(a)	534
	 	 	 
	 	(b) Any notice given under this Agreement shall take effect on receipt by the other party and shall be deemed	535
	 	to have been received:	536
	 	 	 	 
	 	(i)	if posted, on the seventh (7th) day after posting;	537
	 	 	 	 
	 	(ii)	if sent by facsimile or electronically, on the day of transmission; and	538
	 	 	 	 
	 	(iii)	if delivered by hand, on the day of delivery.	539
	 	 	 
	 	And in each case proof of posting, handing in or transmission shall be proof that notice has been given,	540
	 	unless proven to the contrary.	541
	 	 	 
	25. Entire Agreement	542
	 	 
	 	This Agreement constitutes the entire agreement between the parties and no promise, undertaking,	543
	 	representation, warranty or statement by either party prior to the date stated in Box 2 shall affect this	544
	 	Agreement. Any modification of this Agreement shall not be of any effect unless in writing signed by or on	545
	 	behalf of the parties.	546
	 	 	 
	26. Third Party Rights	547
	 	 
	 	Except to the extent provided in Sub-clauses 17(c) (Indemnity) and 17(d) (Himalaya), no third parties may	548
	 	enforce any term of this Agreement.	549
	 	 	 
	27. Partial Validity	550
	 	 
	 	If any provision of this Agreement is or becomes or is held by any arbitrator or other competent body to be	551
	 	illegal, invalid or unenforceable in any respect under any law or jurisdiction, the provision shall be deemed	552
	 	to be amended to the extent necessary to avoid such illegality, invalidity or unenforceability, or, if such	553
	 	amendment is not possible, the provision shall be deemed to be deleted from this Agreement to the extent	554
	 	of such illegality, invalidity or unenforceability, and the remaining provisions shall continue in full force and	555
	 	effect and shall not in any way be affected or impaired thereby.	556
	 	 	 
	28. Interpretation	557
	 	 
	 	In this Agreement:	558
	 	 	 
	 	(a) Singular/Plural	559
	 	The singular includes the plural and vice versa as the context admits or requires.	560
	 	 	 
	 	(b) Headings	561
	 	The index and headings to the clauses and appendices to this Agreement are for convenience only and shall not affect	562
	 	its construction or interpretation.	563
	 	 	 
	 	(c) Day	564
	 	"Day" means a calendar day unless expressly stated to the contrary.	565

 

	29. BIMCO MLC Clause for SHIPMAN 2009:	 
	 	For the purposes of this Clause:	 
	 	 	 
	 	"MLC” means the International Labour Organisation (ILO) Maritime Labour Convention (MLC 2006) and any amendment thereto or substitution thereof.	 
	 	 	 
	 	"Shipowner” shall mean the party named as "shipowner" on the Maritime Labour Certificate for the Vessel.	 
	 	 	 
	 	(a) Subject to Clause 3 (Authority of the Managers), the Managers shall, to the extent of their Management Services, assume the Shipowner's duties and responsibilities imposed by the MLC for the Vessel, on behalf of the Shipowner.	 

 

    	 	14	 

     

    

 

PART II

SHIPMAN 2009

Standard ship management agreement

 

	 	(b)   The Owners shall ensure compliance with the MLC in respect of any crew members supplied by them or on their behalf.	 
	 	 	 
	 	(c)   The Owners shall procure, whether by instructing the Managers under Clause 7 (Insurance Arrangements) or	 
	 	otherwise, insurance cover or financial security to satisfy the Shipowners financial security obligations under the MLC.	 

 

    	 	15	 

     

    

  

ANNEX E TO

 

THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO)

 

STANDARD SHIP MANAGEMENT AGREEMENT — CODE NAME: SHIPMAN
2009

 

Date of Agreement:

 

24 March 2015

 

Name of Vessel:

 

Höegh Gallant, IMO No. 9653678, Call Sign: LAUI7

 

KEY PERFORMANCE INDICATORS

 

See Separate Form to use in Appendix 1 “Marine Accidents
2015: Höegh Gallant” to Annex E.

 

 

    	 	1	 

     

    

  

Appendix 1 “Marine Accidents 2015: Independence”
to Annex “E”

Shipman 98 dated 23 March 2015

 

Marine Accidents 2015: HÖEGH GALLANT, IMO NO. 9653678

 

	 
	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct.	Nov	Dec
	N° of Lost Workday Cases (LWC)	0,00	0,00	0,00	0,00	0,00	0,00	0,00	0,00	0,00	0,00	0,00	0,00
	N° of Restricted Work Cases (RWC)	0,00	0,00	0,00	0,00	0,00	0,00	0,00	0,00	0,00	0,00	0,00	0,00
	N° of Medical Treatment Cases (MTC)	0,00	0,00	0,00	0,00	0,00	0,00	0,00	0,00	0,00	0,00	0,00	0,00
	N° of First Aid Cases (FAC)	0,00	0,00	0,00	0,00	0,00	0,00	0,00	0,00	0,00	0,00	0,00	0,00
	N° of Fatalities	0,00	0,00	0,00	0,00	0,00	0,00	0,00	0,00	0,00	0,00	0,00	0,00
	N° of Permanent Total Disability
    (PTD)	0,00	0,00	0,00	0,00	0,00	0,00	0,00	0,00	0,00	0,00	0,00	0,00
	N° of Permanent Partial Disability
    (PPD)	0,00	0,00	0,00	0,00	0,00	0,00	0,00	0,00	0,00	0,00	0,00	0,00
	N° of Near Misses	0,00	0,00	0,00	0,00	0,00	0,00	0,00	0,00	0,00	0,00	0,00	0,00
	N° of Exposure Hours	0,00	0,00	0,00	0,00	0,00	0,00	0,00	0,00	0,00	0,00	0,00	0,00
	N° of Lost Time Injuries (LTIs)	0,00	0,00	0,00	0,00	0,00	0,00	0,00	0,00	0,00	0,00	0,00	0,00

 

	Date and place:
	Observation title:
	Description:
	Root Cause
	Direct Cause
	Consequenses
	Immediate Action
	Preventive action

 

    	 	1Exhibit 4.22

 

INTERCOMPANY AGREEMENT REGARDING SECONDMENT
OF EMPLOYEES

 

This intercompany agreement regarding secondment
of employees (the “Agreement”) is entered into on 31 March 2015, by and between:

 

Höegh LNG Maritime Management Pte.
Ltd., a company incorporated and organised under the laws of Singapore with registration no. 201400632E, having its registered
office at 4 Robinson Road #05-01 The House of Eden, Singapore 048543 (the “Contractor”); and

 

Höegh LNG Cyprus Ltd., a company
incorporated and organized under the laws of Cyprus with registration no. 339342, having its registered office at Kanika International
Business Centre, 6th Floor, Flat 4, Germasogeia, 4046, Limassol, Cyprus (the “Client”).

 

The Contractor and the Client are hereinafter
collectively referred to as the "Parties" and

each individually as a "Party".

 

		1.	DEFINITIONS

 

	"Company"	(with reference to the ISM Code and the ISPS Code) means organization complying with the ISM and ISPS Codes. 
	 	 
	"Crew/Employee Insurances"	means insurances of liabilities in respect of Crew/Employee risks which shall include but not be limited to death, permanent disability, sickness, injury repatriation, shipwreck unemployment indemnity and loss of personal effects.
	 	 
	“Employees”	means seafarers comprised by the Agreement as being seconded by the Contractor to the Client.
	 	 
	"The Effective Date"	means the date of this Agreement. 
	 	 
	"Requirement Specifications"	means the requirements set by the Client regarding qualifications for the Employee(s). 
	 	 
	“Secondment Order”	means the agreement entered into for secondment of Employee(s).
	 	 
	"Vessel"	means the Höegh Gallant, IMO No. 9653678 which, at the date of this Agreement, is flagged under Norwegian flag. 

 

		2.	PURPOSE

 

The Contractor is an international employment
company which holds a Certificate of Authorisation to Operate A Seafarer Recruitment and Placement Service issued by the Maritime
and Port Authority of Singapore (Certificate number COA/2014/000111) and which has access to Employees trained as seafarers. The
Contractor has employed seafarers mainly through crewing agreements with third party companies.

 

The Client is a company, which will provide
pursuant to the terms of a lease and maintenance agreement, a vessel with trained crew to another entity of the Höegh LNG
Group.

 

    	 	1	 

     

    

  

The Contractor intends to second its Employees
who trained as seafarers to the Client and the Client wants to contract Employees trained as seafarers.

 

		3.	THE SCOPE OF THE AGREEMENT

 

Subject to the terms of this Agreement,
the Contractor agrees to make available to the Client (via a secondment) such Employees trained as seafarers to serve on the Vessel.

 

		4.	SECONDMENT ORDER

 

The Secondment Order shall consist of a
list of the positions required (crew complement). Changes in the crew complement list can be agreed per e-mail.

 

		5.	THE WORKING ARRANGEMENT 

 

The Employees are employed by the Contractor
pursuant to their individual employment contracts, and the Contractor shall continue to be the employer, even during the period
of secondment. The Employees shall not at any time during the secondment be construed as being employed by the Client.

 

During the period of secondment, the Employees
shall be under the instruction and supervision of the Client and Contractor shall procure that the Employees comply with all reasonable
orders of the Client including, but not limited to, orders in connection with safety and navigation, avoidance of pollution and
protection of the environment. During the period of secondment, the Employee(s) shall be bound by the rules and guidelines laid
down by the Client and work under the management of the Client.

 

		6.	OBLIGATIONS OF THE CONTRACTOR 

 

The Contractor shall be responsible for
conducting an adequate selection of Employee(s) by verifying that the Employee(s) formal qualifications and other specific criteria
as requested by the Client is in accordance with the Client's request. The Contractors responsibility in relation to the Employee(s)
formal qualification and other specific criteria as requested by the Client is limited to the exercise of due diligence in the
selection process which can be documented.

 

The Contractor shall provide to the Client
such Employee(s) fulfilling the Client’s Requirement Specifications as stated in the Secondment Order. If the Employee(s)
seconded do not in fact meet such Requirement Specifications as requested by the Client, the Contractor shall as soon as possible
upon request provide the Client with new qualified Employee(s) fulfilling such Requirement Specifications. The Contractor shall
have a quality system verifying that the Contractor’s services satisfy the Client's needs and requirements. The Contractor
is not responsible towards the Client, if a matter for which the Client is responsible prevents the Employee(s) from conducting
the work in a satisfying manner. The same applies for matters for which a third party is responsible.

 

The Contractor shall provide the Client
with information and documentation necessary in order for the Client to fulfil its obligations according to this Agreement. The
Contractor shall as soon as possible provide the Client with such information and documentation as requested by the Client.

 

The Contractor shall ensure that Crew/Employee
Insurances name the Client as a joint assured with full cover and, unless otherwise agreed, on terms such that Client shall be
under no liability in respect of premiums or calls arising in connection with such insurances.

 

		7.	OBLIGATIONS OF THE CLIENT 

 

The Client shall be responsible for the
daily management and guidance of the Employee(s) and the work to be conducted.

 

    	 	2	 

     

    

 

The Client is responsible for the working
conditions on the work place being in compliance with applicable rules and regulations and that the work conditions are arranged
in order for the Employee(s) to be able to conduct their work.

 

The Client shall ensure that the requirements
of the law of the Vessel’s flag state are satisfied (including compliance with all Maritime Labour Convention provisions
which are applicable to the secondment) and that they, or such other entity as may be appointed for the Vessel, are identified
to Contractor as the Company. If the Company changes at any time during this Agreement, the Client shall notify the Contractor
in a timely manner of the name and contact details of the new organization.

 

The Client shall ensure that the Employee(s),
before joining the Vessel, are properly familiarised with their duties in accordance with the ISM Code and the Vessel’s SMS
and that instructions which are essential to the SMS are identified, documented and given to the Employee(s) prior to sailing.

 

The Employee(s) shall be bound by the Client's
safety instructions and work regulations and other regulations relevant for the work place and the work to be performed. The Client
shall be responsible for providing the Employee(s) with relevant training and information on necessary HSSEQ rules applicable for
the work place and the work to be performed.

 

The Client shall be solely responsible
for damage/loss/lack of work performance caused by any act or omission of the Employee(s) during the performance of the work, causing
the Client or a third party damage or loss.

 

The Client is responsible for compliance
with applicable rules and regulations relevant for the Employee(s) and the work to be conducted. The Client is responsible for
correct reporting and where relevant, payment of applicable taxes and other charges which are to be covered by the employer (such
as e.g. employers' national insurance contributions and so on) relevant for the Employee(s) and the work to be conducted.

 

The Client is responsible for paying salary
to the Employee(s) in accordance with each Employee's employment agreement (which is entered into between the Employee and the
Contractor) and/or the secondment agreement and particular regulations regarding compensation applicable in each individual case.
In case payroll is handled by a third party, the Client shall have the right to overlook such payroll and the underlying calculations.

 

The Client shall provide the Contractor
with information and documentation necessary in order for the Contractor to fulfil its obligations according to this Agreement.
The Client shall as soon as possible provide the Contractor with such information and documentation as requested by the Contractor.

 

The Client's rights and obligations according
to this Agreement may partly or in its entirety be transferred to a third party. In case of such transfer, the Client would still
be responsible towards the Contractor for fulfilment of this Agreement. In case of such transfer, the Client is responsible for
making sure that the undertaking third party fulfils the conditions stated in this Agreement.

 

		8.	CONTRACTOR'S FEE 

 

The Contractor's fee shall be an amount
equal to the amount paid by the Contractor to any manning agent used for hiring of the relevant Employee(s) plus five percent (5.00%).
The calculation of the fee is based on an arm’s lengths principle.

 

The Contractor may also claim an administration
fee of USD 5,000.

 

    	 	3	 

     

    

 

		9.	CLIENT'S PAYMENTS

 

Specified invoices shall be submitted monthly
for Employee(s) seconded, in the preceding calendar month. All undisputed invoices shall be paid within ten (10) days of receipt
of such invoice by transfer to Contractor's bank account specified by the Contractor on the invoice. All payments to the Contractor
shall be made in USD. 

 

If the Client fails to pay at the agreed
time, the Contractor shall be entitled to claim interest in the amount of three months LIBOR plus 2.00 per cent. per annum on any
overdue amount.

 

		10.	CONFIDENTIALITY 

 

Information that comes into the possession
of the Parties in connection with the Agreement and the implementation of the Agreement shall be kept confidential, and shall not
be disclosed to any third party without the consent of the other Party.

 

The confidentiality obligation shall apply
to the Parties’ employees, subcontractors and other third parties who act on behalf of the Parties in connection with the
implementation of the Agreement. The Parties may only transmit confidential information to such subcontractors and third parties
to the extent necessary for the implementation of the Agreement, and provided that they are subjected to confidentiality obligation
corresponding to that stipulated in this Clause 10.

 

The confidentiality obligation shall continue
to apply after the expiry of the Agreement.

 

		11.	TERM AND TERMINATION

 

This Agreement shall come into effect from
the date of signing of the Agreement by both Parties (the "Effective Date") and shall continue until terminated by either
Party in accordance with this Section 11.

 

This Agreement shall be terminated by either
Party upon giving six month prior written notice to the other Party.

The Parties are entitled to terminate this
Agreement with immediate effect if the other Party is in material breach of this Agreement, and the Party in breach has not rectified
the situation within 10 days after receiving a written notice from the Party claiming the breach.

 

Termination of this Agreement shall not
affect any accrued rights of either Party nor shall it affect the coming into force or the continuance in force of any provision
of this Agreement which is expressly or by implication intended to come into or continue in force on or after such termination.

 

		12.	MISCELLANEOUS

 

If any provision of this Agreement should
be found to be illegal or invalid, such provision shall form no part of this Agreement, and the other provisions shall remain unaffected
by such circumstances. The Parties shall in such case in good faith use all reasonable efforts to agree a different term which
is not illegal or invalid and which as nearly as possible reflects the intentions of the Parties.

 

This Agreement constitutes the entire understanding
between the Parties with respect to the subject matter hereof and shall not be altered, modified or amended except in writing executed
by both Parties.

 

		13.	EVENTS OF DEFAULT

 

There is an event of default if either
Party fails to perform its duties under the Agreement. Events of default shall be notified to the Party in default by a written
complaint without undue delay after the event of default has been discovered or ought to have been discovered.

 

    	 	4	 

     

    

 

Each Party may claim damages in respect
of any direct loss arising from events of default in accordance with Clause 13.

 

		14.	FORCE MAJEURE

 

Neither Party shall be liable for any loss,
damage or delay due to any of the following force majeure events and/or conditions to the extent that the Party invoking force
majeure is prevented or hindered from performing any or all of their obligations under this Agreement, provided they have made
all reasonable efforts to avoid, minimise or prevent the effect of such events and/or conditions:

 

		-	acts of good;

		-	any Government requisition, control, intervention, requirement or interference;

		-	any circumstances arising out of war, threatened act of war of warlike operations, acts of terrorism,
sabotage or piracy, or the consequences thereof;

		-	riots, civil commotion, blockades or embargoes;

		-	epidemics;

		-	earthquakes, landslides, floods or other extraordinary weather conditions;

		-	strikes, lockouts or other industrial action, unless limited to the employees (which shall not
include the Crew) of the Party seeking to invoke force majeure;

		-	fire, accident explosion except where caused by negligence of the Party seeking to invoke force
majeure; and

		-	any other similar cause beyond the reasonable control of either Party.

 

		15.	GOVERNING LAW AND DISPUTE RESOLUTION

 

This Agreement is governed by and shall
be construed in accordance with Norwegian law.

 

The Parties hereto irrevocably submit to
the jurisdiction of the courts in Oslo, Norway.

 

***

 

This Agreement has been prepared in 2 originals,
of which each Party has received one.

 

Hoegh LNG Maritime Management Pte Ltd.

 

	By: 	  /s/ Øivind Stærn	 
	 	 	 
	Name:	Øivind Stærn	 
	Title:  	H. of Maritime P. /POA	 
	Date:  	31.03.2015	 

 

Höegh LNG Cyprus Ltd.

 

	By:	  /s/ Cathinka K. Rognsvåg 	 
	 	 	 
	Name:	Cathinka K. Rognsvåg	 
	Title:	Attorney-in-fact	 
	Date:	31 March 2015	 

 

    	 	5	 

     

    

 

 

 

 

ADDENDUM TO THE INTERCOMPANY AGREEMENT
REGARDING SECONDMENT OF EMPLOYEES

 

This addendum to the agreement regarding
secondment of employees, dated 31 March 2015 (the “Addendum”) is entered into with effect from 1April 2015,
by and between:

 

Hoegh LNG Maritime Management Pte. Ltd.,
a company incorporated and organised under the laws of Singapore with registration no. 201400632E, having its registered office
at 4 Robinson Road #05-01 The House of Eden, Singapore 048543 (the “Contractor”); and

 

Höegh LNG Cyprus Ltd, a company
incorporated and organized under the laws of Cyprus with registration no. 339342, having its registered office at Kanika International
Business Centre, 6th Floor, Flat 4, Germasogeia, 4046, Limassol, Cyprus (the “Client”).

 

The Contractor and the Client are hereinafter
collectively referred to as the "Parties" and each individually as a "Party".

 

		1.	BACKGROUND

 

In order to clarify the structure of the secondment of the Employees
from the Contractor to the Client, the Contractor and the Client have agreed to make the following amendments to the Parties’
Intercompany Agreement Regarding Secondment of Employees dated 31 March 2015:

 

		2.	AMENDMENT OF CLAUSE 7

 

The following text of Clause 7 shall be deleted:

 

“The Client is responsible for correct reporting and
where relevant, payment of applicable taxes and other charges which are to be covered by the employer (such as e.g. employers’
national insurance contributions and so on) relevant for the Employee(s) and the work to be conducted.”

 

“The Client is responsible for paying the salary to
the Employee(s) in accordance with each Employee’s employment agreement (which is entered into between the Employee and the
Contractor) and/or the secondment agreement and particular regulations regarding compensation applicable in each individual case.
In case payroll is handled by a third party, the Client shall have the right to overlook such payroll and the underlying calculations.”

 

		3.	AMENDMENT OF CLAUSE 6

 

The following text shall be added to Clause 6:

 

“The Contractor is responsible for paying the salary
to the Employee(s) in accordance with each Employee’s employment agreement (which is entered into between the Employee and
the Contractor) and/or the secondment agreement and particular regulations regarding compensation applicable in each individual
case.”

 

    	 	 	(1)

     

    

  

“The Contractor is responsible for correct reporting
and where relevant, payment of applicable taxes and other charges which are to be covered by the employer (such as e.g. employers’
national insurance contributions and so on) relevant for the Employee(s) and the work to be conducted.”

 

		4.	AMENDMENT OF CLAUSE 8

 

The following text shall be deleted from Clause 8:

 

“The Contractor’s fee shall be an amount equal
to the amount paid by the Contractor to any manning agent used for hiring of the relevant Employee(s) plus five percent (5.00%).

 

The following text shall be added to Clause 8:

 

“Contractor's fee comprises coverage of salaries and
other expenses related to the Employee(s) covered by the Contractor. In addition, the Contractor’s fee shall cover the amount
paid by the Contractor to any manning agent used for hiring of the relevant Employee(s) plus five percent (5.00%).”

 

		5.	MISCELLANEOUS

 

The present Addendum should be interpreted in the context of
the Parties’ Intercompany Agreement Regarding Secondment of Employees dated 31 March 2015 and assumes no other amendments
to said Agreement than the amendments that follows from the present Addendum.

 

***

 

This Addendum has been prepared in 2 originals,
of which each Party has received one.

 

    	 	 	(2)

     

    

 

Höegh LNG Maritime Management Pte.
Ltd

 

	By: 	  /s/ Øivind Stærn	 
	 	 	 
	Name:	Øivind Stærn	 
	Title:	Attorney-in-fact	 
	Date:	Nov 17 2015	 

 

Höegh LNG Cyprus Ltd.

 

	By:	  /s/ Veronica B. Sandnes	 
	 	 	 
	Name:	Veronica B. Sandnes	 
	Title:	Attorney-in-fact	 
	Date:	17/11/2015	 

 

    	 	 	(3)

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