Document:

Exhibit
10.3

 

Form of

ADMINISTRATIVE SERVICES AGREEMENT

 

THIS AGREEMENT made effective the ____ day
of ____________ 2014 (this “Agreement”), by and between GASLOG PARTNERS LP, a limited partnership duly
organized and existing under the laws of the Republic of the Marshall Islands (the “Partnership”), and
GASLOG LTD., a corporation organized and existing under the laws of Bermuda (“GasLog”), each a “Party”
and collectively, the “Parties”.

 

WHEREAS:

 

		A.	The Partnership, a limited partnership whose common units representing limited partner interests in the Partnership will be
listed and will trade on the New York Stock Exchange, owns interests in LNG carriers and requires certain management and administrative
support services in connection with the operation of such vessels; and

 

		B.	The Partnership wishes to engage GasLog to provide, or procure the provision of, management and administrative support services
to the Partnership on the terms set out herein.

 

IT IS HEREBY AGREED AS FOLLOWS:

 

SECTION 1. Definitions. In this
Agreement, the term:

 

“Administrative Services”
means the services described in Schedule A to this Agreement;

 

“Agreement” has
the meaning set forth in the introductory paragraph of this Agreement;

 

“Board” means the
Board of Directors of the Partnership;

 

“Change of Control”
means with respect to any entity, an event in which securities of any class entitling the holders thereof to elect a majority of
the members of the board of directors or other similar governing body of the entity are acquired, directly or indirectly, by a
“person” or “group” (within the meaning of Sections 13(d) or 14(d)(2) of the
Securities Exchange Act of 1934, as amended), who did not immediately before such acquisition own securities of the entity entitling
such person or group to elect such majority (and for the purpose of this definition, any such securities held by another person
who is related to such person shall be deemed to be owned by such person);

 

“Closing Date”
means the closing date of the initial public offering of the Partnership;

 

“Contract Term”
has the meaning set forth in Section 6 of this Agreement;

    	 

    	

    

“Costs and Expenses”
has the meaning set forth in Section 6(c) of this Agreement;

 

“Costs and Expenses Due Date”
has the meaning set forth in Section 6(c) of this Agreement;

 

“Due Date” has
the meaning set forth in Section 6(c) of this Agreement;

 

“General Partner”
means GasLog Partners GP LLC, a limited liability company duly organized and existing under the laws of the Republic of the Marshall
Islands and the general partner of the Partnership;

 

“GasLog” has the
meaning in the introductory paragraph of this Agreement;

 

“IFRS” means International
Financial Reporting Standards, as issued by the International Accounting Standards Board;

 

“LIBOR” means the
London Interbank Offered Rate;

 

“Limited Partnership Agreement”
means the first amended and restated agreement of limited partnership of the Partnership, dated as of the Closing Date, as from
time to time amended;

 

“Management Services”
means the performance by the Managers of certain executive officer functions for and on behalf of the Partnership and the oversight
by the Managers of the day-to-day management of the Partnership;

 

“Managers” has
the meaning set forth in Section 3(a) of this Agreement;

 

“Officers” has
the meaning given to such term in the Limited Partnership Agreement;

 

“Partnership” has
the meaning in the introductory paragraph of this Agreement;

 

“Partnership Group”
means the Partnership, General Partner and subsidiaries of the Partnership;

 

“Party” or “Parties”
has the meaning in the introductory paragraph of this Agreement;

 

“Person” means
any individual, corporation, partnership, joint venture, association, joint stock company, trust, unincorporated organization or
governmental authority;

 

“Service Fee” has
the meaning set forth in Section 6(a) of this Agreement;

 

“Service Fee Due Date”
has the meaning set forth in Section 6(b) of this Agreement;

 

“Services” means
the Administrative Services and the Management Services;

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“Unitholders” means
holders of common units representing limited partnership interests in the Partnership; and

 

“VAT” means value
added, goods, sales or any similar tax.

 

SECTION 2. General. GasLog shall
provide, or procure the provision of, the Services as directed by the Partnership (acting reasonably) and subject to the supervision
of the Board. GasLog may subcontract all or part of the Administrative Services as it deems advisable or appropriate in accordance
with Section 20 hereof. Notwithstanding any such subcontracting, GasLog shall remain responsible and primarily liable for
the provision of the Services. For the avoidance of doubt, GasLog shall not take any decisions relating to the business strategy
of the Partnership pursuant to this Agreement.

 

SECTION 3. Covenants. During the
term of this Agreement, GasLog shall:

 

(a) cause those of its officers set forth
on Schedule B to this Agreement and any other of its officers or employees as the Board may from time to time reasonably
request (collectively, the “Managers”) to perform the Management Services;

 

(b) procure that the Managers shall perform
the Management Services to the same level of skill and care as would be required of them by applicable law and the terms of the
Limited Partnership Agreement if they were Officers (as such term is defined in the Limited Partnership Agreement) of the Partnership;

 

(c) perform, or procure the performance
of, the Administrative Services in a diligent manner;

 

(d) retain, or procure at all times the
retention by any person to whom performance of the Services is subcontracted from time to time of, sufficiently qualified staff
to provide the Services;

 

(e) keep, and procure the keeping by any
person to whom performance of the Services is subcontracted of, full and proper books, records and accounts showing clearly all
transactions relating to the provision of the Services in accordance with established general commercial practices and in accordance
with IFRS, and provide or procure access to the Partnership and its representatives to audit and examine such books, records and
accounts at any time during customary business hours; and

 

(f) comply, and procure the compliance
by any person to whom performance of the Services is subcontracted, with all laws and regulations applicable to the Parties, including,
but not limited to, the U.S. Foreign Corrupt Practices Act and any other applicable anti-corruption legislation.

 

SECTION 4. Non-Exclusivity. GasLog
and its employees may provide services of a nature similar to the Services to any other Person. There is no obligation for GasLog
to provide the Services to the Partnership on an exclusive basis.

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SECTION 5. Confidential Information.
GasLog shall, and shall procure that any person to whom performance of any of the Services is subcontracted shall, keep confidential,
all information it has acquired or developed in the course of providing the Services.

 

SECTION 6. Compensation of GasLog.
With effect on and from the date of this Agreement and through the term of this Agreement (the “Contract Term”)
it is agreed that:

 

(a) in consideration of the Services hereunder
throughout the Contract Term, GasLog shall receive shall receive a fee of US$ 588,000 per year (the “Service Fee”)
per each vessel for which GasLog provides Services;

 

(b) the Service Fee is payable each calendar
month in advance by the 1st working day of each applicable month (the “Service Fee Due Date”),
provided that where a payment is due in respect of any part of a month, that payment shall be paid on a pro-rata basis (for the
purposes of this paragraph, “working day” means a day when most banks are open for business in London,
New York, Athens, and the country of location of relevant bank accounts of the Partnership); and

 

(c) in addition to the Service Fee, all
other out-of-pocket costs, expenses, disbursements and charges incurred by GasLog and specifically attributed to the Vessel in
pursuance of the Services hereunder throughout the Contract Term (the “Costs and Expenses”), shall be
promptly and in any event no later than 30 days from receipt of the invoice (the “Cost and Expenses Due Date”
and, together with the Service Fee Due Date, the “Due Date”) reimbursed by the Partnership to GasLog
upon presentation to the Partnership of invoices for the amounts claimed. The Service Fee received by the Managers shall cover
GasLog’s costs of its own offices, accommodation, equipment, office staff, stationary and supplies. Costs and Expenses
shall include the amount of any director fees payable in respect of any director of the Partnership that is an appointed
director of GasLog and is also a member of the board of directors of GasLog.

 

All invoices for Management Services and
Administrative Services shall be submitted and paid in U.S. Dollars. All amounts not paid within 10 days after the applicable Due
Date shall bear interest at the rate of 2.00% per annum above the six month US$ LIBOR rate as at the applicable Due Date from such
Due Date until the date payment is received in full by GasLog.

 

SECTION 7. VAT.

 

(a) All amounts payable under this Agreement
are deemed to be exclusive of VAT, which shall be payable upon receipt of a valid VAT invoice.

 

(b) Where this Agreement requires one
party to reimburse another for any costs or expenses, the payer shall, at the same time, pay the payee all VAT incurred by the
payee in respect of those costs or expenses. The amount payable shall be the amount that the payee reasonably determines is the
amount that neither it, nor any other member of any group of which it is a member for VAT purposes, is entitled to recover from
the relevant tax authority in respect of the VAT.

 

SECTION 8. General Relationship Between
the Parties. GasLog, and any subcontractors, shall perform the Services as independent contractors and the Parties to this
Agreement do not intend, and nothing herein shall be interpreted so as, to create a partnership or

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joint venture relationship or agency relationship
between GasLog and any one or more of the Partnership, General Partner or any other member of the Partnership Group. Nothing in
this Agreement shall create any employment relationship between the Partnership, on the one hand, and the Managers or any other
person performing the Services, on the other.

 

SECTION 9. Indemnity. The Partnership
shall indemnify and hold harmless any person to whom provision of the Services is subcontracted in accordance with the terms of
this Agreement and their officers, employees and agents against all actions, proceedings, claims, demands or liabilities that may
be brought against them due to the performance of the Services, including, without limitation, all actions, proceedings, claims,
demands or liabilities brought under the environmental laws of any jurisdiction, and against and in respect of all costs and expenses
(including legal costs and expenses on a full indemnity basis) they may suffer or incur due to defending or settling same; provided,
however, that such indemnity shall exclude any or all losses, actions, proceedings, claims, demands, costs, damages, expenses
and liabilities whatsoever to the extent that they are caused by or due to the fraud, willful misconduct or gross negligence of
such subcontractor or its officers, employees or agents. Any such subcontractor and each of its officers, employees and agents
may enforce the provisions of this Section 9 in accordance with the provisions of the Contracts (Rights of Third Parties)
Act 1999.

 

SECTION 10. NO CONSEQUENTIAL DAMAGES.
NEITHER GASLOG NOR ANY OF ITS AFFILIATES SHALL BE LIABLE FOR INDIRECT, INCIDENTAL OR CONSEQUENTIAL DAMAGES SUFFERED BY THE PARTNERSHIP,
OR FOR PUNITIVE DAMAGES, WITH RESPECT TO ANY TERM OR THE SUBJECT MATTER OF THIS AGREEMENT, EVEN IF INFORMED OF THE POSSIBILITY
THEREOF IN ADVANCE. THIS LIMITATION APPLIES TO ALL CAUSES OF ACTION, INCLUDING, WITHOUT LIMITATION, BREACH OF CONTRACT, BREACH
OF WARRANTY, NEGLIGENCE, STRICT LIABILITY, FRAUD, MISREPRESENTATION AND OTHER TORTS.

 

SECTION 11. Term and Termination. This
Agreement is entered into on the date of signing and shall continue until terminated:

 

(a) by the Board upon 90 days’ written
notice for any reason in its sole discretion; or

 

(b) by GasLog upon 90 days’ written
notice if:

 

(i) there is a Change of Control
of the Partnership or General Partner;

 

(ii) a receiver is appointed
for all or substantially all of the property of the Partnership;

 

(iii) an order is made to wind
up the Partnership;

 

(iv) a final judgment, order
or decree that materially and adversely affects the ability of the Partnership to perform under this Agreement shall have been
obtained or entered against the Partnership, and such judgment, order or decree shall not have been vacated, discharged or stayed;
or

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(v) The Partnership makes a general
assignment for the benefit of its creditors, files a petition in bankruptcy or for liquidation, is adjudged insolvent or bankrupt,
commences any proceeding for a reorganization or arrangement of debts, dissolution or liquidation under any law or statute or of
any jurisdiction applicable thereto or if any such proceeding shall be commenced.

 

Notwithstanding the foregoing, the arrangement
with respect to the provision of the Management Services by any or all of the Managers may be terminated at any time with respect
to any or all of such Managers by the Board in its sole discretion. Such Management Services shall terminate immediately upon delivery
by the Board of written notice to GasLog. The termination of the Management Services with respect to any or all of the Managers
shall not constitute a termination of the other provisions of this Agreement.

 

Any termination of this Agreement shall be
without prejudice to any accrued rights and liabilities of any Party subsisting as at the date of termination. Notwithstanding
the termination of this Agreement, the provisions of Section 5, Section 9, Section 10, Section 11,
Section 12, Section 13, Section 14, Section 15, Section 16, Section 18, Section 19
and Section 20 shall remain in force and binding on the Parties.

 

SECTION 12. Costs and Expenses Upon
Termination. Upon termination of this Agreement and/or the Management Services in accordance with Section 11 hereof,
the Partnership shall be obligated to pay any and all amounts payable pursuant to Section 6 hereof for the applicable Services
provided prior to the time of termination.

 

SECTION 13. Surrender of Books and
Records. Upon termination of this Agreement, GasLog shall forthwith surrender to the Partnership, or procure the surrender
to the Partnership of, any and all books, records, documents and other property relating to this Agreement and to the business,
finance, technology, trademarks or affairs of the Partnership and any member of the Partnership Group and, except as required by
law, shall not retain any copies of same.

 

SECTION 14. Entire Agreement. This
Agreement forms the entire agreement between the Parties with respect to the subject matter hereof and supersedes and replaces
all previous agreements, written or oral, with respect to the subject matter hereof.

 

SECTION 15. Severability. If any
provision herein is held to be void or unenforceable, the validity and enforceability of the remaining provisions herein shall
remain unaffected and enforceable.

 

SECTION 16. Law and Arbitration. This
Agreement shall be governed by and construed in accordance with English law and any dispute arising out of or in connection with
this Agreement shall be referred to arbitration in London in accordance with the Arbitration Act 1996 or any statutory modification
or re-enactment thereof save to the extent necessary to give effect to the provisions of this Section 16.

 

The arbitration shall be construed and conducted
in accordance with the London Maritime Arbitrators Association (LMAA) Terms current at the time when the arbitration

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proceedings are commenced. The language used
for such arbitration shall be English and the arbitration shall be conducted in London.

 

The reference shall be to three arbitrators.
A party wishing to refer a dispute to arbitration shall appoint its arbitrator and send notice of such appointment in writing to
the other party requiring the other party to appoint its own arbitrator within 14 calendar days of that notice and stating that
it will appoint its arbitrator as sole arbitrator unless the other party appoints its own arbitrator and gives notice that it has
done so within the 14 days specified. If the other party does not appoint its own arbitrator and give notice that it has done so
within the 14 days specified, the party referring a dispute to arbitration may, without the requirement of any further prior notice
to the other party, appoint its arbitrator as sole arbitrator and shall advise the other party accordingly. The award of a sole
arbitrator shall be binding on both parties as if he had been appointed by agreement.

 

Nothing herein shall prevent the parties
agreeing in writing to vary these provisions to provide for the appointment of a sole arbitrator.

 

In cases where neither the claim nor any
counterclaim exceeds the sum of US$50,000 (or such other sum as the parties may agree) the arbitration shall be conducted in accordance
with the LMAA Small Claims Procedure current at the time when the arbitration proceedings are commenced. The language used for
such arbitration shall be English and the arbitration shall be conducted in London.

 

SECTION 17. Notice. Notice under
this Agreement shall be given (via hand delivery or facsimile) as follows:

 

If to the Partnership:

 

c/o GasLog Monaco S.A.M.

Gildo Pastor Center

7 Rue du Gabian

MC 98000, Monaco

Attn:

Fax:

 

If to GasLog:

 

c/o GasLog Monaco S.A.M.

Gildo Pastor Center

7 Rue du Gabian

MC 98000, Monaco

Attn:

Fax: +377 97 97 51 24

 

SECTION 18. Variation. Any
variation to this Agreement shall not be effective unless it is made in signed writing.

 

SECTION 19. Waiver. The failure
of either Party to enforce any term of this Agreement shall not act as a waiver. Any waiver must be specifically stated as such
in writing.

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SECTION 20. Successors and Assigns;
Subcontracting. No Party shall be permitted to assign or otherwise dispose of the benefit of this Agreement without the prior
written consent of the other Parties. This Agreement shall be binding upon and inure to the benefit of the Parties’ successors
and assigns. GasLog may freely subcontract or sublicense this Agreement, so long as GasLog remains liable for performance of the
Services and its obligations under this Agreement.

 

SECTION 21. Third Parties. Save
as expressly provided by this Agreement, a person who is not a party to this Agreement may not enforce, or otherwise have the benefit
of, any provision of this Agreement under the Contracts (Rights of Third Parties) Act 1999, but this provision does not affect
any right or remedy of a third party which exists or is available apart from that Act. Notwithstanding the foregoing, the Parties
may terminate, rescind or agree any variation, waiver or settlement under this Agreement without the consent of any other person.

 

SECTION 22. Counterparts. This
Agreement may be executed in one or more counterparts, each of which is an original and which shall together form one and the same
instrument.

 

[THE REMAINDER OF THIS PAGE IS LEFT INTENTIONALLY
BLANK]

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IN WITNESS WHEREOF the Parties have executed
this Agreement by their duly authorized signatories with effect on the date first above written.

 

	 	GASLOG PARTNERS LP
	 	 	 
	 	By  	 
	 	 	Name:
	 	 	Title:   

 

	 	GASLOG LTD.
	 	 	 
	 	By  	 
	 	 	Name:
	 	 	Title:   

 

SIGNATURE
PAGE TO

ADMINISTRATIVE SERVICES AGREEMENT

    	 

    	

    

SCHEDULE A 

ADMINISTRATIVE SERVICES

 

GasLog shall provide, or subcontract for
the provision of, such of the following administrative support services (the “Administrative Services”)
to the Partnership, as the Board may from time to time request and direct GasLog to provide pursuant to this Agreement:

 

(a) Assist with the commercial management
of the Partnership and the execution of the Partnership’s business strategies; provided that nothing herein shall
permit or authorize GasLog to make any strategic decisions for or on behalf of the Partnership; provided further that the commercial
management of the Partnership’s vessels are not included within the scope of the Administrative Services

 

(b) Keep and maintain at all times books,
records and accounts that shall contain particulars of receipts and disbursements relating to the assets and liabilities of the
Partnership and such books, records and accounts shall be kept pursuant to normal commercial practices that will permit the Partnership
to prepare or cause to be prepared financial statements in accordance with IFRS and in each case shall also be in accordance with
those financial statements required to be kept by the Partnership under applicable federal securities laws and regulations in the
United States and as the Partnership is required to keep and file under applicable foreign taxing regulations and the U.S. Internal
Revenue Code of 1986, as amended, and the regulations applicable with respect thereto, all as amended from time to time;

 

(c) Prepare all such returns, filings
and documents, for review and approval by the Partnership as may be required under the Limited Partnership Agreement, as well as
such other returns, filings, documents and instruments as may from time to time be requested or instructed by the Partnership;
and file such documents, as applicable, as directed by the Partnership with the relevant authority;

 

(d) Provide, or arrange for the provision
of, advisory services to the Partnership with respect to the Partnership’s obligations under applicable securities laws and
regulations in the United States and assist the Partnership in arranging for compliance with continuous disclosure obligations
under applicable securities laws and regulations and the rules and regulations of the New York Stock Exchange and any other securities
exchange upon which the Partnership’s securities are listed, including the preparation for review, approval and filing by
the Partnership of reports and other documents with all applicable regulatory authorities; provided that nothing herein
shall permit or authorize GasLog to act for or on behalf of the Partnership in its relationship with regulatory authorities, except
to the extent that specific authorization may from time to time be given by the Partnership;

 

(e) Provide, or arrange for the provision
of, advisory, clerical and investor relations services to assist and support the Partnership in its communications with its Unitholders,
including in connection with disclosures that may be required for regulatory compliance to its Unitholders and the wider financial
markets, as the Partnership may from time to time request or direct; provided that nothing herein shall permit or authorize
GasLog to determine the content of any such communications by the Partnership to its Unitholders and the wider financial markets;

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(f) At the request and under the direction
of the Partnership, handle, or arrange for the handling of, all administrative and clerical matters in respect of (i) the call
and arrangement of all meetings of the Unitholders pursuant to the Limited Partnership Agreement, (ii) the preparation of all materials
(including notices of meetings and information circulars) in respect thereof and (iii) the submission of all such materials to
the Partnership in sufficient time prior to the dates upon which they must be mailed, filed or otherwise relied upon so that the
Partnership has full opportunity to review, approve, execute and return them to GasLog for filing or mailing or other disposition
as the Partnership may require or direct;

 

(g) Provide, or arrange for the provision
of, or secure sufficient and necessary office space, equipment and personnel including all accounting, clerical, secretarial, corporate,
administrative and information technology services as may be reasonably necessary for the performance of the Partnership’s
business;

 

(h) Arrange for the provision of such
audit, accounting, legal, insurance and other professional services as are reasonably required by the Partnership from time to
time in connection with the discharge of its responsibilities under the Limited Partnership Agreement, to the extent such advice
and analysis can be reasonably provided or arranged by GasLog; provided that nothing herein shall permit GasLog to select
the auditor of the Partnership, which shall be selected in accordance with the provisions for the appointment of the auditor pursuant
to the Limited Partnership Agreement or as otherwise be required by law governing the Partnership, or to communicate with the auditor
other than in the ordinary course of making such books and records available for review as the auditors may require and to respond
to queries from the auditors with respect to the accounts and statements prepared by, or arranged by, GasLog, and in particular
GasLog will not have any of the authorities, rights or responsibilities of the audit committee of the Board, but shall provide,
or arrange for the provision of, information to such committee as may from time to time be required or requested; provided further
that nothing herein shall entitle GasLog to retain legal counsel for the Partnership unless such selection is specifically approved
by the Board;

 

(i) Provide, or arrange for the provision
of, such assistance and support as the Partnership may from time to time request in connection with any new or existing financing
for the Partnership, such assistance and support to be provided in accordance with the direction, and under the supervision, of
the Board;

 

(j) Provide, or arrange for the provision
of, such administrative and clerical services as may be required by the Partnership to support and assist the Partnership in considering
any future acquisitions or divestments of assets of the Partnership and for the integration of any businesses or assets acquired
by the Partnership, all in accordance with the direction and under the supervision of the Board;

 

(k) Provide, or arrange for the provision
of, such support and assistance to the Partnership as the Partnership may from time to time request in connection with any future
offerings of equity or debt securities that the Partnership may at any time determine is desirable for the Partnership, all under
the direction and supervision of the Board;

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(l) Provide, or arrange for the provision
of, at the request and under the direction of the Board, such communications to the transfer agent for the Partnership as may be
necessary or desirable;

 

(m) Prepare and provide, or arrange for
the preparation and provision of, regular cash reports and other accounting information for review by the Partnership, so as to
permit and enable the Board to make all determinations of financial matters required to be made pursuant to the Limited Partnership
Agreement, including the determination of amounts available for distribution by the Partnership to its Unitholders, and to assist
the Partnership in making arrangements with the transfer agent for the Partnership for the payment of distributions to the Unitholders
in accordance with the Limited Partnership Agreement;

 

(n) Provide, or arrange for the provision
of, such assistance to the Partnership as the Board may request or direct with respect to the performance of the obligations to
the Unitholders under the Limited Partnership Agreement and to provide monitoring of various obligations and rights under agreements
entered into by the Partnership and provide advance reports on a timely basis to the Partnership advising of steps, procedures
and compliance issues under such agreements, so as to enable the Partnership to make all such decisions as would be necessary or
desirable thereunder;

 

(o) Provide, or arrange for the provision
of, such additional administrative and clerical services pertaining to the Partnership, the assets and liabilities of the Partnership
and the Unitholders and matters incidental thereto as may be reasonably requested by the Board from time to time;

 

(p) Negotiate and arrange, at the request
and under the direction of the Board, for interest rate swap agreements, foreign currency contracts, forward exchange contracts
and any other hedging arrangements;

 

(q) Provide, or arrange for the provision
of, IT services;

 

(r) Maintain, or arrange for the maintenance
of, the Partnership’s and the Partnership’s subsidiaries’ existence and good standing in necessary jurisdictions;

 

(s) Monitor and maintain compliance with
loan and credit terms with lenders and negotiate, at the request and under the direction of the Board, loan and credit terms with
lenders;

 

(t) Provide, or arrange for the provision
of, at the request and under the direction of the Board, cash management and services, including assistance with preparation of
budgets, overseeing banking services and bank accounts and arranging for the deposit of funds; and

 

(u) Monitor the performance of investment
managers.

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SCHEDULE B

INITIAL MANAGERS PROVIDING MANAGEMENT SERVICES

 

	Name	 	Position With GasLog	 	Services to be Provided to the

Partnership
	Peter Livanos	 	Chairman of the Board of Directors	 	Director
	Curtis Anastasio	 	N/A	 	Chairman of the Board of Directors
	Daniel Bradshaw	 	N/A	 	Director
	Simon Crowe	 	Chief Financial Officer	 	Chief Financial Officer
	Pamela Gibson	 	N/A	 	Director
	Andrew Orekar	 	N/A	 	Chief Executive Officer
	Graham Westgarth 	 	Chief Operating Officer	 	Chief Operating Officer 
	Paul Wogan 	 	Chief Executive Officer	 	N/A
	Donald J. Kintzer	 	N/A	 	Director

    	B-1Exhibit
10.4

 

Form of

Commercial Management Agreement

 

THIS AGREEMENT is made and entered into on
this _____day of _______ 2014 between GAS-[●] Ltd., a corporation organized and existing under the laws of Bermuda (hereinafter
called the “Owners”) and Gaslog Ltd., a corporation organized and existing under the laws of Bermuda (hereinafter
called the “Commercial Managers”).

 

WHEREAS:

 

(A) Owners
have chosen to engage the Commercial Managers to carry out commercial management in respect of the vessel listed in Exhibit
A attached hereto (the “Vessel”).

 

(B) The Commercial Managers are willing
to undertake the commercial management and operation of the Vessel.

 

(C) The
Commercial Managers and the Owners wish to enter into this Agreement in order to regulate the terms and conditions under which
the Commercial Managers will provide the Services (as defined below) to the Owners.

 

THEREFORE IT IS MUTUALLY AGREED AS FOLLOWS:

 

		A.	Appointment of Managers

 

With effect on and from the date hereof,
unless and until terminated as provided herein, the Owners hereby appoint the Commercial Managers and the Commercial Managers accept
their appointment as commercial managers to undertake the commercial management and operation of the Vessel to the Owners, upon
the terms and conditions hereinafter set forth.

 

Subject to the terms and conditions contained
herein, during the period of this Agreement, the Commercial Managers shall carry out the commercial management and operation services
(as more particularly described in clause B, the “Services”) as sole agents for and on behalf of the
Owners.

 

		B.	Services

 

The Commercial Managers shall provide the
following Services and shall be responsible for:

 

		I.	The commercial management and operation of the Vessel

 

The commercial management and operation of
the Vessel includes, but is not limited to, the following functions:

 

		(a)	Providing chartering services (in accordance with the Owners’ instructions) which include, but are not limited to, seeking
and negotiating employment

    	 

    	

    

for the Vessel, preparing estimates
for all potential business suiting the Vessel, concluding and executing charter parties, contracts of affreightment or other contracts
in relation to the employment of the Vessel (herein as the case may be, the “Charter”), provided always that,
in the event that the Charter or a series of Charters which either singly or together exceed thirty six (36) months in duration
or a material variation or amendment to such Charter is required, the prior written consent of the Owners shall have been obtained;

 

		(b)	Arranging (but without any guarantee of collection of) the proper payment to Owners or their nominees of all hire and/or freight
revenues or other moneys of whatsoever nature to which Owners may be entitled arising out of the employment of or otherwise in
connection with the Vessel;

 

		(c)	Providing voyage estimates and accounts and calculating of hire, freight, demurrage and/or dispatch moneys due from or due
to the charterers of the Vessel under the Charter;

 

		(d)	Issuing voyage instructions to the master of the Vessel;

 

		(e)	Appointing agents, surveyors and consultants in relation to cargo operations;

 

		(f)	Arranging bunkers for the Vessel;

 

		(g)	Arranging surveys associated with the commercial operation of the Vessel;

 

		(h)	Exercising and performing for and on behalf of the Owners any and all rights and obligations under the Charter for the Vessel;

 

		(i)	Administration on Owners’ behalf and in their name the invoicing and collection of hire payable under the Charter;

 

		(j)	taking all other steps or actions as may reasonably be required to procure the safe and efficient operation, performance and
service of the Vessel, including but not limited to the negotiation of the terms of all relevant contracts;

 

		(k)	on behalf and in the name of Owners or their charterers issue or cause to be issued documents, which may be required under
the Charter;

 

		(l)	administering the Owners’ affairs and matters under and pursuant to the terms and conditions of a ship management agreement
in respect of the technical management of the Vessel to be entered into between (1) the

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Owners and (2) [GasLog LNG Services
Ltd., of Hamilton Bermuda, having a branch office established in Greece at 69, Akti Miaouli, 185 37 Piraeus]1;

 

		(m)	paying all brokerage, commissions, port and canal charges and expenses, bunkers and any other expenses properly incurred in
relation to the employment of, and the provision of Services in relation to, the Vessel;

 

		(n)	advising the Owners regularly of the trading of the Vessel and of the dry-docking and/or repairs;

 

		(o)	taking all such further steps and actions as shall be incidental to the matters referred to above and/or as shall, in the Commercial
Managers’ view, further the Services and the operations of the Vessel.

 

		II.	Research and assessment of market conditions

 

Conducting a thorough assessment of the market
on specific issues, seeking the possible employment of the Vessel based on constant contacts of the Commercial Managers with their
brokering and chartering connections and generally, carrying out worldwide market research and providing consultancy services as
the Owners may from time to time specifically require.

 

		III.	Accounting

 

Commercial Managers will keep proper and
detailed accounts for the Vessel, in order to ensure proper analysis of the results.

 

Subject to any requirements of the financiers
under any facility agreement relating to the Vessel, any and all freight and time hire payments may be remitted to the Commercial
Managers in their capacity as agents on behalf of the Owners and to this effect, the parties shall use their reasonable endeavours
in order for the Charter to include remittance instructions accordingly. The Commercial Managers undertake, should hire payments
and other income under the Charter be credited to their account as above, to remit every month to Owners any and all hire and other
income received under the Charter by the Commercial Managers on behalf of Owners, less any and all expenses incurred by the Commercial
Managers which relate to the performance of the Services hereunder and are for the Owners’ account.

 

Commercial Managers will keep supporting
documentation on the expenditure incurred within the context of the performance of the Services hereunder and shall make them available
to the Owners as may reasonably be requested from time to time.

 

 

1 Note to Draft: Revise if GasLog
LNG Services does not serve as the ship manager for the applicable vessel (e.g., GAS-eight Ltd.)

    	3

    	

    

Commercial Managers shall review and approve
invoices for payment under the Charter on behalf of Owners and provide Owners with routine accounting statements or other similar
reports.

 

It is understood that the Commercial Managers
shall be authorized and empowered on behalf of Owners to settle and agree all expenses, claims and/or other matters, including,
but not limited to, pre-delivery costs, hire, OPEX, performance claims, financing fees, interest and other costs.

 

		IV.	Handling and settlement of claims under Charter

 

The Commercial Managers shall keep the Owners
informed regarding any incident of which the Commercial Managers become aware which gives or may give rise to claims or disputes
involving charterers or other third parties under the Charter.

 

The Commercial Managers are hereby authorized
and empowered on behalf of the Owners to initiate, handle and defend all actions and other legal proceedings and demands arising
in connection with the employment of, and the provision of services relating to, the Vessel and arising under the Charter.

 

The Commercial Managers undertake to keep
Owners promptly advised on any claim which may reasonably be expected to have a material adverse effect to the financial condition
of the Owners and/or to entail the repudiation, cancellation or termination by the charterer, of the Charter.

 

The Owners shall arrange for the provision
of any necessary guarantee bond or other security in connection with any such claims.

 

Within the context and for the purposes of
the authority granted under this clause B. IV, Commercial Managers shall obtain legal or technical or other outside expert advice
on such terms as may be required by the Vessel’s protection and indemnity association club and shall appoint any and all
solicitors, counsels, surveyors and/or other professional advisors or agents to this effect. Any external costs reasonably incurred
by the Commercial Managers in carrying out their obligations in accordance with this clause shall be paid by or for the account
of the Owners.

 

		C.	Obligations of Commercial Managers

 

The Commercial Managers undertake to use
their reasonable endeavors to provide the Services as agents for and on behalf of the Owners in a timely and efficient manner in
accordance with sound industry practice and to protect and promote the interests of the Owners and in full compliance with the
laws and regulations of any government or competent authority applicable to the Vessel in all matters relating to the provision
of the Services hereunder; provided, however, that the Commercial Managers shall perform their responsibilities under
this Agreement towards the Owners and shall market and commit the Vessel in accordance with the same principles as any and all
other vessels comprising the managed fleet, and in particular, but without prejudice to the generality of the foregoing, the Commercial
Managers shall be entitled to allocate available resources to the Owners

    	4

    	

    

and the Vessel in such manner as in the prevailing
circumstances the Commercial Managers in their absolute discretion consider to be fair and reasonable.

 

Commercial Managers shall be entitled to
exercise and discharge such privileges and duties hereunder as are normally consistent with proper commercial management of the
Vessel. Commercial Managers shall, and it is hereby undertaken that they, enter into — on behalf of Owners — all contacts
with brokers/charterers/customers/agents/suppliers.

 

Commercial Managers shall provide and maintain
their offices, necessary personnel, administrative procedures and other resources such as the following requirements are accomplished:

 

		(a)	Commercial Managers shall maintain at all times during the term of this Agreement a qualified staff and personnel to procure
the performance of the duties and obligations required to be performed as set forth herein. Notwithstanding the above, the Commercial
Managers may freely sub-contract any of their duties to affiliated companies, provided always that, notwithstanding any sub-contract,
the Commercial Managers shall remain fully liable for the due performance of their obligations under this Agreement and the Commercial
Managers shall procure that each sub-contractor engaged pursuant to this clause shall comply with the requirements of clauses B
and C.

 

		(b)	Commercial Managers shall have facsimile and fleet e-mail capabilities at their offices facilities to provide direct communication
between relevant parties.

 

The Commercial Managers shall via a monthly
report keep the Owners informed of all relevant information regarding the Vessel and the performance of the Services which the
Owners may, acting reasonably, specify from time to time.

 

		D.	Obligations of Owners

 

The Owners shall pay all sums due to the
Commercial Managers punctually in accordance with the terms of this Agreement.

 

		E.	Fees

 

		I.	Management Fee

 

With effect on and from the date of this
Agreement and throughout the term of this Agreement (the “Contract Term”), it is agreed that:

 

		(a)	In consideration of the Services hereunder throughout the Contract Term, the Commercial Managers shall receive a management
fee of USD 360,000 per year (the “Management Fee”).

    	5

    	

    

		(b)	The Management Fee is payable each calendar month in advance by the 1st working day of each applicable month, provided that
where a payment is due in respect of any part of a month, that payment shall be paid on a pro-rata basis. For the purposes of this
paragraph, “working day” means a day when most banks are open for business in London, New York, Athens, and
the country of location of relevant bank accounts of Owners.

 

		(c)	Without prejudice to clause B.III above, all costs, expenses, disbursements and charges incurred by Commercial Managers and
specifically attributed to the Vessel in pursuance of the Services hereunder throughout the Contract Term, shall be promptly reimbursed
by Owners to Commercial Managers upon presentation to the Owners of invoices for the amounts claimed. The Management Fee received
by the Commercial Managers shall cover the Commercial Managers’ costs of their own offices, accommodation, equipment, office
staff, stationary and supplies.

 

		(d)	The Management Fee shall not be deemed to include any costs, remuneration or other fees payable to any third party agent, broker
or the like contracted by Commercial Managers on behalf of Owners hereunder.

 

		F.	Liability and Indemnity

 

The Commercial Managers shall not be liable
for any loss, damage or delay resulting from an event of force majeure, including but not limited to an act of God, perils of the
sea, hostilities, war, acts of terror or piracy, epidemics, quarantines, embargo, restraint of any government, rulers of people,
or from deviation resulting from saving or attempting to save life at sea, which (event) may have not been detected by Commercial
Managers using reasonable care, however, all reasonable diligence shall be exercised by the parties to overcome the consequences.

 

The Commercial Managers nor their employees,
agents or sub-contractors employed by them in connection with the Vessel, will use due diligence in performing the Services hereunder,
but neither the Commercial Managers nor their employees, agents or sub-contractors shall be responsible to the Owners for any loss,
cost, damage, expense of whatsoever nature, whether direct or indirect, and howsoever arising in the course of the performance
of the Services hereunder, unless same has been caused from the breach of this Agreement, the gross negligence or wilful default
of the Commercial Managers or their employees or agents or sub-contractors employed by them in the course of the performance of
the Services hereunder; provided, however, under no circumstances shall Commercial Managers be liable (by reason of negligence,
breach of contract or otherwise) for loss of business opportunity, earnings, income or profit whether directly or indirectly arising
out of or in any way connected to the performance of this Agreement.

 

Owners hereby ratify and confirm and undertake
at all times to allow, ratify and confirm all and ,whatsoever the Commercial Managers shall do or cause to be done within the context
of the proper performance of their duties under this Agreement and Owners further undertake at all times hereafter to keep the
Commercial Managers indemnified

    	6

    	

    

against all actions, proceedings, claims and
demands or liabilities whatsoever which may be brought, commenced or prosecuted against or incurred by the Commercial Managers
as a result of any of its acts or omissions hereunder, unless insofar as any such actions, proceedings, claims and demands or liabilities
resulted from the gross negligence or wilful default of the Commercial Managers and/or their employees, agents or sub-contractors
within the context of the performance of the Services hereunder.

 

Owners will keep Commercial Managers indemnified
and hold Commercial Managers harmless against all losses, costs, damages and expenses the Commercial Managers may incur as a consequence
of or in connection with the Services of the Commercial Managers hereunder, unless insofar as any such losses, costs, damages and
expenses resulted from the gross negligence or wilful default of the Commercial Managers and/or their employees, agents or sub-contractors
within the context of the performance of the Services hereunder.

 

It is hereby expressly agreed that no employee
or agent of the Commercial Managers (including every sub-contractor from time to time employed by the Commercial Managers) shall
in any circumstances whatsoever be under any liability whatsoever to the Owners for any loss, damage or delay of whatsoever kind
arising or resulting directly or indirectly from any act neglect or default on his part while acting in the course of or in connection
with his employment, unless insofar as such loss, damage or delay is proved to have resulted from his personal act or omission
committed with the intent to cause same or recklessly and with the knowledge that such loss, damage, delay or expense would probably
result, and, without prejudice to the generality of the foregoing provisions in this clause F, every exemption, limitation, condition
and liberty herein contained and every right, exemption from liability defence and immunity of whatsoever nature applicable to
the Commercial Managers or to which the Commercial Managers are entitled hereunder shall also be available and shall extend to
protect every such employee or agent of the Commercial Managers acting as aforesaid and for the purpose of all the foregoing provisions
of this clause the Commercial Managers are or shall be deemed to be acting as agents or trustees on behalf of all persons who are
or might be their servants or agents from time to time (including sub-contractors as aforesaid) and all such persons shall to this
extent be or be deemed to be parties to this Agreement.

 

		G.	Default

 

If either party by any act or omission is
in breach of any of its respective obligations under this Agreement and such breach shall continue and either the default is not
capable of being remedied or is not remedied for any reason whatsoever for a period of fifteen (15) days after written notice thereof
has been given by the other party, the latter shall have the right to terminate this Agreement with immediate effect by notice
in writing.

 

		H.	Duration and Termination

 

Without prejudice to the above provided under
clause G, either party shall have the right to terminate this Agreement at any time and for any reason by giving the other party
not less than ninety (90) days’ written notice of its intention to terminate this Agreement.

    	7

    	

    

This Agreement shall be deemed to be immediately
terminated:

 

		(i)	in the case of the sale of the Vessel; or

 

		(ii)	in the case of the Vessel becoming a total loss or being declared as a constructive or compromised or arranged total loss or
being requisitioned for hire.

 

Termination of this Agreement shall be without prejudice to
all rights accrued between the parties prior to the date of termination hereof.

 

		I.	Miscellaneous

 

		(a)	Amendment. This Agreement shall not be amended, modified or terminated except by written instrument executed by duly
authorized representatives of the parties thereto.

 

		(b)	Waiver. No failure to enforce and insist upon any provisions of this Agreement and no waiver by any party of any one
or more defaults by other party in the performance of any provisions of this Agreement shall operate or be construed as a waiver
of such provision or of any further default or defaults, whether of a like or a different character, nor require or imply a similar
indulgence in any other application.

 

		(c)	Partial Invalidity. If any term of provision of this Agreement shall be rendered invalid, illegal or unenforceable then
the remaining terms of provisions shall be unaffected thereby and shall continue in full force and effect.

 

		(d)	Counterparts. This Agreement is being executed in separate counterparts, each of which when delivered shall be an original,
but all of which shall constitute one and the same instrument.

 

		(e)	Confidentiality. Save as may be required by law each of the parties hereto shall not, without the prior written consent
of the other party, at any time divulge any confidential information in relation to the other party’s affairs or business
or methods of carrying on business which may from time to time come into such party’s possession. This obligation shall survive
the termination of this Agreement howsoever and whenever occurring.

 

		(f)	No partnership. This Agreement and transactions contemplated hereby shall not constitute or be construed as constituting
a partnership between Owners and Commercial Managers.

 

		(g)	Interpretation. In this Agreement:

 

		(i)	Clause and schedule headings do not affect the interpretation of this Agreement.

    	8

    	

    

		(ii)	Words in the singular include the plural and in the plural include the singular.

 

		(iii)	A reference to one gender includes a reference to the other gender.

 

		(iv)	Writing or written includes faxes and e-mail.

 

		(v)	References to this Agreement include this Agreement as amended or varied in accordance with its terms.

 

		J.	Law and Jurisdiction

 

This Agreement shall be interpreted and governed
by English law. Should any dispute arising out of or in connection with this Agreement arise, the parties will endeavour through
negotiations to settle the dispute between them. Should it not be possible, within thirty days from the date a notice to negotiate
has been issued by either party pursuant to this clause J, to settle such dispute through negotiations, the dispute may by either
party be referred to arbitration in London under English law and in accordance with the Arbitration Act of 1996 and any statutory
modification thereof save to the extent necessary to give effect to the provisions of this section.

 

The arbitration shall be construed and conducted
in accordance with the London Maritime Arbitrators Association (LMAA) Terms current at the time when the arbitration proceedings
are commenced. The language used for such arbitration shall be English and the arbitration shall be conducted in London.

 

The reference shall be to three arbitrators.
A party wishing to refer a dispute to arbitration shall appoint its arbitrator and send notice of such appointment in writing to
the other party requiring the other party to appoint its own arbitrator within 14 calendar days of that notice and stating that
it will appoint its arbitrator as sole arbitrator unless the other party appoints its own arbitrator and gives notice that it has
done so within the 14 days specified. If the other party does not appoint its own arbitrator and give notice that it has done so
within the 14 days specified, the party referring a dispute to arbitration may, without the requirement of any further prior notice
to the other party, appoint its arbitrator as sole arbitrator and shall advise the other party accordingly. The award of a sole
arbitrator shall be binding on both parties as if he had been appointed by agreement.

 

Nothing herein shall prevent the parties
agreeing in writing to vary these provisions to provide for the appointment of a sole arbitrator.

 

In cases where neither the claim nor any
counterclaim exceeds the sum of US$50,000 (or such other sum as the parties may agree) the arbitration shall be conducted in accordance
with the LMAA Small Claims Procedure current at the time when the arbitration proceedings are commenced. The language used for
such arbitration shall be English and the arbitration shall be conducted in London.

    	9

    	

    

IN WITNESS WHEREOF, the respective
parties have executed this Agreement on this ____ day of _________ 2014.

 

	GAS-[●] Ltd.	 	GasLog Ltd.
	 	 	 
	 	 	 
	By:	 	By:
	Title:	 	Title:

    	10

    	

    
EXHIBIT A
 

	LNG Carrier	 	Quarter and

Year of

Delivery	 	Cargo

Capacity (cbm)	 	Propulsion
	[●]	 	[●]	 	[●]	 	[●]
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

    	A-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00229-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00229-of-00352.parquet"}]]