Document:

Registration Rights Agreement

 

Exhibit 4.1

REGISTRATION RIGHTS AGREEMENT

     REGISTRATION RIGHTS AGREEMENT, dated as of December ___, 2007, by and between Teekay
Tankers Ltd., a Marshall Islands company (the “Company”), and Teekay Corporation, a Marshall
Islands company (the “Stockholder”).

     In consideration of the mutual covenants and agreements herein contained and other good and
valid consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to
this Agreement hereby agree as follows:

1. CERTAIN DEFINITIONS.

     In addition to the terms defined elsewhere in this Agreement, the following terms shall have
the following meanings:

     “Affiliate” of any Person means any other Person which directly, or indirectly through one or
more intermediaries, controls, or is controlled by, or is under common control with, such Person. 
The term “control” (including the terms “controlling,” “controlled by” and “under common control
with”) as used with respect to any Person means the possession, direct or indirect, of the power to
direct or cause the direction of the management and policies of such Person, whether through the
ownership of voting securities, by contract or otherwise.

     “Agreement” means this Registration Rights Agreement, including all amendments, modifications
and supplements and any exhibits or schedules to any of the foregoing, and shall refer to this
Registration Rights Agreement as the same may be in effect at the time such reference becomes
operative.

     “Common Shares” means shares of Class A common stock, par value $0.01 per share, of the
Company, including shares of Class A common stock issuable upon conversion of Class B common stock,
par value $0.01 per share, of the Company, and any other shares into which such shares are
converted pursuant to a recapitalization or reorganization.

     “Company” has the meaning set forth in the introductory paragraph.

     “Demand Registration” has the meaning set forth in Section 2(a) hereof.

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

     “Governmental Entity” means any national, federal, state, municipal, local, territorial,
foreign or other government or any department, commission, board, bureau, agency, regulatory
authority or instrumentality thereof, or any court, judicial, administrative or arbitral body or
public or private tribunal.

     “Holder” means any holder of record of Registrable Common Shares. For purposes of this
Agreement, the Company may deem and treat the registered holder of Registrable Common

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Shares as the Holder and absolute owner thereof, and the Company shall not be affected by any
notice to the contrary.

     “Initiating Holders” has the meaning set forth in Section 2(a) hereof.

     “IPO” means the Company’s initial public offering registered under the Securities Act of
Common Shares.

     “Person” means any individual, sole proprietorship, partnership, limited liability company,
joint venture, trust, incorporated organization, association, corporation, institution, public
benefit corporation, Governmental Entity or any other entity.

     “Piggyback Registration” has the meaning set forth in Section 3(a) hereof.

     “Prospectus” means the prospectus or prospectuses included in any Registration Statement, as
amended or supplemented by any prospectus supplement with respect to the terms of the offering of
any portion of the Registrable Common Shares covered by such Registration Statement and by all
other amendments and supplements to the prospectus, including post-effective amendments and all
material incorporated by reference in such prospectus or prospectuses.

     “Registrable Common Shares” means (a) all the Common Shares beneficially owned by the
Stockholder or any of its Affiliates from time to time (including, without limitation, any and all
Common Shares issued as (or issuable upon the conversion or exercise of any warrant, right or other
security which is issued as) a dividend or other distribution with respect to, or in exchange for,
or in replacement of, such Common Shares); provided, however, that Registrable Common Shares shall
not include any securities that are or became tradeable without restriction as to volume pursuant
to Securities Act Rule 144 or that are sold by a Person either pursuant to a Registration Statement
or Rule 144.

     “Registration Expenses” has the meaning set forth in Section 6(a) hereof.

     “Registration Statement” means any registration statement of the Company which covers any of
the Registrable Common Shares pursuant to the provisions of this Agreement, including the
Prospectus, amendments and supplements to such Registration Statement, including post-effective
amendments, all exhibits and all materials incorporated by reference in such Registration
Statement.

     “SEC” means the Securities and Exchange Commission.

     “Securities Act” means the Securities Act of 1933, as amended.

     “Stockholder” has the meaning set forth in the introductory paragraph.

     “Suspension Notice” has the meaning set forth in Section 5(f) hereof.

     “underwritten registration” or “underwritten offering” means a registration in which
securities of the Company are sold to underwriters for reoffering to the public.

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     “Withdrawn Demand Registration” has the meaning set forth in Section 2(g) hereof.

2. DEMAND REGISTRATIONS.

     (a) Right to Request Registration. At any time after the first anniversary of the
closing of the IPO, any Holder or Holders may request registration under the Securities Act
(“Initiating Holders”) of all or part of the Registrable Common Shares (“Demand Registration”).

     Within 10 days after receipt of any such request for Demand Registration, the Company shall
give written notice of such request to all other Holders of Registrable Common Shares and shall,
subject to the provisions of Section 2(d) hereof, include in such registration all such Registrable
Common Shares with respect to which the Company has received written requests for inclusion therein
within 15 days after the receipt of the Company’s notice.

     (b) Number of Demand Registrations. Subject to the provisions of Section 2(a), the
Initiating Holders of Registrable Common Shares shall collectively be entitled to request an
aggregate of three (3) Demand Registrations.  A registration shall not count as one of the
permitted Demand Registrations (i) until it has become effective, (ii) if the Initiating Holders
requesting such registration are not able to register at least 50% of the Registrable Common Shares
requested by such Initiating Holder to be included in such registration or (iii) in the case of a
Demand Registration that would be the last permitted Demand Registration requested hereunder, if
the Initiating Holders requesting such registration are not able to register all of the Registrable
Common Shares requested to be included by such Initiating Holders in such registration.

     (c) Priority on Demand Registrations. The Company shall not include in any Demand
Registration any securities which are not Registrable Common Shares without the written consent of
the Holders of a majority of the shares of Registrable Common Shares to be included in such
registration, or, if such Demand Registration is an underwritten offering, without the written
consent of the managing underwriters.  If the managing underwriters of the requested Demand
Registration advise the Company in writing that in their opinion the number of shares of
Registrable Common Shares proposed to be included in any such registration exceeds the number of
securities which can be sold in such offering and/or that the number of shares of Registrable
Common Shares proposed to be included in any such registration would adversely affect the price per
share of the Company’s equity securities to be sold in such offering, the Company shall include in
such registration only the number of shares of Registrable Common Shares which in the opinion of
such managing underwriters can be sold.  If the number of shares which can be sold is less than the
number of shares of Registrable Common Shares proposed to be registered, the amount of Registrable
Common Shares to be so sold shall be allocated pro rata among the Holders of Registrable Common
Shares desiring to participate in such registration on the basis of the amount of such Registrable
Common Shares initially proposed to be registered by such Holders.  If the number of shares which
can be sold exceeds the number of shares of Registrable Common Shares proposed to be sold, such
excess shall be allocated pro rata among the other holders of securities, if any, desiring to
participate in such registration based on the amount of such securities initially requested to be
registered by such holders or as such holders may otherwise agree.

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     (d) Restrictions on Demand Registrations. The Company shall not be obligated to
effect any Demand Registration within three months after the effective date of a previous Demand
Registration, or a previous registration under which the Initiating Holders had piggyback rights
pursuant to Section 3 hereof wherein the Initiating Holders were permitted to register, and
actually sold, at least 50% of the shares of Registrable Common Shares requested to be included
therein.  The Company may postpone for up to one hundred eighty (180) days the filing or the
effectiveness of a Registration Statement for a Demand Registration if, based on the good faith
judgment of the conflicts committee (“Conflicts Committee”) of the Company’s board of directors,
such postponement or withdrawal is necessary (i) because such Demand Registration would materially
interfere with a significant acquisition, reorganization or other similar transaction involving the
Company, (ii) in order to avoid premature disclosure of a matter the Conflicts Committee has
determined would not be in the best interest of the Company to be disclosed at such time or (iii)
because such Demand Registration would render the Company unable to comply with requirements under
applicable securities laws; provided, however, that in no event shall the Company withdraw a
Registration Statement after such Registration Statement has been declared effective; and provided,
further, however, that in the event described above, the Initiating Holders requesting such Demand
Registration shall be entitled to withdraw such request and, if such request is withdrawn, such
Demand Registration shall not count as one of the permitted Demand Registrations.  The Company
shall provide written notice to the Initiating Holders requesting such Demand Registration of (x)
any postponement or withdrawal of the filing or effectiveness of a Registration Statement pursuant
to this Section 2(d), (y) the Company’s decision to file or seek effectiveness of such Registration
Statement following such withdrawal or postponement and (z) the effectiveness of such Registration
Statement.  The Company may defer the filing of a particular Registration Statement pursuant to
this Section 2(d) only once during any twelve-month period.

     (e) Selection of Underwriters. If any of the Registrable Common Shares covered by a
Demand Registration are to be sold in an underwritten offering, the Initiating Holders shall have
the right to select the managing underwriter(s) to administer the offering subject to the approval
of the Company, which will not be unreasonably withheld.

     (f) Other Registration Rights. The Company shall not grant to any Person the right,
other than as set forth herein, to request the Company to register any securities of the Company
except such rights as are not more favorable than or inconsistent with the rights granted to the
Holders herein.  In the event the Company grants rights which are more favorable, the Company will
make such provisions available to the Holders and will enter into any amendments necessary to
confer such rights on the Holders.

     (g) Effective Period of Demand Registrations. After any Demand Registration filed
pursuant to this Agreement has become effective, the Company shall use its commercially reasonable
efforts to keep such Demand Registration effective for a period equal to 180 days from the date on
which the SEC declares such Demand Registration effective (or if such Demand Registration is not
effective during any period within such 180 days, such 180-day period shall be extended by the
number of days during such period when such Demand Registration is not effective), or such shorter
period which shall terminate when all of the Registrable Common Shares covered by such Demand
Registration have been sold pursuant to such Demand Registration.  If the Company shall withdraw
any Demand Registration pursuant to

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Section 2(d) (a “Withdrawn Demand Registration”), the Initiating Holders of the Registrable
Common Shares remaining unsold and originally covered by such Withdrawn Demand Registration shall
be entitled to a replacement Demand Registration which (subject to the provisions of this
Section 2) the Company shall use its best efforts to keep effective for a period commencing on the
effective date of such Demand Registration and ending on the earlier to occur of the date (i) which
is 180 days from the effective date of such Demand Registration and (ii) on which all of the
Registrable Common Shares covered by such Demand Registration have been sold.  Such additional
Demand Registration otherwise shall be subject to all of the provisions of this Agreement.

3. PIGGYBACK REGISTRATIONS.

     (a) Right to Piggyback. If at any time following the IPO the Company proposes to
register any of its common equity securities under the Securities Act (other than a registration
statement on Form S-8 or on Form F-4 or any similar successor forms thereto), whether for its own
account or for the account of one or more stockholders of the Company, and the registration form to
be used may be used for any registration of Registrable Common Shares (a “Piggyback Registration”),
the Company shall give prompt written notice (in any event within 10 days after its receipt of
notice of any exercise of other demand registration rights) to all Holders of its intention to
effect such a registration and, subject to Sections 3(b) and 3(c), shall include in such
registration all Registrable Common Shares with respect to which the Company has received written
requests for inclusion therein within 15 days after the receipt of the Company’s notice.  The
Company may postpone or withdraw the filing or the effectiveness of a Piggyback Registration at any
time in its sole discretion.

     (b) Priority on Primary Registrations. If a Piggyback Registration is an underwritten
primary registration on behalf of the Company, and the managing underwriters advise the Company in
writing that in their opinion the number of securities requested to be included in such
registration exceeds the number which can be sold in such offering and/or that the number of shares
of Registrable Common Shares proposed to be included in any such registration would adversely
affect the price per share of the Company’s equity securities to be sold in such offering, the
Company shall include in such registration (i) first, the securities the Company proposes to sell,
(ii) second, the Registrable Common Shares requested to be included therein by the Holders, pro
rata among the Holders of such Registrable Common Shares on the basis of the number of shares
requested to be registered by such Holders, and (iii) third, other securities requested to be
included in such registration pro rata among the holders of such securities on the basis of the
number of shares requested to be registered by such holders or as such holders may otherwise agree.

     (c) Priority on Secondary Registrations. If a Piggyback Registration is an
underwritten secondary registration on behalf of a holder of the Company’s securities other than
Registrable Common Shares, and the managing underwriters advise the Company in writing that in
their opinion the number of securities requested to be included in such registration exceeds the
number which can be sold in such offering and/or that the number of shares of Registrable Common
Shares proposed to be included in any such registration would adversely affect the price per share
of the Company’s equity securities to be sold in such offering, the Company shall include in such
registration (i) first, the securities requested to be included therein by the holders

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requesting such registration, (ii) second, the Registrable Common Shares requested to be
included in such registration, pro rata among the Holders on the basis of the number of shares
requested to be registered by such Holders, and (iii) third, other securities requested to be
included in such registration pro rata among the holders of such securities on the basis of the
number of shares requested to be registered by such holders or as such holders may otherwise agree.

     (d) Selection of Underwriters. If any Piggyback Registration is an underwritten
primary offering, the Company shall have the right to select the managing underwriter or
underwriters to administer any such offering.

     (e) Other Registrations. If the Company has previously filed a Registration Statement
with respect to Registrable Common Shares, and if such previous registration has not been withdrawn
or abandoned, the Company shall not be obligated to cause to become effective any other
registration of any of its securities under the Securities Act, whether on its own behalf or at the
request of any holder or holders of such securities, until a period of at least three months has
elapsed from the effective date of such previous registration.

4. HOLDBACK AGREEMENTS.

     The Company and each Holder agree not to effect any sale or distribution of any of the
Company’s common equity securities during the 10 days prior to and during the 90 days beginning on
the effective date of any underwritten Demand Registration or any underwritten Piggyback
Registration (except as part of such underwritten registration or pursuant to registrations on
Form S-8 or F-4 or any successor forms thereto), unless the underwriters managing the offering
otherwise agree to a shorter period or other exceptions.

5. REGISTRATION PROCEDURES.

     (a) Whenever the Holders request that any Registrable Common Shares be registered pursuant to
this Agreement, the Company shall use all commercially reasonable efforts to effect the
registration and the sale of such Registrable Common Shares in accordance with the intended methods
of disposition thereof.

     (b) The Company shall ensure that no Registration Statement (including any amendments or
supplements thereto and Prospectuses contained therein) shall contain any untrue statement of a
material fact or omit to state a material fact required to be stated therein, or necessary to make
the statements therein not misleading (except, with respect to any Holder, for an untrue statement
or alleged untrue statement of a material fact or omission or alleged omission of a material fact
made in reliance on and in conformity with written information furnished to the Company by or on
behalf of such Holder specifically for use therein).

     (c) The Company shall make available to each Holder whose Registrable Common Shares are
included in a Registration Statement (i) promptly after the same is prepared and publicly
distributed, filed with the SEC, or received by the Company, one copy of each Registration
Statement and any amendment thereto, each preliminary Prospectus and Prospectus and each amendment
or supplement thereto, each letter written by or on behalf of the Company to the SEC or the staff
of the SEC (or other governmental agency or self-regulatory body or other

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body having jurisdiction, including any domestic or foreign securities exchange), and each
item of correspondence from the SEC or the staff of the SEC (or other governmental agency or
self-regulatory body or other body having jurisdiction, including any domestic or foreign
securities exchange), in each case relating to such Registration Statement (other than any portion
thereof which contains information for which the Company has sought confidential treatment), and
(ii) such number of copies of a Prospectus, including a preliminary Prospectus, and all amendments
and supplements thereto and such other documents as such Holder may reasonably request in order to
facilitate the disposition of the Registrable Common Shares owned by such Holder. The Company will
promptly notify each Holder by facsimile of the effectiveness of each Registration Statement or any
post-effective amendment. The Company will promptly respond to any and all comments received from
the SEC, with a view towards causing each Registration Statement or any amendment thereto to be
declared effective by the SEC as soon as practicable and shall file an acceleration request as soon
as practicable following the resolution or clearance of all SEC comments or, if applicable,
following notification by the SEC that any such Registration Statement or any amendment thereto
will not be subject to review.

     (d) At all times after the Company has filed a registration statement with the SEC pursuant to
the requirements of either the Securities Act or the Exchange Act, the Company shall file all
reports required to be filed by it under the Securities Act and the Exchange Act and the rules and
regulations adopted by the SEC thereunder, and take such further action as any Holders may
reasonably request, all to the extent required to enable such Holders to be eligible to sell
Registrable Common Shares pursuant to Rule 144 (or any similar rule then in effect).

     (e) The Company may require each seller of Registrable Common Shares as to which any
registration is being effected to furnish to the Company any other information regarding such
seller and the distribution of such securities as the Company may from time to time reasonably
request in writing.

     (f) Each seller of Registrable Common Shares agrees by having its shares treated as
Registrable Common Shares hereunder that, upon notice of the happening of any event as a result of
which the Prospectus included in such Registration Statement contains an untrue statement of a
material fact or omits any material fact necessary to make the statements therein not misleading (a
“Suspension Notice”), such seller will forthwith discontinue disposition of Registrable Common
Shares until such seller is advised in writing by the Company that the use of the Prospectus may be
resumed and is furnished with a supplemented or amended Prospectus as contemplated by
Section 5(c) hereof, and, if so directed by the Company, such seller will deliver to the Company
(at the Company’s expense) all copies, other than permanent file copies then in such seller’s
possession, of the Prospectus covering such Registrable Common Shares current at the time of
receipt of such notice; provided, however, that such postponement of sales of Registrable Common
Shares by the Holders shall not exceed ninety (90) days in the aggregate in any one year. If the
Company shall give any notice to suspend the disposition of Registrable Common Shares pursuant to a
Prospectus, the Company shall extend the period of time during which the Company is required to
maintain the Registration Statement effective pursuant to this Agreement by the number of days
during the period from and including the date of the giving of such notice to and including the
date such seller either is advised by the Company that the use of the Prospectus may be resumed or
receives the copies of the supplemented or amended

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Prospectus contemplated by Section 5(c). In any event, the Company shall not be entitled to
deliver more than three (3) Suspension Notices in any one year.

6. REGISTRATION EXPENSES.

     (a) All expenses incident to the Company’s performance of or compliance with this Agreement,
including, without limitation, all registration and filing fees, fees and expenses of compliance
with securities or blue sky laws, listing application fees, printing expenses, transfer agent’s and
registrar’s fees, cost of distributing Prospectuses in preliminary and final form as well as any
supplements thereto, and fees and disbursements of counsel for the Company and all independent
certified public accountants and other Persons retained by the Company (all such expenses being
herein called “Registration Expenses”) (but not including any underwriting discounts or commissions
attributable to the sale of Registrable Common Shares or fees and expenses of more than one counsel
representing the Holders of Registrable Common Shares), shall be borne by the Company. In
addition, the Company shall pay its internal expenses (including, without limitation, all salaries
and expenses of its officers and employees performing legal or accounting duties), the expense of
any annual audit or quarterly review, the expense of any liability insurance and the expenses and
fees for listing the securities to be registered on each securities exchange on which they are to
be listed.

     (b) In connection with each registration initiated hereunder (whether a Demand Registration or
a Piggyback Registration), the Company shall reimburse the Holders covered by such registration or
sale for the reasonable fees and disbursements of one law firm chosen by the Holders of a majority
of the Registrable Shares included in such registration or sale.

     (c) The obligation of the Company to bear the expenses described in Sections 6(a) and (b)
shall apply irrespective of whether a registration, once properly demanded, if applicable, becomes
effective, is withdrawn or suspended, or is converted to another form of registration and
irrespective of when any of the foregoing shall occur; provided, however, that Registration
Expenses for any Registration Statement withdrawn solely at the request of a Holder of Registrable
Common Shares (unless withdrawn following postponement of filing by the Company in accordance with
Section 2(d)) or any supplements or amendments to a Registration Statement or Prospectus resulting
from a misstatement furnished to the Company by a Holder shall be borne by such Holder.

7. INDEMNIFICATION.

     (a) The Company shall indemnify, to the fullest extent permitted by law, each Holder, its
officers, directors and Affiliates and each Person who controls such Holder (within the meaning of
the Securities Act) against all losses, claims, damages, liabilities and expenses arising out of or
based upon any untrue or alleged untrue statement of material fact contained in any Registration
Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or
any omission or alleged omission of a material fact required to be stated therein or necessary to
make the statements therein not misleading or any violation or alleged violation by the Company of
the Securities Act, the Exchange Act or applicable “blue sky” laws, except insofar as the same are
made in reliance and in conformity with information relating to such Holder furnished in writing to
the Company by such Holder expressly for use therein or

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caused by such Holder’s failure to deliver to such Holder’s immediate purchaser a copy of the
Registration Statement or Prospectus or any amendments or supplements thereto (if the same was
required by applicable law to be so delivered) after the Company has furnished such Holder with a
sufficient number of copies of the same. In connection with an underwritten offering, the Company
shall indemnify such underwriters, their officers and directors and each Person who controls such
underwriters (within the meaning of the Securities Act) to the same extent as provided above with
respect to the indemnification of the Holders.

     (b) In connection with any Registration Statement in which a Holder of Registrable Common
Shares is participating, each such Holder shall furnish to the Company in writing such information
and affidavits as the Company reasonably requests for use in connection with any such Registration
Statement or Prospectus and, shall indemnify, to the fullest extent permitted by law, the Company,
its officers, directors, Affiliates and each Person who controls the Company (within the meaning of
the Securities Act) against all losses, claims, damages, liabilities and expenses arising out of or
based upon any untrue or alleged untrue statement of material fact contained in the Registration
Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or
any omission or alleged omission of a material fact required to be stated therein or necessary to
make the statements therein not misleading, but only to the extent that such untrue or alleged
untrue statement or omission or alleged omission are made in reliance upon and in conformity with
information relating to such Holder furnished in writing to the Company by such Holder expressly
for use therein or caused by such Holder’s failure to deliver to such Holder’s immediate purchaser
a copy of the Registration Statement or Prospectus or any amendments or supplements thereto (if the
same was required by applicable law to be so delivered) after the Company has furnished such Holder
with a sufficient number of copies of the same; provided, however, that the indemnification
obligations of the Holders under this Section 7(b) shall be several, not joint and several, among
such Holders and the liability of each such Holder shall be in proportion to and limited to the net
amount received by such Holder from the sale of Registrable Common Shares pursuant to such
Registration Statement.

     (c) Any Person entitled to indemnification hereunder shall (i) give prompt written notice to
the indemnifying party of any claim with respect to which it seeks indemnification, provided that
the failure to notify the indemnifying party shall not relieve the indemnifying party from any
liability that it may have under this Section 7 except to the extent that it has been materially
prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and
provided, further, that the failure to notify the indemnifying party shall not relieve the
indemnifying party from any liability that it may have to an indemnified party otherwise than under
this Section 7 and (ii) unless in such indemnified party’s reasonable judgment a conflict of
interest between such indemnified and indemnifying parties may exist with respect to such claim,
permit such indemnifying party to assume the defense of such claim with counsel reasonably
satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall
not be subject to any liability for any settlement made by the indemnified party without its
consent (but such consent will not be unreasonably withheld). An indemnifying party who is not
entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees
and expenses of more than one counsel for all parties indemnified by such indemnifying party with
respect to such claim, unless in the reasonable judgment of any indemnified party there may be one
or more legal or equitable defenses available to such indemnified party which are in

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addition to or may conflict with those available to another indemnified party with respect to
such claim.

     (d) The indemnification provided for under this Agreement shall remain in full force and
effect regardless of any investigation made by or on behalf of the indemnified party or any
officer, director or controlling Person of such indemnified party and shall survive the transfer of
securities.

     (e) If the indemnification provided for in or pursuant to this Section 7 is due in accordance
with the terms hereof, but is held by a court to be unavailable or unenforceable in respect of any
losses, claims, damages, liabilities or expenses referred to herein, then each applicable
indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount
paid or payable by such indemnified Person as a result of such losses, claims, damages, liabilities
or expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying
party on the one hand and of the indemnified party on the other in connection with the statements
or omissions which result in such losses, claims, damages, liabilities or expenses as well as any
other relevant equitable considerations. The relative fault of the indemnifying party on the one
hand and of the indemnified Person on the other shall be determined by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact or the omission or
alleged omission to state a material fact relates to information supplied by the indemnifying party
or by the indemnified party, and by such party’s relative intent, knowledge, access to information
and opportunity to correct or prevent such statement or omission. In no event shall the liability
of any selling Holder be greater in amount than the amount of net proceeds received by such Holder
upon such sale or the amount for which such indemnifying party would have been obligated to pay by
way of indemnification if the indemnification provided for under Sections 7(a) or (b) hereof had
been available under the circumstances.

8. PARTICIPATION IN UNDERWRITTEN REGISTRATIONS.

     No Person may participate in any registration hereunder which is underwritten unless such
Person (a) agrees to sell such Person’s securities on the basis provided in any underwriting
arrangements approved by the Person or Persons entitled hereunder to approve such arrangements and
(b) completes and executes all questionnaires, powers of attorney, indemnities, underwriting
agreements and other documents required under the terms of such underwriting arrangements.

9. RULE 144.

     The Company covenants that it will file the reports required to be filed by it under the
Securities Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder,
and it will take such further action as any Holder may reasonably request to make available
adequate current public information with respect to the Company meeting the current public
information requirements of Rule 144(c) under the Securities Act, to the extent required to enable
such Holder to sell Registrable Common Shares without registration under the Securities Act within
the limitation of the exemptions provided by (i) Rule 144 under the Securities Act, as

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such Rule may be amended from time to time, or (ii) any similar rule or regulation hereafter
adopted by the SEC.

10. MISCELLANEOUS.

       (a) Notices. All notices, requests, consents and other communications required or
permitted hereunder shall be in writing and shall be hand delivered or mailed postage prepaid by
registered or certified mail or by facsimile transmission (with prompt telephone confirmation
thereafter):

 If to the Company:

Teekay Tankers Ltd.

Bayside House, Bayside Executive Park

West Bay Street and Blake Road

P.O. Box AP-59212

Nassau, Commonwealth of the Bahamas

Attention:                                               

Facsimile No.:                                         

If to Stockholder:

Teekay Corporation

Bayside House, Bayside Executive Park

West Bay Street and Blake Road

P.O. Box AP-59213

Nassau, Commonwealth of the Bahamas

Attention:                                               

Facsimile No.:                                         

       If to a transferee Holder, to the address of such Holder set forth in the transfer
documentation provided to the Company;

       in each case (other than for any transferee Holder) with copies to (which shall not constitute
notice):

Perkins Coie LLP

1120 NW Couch Street, 10th Floor

Portland, OR 97209

Attention: David Matheson

Facsimile No.: (503) 346-2000

or at such other address as such party each may specify by written notice to the others, and each
such notice, request, consent and other communication shall for all purposes of the Agreement be
treated as being effective or having been given when delivered personally, upon receipt of
facsimile confirmation if transmitted by facsimile, or, if sent by mail, at the earlier of its
receipt

-11-

 

or 72 hours after the same has been deposited in a regularly maintained receptacle for the deposit
of United States mail, addressed and postage prepaid as aforesaid.

     (b) No Waivers. No failure or delay by any party in exercising any right, power or
privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise
thereof preclude any other or further exercise thereof or the exercise of any other right, power or
privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any
rights or remedies provided by law.

     (c) Expenses. Except as otherwise provided for herein or otherwise agreed to in
writing by the parties, all costs and expenses incurred in connection with the preparation of this
Agreement shall be paid by the Company.

     (d) Successors and Assigns. The provisions of this Agreement shall be binding upon
and inure to the benefit of the parties hereto and their respective successors and permitted
assigns, it being understood that subsequent Holders of the Registrable Common Shares are intended
third party beneficiaries of this Agreement. In particular, each Holder shall have the right to
assign its rights under this Agreement (but only with all related obligations) in connection with
the transfer of any of such Holder’s Common Shares to any of its Affiliates.

     (e) Governing Law. The internal laws, and not the laws of conflicts (other than
Section 5-1401 of the General Obligations Law of the State of New York), of New York shall govern
the enforceability and validity of this Agreement, the construction of its terms and the
interpretation of the rights and duties of the parties.

     (f) Jurisdiction. Any suit, action or proceeding seeking to enforce any provision of,
or based on any matter arising out of or in connection with, this Agreement or the transactions
contemplated hereby may be brought in any federal or state court located in the County and State of
New York, and each of the parties hereby consents to the jurisdiction of such courts (and of the
appropriate appellate courts therefrom) in any such suit, action or proceeding and irrevocably
waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to
the laying of the venue of any such suit, action or proceeding in any such court or that any such
suit, action or proceeding which is brought in any such court has been brought in an inconvenient
forum. Process in any such suit, action or proceeding may be served on any party anywhere in the
world, whether within or without the jurisdiction of any such court. Without limiting the
foregoing, each party agrees that service of process on such party as provided in
Section 10(a) shall be deemed effective service of process on such party.

     (g) Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY
AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY.

     (h) Counterparts; Effectiveness. This Agreement may be executed in any number of
counterparts (including by facsimile) and by different parties hereto in separate counterparts,
with the same effect as if all parties had signed the same document. All such counterparts shall
be deemed an original, shall be construed together and shall constitute one and the same

-12-

 

instrument. This Agreement shall become effective when each party hereto shall have received
counterparts hereof signed by all of the other parties hereto.

     (i) Entire Agreement. This Agreement contains the entire agreement among the parties
hereto with respect to the subject matter hereof and supersedes and replaces all other prior
agreements, written or oral, among the parties hereto with respect to the subject matter hereof.

     (j) Captions. The headings and other captions in this Agreement are for convenience
and reference only and shall not be used in interpreting, construing or enforcing any provision of
this Agreement.

     (k) Severability. If any term, provision, covenant or restriction of this Agreement
is held by a court of competent jurisdiction or other authority to be invalid, void or
unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement
shall remain in full force and effect and shall in no way be affected, impaired or invalidated so
long as the economic or legal substance of the transactions contemplated hereby is not affected in
any manner materially adverse to any party. Upon such a determination, the parties shall negotiate
in good faith to modify this Agreement so as to effect the original intent of the parties as
closely as possible in an acceptable manner in order that the transactions contemplated hereby be
consummated as originally contemplated to the fullest extent possible.

     (l) Amendments. The provisions of this Agreement, including the provisions of this
sentence, may not be amended, modified or supplemented, and waivers or consents to departures from
the provisions hereof may not be given without the prior written consent of the holders of a
majority of the Registrable Common Shares; provided, however, that without a Holder’s written
consent no such amendment, modification, supplement or waiver shall affect adversely such Holder’s
rights hereunder in a discriminatory manner inconsistent with its adverse effects on rights of
other Holders hereunder (other than as reflected by the different number of shares held by such
Holder); provided, further, that the consent or agreement of the Company shall be required with
regard to any termination, amendment, modification or supplement of, or waivers or consents to
departures from, the terms hereof, which affect the Company’s obligations hereunder. This
Agreement cannot be changed, modified, discharged or terminated by oral agreement.

     (m) Aggregation of Shares. All Registrable Common Shares held by or acquired by any
Affiliated Persons will be aggregated together for the purpose of determining the availability of
any rights under this Agreement.

     (n) Equitable Relief. Without limiting the remedies available, the parties hereto
acknowledge that any failure by the Company to comply with its obligations under this Agreement
will result in material irreparable injury to the Holders for which there is no adequate remedy at
law, that it will not be possible to measure damages for such injuries precisely and that, in the
event of any such failure, any Holder shall have the right to obtain such relief as may be required
to specifically enforce the Company’s obligations under this Agreement.

[Signature Page Follows]

-13-

 

     IN WITNESS WHEREOF, this Registration Rights Agreement has been duly executed by each of the
parties hereto as of the date first written above.

	 	 	 	 	 	 	 
	 	 	TEEKAY TANKERS LTD.
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	TEEKAY CORPORATION
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

-14-Contribtuion, Conveyance and Assumption Agreement

 

EXHIBIT 10.1

CONTRIBUTION, CONVEYANCE AND ASSUMPTION

AGREEMENT

     THIS CONTRIBUTION, CONVEYANCE AND ASSUMPTION AGREEMENT (this “Agreement”), is entered
into as of December ___, 2007, effective as of the Effective Time defined herein, among Teekay
Corporation, a Marshall Islands corporation (“Teekay”), Teekay Holdings Limited, a
Bermudian holding company and wholly owned subsidiary of Teekay (“THL”), and Teekay Tankers
Ltd., a Marshall Islands corporation (“Teekay Tankers”). The foregoing shall be referred
to individually as a “Party” and collectively as the “Parties.” Certain
capitalized terms have the meanings assigned to them in Article I hereof.

RECITALS

     A. Teekay has formed Teekay Tankers for the purpose of, among other things, acquiring, owning
and operating certain oil tankers that trade in the spot market or under short- or medium-term
time-charter contracts.

     B. The respective Boards of Directors of Teekay, THL and Teekay Tankers have authorized the
Parties to enter into this Agreement and effect the actions set forth below.

     C. THL owns, among other things, (a) 1,000 shares of Class A Common Stock of Teekay Tankers
and (b) all of the ownership interests of the Contributed LLCs, each of which in turn owns one of
the Contributed Vessels.

     D. The Group 1 LLCs owe an aggregate of $35,100,000 of debt to third party lenders (the
“Group 1 LLC Debt”) and the Group 2 LLCs are parties to the New Credit Facility, which will
have an outstanding balance of $114,000,000 as of the Effective Time (the “Group 2 LLC
Debt”).

     E. Teekay
owes $35,000,000 to the Group 2 LLCs as an inter-company loan (the
“Inter-company Loan”).

     F. The Parties desire, in connection with the proposed Offering by Teekay Tankers, to
undertake the transactions contemplated by this Agreement, including, without limitation, (a) the
contribution by THL to Teekay Tankers of the Contributed LLCs, (b) the granting by Teekay to Teekay
Tankers of the right to purchase any or all of the Suezmax Tankers and (c) the allocation of certain business opportunities between
(i) Teekay and its affiliates other than the Teekay Tankers Group members and (ii) the Teekay
Tankers Group members.

Page 1

 

AGREEMENT

     NOW, THEREFORE, in consideration of their mutual undertakings and agreements hereunder, the
Parties undertake and agree as follows:

ARTICLE I

DEFINITIONS; RECORDATION

     1.1 Definitions. In addition to terms defined above or elsewhere in this Agreement, the
following capitalized terms have the meanings given below.

     “Acts” means, collectively, the Marshall Islands Business Corporations Act and the
Marshall Islands Limited Liability Company Act.

     “affiliate” of any Person means any other Person which directly, or indirectly through
one or more intermediaries, controls, is controlled by or is under common control with, such
Person. The term “control” (including the terms “controlling,” “controlled by” and “under
common control with”) as used with respect to any Person means the possession, directly or
indirectly, of the power to direct or cause the direction of the management and policies of such
Person, whether through the ownership of voting securities, by contract or otherwise.

     “Articles of Incorporation” means the Amended and Restated Articles of Incorporation
of Teekay Tankers, as they may be further amended from time to time.

     “Assets” means the assets, rights and interests contributed and conveyed (or intended
so to be), directly or indirectly, to Teekay Tankers as reflected in this Agreement, including the
Contributed LLCs, the Contributed Vessels and all other assets, rights and interests of the
Contributed LLCs.

     “Class A Common Stock” means the Class A Common Stock, par value $0.01 per share, of
Teekay Tankers.

     “Class B Common Stock” means the Class B Common Stock, par value $0.01 per share, of
Teekay Tankers, which entitles the holder thereto to the voting and other rights as set forth in
the Articles of Incorporation.

     “Contributed LLCs” means, collectively, the Group 1 LLCs and the Group 2 LLCs.

     “Contributed Vessels” means the nine Aframax-class oil tankers owned by the
Contributed LLCs as of the date hereof, which are described on Schedule 1 attached hereto.

Page 2

 

     “Covered Environmental Losses” means all environmental and toxic tort Losses suffered
or incurred by the Teekay Tankers Group by reason of or arising out of:

     (a) any violation of Environmental Laws with respect to the ownership or operation of any of
the Assets; or

     (b) any event or condition associated with ownership or operation by Teekay or its affiliates
of the Assets (including, without limitation, the presence of Hazardous Substances on, under, about
or migrating to or from the Assets or the disposal or release of Hazardous Substances arising from
the operation of the Assets), including, without limitation, (i) the cost and expense of any
investigation, assessment, evaluation, monitoring, containment, cleanup, repair, restoration,
remediation or other corrective action required or necessary under Environmental Laws, (ii) the
cost or expense of the preparation and implementation of any closure, remedial, corrective action
or other plans required or necessary under Environmental Laws and (iii) the cost and expense for,
damages from or settlement of any environmental or toxic tort claim, including any pre-trial, trial
or appellate legal or litigation support work;

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

     “Effective Time” means the time when the transactions contemplated by Sections 2.1 and
2.2 of this Agreement are deemed to have been consummated.

     “Environmental Laws” means all Laws relating to protection of health and safety or the
environment, including, without limitation, the United States federal Comprehensive Environmental
Response, Compensation and Liability Act, the
Resource Conservation and Recovery Act, the Clean Air Act, the Clean Water Act, the Safe
Drinking Water Act, the Toxic Substances Control Act, the Oil Pollution Act of 1990, the Hazardous
Materials Transportation Act, the Marine Mammal Protection Act, the Endangered Species Act, the
National Environmental Policy Act, and other environmental conservation and protection laws, each
as amended through the Effective Time.

     “Group 1 LLCs” means, collectively, the following Marshall Islands limited liability
companies: Erik Spirit L.L.C. and Matterhorn Spirit L.L.C.

Page 3

 

     “Group 2 LLCs” means, collectively, the following Marshall Islands limited liability
companies: Everest Spirit Holding L.L.C., Falster Spirit Holding L.L.C., Kanata Spirit Holding
L.L.C., Kareela Spirit Holding L.L.C., Kyeema Spirit Holding L.L.C., Nassau Spirit Holding L.L.C.
and Sotra Spirit Holding L.L.C.

     “Hazardous Substances” means (a) substances, or substances which contain substances,
defined in or regulated under applicable Environmental Laws; (b) petroleum and petroleum products,
including, without limitation, crude oil and any fractions thereof; (c) natural gas, synthetic gas
and any mixtures thereof; (d) any substances with respect to which a federal, state, foreign or
local agency requires environmental investigation, monitoring, reporting or remediation; (e) any
hazardous waste or solid waste within the meaning of any Environmental Law; (f) any solid,
hazardous, dangerous or toxic chemical, material, waste or substance within the meaning of and
regulated by any Environmental Law; (g) any radioactive material; and (h) any asbestos-containing
materials.

     “Laws” means any and all federal, state, local or foreign laws, statutes, ordinances,
treaties, 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.

     “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.

     “Manager” means Teekay Tankers Management Services Ltd., a Marshall Islands
corporation and an indirect wholly owned subsidiary of Teekay, in its capacity as the Manager under
the Management Agreement to be entered into between it and Teekay Tankers in connection with the
Offering.

     “New Credit Facility” means the $229 million revolving line of credit issued to the
Group 2 LLCs and secured by, among other things, the Contributed Vessels owned by the Group 2 LLCs.

     “Offering” means the initial public offering of up to 11,500,000 shares of Class A
Common Stock by Teekay Tankers to the public (including 1,500,000 shares issuable upon exercise in
full by the Underwriters of their over-allotment option under the Underwriting Agreement).

Page 4

 

     “Person” means any individual, sole proprietorship, partnership, limited liability
company, joint venture, trust, incorporated organization, association, corporation, institution,
public benefit corporation or any other entity.

     “Promissory Note” means the non-interest bearing promissory note of Teekay Tankers in
favor of THL in the original principal amount of

 $                     .

     “Registration Rights Agreement” means the Registration Rights Agreement, to be entered
into between Teekay and Teekay Tankers, in substantially the form of Exhibit A attached
hereto.

     “Registration Statement” means the registration statement on Form F-1 (File No.
333-147798) filed by Teekay Tankers with the U.S. Securities and Exchange Commission relating to
the Offering, as it may be amended.

     “Suezmax Tankers” means, collectively, the four Suezmax-class oil tankers described on
Schedule 2 attached hereto.

     “Teekay Tankers Group” means, collectively, Teekay Tankers and its subsidiaries.

     “Underwriting Agreement” means the Underwriting Agreement, dated as of December ___,
2007, among the Underwriters, Teekay, Teekay Tankers and Teekay Tankers Management Services Ltd.

     “Underwriters” means the underwriters of the Offering.

ARTICLE II

CONTRIBUTIONS, OFFERING AND RELATED TRANSACTIONS

     2.1 Contribution and Conveyance. The Parties acknowledge and agree that each of the following
actions hereby occurs effective as of the beginning of December ___, 2007.

     2.1.1 Contribution by THL to Teekay Tankers of its Interests in the Contributed LLCs.
THL conveys its 100% ownership interest in each of the Contributed LLCs to Teekay Tankers
in exchange for (a) the issuance to THL by Teekay Tankers of (i) 2,499,000 shares of Class
A Common Stock, (ii) 12,500,000 shares of Class B Common Stock and (iii) the Promissory
Note and (b) the execution and delivery by Teekay Tankers to Teekay of the Registration
Rights Agreement.

Page 5

 

     2.1.2 Repayment by Teekay to Teekay Tankers of Inter-company Loan. Teekay repays the
Inter-company Loan by paying to Teekay Tankers the amount of the Inter-company Loan, and
Teekay Tankers is then treated as being the obligor to the Group 2 LLCs with respect to the
Inter-company Loan.

     2.2 Offering. The Parties acknowledge and agree that each of the following transactions
hereby occurs on December ___, 2007, following the completion of the transactions set forth in
Section 2.1.

     2.2.1 Closing of Offering. The public, through the Underwriters and pursuant to the
Underwriting Agreement, pays $                     (the “IPO Proceeds”) in cash to Teekay
Tankers in exchange for 10,000,000 shares of Class A Common Stock (excluding up to
1,500,000 shares of Class A Common Stock issuable upon the exercise, if any, by the
Underwriters of their over-allotment option under the Underwriting Agreement).

     2.2.2 Teekay Tankers Use of IPO Proceeds. Teekay Tankers applies the IPO Proceeds (a)
to pay the Underwriters’ discounts and commissions of $                     (which may be withheld by
the Underwriters from the IPO Proceeds as payment thereof), (b) to pay other Offering
expenses incurred by Teekay Tankers of approximately $2.0 million and (c) with respect to
the remaining IPO Proceeds, to repay the Promissory Note.

     2.3 Over-Allotment Option. The Parties acknowledge and agree that, upon any exercise by the
Underwriters of their over-allotment option under the Underwriting Agreement:

     2.3.1 Closing of Over-Allotment Exercise. The public, through the Underwriters and
pursuant to the Underwriting Agreement, shall pay $___ (the “Price to the Public”)
in cash to Teekay Tankers in exchange for each share of Class A Common Stock issued upon
exercise of the over-allotment option.

     2.3.2 Teekay Tankers Use of Over-Allotment Proceeds. Teekay Tankers shall apply the
over-allotment proceeds, together with any additional required funds of its own (a) to pay
the Underwriters’ discounts and
commissions related to such exercise of the over-allotment option as set forth in the
Underwriting Agreement (which may be withheld by the Underwriters from the
over-allotment-proceeds as payment thereof), (b) to pay any additional Offering expenses
incurred by Teekay Tankers and (c) to repurchase from THL the same number of shares of
Class A Common Stock for which the over-allotment is exercised by the Underwriters, at a
per share price equal to the Price to the Public.

Page 6

 

ARTICLE III

ASSUMPTION OF CERTAIN LIABILITIES

     Notwithstanding anything to the contrary contained in this Agreement, none of the Parties
shall be deemed to have assumed, and none of the Assets have been or are being contributed subject
to, any liens or security interests securing consensual indebtedness covering any of the Assets,
except that the Parties acknowledge that the Contributed Vessels and related assets are subject to
liens and security interests related to the Group 1 LLC Debt and the Group 2 LLC Debt.

ARTICLE IV

TITLE MATTERS

     4.1 Generally.

     (a) The Parties agree that the contribution and conveyance (by operation of law or otherwise)
of the various Assets are made expressly subject to all Laws of governmental authorities or
tribunals having or asserting jurisdiction over the Assets and operations conducted thereon or
therewith, in each case to the extent the same are valid and enforceable and affect the Assets.

     (b) To the extent that certain jurisdictions in which the Assets are located or deemed to be
located may require that documents be recorded in order to evidence the transfers of title
reflected in this Agreement, then the provisions set forth in Section 4.1(a) above shall also be
applicable to the conveyances under such documents.

     4.2 Disclaimer of Warranties; Subrogation; Waiver of Bulk Sales Laws.

     (a) EXCEPT TO THE EXTENT OTHERWISE PROVIDED IN THIS AGREEMENT OR ANY OTHER DOCUMENT EXECUTED
OR DELIVERED IN CONNECTION WITH THIS AGREEMENT OR THE OFFERING, THE PARTIES ACKNOWLEDGE AND AGREE
THAT NONE OF THE PARTIES HAS MADE, OR IS MAKING, 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, INCLUDING, WITHOUT LIMITATION,
THE ENVIRONMENTAL CONDITION OF THE ASSETS GENERALLY, INCLUDING, WITHOUT LIMITATION, THE PRESENCE OR
LACK OF HAZARDOUS SUBSTANCES OR OTHER MATTERS ON THE ASSETS, (B) THE INCOME TO BE DERIVED FROM THE
ASSETS,

Page 7

 

(C) THE SUITABILITY OF THE ASSETS FOR ANY AND ALL ACTIVITIES AND USES THAT MAY BE CONDUCTED
THEREON OR THEREWITH, (D) THE COMPLIANCE OF OR BY THE ASSETS OR THEIR OPERATION WITH ANY LAWS
(INCLUDING, WITHOUT LIMITATION, ANY ENVIRONMENTAL PROTECTION OR POLLUTION LAWS, RULES, REGULATIONS,
ORDERS OR REQUIREMENTS), OR (E) THE MERCHANTABILITY, MARKETABILITY, PROFITABILITY OR FITNESS FOR A
PARTICULAR PURPOSE OF THE ASSETS. EXCEPT TO THE EXTENT OTHERWISE PROVIDED IN THIS AGREEMENT OR ANY
OTHER DOCUMENT EXECUTED OR DELIVERED IN CONNECTION WITH THIS AGREEMENT OR THE OFFERING, EACH PARTY
ACKNOWLEDGES AND AGREES THAT (I) SUCH PARTY HAS HAD THE OPPORTUNITY TO INSPECT THE ASSETS, AND SUCH
PARTY IS RELYING SOLELY ON ITS OWN INVESTIGATION OF THE ASSETS AND NOT ON ANY INFORMATION PROVIDED
OR TO BE PROVIDED BY ANY OF THE OTHER PARTIES, (II) NONE OF THE PARTIES IS LIABLE OR BOUND IN ANY
MANNER BY ANY VERBAL OR WRITTEN STATEMENTS, REPRESENTATIONS OR INFORMATION PERTAINING TO THE ASSETS
FURNISHED BY ANY AGENT, EMPLOYEE, SERVANT OR THIRD PARTY, (III) TO THE MAXIMUM EXTENT PERMITTED BY
LAW, THE CONTRIBUTION OF THE ASSETS AS PROVIDED FOR HEREIN IS MADE IN AN “AS IS,” “WHERE IS”
CONDITION WITH ALL FAULTS, AND THE ASSETS ARE CONTRIBUTED AND CONVEYED SUBJECT TO ALL OF THE
MATTERS CONTAINED IN THIS SECTION. THIS SECTION SHALL SURVIVE SUCH CONTRIBUTION AND CONVEYANCE 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
THAT MAY ARISE PURSUANT TO ANY LAW NOW OR HEREAFTER IN EFFECT, OR OTHERWISE, EXCEPT AS OTHERWISE
SET FORTH IN THIS AGREEMENT OR ANY OTHER DOCUMENT EXECUTED OR DELIVERED IN CONNECTION WITH THIS
AGREEMENT OR THE OFFERING.

     (b) To the extent that certain jurisdictions in which the Assets are located or registered or
deemed to be located may require that documents be recorded in order to evidence the transfers of
title reflected in this Agreement, then the disclaimers set forth in Section 4.2(a) above shall
also be applicable to the conveyances under such documents.

Page 8

 

     (c) The contributions of the Assets made under this Agreement are made with full rights of
substitution and subrogation of the respective Parties receiving such contributions, and all
persons claiming by, through and under such Parties, to the extent assignable, in and to all
covenants and warranties by the predecessors-in-title of the Parties contributing the Assets, and
with full subrogation of all rights accruing under applicable statutes of limitation and all rights
of action of warranty against all former owners of the Assets.

     (d) Each of the Parties agrees that the disclaimers contained in this Section 4.2 are
“conspicuous” disclaimers. Any covenants implied by Law by the use of the words “grant,” “convey,”
“bargain,” “sell,” “assign,” “transfer,” “deliver” or “set over” or any of them, or any other words
used in this Agreement or any exhibits hereto, are hereby expressly disclaimed, waived and negated.

     (e) Each of the Parties hereby waives compliance with any applicable bulk sales law or any
similar Law in any applicable jurisdiction in respect of the transactions contemplated by this
Agreement.

ARTICLE V

INDEMNIFICATION

     5.1 Teekay Indemnification. Subject to the provisions of Section 5.2 and Section 5.3, Teekay
shall indemnify, defend and hold harmless the Teekay Tankers Group members from and against: (a)
any Covered Environmental Losses, to the extent that Teekay is notified by Teekay Tankers of a
claim for indemnification of any such Covered Environmental Losses within five (5) years after the
Effective Time; (b) Losses to the Teekay Tankers Group arising from (i) the failure of the Teekay
Tankers Group, immediately after the Effective Time, to be the owner of fee ownership interests in
and to any of the Assets as are necessary to enable the Teekay Tankers Group members to own and
operate such Assets in substantially the same manner that such Assets were owned and operated by
Teekay and its affiliates immediately prior to the Effective Time, or (ii) the failure of the
Teekay Tankers Group members to have as of the Effective Time any consent or governmental permit
necessary to allow the Teekay Tankers Group members to own and operate any of the Assets in
substantially the same manner that such Assets were owned and operated by Teekay and its affiliates
immediately prior to the Effective Time, in each of clauses (i) and (ii)
above, to the extent that Teekay is notified by Teekay Tankers of a claim for indemnification
for such Losses within three (3) years after the Effective Time; (c) all U.S. federal, state and
local and all foreign income tax liabilities attributable to the ownership or operation of any of
the Assets prior to the Effective Time, including any such income tax liabilities of Teekay or its
affiliates that may result from the consummation of the formation transactions for Teekay Tankers,
but excluding any

Page 9

 

U.S. federal, state and local and any foreign income taxes reserved on the books
of the Teekay Tankers Group members as of the Effective Time; (d) any events or conditions
attributable to or associated with ownership or operation of any assets, rights or interests of
Teekay or its affiliates (other than the Teekay Tankers Group) other than any of the Assets,
whether occurring before or after the Effective Time; and (e) any and all liabilities and
obligations of Teekay or its affiliates (other than the Teekay Tankers Group) of any and every kind
or character not assumed, directly or indirectly, by Teekay Tankers pursuant to this Agreement.

     5.2 Limitation Regarding Indemnification. The aggregate liability of Teekay under Section
5.1(a) above in connection with the Assets shall not exceed $10 million. Furthermore, no claim may
be made against Teekay for indemnification pursuant to Section 5.1(a) in connection with the Assets
unless the aggregate dollar amount of all claims for indemnification by the Teekay Tankers Group
pursuant to such section shall exceed $500,000, in which case Teekay shall be liable for claims for
indemnification only to the extent such aggregate amount exceeds $500,000.

     5.3 Indemnification Procedures.

     (a) Teekay Tankers agrees that within a reasonable period of time after it becomes aware of
facts giving rise to a claim for indemnification pursuant to Section 5.1, it will provide notice
thereof in writing to Teekay specifying the nature of and specific basis for such claim.

     (b) Teekay shall have the right to control all aspects of the defense of (and any
counterclaims with respect to) any claims of third parties brought against the Teekay Tankers Group
that are covered by the indemnification set forth in Section 5.1, 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 or delayed) of Teekay Tankers (with the concurrence of the Conflicts Committee of the
Teekay Tankers Board of Directors), unless it includes a full release of the Teekay Tankers Group
from such matter or issues, as the case may be.

     (c) Teekay Tankers agrees to cooperate fully with Teekay with respect to all aspects of the
defense of any claims covered by the indemnification set forth in Section 5.1, including, without
limitation, the prompt furnishing to Teekay of any correspondence or other notice relating thereto
that the Teekay Tankers Group may receive, permitting the names of the members of the Teekay
Tankers Group to be used in connection with such defense, the making available to Teekay of any
files, records or other information of the Teekay Tankers Group that Teekay considers

Page 10

 

relevant to
such defense and the making available to Teekay of any employees of the Teekay Tankers Group;
provided, however, that in connection therewith Teekay agrees to use reasonable efforts to minimize
the impact thereof on the operations of the Teekay Tankers Group and further agrees to maintain the
confidentiality of all files, records and other information furnished by Teekay Tankers pursuant to
this Section 5.3. In no event shall the obligation of the Teekay Tankers Group to cooperate with
Teekay as set forth in the immediately preceding sentence be construed as imposing upon the Teekay
Tankers 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 V; provided, however, that Teekay
Tankers may, at its own option, cost and expense, hire and pay for counsel in connection with any
such defense. Teekay agrees to keep any such counsel hired by Teekay Tankers reasonably informed
as to the status of any such defense (including, without limitation, providing such counsel with
such information related to any such defense as such counsel may reasonably request), but Teekay
shall have the right to retain sole control over such defense.

     (d) In determining the amount of any Loss for which any of the Teekay Tankers Group members
are entitled to indemnification under this Article V, the gross amount of the indemnification shall
be reduced by (i) any insurance proceeds realized by the Teekay Tankers Group, and such correlative
insurance benefit shall be net of any incremental insurance premium that becomes due and payable by
the Teekay Tankers Group as a result of such claim, and (ii) all amounts recovered by the Teekay
Tankers Group under contractual indemnities from third Persons. Teekay Tankers 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 Teekay Tankers
Group in connection with such efforts shall be promptly reimbursed by Teekay in advance of any
determination of whether such insurance proceeds or other amounts will be recoverable.

ARTICLE VI

FURTHER ASSURANCES

     6.1 Further Assurances. From time to time after the date hereof, 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

Page 11

 

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.

     6.2 Power of Attorney. Each Party that has conveyed any Assets (the “Conveyed
Assets”) as reflected by this Agreement (collectively, the “Conveying Parties”) hereby
constitutes and appoints Teekay Tankers (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 Conveyed Assets
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 Conveyed Assets, (b) defend and compromise any and all actions, suits or proceedings
in respect of any of the Conveyed Assets, 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.

     6.3 Other Assurances. From time to time after the date hereof, and without any further
consideration, each of the Parties shall execute, acknowledge and deliver all such additional
instruments, notices and other documents, and will do all such other acts and things, all in
accordance with applicable Law, as may be necessary or
appropriate to more fully and effectively carry out the purposes and intent of this Agreement.
It is the express intent of the Parties that Teekay Tankers or its subsidiaries own all assets
necessary to operate the Assets that are identified in this Agreement and in the Registration
Statement. To the extent any assets were not identified but are necessary to the operation of such
Assets that were identified, then the intent of the Parties is that all such unidentified assets
are intended to be conveyed to the appropriate Parties to this Agreement or their subsidiaries. To
the extent such assets are identified at a later date, the Parties shall take the appropriate
actions required in order to convey all such assets to the appropriate Parties to this Agreement or
their subsidiaries. Likewise, to the extent that assets are identified at a later date that were
not intended by the parties to be conveyed as reflected in this Agreement or

Page 12

 

the Registration
Statement, the Parties shall take the appropriate actions required in order to convey all such
assets to the appropriate party.

     6.4 Consents; Restriction on Assignment. Notwithstanding anything to the contrary, if there
are prohibitions against or conditions to the contribution and conveyance of one or more of the
Assets without the prior written consent of third parties, including, without limitation,
governmental agencies (other than consents of a ministerial nature which are normally granted in
the ordinary course of business), which if not satisfied would result in a breach of such
prohibitions or conditions or would give an outside party the right to terminate rights of the
Party to whom the applicable Assets were intended to be conveyed (the “Beneficial Owner”)
with respect to such portion of the Assets (herein called a “Restriction”), then any
provision contained in this Agreement to the contrary notwithstanding, the transfer of title to or
interest in each such portion of the Assets (herein called the “Restriction Asset”)
pursuant to this Agreement shall not become effective unless and until such Restriction is
satisfied, waived or no longer applies. When and if such a Restriction is so satisfied, waived or
no longer applies, to the extent permitted by applicable Law and any applicable contractual
provisions, the assignment of the Restriction Asset subject thereto shall become effective
automatically as of the Effective Time, without further action on the part of any Party. Each of
the applicable Parties that is involved with the conveyance of a Restriction Asset agrees to use
commercially reasonable efforts to obtain on a timely basis satisfaction of any Restriction
applicable to any Restriction Asset conveyed by or acquired by any of them. The description of any
portion of the Assets as a “Restriction Asset” shall not be construed as an admission that any
Restriction exists with respect to the transfer of such portion of the Assets. In the event that
any Restriction Asset exists, the applicable Party agrees to continue to hold such Restriction
Asset in trust for the exclusive benefit of the applicable Party to whom such Restriction Asset was
intended to be conveyed and to otherwise use commercially reasonable efforts to provide such other
Party with the benefits thereof, and the party holding such Restriction Asset will enter into other
agreements, or take such other action as it may deem necessary, in order to ensure that the
applicable Party to whom such Restriction Asset was intended to be conveyed has the assets and
concomitant rights necessary to enable the applicable Party to operate such Restriction Asset in
all material respects as it was operated prior to the Effective Time. Furthermore, in such event
the applicable Party to whom such Restriction Asset was intended to be conveyed agrees to assume
such liabilities and perform such obligations relating to such Restriction Asset as if it had been
conveyed at the Effective Time.

Page 13

 

ARTICLE VII

OPTION TO PURCHASE SUEZMAX TANKERS

     7.1 Offer. Within 18 months after the Effective Time, Teekay shall offer (or cause to be
offered) to Teekay Tankers in writing the opportunity for Teekay Tankers (or any member of the
Teekay Tankers Group) to purchase each of the Suezmax Tankers, together with any related
time-charter contracts (collectively, the “Offered Assets”), at the respective fair market
value of the Offered Assets as of the time such offer is delivered to Teekay Tankers and on other
commercially reasonable terms in accordance with this Article VII (each, an “Offer”). The
Offered Assets may be offered by Teekay individually, in groups or all at once, provided that all
of the Offered Assets are subject to Offers within 18 months of the Effective Time. Prior to
submitting an Offer to Teekay Tankers, Teekay shall engage an independent ship broker to determine
the fair market value of the applicable Offered Assets. Each Offer shall set forth the proposed
terms relating to the purchase of the applicable Offered Assets by Teekay Tankers (or any member of
the Teekay Tankers Group), including, without limitation, the purchase price for the Offered Assets
and any liabilities to be assumed by Teekay Tankers as part of the Offer (each on a per vessel
basis), and the Offer shall be accompanied by materials reflecting the fair market value
determination of the Offered Assets as described above.

     7.2 Election to Purchase. As soon as practicable after an Offer is made to Teekay Tankers,
Teekay shall deliver (or cause to be delivered) to Teekay Tankers all information prepared by or on
behalf of or in the possession of Teekay or its affiliates relating to the Offered Assets and
reasonably requested by Teekay Tankers. As soon as practicable, but in any event within 30 days
after receipt of an Offer, Teekay Tankers shall notify Teekay in writing that:

     (a) Teekay Tankers (with the concurrence of the Conflicts Committee of its Board of Directors)
has elected not to purchase (or not to cause any other Teekay Tankers Group members to purchase)
any of the applicable Offered Assets; or

     (b) Teekay Tankers (with the concurrence of the Conflicts Committee of its Board of Directors)
has elected to purchase (or to cause any other Teekay Tankers
Group member to purchase) some or all of the applicable Offered Assets (an “Election to
Purchase”), in which event (i) such notice shall identify the Offered Assets elected to be
purchased by Teekay Tankers and (ii) the procedures set forth in Section 7.3 below shall be
followed with respect to such Offered Assets.

     7.3 Purchase. In the event of Teekay Tanker’s election to purchase Offered Assets pursuant to
Section 7.2(b):

Page 14

 

     (a) Teekay and Teekay Tankers shall negotiate in good faith to reach agreement on the terms
of the transaction other than the purchase price for the applicable Offered Assets. If Teekay and
Teekay Tankers agree (with the concurrence of the Conflicts Committee of the Teekay Tankers Board
of Directors) on such other terms during the 30-day period following Teekay’s receipt of the
applicable Election to Purchase (the “Offer Period”), Teekay Tankers shall purchase (or
cause any of its other Teekay Tankers Group members to purchase) the applicable Offered Assets at a
purchase price equal to the applicable fair market value thereof and on such other terms as agreed
to between Teekay and Teekay Tankers, as soon as commercially practicable after such agreement has
been reached.

     (b) If Teekay and Teekay Tankers are unable to agree on the terms of the offer other than the
purchase price for the applicable Offered Assets during the Offer Period, Teekay shall be entitled
to terminate negotiations with Teekay Tankers and terminate the proposed purchase of the Offered
Assets.

     7.4 Failure to Close Purchase Transaction. If (a) Teekay Tanker’s declines to purchase any
Offered Assets or (b) Teekay terminates the proposed transaction pursuant to Section 7.3(b) with
respect to any Offered Assets, Teekay and its affiliates other than the Teekay Tankers Group shall
be forever free to continue to own, operate and charter such Offered Assets or to sell or transfer
such Offered Assets to a third party; provided, however, that a sale or transfer of such Offered
Assets at any time within 180 days after Teekay Tanker’s declining to purchase such Offered Assets
or Teekay’s termination of the proposed transaction, as applicable, shall only be permitted if the
purchase price to such third party for such Offered Assets is not lower than the purchase price for
such Offered Assets offered to Teekay Tankers in the Offer.

ARTICLE VIII

ALLOCATION OF BUSINESS OPPORTUNITIES

     8.1 Allocation of Business Opportunities. In order to induce Teekay to cause the transactions
pursuant to Section 2.1 to be consummated, Teekay Tankers hereby agrees with Teekay that:

     (a) Teekay and its affiliates other than the Teekay Tankers Group members may engage (and
shall have no duty to refrain from engaging) in the same or similar activities or lines of business
as the Teekay Tankers Group members, and none of the Teekay Tankers Group members shall be deemed
to have an interest or expectancy in any business opportunity, transaction or other matter
(including, without limitation, any opportunity to charter out, charter in or acquire oil tankers
or to acquire oil tanker businesses) (each such opportunity, transaction or other matter being a
“Business

Page 15

 

Opportunity”) in which Teekay or any of its affiliates other than the Teekay
Tankers Group members engages or seeks to engage merely because any Teekay Tankers Group member
engages in the same or similar activities or lines of business as that involved in or implicated by
such Business Opportunity;

     (b) if Teekay or any of its affiliates other than the Teekay Tankers Group members (whether
through the Manager, any directors or officers of Teekay or any of its affiliates other than the
Teekay Tankers Group members who are also directors or officers of any Teekay Tankers Group member,
or otherwise) acquires knowledge of a potential Business Opportunity that may be deemed to
constitute a corporate opportunity of both Teekay and a Teekay Tankers Group member, then (i) none
of Teekay, the Manager or any of such officers or directors shall have any duty to communicate or
offer such Business Opportunity to any Teekay Tankers Group member and (ii) Teekay may pursue or
acquire such Business Opportunity for itself or direct such Business Opportunity to another person
or entity; and

     (c) any Business Opportunity of which (i) the Manager or (ii) any person who is an officer or
director of Teekay or any of its affiliates other than the Teekay Tankers Group members who is also
a director or officer of any Teekay Tankers Group member becomes aware shall be a Business
Opportunity of Teekay.

     8.2 Termination Rights. Notwithstanding anything in this Agreement to the contrary, this
Article VIII shall automatically terminate, expire and have no further force and effect on the date
that (a) Teekay and its affiliates other than the Teekay Tankers Group members cease to
beneficially own shares of Class A Common Stock and Class B Common Stock representing at least 20%
of the total voting power of all voting stock of Teekay Tankers and (b) no person who is a director
or officer of any Teekay Tankers Group member is also a director or officer of Teekay or any of its
affiliates other than the Teekay Tankers Group members. No addition to, alteration of or
termination of this Article VIII shall eliminate or impair the effect of this Article VIII on any
act, omission, right or liability that occurred prior thereto.

     8.3 Definitions. For purposes of this Article VIII only (a) the term “Teekay Tankers Group”
shall mean Teekay Tankers and all persons or entities in which
Teekay Tankers beneficially owns, directly or indirectly, 50% or more of the outstanding
voting stock, voting power, partnership interests or similar voting interests, and (b) the term
“Teekay” shall mean Teekay and all persons or entities (other than the Teekay Tankers Group, as
defined in accordance with clause (a) of this Section 8.3) (i) in which Teekay beneficially owns,
directly or indirectly, 50% or more of the outstanding voting stock, voting power, partnership
interests or similar voting interests or (ii) which otherwise are affiliates of Teekay.

Page 16

 

ARTICLE IX

MISCELLANEOUS

     9.1 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 Articles VII and VIII, and that any breach by any such Party of its covenants and agreements set
forth in Article VII or VIII 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 Article VII or VIII
of this Agreement.

     9.2 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 hereof. 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
hereto after the date of this Agreement.

     9.3 Costs. Teekay Tankers 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.
In addition, Teekay Tankers shall be responsible for all costs, liabilities and expenses
(including, without limitation, court costs and reasonable attorneys’ fees) incurred in connection
with the satisfaction or waiver of any Restriction pursuant to Section 6.4 to the extent such
Restriction was disclosed in writing to Teekay Tankers on or before the date of this Agreement.

     9.4 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 and not to any particular provision of this
Agreement. All references herein to Articles and Sections shall, unless the context requires a
different construction, be deemed to be references to the Articles and Sections of this Agreement,
respectively. 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

Page 17

 

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.

     9.5 Successors and Assigns. The Agreement shall be binding upon and inure to the benefit of
the Parties and their respective successors and assigns.

     9.6 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.

     9.7 Counterparts. This Agreement may be executed in any number of counterparts, all of which
together shall constitute one agreement binding on the parties hereto.

     9.8 Governing Law. This Agreement shall be governed by, and construed in accordance with, the
laws of the State of New York, 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 Assets are located or registered, shall apply.

     9.9 Severability. If any of the provisions of this Agreement is 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 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.

     9.10 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 Assets.

     9.11 Amendment or Modification. This Agreement may be amended or modified from time to time
only by the written agreement of all the Parties hereto;

Page 18

 

provided, however, that the prior approval
of the Conflicts Committee of the Board of Directors of Teekay Tankers shall be required for any
proposed amendment that would, in the reasonable determination of Teekay Tankers’ Board of
Directors, adversely affect the holders of Class A Common Stock (other than Teekay).

[Remainder of Page Intentionally Left Blank]

Page 19

 

     IN WITNESS WHEREOF, this Contribution, Conveyance and Assumption Agreement has been duly
executed by the parties set forth below.

	 	 	 	 	 
	 	TEEKAY CORPORATION

 	 
	 	By:  	 	 
	 	Name:  	 	 
	 	Title:  	 	 
	 

	 	 	 	 	 
	 	TEEKAY HOLDINGS LIMITED

 	 
	 	By:  	 	 
	 	Name:  	 	 
	 	Title:  	 	 
	 

	 	 	 	 	 
	 	TEEKAY TANKERS LTD.

 	 
	 	By:  	 	 
	 	Name:  	 	 
	 	Title:  	 	 

Page 20

 

	 	 	 	 	 

SCHEDULE 1

CONTRIBUTED VESSELS

     The following table lists the Contributed Vessels that are owned by the Contributed LLCs,
which will be contributed to Teekay Tankers pursuant to the foregoing Contribution, Conveyance and
Assumption Agreement. The following Contributed LLCs are the owners of the respective vessels
listed below: Erik Spirit L.L.C., Matterhorn Spirit L.L.C., Everest Spirit Holding L.L.C., Falster
Spirit Holding L.L.C., Kanata Spirit Holding L.L.C., Kareela Spirit Holding L.L.C., Kyeema Spirit
Holding L.L.C., Nassau Spirit Holding L.L.C. and Sotra Spirit Holding L.L.C.

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Capacity	 	 	 	Current	 	Current	 	Expiration	 	Intended
	Vessel	 	(dwt)(1)	 	Built	 	Employment	 	Charterer	 	of Charter	 	Flag
	Erik Spirit
	 	 	115,500	 	 	2005	 	Time charter	 	ConocoPhillips	 	Dec. 2010(2)	 	Bahamas
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Matterhorn Spirit
	 	 	114,800	 	 	2005	 	Time charter	 	Eiger Shipping	 	Dec. 2009(2)	 	Bahamas
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Everest Spirit
	 	 	115,000	 	 	2004	 	Pool	 	—	 	—	 	Bahamas
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Kanata Spirit
	 	 	113,000	 	 	1999	 	Time charter	 	Sabic	 	May 2008	 	Bahamas
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Kareela Spirit
	 	 	113,100	 	 	1999	 	Pool	 	—	 	—	 	Bahamas
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Kyeema Spirit
	 	 	113,300	 	 	1999	 	Pool	 	—	 	—	 	Bahamas
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Nassau Spirit
	 	 	107,100	 	 	1999	 	Pool	 	—	 	—	 	Bahamas
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Falster Spirit
	 	 	95,400	 	 	1995	 	Time charter	 	Skaugen PetroTrans	 	July 2008	 	Bahamas
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Sotra Spirit
	 	 	95,400	 	 	1995	 	Pool	 	—	 	—	 	Bahamas

 

			
	(1)	 	Deadweight tonnes.
	 
	(2)	 	Time charter begins in December 2007.

Page 21

 

SCHEDULE 2

SUEZMAX TANKERS

     The following table lists the Suezmax Tankers that will be offered to Teekay Tankers pursuant
to Article VII of the foregoing Contribution, Conveyance and Assumption Agreement.

	 	 	 	 	 	 	 	 	 	 	 
	 	 	Capacity	 	 	 	Current	 	Current	 	 
	Vessel	 	(dwt)(1)	 	Built	 	Employment	 	Charterer	 	Flag
	[TANKER NO. 1]

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	[TANKER NO. 2]
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	[TANKER NO. 3]
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	[TANKER NO. 4]
	 	 	 	 	 	 	 	 	 	 

 

			
	(1)	 	Deadweight tonnes.

Page 22

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