Document:

Exhibit 10.1

 

 

FORM OF

CONTRIBUTION AGREEMENT

Dated as of [•], 2014

 

    	 

    	

    

TABLE OF CONTENTS

 

	ARTICLE I
	 	 	 
	DEFINITIONS
	 
	Section 1.1	Definitions	 	2
	ARTICLE II
	 	 	 
	THE CONTRIBUTIONS
	 	 	 
	Section 2.1	Contribution of Vessel Owners to the Partnership	 	4
	Section 2.2	Contribution of Vessel Owners to the Partnership	 	4
	Section 2.3	Retained Right to Insurance Proceeds	 	4
	 	 	 	 
	ARTICLE III
	 
	THE OFFERING AND CONCURRENT TRANSACTIONS
	 
	Section 3.1	The Offering	 	4
	Section 3.2	Use of the IPO Proceeds	 	4
	ARTICLE IV
	 
	DEFERRED ISSUANCE AND DISTRIBUTION
	 
	Section 4.1	Deferred Issuance and Distribution	 	4
	 	 	 	 
	ARTICLE V
	 
	REPRESENTATIONS AND WARRANTIES OF Gaslog; DISCLAIMER
	 
	Section 5.1	Representations and Warranties	 	5
	Section 5.2	Disclaimer of Warranties	 	6
	 	 	 	 
	ARTICLE VI
	 
	FURTHER ASSURANCES
	 
	Section 6.1	Further Assurances	 	7
	Section 6.2	Power of Attorney	 	7
	 	 	 	 
	ARTICLE VII
	 
	MISCELLANEOUS
	 
	Section 7.1	Survival of Representations and Warranties	 	8
	Section 7.2	Taxes	 	8
	Section 7.3	Headings; References, Interpretation	 	8
	Section 7.4	Successors and Assigns	 	8
	Section 7.5	No Third Party Rights	 	8
	Section 7.6	Counterparts	 	8
	Section 7.7	Governing Law	 	8
	Section 7.8	Severability	 	8

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	Section 7.9	Deed; Bill of Sale; Assignment	 	9
	Section 7.10	Amendment or Modification	 	9
	Section 7.11	Integration	 	9

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FORM OF CONTRIBUTION AGREEMENT

 

This CONTRIBUTION AGREEMENT (this “Agreement”),
dated as of [•], 2014 is made by and among GASLOG LTD., an exempted company organized and existing under the laws of Bermuda
(“GasLog”), GASLOG CARRIERS LTD., an exempted company organized and existing under the laws of Bermuda
(“Carriers”), GASLOG PARTNERS LP, a limited partnership duly organized and existing under the laws of
the Republic of the Marshall Islands (the “Partnership”), GASLOG PARTNERS GP LLC, a Marshall Islands
limited liability company and the general partner of the Partnership (the “General Partner”) and GASLOG
PARTNERS HOLDINGS LLC, a Marshall Islands limited liability company (“New Holdings”). The above-named
entities are sometimes referred to in this Agreement each as a “Party” and collectively as the
“Parties.”

 

RECITALS

 

WHEREAS, the Partnership was formed
pursuant to the Limited Partnership Act of The Republic of the Marshall Islands (the “Marshall Islands LP Act”)
for the purposes set forth in the Agreement of Limited Partnership of the Partnership, dated as of January 23, 2014 (the “Original
LP Agreement”);

 

WHEREAS, the Partnership formed New
Holdings pursuant to the Marshall Islands Limited Liability Company Act of 1996 for the purposes set forth in the Limited Liability
Company Agreement of New Holdings;

 

WHEREAS, GasLog formed the General
Partner pursuant to the Marshall Islands Limited Liability Company Act of 1996 for the purposes set forth in the Limited Liability
Company Agreement of the General Partner;

 

WHEREAS, on the date hereof:

 

		1.	The General Partner is a wholly-owned subsidiary of GasLog.

 

		2.	GasLog owns a 98% limited partner interest in the Partnership and the General Partner owns a 2% general partner interest in
the Partnership.

 

		3.	New Holdings is a wholly-owned subsidiary of the Partnership.

 

		4.	Carriers is a wholly-owned subsidiary of GasLog.

 

		5.	Carriers owns all of the issued and outstanding shares of GAS-three Ltd., an exempted company organized and existing under
the laws of Bermuda (“GAS-three”), and the owner of the GasLog Shanghai.

 

		6.	Carriers owns all of the issued and outstanding shares of GAS-four Ltd., an exempted company organized and existing under the
laws of Bermuda (“GAS-four”), and the owner of the GasLog Santiago.

 

		7.	Carriers owns all of the issued and outstanding shares of GAS-five Ltd., an exempted company organized and existing under the
laws of Bermuda (“GAS-five”, and together with GAS-three and GAS-four, the “Vessel Owners”),
and the owner of the GasLog Sydney.

 

WHEREAS, pursuant to this Agreement,
each of the following will occur on the closing date of the Offering (the “Effective Time”):

 

		1.	GasLog will cause Carriers to contribute all of the shares of the Vessel Owners to the Partnership in exchange for [•]
Common Units, [•] Subordinated Units, the IDRs and the

    	 

    	

    

		 	right to receive the Deferred Issuance
and Distribution (as defined herein) and a payment of approximately $[•] to GasLog.

 

		2.	The Partnership will contribute all of the shares of the Vessel Owners to New Holdings in exchange for all of the equity interests
in New Holdings.

 

		3.	The General Partner will continue to hold a 2% general partner interest in the Partnership.

 

		4.	The Partnership will issue [•] Common Units to the public in an underwritten initial public offering (the “Offering”)
in exchange for $[•] (the “IPO Proceeds”).

 

		5.	The Partnership will use a portion of the IPO Proceeds to (a) pay underwriting discounts and commissions and structuring fees
of $[•], (b) pay other transaction expenses incurred in connection with the Offering of approximately $[•] and (c) make
a payment to GasLog of approximately $[•].

 

		6.	The Partnership will contribute $[•] of the IPO Proceeds to New Holdings, to be further contributed to GAS-five, to repay
a portion of its debt obligations related to the GasLog Sydney.

 

AGREEMENT

 

NOW THEREFORE, in consideration of
the foregoing and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending
to be legally bound hereby, the Parties hereby agree as follows:

 

ARTICLE
I

DEFINITIONS

 

Section 1.1 Definitions. The following
defined terms will have the meanings given below:

 

“Agreement” means
this Contribution Agreement.

 

“Attorney-in-Fact”
has the meaning set forth in Section 6.2.

 

“Carriers” has
the meaning set forth in the opening paragraph of this Agreement.

 

“Charter” means
the time charter party or the bareboat charter related to the applicable Vessel.

 

“Commission” means
the Securities and Exchange Commission.

 

“Common Unit” means
a common unit representing a limited partner interest in the Partnership having the rights set forth in the Partnership Agreement.

 

“Conveying Party”
or “Conveying Parties” has the meaning set forth in Section 6.2.

 

“Deferred Issuance and Distribution”
has the meaning set forth in the Partnership Agreement.

 

“Effective Time”
means [•] a.m. prevailing Eastern Time on the date that is the closing date of the Offering.

 

“Firm Units” means
the Common Units to be sold to the Underwriters pursuant to the terms of the Underwriting Agreement, but does not include any Option
Units.

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“GasLog” has the
meaning set forth in the opening paragraph of this Agreement.

 

“GAS-three” has
the meaning set forth in the Recitals of this Agreement.

 

“GAS-four” has
the meaning set forth in the Recitals of this Agreement.

 

“GAS-five” has
the meaning set forth in the Recitals of this Agreement.

 

“General Partner”
has the meaning set forth in the opening paragraph of this Agreement.

 

“IDRs” means the
incentive distribution rights of the Partnership having the rights set forth in the Partnership Agreement.

 

“Interests” means
all of the outstanding shares of the Vessel Owners.

 

“IPO Proceeds”
has the meaning set forth in the Recitals of this Agreement.

 

“Laws” has the
meaning set forth in Section 5.1(c).

 

“Marshall Islands LP Act”
has the meaning set forth in the Recitals of this Agreement.

 

“New Holdings”
has the meaning set forth in the opening paragraph of this Agreement.

 

“Offering” has
the meaning set forth in the Recitals of this Agreement.

 

“Option Units”
means the Common Units that the Partnership will agree to issue upon exercise of the Over-Allotment Option.

 

“Original LP Agreement”
has the meaning set forth in the Recitals of this Agreement.

 

“Over-Allotment Option”
means a number of Common Units equal to up to 15% of the Firm Units, which the Partnership will agree to sell to the Underwriters,
at their option, to cover over-allotments in connection with the Offering.

 

“Partnership” has
the meaning set forth in the opening paragraph of this Agreement.

 

“Partnership Agreement”
means the First Amended and Restated Agreement of Limited Partnership of the Partnership, to be dated as of [•], 2014.

 

“Party” or “Parties”
has the meaning set forth in the opening paragraph of this Agreement.

 

“Registration Statement”
means the Registration Statement on Form F-1 filed with the Commission (Registration No. 333-195109), as amended.

 

“Subordinated Unit”
means a subordinated unit representing a member interest in the Partnership having the rights set forth in the Partnership Agreement.

 

“Underwriters”
means the underwriting syndicate listed in the Underwriting Agreement.

 

“Underwriting Agreement”
means the underwriting agreement dated as of [•], 2014 among GasLog, the General Partner, the Partnership, New Holdings and
the Underwriters.

 

“Vessels” has the
meaning set forth in Section 5.1(d)

 

“Vessel Financing Agreements”
means the vessel financing agreements of the Vessel Owners, as described in the Registrtion Statement.

 

“Vessel Owners”
means collectively GAS-three, GAS-four and GAS-five.

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Capitalized terms used but not otherwise
defined herein shall have the meanings assigned to such terms in the Partnership Agreement.

 

ARTICLE
II

THE CONTRIBUTIONS

 

As of the Effective Time, the following transactions
shall be completed in the order set forth below.

 

Section 2.1 Contribution of Vessel Owners
to the Partnership. GasLog hereby causes Carriers to contribute, assign and transfer as a capital contribution 100% of the
shares of the Vessel Owners to the Partnership. Immediately following the forgoing contributions, assignments and transfers, the
Partnership will own 100% of the shares of the Vessel Owners. In consideration for the capital contributions to the Partnership,
(a) the Partnership will issue to GasLog [•] Common Units, [•] Subordinated Units, the Incentive Distribution Rights
and the right to receive the Deferred Issuance and Distribution and make a payment of approximately $[•] to GasLog and (b)
the General Partner will maintain its 2% general partner interest in the Partnership.

 

Section 2.2 Contribution of Vessel Owners
to New Holdings. Issuance of equity interests to the Partnership. The Partnership hereby contributes, assigns and transfers
as a capital contribution 100% of the shares of the Vessel Owners to New Holdings. In consideration for the capital contribution
by the Partnership to New Holdings described in the preceding sentence, New Holdings will issue all of its equity interests to
the Partnership.

 

Section 2.3 Retained Right to Insurance
Proceeds. Notwithstanding the foregoing contributions, the Parties hereby agree that any insurance proceeds received by the
Partnership after the Effective Time shall belong to GasLog and be promptly distributed to GasLog to the extent that such insurance
proceeds (a) related to damage or periods of off-hire incurred by the Vessels prior to the Effective Time and (b) exceeded any
costs incurred by the Partnership or any of its subsidiaries to repair any such damage to the Vessels.

 

ARTICLE
III

THE OFFERING AND CONCURRENT TRANSACTIONS

 

After the consummation of the transactions
as described in ARTICLE II, the following transactions shall be completed in the order set forth below:

 

Section 3.1 The Offering. The Partnership
will issue [•] Common Units to the public in the Offering pursuant to the Underwriting Agreement in exchange for the IPO Proceeds.

 

Section 3.2 Use of the IPO Proceeds.

 

(a) The Partnership will use a portion of
the IPO Proceeds to (i) pay underwriting discounts and commissions and structuring fees of $[•], (ii) pay other transaction
expenses incurred in connection with the Offering of approximately $[•] and (iii) make a payment to GasLog of approximately
$[•].

 

(b) The Partnership will contribute $[•]
of the IPO Proceeds to New Holdings, to be further contributed to GAS-five, to repay a portion of the debt obligations related
to the GasLog Sydney.

 

ARTICLE
IV

DEFERRED ISSUANCE AND DISTRIBUTION

 

Section 4.1 Deferred Issuance and Distribution.
Upon the earlier to occur of the expiration of the Over-Allotment Option period or the exercise in full of the Over-Allotment
Option, the Partnership shall

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issue to GasLog a number of additional Common
Units that is equal to the excess, if any, of (a) the total number of Option Units over (b) the aggregate number of Common Units,
if any, actually purchased by and issued to the Underwriters pursuant to the exercise(s) of the Over-Allotment Option. Upon each
exercise of the Over-Allotment Option, the Partnership shall distribute to GasLog an amount of cash equal to the proceeds therefrom
net of the Underwriters’ Discount of each such exercise.

 

ARTICLE
V

REPRESENTATIONS AND WARRANTIES OF Gaslog; DISCLAIMER

 

Section 5.1 Representations and Warranties.
GasLog hereby represents and warrants that:

 

(a) Each of the Vessel Owners has been duly
formed or incorporated and is validly existing and in good standing under the laws of its respective jurisdiction of formation
or incorporation and has all requisite power and authority to operate its assets and conduct its business as described in the Registration
Statement;

 

(b) The execution and delivery of this Agreement
and all documents, instruments and agreements required to be executed and delivered by it pursuant to this Agreement in connection
with the completion of the transactions contemplated by this Agreement, have been duly authorized by all necessary action on its
part, and this Agreement has been duly executed and delivered by it and constitutes a legal, valid and binding obligation of it
enforceable in accordance with its terms, except as may be limited by bankruptcy, insolvency, liquidation, reorganization, reconstruction
and other similar laws of general application affecting the enforceability of remedies and rights of creditors and except that
equitable remedies such as specific performance and injunction are in the discretion of a court;

 

(c) The execution, delivery and performance
by it of this Agreement will not conflict with or result in any violation of or constitute a breach of any of the terms or provisions
of, or result in the acceleration of any obligation under, or constitute a default under any provision of: (i) its or any Vessel
Owner’s articles of association, articles of incorporation or bylaws or limited liability company agreement or other organizational
documents; (ii) any lien, encumbrance, security interest, pledge, mortgage, charge, other claim, bond, indenture, agreement, contract,
franchise license, permit or other instrument or obligation to which it or any Vessel Owner is a party or is subject or by which
any of its or any Vessel Owner’s assets or properties may be bound; (iii) any applicable laws, statutes, ordinances, rules
or regulations promulgated by a governmental authority, orders of a governmental authority, judicial decisions, decisions of arbitrators
or determinations of any governmental authority or court (“Laws”); or (iv) any Charter to which any Vessel
Owner is a party or any material provision of any material contract to which it or any Vessel Owner is a party or by which its
or any Vessel Owner’s assets are bound;

 

(d) Except as have already been obtained
or that will be obtained in the ordinary course of business, no consent, permit, approval or authorization of, notice or declaration
to or filing with any governmental authority or any other person, including those related to any environmental laws or regulations,
is required in connection with the execution and delivery by it of this Agreement or the consummation by it of the transactions
contemplated hereunder, and any consents required for the transfer or assignment of the Charter related to the GasLog Shanghai,
the GasLog Santiago and the GasLog Sydney (the “Vessels”) have been duly obtained;

 

(e) All of the issued and outstanding shares
of each Vessel Owner are duly authorized and are validly issued in accordance with the articles of association, articles of incorporation
or bylaws or limited liability company agreement or other organizational documents of such Vessel Owner and are fully paid and
non-assessable;

 

(f) GasLog owns, directly or indirectly,
all of the outstanding shares of each Vessel Owner and has good and marketable title thereto, free and clear of all liens, encumbrances,
security interests, pledges, mortgages, charges or other claims, other than those arising under the Vessel Financing Agreements;

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(g) Each of Carriers and the Vessel Owners
has made an election under U.S. Treasury Regulation Section 301.7701-3(c) to be classified as a disregarded entity for U.S. Federal
income tax purposes, and such election is in effect as of the date hereof.

 

(h) There is no outstanding agreement, contract,
option, commitment or other right or understanding in favor of, or held by, any person other than the Partnership to acquire the
Vessel Owners or the assets of the Vessel Owners, including the Vessels, that has not been waived;

 

(i) Correct and complete copies of the organizational
documents of each Vessel Owner (as amended to the date of this Agreement) and each Charter to which any Vessel Owner is a party
have been made available to the Partnership;

 

(j) Each such Charter is a valid and binding
agreement of each contracting Vessel Owner enforceable in accordance with its terms and, to the knowledge of GasLog, of all other
parties thereto enforceable in accordance with its terms;

 

(k) As applicable, each Vessel Owner has
fulfilled all material obligations required pursuant to its respective Charter to have been performed by it prior to the date of
this Agreement and has not waived any material rights thereunder; and no material default or breach exists in respect thereof on
its or any Vessel Owner’s part or, to its knowledge, any of the other parties thereto and, to its knowledge, no event has
occurred which, after giving of notice or the lapse of time, or both, would constitute such a material default or breach;

 

(l) Except for such liabilities, debts, obligations,
encumbrances, defects, restrictions or claims of a general nature and magnitude that would arise in connection with the operation
of shuttle tankers of the same type as the Vessels in the ordinary course of business, there are no liabilities, debts or obligations
of, encumbrances, defects or restrictions with respect to, or claims against the Vessel Owners or any of the assets owned by the
Vessel Owners, including the Vessels, other than those arising under or in connection with Vessel Financing Agreements; and

 

(m) Each Vessel is (i) adequate and suitable
for use by the applicable Vessel Owner in such Vessel Owner’s business as presently conducted by it in all material respects
as described in the Registration Statement, ordinary wear and tear excepted; (ii) in good running order and repair; (iii) insured
against all risks, and in amounts, consistent with common industry practices; (iv) in compliance with applicable laws and regulations;
(v) duly registered under the flag set forth opposite such Vessel’s name on Schedule A hereto; and (vi) in compliance
in all material respects with the requirements of its present class and classification society; and all class certificates of each
Vessel are clean and valid and free of recommendations affecting class.

 

Section 5.2 Disclaimer of Warranties.
EXCEPT TO THE EXTENT PROVIDED IN THIS AGREEMENT OR IN ANY OTHER DOCUMENT EXECUTED OR DELIVERED IN CONNECTION WITH THIS AGREEMENT,
THE PARTIES ACKNOWLEDGE AND AGREE THAT NONE OF THE PARTIES HAS MADE, DOES NOT MAKE, AND EACH SUCH PARTY SPECIFICALLY NEGATES AND
DISCLAIMS, ANY REPRESENTATIONS, WARRANTIES, PROMISES, COVENANTS, AGREEMENTS OR GUARANTIES OF ANY KIND OR CHARACTER WHATSOEVER,
WHETHER EXPRESS, IMPLIED OR STATUTORY, ORAL OR WRITTEN, PAST OR PRESENT, REGARDING (A) THE VALUE, NATURE, QUALITY OR CONDITION
OF THE ASSETS OWNED BY THE VESSEL OWNERS, INCLUDING, WITHOUT LIMITATION, THE ENVIRONMENTAL CONDITION OF THE ASSETS GENERALLY, INCLUDING,
WITHOUT LIMITATION, THE PRESENCE OR LACK OF HAZARDOUS SUBSTANCES OR OTHER MATTERS ON SUCH ASSETS, (B) THE INCOME TO BE DERIVED
FROM SUCH ASSETS, (C) THE SUITABILITY OF SUCH ASSETS FOR ANY AND ALL ACTIVITIES AND USES THAT MAY BE CONDUCTED THEREON OR THEREWITH,
(D) THE COMPLIANCE OF OR BY SUCH ASSETS OR THEIR OPERATION WITH ANY LAWS (INCLUDING WITHOUT LIMITATION ANY ZONING, ENVIRONMENTAL
PROTECTION, POLLUTION OR LAND USE LAWS, RULES, REGULATIONS, ORDERS OR REQUIREMENTS), OR (E) THE HABITABILITY, MERCHANTABILITY,
MARKETABILITY, PROFITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OF SUCH ASSETS. EXCEPT TO

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THE EXTENT PROVIDED IN ANY OTHER DOCUMENT
EXECUTED OR DELIVERED IN CONNECTION WITH THIS AGREEMENT, EACH PARTY ACKNOWLEDGES AND AGREES THAT SUCH PARTY HAS HAD THE OPPORTUNITY
TO INSPECT THE ASSETS OF THE VESSEL OWNERS, AND SUCH PARTY IS RELYING SOLELY ON ITS OWN INVESTIGATION OF THE ASSETS OF THE VESSEL
OWNERS AND NOT ON ANY INFORMATION PROVIDED OR TO BE PROVIDED BY ANY OF THE OTHER PARTIES. EXCEPT TO THE EXTENT PROVIDED IN ANY
OTHER DOCUMENT EXECUTED OR DELIVERED IN CONNECTION WITH THIS AGREEMENT, NONE OF THE PARTIES IS LIABLE OR BOUND IN ANY MANNER BY
ANY VERBAL OR WRITTEN STATEMENTS, REPRESENTATIONS OR INFORMATION PERTAINING TO THE ASSETS OF THE VESSEL OWNERS FURNISHED BY ANY
AGENT, EMPLOYEE, SERVANT OR THIRD PARTY. THIS SECTION SHALL SURVIVE THE CONTRIBUTION AND CONVEYANCE OF THE INTERESTS OR THE TERMINATION
OF THIS AGREEMENT. THE PROVISIONS OF THIS SECTION HAVE BEEN NEGOTIATED BY THE PARTIES AFTER DUE CONSIDERATION AND ARE INTENDED
TO BE A COMPLETE EXCLUSION AND NEGATION OF ANY REPRESENTATIONS OR WARRANTIES, WHETHER EXPRESS, IMPLIED OR STATUTORY, WITH RESPECT
TO THE ASSETS OF THE VESSEL OWNERS THAT MAY ARISE PURSUANT TO ANY LAW NOW OR HEREAFTER IN EFFECT, OR OTHERWISE, EXCEPT AS SET FORTH
IN THIS AGREEMENT OR ANY OTHER DOCUMENT EXECUTED OR DELIVERED IN CONNECTION WITH THIS AGREEMENT.

 

ARTICLE
VI

FURTHER ASSURANCES

 

Section 6.1 Further Assurances. From
time to time on or after the date of this Agreement, and without any further consideration, the Parties agree to execute, acknowledge
and deliver all such additional deeds, assignments, bills of sale, conveyances, instruments, notices, releases, acquittances and
other documents, and will do all such other acts and things, all in accordance with applicable Law, as may be necessary or appropriate
(a) more fully to assure that the applicable Parties own all of the properties, rights, titles, interests, estates, remedies, powers
and privileges granted by this Agreement, or which are intended to be so granted, (b) more fully and effectively to vest in the
applicable Parties and their respective successors and assigns beneficial and record title to the interests contributed and assigned
by this Agreement or intended so to be and (c) to more fully and effectively carry out the purposes and intent of this Agreement.

 

Section 6.2 Power of Attorney. Each
Party that has conveyed any Interests as reflected by this Agreement (collectively, the “Conveying Parties”)
hereby constitutes and appoints each of Simon Crowe, Paul Wogan and Graham Westgarth (each, the “Attorney-in-Fact”)
its true and lawful Attorney-in-Fact with full power of substitution for it and in its name, place and stead or otherwise on behalf
of the applicable Conveying Party and its successors and assigns, and for the benefit of the Attorney-in-Fact to demand and receive
from time to time the Interests contributed and conveyed by this Agreement (or intended so to be) and to execute in the name of
the applicable Conveying Party and its successors and assigns instruments of conveyance, instruments of further assurance and to
give receipts and releases in respect of the same, and from time to time to institute and prosecute in the name of the applicable
Conveying Party for the benefit of the Attorney-in-Fact, any and all proceedings at law, in equity or otherwise which the Attorney-in-Fact
may deem proper in order to (a) collect, assert or enforce any claims, rights or titles of any kind in and to the Interests, (b)
defend and compromise any and all actions, suits or proceedings in respect of any of the Interests, and (c) do any and all such
acts and things in furtherance of this Agreement as the Attorney-in-Fact shall deem advisable. Each Conveying Party hereby declares
that the appointment hereby made and the powers hereby granted are coupled with an interest and are and shall be irrevocable and
perpetual and shall not be terminated by any act of any Conveying Party or its successors or assigns or by operation of law.

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ARTICLE
VII

MISCELLANEOUS

 

Section 7.1 Survival of Representations
and Warranties. The representations and warranties of GasLog in this Agreement and in or under any documents, instruments and
agreements delivered pursuant to this Agreement, will survive the completion of the transactions contemplated hereby regardless
of any independent investigations that the Partnership may make or cause to be made, or knowledge it may have, prior to the date
of this Agreement and will continue in full force and effect for a period of one year from the date of this Agreement. At the end
of such period, such representations and warranties will terminate, and no claim may be brought by the Partnership against GasLog
thereafter in respect of such representations and warranties, except for claims that have been asserted by the Partnership prior
such date.

 

Section 7.2 Taxes. The Partnership
shall pay any and all sales, use and similar taxes arising out of the contributions, conveyances and deliveries to be made hereunder,
and shall pay all documentary, filing, recording, transfer, deed, and conveyance taxes and fees required in connection therewith.

 

Section 7.3 Headings; References, Interpretation.
All Article and Section headings in this Agreement are for convenience only and shall not be deemed to control or affect the
meaning or construction of any of the provisions hereof. The words “hereof,” “herein” and “hereunder”
and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole, including, without limitation,
all Schedules attached hereto, and not to any particular provision of this Agreement. All references herein to Articles, Sections
and Schedules shall, unless the context requires a different construction, be deemed to be references to the Articles and Sections
of this Agreement and the Schedules attached hereto, and all such Schedules attached hereto are hereby incorporated herein and
made a part hereof for all purposes. All personal pronouns used in this Agreement, whether used in the masculine, feminine or neuter
gender, shall include all other genders, and the singular shall include the plural and vice versa. The use herein of the word “including”
following any general statement, term or matter shall not be construed to limit such statement, term or matter to the specific
items or matters set forth immediately following such word or to similar items or matters, whether or not non-limiting language
(such as “without limitation,” “but not limited to” or words of similar import) is used with reference
thereto, but rather shall be deemed to refer to all other items or matters that could reasonably fall within the broadest possible
scope of such general statement, term or matter.

 

Section 7.4 Successors and Assigns. This
Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and assigns.

 

Section 7.5 No Third Party Rights. The
provisions of this Agreement are intended to bind the Parties as to each other and are not intended to and do not create rights
in any other person or confer upon any other person any benefits, rights or remedies, and no person is or is intended to be a third
party beneficiary of any of the provisions of this Agreement.

 

Section 7.6 Counterparts. This Agreement
may be executed in any number of counterparts with the same effect as if all signatory Parties had signed the same document. All
counterparts shall be construed together and shall constitute one and the same instrument. The delivery of an executed counterpart
copy of this Agreement by facsimile or electronic transmission in PDF format shall be deemed to be the equivalent of delivery of
the originally executed copy thereof.

 

Section 7.7 Governing Law. This Agreement
shall be governed by, and construed in accordance with, the laws of the state of New York, United States of America, applicable
to contracts made and to be performed wholly within such jurisdiction without giving effect to conflict of law principles thereof
other than Section 5-1401 of the New York General Obligations Law, except to the extent that it is mandatory that the law of some
other jurisdiction, wherein the Interests are located, shall apply.

 

Section 7.8 Severability. If any of
the provisions of this Agreement are held by any court of competent jurisdiction to contravene, or to be invalid under, the laws
of any governmental body having jurisdiction over the subject matter hereof, such contravention or invalidity shall not invalidate
the entire

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Agreement. Instead, this Agreement shall be
construed as if it did not contain the particular provision or provisions held to be invalid and an equitable adjustment shall
be made and necessary provision added so as to give effect, as nearly as possible, to the intention of the Parties as expressed
in this Agreement at the time of execution of this Agreement.

 

Section 7.9 Deed; Bill of Sale; Assignment.
To the extent required and permitted by applicable law, this Agreement shall also constitute a “deed,” “bill
of sale” or “assignment” of the interests referenced herein.

 

Section 7.10 Amendment or Modification.
This Agreement may be amended or modified from time to time only by the written agreement of all the Parties. Each such instrument
shall be reduced to writing and shall be designated on its face as an amendment to this Agreement.

 

Section 7.11 Integration. This Agreement
and the instruments referenced herein supersede all previous understandings or agreements among the Parties, whether oral or written,
with respect to the subject matter of this Agreement and such instruments. This Agreement and such instruments contain the entire
understanding of the Parties with respect to the subject matter hereof and thereof. No understanding, representation, promise or
agreement, whether oral or written, is intended to be or shall be included in or form part of this Agreement unless it is contained
in a written amendment hereto executed by the Parties after the date of this Agreement.

 

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IN WITNESS WHEREOF, the parties to
this Agreement have caused it to be duly executed as of the date first above written.

 

	 	GASLOG PARTNERS HOLDINGS LLC
	 	 	 
	 	Sole Member: Gaslog Partners LP
	 	 	 
	 	By: 	 
	 	Name:
	 	Title:
	 	 
	 	GASLOG PARTNERS GP LLC
	 	 	 
	 	Sole Member: Gaslog Ltd.
	 	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	GASLOG PARTNERS LP
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	GASLOG LTD.
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	GASLOG CARRIERS LTD.
	 	 
	 	By:	 
	 	Name:
	 	Title:	 

 

Signature
Page

To

Contribution Agreement

    	 

    	

    

SCHEDULE A

VESSEL OWNERS AND VESSELS

 

	Vessel Owners Subsidiary	 	Jurisdiction of Registration	 	Vessel	 	Flag
	GAS-three Ltd.	 	Bermuda	 	GasLog Shanghai	 	Bermuda
	 	 	 	 	 	 	 
	GAS-four Ltd.	 	Bermuda	 	GasLog Santiago	 	Bermuda
	 	 	 	 	 	 	 
	GAS-five Ltd.	 	Bermuda	 	GasLog Sydney	 	Bermuda

 

Schedule
A

To

Contribution AgreementExhibit
10.2

 

 

FORM OF OMNIBUS AGREEMENT

 

AMONG

 

GASLOG LTD.

 

GASLOG PARTNERS LP

 

GASLOG PARTNERS GP LLC

 

AND

 

GASLOG PARTNERS HOLDINGS LLC

 

    	 

    	

    

TABLE OF CONTENTS

 

	ARTICLE I
	DEFINITIONS
	 
	Section 1.1.	Definitions	 	1
	 	 	 	 
	ARTICLE II
	FIVE-YEAR VESSEL RESTRICTED BUSINESS OPPORTUNITIES
	 
	Section 2.1.	Five-Year Vessel Restricted Businesses	 	6
	Section 2.2.	Permitted Exceptions	 	6
	 	 	 	 
	ARTICLE III
	NON-FIVE-YEAR VESSEL RESTRICTED BUSINESS OPPORTUNITIES
	 
	Section 3.1.	Non-Five-Year Vessel Restricted Businesses	 	7
	Section 3.2.	Permitted Exceptions	 	7
	 	 	 	 
	ARTICLE IV
	BUSINESS OPPORTUNITIES PROCEDURES
	 
	Section 4.1.	Procedures	 	7
	Section 4.2.	Scope of Prohibition	 	9
	Section 4.3.	Enforcement	 	9
	 	 	 	 
	ARTICLE V
	RIGHTS OF FIRST OFFER
	 
	Section 5.1.	Rights of First Offer	 	9
	Section 5.2.	Procedures for Rights of First Offer	 	10
	 	 	 	 
	ARTICLE VI
	EXISTING VESSEL INTERESTS PURCHASE OPTION
	 
	Section 6.1.	Option to Purchase the Gas 7 Interests, Steam 1 Interests, Steam 2 Interests,
      Steam 3 Interests, Steam 4 Interests, Steam 5 Interests and Steam 6 Interests	 	10
	Section 6.2.	Procedures	 	11
	 	 	 	 
	ARTICLE VII
	NEW BUILD INTERESTS PURCHASE OPTION
	 
	Section 7.1.	Option to Purchase the Gas 8 Interests, Gas 11 Interests, Gas 12 Interests, Gas 13 Interests and Gas 14 Interests	 	12
	Section 7.2.	Procedures	 	12
	 	 	 	 
	ARTICLE VIII
	INDEMNIFICATION
	 
	Section 8.1.	GLOG Indemnification	 	14
	Section 8.2.	Limitation Regarding Indemnification	 	14
	Section 8.3.	Indemnification Procedures	 	14
	 	 	 	 
	ARTICLE IX
	MISCELLANEOUS
	 
	Section 9.1.	Choice of Law; Submission To Jurisdiction	 	15
	Section 9.2.	Notice	 	15

    	i

    	

    

	Section 9.3.	Entire Agreement	 	15
	Section 9.4.	Termination	 	15
	Section 9.5.	Waiver; Effect of Waiver or Consent	 	16
	Section 9.6.	Amendment or Modification	 	16
	Section 9.7.	Assignment	 	16
	Section 9.8.	Counterparts	 	16
	Section 9.9.	Severability	 	16
	Section 9.10.	Gender, Parts, Articles and Sections	 	16
	Section 9.11.	Further Assurances	 	16
	Section 9.12.	Withholding or Granting of Consent	 	16
	Section 9.13.	Laws and Regulations	 	16
	Section 9.14.	Negotiation of Rights of GLOG, Limited Partners, Assignees and Third Parties	 	16

    	ii

    	

    

FORM OF OMNIBUS AGREEMENT

 

THIS OMNIBUS AGREEMENT is entered into on,
and effective as of, the Closing Date (as defined herein), among GASLOG LTD., an exempted company incorporated under the laws of
Bermuda (“GLOG”), GASLOG PARTNERS LP, a Marshall Islands limited partnership (the “MLP”),
GASLOG PARTNERS GP LLC, a Marshall Islands limited liability company (including any permitted successors and assigns under the
MLP Agreement (as defined herein)) (the “General Partner”), and GASLOG PARTNERS HOLDINGS LLC, a Marshall
Islands limited liability corporation.

 

RECITALS:

 

1. The Parties desire by their execution
of this Agreement to evidence their understanding, as more fully set forth in Articles II and IV, with respect to
(a) those business opportunities that the GLOG Entities (as defined herein) will not pursue during the term of this Agreement and
(b) the procedures whereby such business opportunities are to be offered to the Partnership Group (as defined herein) and accepted
or declined.

 

2. The Parties desire by their execution
of this Agreement to evidence their understanding, as more fully set forth in Articles III and IV, with respect to
(a) those business opportunities that the Partnership Group (as defined herein) will not pursue during the term of this Agreement
and (b) the procedures whereby such business opportunities are to be offered to GLOG and accepted or declined.

 

3. The Parties desire by their execution
of this Agreement to evidence their understanding, as more fully set forth in Article V, with respect to (a) GLOG’s
right of first offer relating to Five-Year Vessels (as defined herein) or Non-Five-Year Vessels (as defined herein) owned by the
MLP and (b) the MLP’s right of first offer relating to Five-Year Vessels that GLOG might own.

 

4.
  The Parties desire by their execution of this Agreement to evidence their understanding,
  as more fully set forth in Articles VI and VII, with respect
  to the rights of the MLP to purchase the Gas 7 Interests, Gas 8 Interests,
  Gas 11 Interests, Gas 12 Interests, Gas 13 Interests, Gas 14 Interests, Steam
  1 Interests, Steam 2 Interests, Steam 3 Interests, Steam 4 Interests, Steam
  5 Interests and Steam 6 Interests (in each case, as defined herein) from GLOG.

 

5. The Parties desire by their execution
of this Agreement to evidence their understanding, as more fully set forth in Section 6.2(b)(ii) and Section 7.2(c)(ii)
and Article XIII, with respect to certain indemnification obligations of GLOG.

 

In consideration of the premises and the
covenants, conditions, and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

ARTICLE
I

DEFINITIONS

 

Section 1.1. Definitions. As used
in this Agreement, the following terms shall have the respective meanings set forth below:

 

“Acquiring Party”
has the meaning given such term in Section 4.1.

 

“Affiliate” means,
with respect to any Person, any other Person that directly or indirectly through one or more intermediaries controls, is controlled
by or is under common control with, the Person in question. As used herein, the term “control” 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 ownership
of voting securities, by contract or otherwise.

 

“Agreement” means
this Omnibus Agreement, as it may be amended, modified, or supplemented from time to time in accordance with Section 10.6
hereof.

    	 

    	

    

“BG” means
  the BG Group plc and each of its subsidiaries, which is the charterer of Gas
  11, Gas 12, Gas 13, Gas 14, Steam 1, Steam 2, Steam 3, Steam 4 Interests, Steam
  5 Interests and Steam 6 Interests.

 

“Board” means the
Board of Directors of the MLP.

 

“Break-up Costs”
means the aggregate amount of any and all additional taxes, flag administration, financing, legal and other similar costs (except
with respect to Section 2.2(b) where Break-up Costs shall be deemed to include only administrative costs associated with
transfer and re-flagging, including related legal costs) to (a) the GLOG Entities that would be required to transfer Five-Year
Vessels acquired by the GLOG Entities as part of a larger transaction to a Partnership Group Member pursuant to Sections 2.2(b)
or 2.2(d)(i), or (b) the Partnership Group that would be required to transfer Non-Five-Year Vessels acquired by the Partnership
Group as part of a larger transaction to a GLOG Entity pursuant to Section 3.2(b)(i).

 

“Change of Control”
means, with respect to any Person (the “Applicable Person”), any of the following events: (a) any sale,
lease, exchange or other transfer (in one transaction or a series of related transactions) of all or substantially all of the Applicable
Person’s assets to any other Person, unless immediately following such sale, lease, exchange or other transfer such assets
are owned, directly or indirectly, by the Applicable Person; (b) the consolidation or merger of the Applicable Person with or into
another Person pursuant to a transaction in which the outstanding Voting Securities of the Applicable Person are changed into or
exchanged for cash, securities or other property, other than any such transaction where (i) the outstanding Voting Securities of
the Applicable Person are changed into or exchanged for Voting Securities of the surviving Person or its parent and (ii) the holders
of the Voting Securities of the Applicable Person immediately prior to such transaction own, directly or indirectly, not less than
a majority of the outstanding Voting Securities of the surviving Person or its parent immediately after such transaction; and (c)
a “person” or “group” (within the meaning of Sections 13(d) or 14(d)(2) of
the Exchange Act or any successor provision), other than GLOG or its Affiliates with respect to the General Partner or a Permitted
Holder with respect to GLOG, being or becoming the “beneficial owner” (as defined in Rules 13d-3 and
13d-5 under the Exchange Act) of more than 50% of all of the then outstanding Voting Securities of the Applicable Person, except
in a merger or consolidation which would not constitute a Change of Control under clause (b) above.

 

“Closing Date”
means               , 2014, the date of the closing of the initial public offering of common units representing limited partner interests in
the MLP.

 

“Conflicts Committee”
means the Conflicts Committee of the Board.

 

“Contribution Assets”
has the meaning given such term in Section 9.1.

 

“Covered Environmental Losses”
means all Losses suffered or incurred by the Partnership Group by reason of, arising out of or resulting from:

 

(a) any violation or correction
of violation of Environmental Laws; or

 

(b) any event or condition relating
to environmental or human health and safety matters, in each case, associated with the ownership or operation by the Partnership
Group or the GLOG Entities of the Contribution Assets (including, without limitation, the presence of Hazardous Substances on,
under, about or migrating to or from the Contribution Assets or the disposal or release of, or exposure to, Hazardous Substances
generated by or otherwise related to operation of the Contribution Assets), including, without limitation, the reasonable and documented
cost and expense of (i) any investigation, assessment, evaluation, monitoring, containment, cleanup, repair, restoration, remediation
or other corrective action required or necessary under Environmental Laws, (ii) the preparation and implementation of any closure,
remedial, corrective action or other plans required or necessary under Environmental Laws and (iii) any environmental or toxic
tort (including, without limitation, personal injury or property damage claims) pre-trial, trial or appellate legal or litigation
support work;

 

but only to the extent that such violation complained of under
clause (a), or such events or conditions included in clause (b), occurred before the Closing Date; and, provided,
that in no event shall Losses to the extent arising from a change in any Environmental Law after the Closing Date be deemed “Covered
Environmental Losses.”

    	2

    	

    

“Environmental Laws”
means all international, federal, state, foreign and local laws, statutes, rules, regulations, treaties, conventions, orders, judgments
and ordinances having the force and effect of law and relating to protection of natural resources, health and safety and the environment,
each in effect and as amended through the Closing Date.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended.

 

“First Offer Negotiation Period”
has the meaning given such term in Section 5.2(c).

 

“Five-Year Vessel”
means any LNG carrier with a cargo capacity greater than 75,000 cbm engaged in oceangoing LNG transportation under a charter for
five full years or more, together with the related charter.

 

“Gas 7” means the
LNG carrier designated Hull 2041 built by Samsung that was delivered on December 10, 2013 and renamed the GasLog Seattle.

 

“Gas 7 Interests”
means all of GLOG’s rights, title and interests in Gas 7, including the shares of capital stock, limited liability company
interests, limited partnership interests or any other interests in any GLOG Entity holding interests in Gas 7 and including any
charters or other agreements relating to the operation of Gas 7 then in effect.

 

“Gas 8” means the
LNG carrier designated Hull 2042 being built by Samsung that is scheduled for delivery in 2014.

 

“Gas 8 Interests”
means all of GLOG’s rights, title and interests in Gas 8, including the shares of capital stock, limited liability company
interests, limited partnership interests or any other interests in any GLOG Entity holding interests in Gas 8 and including any
charters or other agreements relating to the operation of Gas 8 then in effect.

 

“Gas 11” means
the LNG carrier designated Hull 2072 being built by Samsung that is scheduled for delivery in 2016.

 

“Gas 11 Interests”
means all of GLOG’s rights, title and interests in Gas 11, including the shares of capital stock, limited liability company
interests, limited partnership interests or any other interests in any GLOG Entity holding interests in Gas 11 and including any
charters or other agreements relating to the operation of Gas 11 then in effect.

 

“Gas 12” means
the LNG carrier designated Hull 2073 being built by Samsung that is scheduled for delivery in 2016.

 

“Gas 12 Interests”
means all of GLOG’s rights, title and interests in Gas 12, including the shares of capital stock, limited liability company
interests, limited partnership interests or any other interests in any GLOG Entity holding interests in Gas 12 and including any
charters or other agreements relating to the operation of Gas 12 then in effect.

 

“Gas 13” means
the LNG carrier designated Hull 2102 being built by Samsung that is scheduled for delivery in 2016.

 

“Gas 13 Interests”
means all of GLOG’s rights, title and interests in Gas 13, including the shares of capital stock, limited liability company
interests, limited partnership interests or any other interests in any GLOG Entity holding interests in Gas 13 and including any
charters or other agreements relating to the operation of Gas 13 then in effect.

 

“Gas 14” means
the LNG carrier designated Hull 2103 being built by Samsung that is scheduled for delivery in 2016.

 

“Gas 14 Interests”
means all of GLOG’s rights, title and interests in Gas 14, including the shares of capital stock, limited liability company
interests, limited partnership interests or any other interests in any GLOG

    	3

    	

    

Entity holding interests in Gas 14 and including
any charters or other agreements relating to the operation of Gas 14 then in effect.

 

“General Partner”
is defined in the introduction to this Agreement.

 

“GLOG” is defined
in the introduction to this Agreement.

 

“GLOG Entities”
means GLOG and any Person controlled, directly or indirectly, by GLOG, other than the Partnership Entities.

 

“GLOG Potential Transferee”
has the meaning given such term in Section 5.2(b).

 

“GLOG Sale Assets”
has the meaning given such term in Section 5.2(b).

 

“GLOG Transfer Notice”
has the meaning given such term in Section 5.2(b).

 

“GLOG Transferring Party”
has the meaning given such term in Section 5.2(b).

 

“Hazardous Substances”
means (a) each substance defined, designated or classified as a hazardous waste, hazardous substance, hazardous material, solid
waste, contaminant or toxic substance under Environmental Laws; (b) petroleum and petroleum products, including crude oil and any
fractions thereof; (c) natural gas, synthetic gas and any mixtures thereof; (d) any radioactive material; and (e) any asbestos-containing
materials in a friable condition.

 

“Losses” means
losses, damages, liabilities, claims, demands, causes of action, judgments, settlements, fines, penalties, costs and expenses (including,
without limitation, court costs and reasonable attorneys’ and experts’ fees) of any and every kind or character; provided,
however, that such term shall not include any special, indirect, incidental or consequential damages.

 

“MLP” is defined
in the introduction to this Agreement.

 

“MLP Agreement”
means the First Amended and Restated Agreement of Limited Partnership of the
  MLP, dated as of the Closing Date, to which reference is hereby made for all
  purposes of this Agreement. No amendment or modification to the MLP Agreement
  subsequent to the Closing Date shall be given effect for purposes of this Agreement
unless consented to by each of the Parties to this Agreement.

 

“Non-Five-Year Vessel”
means any LNG carrier that is not a Five-Year Vessel.

 

“Offer” has the
meaning given such term in Section 4.1.

 

“Offered Assets”
has the meaning given such term in Section 4.1.

 

“Offeree” has the
meaning given such term in Section 4.1.

 

“Offer Period”
has the meaning given such term in Section 4.1(b)(i).

 

“Parties” means
the parties to this Agreement and their successors and permitted assigns.

 

“Partnership Entities”
means the General Partner, the MLP and any Person controlled by the General Partner or the MLP.

 

“Partnership Group”
means the MLP and any Person controlled by the MLP.

 

“Partnership Group Member”
means any Person in the Partnership Group.

 

“Partnership Potential Transferee”
has the meaning given such term in Section 5.2(a).

 

“Partnership Sale Assets”
has the meaning given such term in Section 5.2(a).

    	4

    	

    

“Partnership Transfer Notice”
has the meaning given such term in Section 5.2(a).

 

“Partnership Transferring Party”
has the meaning given such term in Section 5.2(a).

 

“Permitted Holder”
means (i) Peter G. Livanos, his descendants and his Affiliates and (ii) any group (within the meaning of Sections 13(d) or 14(d)(2)
of the Exchange Act or any successor provision) of which any of the foregoing are members.

 

“Person” means
an individual, corporation, partnership, joint venture, trust, limited liability company, unincorporated organization or any other
entity.

 

“Potential Transferee”
has the meaning given such term in Section 5.2(b).

 

“Sale Assets” has
the meaning given such term in Section 5.2(b).

 

“Samsung” means
Samsung Heavy Industries Co., Ltd., which is building the newbuilds Gas 7, Gas 8, Gas 11, Gas 12, Gas 13 and Gas 14.

 

“Shell” means Royal
Dutch Shell plc and its subsidiaries, which is the charterer of Gas 7 and Gas 8.

 

“Steam
      1” means the Methane Rita Andrea, a 145,000 cbm steam-powered
LNG carrier purchased by GLOG from BG on April 10, 2014.

 

“Steam
      1 Interests”
  means all of GLOG’s rights, title and interests in Steam 1, including
  the shares of capital stock, limited liability company interests, limited partnership
  interests or any other interests in any GLOG Entity holding interests in Steam
  1 and including any charters or other agreements relating to the operation
of Steam 1 then in effect.

 

“Steam
      2” means the Methane Jane Elizabeth, a 145,000 cbm
steam-powered LNG carrier purchased by GLOG from BG on April 10, 2014.

 

“Steam
      2 Interests”
  means all of GLOG’s rights, title and interests in Steam 2, including
  the shares of capital stock, limited liability company interests, limited partnership
  interests or any other interests in any GLOG Entity holding interests in Steam
  2 and including any charters or other agreements relating to the operation
of Steam 2 then in effect.

 

“Steam
      3” means the Methane Lydon Volney, a 145,000 cbm steam-powered
LNG carrier purchased by GLOG from BG on April 10, 2014.

 

“Steam
      3 Interests”
  means all of GLOG’s rights, title and interests in Steam 3, including
  the shares of capital stock, limited liability company interests, limited partnership
  interests or any other interests in any GLOG Entity holding interests in Steam
  3 and including any charters or other agreements relating to the operation
of Steam 3 then in effect.

 

“Steam
      4” means the Methane Shirley Elisabeth, the first
      of the three 145,000 cbm steam-powered LNG carriers under contract to be
purchased by GLOG from BG.

 

“Steam
      4 Interests”
  means all of GLOG’s rights, title and interests in Steam 4, including
  the shares of capital stock, limited liability company interests, limited partnership
  interests or any other interests in any GLOG Entity holding interests in Steam
  4 and including any charters or other agreements relating to the operation
of Steam 4 then in effect.

 

“Steam
      5” means, the Methane Heather Sally, the second
      of the three 145,000 cbm steam-powered LNG carriers under contract to be
purchased by GLOG from BG.

 

“Steam
      5 Interests”
  means all of GLOG’s rights, title and interests in Steam 5, including
  the shares of capital stock, limited liability company interests, limited partnership
  interests or any other interests in any GLOG Entity holding interests in Steam
  5 and including any charters or other agreements relating to the operation
of Steam 5 then in effect.

 

“Steam
      6” means the Methane Allison Victoria, the third of
      the three 145,000 cbm steam-powered LNG carriers under contract to be purchased
by GLOG from BG.

 

“Steam
      6 Interests”
  means all of GLOG’s rights, title and interests in Steam 6, including
  the shares of capital stock, limited liability company interests, limited partnership
  interests or any other interests in any GLOG Entity holding interests in Steam
  6 and including any charters or other agreements relating to the operation
of Steam 6 then in effect.

 

“Transfer” means
any transfer, assignment, sale or other disposition of any Five-Year Vessel by a GLOG Entity or of any Five-Year Vessel or Non-Five-Year
Vessel by a Partnership Group Member; provided, however, that such term shall not include: (a) transfers, assignments,
sales or other dispositions from a GLOG Entity to another GLOG Entity, or from a Partnership Group Member to another Partnership
Group Member; (b) transfers, assignments, sales or other dispositions pursuant to the terms of any related charter or other agreement
with a charter party; (c) transfers, assignments, sales or other dispositions pursuant to Articles II or III of this
Agreement; or (d) grants of security interests in or mortgages or liens on such Five-Year Vessels or Non-Five-Year Vessels in favor
of a bona fide third party lender (but not the foreclosing of any such security interest, mortgage or lien).

 

“Transfer Notice”
has the meaning given such term in Section 5.2(b).

 

“Transferring Party”
has the meaning given such term in Section 5.2(b).

    	5

    	

    

“Voting Securities”
means securities of any class of a Person entitling the holders thereof to vote in the election of members of the board of directors
or other similar governing body of such Person.

 

ARTICLE
II

FIVE-YEAR VESSEL RESTRICTED BUSINESS OPPORTUNITIES

 

Section 2.1. Five-Year Vessel Restricted
Businesses. Subject to Section 10.4 and except as permitted by Section 2.2, each of the GLOG Entities shall be
prohibited from acquiring, owning, operating or chartering Five-Year Vessels.

 

Section 2.2. Permitted Exceptions.
Notwithstanding any provision of Section 2.1 to the contrary, the restrictions in this Agreement shall not prevent any GLOG
Entity from:

 

(a) acquiring, owning, operating or chartering
any Non-Five-Year Vessel;

 

(b) acquiring one or more Five-Year Vessels
if such GLOG Entity offers to sell the vessel to the MLP for the acquisition price plus any Break-up Costs in accordance with the
procedures set forth in Section 4.1;

 

(c) putting a Non-Five-Year Vessel under
charter for five full years or more if such GLOG Entity offers to sell the vessel to the MLP for fair market value (x) after the
time it becomes a Five-Year Vessel and (y) at each renewal or extension of that charter for five or more years, in each case in
accordance with the procedures set forth in Section 4.1;

 

(d) acquiring one or more Five-Year Vessels
as part of the acquisition of a controlling interest in a business or package of assets and owning, operating or chartering such
Five-Year Vessel(s); provided, however, that:

 

(i) if less than a majority of the
value of the business or assets acquired is attributable to Five-Year Vessels, as determined in good faith by GLOG’s board
of directors, the GLOG Entity must offer to sell such Five-Year Vessel(s) to the MLP for their fair market value plus any Break-up
Costs in accordance with the procedures set forth in Section 4.1; and

 

(ii) if a majority or more of the
value of the business or assets acquired is attributable to Five-Year Vessels, as determined in good faith by GLOG’s board
of directors, GLOG shall notify the MLP of the proposed acquisition in writing. The MLP shall, not later than the 30th calendar
day following receipt of such notice, notify GLOG if it or any other Partnership Group Member wishes to acquire any Five-Year Vessel
forming part of that business or package of assets in cooperation and simultaneously with the GLOG Entity acquiring the Non-Five-Year
Vessels forming part of that business or package of assets. If the MLP does not notify GLOG of its intent to pursue the acquisition
within such 30 calendar days, the GLOG Entity may proceed with the acquisition and then offer to sell such vessels to the MLP as
provided in subsection (i) above;

 

(e) acquiring up to a non-controlling equity
ownership, voting or profit participation interest in any company, business or pool of assets;

 

(f) acquiring, owning, operating or chartering
any Five-Year Vessel if the MLP does not fulfill its obligation to purchase such Five-Year Vessel in accordance with the terms
of any existing or future agreement;

 

(g) acquiring, owning, operating or chartering
any Five-Year Vessel that is subject to an offer to purchase by a Partnership Group Member as described in paragraphs (b),
(c) and (d) above, in each case pending the offer of such Five-Year Vessel to the MLP and the MLP’s determination
pursuant to Section 4.1 whether to purchase the Five-Year Vessel and, if the MLP has determined to purchase or to cause
any Partnership Group Member to purchase such Five-Year Vessel, pending the closing of such purchase;

 

(h) providing ship management services relating
to any vessel;

    	6

    	

    

(i)
  owning or operating any Five-Year Vessel that GLOG owns or is under contract
  to purchase on the Closing Date and that is not part of the Partnership Group’s
  initial fleet on the Closing Date; or

 

(j) acquiring, owning, operating or chartering
any Five-Year Vessel if the MLP has previously advised GLOG that it consents to such acquisition, ownership, operation or charter.

 

ARTICLE
III

NON-FIVE-YEAR VESSEL RESTRICTED BUSINESS OPPORTUNITIES

 

Section 3.1. Non-Five-Year Vessel Restricted
Businesses. Subject to Section 10.4 and except as permitted by Section 3.2, each Partnership Group Member shall
be prohibited from acquiring, owning, operating or chartering Non-Five-Year Vessels.

 

Section 3.2. Permitted Exceptions.
Notwithstanding any provision of Section 3.1 to the contrary, the restrictions in this Agreement shall not prevent any Partnership
Group Member from:

 

(a) owning, operating or chartering any Non-Five-Year
Vessel that was previously a Five-Year Vessel while owned by any Partnership Group Member;

 

(b) acquiring one or more Non-Five-Year Vessels
as part of the acquisition of a controlling interest in a business or package of assets and owning, operating or chartering those
Non-Five-Year Vessels; provided, however, that:

 

(i) if less than a majority of the
value of the business or assets acquired is attributable to Non-Five-Year Vessels, as determined in good faith by the Board, such
Partnership Group Member must offer to sell such Non-Five-Year Vessels to GLOG for their fair market value plus any applicable
Break-up Costs in accordance with the procedures set forth in Section 4.1; and

 

(ii) if a majority or more of the
value of the business or assets acquired is attributable to Non-Five-Year Vessels, as determined in good faith by the Board, the
MLP shall notify GLOG of the proposed acquisition in writing. GLOG shall, not later than the 30th calendar day following receipt
of such notice, notify the MLP if it or any other GLOG Entity wishes to acquire any Non-Five-Year Vessel forming part of that business
or package of assets in cooperation and simultaneously with the Partnership Group Member acquiring the Five-Year Vessels forming
part of that business or package of assets. If GLOG does not notify the MLP of its intent to pursue the acquisition within such
30 calendar days, the Partnership Group Member may proceed with the acquisition and then offer to sell such Non-Five-Year
Vessels to GLOG as provided in subsection (i) above;

 

(c) acquiring, owning, operating or chartering
any Non-Five-Year Vessel that is subject to an offer to purchase by a GLOG Entity as described in paragraph (b) above pending
the offer of such Non-Five-Year Vessel to GLOG and GLOG’s determination pursuant to Section 4.1 whether to purchase
the Five-Year Vessel and, if GLOG has determined to purchase or cause any GLOG Entity to purchase such Five-Year Vessel, pending
the closing of such purchase; or

 

(d) acquiring, owning, operating or chartering
Non-Five-Year Vessels if GLOG has previously advised the MLP that it consents to such acquisition, ownership, operation or charter.

 

ARTICLE
IV

BUSINESS OPPORTUNITIES PROCEDURES

 

Section 4.1. Procedures. In the event
that (a) a Partnership Group Member acquires, operates or puts under charter Non-Five-Year Vessels in accordance with Section
3.2(b)(i), or (b) a GLOG Entity acquires, operates or puts under charter Five-Year Vessels in accordance with Section 2.2(b),
(c) or (d)(i), then simultaneously or in any event not later than 30 calendar days after the consummation of the
acquisition or the commencement of

    	7

    	

    

operations or charter, such acquiring Party
(the “Acquiring Party”) shall notify (i) GLOG, in the case of an acquisition by a Partnership Group Member
or (ii) the Board, in the case of an acquisition by a GLOG Entity, and offer such party to be notified (each an “Offeree”)
the opportunity for any GLOG Entity or Partnership Group Member, as applicable, to purchase such Non-Five-Year Vessels or Five-Year
Vessels, as applicable (the “Offered Assets”), for their fair market value (or, in the case of an acquisition
in accordance with Section 2.2(b), the acquisition price) plus, in the case of an acquisition in accordance with Sections
2.2(b), 2.2(d)(i) or 3.2(b)(i), any applicable Break-up Costs, in each case on commercially reasonable terms
in accordance with this Section 4.1 (the “Offer”). The Offer shall set forth the Acquiring Party’s
proposed terms relating to the purchase of the Offered Assets by the applicable GLOG Entity or Partnership Group Member, including
any liabilities to be assumed by the applicable GLOG Entity or Partnership Group Member as part of the Offer. As soon as practicable
after the Offer is made, the Acquiring Party will deliver to the Offeree all information prepared by or on behalf of or in the
possession of such Acquiring Party relating to the Offered Assets and reasonably requested by the Offeree. As soon as practicable,
but in any event, within 30 calendar days after receipt of the Offer, the Offeree shall notify the Acquiring Party in writing that
either:

 

(a) GLOG has elected not to purchase (or
not to cause any of its permitted Affiliates to purchase) or the Board has elected not to cause any Partnership Group Member to
purchase, as applicable, such Offered Assets, in which event the Acquiring Party and its Affiliates shall, subject to the other
terms of this Agreement (including Section 2.2(b)), be forever free, subject to the provisions of this Agreement, to continue
to own, operate and charter such Offered Assets; or

 

(b) GLOG has elected to purchase (or to cause
any of its permitted Affiliates to purchase) or the Board has elected to cause any Partnership Group Member to purchase, as applicable,
such Offered Assets, in which event the following procedures shall be followed:

 

(i) After the receipt of the Offer
by the Offeree, the Acquiring Party and the Offeree shall negotiate in good faith regarding the fair market value (and any applicable
Break-up Costs) of the Offered Assets that are subject to the Offer and the other terms of the Offer on which the Offered Assets
will be sold to the applicable GLOG Entity or Partnership Group Member. If the Acquiring Party and the Offeree agree on the fair
market value (and any applicable Break-up Costs) of the Offered Assets that are subject to the Offer and the other terms of the
Offer during the 30-day period (the “Offer Period”) after receipt by the Acquiring Party of GLOG’s
election to purchase (or election to cause any of its permitted Affiliates to purchase) or of the Board’s election to cause
any Partnership Group Member to purchase, as applicable, the Offered Assets, GLOG shall purchase (or cause any of its permitted
Affiliates to purchase) or the Board shall cause any Partnership Group Member to purchase, as applicable, the Offered Assets on
such terms as soon as commercially practicable after such agreement has been reached.

 

(ii) If the Acquiring Party and
the Offeree are unable to agree on the fair market value (and any applicable Break-up Costs) of the Offered Assets that are subject
to the Offer or on any other terms of the Offer during the Offer Period, the Acquiring Party and the Offeree will engage a mutually-agreed-upon
investment banking firm, ship broker or other expert advisor prior to the end of the Offer Period to determine the fair market
value of the Offered Assets and/or the other terms on which the Acquiring Party and the Offeree are unable to agree. In determining
the fair market value of the Offered Assets and other terms on which the Offered Assets are to be sold, the investment banking
firm, ship broker or other expert advisor, as applicable, will have access to the proposed sale and purchase values and terms for
the Offer submitted by the Acquiring Party and the Offeree, respectively, and to all information prepared by or on behalf of the
Acquiring Party relating to the Offered Assets and reasonably requested by such investment banking firm, ship broker or other expert
advisor.

 

Such investment banking firm, ship
broker or other expert advisor will determine the fair market value (and any applicable Break-up Costs) of the Offered Assets
and/or the other terms on which the Acquiring Party and the Offeree are unable to agree within 30 calendar days of its engagement
and furnish the Acquiring Party and the Offeree its determination. The fees and expenses of the investment banking firm, ship
broker or other expert advisor, as applicable, will be divided equally

    	8

    	

    

between the Acquiring Party and
the Offeree. Upon receipt of such determination, the Offeree will have the option, but not the obligation:

 

(A) in the case that the Offeree
is GLOG, to purchase or cause any of its permitted Affiliates to purchase, or in the case that the Offeree is the Board, to cause
any Partnership Group Member to purchase the Offered Assets for the fair market value (and any applicable Break-up Costs), and
on the other terms determined by the investment banking firm, ship broker or other expert advisor, as soon as commercially practicable
after determinations have been made; or

 

(B) in the case that the Offeree
is GLOG, to elect not to purchase or to cause any of its permitted Affiliates to purchase, or in the case that the Offeree is the
Board, to elect not to cause any Partnership Group Member to purchase such Offered Assets, in which event the Acquiring Party and
its Affiliates shall, subject to the other terms of this Agreement, be forever free to continue to own and operate such Offered
Assets.

 

Section 4.2. Scope of Prohibition.
If any Party or its Affiliates engages in the ownership or operation of Five-Year Vessels in the case of a GLOG Entity, or Non-Five-Year
Vessels in the case of a Partnership Group Member, pursuant to any of the exceptions described in Sections 2.2 or 3.2,
as applicable, the Party and its Affiliates may not subsequently expand that portion of their business other than pursuant to the
exceptions contained in such Sections 2.2 or 3.2. Except as otherwise provided in this Agreement or the MLP Agreement,
each Party and its Affiliates shall be free to engage in any business activity whatsoever, including those that may be in direct
competition with the GLOG Entities or the Partnership Group Members.

 

Section 4.3. Enforcement. Each Party
agrees and acknowledges that the other Parties do not have an adequate remedy at law for the breach by any such Party of its covenants
and agreements set forth in this Article IV, and that any breach by any such Party of its covenants and agreements set forth
in this Article IV would result in irreparable injury to such other Parties. Each Party further agrees and acknowledges
that any other Party may, in addition to the other remedies which may be available to such other Party, file a suit in equity to
enjoin such Party from such breach, and consent to the issuance of injunctive relief to enforce the provisions of this Article
IV. The Parties acknowledge that the business opportunity procedures set forth in this Article IV are subject to obtaining
any and all written consents of governmental authorities and other third parties and to the terms of all agreements existing in
respect of the Offered Assets. Each Party hereby covenants and agrees to use its reasonable efforts to obtain any such consents
required to be obtained by it in connection with giving effect to the business opportunity procedures set forth in this Article
IV.

 

ARTICLE
V

RIGHTS OF FIRST OFFER

 

Section 5.1. Rights of First Offer.

 

(a) The Partnership Group hereby grants GLOG
a right of first offer on any proposed Transfer by any Partnership Group Member of any Five-Year Vessels or any Non-Five-Year Vessels
owned or acquired by any Partnership Group Member.

 

(b) The GLOG Entities hereby grant the MLP
a right of first offer on any proposed Transfer of any Five-Year Vessels owned or acquired by any GLOG Entity.

 

(c) The Parties acknowledge that all potential
Transfers of Five-Year Vessels or Non-Five-Year Vessels pursuant to this Article V are subject to obtaining any and all
written consents of governmental authorities and other non-affiliated third parties and to the terms of all existing agreements
in respect of such Five-Year Vessels or Non-Five-Year Vessels, as applicable. Each Party hereby covenants and agrees to use its
reasonable efforts to obtain any such consents required to be obtained by it in connection with giving effect to the procedures
set forth in this Article V.

 

Section 5.2. Procedures for Rights of
First Offer.

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(a) In the event that a Partnership Group
Member (a “Partnership Transferring Party”) proposes to Transfer any Five-Year Vessels or Non-Five-Year
Vessels (the “Partnership Sale Assets”), prior to engaging in any negotiation for such Transfer with
any non-affiliated third party or otherwise offering to Transfer the Partnership Sale Assets to any non-affiliated third party,
such Partnership Transferring Party shall give GLOG (a “Partnership Potential Transferee”), written notice
setting forth all material terms and conditions (including, without limitation, the purchase price or the terms of the charter
agreement and a description of the Partnership Sale Asset(s)) on which such Partnership Transferring Party desires to Transfer
the Partnership Sale Assets (a “Partnership Transfer Notice”).

 

(b) In the event that a GLOG Entity (a “GLOG
Transferring Party” and, together with a Partnership Transferring Party, a “Transferring Party”)
proposes to Transfer any Five-Year Vessels (the “GLOG Sale Assets” and, together with the Partnership
Sale Assets, the “Sale Assets”), prior to engaging in any negotiation for such Transfer with any non-affiliated
third party or otherwise offering to Transfer the GLOG Sale Assets to any non-affiliated third party, such GLOG Transferring Party
shall give the MLP (a “GLOG Potential Transferee” and, together with a Partnership Potential Transferee,
a “Potential Transferee”), written notice setting forth all material terms and conditions (including,
without limitation, the purchase price or the terms of the charter agreement and a description of the GLOG Sale Asset(s)) on which
such GLOG Transferring Party desires to Transfer the GLOG Sale Assets (a “GLOG Transfer Notice” and,
together with a Partnership Transfer Notice, each a “Transfer Notice”).

 

(c) After delivery of a Transfer Notice,
the Transferring Party then shall be obligated to negotiate in good faith for a 30-day period following the delivery by the Transferring
Party of the Transfer Notice (the “First Offer Negotiation Period”) to reach an agreement for the Transfer
of such Sale Assets to the Potential Transferee or any of its Affiliates on the terms and conditions set forth in the Transfer
Notice. If no such agreement with respect to the Sale Assets is reached during the First Offer Negotiation Period, the Transferring
Party will be permitted to Transfer, or agree in writing to Transfer, such Sale Assets to a third party within 180 calendar days
after the end of the First Offer Negotiation Period, provided that the terms of such Transfer are generally no less favorable to
the Transferring Party than those included in the Transfer Notice. If no such agreement with respect to the Sale Assets is reached
during the First Offer Negotiation Period, and the Transferring Party has not Transferred, or agreed in writing to Transfer, such
Sale Assets to a third party within 180 calendar days after the end of the First Offer Negotiation Period on terms generally no
less favorable to the Transferring Party than those included in the Transfer Notice, then the Transferring Party shall not thereafter
Transfer any of the Sale Assets without first offering such assets to the applicable Potential Transferee in the manner provided
above.

 

ARTICLE
VI

EXISTING VESSEL INTERESTS PURCHASE OPTION

 

Section 6.1. Option to Purchase the Gas 7
Interests, Steam 1 Interests, Steam 2 Interests, Steam 3 Interests, Steam 4 Interests, Steam 5 Interests and Steam 6 Interests.

 

(a) GLOG hereby grants to the Partnership Group
the unconditional right and option to purchase for fair market value at any time and from time to time within 36 months after
the Closing Date, all of the Gas 7 Interests, Steam 1 Interests, Steam 2 Interests, Steam 3 Interests, Steam 4 Interests, Steam
5 Interests and Steam 6 Interests.

 

(b) The Parties acknowledge that
the potential transfer of the Gas 7 Interests, Steam 1 Interests, Steam 2 Interests, Steam 3 Interests, Steam 4  Interests,
Steam 5  Interests or Steam 6 Interests, as applicable, pursuant to this Article VI is subject to obtaining any and all written
consents of governmental authorities and other third parties and to the terms of all agreements existing as of the date
hereof in respect of the Gas 7 Interests, Steam 1 Interests, Steam 2 Interests, Steam 3 Interests, Steam 4 Interests, Steam 5
Interests and Steam 6 Interests, as applicable, including, without limitation, any rights of first refusal of the parties to
such agreements to purchase the Gas 7 Interests, Steam 1 Interests, Steam 2 Interests, Steam 3 Interests, Steam 4 Interests,
Steam 5 Interests and Steam 6 Interests and the consummation of the acquisition of such vessels, as applicable. GLOG hereby
covenants and agrees to use its reasonable efforts to obtain any such consents required to be obtained by it in connection
with the transfer of the Gas 7 Interests, Steam 1 Interests, Steam 2 Interests, Steam 3 Interests, Steam 4 Interests, Steam
5 Interests and Steam 6 Interests, as applicable, pursuant to this Article VI.

 

    	10

    	

    

 

Section 6.2. Procedures.

 

(a)
  If a Partnership Group Member decides to exercise the option to purchase the
  Gas 7 Interests, Steam 1 Interests, Steam 2 Interests,
Steam 3 Interests, Steam 4 Interests, Steam 5 Interests or Steam 6 Interests,
as applicable (the “Applicable Existing Interests” and
the applicable vessel, the “Applicable Existing
Vessel”), it will provide, within 36 months of the Closing Date,
written notice to GLOG of such exercise, the fair market value it proposes to
pay for the Applicable Existing Interests, and the other material terms of the
purchase. The decision to purchase the Applicable Existing Interests, the fair
market value to be paid for the Applicable Existing Interests, and the other
terms of the purchase shall be approved by the Conflicts Committee. If the Partnership
Group Member and GLOG are unable to agree on the fair market value of the Applicable
Existing Interests and/or the other material terms, the Partnership Group Member
and GLOG shall engage a mutually-agreed-upon investment banking firm, ship broker
or other expert advisor to determine the fair market value of the Applicable
Existing Interests and/or the other material terms on which the Partnership Group
Member and GLOG are unable to agree. In determining the fair market value of
the Applicable Existing Interests and/or the other material terms on which the
Applicable Existing Interests are to be sold, the investment banking firm, ship
broker or other expert advisor, as applicable, will have access to the proposed
sale and purchase values and terms for the offer submitted by the Partnership
Group Member and GLOG, respectively, and to all information prepared by or on
behalf of the Partnership Group Member and GLOG with respect to the Applicable
Existing Interests and reasonably requested by such investment banking firm,
ship broker or other expert advisor. Such investment banking firm, ship broker
or other expert advisor will determine the fair market value of the Applicable
Existing Interests and/or the other terms on which the Partnership Group Member
and GLOG are unable to agree within 30 calendar days of its engagement and furnish
the Partnership Group Member and GLOG its determination. The fees and expenses
of the investment banking firm, ship broker or other expert advisor, as applicable,
will be divided equally between the Partnership Group Member and GLOG.
Upon receipt of such determination, the Partnership Group Member will have the
option, but not the obligation in to purchase the Applicable Existing Interests
for the fair market value and on the other terms determined by the investment
banking firm, ship broker or other expert advisor, as soon as commercially practicable
after such determinations have been made.

 

(b) If a Partnership Group Member chooses
to exercise its option to purchase the Applicable Existing Interests, the applicable parties shall enter into a purchase and sale
agreement for the purchase and sale of the Applicable Existing Interests pursuant to which GLOG shall be obligated to sell the
Applicable Existing Interests to the Partnership Group Member and the Partnership Group Member shall be obligated to purchase the
Applicable Existing Interests from GLOG. The terms of the purchase and sale agreement will include the following:

 

(i) the Partnership Group Member
will deliver a cash purchase price (unless the Partnership Group Member and GLOG agree that the consideration will be paid by means
of equity of the MLP, an interest-bearing promissory note, other form of consideration or combination thereof);

 

(ii) the Partnership Group will
be entitled to the benefit of the indemnification contained in Article XIII of this Agreement for the remaining term of
such indemnification with respect to events or conditions associated with the operation of the Applicable Existing Vessel and occurring
before the date of acquisition of the Applicable Existing Interests by the Partnership Group Member; provided, however,
that the remaining term of any such indemnification with respect to the Applicable Existing Vessel shall be deemed to be not less
than three years from the closing date of the acquisition of the Applicable Existing Interests by the Partnership Group Member;

 

(iii) GLOG will provide customary
representations and warranties with respect to title to the Applicable Existing Interests and any other such matters as the Partnership
Group Member may reasonably request;

 

(iv) GLOG will grant to the Partnership
Group Member the right, exercisable at the Partnership Group Member’s risk and expense, to make such surveys, tests and inspections
of the Applicable Existing Vessel as the Partnership Group Member may deem desirable, so long as such

    	11

    	

    

surveys, tests or inspections do
not damage the Applicable Existing Vessel or interfere with the activities of the GLOG Entities or any charterer thereon and so
long as the Partnership Group Member has furnished GLOG with evidence that adequate liability insurance is in full force and effect;

 

(v) the Partnership Group Member
will have the right to terminate its obligation to purchase the Applicable Existing Vessel under this Article VI and the
related purchase and sale agreement if the results of any searches, surveys, tests or inspections conducted pursuant to paragraph
(iv) above are, in the reasonable opinion of the Partnership Group, unsatisfactory; and

 

(vi) neither GLOG nor the applicable
Partnership Group Member shall have any obligation to sell or buy the Applicable Existing Vessel if any of the consents referred
to in Section 6.1(b) above have not been obtained.

 

(c) If a Partnership Group Member chooses
or is deemed to have chosen not to exercise its option to purchase the Applicable Existing Interests at the price determined by
the investment banking firm, ship broker or other expert advisor under Section 6.2 (a), all future rights to purchase the
Applicable Existing Interests by the Partnership Group will be extinguished.

 

ARTICLE
VII

NEW BUILD INTERESTS PURCHASE OPTION

 

Section 7.1. Option to Purchase the Gas
8 Interests, Gas 11 Interests, Gas 12 Interests, Gas 13 Interests and Gas 14 Interests.

 

(a) GLOG hereby grants to the Partnership
Group the unconditional right and option to purchase for fair market value all of the Gas 8 Interests, Gas 11 Interests, Gas 12
Interests, Gas 13 Interests and Gas 14 Interests at any time within 36 months after GLOG notifies the Board pursuant to Section
7.2(a) that Gas 8, Gas 11, Gas 12 Gas 13 or Gas 14, as applicable, has been accepted by BG (in the case of Gas 11, Gas 12,
Gas 13 or Gas 14) or Shell (in the case of Gas 8).

 

(b) The Parties acknowledge that the potential
transfer of the Gas 8 Interests, Gas 11 Interests, Gas 12 Interests, Gas 13 Interests or Gas 14 Interests, as applicable, pursuant
to this Article VII is subject to obtaining any and all written consents of governmental authorities and other third parties
and to the terms of all agreements existing as of the date hereof in respect of the Gas 8 Interests, Gas 11 Interests, Gas 12 Interests,
Gas 13 Interests or Gas 14 Interests, as applicable, including, without limitation, any rights of first refusal of the parties
to such agreements to purchase the Gas 8 Interests, Gas 11 Interests, Gas 12 Interests, Gas 13 Interests or Gas 14 Interests, as
applicable. GLOG hereby covenants and agrees to use its reasonable efforts to obtain any such consents required to be obtained
by it in connection with the transfer of the Gas 8 Interests, Gas 11 Interests, Gas 12 Interests, Gas 13 Interests or Gas 14 Interests,
as applicable, pursuant to this Article VII.

 

Section 7.2. Procedures.

 

(a) Not later than 30 calendar days after
the date of acceptance by BG (in the case of Gas 11, Gas 12, Gas 13 or Gas 14) or Shell (in the case of Gas 8), GLOG shall notify
the Board and offer the Board the opportunity to cause any Partnership Group Member to purchase the Gas 8 Interests, Gas 11 Interests,
Gas 12 Interests, Gas 13 Interests or Gas 14 Interests, as applicable (the “Applicable New Build Interests”
and the applicable vessel, the “Applicable New Build Vessel”) for fair market value pursuant to Section
7.1(a).

 

(b) If a Partnership Group Member decides
to exercise the option to purchase the Applicable New Build Interests, it will provide, within 36 months of receipt of notice pursuant
to Section 7.2(a), written notice to GLOG of such exercise, the fair market value it proposes to pay for the Applicable New Build
Interests, and the other material terms of the purchase. The decision to purchase the Applicable New Build Interests, the fair
market

 

    	12

    	

    

value to be paid for the Applicable New Build
Interests, and the other terms of the purchase shall be approved by the Conflicts Committee. If the Partnership Group Member and
GLOG are unable to agree on the fair market value of the Applicable New Build Interests and/or the other material terms, the Partnership
Group Member and GLOG shall engage a mutually-agreed-upon investment banking firm, ship broker or other expert advisor to determine
the fair market value of the Applicable New Build Interests and/or the other material terms on which the Partnership Group Member
and GLOG are unable to agree. In determining the fair market value of the Applicable New Build Interests and/or the other material
terms on which the Applicable New Build Interests are to be sold, the investment banking firm, ship broker or other expert advisor,
as applicable, will have access to the proposed sale and purchase values and terms for the offer submitted by the Partnership Group
Member and GLOG, respectively, and to all information prepared by or on behalf of the Partnership Group Member and GLOG with respect
to the Applicable New Build Interests and reasonably requested by such investment banking firm, ship broker or other expert advisor.
Such investment banking firm, ship broker or other expert advisor will determine the fair market value of the Applicable New Build
Interests and/or the other terms on which the Partnership Group Member and GLOG are unable to agree within 30 calendar days of
its engagement and furnish the Partnership Group Member and GLOG its determination. The fees and expenses of the investment banking
firm, ship broker or other expert advisor, as applicable, will be divided equally between the Partnership Group Member and GLOG.
Upon receipt of such determination, the Partnership Group Member will have the option, but not the obligation to purchase the Applicable
New Build Interests for the fair market value and on the other terms determined by the investment banking firm, ship broker or
other expert advisor, as soon as commercially practicable after such determinations have been made.

 

(c) If a Partnership Group Member chooses
to exercise its option to purchase the Applicable New Build Interests under Section 7.2(b), the applicable parties shall enter
into a purchase and sale agreement for the purchase and sale of the Applicable New Build Interests pursuant to which GLOG shall
be obligated to sell the Applicable New Build Interests to the Partnership Group Member and the Partnership Group Member shall
be obligated to purchase the Applicable New Build Interests from GLOG. The terms of the purchase and sale agreement will include
the following:

 

(i) the Partnership Group Member
will deliver a cash purchase price (unless the Partnership Group Member and GLOG agree that the consideration will be paid by means
of equity of the MLP, an interest-bearing promissory note, other form of consideration or combination thereof);

 

(ii) the Partnership Group will
be entitled to the benefit of the indemnification contained in Article XIII of this Agreement for the remaining term of such indemnification
with respect to events or conditions associated with the operation of the Applicable New Build Vessel and occurring before the
date of acquisition of the Applicable New Build Interests by the Partnership Group Member; provided, however, that
the remaining term of any such indemnification with respect to the Applicable New Build Vessel shall be deemed to be not less than
three years from the closing date of the acquisition of the Applicable New Build Interests by the Partnership Group Member;

 

(iii) GLOG will provide customary
representations and warranties with respect to title to the Applicable New Build Interests and any other such matters as the Partnership
Group Member may reasonably request;

 

(iv) GLOG will grant to the Partnership
Group Member the right, exercisable at the Partnership Group Member’s risk and expense, to make such surveys, tests and inspections
of the Applicable New Build Vessel as the Partnership Group Member may deem desirable, so long as such surveys, tests or inspections
do not damage the Applicable New Build Vessel or interfere with the activities of the GLOG Entities or BG or Shell, as applicable,
thereon and so long as the Partnership Group Member has furnished GLOG with evidence that adequate liability insurance is in full
force and effect;

 

(v) the Partnership Group Member
will have the right to terminate its obligation to purchase the Applicable New Build Vessel under this Article VII and the related
purchase and sale

    	13

    	

    

agreement if the results of any searches,
surveys, tests or inspections conducted pursuant to paragraph (iii) above are, in the reasonable opinion of the Partnership Group,
unsatisfactory; and

 

(vi) neither GLOG nor the applicable
Partnership Group Member shall have any obligation to sell or buy the Applicable New Build Vessel if any of the consents referred
to in Section 7.1(b) above have not been obtained.

 

(d) If a Partnership Group Member chooses
or is deemed to have chosen not to exercise its option to purchase the Applicable New Build Interests at the price determined by
the investment banking firm, ship broker or other expert advisor under Section 7.1(b), all future rights to purchase the Applicable
New Build Interests by the Partnership Group will be extinguished.

 

ARTICLE
VIII

INDEMNIFICATION

 

Section 8.1. GLOG Indemnification.
Subject to the provisions of Section 8.2 and Section 8.3, GLOG shall indemnify, defend and hold harmless the Partnership
Group from and against: (a) any Covered Environmental Losses relating to the assets contributed by the GLOG Entities to the Partnership
Group prior to or on the Closing Date (the “Contribution Assets”) to the extent that GLOG is notified
by the MLP of any such Covered Environmental Losses within five years after the Closing Date; (b) Losses to the Partnership Group
arising from (i) the failure of the Partnership Group, immediately after the Closing Date, to be the owner of such valid leasehold
interests or fee ownership interests in and to the Contribution Assets as are necessary to enable the Partnership Entities to own
and operate the Contribution Assets in substantially the same manner that the Contribution Assets were owned and operated by the
GLOG Entities immediately prior to the respective dates on which each such Contribution Asset was acquired by the Partnership Entities
or (ii) the failure of the Partnership Entities to have by the Closing Date any consent or governmental permit necessary to allow
the Partnership Entities to own or operate the Contribution Assets in substantially the same manner that the Contribution Assets
were owned and operated by the GLOG Entities immediately prior to the respective dates on which each such Contribution Asset was
acquired by the Partnership Entities, in each of clauses (i) and (ii) above, to the extent that GLOG is notified
by the MLP of such Losses within three years after the Closing Date; and (c) all federal, state, foreign and local income tax liabilities
attributable to the operation of the Contribution Assets prior to the Closing Date, including any such income tax liabilities of
the GLOG Entities that may result from the consummation of the formation transactions for the Partnership Group and the MLP, but
excluding any federal, state, foreign and local income taxes reserved on the books of the Partnership Group on the Closing Date.

 

Section 8.2. Limitation Regarding Indemnification.
The aggregate liability of GLOG under Section 8.1(a) above shall not exceed $5,000,000. Furthermore, no claim may be made
against GLOG for indemnification pursuant to Section 8.1(a), unless the aggregate dollar amount of all claims for indemnification
pursuant to such section shall exceed $500,000, in which case GLOG shall be liable for claims for indemnification only to the extent
such aggregate amount exceeds $500,000.

 

Section 8.3. Indemnification Procedures.

 

(a) The Partnership Group Members agree that
within a reasonable period of time after they become aware of facts giving rise to a claim for indemnification pursuant to Section
8.1, they will provide notice thereof in writing to GLOG specifying the nature of and specific basis for such claim.

 

(b) GLOG shall have the right to control
all aspects of the defense of (and any counterclaims with respect to) any claims brought against the Partnership Group that are
covered by the indemnification set forth in Section 8.1, including, without limitation, the selection of counsel, determination
of whether to appeal any decision of any court and the settling of any such matter or any issues relating thereto; provided,
however, that no such settlement shall be entered into without the consent (which consent shall not be unreasonably withheld)
of the Partnership Group unless it includes (i) a full release of the Partnership Group from such matter or issues, as the case
may be and (ii) no admission of fault or wrong doing on the part of any member of the Partnership Group.

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(c) The Partnership Group Members agree to
cooperate fully with GLOG with respect to all aspects of the defense of any claims covered by the indemnification set forth in
Section 8.1, including, without limitation, the prompt furnishing to GLOG of any correspondence or other notice relating
thereto that the Partnership Group may receive, permitting the names of the members of the Partnership Group to be utilized in
connection with such defense, the making available to GLOG of any files, records or other information of the Partnership Group
that GLOG considers relevant to such defense and the making available to GLOG of any employees of the Partnership Group; provided,
however, that in connection therewith GLOG agrees to use reasonable efforts to minimize the impact thereof on the operations
of the Partnership Group and further agrees to maintain the confidentiality of all files, records and other information furnished
by a Partnership Group Member pursuant to this Section 8.3 (except as the Partnership Group may consent). In no event shall
the obligation of the Partnership Group to cooperate with GLOG as set forth in the immediately preceding sentence be construed
as imposing upon the Partnership Group an obligation to hire and pay for counsel in connection with the defense of any claims covered
by the indemnification set forth in this Article XIII; provided, however, that the Partnership Group Members
may, at their own option, cost and expense, hire and pay for counsel in connection with any such defense. GLOG agrees to keep any
such counsel hired by the Partnership Group reasonably informed as to the status of any such defense (including providing such
counsel with such information related to any such defense as such counsel may reasonably request) but GLOG shall have the right
to retain sole control over such defense.

 

(d) In determining the amount of any Loss
for which any of the members of the Partnership Group is entitled to indemnification under this Agreement, the gross amount of
the indemnification will be reduced by (i) any insurance proceeds realized by the Partnership Group, and such correlative insurance
benefit shall be net of any incremental insurance premium that becomes due and payable by the Partnership Group as a result of
such claim, and (ii) all amounts recovered by the Partnership Group under contractual indemnities from third Persons. The Partnership
Group hereby agrees to use commercially reasonable efforts to realize any applicable insurance proceeds or amounts recoverable
under such contractual indemnities; provided, however, that the costs and expenses (including, without limitation,
court costs and reasonable attorneys’ fees) of the Partnership Group in connection with such efforts shall be promptly reimbursed
by GLOG in advance of any determination of whether such insurance proceeds or other amounts will be recoverable.

 

ARTICLE
IX

MISCELLANEOUS

 

Section 9.1. Choice of Law; Submission
To Jurisdiction. This Agreement shall be subject to and governed by the laws of the State of New York. Each party hereby
submits to the jurisdiction of the state and federal courts located in the State of New York and to venue in New York, New York.

 

Section 9.2. Notice. All notices,
requests or consents provided for or permitted to be given pursuant to this Agreement must be in writing and must be given by depositing
the same in the mail, addressed to the Person to be notified, postpaid, and registered or certified with return receipt requested
or by delivering such notice in person or by private-courier, prepaid, or by telecopier to such party. Notice given by personal
delivery or mail shall be effective upon actual receipt. Couriered notices shall be deemed delivered on the date the courier represents
that delivery will occur. Notice given by telecopier shall be effective upon actual receipt if received during the recipient’s
normal business hours, or at the beginning of the recipient’s next business day after receipt if not received during the
recipient’s normal business hours. All notices to be sent to a party pursuant to this Agreement shall be sent to or made
at the address set forth below such party’s signature to this Agreement, or at such other address as such party may stipulate
to the other parties in the manner provided in this Section 9.2.

 

Section 9.3. Entire Agreement. This
Agreement constitutes the entire agreement of the parties relating to the matters contained herein, superseding all prior contracts
or agreements, whether oral or written, relating to the matters contained herein.

 

Section 9.4. Termination. Upon a Change
of Control of the General Partner or of the MLP, the provisions of Articles II, III, IV and V of this Agreement
shall terminate immediately. Upon a Change of Control of GLOG, the provisions of Articles II, III, IV and
V of this Agreement applicable to GLOG shall terminate at the time that is the later of (a) the date on which all of the
MLP’s outstanding subordinated units have converted to common units of the MLP and (b) the date of the Change of Control
of GLOG. On the date on which a majority of the

    	15

    	

    

members of the Board ceases to consist of
members of the Board that were (i) appointed by the General Partner prior to the first annual meeting of unitholders and (ii) recommended
for election to the Board by a majority of the Appointed Directors (as defined in the MLP Agreement), the provisions of Articles
II, VI, VII, and, to the extent applicable to any GLOG Entity, Sections 5.1(b) and 5.2(b) of this
Agreement shall terminate immediately.

 

Section 9.5. Waiver; Effect of Waiver
or Consent. Any party hereto may (a) extend the time for the performance of any obligation or other act of any other party
hereto or (b) waive compliance with any agreement or condition contained herein. Except as otherwise specifically provided herein,
any such extension or waiver shall be valid only if set forth in a written instrument duly executed by the party or parties to
be bound thereby; provided, however, that the MLP may not, without the prior approval of the Conflicts Committee,
agree to any extension or waiver of this Agreement that, in the reasonable determination of the Board, will adversely affect the
holders of common units of the MLP. No waiver or consent, express or implied, by any party of or to any breach or default by any
Person in the performance by such Person of its obligations hereunder shall be deemed or construed to be a waiver or consent of
or to any other breach or default in the performance by such Person of the same or any other obligations of such Person hereunder.
Failure on the part of a party to complain of any act of any Person or to declare any Person in default, irrespective of how long
such failure continues, shall not constitute a waiver by such party of its rights.

 

Section 9.6. Amendment or Modification.
This Agreement may be amended or modified from time to time only by the written agreement of all the parties hereto; provided,
however, that the MLP may not, without the prior approval of the Conflicts Committee, agree to any amendment or modification
of this Agreement that, in the reasonable determination of the Board, will adversely affect the holders of common units of the
MLP.

 

Section 9.7. Assignment. No party
shall have the right to assign its rights or obligations under this Agreement without the consent of the other parties hereto.

 

Section 9.8. Counterparts. This Agreement
may be executed in any number of counterparts with the same effect as if all signatory parties had signed the same document. All
counterparts shall be construed together and shall constitute one and the same instrument.

 

Section 9.9. Severability. If any
provision of this Agreement or the application thereof to any Person or circumstance shall be held invalid or unenforceable to
any extent, the remainder of this Agreement and the application of such provision to other Persons or circumstances shall not be
affected thereby and shall be enforced to the greatest extent permitted by law.

 

Section 9.10. Gender, Parts, Articles
and Sections. Whenever the context requires, the gender of all words used in this Agreement shall include the masculine, feminine
and neuter, and the number of all words shall include the singular and plural. All references to Article numbers and Section numbers
refer to Articles and Sections of this Agreement.

 

Section 9.11. Further Assurances.
In connection with this Agreement and all transactions contemplated by this Agreement, each signatory party hereto agrees to execute
and deliver such additional documents and instruments and to perform such additional acts as may be necessary or appropriate to
effectuate, carry out and perform all of the terms, provisions and conditions of this Agreement and all such transactions.

 

Section 9.12. Withholding or Granting
of Consent. Each party may, with respect to any consent or approval that it is entitled to grant pursuant to this Agreement,
grant or withhold such consent or approval in its sole discretion, with or without cause, and subject to such conditions as it
shall deem appropriate.

 

Section 9.13. Laws and Regulations.
Notwithstanding any provision of this Agreement to the contrary, no party to this Agreement shall be required to take any act,
or fail to take any act, under this Agreement if the effect thereof would be to cause such party to be in violation of any applicable
law, statute, rule or regulation.

 

Section 9.14. Negotiation of Rights of
GLOG, Limited Partners, Assignees and Third Parties. The provisions of this Agreement are enforceable solely by the parties
to this Agreement, and no shareholder of GLOG and no limited partner, member, assignee or other Person of the MLP shall have the
right, separate and apart from

    	16

    	

    

GLOG or the MLP, as applicable, to enforce
any provision of this Agreement or to compel any party to this Agreement to comply with the terms of this Agreement.

 

[Signature Pages Follow]

    	17

    	

    

IN WITNESS WHEREOF, the Parties have
executed this Agreement on, and effective as of, the Closing Date.

 

	 	GASLOG LTD.,
	 	 	 
	 	By: 	 
	 	 	Name: 
	 	 	Title:   

 

	 	Address for Notice:
	 	 
	 	GasLog Ltd.
	 	c/o GasLog Monaco S.A.M.
	 	Gildo Pastor Center
	 	7 Rue du Gabian
	 	MC 98000, Monaco
	 	Telephone: 	+ (377) 9797-5115
	 	Fax:  	+ (377) 9797-5124
	 	Attention:	Line Køhler Ljungdahl (Head of Legal)

 

	 	GASLOG PARTNERS LP
	 	 	 
	 	By: 	 
	 	 	Name: 
	 	 	Title:   

 

	 	Address for Notice:
	 	 
	 	GasLog Partners LP
	 	c/o GasLog Monaco S.A.M.
	 	Gildo Pastor Center
	 	7 Rue du Gabian
	 	MC 98000, Monaco
	 	Telephone: 	+ (377) 9797- 5264
	 	Fax:  	+ (377) 9797-5124
	 	Attention:	Paul Wogan (Chief Executive Officer)

 

 

Signature
Page to

Omnibus Agreement

    	 

    	

    

	 	GASLOG PARTNERS GP LLC
	 	 	 
	 	 	SOLE MEMBER: GASLOG LTD.
	 	 	 
	 	By: 	 
	 	 	Name: 
	 	 	Title:   

 

	 	Address for Notice:
	 	 
	 	GasLog Partners GP LLC
	 	c/o GasLog Monaco S.A.M.
	 	Gildo Pastor Center
	 	7 Rue du Gabian
	 	MC 98000, Monaco
	 	Telephone: 	+ (377) 9797-5115
	 	Fax:  	+ (377) 9797-5124
	 	Attention:	Line Køhler Ljungdahl (Head of Legal)

 

	 	GASLOG PARTNERS HOLDINGS LLC
	 	 	 
	 	 	SOLE MEMBER: GASLOG PARTNERS LP
	 	 	 
	 	By: 	 
	 	 	Name: 
	 	 	Title:   

 

	 	Address for Notice:
	 	 
	 	GasLog Partners Holdings LLC
	 	c/o GasLog Monaco S.A.M.
	 	Gildo Pastor Center
	 	7 Rue du Gabian
	 	MC 98000, Monaco
	 	Telephone: 	+ (377) 9797- 5264
	 	Fax:  	+ (377) 9797-5124
	 	Attention:	Paul Wogan

 

Signature
Page to

Omnibus Agreement

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