Document:

EX-4.5

 Exhibit 4.5 

DATED  17 MARCH 2016 

(1) BT GROUP PLC 
 (2)
SIMON LOWTH 
  
  

 

DIRECTOR’S SERVICE CONTRACT 
  

 

 

  
 1 

							
	 1.
	  	 INTERPRETATION
	  	 	3	  
			
	 2.
	  	 PERIOD
	  	 	5	  
			
	 3.
	  	 DUTIES
	  	 	5	  
			
	 4.
	  	 SHARE DEALING AND OTHER RULES
	  	 	6	  
			
	 5.
	  	 CONFLICTS
	  	 	7	  
			
	 6.
	  	 SALARY
	  	 	8	  
			
	 7.
	  	 PENSION
	  	 	9	  
			
	 8.
	  	 INSURANCE
	  	 	9	  
			
	 9.
	  	 HOLIDAY
	  	 	9	  
			
	 10.
	  	 CAR
	  	 	10	  
			
	 11.
	  	 TELECOMMUNICATIONS FACILITIES
	  	 	10	  
			
	 12.
	  	 SICK PAY
	  	 	10	  
			
	 13.
	  	 MEDICAL EXAMINATION
	  	 	11	  
			
	 14.
	  	 EXPENSES
	  	 	11	  
			
	 15.
	  	 PROFESSIONAL SUBSCRIPTIONS AND ADVICE
	  	 	11	  
			
	 16.
	  	 INTELLECTUAL PROPERTY
	  	 	11	  
			
	 17.
	  	 DISCIPLINARY AND GRIEVANCE PROCEDURE
	  	 	12	  
			
	 18.
	  	 OBLIGATION TO PROVIDE WORK
	  	 	12	  
			
	 19.
	  	 TERMINATION
	  	 	13	  
			
	 20.
	  	 CONFIDENTIALITY
	  	 	15	  
			
	 21.
	  	 RESTRICTIONS
	  	 	17	  
			
	 22.
	  	 DATA PROTECTION
	  	 	17	  
			
	 23.
	  	 CONTINUATION
	  	 	17	  
			
	 24.
	  	 VARIATION
	  	 	18	  
			
	 25.
	  	 NOTICES
	  	 	18	  
			
	 26.
	  	 COUNTERPARTS
	  	 	18	  
			
	 27.
	  	 CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999
	  	 	18	  
			
	 28.
	  	 MISCELLANEOUS
	  	 	18	  

  
 2 

 DATED  17 MARCH 2016 

PARTIES 
  

	1)	BT GROUP PLC (registered number 4190816) whose registered office is at 81 Newgate Street, London, EC1A 7AJ (BT) 

 

	2)	SIMON LOWTH whose address is 81 Newgate Street, London, EC1A 7AJ (the Director) 

  

	1.	INTERPRETATION 

 1.1 In this Agreement the following expressions shall mean: 

 

			
	Associated Company	  	any company or venture in which BT or any other member of the BT Group has a shareholding or equity participation;
		
	Benefits	  	pension benefits (including life cover), health cover, dental cover, the car currently provided, together with the cost of car maintenance, insurance and motor vehicle tax (but not petrol);
		
	Board	  	the board of directors of BT, or a committee of the board;
		
	BT Group	  	BT, all its Subsidiaries from time to time and any Holding Company (or any Subsidiary of any such Holding Company from time to time);
		
	Chairman	  	the chairman of BT or his designated nominee;
		
	Chief Executive	  	the Chief Executive of BT or his delegated nominee;
		
	Commencement Date	  	4 July 2016;
		
	Confidential Information	  	any information (whether or not recorded in documentary form, or stored on any magnetic or optical disk or memory or otherwise) including, but not limited to, any information relating to the business, products, affairs, or finances
of the BT Group or its Associated Companies, which is treated as confidential to the BT Group or its Associated Companies or which you are told or ought reasonably to know is confidential or information which has been given to the BT Group
or

  
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		  	its Associated Companies in confidence by customers, suppliers or other persons, and any trade secrets including, without limitation, technical data and know-how relating to the business of the BT Group or its Associated Companies
or any of its business contacts;
		
	Employment	  	the Director’s employment in accordance with the terms and conditions of this Agreement;
		
	Group Company	  	any company in the BT Group;
		
	Holding Company	  	any holding company (as defined in section 1159 of the Companies Act 2006) from time to time of BT.
		
	Salary	  	£700,000 a year or such higher salary as may be determined by the Board and such salary will be deemed to accrue from day to day;
		
	Subsidiary	  	any subsidiary which for the time being is a subsidiary company (as defined in Section 1159 of the Companies Act 2006) of BT or of any Holding Company.

 1.2 A reference to something being determined, specified or required by BT includes a determination, specification or
requirement from time to time. 
 1.3 This Agreement supersedes any previous agreement between BT or any other Group Company and the Director. 

  
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	2.	PERIOD 

 Subject to Paragraph 19, this Agreement will commence on the Commencement Date
and will continue until either BT has given to the Director written notice of not less than twelve months to terminate this Agreement or the Director has given to BT written notice of not less than six months to terminate this Agreement. 

The Director’s period of continuous employment for statutory purposes will begin on 4 July 2016. 

 

	3.	DUTIES 

 3.1 BT will employ the Director and the Director shall serve BT as a full-time
executive director as Group Finance Director and in such other related capacity as BT shall reasonably direct. BT may at any time and at its sole and absolute discretion remove from, add to or otherwise vary any of the Director’s
duties provided that such changes are not inconsistent with and do not undermine the Director’s status as Group Finance Director. 
 3.2 During the
Employment, the Director will: 
  

	(a)	diligently perform all such duties and exercise all such powers as are lawfully and properly assigned to him from time to time by the Board, whether such duties or powers relate to BT or the BT Group and Associated
Companies, at such locations in the United Kingdom or overseas, as the Board or the Chairman may specify. The Director shall be based at the BT’s global head office in central London; 

 

	(b)	comply with all BT rules, regulations, policies and procedures (including codes of conduct) and those of any applicable Group Company or Associated Company from time to time in force; 

 

	(c)	comply with all directions lawfully and properly given to him by the Board; 

  

	(d)	abide by any statutory, fiduciary or common-law duties to BT and any other Group Company of which the Director is a director; 

  

	(e)	unless prevented by sickness, injury or other incapacity, and other than any time reasonably spent on any external non-executive directorship which has been approved by the Remuneration Committee of BT, devote the whole
of his time, attention and abilities during his working hours to the business of BT or any other Group Company or Associated Company for which he is required to perform duties; 

 

	(f)	promptly provide the Board with all such information as it may require in connection with the business or affairs of BT and of any other Group Company or Associated Company for which he is required to perform duties;
and 

  

	(g)	report to BT and any applicable Group Company or Associated Company any matters of concern that come to his attention, or of which he is aware (including, without limitation, his own wrongdoing), in particular any
wrongdoing (or proposed wrongdoing), acts of misconduct, dishonesty, breach of any policies of the BT Group or Associated Companies, including but not limited to the codes of conduct or breach of any relevant regulatory rules committed, contemplated
or discussed by any member of staff, contractor or other third party. 

  
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 3.3 The Director’s working hours will be such hours as are required for the proper performance of his
duties. 
 3.4 The Director agrees, that due to the autonomous nature of his role the duration of his working time cannot be measured or monitored and,
accordingly, the Director’s employment falls within the scope of regulation 20 of the Working Time Regulations 1998 (the Regulations). 

3.5 The Director’s employment with BT is subject to and conditional upon his being entitled to be lawfully employed by BT in the UK and the Director
providing evidence, satisfactory to BT, of the same. The Director will not be permitted to commence employment unless and until he has done this to BT’s satisfaction. The Director agrees to immediately notify BT about any change to his
entitlement to work for BT in the UK, including, but not limited to, the cessation of such entitlement. If the Director’s lawful employment in the UK is subject to BT making an application for a visa, permission or any other approval in respect
of the same, it is a condition of the Director’s employment that he cooperates with any such application and provides BT with any information, assistance and documents as BT may specify. 

3.6 Should the Director: 
  

	(a)	cease, or appear in BT’s belief to have ceased, to be entitled to be lawfully employed by BT in the UK; 

  

	(b)	fail to provide upon request documents to demonstrate that he is entitled to be lawfully employed by BT in the UK; or 

  

	(c)	not provide BT with such information, assistance or documents as it may specify in relation to any application relating to the Director’s lawful employment in the UK, 

BT may terminate the Director’s employment without notice and without compensation or Payment in Lieu. 

3.7 BT shall be entitled from time to time and at its sole and absolute discretion to appoint another person to act jointly with the Director in circumstances
where the Director is suspended or on garden leave pursuant to Paragraph 18.1 of this Agreement or during any period of long term sickness absence exceeding one month. The Director agrees that in any cases of his sickness absence for less than one
month, there may be appropriate delegation of his authority during such absence. 
  

	4.	SHARE DEALING AND OTHER RULES 

4.1 The Director will comply with the BT share dealing rules, BT’s Articles of Association and with all applicable rules and regulations from time to time
of the UK Listing Authority and any other relevant regulatory bodies, including the Model Code on dealings in securities. 

  
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 4.2 The Director shall be familiar with and shall comply in all respects with: 

 

	(a)	the Criminal Justice Act 1993, the Financial Services and Markets Act 2000, the Companies Act 2006 and the Bribery Act 2010; 

  

	(b)	all requirements as to the disclosure of inside information; and 

  

	(c)	BT’s anti-corruption and bribery policies and any related procedures; 

 in so far as the
same are applicable to the Employment and/or as they may apply to BT, any other Group Company, the trading of the shares of BT and/or any other Group Company, and/or the trading of any instruments or investments that are related to and/or connected
with BT and/or any other Group Company. 
 4.3 The Director shall at all times comply with, abide by and accept: 

 

	(a)	any code that relates to pay and/or bonuses as may be issued from time to time by any regulator and/or pursuant to any act of Parliament; 

 

	(b)	the requirements or directions of any regulator; 

  

	(c)	any remuneration code or policy of BT or any other Group Company as may exist from time to time; and/or 

  

	(d)	BT’s and/or any other Group Company’s determination or interpretation (acting reasonably and in good faith) in respect of any of the matters mentioned in this Paragraph 4.3. 

4.4 The Director shall at all times comply with every applicable regulation of any stock exchange anywhere in the world on which BT’s and/or any other
Group Company’s shares and/or stock are listed and/or traded. 
 4.5 The Director shall at all times: 

 

	(a)	consent to BT or any other Group Company inspecting any electronic equipment used by the Director in connection with the business of the BT Group, and to monitoring and recording any use that he makes of the BT’s
or any other Group Company’s electronic communications and information technology systems for the purpose of ensuring that BT’s rules (and those of any other Group Company) are being complied with and for legitimate business purposes; and

  

	(b)	comply with any electronic communication systems policy that BT may issue from time to time. 

  

	5.	CONFLICTS 

 5.1 The Director will promote, and not do anything which is harmful or
conflicts with, the interests and reputation of the BT Group. 
 5.2 The Director will not without obtaining prior written consent of the Chairman: 

 

	(a)	work for (in any capacity) any other person, business, organisation or company or be engaged, concerned or interested either directly or indirectly in any other trade, profession, business or occupation or hold any
directorship or office in any company or entity; or 

  

	(b)	hold any shares or interests in any business or company that does or is likely to compete with the businesses of the BT Group. 

  
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 5.3 The Director will pay to BT any fees received from any directorship of another company, unless BT otherwise
agrees. 
 5.4 In the event that the Director becomes aware of any conflicts of interest that may arise, he must disclose these without delay to the Board.

  

	6.	SALARY 

 6.1 The Director will be paid the Salary in twelve equal monthly instalments,
payable on the last business day of each month. 
 6.2 The Director’s salary will be inclusive of all fees and other remuneration to which he may be or
become entitled as an officer of any Group Company or Associated Company. 
 6.3 The Director may be paid a bonus at the discretion of the Board. If
any bonus is paid it may be paid at such intervals (or deferred), in such form and subject to such conditions as the Board may at its discretion decide. In the event that the Director leaves employment part way through a financial year, BT
shall consider (acting reasonably and good faith) whether the Director should be paid a bonus by reference to the period served during that year (and, if applicable, a bonus for the prior completed financial year). 

6.4 The Director may, at the discretion of the Board, participate in any scheme established for BT employees to acquire shares in BT subject to the applicable
rules of the scheme, but participation under such schemes will not form part of this Agreement. 
 6.5 The Director agrees that, pursuant to Part II of the
Employment Rights Act 1996, BT has the right to deduct from his salary and/or bonus and/or any other sum or benefit due to the Director any amount owed to BT and/or any other company in the BT Group by the Director. 

6.6 Following the enactment of sections 79 to 82 of the Enterprise and Regulatory Reform Act 2013: 

 

	(a)	any obligation of BT or any other Group Company or Associated Company under this Agreement and any other arrangement relating to remuneration from which the Director benefits or enters into since he became a director of
BT shall be subject to and conditional on approval by BT shareholders in a general meeting of a policy on directors’ remuneration in accordance with the terms of such legislation; and 

 

	(b)	in the event such approval is not obtained at any such general meeting, the Director will have no entitlement to compensation or damages in respect of any loss suffered in consequence thereof. 

6.7 Any sums paid under this Agreement will be paid subject to applicable deductions for income tax and employee’s National Insurance contributions. 

  
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	7.	PENSION 

 7.1 BT will pay a cash allowance in an amount of 30 per cent of the Salary in
each year in lieu of a contribution to the Director’s personal pension by twelve equal monthly instalments, payable on the last business day of each month. Such payments will be subject to deductions for tax and employee’s national
insurance contributions that BT may apply from time to time. 
 7.2 BT will comply with its automatic enrolment obligations under legislation in relation to
the Director. If the Director is automatically enrolled to an automatic enrolment scheme nominated by BT in accordance with its automatic enrolment obligations and does not opt out, or if the Director opts in to such a scheme, the pension allowance
described in Paragraph 7.1 will be reduced by an amount equal to the aggregate of any employer and employee contributions (including tax relief in respect of such contributions, if any) payable to or in respect of the Director to such scheme. 

 

	8.	INSURANCE 

 8.1 During the Employment, subject to the Director’s age, health and/or
any other personal characteristics (or, where relevant, that of his spouse or children) not being such as to prevent cover being obtained without exceptional conditions or unusually high premiums, and to the terms of the relevant policy and rules of
the relevant insurer or provider from time to time, BT will: 
  

	(a)	arrange for the benefit of the Director life insurance cover equal to four times the Salary; and 

  

	(b)	arrange private health cover for the Director, the Director’s spouse and children under the age of 18 (or 21 if in full-time education) and dental cover for the Director and the Director’s spouse.

 8.2 The Director acknowledges that as the above insured benefits are insured arrangements, the payment of any benefit is subject to the
discretion of the insurers. BT has no obligation to assist the Director in the advancement of any claim under such insurance, nor any obligation to make any payment or provide any alternative benefit should the insurer refuse to pay or provide cover
for any reason. 
 8.3 Subject to cover being available on usual terms and subject always to the rules of the relevant scheme, BT shall procure that the
Director continues to be covered in accordance with the terms of the relevant scheme and to the same extent as the other directors of BT under BT’s Directors, Officers and Professional insurance coverage in respect of the period(s) during which
the Director was a director of BT or any Associated Company. 
  

	9.	HOLIDAY 

 9.1 The Director will be entitled to paid statutory holidays and to 25
days’ paid holiday in each year which accrues rateably each month in arrears, to be taken at times agreed with the Chief Executive. BT’s holiday year runs from 1 April to 31 March. 

  
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 9.2 The Director shall not be entitled to carry forward unused holiday entitlement from any holiday year to any
subsequent holiday year. The Director’s holiday entitlement shall be pro-rated for his first and final year of employment to be consistent with such part of BT’s holiday year that the Director is employed. 

9.3 If the Director’s employment shall terminate before he has taken his full accrued entitlement to holidays for that year, he shall be entitled to
accrued holiday pay of one day’s salary (calculated at a daily rate of 1/260ths of the Director’s annual salary) for each complete day of such entitlement not taken and accrued due at such termination (his accrued entitlement to holidays
being deemed for this purpose to accrue from day to day). 
 9.4 If the employment of the Director shall terminate and the Director has taken more holidays
than his accrued entitlement for the holiday year in which such termination occurs, BT shall be entitled to make a commensurate deduction from any final payment (whether of Salary, expenses or otherwise) to be made to the Director. 

9.5 If either party gives notice to terminate the Director’s employment, the Board may require the Director to take any accrued but unused holiday
entitlement during the notice period (whether or not the Director is suspended or not undertaking any duties in accordance with Paragraph 18). 
 9.6 During
any continuous period of absence due to sickness or injury which prevents the Director from carrying out his duties for one month or more the Director shall not accrue holiday under this Agreement and the Director’s entitlement under Paragraph
9.1 for the holiday year in which such absence takes place shall be reduced pro rata save that it shall not fall below the Director’s entitlement under the Working Time Regulations 1998. 

 

	10.	CAR 

 BT will provide the Director with a car and a driver both appropriate to his status
and responsibilities in accordance with BT’s company car policy from time to time. BT will bear the cost of taxing, insuring, repairing and maintaining the car as well as the cost of petrol for business and private mileage. The
Director may elect to receive an annual allowance of £18,500 (payable monthly) in lieu of the provision of a car and any other benefits (save for the provision of a chauffeured car) under this Paragraph 10, subject to income tax and other
statutory deductions. For the avoidance of any doubt, if the Director elects to receive a car allowance, he will still be provided with a chauffeured car during the Employment. 

 

	11.	TELECOMMUNICATIONS FACILITIES 

 BT will provide telecommunications
facilities at the Director’s main residence all as determined by BT. 
  

	12.	SICK PAY 

 12.1 During the Employment, the Director will be entitled to
receive sick pay (inclusive of any statutory sick pay and any benefits payable under any permanent health insurance effected by BT) of: 
  

	(a)	one twelfth of the Salary for each month in the first six months; and 

  

	(b)	one twenty-fourth of the Salary for each month in the next six months 

  
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 in total in any continuous period of two years, subject to production of medical certificates and to such other
requirements as BT may reasonably request, including (without limitation) the Director complying with BT’s sickness policies and procedures for executives (including any sickness reporting obligations). 

 

	13.	MEDICAL EXAMINATION 

 BT may, at its expense, require the Director to be
examined by a medical practitioner of BT’s choice. BT’s Chief Medical Officer will be entitled to receive a copy of any report produced in connection with all such examinations (provided always that the Director shall first be given an
opportunity to review such report and to provide comments on it to the relevant medical practitioner), on a confidential basis, and to discuss the contents of the report with the doctor who produced it. 

 

	14.	EXPENSES 

 BT will reimburse authorised expenses properly incurred in the course of the
Director’s duties against receipts or other proof of expenditure. 
  

	15.	PROFESSIONAL SUBSCRIPTIONS AND ADVICE 

 15.1
The Director will be reimbursed subscriptions to professional bodies where the Chairman considers it to be in the interests of BT. 
 15.2 BT will pay the
cost of personal tax and financial planning advice up to a maximum of £5,000 (excluding VAT) a year. 
  

	16.	INTELLECTUAL PROPERTY 

 16.1 Subject to the Patents Act 1977, the
Registered Designs Act 1949 and the Copyright, Designs and Patents Act 1988, any invention, design, or copyright work, including without limitation all documents, data, drawings, specifications, articles, computer programmes, object codes, source
codes, network designs, business logic, notes, sketches, drawings, reports, modifications, tools, scripts or other items (Works), made by the Director during the course of employment with BT (whether or not in the course of his
duties) shall immediately upon creation or performance vest in and shall be and remain the sole and exclusive property of BT, and the Director hereby irrevocably and unconditionally assigns to BT, all right, title and interest in and to the
same. The Director will not use, disclose to any person or exploit any Works belonging to BT. 
 16.2 The Director must promptly notify BT of any Works
which he creates, which shall become the absolute property of BT and hereby unconditionally waives in favour of BT all rights (if any) he may have under Chapter IV (moral rights) of the Copyright, Designs and Patents Act 1988 (or any foreign
corresponding rights) in connection with the authorship of any Works, wherever in the world enforceable, including without limitation the right to be identified as the author of such Works and the right not to have such Works altered or subjected to
derogatory treatment. 

  
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 16.3 The Director agrees to execute any formal and additional assignment required by BT to vest or confirm the
vesting in it of all rights in any Works as set out in this Paragraph 16 at the expense of BT. 
 16.4 The Director hereby authorises BT to appoint someone
to be his attorney and in his name and on his behalf, to sign, execute and do all such things as BT thinks necessary or desirable to fully vest or confirm the vesting in it of all rights in any Works as set out in this Paragraph 16. 

16.5 The terms and obligations of this Paragraph 16 survive the expiry or termination of the Employment or this Agreement for any reason. 

 

	17.	DISCIPLINARY AND GRIEVANCE PROCEDURE 

 17.1
BT and the Director agree that this Paragraph 17 has no contractual force or effect and that BT may depart from or vary this Paragraph 17 and/or any steps taken under this Paragraph 17. 

17.2 Any disciplinary proceedings shall be carried out in accordance with such procedures as the Chairman deems appropriate and these procedures shall not
have contractual effect. If the Director is dissatisfied with any disciplinary decision taken in relation to him he may appeal in writing to the Board within 7 days of that decision. The Board’s decision shall be final. 

17.3 If the Director has any grievance he may apply in writing to the Chairman who personally will either propose a solution or refer the matter to the Board.

  

	18.	OBLIGATION TO PROVIDE WORK 

 18.1 BT may:

  

	(a)	suspend the Director, if the Board reasonably considers this appropriate, for the purpose of investigating alleged misconduct by the Director, such suspension to be for no longer than is reasonable and necessary in the
circumstances; or 

  

	(b)	if notice to terminate this Agreement has been given or received or the Director seeks to or indicates an intention to resign (or terminate) the Employment without notice (or full notice), vary the Director’s
duties or require the Director to cease performing all duties during all or part of the notice period (or during the period that should have been the notice period), 

in which case BT may continue to pay the Salary in accordance with Paragraph 6.1 and provide the Benefits under this Agreement until this Agreement terminates
and the Director will, in addition to his duties of fidelity, confidence and good faith, continue to comply with his obligations under this Agreement, including under Paragraph 5. 

For the avoidance of any doubt, this Paragraph 18.1 is without prejudice to the Director’s rights to claim constructive dismissal. 

18.2 Where Paragraph 18.1 applies, BT may require the Director: 
  

	(a)	not to attend any BT Group or Associated Company premises; 

  
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	(b)	to refrain from business contact with any customers, prospective customers, workers, officers, directors, employees or any other business contacts of the BT Group or any Associated Company; 

 

	(c)	to take any holiday which has accrued or is accruing under Paragraph 9 during any period of suspension under this Paragraph 18.2; 

 

	(d)	to perform work at home in relation to matters of which he has knowledge or which fall within his competence (and are appropriate to his status) and keep the Board informed of his whereabouts and contact details (except
in periods taken as holiday); 

 For the avoidance of any doubt, where Paragraph 18.1 applies, the Director will: 

 

	(a)	not compete with BT, any Group Company or any Associated Company; and/or 

  

	(b)	not do any act or thing or make or cause to be made any statement reasonably likely to damage the business or reputation of BT, any Group Company or any Associated Company. 

18.3 Where Paragraph 18.1(b) applies, the Director will at BT’s request promptly resign in writing as a director of BT (and as a member of any committee
of the Board), any other Group Company and of any company of which BT is a shareholder (if necessary, in accordance with Paragraph 19.7) but this Agreement will not terminate on the Director resigning under this sub-paragraph. 

 

	19.	TERMINATION 

 19.1 This Agreement will terminate immediately, without compensation,
Payment in Lieu or prior notice subject to Paragraphs 18.3 and 19.3, if the Director resigns as a Director of BT or any Group Company (other than at the request of the Company) or if the Director is disqualified from acting as a director. 

19.2 BT may terminate this Agreement without notice, and without compensation or Payment in Lieu, if the Board reasonably believes after full and proper
investigation that the Director: 
  

	(a)	is incapacitated for any reason from performing the Director’s duties for a continuous period of one year or any periods totalling 365 days in any continuous period of two years; or 

 

	(b)	is guilty of any fraud, dishonesty or disreputable conduct; or 

  

	(c)	is guilty of any misconduct (including outside the course of his employment) or neglect of duty after receiving a written warning, such that there is a breakdown in trust and confidence between the Director and BT; or

  

	(d)	is guilty of any gross misconduct or gross negligence or any conduct which, in the reasonable opinion of the Board does or may result in the breakdown in trust and confidence between the Director and BT and/or which
does or may prejudice any Group Company’s business or reputation; or 

  
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	(e)	is guilty of a breach of the rules or regulations as amended from time to time of the UK Listing Authority (including the Model Code for transactions in securities by directors and certain senior executives of listed
companies) or any other regulatory authorities relevant to BT or any other Group Company or any code of practice issued by BT or any Group Company from time to time relating to dealing in securities of BT or any Group Company; or 

 

	(f)	is convicted of any criminal offence (other than under the Road Traffic Acts for which a penalty of imprisonment is not imposed); or 

 

	(g)	repeatedly fails after receiving a written warning to follow BT’s policies and procedures or his obligations in this Agreement such that there is a breakdown in trust and confidence between the Director and BT.

 19.3 If the Director ceases to be a director of BT because he is not re-elected or deemed to be re-elected at a general meeting, BT shall
terminate this Agreement by paying compensation in lieu of notice. 
 19.4 Subject to Paragraph 19.5 and the Director complying with his obligations
thereunder, in lieu of giving the Director the notice referred to in Paragraph 2 or at any time during any notice period (whether given or received by BT), BT may (but shall not be obliged to) terminate this Agreement immediately and make a payment
in lieu of notice equal to: 
  

	(a)	the Salary which the Director would have been entitled to receive in accordance with Paragraph 6.1 during the notice period referred to in Paragraph 2.1 if notice had been given or received or (if notice has
already been given or received) during the remainder of the notice period, and 

  

	(b)	the cost to BT of continuing to provide the Benefits during that period. Alternatively BT may in its absolute discretion continue to provide such Benefits during that period, 

(the Payment in Lieu). 
 19.5 The Payment in Lieu
will be payable in equal monthly instalments on the normal payroll dates. These instalments will continue until the date on which the relevant notice period would have expired or (if earlier) the date on which the Director secures alternative
employment or alternative engagements with the same or a higher basic salary or fee as the Salary, subject to the conditions set out in sub-Paragraphs 19.5(a) to 19.5(c) below: 

 

	(a)	the Director will provide to the Board such evidence as it may reasonably require on a monthly basis to show that he is making all reasonable efforts to secure alternative employment or engagements and full details of
his remuneration package in any such employment or engagements; 

  

	(b)	 in the event that the Director secures alternative employment or engagement(s) above a basic annual salary or fee
of £30,000 but at a lower basic salary or fee than the Salary, then subsequent instalments of the Payment in Lieu shall be reduced by an amount equal to such lower salary or fee (expressed on a monthly

  
 14 

	 	
basis) in calculating the Payment in Lieu. The Payment in Lieu will be further reduced as the Board deems appropriate if the remuneration arrangements agreed between the Director and his new
employer, in the reasonable opinion of the Board, are not appropriately balanced between basic salary and other incentives and benefits in accordance with market practice; and 

 

	(c)	in the absence of such evidence or if the Board is not satisfied (on reasonable grounds) that the evidence provided shows that the Director is making reasonable efforts to secure alternative employment or engagement(s),
BT may cease making any further payments. In these circumstances, the Director shall have no right to any compensation or damages whatsoever in respect of the loss of any further instalments of the Payment in Lieu that would otherwise have been due
to him. 

 19.6 Upon termination of this Agreement, the Director will at BT’s request promptly resign in writing as a director of BT (and
as a member of any committee of the Board or any other office holdings) and of any company of which BT is a shareholder and from any Group Company, and will promptly return to BT any property of the BT Group. 

19.7 The Company Secretary of BT is irrevocably authorised as the Director’s power of attorney to sign a letter of resignation on behalf of the Director
if he fails to do so. 
 19.8 After the termination of his employment under this Agreement, the Director shall, on request, render such assistance and
perform such tasks and functions as BT may reasonably require for its business to assist BT or any other Group Company to deal properly, efficiently and cost-effectively with any matters in connection with the affairs of BT and/or any other Group
Company and in respect of which the Director has particular knowledge and expertise by reason of his employment under this Agreement provided always that such assistance will not unreasonably interfere with any new employment or engagement secured
by the Director. The Director shall be entitled to be reimbursed all reasonable out of pocket expenses properly incurred in rendering such assistance and performing such tasks and functions if approved in advance by BT. 

 

	20.	CONFIDENTIALITY 

 20.1 The Director will keep secret and will not at any time (whether
during the Employment or thereafter) use for his own or another’s advantage, or reveal to any person, firm, company or organisation and shall use his best endeavours to prevent the publication or disclosure of, any Confidential Information
relating to any company in the BT Group, any Associated Company or any third party which may have been obtained in the course of this Employment. 
 20.2
This prohibition does not apply to Confidential Information that comes into the public domain through no act or neglect of the Director, to any disclosure or use authorised by the Board, to any use or disclosure in the proper course of the
Director’s duties, to any disclosure ordered by a court of competent jurisdiction (or otherwise required by law) or so as to prevent the Director making a protected disclosure within the meaning of section 43A of the Employment Rights Act 1996.

 20.3 The Director shall promptly disclose to BT any information which comes into his possession which affects adversely or may affect adversely BT or the
business of BT or any other Group Company. Such information shall include (but shall not be limited to): 
  

	(a)	the plans of any employee or worker (other than the Director) to leave BT or any other Group Company (whether alone or in concert with other employees); 

  
 15 

	(b)	the plans of any employee or worker (whether alone or in concert with other employees) to join a competitor or to establish a business in competition with BT, any other Group Company or any Associated Company;

  

	(c)	any steps taken by the employee or worker to implement either of such plans; and 

  

	(d)	the misuse or intended misuse by any employee or worker of any Confidential Information belonging to BT or any other Group Company. 

If the Director has made a final decision to terminate the Employment or to resign from any directorship with BT or any Group Company or if he
accepts an offer of any other employment (whichever is sooner), he will immediately disclose his decision or the acceptance of such offer to the Board. 

20.4 All notes, memoranda, records, lists of customers and suppliers and employees, correspondence, documents, discs and tapes, digital memory and data
storage devices, computer software, computer programmes, computer operating systems, computers, laptops, tablet computers, mobile phones, PDAs, other portable electronic devices, data listing, codes, and other documents and material whatsoever
(whether made or created by the Director or otherwise and whether or not containing Confidential Information) relating to the business of BT or any other Group Company (and any copies of the same): 

 

	(a)	shall be and remain at all times during the period of the Employment and after its termination the property of BT or any other Group Company (as the case may be); 

 

	(b)	shall be handed over and delivered by the Director to BT (or to such other Group Company as the case may require) immediately on demand and in any event on the termination of the Employment (whether or not requested by
BT); and 

  

	(c)	shall be destroyed by the Director on request by BT; 

  

	(d)	and, immediately on demand and in any event on the termination of his employment (whether or not requested by BT), the Director will provide to BT a statement that he has complied with the requirements in Paragraphs
20.4(b) and 20.4(c). 

 To the extent that it is reasonably practicable and subject to any documents or information being legally privileged,
it is agreed that BT will provide the Director (during and after the Employment) with copies of Board minutes (and documents referred to therein) relating to any period during which he has been a director of BT where they are requested by the
Director for the purpose of defending himself in any legal, regulatory or quasi-judicial proceedings. The Director will keep any such Board minutes and/or such other documents confidential save where required by any legal obligation. For
the avoidance of any doubt, the parties agree that it is not reasonably practicable to provide the Director with any Board minutes and/or such other documents where such minutes or other documents are covered by the Official Secrets Act or are
otherwise restricted under the Government classifications of top secret, secret, classified or restricted information. 
 20.5 This Paragraph 20 shall
continue to apply after the termination of the Employment and the Agreement (whether terminated lawfully or not) without limit in time. 

  
 16 

	21.	RESTRICTIONS 

 21.1 The Director will be bound by the provisions of the Schedule to this
Agreement. 
 21.2 The 12 month periods referred to in the Schedule will be reduced by any time during which the Director has been suspended, excluded from
the premises of the BT Group or not required to undertake his duties under Paragraph 18 immediately prior to the termination of the Employment. 
 21.3 The
Director will not at any time after termination of the Employment represent himself as being in any way concerned with or interested in the business of, or employed by, any company in the BT Group or any Associated Company. 

 

	22.	DATA PROTECTION 

 22.1 The Director consents to any Group Company
processing data relating to the Director for legal, personnel, administrative and management purposes and in particular to the processing of any sensitive personal data (as defined in the Data Protection Act 1998) relating to the Director,
including, as appropriate: 
  

	(a)	information about the Director’s physical or mental health or condition in order to monitor sick leave and take decisions as to the Director’s fitness for work and health cover; 

 

	(b)	the Director’s racial or ethnic origin or religious or similar information in order to monitor compliance with equal opportunities legislation; and 

 

	(c)	information relating to any criminal proceedings in which the Director has been involved for insurance purposes and in order to comply with legal requirements and obligations to third parties. 

22.2 BT may make such information available to any Group Company, those who provide products or services to any Group Company (such as advisers and payroll
administrators), regulatory authorities, potential or future employers, governmental or quasi-governmental organisations and potential purchasers of BT or the business or businesses in which the Director works. 

22.3 The Director consents to the transfer of such information to any Group Company and any Group Company’s business contacts outside the European
Economic Area in order to further their business interests even where the country or territory in question does not maintain adequate data protection standards. 
  

	23.	CONTINUATION 

 Paragraphs 16, 19.5, 19.6, 19.7, 20, 21 and 22 inclusive will continue in
force after the termination of this Agreement. 

  
 17 

	24.	VARIATION 

 BT may vary Paragraphs 8 to 12 inclusive, 15 and 17 but only after first
consulting the Director and provided always that the Director is treated no less favourably than other executives of comparable status. 
  

	25.	NOTICES 

 Any notice or document may be served on the Director personally or by posting it
to his last known address, or on BT addressed to the Company Secretary at its registered office, and if sent by first class post will be deemed to have been received within 24 hours of posting. 

 

	26.	COUNTERPARTS 

 This Agreement may be executed in any number of counterparts, and by each
party on separate counterparts. Each counterpart is an original, but all counterparts shall together constitute one and the same instrument. Delivery of an executed counterpart signature page of this Agreement by e-mail or fax shall be as
effective as delivery of a manually executed counterpart of this Agreement. In relation to each counterpart, upon confirmation by or on behalf of the signatory that the signatory authorises the attachment of such counterpart signature page to
the final text of this Agreement, such counterpart signature page shall take effect together with such final text as a complete authoritative counterpart. 
  

	27.	CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999 

Save for any Group Company or any Associated Company, a person who is not a party to this Agreement shall have no right under the Contracts (Rights of Third
Parties) Act 1999 to enforce any of its terms. 
  

	28.	MISCELLANEOUS 

 28.1 This Agreement (together with the Offer Letter) constitutes the
entire agreement and understanding between the parties, and supersedes all other agreements both oral and in writing between BT and the Director (other than those expressly referred to herein). The Director acknowledges that he has not entered into
this Agreement in reliance upon any representation, warranty or undertaking which is not set out in this Agreement or expressly referred to in it as forming part of the Director’s contract of employment. 

28.2 The Director represents and warrants to BT that he will not by reason of entering into the Employment, or by performing any duties under this Agreement,
be in breach of any terms of employment or engagement with a third party whether express or implied or of any other obligation binding on him. 
 28.3 The
following provisions shall have effect for the purposes of the Employment Rights Act 1996 as amended: 
  

	(a)	there is no current requirement for the Director to work outside the United Kingdom for any consecutive period in excess of one month; and 

 

	(b)	there are no collective agreements currently in force which affect directly or indirectly the terms and conditions of the Director’s employment. 

  
 18 

 28.4 Any reference in this Agreement to an Act of Parliament shall be deemed to include any statutory
modification or re-enactment thereof. 
 28.5 This Agreement is governed by, and shall be construed in accordance
with, the laws of England. The Courts of England shall have exclusive jurisdiction in relation to all disputes arising out of or in connection with this Agreement. 

  
 19 

 This Agreement has been executed as a deed and is delivered and takes effect on the date written on the first
page of this Agreement. 
  

					
	SIGNED as a DEED and	  	)	  	
	DELIVERED by Simon Lowth	  	)	  	
			
	 /s/ Simon Lowth
	  		  	
			
	in the presence of:	  	)	  	

  

			
	Signature of witness:	 	 /s/ Sophie Rich

	Name:	 	  

	Address:	 	  

		 	  

		 	  

	Occupation: 	 	  

 THE COMMON SEAL of 
 BT
GROUP PLC affixed to this 
 DEED is AUTHENTICATED by 
  

					
		 	 /s/ Gavin Patterson
	  	
		 	Authorised signatory	  	
		 	[insert name]	  	

  
 20 

 SCHEDULE 
  

	1.	In this Schedule: 

 “Expiry Date” means the date of termination or expiry of this Agreement or the
date the Employment terminates for any reason. 
 “in any capacity” means on the Director’s own behalf or jointly with or on behalf of any
person, firm or company, whether directly or indirectly. 
 “Business” means any business of the BT Group in the United Kingdom or any other
country in which the BT Group conducts its business. 
 Since the Director is likely to obtain in the course of his employment with the BT Group, trade
secrets and Confidential Information and personal knowledge of customers and employees of the BT Group, the Director agrees with BT that he will be bound by the following covenants for 12 months immediately following the Expiry Date (less any period
of time referred to in Paragraph 21.2 of this Agreement): 
 The Director will not in any capacity solicit or endeavour to entice away or offer engagement
or employment to, or engage or employ or procure any Designated Person, who was an employee of BT or any other Group Company at the Expiry Date, to be engaged or employed in any business outside of BT or any other Group Company. 

A Designated Person is an employee of BT or any other Group Company with whom the Director has had personal dealings in the 12 months
immediately preceding the Expiry Date and who had at the Expiry Date knowledge of trade secrets or Confidential Information or knowledge of and connections or influence with customers or prospective customers of BT or any other Group Company. 

The Director will not in any capacity in competition with the Business, solicit or entice away or endeavour to solicit or entice away business or custom from
any person, firm or company: 
 that was a customer or prospective customer of BT or any other Group Company during the 12 months immediately preceding the
Expiry Date (“the 12 month period”); and 
 either (i) with whom or with which the Director personally had had dealings during the 12 month period
in the course of the Employment or (ii) about whom the Director was in possession of Confidential Information. 
  

	 	(i)	The Director will not in any capacity in competition with the Business, do any business with accept orders from or have business dealings with any person, firm or company: 

 

	 	(a)	that was a customer or prospective customer of BT or any other Group Company during the 12 month period; and 

  

	 	(b)	either (i) with whom or with which the Director personally has had dealings during the 12 month period in the course of the Employment or (ii) about whom the Director was in possession of Confidential Information.

  
 21 

	 	(ii)	The Director will not in any capacity carry on, be engaged or employed or be concerned or interested in any business, or take steps to set up, promote or facilitate the establishment of any business or provide services
to any business in any case in competition with any Business with which the Director has been directly concerned at any time during the 12 month period prior to the Expiry Date. 

For the purposes of this paragraph 2 of this Schedule, any reference to “engagement or employment” means engagement or employment
whether under a contract or otherwise and if under a contract includes a contract of employment, or a contract for services or any other form of contract and the terms “engage” and “employ” and their derivatives shall be
construed in accordance with this definition. 
 BT contracts with the Director in this Schedule on its own behalf and on behalf of each of its other Group
Companies. 
 For the avoidance of doubt it is expressly agreed that each of the sub-paragraphs (i)-(iv) in paragraph 2 of this Schedule is intended to
contain separate and severable restraints and if any one or more of such sub-paragraphs are for any reason unenforceable in whole or in part, then the other sub-paragraphs shall nonetheless be and remain effective. 

The Director acknowledges that the restraints contained in this Schedule and each of them are necessary to protect the legitimate interests of the BT Group,
are no wider than reasonably necessary for that purpose, and are reasonable as between the parties to this Agreement. The Director further acknowledges that he has had the opportunity to take independent legal advice on the contents of this
Schedule. 
 If any of the restrictions contained in this Schedule shall be adjudged to be void or ineffective or unenforceable for whatever reason but
would be adjudged to be valid and effective if part of the wording were deleted or the periods reduced or the area reduced in scope, they shall apply with such modifications as may be necessary to make them valid and effective. 

Any benefit given or deemed to be given by the Director to an Group Company under this Schedule is received and held on trust by BT for the relevant Group
Company. The Director hereby agrees to enter into appropriate restrictive covenants of a similar scope and duration to the restrictions in this Schedule directly with any other Group Company if required to do so by BT. 

  
 22EX-4.1

 Exhibit 4.1 

STATEMENT OF DESIGNATION OF THE 

6.95% CUMULATIVE CONVERTIBLE PERPETUAL PREFERRED SHARES 

SERIES F OF 
 SEASPAN
CORPORATION 
 SEASPAN CORPORATION, a corporation organized and existing under the Business Corporations Act (the
“BCA”) of the Republic of the Marshall Islands (the “Corporation”), in accordance with the provisions of Section 35 thereof and the Corporation’s Articles of Incorporation, does hereby certify: 

The Board of Directors of the Corporation has adopted the following resolution creating a Series of 20,000,000 Preferred Shares (this and
other capitalized terms shall have the same meaning as in the Articles of Incorporation, unless otherwise specified in this Statement of Designation (this “Statement of Designation”) or unless the context otherwise requires) of the
Corporation designated as “6.95% Cumulative Convertible Perpetual Preferred Shares—Series F.” 
 RESOLVED, that a
Series of Preferred Shares, par value $0.01 per share, of the Corporation be and hereby is created, and that the designation and number of shares of such series, and the voting and other powers, preferences and relative, participating, optional
or special rights and qualifications, limitations and restrictions thereof, of the shares of such series, are as follows: 
 1. Designation. The
distinctive serial designation of such Series of Preferred Shares is “6.95% Cumulative Convertible Perpetual Preferred Shares – Series F” (“Series F Preferred Shares”). Each Series F Preferred
Share shall be identical in all respects to every other Series F Preferred Share, except as to the respective dates from which the Series F Liquidation Preference shall increase or from which dividends may begin accruing, to the extent such dates
may differ. The Series F Preferred Shares represent perpetual equity interests in the Corporation and shall not give rise to a claim for payment of a principal amount at a particular date. 

2. Shares. 
 (a)
Number. The authorized number of Series F Preferred Shares shall be 20,000,000. Series F Preferred Shares that are purchased or otherwise acquired by the Corporation shall be cancelled and shall revert to authorized but unissued
Preferred Shares, undesignated as to series. 
 (b) Securities Depository. At any time the Corporation may require, upon
written notice to the Holders, that the Securities Depository be appointed and that the Series F Preferred Shares shall be represented by a single certificate registered in the name of the Securities Depository or its nominee, and no Holder of the
Series F Preferred Shares shall be entitled to receive a certificate evidencing such shares, unless otherwise required by law or the Securities Depository gives notice of its intention to resign or is no longer eligible to act as such and the
Corporation shall have not selected a substitute Securities Depository within 60 calendar days thereafter. So long as the Securities Depository shall have been appointed and is serving, payments and communications made by the Corporation to Holders
of the Series F Preferred Shares shall be made by making payments to, and communicating with, the Securities Depository. 
 3. Dividends. 

(a) Dividends. Dividends on each Series F Preferred Share shall be cumulative and shall accrue at the Dividend Rate from
the Original Issue Date (or, for any subsequently issued and newly outstanding shares, from the Dividend Payment Date immediately preceding the issuance date of such shares) until such time as the Corporation pays the dividend or redeems the shares
in full in accordance with Section 6 of this Statement of Designation, whether or not such dividends shall have been declared, and whether or not there are profits, surplus, or other funds legally available for the payment of dividends. Holders
of Series F Preferred Shares shall be entitled to receive dividends from time to time out of any 

  
 -1- 

 
assets of the Corporation legally available for the payment of dividends at the Dividend Rate per share, when, as, and if declared by the Board of Directors. Dividends, to the extent declared to
be paid by the Corporation in accordance with this Statement of Designation, shall be paid quarterly in arrears on each Dividend Payment Date. Dividends shall accumulate in each Dividend Period from and including the preceding Dividend Payment Date
(other than the initial Dividend Period, which shall commence on and include the Original Issue Date), to but excluding the next Dividend Payment Date for such Dividend Period, and dividends shall accrue on accumulated dividends at the Dividend
Rate. If any Dividend Payment Date otherwise would fall on a date that is not a Business Day, declared dividends shall be paid on the immediately succeeding Business Day without the accumulation of additional dividends. Dividends on the Series F
Preferred Shares shall be payable based on a 360-day year consisting of twelve 30-day months. 
 (b) Payment and Priorities of
Dividends. Not later than 5:00 p.m., New York City time, on each Dividend Payment Date, the Corporation shall pay those dividends, if any, on the Series F Preferred Shares that shall have been declared by the Board of Directors to the
Holders of record of such shares as such Holders’ names appear on the stock transfer books of the Corporation maintained by the Registrar and Transfer Agent on the applicable Record Date. The applicable record date (the “Record
Date”) for any dividend payment shall be the Business Day immediately preceding the applicable Dividend Payment Date, except that in the case of payments of dividends in arrears, the Record Date with respect to a Dividend Payment Date shall
be such date as may be designated by the Board of Directors in accordance with the Corporation’s Bylaws and this Statement of Designation. No dividend shall be declared or paid or set apart for payment on any Junior Securities (other than a
dividend payable solely in shares of Junior Securities) unless full cumulative dividends have been or contemporaneously are being paid or provided for on all outstanding Series F Preferred Shares and any Parity Securities through the most recent
respective dividend payment dates. Accumulated dividends in arrears for any past Dividend Period may be declared by the Board of Directors and paid on any date fixed by the Board of Directors, whether or not a Dividend Payment Date, to Holders of
the Series F Preferred Shares on the record date for such payment, which may not be more than 60 days, nor less than 15 days, before such payment date. Subject to the next succeeding sentence, if all accumulated dividends in arrears on all
outstanding Series F Preferred Shares and any Parity Securities shall not have been declared and paid, or if sufficient funds for the payment thereof shall not have been set apart, payment of accumulated dividends in arrears on the Series F
Preferred Shares and any such Parity Securities shall be made in order of their respective dividend payment dates, commencing with the earliest. If less than all dividends payable with respect to all Series F Preferred Shares and any Parity
Securities are paid, any partial payment shall be made pro rata with respect to the Series F Preferred Shares and any Parity Securities entitled to a dividend payment at such time in proportion to the aggregate dividend amounts remaining due in
respect of such shares at such time. Holders of the Series F Preferred Shares shall not be entitled to any dividend, whether payable in cash, property or stock, in excess of full cumulative dividends. Except insofar as dividends accrue on the amount
of any accumulated and unpaid dividends as described in Section 3(a) of this Statement of Designation, no interest or sum of money in lieu of interest shall be payable in respect of any dividend payment which may be in arrears on the Series F
Preferred Shares. So long as the Series F Preferred Shares are held of record by the nominee of the Securities Depository, declared dividends shall be paid to the Securities Depository in same-day funds on each Dividend Payment Date. 

4. Liquidation Rights. 
 (a)
Liquidation Event. Upon the occurrence of any Liquidation Event, Holders of Series F Preferred Shares shall be entitled to receive out of the assets of the Corporation or proceeds thereof legally available for distribution to
shareholders of the Corporation, (i) after satisfaction of all liabilities, if any, to creditors of the Corporation, (ii) after all applicable distributions of such assets or proceeds being made to or set aside for the holders of any
Senior Securities then outstanding in respect of such Liquidation Event, (iii) concurrently with any applicable distributions of such assets or proceeds being made to or set aside for holders of any Parity Securities then outstanding in respect
of such Liquidation Event and (iv) before any distribution of such assets or proceeds is made to or set aside for the holders of Common Shares and any other classes or series of Junior Securities as to such distribution, a liquidating
distribution or payment in full redemption of such Series F Preferred Shares in an amount equal to the 

  
 -2- 

 
Series F Liquidation Preference. For purposes of clarity, upon the occurrence of any Liquidation Event, (x) the holders of then outstanding Senior Securities shall be entitled to receive the
applicable Liquidation Preference on such Senior Securities before any distribution shall be made to the Holders of the Series F Preferred Shares or any Parity Securities and (y) the Holders of outstanding Series F Preferred Shares shall be
entitled to the Series F Liquidation Preference per share in cash concurrently with any distribution made to the holders of Parity Securities and before any distribution shall be made to the holders of Common Shares or any other Junior Securities.
Holders of Series F Preferred Shares shall not be entitled to any other amounts from the Corporation, in their capacity as Holders of such shares, after they have received the Series F Liquidation Preference. The payment of the Series F Liquidation
Preference shall be a payment in redemption of the Series F Preferred Shares such that, from and after payment of the full Series F Liquidation Preference, any such Series F Preferred Share shall thereafter be cancelled and no longer be outstanding.

 (b) Partial Payment. If, in the event of any distribution or payment described in Section 4(a) of this Statement
of Designation where the Corporation’s assets available for distribution to holders of the outstanding Series F Preferred Shares and any Parity Securities are insufficient to satisfy the applicable Liquidation Preference for such Series F
Preferred Shares and Parity Securities, the Corporation’s then remaining assets or proceeds thereof legally available for distribution to shareholders of the Corporation shall be distributed among the Series F Preferred Shares and such Parity
Securities, as applicable, ratably on the basis of their relative aggregate Liquidation Preferences. To the extent that the Holders of Series F Preferred Shares receive a partial payment of their Series F Liquidation Preference, such partial payment
shall reduce the Series F Liquidation Preference of their Series F Preferred Shares, but only to the extent of such amount paid. 
 (c)
Residual Distributions. After payment of the applicable Liquidation Preference to the holders of the outstanding Series F Preferred Shares and any Parity Securities, the Corporation’s remaining assets and funds shall be
distributed among the holders of the Common Shares and any other Junior Securities then outstanding according to their respective rights and preferences. 

5. Voting Rights. 
 (a)
General. Except as otherwise provided by applicable law and in addition to any voting rights provided by law, the Holders of outstanding shares of the Series F Preferred Shares shall be entitled: 

(i) to vote together with the holders of the Common Shares as a single class on all matters submitted for a vote of holders of Common Shares
(and shall be deemed to be outstanding Common Shares for purposes of the vote required by Articles V and VIII of the Articles of Incorporation and Article XI of the Bylaws); and 

(ii) receive notice of any shareholders’ meeting in accordance with the Articles of Incorporation and Bylaws of the Corporation. 

For purposes of the voting rights set forth in this Section 5(a), each share of Series F Preferred Stock shall entitle the Holder thereof to cast one
vote for each whole vote that such Holder would be entitled to cast had such Holder been entitled to convert and did so convert its Series F Preferred Shares into Common Shares (based on the then applicable Series F Liquidation Preference) as of the
date immediately prior to the record date for determining the shareholders of the Corporation eligible to vote on any such matter. 

(b) Other Voting Rights. 

(i) Unless the Corporation shall have received the affirmative vote or consent of the Holders of at least two-thirds of the outstanding Series
F Preferred Shares, voting as a single class, the Corporation may not adopt any amendment to the Articles of Incorporation that adversely alters the preferences, powers or rights of the Series F Preferred Shares. 

  
 -3- 

 (ii) Unless the Corporation shall have received the affirmative vote or consent of the Holders of
at least two-thirds of the outstanding Series F Preferred Shares, voting as a class together with holders of any other Parity Securities upon which like voting rights have been conferred and are exercisable, the Corporation may not (x) issue
any Parity Securities or Senior Securities if the cumulative dividends payable on outstanding Series F Preferred Shares are in arrears or (y) create or issue any Senior Securities. 

(c) Voting Power Relative to Parity Securities. For any matter described in this Section 5 in which the Holders of the
Series F Preferred Shares are entitled to vote as a class together with holders of any Parity Securities, such Holders shall be entitled to one vote per Series F Preferred Share. Any Series F Preferred Shares held by the Corporation or any of its
subsidiaries or Affiliates shall not be entitled to vote. 
 6. Optional Redemption. The Corporation shall have the right at any time
on or after (i) the fifth anniversary of the Original Issue Date if the Material Transaction is completed by December 31, 2017 or (ii) January 1, 2018 if the Material Transaction is not completed by December 31, 2017, to
redeem the Series F Preferred Shares, in whole or in part, from any source of funds legally available for such purpose. Any such redemption shall occur on a date set by the Corporation (the “Redemption Date”). 

(a) Redemption Price. The Corporation shall effect any such redemption by paying cash for each Series F Preferred Share to
be redeemed equal to the Series F Liquidation Preference for such share on such Redemption Date (the “Redemption Price”). So long as the Series F Preferred Shares are held of record by the nominee of the Securities Depository, the
Redemption Price shall be paid by the Paying Agent to the Securities Depository on the Redemption Date. 
 (b) Redemption
Notice. The Corporation shall give notice of any redemption by mail, postage prepaid, not less than 15 days and not more than 60 days before the scheduled Redemption Date, to the Holders of record (as of 5:00 p.m. New York City
time on the Business Day next preceding the day on which notice is given) of any Series F Preferred Shares to be redeemed as such Holders’ names appear on the Corporation’s stock transfer books maintained by the Registrar and Transfer
Agent and at the address of such Holders shown therein. Such notice (the “Redemption Notice”) shall state: (1) the Redemption Date, (2) the number of Series F Preferred Shares to be redeemed and, if less than all
outstanding Series F Preferred Shares are to be redeemed, the number (and the identification) of shares to be redeemed from such Holder, (3) the Redemption Price, (4) the place where the Series F Preferred Shares are to be redeemed and
shall be presented and surrendered for payment of the Redemption Price therefor and (5) that dividends on the shares to be redeemed shall cease to accumulate from and after such Redemption Date. 

(c) Effect of Redemption; Partial Redemption. If the Corporation elects to redeem less than all of the outstanding Series F
Preferred Shares, the number of shares to be redeemed shall be determined by the Corporation, and such shares shall be redeemed by such method of selection as the Corporation or, if appointed by the Corporation, the Securities Depository, shall
determine, with adjustments to avoid redemption of fractional shares. The aggregate Redemption Price for any such partial redemption of the outstanding Series F Preferred Shares shall be allocated correspondingly among the redeemed Series F
Preferred Shares. The Series F Preferred Shares not redeemed shall remain outstanding and entitled to all the rights and preferences provided in this Statement of Designation. 

(d) Redemption Funds. If the Corporation gives or causes to be given a Redemption Notice, the Corporation shall deposit
with the Paying Agent funds, sufficient to redeem the Series F Preferred Shares as to which such Redemption Notice shall have been given, no later than 5:00 p.m. New York City time on the Business Day immediately preceding the Redemption Date, and
shall give the Paying Agent irrevocable instructions and authority to pay the Redemption Price to the Holders of the Series F Preferred Shares to be redeemed upon surrender or deemed surrender (which shall occur

  
 -4- 

 
automatically if the certificate representing such shares is issued in the name of the Securities Depository or its nominee or if the shares are held in book-entry form by the Transfer Agent) of
the certificates therefor as set forth in the Redemption Notice. If the Redemption Notice shall have been given, from and after the Redemption Date, unless the Corporation defaults in providing funds sufficient for such redemption at the time and
place specified for payment pursuant to the Redemption Notice, all dividends on such Series F Preferred Shares to be redeemed shall cease to accumulate and all rights of Holders of such shares as the Corporation’s shareholders shall cease,
except the right to receive the Redemption Price, and such shares shall not thereafter be transferred on Corporation’s stock transfer books maintained by the Registrar and Transfer Agent or be deemed to be outstanding for any purpose
whatsoever. The Corporation shall be entitled to receive from the Paying Agent the interest income, if any, earned on such funds deposited with the Paying Agent (to the extent that such interest income is not required to pay the Redemption Price of
the Series F Preferred Shares to be redeemed), and the Holders of any shares so redeemed shall have no claim to any such interest income. Any funds deposited with the Paying Agent hereunder by the Corporation for any reason, including redemption of
Series F Preferred Shares, that remain unclaimed or unpaid after two years after the applicable Redemption Date or other payment date, shall be, to the extent permitted by law, repaid to the Corporation upon its written request after which repayment
of the Holders of the Series F Preferred Shares entitled to such redemption or other payment shall have recourse only to the Corporation. Notwithstanding any Redemption Notice, there shall be no redemption of any Series F Preferred Shares called for
redemption until funds sufficient to pay the full Redemption Price of such shares shall have been deposited by the Corporation with the Paying Agent. 

(e) Certificate. Any Series F Preferred Shares that are redeemed or otherwise acquired by the Corporation shall be
canceled and shall constitute Preferred Shares subject to designation by the Board of Directors as set forth in the Articles of Incorporation. If only a portion of the Series F Preferred Shares represented by a certificate shall have been called for
redemption, upon surrender of the certificate to the Paying Agent (which shall occur automatically if the certificate representing such shares is registered in the name of the Securities Depository or its nominee or if the shares are held in
book-entry form by the Transfer Agent), the Paying Agent shall issue to the Holder of such shares a new certificate (or adjust the applicable book-entry account) representing the number of Series F Preferred Shares represented by the surrendered
certificate that have not been called for redemption. 
 (f) Redemption Priority. Notwithstanding anything to the
contrary in this Section 6, in the event that full cumulative dividends on the Series F Preferred Shares and any Parity Securities shall not have been paid or declared and set apart for payment, the Corporation shall not be permitted to
repurchase, redeem or otherwise acquire, in whole or in part, any Series F Preferred Shares or Parity Securities except pursuant to a purchase or exchange offer made on the same terms to all holders of Series F Preferred Shares and any Parity
Securities. The Corporation shall not be permitted to redeem, repurchase or otherwise acquire any Common Shares or any other Junior Securities unless full cumulative dividends on the Series F Preferred Shares and any Parity Securities for all prior
and the then-ending Dividend Periods shall have been paid or declared and set apart for payment. 
 7. Rank. The Series F Preferred Shares shall be
deemed to rank: 
 (a) Seniority. Senior to (i) all classes of Common Shares and (ii) any other class of
series of capital stock established after the Original Issue Date by the Board of Directors, the terms of which class or series do not expressly provide that it is made senior to or on parity with the Series F Preferred Shares as to dividend
distributions and distributions upon any Liquidation Event (collectively referred to with the Corporation’s Common Shares as “Junior Securities”); 

(b) Parity. On a parity with (i) the Series C Preferred Shares (including any additional Series C Preferred
Shares issued after the Original Issue Date), (ii) the Series D Preferred Shares (including any additional Series D Preferred Shares issued after the Original Issue Date), (iii) the Series E Preferred Shares (including any
additional Series E Preferred Shares issued after the Original Issue Date) and (iv) any other class or series of capital stock established after the Original Issue Date by the Board of Directors, the terms of which class or series are not
expressly subordinated or senior to the Series F Preferred Shares as to dividend distributions and distributions upon any Liquidation Event (collectively referred to as “Parity Securities”); and 

  
 -5- 

 (c) Junior. Junior to any class or series of capital stock established after
the Original Issue Date by the Board of Directors, the terms of which class or series expressly provide that it ranks senior to the Series F Preferred Shares as to dividend distributions and distributions upon any Liquidation Event (collectively
referred to as “Senior Securities”). 
 The Corporation may issue Junior Securities and, subject to Section 5(b)(ii)
of this Statement of Designation, Parity Securities from time to time in one or more Series without the consent of the holders of the Series F Preferred Shares. The Board of Directors has the authority to determine the preferences, powers,
qualifications, limitations, restrictions and special or relative rights or privileges, if any, of any such Series before the issuance of any shares of that Series. The Board of Directors shall also determine the number of shares constituting each
Series of securities. 
 8. Definitions. As used herein with respect to the Series F Preferred Shares: 

“Affiliate” means, in regard to a specified Person, a Person that directly, or indirectly through one or more intermediaries, controls or is
controlled by, or is under common control with, the Person specified. As used in this definition, “control” (including the terms “controlling,” “controlled by” and “under common
control with”) means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract, or otherwise. 

“Articles of Incorporation” means the amended and restated articles of incorporation of the Corporation, as they may be amended from time to
time in a manner consistent with this Statement of Designation, and shall include this Statement of Designation. 
 “BCA” has the meaning
set forth in the introductory paragraph of this Statement of Designation. 
 “Board of Directors” means the board of directors of the
Corporation or, to the extent permitted by the Articles of Incorporation and the BCA, any authorized committee thereof. 
 “Business Day”
means a day on which the New York Stock Exchange is open for trading and which is not a Saturday, a Sunday or other day on which banks in New York City are authorized or required by law to close. 

“Bylaws” means the bylaws of the Corporation, as they may be amended from time to time. 

“Close of Business” means 5:00 p.m., New York City time. 

“Closing Price” for any day means the last sale price on such day, regular way, or in case no such sale takes place on such day, the average
of the closing bid and asked prices on such day, regular way, as reported in the principal consolidated transaction reporting system with respect to securities listed on the principal national securities exchange on which the Common Shares are
listed or, if the Common Shares are not listed on any national securities exchange, the last quoted price on such day or, if not so quoted, the average of the high bid and low asked prices on such day in the over-the-counter market, as reported by
such other system then in use, or, if on any such day the Common Shares are not quoted by any such organization, the average of the closing bid and asked prices on such day as furnished by a professional market maker making a market in the Common
Shares selected by the Board of Directors, or if on any such day no market maker is making a market in the Common Shares, the fair value of the Common Shares on such day as reasonably determined by the Board of Directors. 

“Common Shares” means the Class A common shares of the Corporation, par value $0.01 per share. 

  
 -6- 

 “Company Offered Securities” has the meaning set forth in Section 13 of this Statement of
Designation. 
 “Company Securities” has the meaning set forth in Section 13 of this Statement of Designation. 

“Conversion Agent” means American Stock Transfer & Trust Company, acting in its capacity as conversion agent for the Series F
Preferred Shares, and its successors and assigns or any other conversion agent appointed by the Corporation. 
 “Conversion Date” has the
meaning set forth in Section 9(a) of this Statement of Designation. 
 “Conversion Price” means $18.00 per share, subject to
adjustment as provided in Section 10 of this Statement of Designation. 
 “Corporation” has the meaning set forth in the introductory
paragraph of this Statement of Designation. 
 “Dividend Payment Date” means each January 30, April 30, July 30 and
October 30 of each year, commencing July 30, 2016; provided, however, that if any Dividend Payment Date would otherwise occur on a day that is not a Business Day, such Dividend Payment Date shall instead be on the
immediately succeeding Business Day. 
 “Dividend Period” means a period of time commencing on and including a Dividend Payment Date (other
than the initial Dividend Period, which shall commence on and include the Original Issue Date) and ending on and including the calendar day next preceding the next Dividend Payment Date. 

“Dividend Rate” means a rate equal to (a) for the first five years after the Original Issue Date, 6.95% per annum of the Stated
Series F Liquidation Preference per share, (b) for the sixth year after the Original Issue Date, 7.95% per annum of the Stated Series F Liquidation Preference per share, (c) for the seventh year after the Original Issue Date,
8.95% per annum of the Stated Series F Liquidation Preference per share, (d) for the eighth year after the Original Issue Date, 9.95% per annum of the Stated Series F Liquidation Preference per share and (e) thereafter,
10.50% per annum of the Stated Series F Liquidation Preference per share; provided always that if the Material Transaction is not completed by December 31, 2017, the Dividend Rate shall, from and after January 1, 2018, be a
rate equal to 10.50% per annum of the Stated F Liquidation Preference per share. 
 “Excluded Stock” means (i) any Voting Stock
or Voting Stock Equivalents issued (including, without limitation, as, under or upon any grant or any exercise of any warrants, options, stock appreciation or similar rights awarded or issued) to employees, directors or consultants of the
Corporation pursuant to an employee stock option, stock incentive or similar plan or pursuant to any employment, consulting, services or similar agreement or arrangement approved by the Board of Directors, (ii) any Common Shares issued upon
conversion of the Preferred Shares contemplated by this Statement of Designation or as may be issued in the future in compliance with the provisions of this Statement of Designation, (iii) any Voting Stock or Voting Stock Equivalents issued
upon approval by the Holders of at least a majority of the Series F Preferred Shares at the time outstanding, (iv) any Voting Stock or Voting Stock Equivalents the issuance of which is made pursuant to warrants, options or other agreements
binding on the Corporation as of immediately prior to the adoption of this Statement of Designation, (v) any Voting Stock or Voting Stock Equivalents issued in connection with an asset or stock acquisition, any debt financing or any joint
venture or strategic transaction the primary purpose of which is not intended to raise capital for the Corporation through the issuance and/or sale of such Voting Stock or Voting Stock Equivalents or (vi) any Voting Stock or Voting Stock
Equivalents issued by the Corporation in connection with any subdivision of securities (including any stock dividend or stock split), any combination of securities (including any reverse stock split) or any recapitalization, reorganization or
reclassification of the Corporation made to all holders of the applicable securities on a pro rata basis. 
 “Holder” means the Person in
whose name the Series F Preferred Shares are registered on the stock register of the Corporation maintained by the Registrar and Transfer Agent. 

  
 -7- 

 “Junior Securities” has the meaning set forth in Section 7(a) of this Statement of
Designation. 
 “Liquidation Event” means the occurrence of a liquidation, dissolution or winding up of the affairs of the Corporation,
whether voluntary or involuntary. Neither the sale of all or substantially all of the property or business of the Corporation nor the consolidation or merger of the Corporation with or into any other Person, individually or in a Series of
transactions, shall be deemed a Liquidation Event. 
 “Liquidation Preference” means, in connection with any distribution in connection
with a Liquidation Event pursuant to Section 4(a) of this Statement of Designation and with respect to any holder of any class or series of capital stock of the Corporation, the amount otherwise payable to such holder in such distribution with
respect to such class or series of capital stock (assuming no limitation on the assets of the Corporation available for such distribution), including an amount equal to any accrued but unpaid dividends thereon to the date fixed for such payment,
whether or not declared (if the terms of the applicable class or series of capital stock of the Corporation so provide). For avoidance of doubt, for the foregoing purposes the Series F Liquidation Preference is the Liquidation Preference with
respect to the Series F Preferred Shares. 
 “Material Transaction” means the acquisition by the Corporation of (i) all membership
interests in Greater China Intermodal Investments LLC held by the members thereof other than the Corporation or any wholly owned subsidiary of the Corporation, or (ii) all or substantially all of the assets of Greater China Intermodal
Investments LLC 
 “Non-Responding Holder” has the meaning set forth in Section 13 of this Statement of Designation. 

“Original Issue Date” means the date a Series F Preferred Share is first issued. 

“Parity Securities” has the meaning set forth in Section 7(b) of this Statement of Designation. 

“Paying Agent” means American Stock Transfer & Trust Company, acting in its capacity as paying agent for the Series F Preferred
Shares, and its respective successors and assigns or any other payment agent appointed by the Corporation. 
 “Person” means a legal
person, including any individual, corporation, estate, partnership, joint venture, association, joint-stock company, limited liability company, trust or entity. 

“Preemptive Rights Offer” has the meaning set forth in Section 13 of this Statement of Designation. 

“Preemptive Rights Offer Notice” has the meaning set forth in Section 13 of this Statement of Designation. 

“Preemptive Rights Transaction” has the meaning set forth in Section 13 of this Statement of Designation. 

“Preferred Shares” means any of the Corporation’s capital stock, however designated, which entitles the holder thereof to a preference
with respect to the payment of dividends, or as to the distribution of assets upon any voluntary or involuntary liquidation, dissolution or winding up of the Corporation’s affairs, over shares of the Common Shares, including, without
limitation, the Series C Preferred Shares, the Series D Preferred Shares, the Series E Preferred Shares and the Series F Preferred Shares. 

“Record Date” has the meaning set forth in Section 3(b) of this Statement of Designation. 

“Redemption Date” has the meaning set forth in Section 6 of this Statement of Designation. 

“Redemption Notice” has the meaning set forth in Section 6(b) of this Statement of Designation. 

  
 -8- 

 “Redemption Price” has the meaning set forth in Section 6(a) of this Statement of
Designation. 
 “Registrar” means American Stock Transfer & Trust Company, acting in its capacity as registrar for the Series F
Preferred Shares, and its successors and assigns or any other registrar appointed by the Corporation. 
 “Securities Depository” means The
Depository Trust Company, and its successors or assigns, or any other securities depository selected by the Corporation and approved in writing by the Holders of a majority of the then outstanding Series F Preferred Shares. 

“Senior Securities” has the meaning set forth in Section 7(c) of this Statement of Designation. 

“Series C Preferred Shares” means the Corporation’s 9.5% Cumulative Redeemable Perpetual Preferred Shares – Series C.

 “Series D Preferred Shares” means the Corporation’s 7.95% Cumulative Redeemable Perpetual Preferred Shares –
Series D. 
 “Series E Preferred Shares” means the Corporation’s 8.25% Cumulative Redeemable Perpetual Preferred Shares
– Series E. 
 “Series F Liquidation Preference” means a liquidation preference for each Series F Preferred Share initially equal
to $25.00 per share, which liquidation preference shall be subject to (a) increase by the per share amount of any accumulated and unpaid dividends (whether or not such dividends shall have been declared) and (b) decrease upon a
distribution in connection with a Liquidation Event described in Section 4 of this Statement of Designation which does not result in payment in full of the liquidation preference of such Series F Preferred Share or upon a partial redemption of
a Series F Preferred Share pursuant to Section 6 of this Statement of Designation. 
 “Series F Preferred Shares” has the meaning set
forth in Section 1 of this Statement of Designation. 
 “Stated Series F Liquidation Preference” means an amount equal to $25.00 per
Series F Preferred Share. 
 “Statement of Designation” means this Statement of Designation relating to the Series F Preferred Shares, as
it may be amended from time to time in a manner consistent with this Statement of Designation, the Articles of Incorporation and the BCA. 

“Trading Day” means a day on which the Common Shares (i) are not suspended from trading on any national securities exchange or
over-the-counter market at the Close of Business and (ii) have traded at least once on the national securities exchange or over-the-counter market that is the primary market for the trading of the Common Shares. 

“Transfer Agent” means American Stock Transfer & Trust Company, acting in its capacity as transfer agent for the Series F Preferred
Shares, and its respective successors and assigns or any other transfer agent appointed by the Corporation. 
 “Voting Stock” means shares
of Common Shares, Preferred Shares and any other class of securities of the Corporation to the extent having the power generally to elect directors to the Board of Directors and any other general voting power (and shall include any shares of Voting
Stock issuable upon exercise, exchange or conversion of securities exercisable or exchangeable for or convertible into shares of Voting Stock). Each Common Share entitled to vote shall count as one share of Voting Stock, each Preferred Share shall
count as a number of shares of Voting Stock equal to the number of Common Shares into which such Preferred Share is then convertible and each share of any other class of securities of the Corporation constituting Voting Stock shall count as a number
of shares of Voting Stock equal to the number of Common Shares into which such share of Voting Stock is then convertible, exchangeable or exercisable, as the case may be. 

  
 -9- 

 “Voting Stock Equivalents” means any right, warrant, option or security of the Corporation which
is exercisable or exchangeable for or convertible into, or represents the right to otherwise acquire, directly or indirectly, Voting Stock, whether at the time of issuance or upon the passage of time or the occurrence of some future event. Each
Voting Stock Equivalent shall count as a number of shares of Voting Stock equal to the number of Common Shares into which such Voting Stock Equivalent is then convertible, exchangeable or exercisable. 

For all purposes relevant to this Statement of Designation: the terms defined in the singular have a comparable meaning when used in the
plural and vice versa; whenever the words “include,” “includes,” or “including” are used, they are deemed followed by the words “without limitation;” all references to number of shares, amounts per share,
prices, and the like shall be subject to appropriate adjustment for stock splits, stock combinations, stock dividends and similar events; and, except as otherwise set forth in this Statement of Designation, if any event under this Statement of
Designation occurs on a day that is not a Business Day, such event shall be deemed to occur on the first Business Day after such date. 
 9. Conversion.

 (a) Conversion at the Option of the Holder. Any Holder shall have the option to convert such Holder’s Series F
Preferred Shares, in whole or in part (but in no event a fraction of a share or less than shares having an aggregate Stated Series F Liquidation Preference of at least $5 million, unless the Holder is then converting all of such Holders
Series F Preferred Shares), at any time after 41 days after the Original Issue Date (of, if the Holder is a U.S. person, after the six-month anniversary of the Original Issue Date), into the number of fully paid and nonassessable Common Shares
as is determined by dividing the Series F Liquidation Preference by the Conversion Price, in each case as calculated as of the time of such conversion. Such conversion shall be effected prior to the tenth Business Day following the date of
receipt by the Corporation and the Security Depository or Transfer Agent, as applicable, of notice of conversion and any certificates or instructions and any other documentation from the applicable Holder as set forth in Section 9(b) of this
Statement of Designation. The date of such conversion is referred to herein as the “Conversion Date.” 
 (b)
Conversion Procedures. To effect a conversion, a Holder who: 
 (i) holds a beneficial interest in a global certificate
representing the Series F Preferred Shares must deliver to the Security Depository (with a copy to the Corporation) the appropriate instruction form for conversion pursuant to the Security Depository’s conversion program and, if required, pay
all transfer or similar taxes or duties, if any; or 
 (ii) holds Series F Preferred Shares in certificated form (or book-entry form with the
Transfer Agent) must: 
 (A) complete and manually sign the conversion notice on the back of the Series F Preferred Shares certificate or a
facsimile of the conversion notice (or provide an instruction letter to the Transfer Agent (with a copy to the Corporation), if the Series F Preferred Shares are in book-entry form, indicating the amount of Series F Preferred Shares such Holder is
electing to convert); 
 (B) if the Holder holds the Series F Preferred Shares in certificated form, deliver the completed conversion notice
and the certificated shares of Series F Preferred Shares to be converted to the Conversion Agent (with a copy to the Corporation); 
 (C) if
required, furnish appropriate endorsements and transfer documents; 
 (D) if required, pay all transfer or similar taxes or duties, if any.

  
 -10- 

 A Holder will not be required to pay any transfer or similar taxes or duties relating to the issuance or delivery
of Common Shares if such Holder exercises its conversion rights, but such Holder will be required to pay any transfer or similar tax or duty that may be payable relating to any transfer involved in the issuance or delivery of Common Shares in a name
other than the name of such Holder. A certificate representing Common Shares will be issued and delivered only after all applicable taxes and duties, if any, payable by the Holder have been paid in full. 

The person or persons entitled to receive the Common Shares issuable upon conversion shall be treated for all purposes as the record holder(s) of such Common
Shares as of the Close of Business on the applicable Conversion Date. Prior to such applicable Conversion Date, Common Shares issuable upon conversion of any Series F Preferred Shares shall not be deemed outstanding. 

In the event that a conversion is effected with respect to Series F Preferred Shares representing fewer than all the Series F Preferred Shares held by a
Holder and if the Holder holds the Series F Preferred Shares in certificated form, upon such conversion the Corporation shall execute and the Registrar shall countersign and deliver to the Holder thereof, at the expense of the Corporation, a
certificate evidencing the Series F Preferred Shares as to which conversion was not effected. 
 The Corporation shall deliver the Common Shares to which
the Holder converting pursuant to Section 9(a) of this Statement of Designation is entitled on or prior to the third Business Day immediately following the applicable Conversion Date. 

(c) Registration of Common Shares. In the event that a Holder shall not designate the name in which Common Shares to be issued
upon conversion of such Series F Preferred Shares should be registered or the address to which the certificate or certificates representing such Common Shares should be sent, the Corporation shall be entitled to register such shares, and make such
payment, in the name of the Holder as shown on the records of the Corporation and to send the certificate or certificates representing such Common Shares to the address of such Holder shown on the records of the Corporation. 

(d) Outstanding Series F Preferred Shares; Rights in Conversion Shares. Series F Preferred Shares that have been converted shall
cease to be outstanding on the applicable Conversion Date (and shall cease to accrue dividends), subject to the right of Holders of such shares to receive Common Shares issuable upon conversion of such Series F Preferred Shares. Prior to such
conversion, such Holders shall have no rights with respect to such Common Shares, including, any rights to distributions or, subject to Section 5(a), to vote. Each Series F Preferred Share shall, upon its conversion, be deemed to be transferred
to, and cancelled by, the Corporation in exchange for the issuance of the Common Shares into which such Series F Preferred Share converted. 

(e) New York Stock Exchange Supplemental Listing. Subject to Section 12(e), on each applicable Conversion Date, the
Corporation shall file a supplemental listing application or any other required filings with the New York Stock Exchange or any other exchange on which the Corporation’s securities may be listed to list the Common Shares to be issued upon the
applicable Conversion Date. 
 10. Anti-Dilution Adjustments. The Conversion Price shall be subject to adjustment (calculated to five decimal places)
from time to time as follows: 
 (a) Upon Stock Dividends, Subdivisions or Splits. If, at any time after the Original Issue
Date, the number of Common Shares outstanding is increased by a stock dividend payable in Common Shares or by a subdivision or split-up of Common Shares, then, following the record date for the determination of holders of Common Shares entitled to
receive such stock dividend, or to be affected by such subdivision or split-up, the Conversion Price shall be appropriately decreased so that the number of Common Shares issuable on conversion of Series F Preferred Shares shall be increased in
proportion to such increase in outstanding shares. 

  
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 (b) Upon Combinations. If, at any time after the Original Issue Date, the number of
Common Shares outstanding is decreased by a combination of the outstanding Common Shares into a smaller number of Common Shares, then, following the record date to determine shares affected by such combination, the Conversion Price shall be
appropriately increased so that the number of Common Shares issuable on conversion of each share of Series F Preferred Shares shall be decreased in proportion to such decrease in outstanding shares. 

(c) Upon Reclassifications, Reorganizations, Consolidations or Mergers. In the event of any capital reorganization of the
Corporation, any reclassification of the stock of the Corporation (other than a change in par value or from par value to no par value or from no par value to par value or as a result of a stock dividend or subdivision, split-up or combination of
shares), or any consolidation or merger of the Corporation with or into another corporation (where the Corporation is not the surviving corporation or where there is a change in or distribution with respect to the Common Shares and to the extent
that any Series F Preferred Shares are not converted pursuant to a conversion), each Series F Preferred Share shall after such reorganization, reclassification, consolidation, or merger be convertible into the kind and number of shares of stock or
other securities or property of the Corporation or of the successor corporation resulting from such consolidation or surviving such merger, if any, to which the holder of the number of Common Shares deliverable (immediately prior to the time of such
reorganization, reclassification, consolidation or merger) upon conversion of such Series F Preferred Shares would have been entitled upon such reorganization, reclassification, consolidation or merger. The provisions of this Section 10(c)
shall similarly apply to successive reorganizations, reclassifications, consolidations, or mergers. The Corporation shall not effect any such reorganization, reclassification, consolidation or merger unless, prior to the consummation thereof, the
successor corporation (if other than the Corporation) resulting from such reorganization, reclassification, consolidation, shall assume, by written instrument, the obligation to deliver to the Holders such shares of stock, securities or assets,
which, in accordance with the foregoing provisions, such Holders shall be entitled to receive upon such conversion. 
 11. Fractional Shares. 

(a) No fractional Common Shares shall be issued as a result of any conversion of Series F Preferred Shares. 

(b) In lieu of any fractional Common Shares otherwise issuable in respect of any conversion pursuant to Section 9 of this Statement of
Designation, the Corporation shall, at its option (i) pay an amount in cash (computed to the nearest cent) equal to the same fraction (calculated to five decimal places) of the average of the Closing Prices over the five consecutive Trading Day
period preceding the Trading Day immediately preceding the applicable Conversion Date or (ii) round up the number of Common Shares to be delivered upon conversion to the next highest whole number of Common Shares in lieu of making such cash
payment. 
 (c) If more than one Series F Preferred Share is surrendered for conversion at one time by or for the same Holder, the number of
full Common Shares issuable upon conversion thereof shall be computed on the basis of the aggregate number of Series F Preferred Shares so surrendered. 

12. Reservation of Common Shares. 
 (a) The
Corporation shall at all times reserve and keep available out of its authorized and unissued Common Shares or shares held in the treasury by the Corporation, solely for issuance upon the conversion of Series F Preferred Shares as provided in this
Statement of Designation, free from any preemptive or other similar rights, such number of Common Shares as shall from time to time be issuable upon the conversion of all the Series F Preferred Shares then outstanding. For purposes of this
Section 12(a), the number of Common Shares that shall be deliverable upon the conversion of all outstanding Series F Preferred Shares shall be computed as if at the time of computation all such outstanding shares were held by a single Holder.

  
 -12- 

 (b) Notwithstanding the foregoing, the Corporation shall be entitled to deliver upon conversion
of Series F Preferred Shares, as herein provided, Common Shares acquired by the Corporation (in lieu of the issuance of authorized and unissued Common Shares), so long as any such acquired shares are free and clear of all liens, charges, security
interests or encumbrances (other than liens, charges, security interests and other encumbrances created by the Holders and those arising under applicable securities laws). 

(c) All Common Shares delivered upon conversion of the Series F Preferred Shares shall be duly authorized, validly issued, fully paid and
non-assessable, free and clear of all liens, claims, security interests and other encumbrances (other than liens, charges, security interests and other encumbrances created by the Holders and those arising under applicable securities laws). 

(d) Prior to the delivery of any securities that the Corporation shall be obligated to deliver upon conversion of the Series F Preferred
Shares, the Corporation shall use commercially reasonable efforts to (i) comply with all federal and state laws and regulations thereunder requiring the registration of such securities with, or any approval of or consent to the delivery thereof
by, any governmental authority or (ii) issue and deliver such securities pursuant to any exemption from such registration requirements. 

(e) The Corporation hereby covenants and agrees that, if at any time the Common Shares shall be listed on the New York Stock Exchange or any
other national securities exchange, the Corporation will, if permitted by the rules of such exchange, list and keep listed, so long as the Common Shares shall be so listed on such exchange, all the Common Shares issuable upon conversion of the
Series F Preferred Shares; provided, however, that if the rules of such exchange permit the Corporation to defer the listing of such Common Shares until the first conversion of Series F Preferred Shares into Common Shares in accordance with the
provisions hereof, the Corporation covenants to list such Common Shares issuable upon conversion of the Series F Preferred Shares in accordance with the requirements of such exchange at such time. 

13. Preemptive or Subscription Rights. In case the Corporation proposes at any time to issue or sell any Voting Stock, Voting Stock Equivalents, or
options, rights or warrants to purchase Voting Stock Equivalents, other than Excluded Stock or debt securities not exchangeable or convertible into Voting Stock (such securities collectively, the “Company Securities,” and such
offering of such Company Securities, the “Company Offered Securities”), the Corporation shall, no later than five (5) days prior to the contemplated consummation of such transaction (a “Preemptive Rights
Transaction”), give notice in writing (the “Preemptive Rights Offer Notice”) to each Holder of such Preemptive Rights Transaction. The Preemptive Rights Offer Notice shall describe the proposed Preemptive Rights
Transaction, identify the proposed purchaser or purchasers (or indicate that the Preemptive Rights Transaction is in the form of a public offering), and, subject to applicable law, contain an offer (the “Preemptive Rights Offer”) to
sell to each Holder, at the same price and terms and for the same consideration to be paid by the proposed purchaser or purchasers (or at the price offered to the public, in the case of a public offering) (provided, that, in the event any of such
consideration is non-cash consideration, at the election of such Holder to whom the Preemptive Rights Offer is made, such Holder may pay cash equal to the value of such non-cash consideration, as may be reasonably determined by the Board of
Directors), all or any part of such Holder’s pro rata portion of the Company Offered Securities (which shall be a fraction of the Company Offered Securities determined by dividing the number of shares of Company Securities on an as-converted,
fully diluted basis then owned by such Holder by the total number of all shares of Company Securities then outstanding on an as-converted, fully diluted basis). If any Holder to whom a Preemptive Rights Offer is made fails to accept (a
“Non-Responding Holder”) in writing the Preemptive Rights Offer promptly, but not less than three (3) days, after the Corporation’s delivery of the Preemptive Rights Offer Notice (in the case of a public offering, the
Holders acknowledging that time is of the essence and any Holder who fails to accept in writing the Preemptive Rights Offer before the deadline set by the managing underwriter shall constitute the Non-Responding Holder), such Non-Responding Holders
shall have no further rights with respect to the proposed Preemptive Rights Transaction, so long as such transaction closes at a price and on terms as disclosed to the Non-Responding Holder in the Preemptive Rights Offer Notice no later than sixty
(60) days after the Preemptive Rights Offer Notice was first given by the Corporation. 

  
 -13- 

 14. No Sinking Fund. The Series F Preferred Shares shall not have the benefit of any sinking fund. 

15. Record Holders. To the fullest extent permitted by applicable law, the Corporation, the Registrar, the Transfer Agent and the Paying Agent may deem
and treat the Holder of any Series F Preferred Share as the true, lawful and absolute owner thereof for all purposes, and neither the Corporation nor the Registrar, the Transfer Agent or the Paying Agent shall be affected by any notice to the
contrary. 
 16. Notices. All notices or communications in respect of the Series F Preferred Shares shall be sufficiently given if given in writing
and delivered in person or by first class mail, postage prepaid, or if given in such other manner as may be permitted in this Statement of Designation, in the Articles of Incorporation and Bylaws or by applicable law. 

17. Other Rights. The Series F Preferred Shares shall not have any voting powers, preferences or relative, participating, optional or other special
rights, or qualifications, limitations or restrictions thereof, other than as set forth in this Statement of Designation or in the Articles of Incorporation or as provided by applicable law. 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 

  
 -14- 

 IN WITNESS WHEREOF, the undersigned, being duly authorized thereto, does hereby affirm that this
certificate is the act and deed of the Corporation and that the facts herein stated are true, and accordingly has hereunto set his hand this 4th day of May, 2016. 

 

			
	 SEASPAN CORPORATION

		
	By:	 	/s/ Mark Chu
	 Name:
	 	 Mark Chu

	 Title:
	 	 General Counsel

  
 -15-

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