Document:

Exhibit 10.22

 

Dated     , 2014

 

GAS-SEVENTEEN LTD.

 

and

 

GASLOG LNG SERVICES LTD.

 

AMENDED AND RESTATED

 

SHIP MANAGEMENT AGREEMENT

 

in respect of the Vessel, “METHANE
JANE ELIZABETH”

    	 

    	

    

TABLE OF CONTENTS

 

	CLAUSE NO.	PAGE
	 	 
	1.	DEFINITIONS AND INTERPRETATION	1
	2.	APPOINTMENT OF MANAGERS	6
	3.	MANAGEMENT SERVICES	6
	4.	MANAGERS’ OBLIGATIONS	17
	5.	OWNERS’ OBLIGATIONS	18
	6.	INSURANCE POLICIES	18
	7.	MANAGEMENT FEE	19
	8.	VESSEL EXPENSES	21
	9.	MANAGERS’ RIGHT TO SUB-CONTRACT	21
	10.	RESPONSIBILITIES	22
	11.	DOCUMENTATION	23
	12.	DEPLOYMENT OF THE VESSEL	24
	13.	AUDITING	25
	14.	INSPECTION OF VESSEL	25
	15.	COMPLIANCE WITH LAWS AND REGULATIONS ETC.	25
	16.	DURATION OF THE AGREEMENT	25
	17.	TERMINATION	25
	18.	MISCELLANEOUS	27
	19.	LAW AND ARBITRATION	28
	20.	NOTICES AND BANK ACCOUNTS	28

 

ANNEX “A”

DETAILS OF VESSEL

 

ANNEX “B”

DETAILS OF CREW / OFFICERS RATINGS

 

ANNEX “C”

INITIAL BUDGET

 

ANNEX “D”

OPERATIONAL AND MAINTENANCE PROTOCOL

 

ANNEX “E”

PERMANENT INSTRUCTIONS

    	 

    	

    

ANNEX “F’

FORM OF ACCOUNTING SYSTEM

 

ANNEX “G”

CONFIDENTIALITY AGREEMENT

 

ANNEX “H”

INCENTIVE BONUS PLAN

 

ANNEX “I”

PRIMARY TERMINALS

    	ii

    	

    

THIS SHIP MANAGEMENT AGREEMENT
is made the ___th day of ___, 2014

 

	BETWEEN:
	 	 
	(1)	GAS-seventeen Ltd., a company incorporated under the laws of Bermuda and having its registered
    office at Clarendon House, 2 Church Street, Hamilton, HM11, Bermuda (the “Owners”);
	 	 
	(2)	GasLog LNG Services Ltd., a company incorporated in Bermuda
    and having a branch office at 69 Akti Miaouli, Piraeus GR 18537, Greece (the “Managers”).
	 	 
	WHEREAS:
	 	 
	(A)	On April 10, 2014, Gas-seventeen Ltd. and GasLog Ltd. entered into that certain
    Ship Management Agreement.
	 	 
	(B)	The Owners, as of the Effective Date, are the registered owners of
    the 145,673.085m3 Liquefied Natural Gas Carrier “METHANE JANE ELIZABETH” (the “Vessel”)
    as more particularly described in Annex “A” hereto and wish to engage the Managers to manage and operate the Vessel;
	 	 
	(B)	The Managers, being fully experienced, qualified and able vessel managers,
    wish to manage and operate the Vessel subject to and in accordance with the terms set out in this Agreement.
	 	 
	IT IS AGREED AS FOLLOWS:
	 	 
	1.	DEFINITIONS AND INTERPRETATION
	 	 
	1.1.	Definitions
	 	 
	 	In this Agreement save where the context otherwise requires, the following words and expressions
    shall have the meanings hereby assigned to them:
	 	 
	 	“Affiliate” means any entity which, directly or indirectly, through one or
    more intermediaries, Controls or is Controlled by, or is under common Control with that party;
	 	 
	 	“Agreement” means this ship management agreement
    including the Annexes attached hereto as amended from time to time in accordance with the
    terms hereof;
	 	 
	 	“Annual Budget” shall have the meaning ascribed
    to it in Clause 3.3.2 below;
	 	 
	 	“Charter” means any future charter entered into
    between the Owners and any future charterer of the Vessel notified to the Managers pursuant to Clause 5.3;
	 	 
	 	“Charterers” means any future charterers of
    the Vessel notified to the Managers pursuant to Clause 5.3;

    	 

    	

    

“Communication Expenses”
means the costs incurred by the Managers in performing the Management Services and for the account of the Owners in respect
of all communications between the shore and the Vessel as detailed in the Annual Budget;

 

“Control” and
“Controlled” mean the holding of power to direct or cause the direction of management, policies and decisions
of a company, corporation, partnership or other entity including, without limitation, through control by direct or indirect means
of not less than fifty per cent (50%) of the voting rights in such company, corporation, partnership or other entity;

 

“Crew”
means the Officers and Ratings and any other individual who has signed Articles on the Vessel and is employed from
time to time by the Managers under Managers’ obligation to provide the Management Services;

 

“Crew
Insurances” means insurances against crew risks which shall include, but not be limited to, death, sickness, repatriation,
injury, shipwreck and loss of personal effects;

 

“Crew
Support Costs” means all expenses of a general nature which are not particularly referable to any individual vessel
for the time being managed by the Managers and which are incurred by the Managers for the purpose of providing efficient and economic
Management Services and, without prejudice to the generality of the foregoing, shall include
the cost of crew standby pay, training schemes for officers and ratings, cadet training schemes, sick pay, study pay, recruitment
and interviews;

 

“Dollar” or
“US$” means the currency of the United States of America;

 

“EDP
Expenses” means the costs of any new computer software or hardware (including licensing,
maintenance, installation and training costs) that may be installed or developed, in relation to the Vessel;

 

“Effective Date”
means the date of this Agreement;

 

“Emergency
Situation” means an emergency situation that:

 

	 	(i)	involves a threat to human life;
	 	 	 
	 	(ii)	involves a risk of loss of the Vessel or its cargo or of serious damage
    to the Vessel;
	 	 	 
	 	(iii)	involves a risk of the Vessel causing
    serious environmental damage;
	 	 	 
	 	(iv)	involves a risk of the Vessel being
    stolen, impounded or seized; or
	 	 	 
	 	(v)	involves a security or safety risk
    to the Vessel, such as but not limited to terrorism, piracy, etc.

    	2

    	

    

“Flag Administration
/ State” shall mean such state or registry as the Owners shall from time to time specify;

 

“HSSE Report”
means a report on the health, safety, security and environmental status of the Vessel (together with relevant statistics)
and including details of any specific health, safety, security and/or environmental incidents prepared in accordance with Clause
3.4.9;

 

“Incentive Bonus”
means the bonus payable by the Owners to the Managers in accordance with Clause 7.7;

 

“ISM Code” means
the International Ship Management Code for the Safe Operation of Ships and for Pollution Prevention as adopted by the International
Maritime Organisation (IMO) by resolution A.741(18) as amended from time to time;

 

“ISPS Code” means
the International Ship and Port Facility Security Code adopted by the International Maritime Organization Assembly as the same
may have been or may be amended or supplemented from time to time;

 

“Maintenance Schedule”
means a schedule referred to in Clause 3.2.1(iii) detailing the maintenance required for the Vessel for the period from delivery
to the next dry-docking of the Vessel thereafter for each subsequent 30 month period to coincide with Classification Society Intermediate
Survey;

 

“Managed Fleet”
means all vessels owned, leased, or chartered by Owners or Owners’ Affiliates and managed by Managers pursuant to a
ship management agreement or similar arrangement;

 

“Management Fee”
means the fee payable by the Owners to the Managers in consideration of the Management Services, as specified in Clauses 7.1
to 7.3 and as adjusted pursuant to Clause 7.4;

 

“Management Services”
means the services specified in Clause 3;

 

“Managers’ Account”
means the bank account in the name of the Managers as specified in Clause 20.3, or such other bank account of the Managers
as may be notified to the Owners from time to time;

 

“MTSA Code” means
the Maritime Transportation Security Act as enacted by the United States of America as the same may have been amended or supplemented
from time to time;

 

“Officers” means
the Master and the officers (including, but not limited to, the Senior Officers) of the Vessel, whose numbers, rank and nationality
are currently specified in Annex “B” attached hereto, as updated from time to time;

    	3

    	

    

“OPA 90” means
the Oil Pollution Act of 1990 as enacted by the United States of America as the same may have been amended or supplemented from
time to time;

 

“Operational and Maintenance
Protocol” means the protocol set forth on Annex “D” attached hereto;

 

“Operational Costs”
means costs and expenses incurred by the Managers on behalf of the Owners to operate and maintain the Vessel including Communication
Expenses and EDP Expenses;

 

“Owners’ Insurances”
means the insurance policies to be procured by the Owners in respect of the Vessel and as described in Clause 6.1(i), (ii),
(iii), and (iv);

 

“Permanent Instructions”
means the instructions relating to the operational procedures for communications between the Owners, Charterers and the Crew
as currently specified in Annex “E” attached hereto which may be amended pursuant to Clause 12.2;

 

“Quality Assurance &
Quality Management System” shall have the meaning ascribed to it in Clause 3.8.1;

 

“Ratings” means
the ratings of the Vessel, whose numbers, rank and nationality are currently specified in Annex “B” as updated
from time to time;

 

“Review Date”
means January 1;

 

“Senior Officer”
means the following positions or roles on the Vessel:

 

	 	(i)	the Master;
	 	 	 
	 	(ii)	the Chief Engineer;
	 	 	 
	 	(iii)	the Chief Officer;
	 	 	 
	 	(iv)	the Second Engineer; or
	 	 	 
	 	(v)	any other person whose rank or role on the vessel is required and
    designated as Senior Officer by the Flag Administration

 

“Severance Costs”
means the costs which the Managers as employers of the Crew are legally obliged to pay, and actually do pay, to or in respect
of the Crew as a result of the early termination of any employment contract for service on the Vessel;

 

“SMS” means
a safety management system which complies with all laws, rules and regulations, and with all the codes, guidelines and standards
recommended by the International Maritime Organization (including without limitation, the ISM

    	4

    	

    

Code), any relevant flag state
and the classification society and approved by Owners, which may from time to time be applicable to the Vessel and/or the Owners
and/or the Managers, and which is otherwise appropriate having regard to the Managers’ obligations under this Agreement;

 

“SOPEP” means
the shipboard oil pollution emergency plan in the form approved by the Marine Environment Protection Committee of the International
Maritime Organization pursuant to the requirements of Regulations 25 of Annex H of the International Convention of the
Protection of Pollution from Ships, 1973, as modified by the Protocol of 1989 relating thereto, as amended (MARPOL 73/78);

 

“STCW 95” means
the International Convention on Standards of Training, Certification and Watch-keeping for Seafarers, 1978, as amended in 1995
or any subsequent amendment thereto;

 

“Supplementary Budget”
shall have the meaning ascribed to it in Clause 3.3.4 below;

 

“Training Matrix”
means the most updated Training Matrix as mutually agreed between the parties, as amended, supplemented or updated from time
to time;

 

“Vessel Account”
means a bank account in the name of the Managers opened and operated in accordance with Clause 8.4, the details of which shall
be notified to the Owners from time to time;

 

“Vessel Condition Report”
means a report detailing the physical condition, the progress of the Maintenance Schedule and the performance of the Vessel;

 

“Vessel Data”
means all records, invoices, logs, certificates and performance and maintenance data relating to the Vessel and all correspondence
and documentation generated, collected or compiled during the provision of the Management Services by either former managers of
the Vessel and given to the Managers, or by the Managers, to enable the Owners to effectively operate, manage or sell the Vessel,
but excluding the Managers’ internal correspondence and any correspondence (other than invoices) between the Managers and
their suppliers;

 

“Working Day”
means a day when most banks are open for business in London, New York, Athens, and country of location of relevant bank accounts
of Owners.

 

	1.2.	Interpretation
	 	 
	1.2.1.	“Owners”, “Managers” and “Charterers”
    include their respective successors and assigns.
	 	 
	1.2.2.	Clause headings are inserted for convenience and shall
    be ignored in construing this Agreement.

    	5

    	

    

	1.2.3.	Unless the context otherwise requires, words
    denoting the singular number include the plural number and vice versa.
	 	 
	1.2.4.	References to clauses and annexes are to Clauses and Annexes
    of this Agreement except where otherwise expressly stated.
	 	 
	1.2.5.	Reference to any document includes the same as varied,
    supplemented or replaced from time to time.
	 	 
	1.2.6.	References to any enactment include any re-enactments,
    amendments and extensions thereof.
	 	 
	2.	APPOINTMENT OF MANAGERS
	 	 
	2.1.	From the Effective Date and continuing, unless and until
    terminated as provided herein, the Owners hereby appoint the Managers and the Managers hereby agree to act as managers of
    the Vessel.
	 	 
	2.2.	Subject to the terms and conditions contained herein,
    during the period of this Agreement, the Managers shall carry out the Management Services as agents for and on behalf of the
    Owners. The Managers shall have authority to take such actions as they may from time to time consider necessary to enable
    them to perform their duties and obligations as set out in this Agreement in accordance with first class LNG ship management
    practice within the limits of authority delegated to them hereunder.
	 	 
	3.	MANAGEMENT SERVICES
	 	 
	3.1.	Crew Management
	 	 
	3.1.1.	The Managers shall provide suitably and adequately qualified
    Crew for the Vessel in accordance with any requirements of the Owners, as described in the Operational and Maintenance Protocol
    set forth on Annex “D”, and the provisions of the STCW 95 and the requirements of this Agreement.
	 	 
	3.1.2.	The Managers shall be responsible for:

  

	 	(i)	selecting, with Owners’ approval, which
    may be expressed from time to time in the form of standing instructions to the Managers for specific experience and qualification
    criteria pertaining to the Crew, including but not limited to the Training Matrix, and engaging the Crew (subject to the provisions
    of Clause 3.1.6 below) for the Vessel including payroll arrangements, pension administration, and insurances for the Crew
    other than those mentioned in Clause 6;
	 	 	 
	 	(ii)	ensuring at all times the availability and supply of an
    adequate complement of Crew (including Master, Officers and Ratings complying with Annex “B”) relative
    to the particular operational status and size of the

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	 	 	Vessel;
	 	 	 
	 	(iii)	ensuring that the applicable requirements of the law of
    the flag of the Vessel are satisfied in respect of manning levels, rank, qualification and certification of the Crew and employment
    regulations (including those standards set forth by the International Transport Workers’ Federation (ITF)) pertaining
    to Crew’s tax, payroll, social insurance, welfare, discipline and other applicable requirements;
	 	 	 
	 	(iv)	ensuring that all members of the Crew have passed a medical
    examination with a qualified doctor certifying that they are fit for the duties for which they are engaged and are in possession
    of valid medical certificates issued in accordance with appropriate flag state requirements. In the absence of applicable
    Flag State requirements the medical certificate shall be dated not more than three months prior to the respective Crew member
    leaving their country of domicile and maintained for the duration of his service on board the Vessel;
	 	 	 
	 	(v)	ensuring that the Crew shall have a command of the English
    language of a sufficient standard to enable them to perform their duties safely;
	 	 	 
	 	(vi)	arranging transportation of the Crew, including repatriation,
    at Owners’ cost, unless otherwise arranged by Owners;
	 	 	 
	 	(vii)	providing continuing training of the Crew and supervising
    their efficiency and competence, consistent with Owners’ requirements but in any event never less than the applicable
    international or Flag State standard for LNG vessels;
	 	 	 
	 	(viii)	whenever the Vessel is operational, issuing instructions
    to the Master in accordance with the requirements of the Owners or Charterers, to trade along the most geographically direct,
    economical and safe route (except for any justifiable deviation allowed under English common law or the Hague Visby Rules
    and including all deviations that may be necessary in an Emergency Situation) and ensuring the Vessel is worked at a fuel-efficient
    speed consistent both with port arrival instructions given by the Owners and/or Charterers and with sea conditions;
	 	 	 
	 	(ix)	issuing instructions to the Master to keep full and correct
    log books and furnishing the Owners with true and accurate copies of such log books when required;
	 	 	 
	 	(x)	conducting union negotiations (if applicable);
	 	 	 
	 	(xi)	operating a drug and alcohol policy, prepared by the Managers
    and approved by the Owners (such approval not to be unreasonably withheld or delayed), which includes, as a minimum, the principles
    set forth in the “Guidelines for the Control of Drugs and Alcohol Aboard Ship” of the Oil

    	7

    	

    

	 	 	Companies International Marine Forum dated
    June 1995 (and in an amendments or successors thereto);
	 	 	 
	 	(xii)	ensuring that the Crew and any other person on board the
    Vessel proceeding to sea shall be insured for the Crew Insurances with a first class insurance company, underwriter or protection
    and indemnity association (the “Crew Insurances”);
	 	 	 
	 	(xiii)	ensuring that all premiums or calls in respect of the
    Crew Insurances are paid promptly by their due date; and
	 	 	 
	 	(xiv)	ensuring that the Crew Insurances shall name the Owners
    as co-assured (unless advised by the Owners to the contrary).

  

	3.1.3.	The Managers shall appoint a superintendent
    (ship manager) to be responsible for the day to day operation, maintenance and repair of the Vessel, the cost of which shall,
    subject to Clause 7.4, be included in the Management Fee. Should the Owners have reason to be dissatisfied with the superintendent
    so appointed, they shall raise their complaint with the Managers. The Managers shall investigate any such complaint promptly
    and, should the complaint prove to be well founded, the Managers shall replace such superintendent at no extra cost to the
    Owners.
	 	 
	3.1.4.	The Managers shall institute onboard and shall ensure
    onboard compliance with a uniform standard of dress amongst the crew and officers, and uniform credentialing or identification
    of all Crew and Officers.
	 	 
	3.1.5.	Should the Owners have any reason to be dissatisfied with
    any of the Crew, they shall raise their complaint with the Managers. The Managers shall investigate the complaint promptly
    and, should the complaint be well founded, the Managers shall replace the Crew member in question and undertake changes in
    the appointment of the Crew as the Owners may reasonably require.
	 	 
	3.1.6.	The Managers shall employ the Crew in their name and for
    their own account and, for the avoidance of doubt, the Managers do not have authority to conclude or enter into contracts
    of employment with the Crew for and on behalf of the Owners and shall indemnify and hold harmless the Owners against all actions,
    proceedings, claims, demands or liabilities whatsoever and howsoever arising from the Managers’ breach of this Clause
    3.1.6 or in relation to any disputes relating to Crew contracts of employment.
	 	 
	3.1.7.	Except as allowed in clause 3.1.2(i), the Managers may
    not appoint any Senior Officers without the prior approval of the Owners (which shall not be unreasonably withheld or delayed),
    except that in the event that a shortage of crew would be likely to result under the terms of the Charter:

  

	 	(i)	in the Vessel going off hire under its Charter;
    or
	 	 	 
	 	(ii)	an Emergency Situation;

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and in such circumstances it
is not practical for the Managers to wait for Owners’ approval, the Managers may make such temporary appointments as they
deem necessary; however, the Vessel’s manning shall always remain in compliance with the regulations of the Flag State’s
minimum manning requirements. Officers CV and accomplished Training Matrix should be provided to the Owners for reviewing prior
promotion or assignment to a Senior Officer position.

 

The Owners reserve the right
to interview and approve all Senior Officers candidates.

 

	3.2.	Operational and Technical Management
	 	 
	3.2.1.	The Managers shall provide operational and technical management
    of the Vessel which includes, but is not limited to, the following functions:

  

	 	(i)	provision of competent personnel with suitable
    experience of the LNG industry to supervise the maintenance and general efficiency of the Vessel in line with the Training
    Matrix and the requirements of the Charter;
	 	 	 
	 	(ii)	all maintenance and work for the Vessel so as to ensure
    that the Vessel complies with all applicable laws including but not limited to IMO, MARPOL and SOLAS (and including, for the
    avoidance of doubt, all the provisions of the ISM Code), regulations and/or other requirements of the flag of the Vessel and
    of the Primary Terminals and other places where she trades, all applicable international conventions, all applicable regulations
    and/or requirements of any terminals or facilities in such port(s) or place(s) where the Vessel may load or discharge, and
    all requirements and recommendations of the Vessel’s classification society applicable to a Vessel carrying LNG worldwide
    within the limits of the Charter;
	 	 	 
	 	(iii)	preparing the Maintenance Schedule and regular updates
    on request (such updates to commence at delivery of the Vessel from the shipyard, and then each year on or around the anniversary
    upon which the Vessel was classified by its classification society) for approval by the Owners (such approval not to be unreasonably
    withheld or delayed);
	 	 	 
	 	(iv)	arrangement and supervision of dry dockings, repairs,
    alterations and the upkeep of the Vessel in accordance with first class LNG ship management practice provided that the Owners
    shall allocate sufficient funds and approve the relevant Annual Budgets and Supplementary Budgets to ensure that Managers
    can incur the necessary expenditure to ensure that the Vessel will comply with the law of the flag of the Vessel and of the
    places where she trades, and all requirements and recommendations of the classification society;
	 	 	 
	 	(v)	investigating and reporting to Owners any technical faults
    or problems material to the performance of the Vessel and arranging for their repair in

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	 	 	consultation with the Owners;
	 	 	 
	 	(vi)	arrange for the victualing and storing of the Vessel appropriate
    to the declared operational status of the Vessel and place and effect payment for contracts for lubricating oil, paints and
    all consumable materials where they are not for the Charterers’ account, together with any other contracts that may
    be agreed with the Owners from time to time in accordance with Clause 3.2.2;
	 	 	 
	 	(vii)	appointment of surveyors and technical consultants as
    the Managers may consider from time to time be necessary;
	 	 	 
	 	(viii)	development, implementation of and maintenance of a SMS
    and obtaining and maintaining valid certificates evidencing compliance with this Clause, including without limitation, a valid
    document of compliance in relation to itself and valid safety management certificates in respect of the Vessel as required
    by the ISM and ISPS Codes;
	 	 	 
	 	(ix)	provide the Owners with copies of any and all documents
    of compliance and safety management certificates as described in Clause 3.2.1(viii) upon issuance;
	 	 	 
	 	(x)	keep or procure that there is kept on board the Vessel
    at all times:

  

	 	(a)	all certificates and documents required from
    time to time by any applicable law or regulations to enable her to perform the Charter between the Primary Terminals without
    delay,
	 	 	 
	 	(b)	valid certificates in force as required by the Flag State,
	 	 	 
	 	(c)	any further certificates and documents required from time
    to time by any applicable law or regulations to enable her to perform the Charter without delay,
	 	 	 
	 	(d)	an ITF certificate or equivalent allowing Vessel’s
    calls and operations in all ports to which the Vessel is ordered under the Charter where an ITF certificate or equivalent
    is required, and
	 	 	 
	 	(e)	a copy of all documents of compliance and the original
    of any safety management certificates as described in Clause 3.2.1(viii);

  

	 	(xi)	arrangement of periodic analysis by third
    parties of the bunker fuel and reporting the results of such analysis to the Owners (the costs being included in the Vessel’s
    running costs);
	 	 	 
	 	(xii)	noting requirements resulting from safety and any external
    ship inspections and implementing these insofar as they affect the operation or safety of the Vessel (such implementation
    to be at the Owners’ expense);

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	 	(xiii)	implementing safety recommendations issued
    in terms of all international conventions (at the Owners’ expense);
	 	 	 
	 	(xiv)	arrange, where necessary for the superintendent or other
    staff of the Managers to visit the Vessel. If the superintendent or other staff of the Managers have reason to spend more
    than twenty-five (25) days in aggregate in any calendar year (or pro rata for part of a calendar year) visiting the Vessel,
    their services will be charged out at the rate specified in Clause 7.4 below;
	 	 	 
	 	(xv)	ensure that maritime, safety and cargo custody standards
    are in accordance with first class international LNG shipping practice and are maintained by the Crew whenever such personnel
    are serving on board the Vessel;
	 	 	 
	 	(xvi)	arrange and effect payment on behalf of the Owners for
    the towage of the Vessel when appropriate;
	 	 	 
	 	(xvii)	arrange, maintain, and effect preparation and payment
    on behalf of the Owners for suitable moorings for the Vessel for lay-up at such locations as may from time to time be mutually
    agreed relative to the Vessel’s positioning requirements of the Owners;
	 	 	 
	 	(xviii)	handle port disbursement accounts where these are not
    for the Charterers’ account;
	 	 	 
	 	(xix)	navigate the Vessel, handle all necessary communications,
    manage all cargo operations on behalf of Owners, and provide for the security and safety of the Vessel, cargo and Crew, all
    in accordance with first class LNG ship management practice;
	 	 	 
	 	(xx)	ensure that the Vessel is compatible with existing LNG
    liquefaction terminals, regasification terminals and ship/shore interfaces, at the Primary Terminals and to maintain such
    compatibility and all necessary certificates and documentation;
	 	 	 
	 	(xxi)	undertake vessel-terminal compatibility studies as requested
    by Owners and at Owners’ expense; and
	 	 	 
	 	(xxii)	manage and operate the Vessel on behalf of the Owners
    in any part of the world to first class industry standards for an LNG carrier, provided that the Vessel shall be employed
    in lawful trades, as the Owners may direct, between good and safe ports and places where she can always be safely afloat,
    and further provided that the Vessel shall not trade to ports or areas where, at the time in question, there are expected
    to be hostilities, wars, warlike operations, civil commotions or revolutions, unless the Owners are able to obtain war risks
    insurance against such eventuality.

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Managers shall at all times have
the right to refuse to carry out any instructions from the Owners or the Charterers to trade or lay up the Vessel if Managers
can clearly demonstrate that by doing so, it would contravene any applicable laws and regulations of the Vessel’s flag,
the classification society or of the places she trades.

 

Furthermore, Managers shall not
be held to be in breach of this Agreement, should at any time the Vessel fail to conform to its class standards or fail to conform
to statutory or international standards, except to the extent that such failures result from the negligence or breach of this
Agreement by the Managers.

 

	3.2.2.	Procurement

  

Subject to the terms of this
Agreement, the Managers shall have discretion to procure all stores, spares, equipment, provisions, oils, fuels and any other
goods, materials or services to be supplied to the Vessel by the Managers in performance of their Management Services from whatever
source or supplier they may deem appropriate provided that:

 

	 	(i)	the Managers use all reasonable efforts to
    achieve the lowest prices available for the appropriate quality of goods or services;
	 	 	 
	 	(ii)	the Managers shall provide Owners with the benefit of
    all discounts, rebates or other financial incentives provided by any suppliers, and all amounts billed to Owners in connection
    with all stores, spares, equipment, provisions, oils, fuels and any other goods, materials or services to be supplied to the
    Vessel shall reflect any such discounts, rebates or financial incentives; and
	 	 	 
	 	(iii)	the Owners reserve the right to require the Managers to
    procure such goods, materials and services from sources or suppliers they may notify to the Managers from time to time provided
    that:

  

	 	(a)	the Owners shall not unreasonably interfere
    with the aforementioned Managers’ procurement processes;
	 	 	 
	 	(b)	the Owners may not force the Managers to breach the terms
    of any existing procurement contract to the extent such contract is consistent with the terms of this Agreement and standard
    industry practices; and
	 	 	 
	 	(c)	the Owners have due regard to the interests of the Managers
    in fostering good long-term relationships with suppliers;

  

and where the Owners utilize
their rights under this Clause 3.2.2, the Managers shall in no circumstances be liable for the quality or pricing of the goods,
materials and services so provided.

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	3.3.	Accounting, Budgeting, and Reporting
	 	 
	3.3.1.	The Managers shall:

  

	 	(i)	provide an accounting system in respect of
    the Vessel which meets the reasonable requirements of the Owners, and provide regular accounting services and supply regular
    accounting reports and records; and
	 	 	 
	 	(ii)	maintain a record of all costs and expenditures incurred
    as well as data necessary or proper for the settlement of accounts between the parties.

  

	3.3.2.	The Managers shall
    present to the Owners annually a budget in respect of the estimated costs of operating the Vessel for the following twelve
    months in the current reporting form of the Managers, which is acceptable to the Owners (the “Annual Budget”).
    The initial Annual Budget is attached hereto at Annex “C,” and shall be for the period from the Effective Date
    until 31 December 2014, with a full twelve (12) month Annual Budget submitted yearly thereafter, ending on the day immediately
    preceding the Review Date. Subsequent Annual Budgets shall be prepared by the Managers for approval by the Owners at least
    two (2) months before each Review Date.
	 	 
	3.3.3.	The Owners shall indicate to
    the Managers their acceptance and approval of the Annual Budget within one month of presentation and in the absence of any
    such indication the Managers shall be entitled to assume that the Owners have accepted the Annual Budget as provided.
	 	 
	3.3.4.	If after the approval of the
    Annual Budget pursuant to Clauses 3.3.2 and 3.3.3, the Owners or Managers anticipate material changes in the Operational Costs
    (or in respect of the initial Annual Budget set out in Annex “C”, if the Managers believe such initial Annual
    Budget is inaccurate or unworkable), then the Managers shall prepare a supplementary budget reflecting such changes (the “Supplementary
    Budget”) for approval by the Owners and the Owners shall indicate their approval or non-approval of a Supplementary
    Budget within one month of it being presented to them (and in the absence of any such indication, the Managers shall be entitled
    to assume that the Owners have accepted a Supplementary Budget). Upon approval by the Owners, a Supplementary Budget shall
    be treated as the Annual Budget for the year in question or the remainder thereof.
	 	 
	3.3.5.	For the avoidance of doubt,
    the Managers shall not incur expenditure in respect of the Vessel in excess of the Annual Budget (with due consideration to
    the fact that expenditure may be phased over varying periods or may fluctuate from month to month, notwithstanding that such
    expenditure was budgeted for on an annual basis) or incur expenditure that has not been accounted for in any Annual Budget
    without the prior consent of the Owners (which shall not be unreasonably withheld or delayed).
	 	 
	3.3.6.	Notwithstanding Clause 3.3.5,
    the Managers may in each Annual Budget period, as specified in Clause 3.3.2, incur expenditure on behalf of the Owners in
    respect

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of items that
are not budgeted for in the Annual Budget, or for amounts in excess of the Annual Budget amounts, without the approval of the
Owners provided that:

 

	 	(i)	such expenditure
    is used only for the proper performance of the Management Services; and
	 	 	 
	 	(ii)	such total expenditure does
    not exceed five (5) per cent of the total budgeted amount for that Annual Budget period or such other amount that may be agreed
    by the parties from time to time.

  

	3.3.7.	The Managers shall:

  

	 	(i)	by the fifteenth (15th) Working
    Day of the month provide the Owners with a Vessel Condition Report in respect of the previous month in such form as the Owners
    (acting reasonably) may require;
	 	 	 
	 	(ii)	by the fifteenth (15th) Working Day of each
    month provide the Owners with a comparison between the budgeted Operational Costs as set out in the Annual Budget and actual
    Operational Costs in respect of the previous month (in accordance with the form set out in Annex “F’);
	 	 	 
	 	(iii)	by the fifteenth (15th) Working Day of each
    month provide the Owners with a request for funds based upon an estimate of the funding requirements of the Vessel that are
    required in respect of the next month together with any requests for approval of expenditure pursuant to Clause 3.3.5 and
    any proposed amendments to the Annual Budget pursuant to Clause 3.3.4; and
	 	 	 
	 	(iv)	by the fifteenth (15th) Working Day of each month provide
    the Owners with a consolidated report on actual Operational Costs and if requested by the Owners, capital costs, including
    all expenses in relation to financing of the Vessel, in respect of the previous month.

  

	3.3.8.	If requested and in such manner as may be
    required by the Owners, the Managers shall provide the necessary personnel, hardware and software, and other resources necessary
    to administer on Owners’ behalf and in its name the invoicing and collection of hire payable under the Charter.
	 	 
	3.4.	Health, Safety, Security, and Environmental Protection
	 	 
	3.4.1.	The Managers shall operate a management system which shall
    be approved by the Owners (such approval not to be unreasonably withheld or delayed), and comply and ensure that the Vessel
    and the Crew comply with all applicable health, safety, security and environmental laws and regulations, and nothing in this
    Clause 3.4 shall derogate from the obligations of Managers to comply with its statutory responsibilities insofar as they relate
    to the other Management Services.
	 	 
	3.4.2.	The Managers shall, in relation to all persons engaged
    or likely to be engaged in

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	 	the execution of the Management Services,
    take such steps as are reasonably practicable to ensure their health and safety.
	 	 
	3.4.3.	The Managers shall make available for inspection by the
    Owners at all times all registers, records and other documentation concerning health, safety, security (where appropriate)
    and environmental matters relating to the Management Services.
	 	 
	3.4.4.	The Managers shall send to the Owners a copy of every
    notice or other communication received from or sent to any person or body concerning health, safety, security and/or environmental
    matters relating to the Management Services and shall co-operate with the Owners in respect of all such health, security,
    safety and/or environmental matters, as may from time to time be requested by the Owners.
	 	 
	3.4.5.	The Managers shall use all reasonable endeavors to ensure
    that no oil, or harmful or hazardous substances, of any description, shall be discharged or escape accidentally or otherwise,
    from the Vessel; and that the Vessel, its Officers and Crew comply with all international, national, and state oil and air
    pollution laws, conventions or regulations applying in, or to, international waters and the territorial waters of the countries
    into which the Vessel may trade under the Charter including the provisions of OPA 90 that apply to tank ships. This shall
    also include adhering to the standards promulgated under OPA 90 as those regulations apply to non-tankships operating within
    the jurisdiction of the United States whether or not the same strictly apply to the Vessel.
	 	 
	3.4.6.	The Managers shall not treat, keep or dispose of any waste
    produced and/or carried by the Managers as a result of the Management Services in a manner likely to cause harm to the health
    and safety of any person or harm to the environment (as far as the same may be reasonably practical) and shall comply with
    every statutory duty which is relevant.
	 	 
	3.4.7.	During the execution of the Management Services, the Managers
    shall take such steps as are reasonably practicable to avoid (or where avoidance is not possible, to minimize) harm to the
    environment.
	 	 
	3.4.8.	The Managers will prepare and obtain all necessary approvals
    for a SOPEP. The SOPEP will be written in the English language and will be reviewed and updated as required and be maintained
    with the correct list of coastal state contacts. If required, the Managers will arrange for the translation of the SOPEP into
    another language. The Managers will also undertake regular training of the Crew in the use of SOPEP including drills to ensure
    that the SOPEP functions as expected and that contact and information details specified are accurate.
	 	 
	3.4.9.	The Managers shall prepare a HSSE Report in such form
    and detail as the Owners (acting reasonably) require, to be submitted to the Owners on the 5th day of the following month.

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	3.5.	Insurance Arrangements
	 	 
	3.5.1.	The Owners shall arrange insurances in accordance with
    Clause 6.1.
	 	 
	3.5.2.	The Managers shall immediately inform and keep the Owners
    informed of any incident which gives or may give rise to claims or disputes relating to the insurances effected in accordance
    with Clause 6.
	 	 
	3.5.3.	The Owners shall or, in their sole discretion instruct
    the Managers on a case-by-case basis and in consultation with the Owners to, handle insurance, average and salvage claims
    in connection with the Vessel. Any costs reasonably incurred by the Managers in handling claims in accordance with this Clause
    shall be paid by or for the account of the Owners. Until notified to the contrary, the Managers shall process all insurance
    claims relating to the Crew, in consultation with Owners.
	 	 
	3.6.	Sale or Purchase of the Vessel
	 	 
	 	The Managers shall, if requested, provide Owners with technical assistance in connection with
    any sale of the Vessel. Any costs or out-of-pocket expenses incurred by the Managers in providing such technical assistance
    shall be paid by or for the account of the Owners. The Owners will, however, be solely responsible for agreeing the terms
    of any agreement regulating any sale.
	 	 
	3.7.	General Administration
	 	 
	3.7.1.	The Owners may, in their sole discretion and upon such
    terms and conditions as the Owners shall specify, instruct the Managers on a case-by-case basis to handle and/or settle all
    claims relating to the Vessel including but without limitation any claims involving the Charterers.
	 	 
	3.7.2.	The Managers shall keep the Owners informed regarding
    any incident of which the Managers become aware which gives or may give rise to claims or disputes involving the Charterers
    or other third parties.
	 	 
	3.7.3.	The Owners shall, or in their sole discretion instruct
    the Managers on a case-by-case basis to, bring or defend actions, suits or proceedings in connection with matters entrusted
    to the Managers pursuant to this Agreement.
	 	 
	3.7.4.	Where the Managers are retained to handle and/or settle
    claims relating to the Vessel pursuant to Clause 3.7.1, the Managers shall be entitled to obtain legal or technical or other
    outside expert advice in relation to the handling and settlement of such claims and disputes.
	 	 
	3.7.5.	The Owners shall arrange for the provision of any necessary
    guarantee bond or other security in connection with any such claims.
	 	 
	3.7.6.	Any external costs reasonably incurred by the Managers
    in carrying out their

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	 	obligations in accordance with this Clause
    3.7 shall be paid by or for the account of the Owners provided that the Owners have instructed the Managers in accordance
    with Clause 3.7.1.
	 	 
	3.8.	Quality Assurance
	 	 
	3.8.1.	The Managers shall have and maintain a quality assurance/quality
    management system (the “Quality Assurance & Quality Management System”). This system shall include
    on board and on shore operation/ management and shall at the time of delivery, or as reasonably soon thereafter, meet the
    requirements of ISO-9001-2008 and ISO-14001-2004 or any subsequent addition or substitution approved by the Owners. The Quality
    Assurance & Quality Management System shall be documented and available to the Owners for approval within three (3) months
    of execution of this Agreement. The Managers shall supply documentation to the Owners on request confirming the continued
    maintenance and operation of the Quality Assurance & Quality Management System in good standing throughout the period
    of this Agreement.
	 	 
	3.9.	[Reserved]
	 	 
	4.	MANAGERS’ OBLIGATIONS
	 	 
	4.1.	The Managers undertake to use their best endeavours to
    provide the agreed Management Services as agents for and on behalf of the Owners in a timely and efficient manner in accordance
    with first class international LNG ship management practice and the Operational and Maintenance Protocol set forth on Annex
    “D” and to protect and promote the interests of the Owners in all matters relating to the provision of the Management
    Services hereunder provided, however, that the Managers in the performance of their management responsibilities under this
    Agreement shall be entitled to have regard to their overall responsibility in relation to the Managed Fleet, and in particular,
    but without prejudice to the generality of the foregoing, the Managers shall be entitled to allocate available supplies, manpower
    and services in such manner as in the prevailing circumstances the Managers in their absolute discretion consider to be fair
    and reasonable.
	 	 
	4.2.	The Managers shall procure that the requirements of the
    law of the flag of the Vessel are satisfied and the Managers shall in particular be deemed to be the “Company”
    as defined by the ISM and ISPS Codes, thereby assuming the responsibility for the operation of the Vessel and taking over
    the duties and responsibilities imposed by these Codes when applicable. The Managers shall comply at all times with the requirements
    of the ISM, ISPS, and MTSA Codes, and the Managers shall immediately inform Owners if there is any threatened or actual withdrawal
    of Managers document of compliance or the Vessel’s safety management certificate or ISS (Security Certificate).
	 	 
	4.3.	In addition to the specific obligations to keep the Owners
    informed hereunder, the

    	17

    	

    

	 	Managers shall keep the Owners informed of
    all relevant information regarding the Vessel and the performance of the Management Services which the Owners may, acting
    reasonably, specify from time to time.
	 	 
	4.4.	When the Managers become aware of an Emergency Situation,
    they shall immediately contact the Owners and keep the Owners informed in respect of such Emergency Situation.
	 	 
	4.5.	If, in an Emergency Situation, the Managers (or the Master)
    are required pursuant to this Agreement to solicit an approval from the Owners, but in such circumstances it is not practical
    to wait for such approval, then notwithstanding any other term in this Agreement, the Managers (or the Master) may take whatever
    action they may deem necessary to deal with such Emergency Situation.
	 	 
	5.	OWNERS’ OBLIGATIONS
	 	 
	5.1.	The Owners shall pay all sums due to the Managers punctually
    in accordance with the terms of this Agreement.
	 	 
	5.2.	The Owners shall provide prompt responses to any requests
    made by the Managers pursuant to this Agreement.
	 	 
	5.3.	The Owners shall (subject to any confidentiality restrictions)
    provide the Managers with any relevant information relating to the Charters or Charterers and shall notify the Managers upon
    a change of Charterers or upon any new Charter in respect of the Vessel.
	 	 
	5.4.	The Owners shall use reasonable endeavours (and subject
    to any confidentiality restrictions) to ensure that the Charterers shall keep the Managers informed of the relevant terms
    of any gas supply contract, charter party, contract of affreightment, contract of insurance and any other document relating
    to the Vessel and its cargo that the Managers may reasonably require in order to perform their obligations hereunder.
	 	 
	6.	INSURANCE POLICIES
	 	 
	6.1.	The Owners shall procure throughout the period of this
    Agreement that:

  

	 	(i)	at the Owners’ expense, the Vessel is
    insured for usual hull and machinery marine risks (including crew negligence) and war risks in accordance with the first class
    practice of prudent owners of vessels of a similar type to the Vessel;
	 	 	 
	 	(ii)	at the Owners’ expense, the Vessel is insured against
    Protection and Indemnity risks (including pollution risks) based upon the Standard Rules of a member of the International
    Group of P&I Clubs and have arranged for the Managers to be included as named co-assured, and provide the Managers with
    Certificates of Entry to evidence that such insurances have
	 	 	 

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	 	 	been effected and confirm renewal within fifteen
    (15) Working Days of the same;
	 	 	 
	 	(iii)	where the Vessel is directed to call at any port within
    the United States of America and at the Owners’ expense, the Vessel carries a Certificate of Financial Responsibility
    as required by the United States Offshore Pollution Act 1990;
	 	 	 
	 	(iv)	the Vessel is insured against such other risks (including
    Freight, Demurrage and Defense) that are appropriate to the Vessel’s trade;
	 	 	 
	 	(v)	the Owners’ Insurances name the Owners and the Managers
    as co-assureds, with full cover, with the Owners obtaining cover in respect of each of the insurances specified in Clause
    6.1 on terms whereby the Owners are liable in respect of premiums or calls arising in connection with the Owners’ Insurances;
    and
	 	 	 
	 	(vi)	written evidence is provided, to the reasonable satisfaction
    of the Managers, of compliance by the Owners with their obligations under Clause 6 within a reasonable time of the commencement
    of the Agreement, and of each renewal date and, if specifically requested, of each payment date of the Owners’ Insurances.

  

	6.2.	Insofar as it affects the superintendent and
    other shore staff employed by the Managers in connection with this Agreement, the Managers shall procure and maintain at their
    own expense appropriate insurance cover with first class insurers in respect of death or injury to such superintendents or
    shore staff, and such insurance shall comply with all applicable law.
	 	 
	6.3.	Managers shall name Owners as co-assureds on this insurance
    cover, and Managers agree to waive all subrogation rights against Owners that might arise under this entire Clause 6.
	 	 
	7.	MANAGEMENT FEE
	 	 
	7.1.	Subject to any adjustment in accordance with the provisions
    of Clause 7.2 the Owners shall pay to the Managers for the provision of Management Services, a monthly management fee of Fourty-Six
    Thousand Dollars (US$46,000) (the “Management Fee”) which shall be paid each calendar month in advance
    by the first Working Day of each applicable month provided that where a payment is due in respect of any part of a month that
    payment shall be paid on a pro-rata basis, such sums to be paid into the Managers’ Account. All invoices for the Management
    Fee shall be submitted by the Managers to the Owners in advance on a monthly basis.
	 	 
	7.2.	If, during any calendar month, the Vessel is in:

  

	 	(i)	“deep” lay-up (that is with sea
    chests sealed off and all system drained

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	 	 	down) the Management Fee shall be Three Thousand
    Five Hundred Dollars (US$3,500) per month and pro rata in respect of any part month; or
	 	 	 
	 	(ii)	a partially manned stand-by condition, during a period
    of lay-up (other than deep lay-up) or during reactivation periods or during any period where the Managers are preparing to
    take over management of the Vessel from a third party the Management Fee shall be Ten Thousand Dollars (US$10,000) per month
    and pro rata in respect of any part month.

  

	7.3.	The Management Fee is exclusive of value added
    tax and any other existing sales or services tax that may be applicable. The Managers warrant that at the Effective Date,
    no such taxes are payable in respect of the Management Fee under Greek Law.

  

The Management Fee
payable to the Managers will be adjusted annually on the first Review Date after the Effective Date and on each Review Date thereafter.
The adjustment will be agreed between the Parties in good faith on the basis of general inflation and proof of increases in actual
costs incurred by the Managers.

 

	7.4.	In addition to the Management Fee, if the
    Managers’ superintendent or other staff are reasonably required to spend more than twenty-five (25) days in aggregate
    visiting the Vessel in any calendar year (or pro-rata for part of a calendar year), the cost of visits in excess of twenty-five
    (25) days shall be paid by the Owners, into the Managers’ Account, at a rate of One Thousand Dollars (US$1,000.00) per
    day (or pro rata in respect of any part day on board the Vessel). Notwithstanding the foregoing, all reasonable travelling
    expenses in connection with reasonably required visits to the Vessel by Managers’ superintendent or other staff (excluding
    visits in connection with drydocking) shall be part of the Management Fee, irrespective of the duration of such visits.
	 	 
	7.5.	In the event of this Agreement being terminated by the
    Owners or the Managers in accordance with the provisions of Clause 17.3 or 17.4, the Management Fee payable to the Managers
    according to the provisions of Clauses 7.1 and 7.2, shall continue to be payable for a further period of three calendar months
    as from the termination date. In addition, provided that the Managers provide Crew for the Vessel in accordance with Clause
    3.1:

  

	 	(i)	the Owners shall continue to pay Crew Support
    Costs during the said further period of three calendar months; and
	 	 	 
	 	(ii)	the Owners shall pay any reasonable Severance Costs which
    may materialise provided the Managers have used reasonable endeavours to mitigate such obligations to the Crew.

  

	7.6.	Unless otherwise agreed in writing all discounts
    and commissions obtained by the Managers in the course of the management of the Vessel shall be credited to the Owners.

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	7.7.	The Owners shall, in respect of each year
    of this Agreement, on or around the Review Date, decide whether or not to pay an Incentive Bonus to the Managers for remittance
    to the Crew of an amount and in the manner described in Annex “H” attached hereto.
	 	 
	 	Any Incentive Bonus that the Owners decide to pay shall be paid into the Managers’ Account
    with fifteen (15) Working Days of the Review Date and the Managers shall remit any such bonus to the Crew. In addition the
    Owners shall within fifteen (15) Working Days of the Review Date provide a written explanation to the Managers of their decision
    which sets out in reasonable detail the rationale for making such a decision.
	 	 
	8.	VESSEL EXPENSES
	 	 
	8.1.	Upon receipt of a request for funds for the Vessel pursuant
    to Clause 3.3.7 (iii) the Owners shall pay such funds into the Vessel Account, provided that such request is made in respect
    of items and amounts accounted for in the Annual Budget or made in respect of items or amounts for which the Managers do not
    require the approval of the Owners pursuant to Clause 3.3.6.
	 	 
	8.2.	In the event that the Managers request funds from the
    Owners pursuant to Clause 3.3.7(iii), but the Owners are not obliged to pay such funds pursuant to Clause 8.1, then the Owners
    may refuse to provide such funds provided that, in such circumstances, the Managers shall not be liable for any losses or
    damages incurred by the Owners as a result of such refusal and in any event, the Owners shall not unreasonably refuse to pay
    or delay the payment of such sums.
	 	 
	8.3.	All sums payable by the Owners in respect of requests
    made by the Managers pursuant to Clauses 8.1 and 8.2 shall be paid into the Vessel Account by the first Working Day of the
    month following that month in which such request was made.
	 	 
	8.4.	The Managers shall open the Vessel Account and communicate
    the details of the Vessel Account to the Owners prior to the Effective Date. The Vessel Account shall be an account that only
    contains monies payable into such Vessel Account pursuant to this Agreement. All monies paid into the Vessel Account (including
    interest, if payable) shall be held on trust for and to the credit of the Owners and the Managers may only utilise funds in
    the Vessel Account for the proper performance of the Management Services hereunder. The Managers shall provide full details
    of all transactions in relation to the Vessel Account and shall procure that monthly Vessel Account bank statements are provided
    to the Owners for each month of this Agreement.
	 	 
	8.5.	Notwithstanding anything contained in this Agreement,
    the Managers shall in no circumstances be required to use or commit their own funds to finance the provision of the Management
    Services.

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	9.	MANAGERS’ RIGHT TO SUB-CONTRACT
	 	 
	9.1.	The Managers shall have the right to sub-contract
    any of their obligations in this Agreement, subject to Clause 9.2 below.
	 	 
	9.2.	The Managers shall obtain the prior written consent of
    the Owners if they wish to sub-contract any of their obligations under this Agreement for amounts exceeding Fifty Thousand
    United States Dollars over and beyond the approved Annual Budget.
	 	 
	9.3.	Notwithstanding any sub-contract the Managers shall remain
    fully liable for the due performance of their obligations under this Agreement, the Managers shall procure that each sub-contractor
    engaged pursuant to this Clause 9 shall comply with the requirements of Clause 3.4.
	 	 
	10.	RESPONSIBILITIES
	 	 
	10.1.	Force Majeure
	 	 
	10.1.1.	Neither the Owners, nor the Managers shall be liable for
    any loss or damage or total or partial failure to perform this Agreement (other than a failure to perform an obligation to
    pay money) caused wholly or partly by any circumstances or things beyond the reasonable control of the Owners or the Managers,
    as the case may be, including (without limiting the generality of the foregoing) acts of God, fires, floods, epidemics, quarantine
    restrictions, wars, terrorism, insurrections, riots, violent demonstrations, criminal offences, acts and omissions of civil
    or military authority or of usurped power, requisition or hire by any governmental or other competent authority, or embargoes.
	 	 
	10.1.2.	The party invoking force majeure will advise the other
    party of the force majeure event at the earliest opportunity and also advise same party of the likely duration of such force
    majeure situation.
	 	 
	10.2.	Liability to Owners
	 	 
	 	The Managers shall be under no liability to the Owners for any loss, damage, delay or expense
    of whatsoever nature, whether direct or indirect, (including but not limited to loss of profit arising out of or in connection
    with detention of or delay to the Vessel) and howsoever arising in the course of performance of the Management Services, unless
    the same is proved to have resulted from the breach of this Agreement, fraud, gross negligence, or wilful misconduct of the
    Managers or their employees, or agents or sub-contractors employed by them in connection with the Vessel, in which case (save
    where loss, damage, delay or expense has resulted from the Managers’ personal act or omission committed with the intent
    to cause same or recklessly and with knowledge that such loss, damage, delay or expense would probably result) the Managers’
    liability for each incident or series of incidents giving rise to a claim or claims shall not exceed a total of twelve (12)
    times the monthly Management Fee of Forty-Six Thousand Dollars (US$46,000) as adjusted annually pursuant to Clause 7.3 above.

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	 	Notwithstanding anything herein contained in the contrary, the Managers shall not
    be liable for any of the actions of the Crew, even if such actions are negligent or wilful, except only to the extent that
    they are shown to have resulted from a failure by the Managers to discharge their obligations under Clauses 3.1 or 3.4, in
    which case their liability shall be limited in accordance with the terms of this Clause 10.2.
	 	 
	10.3.	Indemnity
	 	 
	 	Except to the extent and solely for the amount that the Managers would be liable under Clause
    10.2, the Owners hereby undertake to keep the Managers and their employees, agents and sub-contractors indemnified and to
    hold them harmless against all actions, proceedings, claims, demands or liabilities whatsoever or howsoever arising which
    may be brought against them or incurred or suffered by them arising out of or in connection with the performance of the Agreement,
    and against and in respect of all costs, losses, damages and expenses (including legal costs and expenses on a full indemnity
    basis) which the Managers may suffer or incur (either directly or indirectly) in the course of the performance of this Agreement.
	 	 
	10.4.	“Himalaya”
	 	 
	 	It is hereby expressly agreed that no employee or agent of the Managers (including sub-contractors
    from time to time employed by the Managers) shall in any circumstances whatsoever be under any liability whatsoever to the
    Owners for any loss, damage or delay of whatsoever kind arising or resulting directly or indirectly from any act, neglect
    or default on his part while acting in the course of or in connection with his employment and, without prejudice to the generality
    of the foregoing provisions in this Clause 10, every exemption, limitation, condition and liberty herein contained and every
    right, exemption from liability, defence and immunity of whatsoever nature applicable to the Managers or to which the Managers
    are entitled hereunder shall also be available and shall extend to protect every such employee or agent of the Managers acting
    as aforesaid and for the purpose of all the foregoing provisions of this Clause 10 the Managers are or shall be deemed to
    be acting as agent or trustee on behalf of and for the benefit of all persons who are or might be their servants or agents
    from time to time (including sub-contractors as aforesaid) and all such persons shall to this extent be or be deemed to be
    parties to this Agreement.
	 	 
	11.	DOCUMENTATION
	 	 
	11.1.	The Managers shall also maintain and cause their agents
    to maintain and retain in accordance with generally accepted accounting practices, applicable tax requirements and good international
    shipping practices, all books, accounts and records pertaining to this Agreement, and all records, documents and other materials
    related to the Managers’ implementation of and compliance with the Quality Assurance & Quality Control System, including
    vouchers, invoices,

    	23

    	

    

	 	receipts, correspondence, copies of original
    documents and such other documentation as is necessary in order to verify the compensation payable hereunder.
	 	 
	11.2.	The Managers shall make available, upon Owners’
    request, all documentation and records relating to the performance of the Management Services, the SMS and/or the Crew
    which the Owners require in order to demonstrate compliance with the ISM Code, ISPS Code, and STCW 95, or to defend or prosecute
    a claim against a third party or otherwise.
	 	 
	11.3.	All Vessel Data is and shall remain the property of the
    Owners and shall be made available to the Owners by the Managers on the Owners’ request. Upon termination of this Agreement
    for any reason, the Managers shall promptly provide the Owners with all the Vessel Data, whether onboard the Vessel or otherwise.
	 	 
	11.4.	The Managers shall retain and properly store all Vessel
    Data in accordance with first class LNG ship management practice. If, in the Managers’ opinion, certain Vessel Data
    should be destroyed, then the Managers shall first offer to return that Vessel Data (at the Owners’ expense) to the
    Owners, and in the event that the Owners decline such offer, the Managers may destroy such Vessel Data.
	 	 
	12.	DEPLOYMENT OF THE VESSEL
	 	 
	12.1.	The Managers shall ensure that the Crew of the Vessel
    shall comply with any Permanent Instructions.
	 	 
	12.2.	The Owners may change the terms of the Permanent Instructions,
    or upon the execution of a new Charter replace the existing Permanent Instructions with new Permanent Instructions with the
    consent of the Managers which shall not be unreasonably withheld or delayed.
	 	 
	12.3.	In the event that the Managers or the Crew receive instructions
    from the Charterers, that in the opinion of the Managers, conflict with instructions provided by the Owners or which go beyond
    the scope of authority of the Charterers (to the extent such scope of authority has been disclosed by the Owners to the Managers),
    the Managers shall use best endeavours to immediately notify the Owners and the Charterers of the same. In such circumstances,
    subject to Clause 3.1.2(viii), the Owners’ instructions shall take precedence over the Charterers’ instructions.
	 	 
	12.4.	Except for the purposes of saving life, the Vessel shall
    not, unless expressly authorised by the Owners, undertake attempts of salvage.
	 	 
	12.5.	If:

  

	 	(i)	the Vessel undertakes attempts at salvage
    pursuant to Clause 12.4, or

    	24

    	

    

	 	(ii)	the Vessel requests that a third party attempts
    salvage of the Vessel, then without prejudice to the Master of the Vessel’s overriding right to take whatever action
    he may deem necessary to preserve life or prevent the loss of the Vessel, all salvage shall be under the terms of the current
    “Lloyds Open Form No Cure — No Pay” agreement.

  

	12.6.	Any proceeds arising from salvage of third
    party property shall be for the benefit of the Owners.
	 	 
	12.7.	Notwithstanding any other provision of this Agreement,
    the Managers shall not (and shall procure that the Crew shall not), without the written consent of the Owners, sign any bill
    of lading on behalf of the Owners.
	 	 
	13.	AUDITING
	 	 
	13.1.	The Managers shall prepare the Annual Budget and accounts
    (as referred to in Clause 3.3.1 above) and shall make the same available for inspection and auditing by the Owners at such
    times as may be mutually agreed.
	 	 
	13.2.	The Owners shall have the right to audit the Managers’
    records and documentation as set out in Clause 11 above for the purpose of verifying their correctness and completeness at
    all times on reasonable notice to the Managers. Where staff or auditors of the Owners visit the premises of the Managers for
    the purpose of carrying out an audit, the Managers shall provide office space and facilities to such staff or auditors at
    no extra cost to the Owners.
	 	 
	14.	INSPECTION OF VESSEL
	 	 
	14.1.	The Owners shall have the right at any time after giving
    reasonable notice to the Managers to inspect the Vessel for any reason they consider necessary.
	 	 
	15.	COMPLIANCE WITH LAWS AND REGULATIONS
    ETC.
	 	 
	15.1.	The Managers will not do or permit to be done anything
    which might cause any breach or infringement or the laws and regulations of the Vessel’s flag, the classification society
    or of the Primary Terminals and other places where she trades.
	 	 
	16.	DURATION OF THE AGREEMENT
	 	 
	16.1.	This Agreement is entered into on the date of signing
    and shall continue until terminated in accordance with Clause 17.
	 	 
	17.	TERMINATION
	 	 
	17.1.	If the Managers:

  

	 	(i)	fail to meet any material obligation under
    this Agreement; or

    	25

    	

    

	 	(ii)	fail to meet any obligation under this Agreement
    that has a material adverse effect upon the Owners or the Vessel;

  

	 	then the Owners may give notice to the Managers of the default, requiring them to
    remedy it (if such default is capable of being remedied) as soon as practically possible. In the event that the default is
    not capable of being remedied or the Managers fail to remedy the default within a reasonable time to the satisfaction of the
    Owners, the Owners shall be entitled to terminate this Agreement by giving the Managers ninety (90) days’ written notice.
	 	 
	17.2.	The Owners may also terminate this Agreement by giving
    the Managers ninety (90) days’ written notice in the event that the Managers, in the reasonable opinion of the Owners,
    fail to manage the Vessel in accordance with first class LNG ship management practice and such failure has not been remedied
    within a reasonable time after written notice of such failure.
	 	 
	17.3.	The Managers shall be entitled to terminate the Agreement
    by notice in writing if:

  

	 	(i)	any moneys payable by the Owners to the Managers
    have not been received into the Managers’ Account within thirty (30) days (excluding Saturdays, Sundays and public holidays)
    of payment having been requested in writing by the Managers; or
	 	 	 
	 	(ii)	this Agreement or any of the Owners’ rights and/or
    obligations are assigned to any person or entity without the Managers’ prior written agreement or approval.

  

	17.4.	This Agreement shall be deemed to be terminated:

  

	 	(i)	in the case of the sale of the Vessel (other
    than a sale or transfer to an Affiliate of the Owners);
	 	 	 
	 	(ii)	if the Vessel becomes a total loss or is declared as a
    constructive or compromised or arranged total loss or is requisitioned for hire; or
	 	 	 
	 	(iii)	in the event of an order being made or resolution passed
    for the winding up, dissolution, liquidation or bankruptcy of either party (otherwise than of the purpose of a solvent reconstruction
    or amalgamation) or if a receiver or similar officer is appointed of the whole or a material part of its assets or if it suspends
    payment, ceases to carry on business or makes any special arrangement or composition with its creditors.

  

	17.5.	If the Owners elect to provide Officers and,
    for any reason within their control, the Owners fail to:

  

	 	(i)	procure Officers and Ratings supplied by them
    or on their behalf, complying with the requirements of STCW 95; or

    	26

    	

    

	 	(ii)	instruct such officers and ratings to obey
    all reasonable orders of the Managers’ SMS;

  

	 	then the Managers may give notice to the Owners
    of the default, requiring them to remedy it (if such default is capable of being remedied) as soon as practicably possible.
    In the event that the default is not capable of being remedied or if the Owners fail to remedy the default within a reasonable
    time to the satisfaction of the Managers, the Managers shall be entitled to terminate this agreement.
	 	 
	17.6.	[Reserved]
	 	 
	17.7.	Notwithstanding Clauses 17.1 and 17.2, the Owners shall
    have the right to terminate this Agreement at any time and for any reason by giving the other party not less than three (3)
    months’ written notice of their intention to terminate this Agreement.
	 	 
	17.8.	If the Owners proceed with the employment of, or continue
    to employ the Vessel in blockade running or in an unlawful trade or on a voyage, which in the reasonable opinion of the Managers,
    is unduly hazardous, the Managers may give notice to the Owners requiring them to cease to employ the Vessel in such manner
    as soon as possible. If the Owners fail to comply with such notice within a reasonable time to the satisfaction of the Managers,
    the Managers shall be entitled to terminate this Agreement with immediate effect by notice in writing.
	 	 
	17.9.	The termination of this Agreement shall be without prejudice
    to all rights accrued due between the parties prior to the date of termination.
	 	 
	18.	MISCELLANEOUS
	 	 
	18.1.	The confidentiality obligations of the parties are set
    out in a separate Confidentiality Agreement that is attached for reference in Annex “G”.
	 	 
	18.2.	A person who is not a party to this Agreement may not
    enforce, or otherwise have the benefit of, any provision of this Agreement under the Contracts (Rights of Third Parties) Act
    1999, but this provision does not affect any right or remedy of a third party which exists or is available apart from that
    Act.
	 	 
	18.3.	At the expiry or earlier termination of any existing ship
    management agreement(s) in relation to the Vessel, Managers shall co-operate in the transfer arrangements to be notified to
    the Managers by the Owners and shall facilitate the smooth transition of all operations and duties to Managers with the minimum
    of disruption.
	 	 
	18.4.	Either party may at any time assign or transfer to an
    Affiliate its respective rights and obligations under this Agreement provided that they first obtain the written consent of
    the other party. Such consent shall not be unreasonably withheld, conditioned or delayed and the parties agree to promptly
    execute any reasonable novation or transfer documentation to give effect to such an assignment or

    	27

    	

    

	 	transfer.
	 	 
	19.	LAW AND ARBITRATION
	 	 
	19.1.	This Agreement shall be governed by and construed in accordance
    with English law and any dispute arising out of or in connection with this Agreement shall be referred to arbitration in London
    in accordance with the Arbitration Act 1996 or any statutory modification or re-enactment thereof save to the extent necessary
    to give effect to the provisions of this Clause.
	 	 
	19.2.	The arbitration shall be construed and conducted in accordance
    with the London Maritime Arbitrators Association (LMAA) Terms current at the time when the arbitration proceedings are commenced.
    The language used for such arbitration shall be English and the arbitration shall be conducted in London.
	 	 
	19.3.	The reference shall be to three arbitrators. A party wishing
    to refer a dispute to arbitration shall appoint its arbitrator and send notice of such appointment in writing to the other
    party requiring the other party to appoint its own arbitrator within 14 calendar days of that notice and stating that it will
    appoint its arbitrator as sole arbitrator unless the other party appoints its own arbitrator and gives notice that it has
    done so within the 14 days specified. If the other party does not appoint its own arbitrator and give notice that it has done
    so within the 14 days specified, the party referring a dispute to arbitration may, without the requirement of any further
    prior notice to the other party, appoint its arbitrator as sole arbitrator and shall advise the other party accordingly. The
    award of a sole arbitrator shall be binding on both parties as if he had been appointed by agreement.
	 	 
	19.4.	Nothing herein shall prevent the parties agreeing in writing
    to vary these provisions to provide for the appointment of a sole arbitrator.
	 	 
	19.5.	In cases where neither the claim nor any counterclaim
    exceeds the sum of US$50,000 (or such other sum as the parties may agree) the arbitration shall be conducted in accordance
    with the LMAA Small Claims Procedure current at the time when the arbitration proceedings are commenced. The language used
    for such arbitration shall be English and the arbitration shall be conducted in London.
	 	 
	20.	NOTICES AND BANK ACCOUNTS
	 	 
	20.1.	Any notice to be given by either party to the other party
    pursuant to this Agreement shall be in writing and shall be effective upon delivery pursuant to Clause 20.2 and shall be sent
    by fax, registered mail or by personal service to the following addresses:

 

for the Owners:

 

Gas-seventeen Ltd.

Clarendon House

    	28

    	

    

2 Church Street

Hamilton HM11

Bermuda

Fax. No.: +377 97 97 51 24

Attn: Graham Westgarth

 

for the Managers:

 

GasLog LNG Services Ltd.

Piraeus Branch Office

69, Akti Miaouli,

185 37 Piraeus, Greece

Fax No: +30 210 4591247

 

Attention: Theodoros Katemidis, General Manager

 

	20.2.	A notice is deemed to have been received:

  

	 	(i)	if delivered personally, at the time of delivery;
	 	 	 
	 	(ii)	in the case of fax, at the time of transmission;
	 	 	 
	 	(iii)	in the case of delivery of courier, on the date of receipt
    by the courier of written acknowledgement of such delivery;
	 	 	 
	 	(iv)	in the case of pre-paid first class post, recorded delivery
    or registered post, on receipt; and
	 	 	 
	 	(v)	if deemed receipt under the previous paragraphs of this
    sub-clause is not within business hours (meaning 9:00 am to 5:30 pm Monday to Friday (or Sunday to Thursday if the place of
    receipt is in Egypt) on a day that is not a public holiday in the place of receipt), when business next starts in the place
    of receipt.

  

	20.3.	For the purposes of this Agreement, the Managers’
    Account currently has the following details:

  

[Account details to be provided supplementally]

 

IN WITNESS whereof the parties have duly
signed this Agreement the day and year first above written.

 

SIGNED for and on behalf

of GAS-seventeen Ltd.

by

    	29

    	

    

in the presence of 

 

 

SIGNED for and on behalf

of GASLOG LNG SERVICES LTD.

by

 

in the presence of

    	30

    	

    

ANNEX “A”

 

DETAILS OF VESSEL

 

[OWNERS TO PROVIDE ON OR BEFORE EFFECTIVE
DATE]

    	 

    	

    

ANNEX “B”

DETAILS OF CREW / OFFICERS

RATINGS

 

[MANAGERS TO PROVIDE AT LEAST 30 DAYS
PRIOR TO EFFECTIVE

DATE]

    	 

    	

    

ANNEX “C”

INITIAL BUDGET

 

To be provided in accordance with Clause
3.3.2 at least [one (1)] month prior to the Effective Date and once approved by Owners to be inserted

    	 

    	

    

ANNEX “D”

OPERATIONAL AND MAINTENANCE PROTOCOL

 

The provisions of this Operational and
Maintenance Protocol (“Protocol”) are integral with the provisions of the Agreement. The Owners agree to provide the
manager with the necessary financial resources to comply with the requirements of this Operational and Maintenance Protocol.

 

The Vessel shall always be operated and
maintained in accordance with the first class international standards for LNG vessels. These standards shall include, without
limitation, that:

 

	 	·	The Vessel is always manned, operated and maintained in a safe
    and prudent manner to minimise the risk of accidents;
	 	 	 
	 	·	the maintenance and operation of the Vessel shall be thorough and proactive
    and not based merely on the minimum standards required by the Vessel’s flag state and classification society but to
    the highest standards applicable in the shipping and LNG industry;
	 	 	 
	 	·	the Managers agree to maintain membership in the Society of International Gas
    Tankers and Terminal Operators Association (SIGTTO) and to abide by all guidelines, recommendations, and training schedules
    that are applicable to the safe and reliable operation of LNG vessels made by this industry association;
	 	 	 
	 	·	the Managers agree to observe and abide by all guidelines, recommendations,
    and training standards that are promulgated by the Oil Companies’ International Marine Forum (OCIMF) and are applicable
    to the safe and reliable operation of LNG vessels made by this industry association;
	 	 	 
	 	·	the Vessel shall be maintained and refurbished and where necessary restored
    to ensure the safe, reliable, and efficient transportation of LNG for a minimum 40 year trading life.

  

Other than for Manager-scheduled
maintenance periods of seventy two (72) hours every six (6) months (days which shall be agreed by the Owners), the Owners expect
the Vessel to be available for the safe and efficient transportation of LNG for 100% of the year. The Manager shall put in place
a robust and comprehensive vessel management system designed to meet this availability objective.

 

The Managers shall take the necessary
steps to promote a culture of safety awareness, compliance with established procedures, and non-conformance reporting to facilitate
continuous improvement throughout the organization including all crewmembers onboard the Vessel.

    	 

    	

    

CREWING

 

The Managers agree that having a well-trained
and qualified vessel crew and shoreside support staff, well versed in LNG vessel operations and management, is the foundation
of a safe, reliable, and efficient LNG vessel operation.

 

	 	·	The Managers agree to adhere to the Training Matrix, and also agree
    that if the Training Matrix conflicts with less stringent standards contained in this Agreement, the Training Matrix will
    control.
	 	 	 
	 	·	Managers shall arrange for all Deck Officers, including the Master, to attend
    Bridge Team Management Training at one of the recognized training centers. This training shall be repeated every five (5)
    calendar years.
	 	 	 
	 	·	Managers are required to ensure that all Masters have attended a ship handling
    simulator-training course applicable for the type of vessel in use for LNG transportation. The training shall be repeated
    at a minimum of every five (5) calendar years.
	 	 	 
	 	·	In addition to the requirements of the Management Agreement, all senior operational
    positions (Master, Chief Engineer, Chief Mate, and Second Engineers, Cargo Engineer) on board must have a minimum of three
    (3) years of sea time (time onboard) experience onboard LNG Carriers in any position in the position directly below the senior
    operational position they will assume. All senior operational positions must receive a minimum of two (2) weeks vessel familiarization
    and specific operational training, with a training scope appropriate to their position, prior to embarking onboard the Vessel
    for the first time. Any deviation from this section’s experience requirement must be approved by Owners.
	 	 	 
	 	·	All officers and unlicensed crew on board require, as a minimum, specific training
    on the hazards and unique operational aspects associated with LNG carriers that meet the requirements of Section A-V/1 paragraphs
    1-7 of the STCW 1995 convention. All licensed officers that form part of the cargo transfer watch or carry out operational
    or maintenance duties and responsibilities directly related to the vessel’s cargo system shall also receive specific
    training meeting the requirements of Section A-V/1 paragraphs 22-34 of the STCW 1995 convention. The Managers are to document
    what special LNG ship operations training is provided to licensed and unlicensed crewmembers prior to their employment on
    the LNG carrier.
	 	 	 
	 	·	All crew are required to be properly qualified and certificated in accordance
    with the IMO Standards of Training, Certification and Watch keeping for Seafarers (STCW), 1995, as amended, and in compliance
    with the Training Matrix.

    	 

    	

    

	 	·	Managers shall provide to Owners copies of all newly appointed
    senior officers’ certification and details of experience prior to their embarkation onboard the Vessel. Owners have
    the right to review and verify the qualifications of all LNG vessel senior officers prior to their embarkation onboard the
    Vessel. Owners shall be given the opportunity to approve the certificates and experience of all senior officers a reasonable
    period prior to their initial embarkation onboard the Vessel), and shall have the discretion to reject any such officer if
    they do not meet the qualification and training requirements agreed between the Managers and Owners. Owners’ approval
    shall not be unreasonably withheld or delayed.
	 	 	 
	 	·	Procedures shall be put in place in the ship’s Safety Management System
    clearly documenting who is responsible for the ship’s LNG Cargo System including cargo transfer operations. The responsibilities
    and interface between the Chief Mate and Cargo Engineer shall be clearly defined. The Managers shall identify and document
    the qualifications of a Person In Charge (PIC) of the Cargo Transfer Watch that exceed the requirements of Regulation V/1
    of the STCW 95 requirements. These qualifications shall be made available to Owners upon request. A training program shall
    be established and documented for junior officers to allow them to meet the qualifications of the PIC of the Cargo Transfer
    Watch during periods of steady state operation to allow the Chief Officer and Cargo Engineer to take rest periods if required
    to meet work hour restrictions. This program shall include some mechanism for competency assessment either on a cargo simulator
    or under supervised conditions during an actual cargo transfer onboard the Vessel.
	 	 	 
	 	·	The Managers shall establish, as a minimum, the following policies and should
    ensure that all officers and crew are fully conversant and comply with these policies:

  

	 	·	Safety Policy
	 	·	Health Policy
	 	·	Environmental Policy
	 	·	Quality of Service Policy
	 	·	Operations Policy
	 	·	Navigation Policy
	 	·	Maintenance Policy
	 	·	Drug and Alcohol Policy

  

	 	·	The Managers shall ensure that all seafarers undergo a medical
    examination, which shall include a drug and alcohol test annually. On completion of a satisfactory medical examination a certificate
    shall be issued which shall remain valid for the period that the seafarer is onboard the Vessel. An OCIMF-compliant drug and
    alcohol policy, which includes random drug testing, shall be implemented, and tests conducted directly onboard the Vessel
    or by an outside

    	 

    	

    

	 	 	contractor to deter the use of illegal drugs and controlled substances
    by crewmembers while onboard the Vessel.
	 	 	 
	 	·	The organization employed by the Managers to provide manning to the Vessel
    shall be engaged through a contract, which shall stipulate the Manager’s minimum competency and experience requirements.
	 	 	 
	 	·	At intervals not exceeding two years the Managers shall ensure that the organization
    providing the manning of the Vessel is audited by a qualified auditor for compliance with the Managers’ minimum requirements.
    Copies of the audit report, non-compliances and corrective actions shall be provided to Owners, upon request.
	 	 	 
	 	·	Managers shall implement a system that interrogates and confirms officer’s
    qualifications and fitness for duty prior to joining the Vessel.
	 	 	 
	 	·	The Managers shall keep a minimum number of officers employed onboard the Vessel
    during dry-dock overhaul periods for inspection and quality assurance purposes. As a minimum, these people shall include all
    Licensed Engineering Officers , the Chief Officer and the Captain.

  

MAINTENANCE

 

	 	·	A Master Maintenance Plan shall be developed for the Vessel and
    approved by Owners’, provided that Owners’ approval does not conflict with the Vessel’s Class or Flag State
    requirements. The objective of this plan shall be to maintain the safe, reliable, and efficient operation of the Vessel over
    its projected 40 year life. This plan shall cover the following areas associated with efficient operation and Vessel maintenance
    and repair:

  

	 	1.	Dry-docking interval
	 	 	 
	 	2.	Procedures associated with pre-qualification of repair shipyards
	 	 	 
	 	3.	Hull Roughness measurement and maintenance to an acceptable level
	 	 	 
	 	4.	Anticipated schedule of maintenance, major overhaul, and refurbishment of all vessel critical
    equipment
	 	 	 
	 	5.	A description of the Preventive Maintenance System covering scheduled maintenance of all vessel
    equipment
	 	 	 
	 	6.	Inventory Control Procedures and stock of critical spare parts both onboard and ashore
	 	 	 
	 	7.	Procedures associated with pre-qualification of equipment and spare parts vendors

    	 

    	

    

	 	8.	Propulsion plant efficiency performance monitoring procedures and corrective action
    steps
	 	 	 
	 	9.	Condition Monitoring Systems and Condition Monitoring based maintenance
	 	 	 
	 	10.	Means of collecting the necessary date in a structured format to monitor and benchmark equipment
    reliability performance
	 	 	 
	 	11.	Performing Root Cause Analysis of equipment failures and equipment/systems reliability improvement
	 	 	 
	 	12.	Procedures associated with Equipment Obsolescence

  

	 	·	The Preventive Maintenance system shall incorporate the equipment
    suppliers or makers’ instructions and maintenance recommendations.
	 	 	 
	 	·	All maintenance work carried out on vessel equipment, other than normal routine
    operational work, shall be carried out using a permit to work system.
	 	 	 
	 	·	Where equipment isolation is required for operational and/or personnel safety
    or where hot work is involved all work must be carried out under a written procedure under the guidelines of the Safety Management
    System’s Lockout/Tag out/Isolation or Hot work permit procedures.

  

The following is the proposed maintenance
cycle that shall be followed with the Vessel. It is based on a 60 month period coinciding with the Vessel’s 5 year special
survey requirements. This cycle may be adjusted through mutual agreement between Manager and Owners. The Managers shall notify
Owners in writing at least 30 days in advance of the proposed dates for each 2 day Scheduled Maintenance Window and at least 6
months in advance of the proposed dates for dry-docking the Vessel. The Owners are primarily responsible for coordinating the
communication and discussion of the scheduling of maintenance cycle events with the vessel’s charterer.

 

	Month	 	Maintenance Event
	6	 	48 Hours Scheduled Maintenance Window
	12	 	48 Hours Scheduled Maintenance Window
	18	 	48 Hours Scheduled Maintenance Window
	24	 	48 Hours Scheduled Maintenance Window
	30	 	Minor Drydocking – Intermediate Survey
	36	 	48 Hours Scheduled Maintenance Window
	42	 	48 Hours Scheduled Maintenance Window
	48	 	48 Hours Scheduled Maintenance Window
	54	 	48 Hours Scheduled Maintenance Window
	60	 	Major Drydocking – 5 Year Special Survey

    	 

    	

    

OPERATIONS

 

	 	·	The Managers shall establish detailed procedures for all critical
    operations performed onboard the Vessel as part of the Vessel’s Safety Management System. These procedures shall be
    developed and tailored specifically to the Vessel. Steps shall be taken to familiarize Vessel personnel with these procedures
    and a robust internal audit program shall be carried out to verify crew compliance with these established procedures. Checklists
    should be used where appropriate to assist personnel in following procedures and to provide documented evidence of adherence
    to procedures. Copies of all work instructions and procedures in force shall be on file in the head office facilities of the
    Manager. The complete Safety Management System shall be made available in hard or electronic copy to the Owners.
	 	 	 
	 	·	Changes to operating procedures must be reviewed by a senior officer onboard
    and approved by shore based management before the changes are implemented.
	 	 	 
	 	·	The Vessel and crew at all times shall be capable of operating with no venting
    of cargo boil-off gases to the atmosphere. Any such venting shall immediately be reported to the Owners with a full explanation
    as to why the venting operation was required and an estimate of venting duration and quantity vented. It is recognized that
    under rare extreme conditions the cargo tank pressure may approach the P.V. valve release settings. This condition is to be
    avoided through proper management of cargo during laden voyages and of the heel and spray cooling during ballast voyages,
    and if necessary to prevent P/V valves from lifting, the Vessel will, when possible, reduce cargo tank pressure below this
    setting by intentional venting in a controlled manner.
	 	 	 
	 	·	Whenever the vessel is transiting restricted waters the following operating
    profile shall normally be adhered to unless specific equipment breakdown prevents this:

  

	 	·	The Throttle shall be in Bridge Control
	 	·	The Steering Gear systems shall be fully tested (including all standby pumps) prior to entry
    into restricted waters
	 	·	Boilers shall be operated in the Dual Fuel Mode
	 	·	Two ship service generators shall be on line for redundancy
	 	·	The main engine shall be placed in “Standby” and the engine room shall be manned
    if there is a high probability of the vessel maneuvering

  

	 	·	All inhibits on any trip (safety shutdown) and alarm system must
    be approved by the Master or Chief Engineer before being applied. A written procedure is necessary to document the operational
    conditions that must exist before any trip or alarm may be inhibited and what additional safety measures must be put in

    	 

    	

    

place
when trips or alarms are inhibited. A daily log of all inhibited trips and alarms shall be displayed on the bridge and in the
engine room.

 

INSPECTIONS

 

	 	·	The Managers shall arrange on a bi annual basis for a fully accredited
    OCIMF SIRE inspection of the ship. A copy of the report issued by the independent accredited inspector is to be made immediately
    available to Owners. Within one week of the inspection report being issued the Managers are required to provide a programme
    to the charterer to indicate how and when any of the agreed comments are going to be corrected.
	 	 	 
	 	·	The Managers shall arrange for an OCIMF/SIGTTO compliant self-assessment inspection
    and audit to be carried out onboard the Vessel on an annual basis. This may be carried out as part of the Managers’
    internal audit program. Copies of completed annual assessments are to be kept on board available for inspection by Owners
    upon request. Where the Managers are unable to obtain copies of the OCIMF/SIGTTO inspection guidelines, Managers shall apply
    their own internal audit/inspection procedures providing that the Manager’s inspection guidelines are subject to review
    and approval by Owners.
	 	 	 
	 	·	The Managers shall arrange for Owners’ representative to carry out a
    detailed assessment and operational audit of the Managers’ head office facilities a minimum of once every two (2) years.
    The inspection will include but not be limited to Company Profile, Management Review, Document Control, Fleet Management,
    ISM Safety Management System, Corrective Action, Recruitment and Training, Health, Safety and Environmental Protection, Technical
    Support, Navigation, Safe Mooring, and Emergency Response.
	 	 	 
	 	·	The Managers shall ensure that a Vessel inspection report in accordance with
    Owners’ format is completed annually. This inspection report is to be completed by attending manager’s superintendents
    during a twelve month period, ensuring that all items are addressed during that period. Copies of completed reports are to
    be submitted to Owners annually. The Managers may utilize their own internal inspection format and checklist if Owners can
    review and approve inspection guidelines prior to their use.
	 	 	 
	 	·	Owners, or their designated representatives, will arrange for qualified auditors
    to carry out annual audits of the Vessel to confirm that the Vessels safety, quality and environmental protection system is
    functioning effectively. The Managers are to provide corrective actions to any non-conformities identified during the audits
    within thirty days of receiving the audit report. Confirmation of implementation is to be carried out at the next audit. Items
    that would normally be considered non-conformities would include, but not be limited to; crew members not properly qualified
    or certified, deteriorated physical conditions on the Vessel or equipment malfunctions with no documented schedule for repair,
    lack of documentation control, insufficient

    	 

    	

    

	 	 	spare parts for normal maintenance, poor accuracy of onboard spare
    parts inventory, and lack of procedures for work being performed.
	 	 	 
	 	·	Owners, or their designated representatives, shall arrange for qualified surveyors
    to carry out inspections and a condition assessment of the Vessel while undergoing a drydock overhaul as necessary to verify
    proper planning and adherence to the approved Master Maintenance Plan.

  

The Managers will implement contingency
planning to be activated in the event of any emergency occurring on or to the Vessel and shall ensure that the contingency plan
is exercised annually with the participation of Owners. A copy of the Manager’s contingency plan
is to be provided to Owners who shall be included in the Emergency Contact Chart and the nominated recipients for amendments.

    	 

    	

    

ANNEX “E”

PERMANENT INSTRUCTIONS

 

The Permanent Instructions shall be provided
by the Charterers to the Managers on or prior to the Effective Date and shall be a protocol of communication among Charterers,
the Vessel Owners and/or the Managers. The protocol of communication will set out, inter alia, who has authority to issue instructions
and provide information to the Vessel and its master and who has authority to receive communications and information from the
Vessel.

    	 

    	

    

ANNEX “F”

FORM OF ACCOUNTING SYSTEM

 

[MANAGERS TO PROVIDE]

    	 

    	

    

ANNEX “G”

CONFIDENTIALITY AGREEMENT

 

This
Confidentiality Agreement (“Agreement”) is made and entered into as of the          
day of             , 2014, by and between
GAS-seventeen Ltd., a company incorporated under the laws of Bermuda and having its registered office at Clarendon House, 2
Church Street, Hamilton, HM11, Bermuda (the “Owners”), and GasLog LNG Services Ltd., a
company incorporated in Bermuda and having a branch office at 69 Akti Miaouli, Piraeus GR 18537, Greece (the
“Managers”).

 

Owners and Managers
entered into that certain Ship Management Agreement of even date herewith (the “Management Agreement”). In connection
with the Management Agreement, it has been necessary and may continue to be necessary for Owners and Managers to exchange or provide
access to certain proprietary and/or confidential information. Unless otherwise defined herein, all capitalized terms shall have
the meanings assigned thereto in the Management Agreement.

 

1. Confidential Information. At
all times during the term of the Management Agreement and for two years thereafter, Owners and Managers shall keep confidential
and shall not, without the prior written consent of the other party, issue any press release in relation to the transactions evidenced
by the Management Agreement or the transactions contemplated thereunder, or disclose to any other person, the terms of the Management
Agreement, any information provided to party pursuant to or in connection with the Management Agreement, any information connected
with the Vessel (both technical or operational) or any other information identified as confidential or which may be protected
by copyright, trademark or intellectual property law, or release copies of any such document which discloses any such information.
Any and all such information described herein, together with all notes, analyses, compilations, studies, interpretations or other
documents or records prepared by a party receiving such information or its Representatives (defined below), or copies thereof,
which contain or otherwise reflect such information made available by are hereinafter referred to as the “Confidential Information.”
In addition, Confidential Information shall mean any discussions between the parties concerning the Management Agreement or in
connection with the Management Agreement, any and all written, printed or other materials, regardless of form, provided by a party
concerning the Management Agreement or in connection with the Management Agreement, whether provided prior to or after the execution
of this Agreement, and the substance and content thereof, and all information ascertained through the discussions between employees
or representatives of the parties concerning the Management Agreement.

 

2. Exclusions. The term Confidential
Information does not include any information which:

    	 

    	

    

 (a) at the time of disclosure is in the public domain or thereafter becomes generally available other than as a result of a disclosure by the receiving party or its Representatives;

 

 (b) is available to such party or its Representatives on a non-confidential basis from a source other than the disclosing party, provided that such source is not bound by a confidentiality agreement with the disclosing party; or,

 

 (c) has been independently acquired or developed by receiving party or its Representatives without violating any of its obligations under this Agreement or the Management Agreement.

  

3. Permitted Disclosures. Notwithstanding
the provisions of Section 1 above, either party shall be entitled to disclose Confidential Information without the consent of
the other:

 

 (a) pursuant to applicable law or order of a court of competent jurisdiction or a regulatory agency with jurisdiction, provided such party agrees prior to any such disclosure to provide the other party with prompt written notice of such requirements;

 

 (b) to its directors, officers, employees, agents, representatives, advisors and consultants (“Representatives”), whose assistance in evaluating the Confidential Information is necessary and who are legally obligated to maintain the Confidential Information in confidence; and

 

 (c) to any charterer or subcharterer of the Vessel.

  

4. CHOICE OF LAW. This Agreement
shall be governed by and construed in accordance with English law and any dispute arising out of or in connection with this Agreement
shall be referred to arbitration in London in accordance with the Arbitration Act 1996 or any statutory modification or reenactment
thereof save to the extent necessary to give effect to the provisions of this Clause. Any dispute arising under this Agreement
shall be resolved pursuant to the arbitration provisions set forth in Article 19 of the Management Agreement.

 

5. Term. As to the Confidential
Information, the obligations of confidentiality and non-disclosure under this Agreement shall terminate two (2) years after the
date on which the Management Agreement is terminated. Upon termination of this Agreement, each party shall return all Confidential
Information furnished to it hereunder in written or other tangible form, and copies thereof, and destroy all copies of Confidential
Information consisting of notes, analyses, compilations, studies, interpretations or documents or records prepared by it, or its
Representatives.

    	 

    	

    

IN WITNESS whereof the parties have duly
signed this Agreement the day and year first above written.

 

SIGNED for and on behalf

of GAS-SEVENTEEN LTD.

by

 

in the presence of

 

SIGNED for and on behalf

of GASLOG LNG SERVICES LTD.

by

 

in the presence of

    	 

    	

    

ANNEX “H”

INCENTIVE BONUS PLAN

 

The Incentive Bonus shall be based on
an annual assessment of the Key Performance Indicators (“KPIs”) listed below, as divided in three sections: HSSE,
Vessel Performance, and Financial Performance.

 

There will be an annual assessment of
the KPIs in each section, and a total Incentive Bonus of $72,000 may be awarded. The total Incentive Bonus shall be allocated
across the three sections in three equal awards of $24,000 per section. Exceeding the noted maximum acceptable ,KPI
in any section will mean that the $24,000 section award will not be paid for that year.

 

Where the Bonus Target is met for every
KPI within a section then the full section award will be made for that section.

 

Where the KPIs in a section fall between
the Maximum acceptable and the Bonus Target, then the level of award will be assessed by mutual agreement.

 

Key Performance Indicators (KPIs)

 

The KPIs below are agreed to be reviewed
on an annual basis. These are the initial KPIs and may be adjusted and changed as agreed mutually on review.

 

	KPI	 	Maximum acceptable	 	Bonus
	 	 	 	 	 
	HSSE	 	 	 	 
	 	 	 	 	 
	Fatality	 	0	 	0
	 	 	 	 	 
	Total Recordable Cases	 	1	 	0
	 	 	 	 	 
	Near miss reports	 	To be agreed annually	 	To be agreed annually
	 	 	 	 	 
	Oil Spills to water	 	0	 	0
	 	 	 	 	 
	Venting cargo vapor to atmosphere - unless
    approved or emergency	 	0	 	0
	 	 	 	 	 
	Major Incidents (collisions, groundings,
    flooding, fire explosion etc.)	 	0	 	0
	 	 	 	 	 
	TMSA	 	To be agreed annually based on no improvement from the previous
    year	 	To be agreed annually based on stretched improvement from the
    previous year

    	 

    	

    

Vessel Performance

 

	Off hire	12 hours (assuming 4 days per annum total maintenance
    window (2 days every 6 months) or any other instances with permission)	No off hire
	 	 	 
	Vetting	Total deficiencies per inspection 12 low risk – 1 high risk	5 low risk
	 	 	 
	Port State Control	No requirements for rectification prior to departure	Maximum 2 observations (recorded on
        Equasis) per vessel inspection

	 	 	 
	Fuel consumption (using conversion )	Fuel consumption (as measured during

quarterly Kyma Performance Trials) equal to
that which is indicated in the Gas form C

	5% or more less than that which is indicated in the Gas Form C
	 	 	 
	Heel management	Requires two hours cool down alongside	Fully in compliance with voyage orders (e.g.
1 day heel on arrival and at temperature to load or as instructed by voyage)

	 	 	 
	Dry dock control - delivery after repair (discounting yard delays)	2 days delay from initial planned delivery
date

	Delivery on time

  

Financial Performance

 

	Compliance with annual budget, against declared expenditure,
    allowing for exchange rate fluctuations $ to € and approved extra items	0% above approved budget	Below the approved budget (excluding
    approved extra items) at an amount to be mutually agreed annually
	 	 	 
	Dry docking budget	0% above approved budget	Below the approved budget (excluding approved extra items) at an
    amount to be mutually agreed at the award of the drydock contract

    	 

    	

    

ANNEX “I”

 

PRIMARY TERMINALS

 

	Load	 	Country	 	Status
	Gladstone	 	Australia	 	* 2
	Withnell Bay	 	Australia	 	1
	Pluto	 	Australia	 	1
	Idku	 	Egypt	 	1
	Damietta	 	Egypt	 	1
	Punta Europa	 	Equatorial Guinea	 	1
	 	 	 	 	 
	Discharge	 	Country	 	Status
	Bahia Blanca FSRU	 	Argentina	 	1
	Zeebrugge	 	Belgium	 	1
	Pecem	 	Brazil	 	1
	Guanabara Bay	 	Brazil	 	1
	Canaport	 	Canada	 	1
	Mejillones	 	Chile	 	1
	Quintero	 	Chile	 	1
	Dalian	 	China	 	1
	Fujian	 	China	 	1
	Guangdong	 	China	 	1
	Jiangsu	 	China	 	1
	Shanghai	 	China	 	1
	Zhejiang	 	China	 	1
	Zhuhai	 	China	 	*2
	Montoir	 	France	 	1
	Revithoussa	 	Greece	 	1
	Dahej	 	India	 	1
	Hazira	 	India	 	1
	Chita	 	Japan	 	1
	Futtsu	 	Japan	 	1
	Himeji	 	Japan	 	1
	Senboku II	 	Japan	 	I
	Kawagoe	 	Japan	 	1
	Sodeshi	 	Japan	 	1
	Niigata	 	Japan	 	1
	Tobata	 	Japan	 	1
	Hitachi	 	Japan	 	*2
	Joetsu Thermal Power	 	Japan	 	1
	INPEX Naoetsu	 	Japan	 	lA
	Negishi	 	Japan	 	1
	Yanai	 	Japan	 	1
	Sodegaura	 	Japan	 	1
	Ohgishima	 	Japan	 	1
	Oita	 	Japan	 	1
	Sakai	 	Japan	 	1
	 	 	 	 	 
	Load	 	Country	 	Status
	Bonny Island (Jetty 1,2)	 	Nigeria	 	1
	Snohvit	 	Norway	 	*4
	Point Fortin	 	Trinidad	 	1
	Das Island	 	UAE	 	1
	Lake Charles	 	USA	 	1
	Sabine Pass (Cheniere)*	 	USA	 	1
	 	 	 	 	 
	Discharge	 	Country	 	Status
	Incheon	 	Korea	 	1
	Pyeongtaek	 	Korea	 	1
	Tongyeong	 	Korea	 	1
	Gwang Yang	 	Korea	 	1
	Mina Al Ahmadi	 	Kuwait	 	1
	Bintulu	 	Malaysia	 	1
	Altamira	 	Mexico	 	1
	Costa Azul	 	Mexico	 	1
	Sines	 	Portugal	 	1
	Ras Laffan	 	Qatar	 	1
	Singapore	 	Singapore	 	1
	Barcelona	 	Spain	 	1
	Bilbao	 	Spain	 	1
	Cartagena	 	Spain	 	1
	Huelva	 	Spain	 	1
	Sagunto	 	Spain	 	1
	Map Ta Phut	 	Thailand	 	1
	Rotterdam	 	The Netherlands	 	1
	Yung-An	 	Taiwan	 	1
	Taichung	 	Taiwan	 	1
	Aliaga	 	Turkey	 	1
	Marmara Ereglisi	 	Turkey	 	*3
	Jebel Ali FSRU	 	UAE	 	1
	Elba Island	 	USA	 	1
	Cameron	 	USA	 	1
	Pascagoula	 	USA	 	1
	Freeport	 	USA	 	1
	Isle of Grain	 	UK	 	1
	Dragon	 	UK	 	1

    	 

    	

    

* 1 A - Primary Terminals ~ Pending

 

Signifies terminals where some terminal
data is not complete, but which will be treated as Primary Terminals so long as, in order for the Vessel to be accepted by the
terminal, no changes are required to the principal dimensions of the Vessel, including: length, breadth, draft, displacement,
location of cargo manifolds and lay-out of cargo manifolds (pipe size, layout of liquid and vapour lines, manifold dimensions,
etc). Owners and Charterers to cooperate to complete any missing terminal data and to achieve Terminal acceptance and any minor
changes to the Vessel (gangway landing areas/rails, etc.) will be the responsibility of the Owners.

 

*2 Terminals Under Construction

 

Signifies terminals
that are under construction at the date of signing the Charter party and are not Primary Terminals (“Terminals Under Construction”).
Owners and Charterers agree to work together in good faith in order to obtain: (i) the necessary relevant information to enable
Owners to reasonably assess whether each of the Terminals Under Construction are in all material respects compatible with the
Vessel; and (ii) acceptance of the Vessel by the Terminal Under Construction. Once Owners are reasonably satisfied that a Terminal
Under Construction is in all material respects compatible with the Vessel so as to allow safe navigation, loading and/or discharge,
and the Terminal Under Construction has confirmed to Owners that they are prepared to accept
the vessel to call and carry out cargo operations at their terminal (once completed), Owners agree to add such Terminal Under
Construction to the list of Primary Terminals.

 

*3 Terminals With Compatibility Issues

 

Signifies terminals
which have identified compatibility issues and are not Primary Terminals. However, Owners agree to allow the Vessel to call at
such terminals provided: (i) they are reasonably satisfied that there is sufficient compatibility to allow safe navigation,
loading and/or discharge; and (ii) the terminal have confirmed to Owners their acceptance of the Vessel to call, and carry out
cargo operations at their terminal.

 

*4 Terminals Pending Further Data

 

Signifies terminals in respect of which,
at the date hereof, there is insufficient information available in order to allow Owners to assess whether the terminal is in
all material respects compatible with the Vessel so as to allow safe navigation, loading and/or discharge (“Pending Terminals”).
Owners and Charterers agree to work together in good faith in order to obtain: (i) the necessary relevant information to enable
Owners to reasonably assess whether each of the Pending Terminals are in all material respects compatible with the Vessel; and
(ii) acceptance of the Vessel by the Pending Terminals. Once Owners are reasonably satisfied that an Pending Terminal is in all
material respects compatible with the Vessel so as to allow safe navigation, loading and/or discharge, and the Pending Terminal
has confirmed to Owners that they are prepared to accept the vessel to call and carry out cargo operations at their terminal (once
completed), Owners agree to add such Pending Terminals to the list of Primary Terminals.Exhibit 10.23

 

Private and Confidential

 

SPECIFIC TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL
TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE REDACTED MATERIAL HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH FIVE ASTERISKS (*****).

 

LNG TIME CHARTER PARTY

 

BETWEEN

 

GAS-sixteen Ltd.

 

AND

 

METHANE SERVICES LIMITED

 

4 - April- 2014

    	Page 1 of 89

    	

    
Private and Confidential

 

TABLE OF CONTENTS

 

	1.	Description and Condition of Vessel	 	5
	 	 	 	 
	2.	Shipboard Personnel and their Duties	 	8
	 	 	 	 
	3.	Duty to Maintain	 	9
	 	 	 	 
	4.	Trading Limits and Safe Places	 	10
	 	 	 	 
	5.	Bunkers and LNG Heel at Delivery and Redelivery	 	12
	 	 	 	 
	6.	Grade of Bunkers	 	13
	 	 	 	 
	7.	Period, Delivery, Redelivery, Laydays and Cancelling	 	13
	 	 	 	 
	8.	Owners to Provide	 	15
	 	 	 	 
	9.	Charterers to Provide	 	15
	 	 	 	 
	10.	Rate of Hire	 	16
	 	 	 	 
	11.	Payment of Hire	 	16
	 	 	 	 
	12.	Space Available to Charterers	 	17
	 	 	 	 
	13.	Instructions and Logs	 	18
	 	 	 	 
	14.	Bills of Lading	 	18
	 	 	 	 
	15.	Conduct of Vessel’s Personnel	 	20
	 	 	 	 
	16.	LNG Retention/Supply for Operational Purposes	 	20
	 	 	 	 
	17.	Pilots and Tugs	 	22
	 	 	 	 
	18.	Super-Numeraries	 	22
	 	 	 	 
	19.	Sub-letting/Assignment/Novation	 	22
	 	 	 	 
	20.	Final Voyage	 	23
	 	 	 	 
	21.	Loss of Vessel	 	23
	 	 	 	 
	22.	Off-hire	 	24
	 	 	 	 
	23.	Ship to Ship Transfers and FPSO/FSRU Cargo Operations	 	28
	 	 	 	 
	24.	Periodical Dry-dock	 	29
	 	 	 	 
	25.	Ship Inspection	 	30
	 	 	 	 
	26.	Key Vessel Performance Criteria	 	31
	 	 	 	 
	27.	Salvage	 	32
	 	 	 	 
	28.	Lien	 	32
	 	 	 	 
	29.	Exceptions	 	33
	 	 	 	 
	30.	Injurious Cargoes	 	34

    	Page 2 of 89

    	

    
    Private and Confidential

 

	31.	Disbursements	 	34
	 	 	 	 
	32.	Laying-up	 	34
	 	 	 	 
	33.	Requisition	 	34
	 	 	 	 
	34.	Outbreak of War	 	34
	 	 	 	 
	35.	Additional War Expenses	 	35
	 	 	 	 
	36.	War Risks	 	35
	 	 	 	 
	37.	Piracy	 	36
	 	 	 	 
	38.	Both to Blame Collision Clause	 	37
	 	 	 	 
	39.	New Jason Clause	 	38
	 	 	 	 
	40.	Clause Paramount	 	39
	 	 	 	 
	41.	Insurance/ITOPF	 	39
	 	 	 	 
	42.	Export Restrictions	 	40
	 	 	 	 
	43.	Business Principles	 	40
	 	 	 	 
	44.	Drugs and Alcohol	 	41
	 	 	 	 
	45.	Pollution and Emergency Response	 	41
	 	 	 	 
	46.	ISPS Code/USMTSA 2002	 	42
	 	 	 	 
	47.	Law and Litigation	 	43
	 	 	 	 
	48.	Confidentiality	 	43
	 	 	 	 
	49.	Construction	 	43
	 	 	 	 
	50.	Notices	 	44
	 	 	 	 
	51.	Invoices	 	45
	 	 	 	 
	52.	Ship Contact details	 	45
	 	 	 	 
	53.	Definitions	 	46
	 	 	 	 
	54.	Claim Validity Period	 	47
	 	 	 	 
	55.	Eligibility & Compliance	 	47
	 	 	 	 
	56.	Vapour Pressure	 	49
	 	 	 	 
	57.	Cargo Transfer Inspection and System Calibration	 	49
	 	 	 	 
	58.	Vessel Data	 	51
	 	 	 	 
	59.	Third Party Vetting Information	 	51
	 	 	 	 
	60.	Taxes	 	51
	 	 	 	 
	61.	U.S. Compliance	 	51
	 	 	 	 
	62.	Compliance with the Bribery Act, 2010 (England and Wales) and the US Foreign Corrupt Practices Act (FCPA)	 	51
	 	 	 	 
	63.	Owners’ Defaults	 	55
	 	 	 	 
	64.	Charterers’ Defaults	 	56
	

    	Page 3 of 89

    	

    
Private and Confidential

 

	65.	Quiet Enjoyment	 	57
	 	 	 	 
	66.	Rights of Third Parties	 	58
	 	 	 	 
	67.	Consequential Losses	 	58
	 	 	 	 
	68.	Health, Safety, Security, Environment Reporting Requirements	 	58
	 	 	 	 
	69.	Ballast Water Treatment (BWT) System	 	59
	 	 	 	 
	70.	Counterparts	 	59
	 	 	 	 
	APPENDIX A – Terminal Compatibility List	 	61
	 	 	 	 
	APPENDIX B – Gas Form C for the Vessel	 	63
	 	 	 	 
	APPENDIX C – Detailed Performance Criteria	 	69
	 	 	 	 
	APPENDIX E – BG Business Principles	 	79
	 	 	 	 
	APPENDIX F – Norwegian Sale Form	 	84
	 	 	 	 
	APPENDIX G – Letter of Quiet Enjoyment	 	85

    	Page 4 of 89

    	

    
Private and Confidential

 

IT IS THIS DAY AGREED between GAS-sixteen Ltd.,
an exempted company incorporated under the laws of Bermuda and having its registered office at Clarendon House, 2 Church Street,
Hamilton, RG6 1PT, Bermuda (hereinafter referred to as “Owners”), being owners of the good Liquefied Natural Gas Carrier
called “Methane Rita Andrea” (hereinafter referred to as “the Vessel”) described as per Clause 1 hereof and
METHANE SERVICES LIMITED, a company incorporated under the laws of England and Wales and having its registered office at 100 Thames
Valley Park Drive, Reading, Berkshire RG6 1PT, United Kingdom (hereinafter referred to as “Charterers”):

 

		1.	Description
                                         and Condition of Vessel

 

At the date of delivery of the Vessel under
this charter and throughout the charter period:

 

		(a)	she shall be classed by a classification society (“Classification Society”), which
is a member of the International Association of Classification Societies;

 

		(b)	if she is fifteen years old or over she shall obtain and maintain a LNG Condition Assessment Programme
(“CAP”) of not less than / worse than two (2);

 

		(c)	she shall be in every way fit to load, carry, discharge and measure Liquefied Natural Gas (“LNG”);

 

		(d)	she shall be tight, staunch, strong, in good order and condition, and in every way fit for the
service, with her machinery, boilers, hull and other equipment (including but not limited to hull stress calculator, radar, computers
and computer systems) in a good and efficient state;

 

		(e)	her tanks, valves and pipelines shall be liquid and gas tight; she shall have a working inert gas
system and nitrogen generator with officers and crew experienced in the operation of both;

 

		(f)	she shall be in every way fitted for burning fuels, in accordance with the grades specified in
Clause 6 hereof:

 

		(i)	at sea, fuel oil or marine diesel oil in any proportion with LNG Boil-Off or 100% LNG Boil-Off
for main propulsion (allowing the use of diesel oil for pilot). When transiting and manoeuvring in restricted waters only dual
fuel mode is permitted; Owners and Charterers will discuss in good faith future operational process changes to allow 100% boil-off
during transiting and manoeuvring (provided it can be demonstrated to be safe and reliable for the proposed operating modes); and
heavy fuel oil, marine diesel oil and marine gas oil for auxiliaries;

    	Page 5 of 89

    	

    
Private and Confidential

 

		(ii)	in port, fuel oil or marine diesel oil in boilers; and fuel oil or marine diesel oil in any proportion
with LNG Boil-Off or 100% LNG Boil-Off (however always using a minimal amount of diesel oil for pilot purposes) for power generation;

 

		(iii)	in all cases able to comply with all national and international emissions compliance regulations
applicable to Charterers’ required trading routes in force at the keel laying date for a minimum of six (6) days at the Service
Speed without burning LNG; although Charterers shall allow Owners to take advantage of all relevant national and international
waivers that exist related to the year of construction for future changes in regulations.

 

		(iv)	in all cases able to maintain continuous safe operation of the vessel and all auxiliary equipment
during switchover between different types of fuel in any consumer.

 

		(g)	she shall have all her instrumentation calibrated and certified in accordance with the requirements
of the Vessel’s Classification Society;

 

		(h)	she shall have her cargo measuring equipment calibrated by a recognised calibration company as
referenced in Clause 57 hereof and certified in accordance with the requirements of the Vessel’s Classification Society;

 

		(i)	she shall have her inter-barrier and insulation spaces prepared and performing as per international
regulations, and her containment system design conditions

 

		(j)	she shall comply with the regulations in force so as to enable her, if her size permits, to pass
through the Suez Canal and Panama Canal by day and night without delay;

 

		(k)	she shall have on board all certificates, documents and equipment required from time to time by
any applicable law to enable her to perform the charter service without delay. For the avoidance of doubt this will include, but
will not be limited to, the Vessel’s Certificate of Financial Responsibility;

 

		(l)	she shall comply with the description in the LNG Gas Form C appended hereto as Appendix B, provided
however that if there is any conflict between the provisions of this Form C and any other provision, including this Clause 1, of
this charter such other provisions shall govern;

 

		(m)	her ownership structure, flag, registry, Classification Society and management company shall not
be changed without prior approval of Charterers, which shall not be unreasonably withheld

 

		(n)	Owners shall complete, on board the Vessel, the daily template from Charterers’ voyage management
system.

 

		(o)	Owners shall operate:

    	Page 6 of 89

    	

    
Private and Confidential

 

		(i)	a Safety Management System (“SMS”) that shall comply as a minimum with the following
regulations and/or industry standards, plus any additions, modifications or subsequent versions thereof: International Safety Management
Code (“ISM Code”) for the Safe Operation of Ships and for Pollution Prevention, International Ship and Port Security
Code (“ISPS”), International Convention for the Prevention of Pollution From Ships, 1973 as modified by the Protocol
of 1978 (“MARPOL”), International Convention for Safety of Life at Sea, 1974 (“SOLAS”), International Convention
on Standards of Training, Certification and Watchkeeping for Seafarers, 1995 (“STCW”), best practice recommendations
from the Tanker Management Self Assessment (“TMSA”), the International Safety Guide for Oil Tankers and Terminals (“ISGOTT”),
Society of International Gas Tanker and Terminal Operators (“SIGTTO”) and the Code Of Safe Working Practices (“COSWOP”);

 

		(ii)	a documented safe working procedures system within the SMS to address the Health Safety Security
and Environment (“HSSE”) risks specific to the scope of work set out in this charter party and the management of controls
to eliminate, reduce or mitigate these risks as low as reasonably practicable. Owners’ operations shall be certified, as
a minimum to ISO:9001:2008;

 

		(iii)	a documented environmental management system to protect environmental resources by applying best
available techniques to minimise or, where possible, eliminate any direct or indirect impact from operations; Owners shall meet
the requirements of ISO 14001:2004 or demonstrate that plans are in place to obtain this certification within the next twelve (12)
months from the charter start date.

 

		(iv)	Owners shall operate a Ship Energy Efficiency Management Plan (SEEMP), in accordance with IMO MEPC.l/Circ.683,
to continuously improve the efficiency of ship operations.

 

		(v)	a documented accident/incident reporting system compliant with flag state requirements.

 

		(p)	Owners shall arrange at their expense for a Ship Inspection Report (SIRE) inspection to be carried
out at intervals of six months plus or minus thirty days, subject to Vessel’s trading pattern and availability of surveyors.
Upon delivery, Vessel shall have a SIRE report, if this is not possible then a non operational inspection will be permitted provided
a further vetting inspection is carried out at the first available opportunity and is conducted during cargo operations.

 

		(q)	Owners shall ensure that all crew are provided an orientation training programme for the Vessel
with training relevant under the SMS. Owners shall ensure that all subcontractors visiting the Vessel shall receive a briefing
or information on the parts of the SMS

    	Page 7 of 89

    	

    
Private and Confidential

 

relevant to their
visit and comply with the Owners’ HSSE policies and procedures during the visit.

 

		(r)	Owners shall take all necessary precautions and measures specific for piracy deterrence in piracy
prone areas of the world. This shall include using reference material and industry guidelines such as OCIMF Best management Practices
(BMP).

 

		2.	Shipboard
                                         Personnel and their Duties

 

		(a)	At the date of delivery of the Vessel under this Charter and throughout the charter period:

 

		(i)	she shall have a full and efficient complement of master, officers and crew for a Vessel of her
tonnage, who shall in any event be not less than the number required by the laws of the flag state and who shall be trained to
operate the Vessel and her equipment competently and safely;

 

		(ii)	all shipboard personnel shall hold valid certificates of competence in accordance with the requirements
of the law of the flag state;

 

		(iii)	all shipboard personnel shall be trained in accordance with Appendix D and the relevant provisions
of the International Convention on Standards of Training, Certification and Watchkeeping (STCW) for Seafarers, 1995 or any additions,
modifications or subsequent versions thereof. Shipboard personnel shall be trained under a system certified to the SIGTTO “LNG
Shipping Suggested Competency Standards 2005” or subsequent versions thereof.

 

		(iv)	there shall be on board sufficient personnel with a good working knowledge of the English language
to enable cargo operations at loading and discharging places to be carried out efficiently and safely and to enable communications
between the Vessel and those loading the Vessel or accepting discharge therefrom to be carried out quickly and efficiently;

 

		(v)	the terms of employment of the Vessel’s staff and crew shall always remain acceptable to
the International Transport Worker’s Federation and the Vessel shall at all times carry a Blue Card;

 

		(vi)	the Vessel shall always operate with safe manning levels that comply with STCW and with the work
hour limits set out by the International Labour Organisation (ILO) including the Maritime Labour Convention 2006 (MLC) as designated
in Appendix D. The Vessel shall maintain a STCW record of deviation hours for all officers and crew aboard the Vessel and provide
this record to the Charterers upon request. If Charterers express concern with the STCW deviation hours, Charterers and Owners
shall discuss and agree to a mitigation plan that shall ensure the Vessel can comply with the requisite STCW rest hours.

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		(vii)	Charterers shall have the right to review the qualifications of the Master, Chief Officer, Chief
Engineer, Second Engineer, Electrical Engineer, Electronics Officer, and the Gas Engineer. Charterers shall also have the right
to interview these officers, at Charterers’ cost.

 

		(viii)	the Vessel’s officers shall comply with the requirements set out in Appendix D.

 

		(b)	Owners guarantee that throughout the charter service the master shall with the Vessel’s officers
and crew, unless otherwise ordered by Charterers:

 

		(i)	prosecute all voyages with the utmost despatch;

 

		(ii)	render all customary assistance; and

 

		(iii)	load and discharge cargo as rapidly as possible when required by Charterers or their agents to
do so, by night or by day, but always in accordance with the laws of the place of loading or discharging (as the case may be) and
in each case in accordance with any applicable laws of the flag state and within the safe capabilities of the Vessel and crew.

 

		(c)	Owners shall at all times have responsibility for the proper stowage of the cargo and shall keep
a strict account of all cargo loaded, Boil-Off, commencement and termination of forced cargo vaporisation and cargo discharged.

 

		3.	Duty
                                         to Maintain

 

		(a)	Throughout the charter service Owners shall, whenever the passage of time, wear and tear or any
event (whether or not coming within Clause 29 hereof) requires steps to be taken to maintain or restore the conditions stipulated
in Clauses 1 and 2(a), exercise due diligence so to maintain or restore the Vessel.

 

		(b)	If at any time whilst the Vessel is on hire under this Charter the Vessel fails to comply with
the requirements of Clauses 1, 2(a) or 12 then hire shall be reduced to the extent necessary to indemnify Charterers for such failure.
If and to the extent that such failure affects the time taken by the Vessel to perform any services under this Charter, hire shall
be reduced by an amount equal to the value, calculated at the rate of hire, of the time so lost. Any reduction of hire under this
sub-Clause (b) shall be without prejudice to any other remedy available to Charterers, but where such reduction of hire is in respect
of time lost; such time shall be excluded from any calculation under Clause 26 and Appendix C.

 

		(c)	If Owners are in breach of their obligations under Clause 3(a), Charterers may so notify Owners
in writing and if, after the expiry of ***** following the receipt by Owners of

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any such notice,
Owners have failed to demonstrate to Charterers reasonable satisfaction the exercise of due diligence as required in Clause 3(a),
the Vessel shall be off-hire, and no further hire payments shall be due, until Owners have so demonstrated that they are exercising
such due diligence.

 

		(d)	Owners shall advise Charterers immediately, in writing, should the Vessel fail an inspection by,
but not limited to, a governmental and/or port state authority, and/or terminal and/or major charterers of similar tonnage. Owners
shall simultaneously advise Charterers of their proposed course of action to remedy the defects, which have caused the failure
of such inspection.

 

		(e)	If, in Charterers reasonably held view:

 

		(i)	failure of an inspection, or,

 

		(ii)	any finding of an inspection,

 

referred to in Clause 3 (d),
prevents normal commercial operations then Charterers shall have the option to place the Vessel off-hire from the date and
time that the Vessel fails such inspection, or becomes commercially inoperable, and the Vessel shall remain off hire until
the earlier of the date and time that the Vessel passes a re-inspection by the same organisation, or until the date and time
that Owners and Charterers mutually agree that the Vessel is in a condition to pass such re-inspection or until the date and
time that the Vessel becomes commercially operable, which shall be in a position no less favourable to Charterers than at
which she went off-hire. Owners shall provide Charterers with full details of their plans to remedy the cause of the failure
or finding and the period within which this remedy will be completed.

 

		(f)	Furthermore, at any time while the Vessel is off-hire for a continued period of ***** under
                                                          this Clause 3 (with the exception of Clause 3(e)(ii)), Charterers have the option to terminate this Charter by giving notice
                                                          in writing with effect from the date on which such notice of termination is received by Owners or from any later date stated
                                                          in such notice. This sub-Clause (f) is without prejudice to any rights of Charterers or obligations of Owners under this
                                                          Charter or otherwise (including without limitation Charterers’ rights under Clause 22 and 63 hereof).

 

		(g)	In the event that during this charter the Vessel undergoes modifications related to the LSGO conversion
of the current Kawasaki main boilers, as per the agreement between GasLog and Wartsila dated 14 August 2012 as instructed by BG,
the Vessel shall remain on-hire for all such work related to this (including commissioning time), and all costs of such modifications
shall be reimbursed by Charterer.

 

		4.	Trading
                                         Limits and Safe Places

 

		(a)	The Vessel shall be used for the purpose of carrying all lawful merchandise (subject always to
Clause 30) including in particular, LNG, in any part of the world as Charterers

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shall direct,
subject to the limits of the current British Institute Warranties and any subsequent amendments thereof. Notwithstanding the foregoing,
but subject to Clause 36, Charterers may order the Vessel beyond such limits provided that Owners consent thereto (such consent
not to be unreasonably withheld) and that Charterers pay for any insurance premium required by the Vessel’s underwriters as a consequence
of such order.

 

		(b)	Charterers shall use due diligence to ensure that the Vessel is only employed between and at safe
places (which expression when used in this Charter shall include ports, berths, wharves, docks, anchorages, submarine lines, alongside
vessels or lighters, bunker barges and other locations including locations at sea, subject to rights and obligations under Clause
23) where she can safely lie always afloat. Notwithstanding anything contained in this or any other Clause of this Charter, Charterers
do not warrant the safety of any place to which they order the Vessel and shall be under no liability in respect thereof except
for loss or damage caused by their failure to exercise due diligence as aforesaid. Subject as above, the Vessel shall be loaded
and discharged at any places as Charterers may direct.

 

		(c)	Owners warrant that the Vessel is compatible with the LNG Terminals listed in Appendix A for berthing,
unberthing, loading and discharging LNG cargo without modification to the Vessel. In the event that such modification to the Vessel
becomes necessary as a result of changes in international regulations, national law or standards and/or are required by the Vessel’s
Classification Society or flag state, the cost of such modification shall be for Owners’ account, and the Vessel shall be
off-hire for the time required to effect such modifications unless this can be achieved without affecting the performance of the
Vessel under this Charter.

 

		(d)	If Charterers request, Owners shall agree to perform compatibility studies of terminals not listed
as Primary Terminals in Appendix A hereof. Costs of routine communications and documentation support, such as submission of Gas
Form C, Optimoor® studies and other data requests shall be for Charterers’ account. Required travel by Owners’
representative to the terminal as specifically requested and approved by Charterers shall be for Charterers’ account. If
following such compatibility studies, Owners deem a terminal compatible; such terminal shall be added to the Primary Terminals
list in Appendix A.

 

		(e)	If Charterers direct the Vessel to any LNG loading or receiving facilities other than the LNG Terminals
listed in Appendix A, Charterers shall give notice to Owners sufficiently in advance thereof so as to enable Owners to comply with
environmental, fire prevention, health, safety and other similar regulations, including but not limited to compatibility studies
of those terminals, applicable at such other place including any alteration in ship design. The reasonable cost and the necessary
time taken to comply with such regulations, necessary, solely, to allow the Vessel to load or discharge at such other place, shall
be for Charterers account. Charterers shall reimburse such costs to Owners against presentation to Charterers of appropriate invoices
and supporting vouchers, except insofar as Owners are otherwise obliged to bear such costs in accordance with this Charter. For
purposes of this sub Clause 4(d), should an alteration in ship design be required, Charterers and Owners shall discuss in good
faith the requirement and its

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impact on the
Vessel, with the aim of ensuring that Owners are not penalized by lower performance, reduced residual value, or similar.

 

		(f)	In the event that at any time during the term of this Charter, Charterers request and Owners agree
that upgrading works shall be carried out to the Vessel which constitute an alteration on the Vessel from that prevailing at the
time of Delivery, the cost of such upgrading shall be agreed between Owners and Charterers. For the avoidance of doubt, if a “Change
of Law” requires the Vessel to be modified in order for the Vessel to continue to operate in accordance with Clause 4 and
this Charter, the cost of such modification shall be for Owners’ account. For the purpose of this sub Clause (f), “Change
of Law” shall be defined as any law, statute, act, ordinance, rule, regulation, requirement or order of any international
or national government or regulatory agency that comes into effect after the date of execution of this Charter.

 

		(g)	Notwithstanding the above, the Vessel shall not be required to force ice or to follow icebreakers.

 

		(h)	The Vessel shall not trade in breach of UN or other relevant sanctions.

 

		5.	Bunkers
                                         and LNG Heel at Delivery and Redelivery

 

		(a)	Upon delivery, Charterers shall retain ownership of all HFO, gas oil and diesel on board. Original
supplier invoices must be provided by Charterers to Owners. For the avoidance of doubt, any LNG on board the Vessel upon delivery,
was and remains the property of Charterers.

 

		(b)	The Vessel shall be redelivered to Owners with its cargo tanks under natural gas vapours
                                                            unless Owners declare the option to retain up to 3,000m3 of LNG heel at last discharge. Such option shall be declared no
                                                            later than five (5) days prior to the loading of the final cargo and will be priced at the LNG Price.

 

		(c)	Upon redelivery, Owners shall purchase all HFO, gas oil and diesel on board at the documented cost
of each. Original supplier invoices must be provided by Charterers to Owners.

 

		(d)	Throughout the Charter (and upon delivery and redelivery) the Vessel shall operate with at
                                                            least a quantity of bunkers or Fuel Oil Equivalent, as defined in Clause 53, and a quantity of diesel oil and nitrogen (if
                                                            nitrogen is applicable) on board sufficient to prosecute safely each voyage or reach the nearest safe bunker port. The above
                                                            amount shall be in addition to a safety reserve of fuel oil, which would enable the Vessel to steam at the Service speed
                                                            defined in this Charter for a total of five days.

 

		(e)	Notwithstanding anything contained in this Charter all bunkers and LNG Heel on board the Vessel
shall, throughout the duration of this Charter, remain the property of Charterers or

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			their nominee and can only be purchased on the terms specified in
the Charter at the end of the charter period or, if earlier, at the termination of the Charter.

 

		(f)	The Master shall provide an on-hire and off-hire certificate containing the Remaining On Board
(ROB) quantities for LNG, HFO, gas oil and diesel oil upon both delivery and redelivery of the Vessel. Owners or Charterers may
choose to use an independent surveyor to verify ROB quantities at their own cost, however, in any dispute, the surveyor numbers
shall prevail.

 

		6.	Grade
                                         of Bunkers

 

		(a)	Charterers shall supply fuel oil whose properties comply at a minimum with those set out in ISO
Standard 8217:2005 tor RMH380 and diesel oil as per ISO 8217:2005 DMB (with any subsequent amendments thereto) and marine gas oil
as per ISO 8217:2005 DMX (with any subsequent amendments thereto). If Owners require the Vessel to be supplied with more expensive
bunkers they shall be liable for the extra cost thereof.

 

		(b)	Should Charterers trade the Vessel into a Emissions Control Area (“ECA”) as defined
in Annex VI of MARPOL, then the Charterers shall either supply low sulphur fuel oil of a quality which the Vessel can use and which
will satisfy the ECA requirements or allow forced vaporisation of cargo for fuel, sufficient for the Vessel’s need while
in the restricted area, and the Owners shall provide segregated storage for the low sulphur fuel oil. If Owners are unable to provide
segregated bunker tanks, then Owners shall reimburse Charterers for the additional cost of purchasing low sulphur fuel oil which
is consumed outside of a ECA zone.

 

		(c)	Owners and Charterers can request the other party to provide bunker survey data to verify the quality
of the bunkers on board. This request can be made at any time during the charter period or the Claim Validity Period.

 

		7.	Period,
                                         Delivery, Redelivery, Laydays and Cancelling

 

		a)	Owners agree to let and Charterers agree to hire the Vessel commencing from the time and date of
delivery to Charterers as provided in Clause 7(b) until time and date of redelivery to Owners as provided in Clause 7(c)

 

		b)	The Vessel shall be delivered by Owners to Charterers immediately after delivery of the Vessel
to the Owners pursuant to the Memorandum of Agreement between the Owners and Brazil Shipping II Limited as appended hereto in Appendix
F.

 

		c)	The Vessel shall be chartered for a period of six (6) years plus up to ***** at
                                                         Charterers’ option (“Firm Charter Period”) commencing on delivery of the Vessel in accordance with Clause 7
                                                         (b).

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		d)	Subject to Clause 7(e), the Charterers shall have the right to extend the Firm Charter Period by
one (1) additional period of either three (3) years or five (5) years (an “Option Charter Period”) plus or minus up
to ***** at Charterers’ option.

 

		e)	Provided that the equivalent Option Charter Period has only been exercised under one of the following:

 

		i.	the time charter agreement between the Charterer and the registered owner of the [m.v. “Methane
Jane Elizabeth” IMO number 9307190 dated the date hereof; or

 

		ii.	the time charter agreement between the Charterer and the registered owner of the [m.v. “Methane
Lydon Volney” IMO number 9307205 dated the date hereof.

 

the Charterers shall have the right to exercise
one of the two Option Charter Periods in respect of the Vessel. If none of the above referenced time charters have had an Option
Charter Period declared, then the Option Charter Period for the Vessel under this contract shall be known as the “Vessel
1 Option Charter Period”. If one of the above referenced time charters has had an Option Charter Period declared, then an
Option Charter Period declared under this contract shall be known as the “Vessel 2 Option Charter Period”. For avoidance
of doubt, Option Charter Periods cannot be declared simultaneously.

 

If Owners have proposed and/or secured the
Vessel for employment which is not possible if the Option Charter Period is declared for this Vessel, both parties shall discuss
the situation in good faith, with the understanding that Charterer could declare Option Charter Period on a sister vessel in lieu
thereof.

 

		(g)	The ‘plus or minus’ days must be declared by Charterers no later than ***** in
                                                          advance of the expiration of the relevant Option Charter Period if exercised.

 

		(h)	If exercised, Charterers shall declare the Vessel 1 Option Charter Period option no later than
17:00 hours London time, ***** before the termination of the Firm Charter Period.

 

		(i)	If exercised, Charterers shall declare the Vessel 2 Option Charter Period option no later than
17:00 hours London time, ***** before the termination of the Firm Charter Period.

 

		(j)	Charterers shall redeliver the Vessel at the pilot boarding station outbound at last
                                                          discharge port or at one safe anchorage Gibraltar or Singapore at Charterers’ option, such option to be declared *****
                                                          before loading of the last cargo. In the event that redelivery takes place DLOP last discharge port and not at either
                                                          Gibraltar or Singapore, Charterers shall pay Owners a lump sum Ballast Bonus payment equivalent to the notional ballast
                                                          voyage calculated for hire, fuel, and war risk or piracy routing and costs to return the vessel from the last discharge port
                                                          to either Gibraltar (if last discharge occurs West of Suez) or Singapore (if last discharge takes place East of Suez).

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Hire and fuel consumption shall be
calculated basis Service Speed. For the purpose of calculating the notional ballast leg, distances shall be used on Dataloy Distance
Tables as found on www.dataloy.com

 

		(k)	Charterers shall provide 30, 25, 15, 7, 5, 4, 3, 2, 1 days’ notice of redelivery.

 

		(l)	Any time during which the Vessel is off-hire under this Charter may be added to the charter period
in Charterers’ option up to the total amount of time spent off-hire. In such cases the rate of hire will be that prevailing
at the time the Vessel would, but for the provisions of this Clause, have been redelivered. Charterers shall exercise this option
no later than ***** before the date on which the Charter would otherwise terminate. Any periods of off-hire occurring after the
time and date on which Charterers have declared their option may be added to the charter period as long as Charterers have declared
that they will be so added within ***** of the end of the relevant period of off-hire.

 

		8.	Owners
                                         to Provide

 

Owners undertake to provide and to pay for
all provisions, wages (including but not limited to all overtime payments), and shipping and discharging fees and all other expenses
of the master, officers and crew; also, except as provided in Clauses 4, 9(c) and 35 hereof, for all insurance on the Vessel, for
all deck, cabin and engine-room stores, lubricating oil, and for water; for all dry- docking, overhaul, maintenance and repairs
to the Vessel; and for all fumigation expenses and de-rat certificates. Owners’ obligations under this Clause 8 extend to
all liabilities for taxes, customs or import duties arising at any time during the performance of this Charter in relation to the
personal effects of the master, officers and crew, and in relation to the stores, provisions and other matters aforesaid which
Owners are to provide and pay for and Owners shall refund to Charterers any sums Charterers or their agents may have paid or been
compelled to pay in respect of any such liability. Any amounts allowable in general average for wages and provisions and stores
shall be credited to Charterers insofar as such amounts are in respect of a period when the Vessel is on-hire.

 

		9.	Charterers
                                         to Provide

 

		(a)	Charterers shall provide and pay for all fuel (which includes fuel consumed for the production
of nitrogen and all Boil-Off gas, which in accordance with Charterers instructions is to be used as fuel) which must be supplied
from a bunker supplier who applies the standards required by a first class operator, towage and pilotage and shall pay agency fees,
port charges, commissions, expenses of loading and unloading cargoes, canal dues and all charges other than those payable by Owners
in accordance with Clause 8 hereof, provided that all charges for the said items shall be for Owners’ account when

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such items are consumed,
employed or incurred for Owners’ purposes or while the Vessel is off-hire (unless such items reasonably relate to any service
given or distance made good and taken into account under Clause 22); and provided further that any fuel used in connection with
a general average sacrifice or expenditure shall be paid for by Owners.

 

		(b)	In respect of bunkers consumed for Owners’ purposes these will be charged on each occasion
by Charterers at the Fuel Price.

 

		(c)	If the trading limits of this charter include ports in the United States of America and/or its
protectorates then Charterers shall reimburse Owners for port specific charges relating to additional premiums charged by providers
of oil pollution cover, when incurred by the Vessel calling at ports in the United States of America and/or its protectorates in
accordance with Charterers’ orders.

 

		10.	Rate
                                         of Hire

 

		(a)	Charterers shall pay for the use and hire of the Vessel to the Owners at the rate of *****
                                                          per day or pro rata for any day thereof for the Firm Period.

 

		(b)	Charterers shall pay for the use and hire of the Vessel to the Owners at the rate of *****
                                                          per day or pro rata for any day thereof during the Vessel Option Period.

 

		(c)	Charter hire shall commence from the time and date of delivery of the Vessel to Charterers until
the time and date of redelivery to Owners.

 

		11.	Payment
                                         of Hire

 

		(a)	Subject to Clause 3 (c) and 3 (e) and any other relevant provision herein, payment of hire shall
be made in immediately available funds in United States Dollars to the account stipulated below:

 

Bank: *****

SWIFT: *****

Account Number: *****

IBAN: *****

Account Name: *****

Currency: USD

Corresponding bank in USD: ***** –
SWIFT: *****

 

		(b)	Owners shall invoice Charterers monthly in advance for the payment of hire and Charterers shall
pay the invoice in immediately available funds by the later of the following:

 

	 	(i)	eight (8) Banking Days after receipt of invoice; or

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	 	(ii)	the last Banking Day prior to the start of the initial hire period or subsequent hire
month.

 

		(c)	Payment of hire shall be made in immediately available funds, less:

 

	 	(i)	any hire paid which Charterers reasonably estimate to relate to off-hire periods,
and;

 

(ii)          any amounts disbursed on Owners’ behalf, any advances and commission thereon, and charges which are for Owners’ account
pursuant to any provision hereof, and;

 

	 	(iii)	any amounts due or reasonably estimated to become due to Charterers under Clause 3
(b), 16 or 26 and Appendix C hereof,

 

any such adjustments to be made at
the due date for the next monthly payment after the facts have been ascertained. Charterers shall not be responsible for any delay
or error by Owners’ bank in crediting Owners’ account provided that Charterers have made proper and timely payment.

 

In default of such proper and timely payment:

 

		(i)	Owners shall notify Charterers of such default and Charterers shall within ***** of receipt
                                                             of such notice pay to Owners the amount due, including interest, failing which Owners may withdraw and/or terminate the
                                                             Vessel from the service of Charterers without prejudice to any other rights Owners may have under this Charter or otherwise.
                                                             The period of ***** shall be extended by any period during which the Charterers are prevented from making payment by
                                                             the Office of Foreign Asset Control in the United States of America (OFAC) and

 

		(ii)	interest on any amount due but not paid on the due date shall accrue from the day after that
                                                              date up to and including the day when payment is made, at a rate per annum which shall be ***** per annum above LIBOR (as in
                                                              effect on the day when such sum was originally due), or, if no such interest rate is published on that day, the interest rate
                                                              published on the next preceding day on which such a rate was so published, computed on the basis of a 360 day year of twelve
                                                              30-day months, compounded semi-annually.

 

		12.	Space
                                         Available to Charterers

 

The whole reach, burthen and decks (but no
more than she can reasonably stow and safely carry) on the Vessel and any passenger accommodation (including Owners’ suite)
shall be at Charterers’ disposal, reserving only proper and sufficient space for the Vessel’s master, officers, crew,
tackle, apparel, furniture, provisions and stores, provided that the weight of stores on board

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shall not, unless specially agreed, exceed
250 tonnes (excluding fresh water) at any time during the charter period.

 

		13.	Instructions
                                         and Logs

 

Charterers shall from time to time give the
master all requisite instructions and sailing directions, and the master shall keep a full and correct log of the voyage or voyages,
which Charterers or their agents may inspect as required. The master shall when required furnish Charterers or their agents with
a true copy of such log and with properly completed loading and discharging port sheets and voyage reports for each voyage and
other returns as Charterers may require. Charterers shall be entitled to take copies at Owners’ expense of any such documents,
which are not provided by the master.

 

A controlled copy of Charterers’ Instructions
will be placed on board the Vessel. The instructions in this document shall be followed by the crew. If the Vessel or crew cannot
comply with such Instructions, immediate notification is required in accordance with Clause 50. In the event of any conflict between
the Instructions and this Charter, the Charter shall prevail.

 

Owners shall be responsible for any time, cost,
delay or loss associated with Vessel deviating from Charterers’ voyage instructions, including loading any cargo quantity
in excess or short of voyage orders provided such time, cost delay or loss is due to Owners’ fault and negligence. If a discrepancy
arises at a loading terminal, the Master shall notify Charterers immediately and in any event before loading to clarify the situation.
Owners shall be responsible for any consequences or additional expenses arising from Owners’ non-compliance with this Clause.

 

		14.	Bills
                                         of Lading

 

		(a)	The master (although appointed by Owners) shall be under the orders and direction of Charterers
as regards employment of the Vessel, agency and other arrangements, and shall sign Bills of Lading as Charterers or their agents
may direct (subject always to Clauses 36 (a) and 41) without prejudice to this Charter. Charterers hereby indemnify Owners against
all consequences or liabilities that may arise:

 

		(i)	from signing Bills of Lading in accordance with the directions of Charterers or their agents, to
the extent that the terms of such Bills of Lading fail to conform to the requirements of this Charter, provided, however, that
no further indemnity beyond that expressed in this Clause 14 or elsewhere in this Charter shall be implied against Charterers;

 

		(ii)	from any irregularities in papers supplied by Charterers or their agents.

 

		(b)	If Charterers by telex, facsimile or other form of written communication that specifically refers
to this Clause request Owners to discharge a quantity of cargo either without Bills

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of Lading and/or
at a discharge place other than that named in a Bill of Lading and/or that is different from the Bill of Lading quantity, then
Owners shall discharge such cargo in accordance with Charterers’ instructions in consideration of receiving the following
indemnity, which shall be deemed to be given by Charterers on each and every such occasion and which is limited in value to 200%
of the CIF value of the cargo carried on board:

 

		(i)	Charterers shall indemnify Owners and Owners’ servants and agents in respect of any liability
loss or damage of whatsoever nature (including legal costs as between attorney or solicitor and client and associated expenses)
which Owners may sustain by reason of delivering such cargo in accordance with Charterers’ request.

 

		(ii)	If any proceeding is commenced against Owners or any of Owners’ servants or agents in connection
with the Vessel having delivered cargo in accordance with such request, Charterers shall provide Owners or any of Owners’
servants or agents from time to time on demand with sufficient funds to defend the said proceedings.

 

		(iii)	If the Vessel or any other vessel or property belonging to Owners should be arrested or detained,
or if the arrest or detention thereof should be threatened, by reason of discharge in accordance with Charterers’ instruction
as aforesaid, Charterers shall provide on demand such bail or other security as may be required to prevent such arrest or detention
or to secure the release of such Vessel or property and Charterers shall indemnify Owners in respect of any loss, damage or expenses
caused by such arrest or detention whether or not same may be justified.

 

		(iv)	Charterers shall, if called upon to do so at any time while such cargo is in Charterers’
possession, custody or control, redeliver the same to Owners.

 

		(v)	As soon as all original Bills of Lading for the above cargo which: a) name as discharge port the
place where delivery actually occurred and, b) in the case of a negotiable bill of lading, entitle, either by consignment or endorsement,
the party to whom the cargo was released to take delivery of said cargo, arrived and/or come into Charterers’ possession,
Charterers shall produce and deliver the same to Owners whereupon Charterers liability hereunder shall cease.

 

Provided however, if Charterers
have not received all such original Bills of Lading by 24.00 hours on the day thirty-six (36) calendar months after the date
of discharge, that this indemnity shall terminate at that time unless before that time Charterers have received from
Owners’ written notice that

aaa)      Some person is making a claim, in connection with
Owners delivering cargo pursuant to Charterers’ request or,

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bbb)      Legal proceedings have been
commenced against Owners and/or carriers and/or Charterers and/or any of their respective servants or agents and/or the Vessel
for the same reason.

 

When Charterers have received such
a notice, then this indemnity shall continue in force until such claim or legal proceedings are settled. Termination of this indemnity
shall not prejudice any legal rights a party may have outside this indemnity.

 

		(vi)	Owners shall promptly notify Charterers if any person (other than a person to whom Charterers ordered
cargo to be delivered) claims to be entitled to such cargo and/or if the Vessel or any other property belonging to Owners is arrested
by reason of any such discharge of cargo.

 

		(vii)	This indemnity shall be governed and construed in accordance with English law and each and any
dispute arising out of or in connection with this indemnity shall be subject to the jurisdiction of the High Court of Justice of
England.

 

		(c)	Owners warrant that the Master will comply with orders to carry and discharge against one or more
duly endorsed Bills of Lading from a set of original negotiable Bills of Lading should Charterers so require. Once delivery has
been completed against one bill of lading, the others are to stand void.

 

		15.	Conduct
                                         of Vessel’s Personnel

 

If Charterers complain of the conduct of the
master or any of the officers or crew, Owners shall immediately investigate the complaint. If the complaint proves to be well founded,
Owners shall, without delay, make a change in the appointments and Owners shall in any event communicate the result of their investigations
to Charterers as soon as possible.

 

		16.	LNG
                                         Retention/Supply for Operational Purposes

 

		a)	Unless Charterers stipulate otherwise, Owners shall retain on board the Vessel following completion
of discharge sufficient LNG Heel (which will be agreed with Charterers) to enable the Vessel to arrive at the next load port in
a cold and ready to load condition and to remain in that condition for not less than twenty-four (24) hours.

 

		b)	***** shall provide and pay for LNG required for cooling the Vessel’s cargo tanks and
                                                         other handling systems to the temperatures necessary to commence loading only in the following circumstances:

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		(i)	in the event that the quantity of LNG Heel retained on board pursuant to Clause 16 (a) is not sufficient
to enable the Vessel to arrive at the next loading port in a cold and ready to load condition unless such insufficiency is the
result of a direct act or omission on the part of Owners or fault of the Vessel;

 

		(ii)	when LNG is required by reason of:

 

		(aa)	strikes, quarantine restrictions, seizure under legal process, restraint of labour, none of which
arise in connection with the Vessel or crew; or

 

		(bb)	an act of God, act of war, lock outs, riots, piracy, civil commotions, restraint of princes, rulers
or people;

 

		(iii)	when LNG is required by reason of any Restricted Period as defined in Appendix C Article 2 (e)
(i) to (viii), or by reason of Charterers changing the SAT, or by reason of Charterers ordering the Vessel to proceed at any speed
other than the Service Speed;

 

		(iv)	upon return of the Vessel to the first load port after any lay-up ordered by Charterers pursuant
to Clause 32, after any underwater cleaning ordered under B Article 11 (a), or after the Vessel has been withdrawn from service
at the request or convenience of Charterers as a result of which the Vessel has been warmed up and/or gas freed;

 

		(v)	where the LNG is required and caused directly by Charterers’ breach of this Charter.

 

		(vi)	where the loading of the Vessel has been delayed by forces beyond Owners’ control.

 

		(vii)	following Periodical Dry-docking under Clause 24.

 

		(c)	***** shall pay for LNG required for gassing up and cooling down the Vessel’s cargo tanks
at the LNG Price:

 

		(i)	following periods of off-hire and such off-hire has solely caused the need to cool down. If the
off-hire event is partially responsible for the requirement to gas up and/or cool down, both parties shall mutually discuss the
allocation of costs;

 

		(ii)	following requisition under Clause 33;

 

		(iii)	where the LNG is required and directly caused by Owners’ breach of this Charter.

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Quantities required for gas up and
cool down shall be in accordance to the cool down tables that shall be provided by Owners to Charterers upon request.

 

In all cases where Owners are required
to pay for LNG required for cooling hereunder, the LNG shall nevertheless be supplied by Charterers who shall be entitled to deduct
the cost from the next payment of hire due to Owners at the LNG Price.

 

		17.	Pilots
                                         and Tugs

 

Owners hereby indemnify Charterers, their servants
and agents against all losses, claims, responsibilities and liabilities arising in any way whatsoever from the employment of pilots
or tugboats, who although employed by Charterers shall be deemed to be the servants of and in the service of Owners and under their
instructions (even if such pilots or tugboat personnel are in fact the servants of Charterers their agents or any affiliated company);
provided, however, that the foregoing indemnity shall not exceed the amount to which Owners would have been entitled to limit their
liability if they had themselves employed such pilots or tugboats. The Master shall have the right to reject pilots, stevedores
or similar contractors and tugs which in Master’s reasonable opinion are below industry standard.

 

		18.	Super-Numeraries

 

Charterers may send up to two representatives
in the Vessel’s available accommodation upon any voyage made under this Charter, Owners providing provisions and all requisites
as supplied to officers, except alcohol.

 

Charterers shall pay at the rate of United
States Dollars 15 (fifteen) per day for each representative while on board the Vessel.

 

Owners shall ensure that all supernumeraries
are provided an orientation training programme to the Vessel with training relevant under the SMS.

 

		19.	Sub-letting/Assignment/Novation

 

		(a)	Charterers may sub-let the Vessel, but shall always remain responsible to Owners for due fulfilment
of this Charter.

 

		(b)	Additionally Owners and Charterers may assign or novate this Charter to any of their affiliates
who have comparable credit worthiness and competence, with the benefit of

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parent company guarantees, subject to the consent of the other party , such consent not to be unreasonably
withheld.

 

		(c)	For the avoidance of doubt, neither party hereto shall transfer its rights or obligations by sale,
assignment, novation or other disposition to a non-affiliate.

 

		(d)	In the event that Owners are desirous of transferring its rights, obligations, title and/or interest in the Vessel to an
entity as part of a lease structure or to a bank or financial institution in respect of Owners’ financing and mortgaging
of the Vessel, Owners shall seek Charterers’ consent. Such consent shall not be unreasonably withheld provided that Owners
obtain from their financiers a Letter of Quiet Enjoyment in accordance with the provisions of Clause 65 hereof. In any case, Charterers
shall respond to Owners request in ten (10) business days. Should response not be provided within the ten (10) business days period,
Charterers shall be deemed to have given their consent. Notwithstanding anything in this sub Clause 19(d); Owners shall be fully
obligated to provide a crew that is in accordance with all terms under this Charter.

 

		20.	Final
                                         Voyage

 

If when a payment of hire is due hereunder
Charterers reasonably expect to redeliver the Vessel before the next payment of hire would fall due, the hire to be paid shall
be assessed on Charterers’ reasonable estimate of the time necessary to complete Charterers’ programme up to redelivery,
and from which estimate Charterers may deduct amounts due or reasonably expected to become due for:

 

		(a)	disbursements on Owners behalf or charges for Owners’ account pursuant to any provision hereof,
and

 

		(b)	bunkers and LNG Heel on board at redelivery pursuant to Clause 5,

 

Promptly, and in any event not later than thirty
(30) days after redelivery any overpayment shall be refunded by Owners or any underpayment made good by Charterers.

 

Notwithstanding the provisions of Clause 7,
if at the time this charter would otherwise terminate in accordance with Clause 3 the Vessel is on a ballast voyage to a port of
redelivery or is upon a laden voyage, Charterers shall continue to have the use of the Vessel at the same rate and conditions as
stand herein for as long as necessary to complete such ballast voyage, or to complete such laden voyage at service speed and return
to a port of redelivery as provided by this Charter, as the case may be.

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		21.	Loss
                                         of Vessel

 

Should the Vessel be lost, this Charter shall
terminate and hire shall cease at noon on the day of her loss; should the Vessel be a constructive total loss, this Charter shall
terminate and hire shall cease at noon on the day on which the Vessel’s underwriters agree that the Vessel is a constructive total
loss; should the Vessel be missing, this Charter shall terminate and hire shall cease at noon on the day on which she was last
heard of. Any hire paid in advance and not earned shall be returned to Charterers and Owners shall reimburse Charterers for the
value of the estimated quantity of bunkers on board at the time of termination, at the price paid by Charterers at the last bunkering
port.

 

		22.	Off-hire

 

		(a)	On each and every occasion that there is loss of time or when the Vessel is unavailable to Charterers
(whether by way of interruption in the Vessel’s service or, from reduction in the Vessel’s performance, or in any other manner
whatsoever):

 

		(i)	due to deficiency of personnel or stores; repairs; gas-freeing for repairs; time in and waiting
to enter dry-dock for repairs; breakdown (whether partial or total) of machinery, boilers or other parts of the Vessel or her equipment
(including without limitation tank coatings); overhaul, maintenance or survey; collision, stranding, accident or damage to the
Vessel; or any other cause whatsoever preventing the efficient working of the Vessel; and such loss or unavailability continues
for more than six (6) consecutive hours if resulting from interruption in the Vessel’s service) or cumulates to more than six (6)
hours (if resulting from partial loss of service); or

 

		(ii)	due to industrial action, refusal to sail, breach of orders or neglect of duty on the part of the
master, officers or crew; or

 

		(iii)	for the purpose of obtaining medical advice or treatment for or landing any sick or injured person
(other than a Charterers’ representative carried under Clause 18 hereof) or for the purpose of landing the body of any person
(other than a Charterers’ representative), and such loss continues for more than six (6) consecutive hours; or

 

		(iv)	due to any delay in quarantine arising from the master, officers or crew having had communication
with the shore at any infected area without the written consent or instructions of Charterers or their agents, or to any detention
by customs or other authorities caused by smuggling or other infraction of local law on the part of the master, officers, or crew;
or

 

		(v)	due to detention of the Vessel by authorities at home or abroad attributable to legal action against
or breach of regulations by the Vessel, the Owners (unless brought about by the act or neglect of Charterers); or

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		(vi)	due to pre-docking and repair procedure including warming, gas freeing and inerting post arrival
at the dry-dock port; or

 

		(vii)	due to scheduled dry-docking and maintenance, maintaining, overhauling, repairing or dry-docking
the Vessel and submitting her for survey; waiting for any of the aforesaid purposes; and whilst at, any port or place for any of
the aforesaid purposes; or

 

		(viii)	due to post-docking or repair procedure including inerting, if such inerting is undertaken prior
to sailing from the dry-dock port, gassing and cooling in excess of that undertaken for normal loading; or

 

		(ix)	due to any other circumstances where the Vessel is off-hire under this Charter; or

 

		(x)	due to late arrival for allocated opening for canal transit when such late arrival is due to Owners’
negligence or Vessel breakdown

 

then without prejudice to Charterers’
rights under Clause 3 or to any other rights of Charterers hereunder, or otherwise, the Vessel shall be off-hire from the commencement
of such loss of time until she is again ready and in an efficient state to resume her service from a position not less favourable
to Charterers than that at which such loss of time commenced; provided, however, that any service given or distance made good by
the Vessel whilst off-hire shall be taken into account in assessing the amount to be deducted from hire.

 

		(b)	If the Vessel fails to proceed at any Guaranteed Speed (as defined in Appendix C Article 2 (a)
(iv)) pursuant to Clause 26 and Appendix C, and such failure arises wholly or partly from any of the causes set out in Clause 22(a)
above, then the following provisions shall apply:

 

		(i)	if the Vessel is unable to maintain a speed of at least 85% of the Guaranteed Speed under Clause
26 in wind and sea state not exceeding Beaufort force 5, Charterers shall have the option to place the Vessel off-hire but any
distance made good by the Vessel whilst off-hire shall be taken into account in accordance with Clause 22(a);

 

		(ii)	except where Charterers have placed the Vessel off-hire pursuant to Clause 22(b)(i), failure of
the Vessel to proceed at any Guaranteed Speed shall be dealt with under Clause 26 and Appendix C and the Vessel will not be off-hire
under Clause 22.

 

		(c)	Further and without prejudice to the foregoing, in the event of the Vessel deviating (which expression
includes without limitation putting back, or putting into any port other than that to which she is bound under the instructions
of Charterers) for any cause or purpose mentioned in Clause 22 (a), the Vessel shall be off-hire from the commencement of such
deviation until the time when she is again ready and in an efficient state to

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resume her service
from a position not less favourable to Charterers than that at which the deviation commenced, provided, however, that any service
given or distance made good by the Vessel whilst so off-hire shall be taken into account in assessing the amount to be deducted
from hire. If the Vessel, for any cause or purpose mentioned in Clause 22 (a), puts into any port other than the port to which
she is bound on the instructions of Charterers, the port charges, pilotage and other expenses at such port shall be borne by Owners.
Should the Vessel be driven into any port or anchorage by stress of weather hire shall continue to be due and payable during any
time lost thereby.

 

		(d)	If the Vessel’s flag state becomes engaged in hostilities, and Charterers in consequence of such
hostilities find it commercially impracticable to employ the Vessel and have given Owners’ written notice thereof then from
the date of receipt by Owners of such notice until the termination of such commercial impracticability the Vessel shall be off-hire
and Owners shall have the right to employ the Vessel on their own account.

 

		(e)	Time during which the Vessel is off-hire under this Charter shall count as part of the charter
period except where Charterers declare their option to add off-hire periods under Clause 4 (b).

 

		(f)	All references to “time” in this Charter party shall be references to local time except
where otherwise stated.

 

	(g)	(i)	If as a consequence of any cause or purpose mentioned in this Clause 22 or
in Clause 16 (c), the Vessel presents for loading with tank temperatures other than that which would otherwise allow bulk loading
to commence within 1/2 (half) an hour after cooling of the loading arms, any time lost as a consequence thereof, including without
limitation any time lost in additional cooling of tanks prior to loading shall count as off-hire and the cost of any LNG supplied
for such additional cooling shall be paid for by Owners at the LNG Price.

 

		(ii)	If any LNG is lost as Boil-Off during periods of off-hire, Owners shall reimburse Charterers for
the LNG lost at the LNG Price, less any Boil-off consumed in distance made good during the off-hire period by Owners.

 

Where accurate measurement of LNG
lost as Boil-Off during any such off-hire period is impossible for whatever reason, the LNG lost as Boil-Off shall be assumed to
have occurred at a constant rate equal to that obtained by measurement between official gaugings of the cargo in question in accordance
with Appendix C Article 8 (b). Where, due to the off-hire occurring during a ballast passage, all LNG Heel is lost as Boil-Off
prior to the Vessel next commencing to load, such Boil-Off shall be deemed to have occurred at a constant rate equal to that which
occurred during the Vessel’s last previous ballast voyage.

 

		(h)	If the cargo capacity of the Vessel is reduced for any reasons, Charterers shall have the option
of putting the Vessel off-hire or using the Vessel, in which case hire shall be reduced pro rata to the reduction in the Vessel’s
cargo capacity from the commencement

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of loading at the
loading port until the Vessel is again ready to load at the next loading port without such reduction in capacity. Notwithstanding
the option granted to Charterers by the foregoing and subject to Charterers’ need for transportation, Charterers may agree
(such agreement not to be unreasonably withheld) to allow Owners to repair the tanks of the Vessel at the earliest opportunity.

 

		(i)	The Vessel shall additionally be off-hire as provided in this Clause 22 whenever there is loss
of time:

 

		(i)	as a result of a boycott arising in connection with the business of Owners, the terms or
                                                               conditions of employment of Owners’ servants, or employment, trades, or cargoes of the Vessel other than under this
                                                               Charter;

		(ii)	due to restraint or interference in the Vessel’s operation by any governmental
                                                                authority in connection with the ownership, registration, or obligations of Owners or the Vessel, or stowaways, or in
                                                                connection with smuggling or other prohibited activities, unless such restraint or interference involves a cargo carried
                                                                under this Charter, or Charterers themselves, or the shippers or receivers of such a cargo; or

		(iii)	due to strikes, labour boycotts or any other discrimination/difficulties against the Vessel
                                                                 because of Owners and/or their affiliates’ previous trade and/or the ownership and/or flag and/or officers and crew
                                                                 and/or officers and crews’ employment conditions;

 

and all losses, damages and expenses
directly or indirectly incurred thereby (including bunkers consumed) shall be for Owners’ account.

 

		(j)	In the event that the Vessel is off-hire for any reason other than in connection with
                                                          periodical dry-docking pursuant to Clause 24 for any period in excess of ninety (90) consecutive days or exceeding ninety
                                                          (90) days in any period of three hundred and sixty five (365) days, Charterers shall have the option to terminate this
                                                          Charter by giving notice in writing with effect from any date stated in such notice provided that the Vessel is free of cargo
                                                          (other than LNG Heel) at such date. If the Vessel is not free of cargo (other than LNG Heel) at such date then the notice
                                                          shall be deemed to be effective on the next date that the Vessel is free of cargo (other than LNG Heel). This Clause 22(j) is
                                                          without prejudice to any other rights or obligations of Owners or Charterers under this Charter. For the purposes of this
                                                          Clause 22(j), in the event of partial loss of service, the period of off-hire shall be the total period during which the
                                                          Vessel is not fully efficient rather than the resulting loss of time.

 

		(k)	Notwithstanding any other provision of this Charter, the Charterers shall not be precluded, prevented
or estopped from relying on, enforcing and enjoying the full benefit of any provision of this Charter concerning the condition
or performance of the Vessel, including but not limited to any provision resulting in the Vessel being placed off-hire, by virtue
of the fact that a breach or triggering of such provision occurred directly or indirectly as a result of the status or condition
of the Vessel prior to delivery to the Charterers.

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		23.	Ship
                                         to Ship Transfers and FPSO/FSRU Cargo Operations

 

		(a)	Subject to the provisions of Clause 23 (b), Owners shall allow a transhipment of the cargo to another
ship or floating storage re-gasification unit (FSRU) or loading from an LNG floating production storage and offloading unit (LNG-FPSO)
to be carried out, provided that a suitably documented formalised risk assessment is carried out, identifying potential hazards,
probability and consequences and all risks identified can be mitigated adequately to the reasonable satisfaction of Charterers
and Owners.

 

		(b)	Subject to Clause 23(a), such cargo operation shall be carried out in accordance with the recommendations
set out in the latest version of ICS/OCIMF Ship-to-Ship Transfer Guide (Liquefied Gases), and SIGTTO’s “Considerations
for Planning a Ship-to-Ship Transfer of LNG” as amended from time to time. Owners shall permit, at Charterers’ expense,
personnel nominated by Charterers to attend any pre operation risk assessment workshops and to attend on board, subject to Clause
18, to observe in the transhipment operation although such operation shall always be the responsibility of Owners. All expenses
incurred for the Ship-to-Ship Transfer shall be for the Charterers’ account, except insofar as Owners are otherwise obliged
to bear such costs in accordance with this Charter.

 

		(c)	Any transfer operations (herein also referred to as “lighterage”) to another ship,
FSRU, or FPSO, and any extra equipment required for such, will be for Charterers’ account. All time including shifting time,
if any, from the Vessel’s arrival and tendering notice of readiness at lighterage position until disconnection of hoses upon
completion of lighterage operation or the removal /unloading of all fendering, hoses and other lighterage equipment (whichever
is the later), to count as time on hire. All and any time during which the lighterage operation is discontinued due to breakdown
of the Vessel’s equipment and/or operational inefficiency arising as a direct consequence of the additional requirements
on the Vessel by the need to conduct such lightering operation, shall not count as off hire. All time and cost used and incurred
for steaming/mooring, at Charterers request, from the Vessel’s arrival at the originally agreed lighterage location, shall
count as time on hire. All port expenses, if any, incurred as a consequence of such lighterage operation always to be for Charterers’
account. If Owners are obliged to extend their existing insurance policies to cover lighterage operations, Charterers shall reimburse
Owners for additional premium incurred, provided that Charterers are given prior notification (if possible) of the additional amount
involved. Charterers must obtain permission from proper authorities to perform lighterage operation and all expenses in this connection
shall be for Charterers’ account.

 

		(d)	The loading or discharge at FSRUs, FPSOs, and to another ship shall be subject to Clause 23 and
shall, for the avoidance of doubt, always be at the sole discretion of the Master and if at any time the loading or discharge operations
are, or become unsafe then he/she may discontinue such operations.

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		24.	Periodical
                                         Dry-dock

 

		(a)	Owners shall dry-dock the Vessel at least once in any five year period for the purposes of maintaining
the Vessel’s underwater area, undergo cargo tank inspection and to effect equipment overhaul, scheduled maintenance, other
necessary repairs, and re-certification, so that the Vessel is fit in every way for service under this Charter. Provided that Owners
can demonstrate to Charterers satisfaction that a performing five year coating system has been applied to the hull and that an
Impressed Current Cathodic Protection system and a Marine Growth Prevention System are installed and intermediate dockings will
be permitted to be carried out afloat. If Owners elect to apply a five (5) year dry-docking cycle, they shall provide to Charterers
a detailed master maintenance plan clearly showing how they will overhaul and maintain all critical equipment.

Owners shall give Charterers approximately
twelve (12) months’ notice of any intended non-emergency dry-docking and the proposed locations for the Dry-dock, together
with the reasons for such dry-docking.

 

		(b)	Owners and Charterers shall work together to find the most optimal economic location for the dry-docking
for both parties. The costs for different dry-dock locations shall be disclosed by Owners. If Charterers incur costs in delivering
the Vessel to a cheaper dry-dock location versus one that falls outside the Vessel’s actual trade route, Owners and Charterers
shall mutually agree an equitable economic solution. Owners and Charterers shall agree the actual date that the Vessel will be
required to enter the dry-dock port ninety (90) days prior to such date.

 

		(c)	In addition to any technical superintendent, the Owners shall supply a superintendent whose primary
function is HSSE, to attend dry-docking periods. The suitability of the HSSE superintendent shall be agreed by the Owners and Charterers.

 

		(d)	Charterers shall have the right to review the dry docking specifications and programme and, at
Charterers’ costs, shall have the right to send up to two personnel to witness the dry docking

 

		(e)	In the event of dry docking, the Vessel shall be off-hire when the Vessel arrives at the dry dock
port on the actual date. On completion of dry docking, the Vessel will be on hire again upon exit from the dry dock yard.

 

		(f)	All dry-dock expenses and expenses of preparing the Vessel for dry-dock shall be for Owners’ account.
Any natural gas vapour lost in gas freeing for the purpose of dry-docking shall be for Charterers’ account provided that during
the last discharge prior to dry-docking Owners shall use their reasonable endeavours to pump out the maximum amount of cargo.

 

		(g)	Provided that Charterers have been previously notified and agreed to the period in advance, Charterers
agree to provide the Owners with a preventative maintenance

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window or windows
that shall not exceed ***** per annum following Delivery until the first anniversary thereof and thereafter for each twelve (12)
month period beginning on each anniversary of the Delivery (the “Yearly Allowance”). Owners shall be entitled to use
the Yearly Allowance to carry out, with the approval of Charterers, scheduled preventative maintenance work to the Vessel. Owners
shall provide Charterers with a completed Maintenance Request Form and subsequent maintenance reports on completion of maintenance.

 

		(h)	After the first special survey of the Vessel; this Yearly Allowance shall increase to up to *****
per annum, provided that Charterers is able to provide up to *****in underutilised time and that the maintenance has no impact
on Charterers’ commercial operations. For the avoidance of doubt, the Yearly Allowance shall never be lower than *****.

 

		25.	Ship
                                         Inspection

 

Charterers or their representatives shall have
the right at any time during the charter period to make such inspection of the Vessel or necessary operational and condition audits
of the Vessel, crew, Owners’ office or Vessel’s technical manager as they may consider necessary. This right may be
exercised as often and at such intervals as Charterers in their absolute discretion may determine and whether the Vessel is in
port or on passage.

 

Owners shall afford all necessary co-operation
and accommodation on board provided, however:

 

		(a)	that neither the exercise nor the non-exercise, nor anything done or not done in the exercise or
non-exercise, by Charterers of such right shall in any way reduce the master’s or Owners’ authority over, or responsibility
to Charterers or third parties for, the Vessel and every aspect of her operation, nor increase Charterers’ responsibilities
to Owners or third parties for the same;

 

		(b)	that Charterers shall not be liable for any act, neglect or default by themselves, their servants
or agents in the exercise or non-exercise of the aforesaid right;

 

		(c)	that any cost incurred by such inspections or audits shall be for Charterers’ account provided
such costs have been disclosed to and approved by Charterers in advance;

 

		(d)	that any inspection carried out by Charterers shall be made without interference with or hindrance
to the Vessel’s safe and efficient operation, and shall be limited to a maximum of two persons; and

 

		(e)	that any overnight stays shall be subject to Clause 18.

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		26.	Key
                                         Vessel Performance Criteria

 

Subject to Appendix C, Owners guarantee that:

 

		(a)	the Laden Service Speed shall be ***** knots;

 

		(b)	the Ballast Service Speed shall be ***** knots;

 

		(c)	the Minimum Speed shall be ***** knots;

 

		(d)	the Vessel shall be capable of loading and discharging the cargo as follows:

 

		(i)	a full cargo may be loaded within fourteen (14) hours if the Vessel’s cargo tanks are colder than
the tank design temperature for commencement of loading, excluding the time for connecting; disconnecting; cooling down; topping
up and custody transfer measurement, and provided that the loading terminal is capable of pumping at least 13,000 cubic meters
of LNG per hour to the Vessel at not less than 230 kPa (gauge) pressure at the flange connection between ship and terminal utilising
a minimum of two liquid loading arms and provided that the terminal is capable of receiving all return vapour from the Vessel that
may be generated when loading the Vessel at the above specified flow rate of LNG;

 

		(ii)	a full cargo may be discharged within fourteen (14) hours, excluding the time for connecting; disconnecting;
cooling down; starting up pumps; ramping up; ramping down for stripping at end of discharge and custody transfer measurement, and
provided that the discharge terminal is capable of receiving LNG at a rate of at least 12,000 cubic meters of LNG per hour with
a back pressure at the flange connection between ship and terminal not exceeding 100 metres of liquid LNG of specific gravity of
0.47 utilising a minimum of two liquid unloading arms. The terminal must also be capable of providing sufficient return vapour
to the Vessel to compensate for the displacement of the LNG being discharged from the Vessel;

 

		(iii)	If Charterers request either slow loading or slow discharging, Owners shall permit such operations.

 

		(e)	the Vessel’s guaranteed maximum fuel consumption, for weather conditions not exceeding Beaufort
force 5, shall be as defined by per the table in this Clause 26;

 

	Methane Series (Samsung 145kcbm)

Class Steam Vessel	 	(tonnes of Fuel Oil Equivalent / day)
	Average Speed (Knots)	 	Laden	 	Ballast
	19.5 (service speed)	 	*****	 	*****
	19.0	 	*****	 	*****
	18.0	 	*****	 	*****
	17.0	 	*****	 	*****
	16.0	 	*****	 	*****
	15.0	 	*****	 	*****

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		(f)	The fuel oil equivalent factor (tonnes fuel oil per cubic metre of LNG) shall be calculated using
actual bunker survey reports and LNG quality reports and engine performance data as provided in Gas Form C and shall be agreed
upon by both Owners and Charterers.

 

		(g)	the maximum laden Boil-Off shall be zero point one five percent (0.15%) per day (or such lower
percentage as guaranteed by the shipyard) of the Cargo Capacity on fully laden sea passages (or pro rated by the ratio of volumetric
cargo loaded to cargo capacity if all tanks are not used);

 

		(h)	the maximum ballast Boil-Off shall be ***** per day (or such lower percentage as guaranteed
                                                          by the shipyard) of the cargo capacity where the previous sea passage was fully laden and provided heel is carried in maximum
                                                          two tanks and no spray cooling is required.

 

		27.	Salvage

 

Subject to the provisions of Clause 22 hereof,
all loss of time and all expenses (excluding any damage to or loss of the Vessel or tortious liabilities to third parties) incurred
in saving or attempting to save life or in successful or unsuccessful attempts at salvage shall be borne equally by Owners and
Charterers provided that Charterers shall not be liable to contribute towards any salvage payable by Owners arising in any way
out of services rendered under this Clause 27.

 

All salvage and all proceeds from derelicts
shall be divided equally between Owners and Charterers after deducting the master’s, officers’ and crew’s share.

 

		28.	Lien

 

Owners shall have a lien upon all cargoes and
all freights, sub-freights and demurrage for any amounts due under this Charter; and Charterers shall have a lien on the Vessel
for all monies paid in advance and not earned, and for all claims for damages arising from any breach by Owners of this Charter.

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		29.	Exceptions

 

		(a)	Unless caused by the actual fault or privity of the Owners or the Vessel, the Vessel, her
                                                          master and Owners shall not, unless otherwise in this Charter expressly provided, be liable for any loss or damage or delay
                                                          or failure arising or resulting from any act, neglect or default of the master, pilots, mariners or other servants of Owners
                                                          in the navigation or management of the Vessel; fire, collision or stranding; dangers and accidents of the sea; explosion,
                                                          bursting of boilers, breakage of shafts or any latent defect in hull, equipment or machinery; provided, however, that
                                                          Clauses 1, 2, 3 and 26 hereof shall be unaffected by the foregoing. Further, neither the Vessel, her master or Owners, nor
                                                          Charterers shall, unless otherwise in this Charter expressly provided, be liable for any loss or damage or delay or failure
                                                          in performance hereunder arising or resulting from act of God, act of war, seizure under legal process,
                                                          quarantine restrictions, strikes, lock-outs, riots, restraints of labour, civil commotions or arrest or restraint of
                                                          princes, rulers, pirates or people.

 

		(b)	The Vessel shall have liberty to sail with or without pilots, to tow or go to the assistance of
vessels in distress and to deviate for the purpose of saving life or property.

 

		(c)	Clause 29 (a) shall not apply to, or affect any liability of Owners or the Vessel or any other
relevant person in respect of:

 

		(i)	loss or damage caused to any berth, jetty, dock, dolphin, buoy, mooring line, pipe or crane or
other works or equipment whatsoever at or near any place to which the Vessel may proceed under this Charter, whether or not such
works or equipment belong to Charterers; or

 

		(ii)	any claim (whether brought by Charterers or any other person) arising out of any loss of or damage
to or in connection with cargo. Any such claim shall be subject to the Hague-Visby Rules or the Hague Rules or the Hamburg Rules,
as the case may be, which ought pursuant to Clause 40 hereof to have been incorporated in the relevant Bill of Lading (whether
or not such Rules were so incorporated) or, if no such Bill of Lading is issued, to the Hague-Visby Rules unless the Hamburg Rules
compulsorily apply in which case to the Hamburg Rules.

 

		(d)	In particular and without limitation, the foregoing subsections (a), (b) and (c) of this Clause
shall not apply to or in any way affect any provision in this Charter relating to off-hire or to reduction of hire or Boil-Off
or bunkers consumed during periods of off-hire.

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		30.	Injurious
                                         Cargoes

 

No acids, explosives or cargoes injurious to
the Vessel shall be shipped and without prejudice to the foregoing any damage to the Vessel caused by the shipment of any such
cargo, and the time taken to repair such damage, shall be for Charterers’ account. No voyage shall be undertaken, nor any
goods or cargoes loaded, that would expose the Vessel to capture or seizure by rulers or governments.

 

		31.	Disbursements

 

Should the master require advances for ordinary
disbursements up to a cap of United States Dollars twenty-five thousand ($25,000) at any port, Charterers or their agents shall
make such advances to him, in consideration of which Owners shall pay a commission of two and a half per cent, and all such advances
and commission shall be deducted from hire.

 

		32.	Laying-up

 

Charterers shall have the option, after consultation
with Owners, of requiting Owners to lay up the Vessel at a safe place nominated by Charterers, taking into account questions of
maintenance access and security and with Owners’ consent and always subject to Clause 4, in which case the hire provided
for under this Charter shall be adjusted to reflect any net increases in expenditure reasonably incurred or any net saving which
should reasonably be made by Owners as a result of such lay up. Charterers may exercise the said option any number of times during
the charter period.

 

		33.	Requisition

 

Should the Vessel be requisitioned by any government,
de facto or de jure, during the period of this Charter, the Vessel shall be off-hire during the period of such requisition, and
any hire paid by such governments in respect of such requisition period shall be for Owners’ account. Any such requisition
period shall count as part of the charter period.

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		34.	Outbreak
                                         of War

 

If war or hostilities break out between any
two or more of the following countries: United States of America, the countries or republics having been part of the former U.S.S.R
(except that declaration of war or hostilities solely between any two or more of the countries or republics having been part of
the former USSR shall be exempted), Peoples Republic of China, United Kingdom, and the country that the Vessel is registered in,
then both Owners and Charterers shall have the right to cancel this charter provided that such war or hostilities materially and
adversely affect the trading of the Vessel for a period of at least thirty (30) days.

 

		35.	Additional
                                         War Expenses

 

If the Vessel is ordered to trade in areas
where there is war (de facto or de jure) or threat of war, Charterers shall reimburse Owners for any additional insurance premiums,
crew bonuses and other expenses which are reasonably incurred by Owners as a consequence of such orders, provided that Charterers
are given notice of such expenses as soon as practicable, and provided further that Owners obtain from their insurers a waiver
of any subrogated rights against Charterers in respect of any claims by Owners under their war risk insurance arising out of compliance
with such orders.

 

Any payments by Charterers under this Clause
will only be made against proven documentation. Any discount or rebate refunded to Owners, for whatever reason, in respect of additional
war risk premium shall be passed on to Charterers.

 

In the event that Owners are unable to secure
adequate war risk coverage, Charterers shall have the option of providing war risk coverage for the Vessel, subject to Owners’
consent, such consent not to be unreasonably withheld. Charterers shall always make Owners aware of the cover limits to ensure
Owners have excess War P&I cover available under their respective P&I Club entries.

 

		36.	War
                                         Risks

 

		(a)	The master shall not be required or bound to sign Bills of Lading for any place which in his or
Owners’ reasonable opinion is dangerous or impossible for the Vessel to enter or reach owing to any blockade, war, hostilities,
warlike operations, civil war, civil commotions, terrorism or piracy revolutions.

 

		(b)	If in the reasonable opinion of the master or Owners it becomes, for any of the reasons set out
in Clause 36 (a) or by the operation of international law, dangerous, impossible or prohibited for the Vessel to reach or enter,
or to load or discharge cargo at, any place to which the Vessel has been ordered pursuant to this Charter (a “place of peril”),
then Charterers or their agents shall be immediately notified in writing or by radio messages, and Charterers shall thereupon have
the right to order the cargo, or such part of it as may be affected, to be loaded or discharged, as the case may be, at any other
place within the trading limits of this Charter (provided such other place is not itself a place of peril). If

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			any place of discharge is or becomes a place of peril, and no orders
have been received from Charterers or their agents within 48 hours after dispatch of such messages, then Owners shall be at liberty
to discharge the cargo or such part of it as may be affected at any place suitable for the discharge of LNG which they or the master
may in their or his discretion select within the trading limits of this Charter and such discharge shall be deemed to be due fulfilment
of Owners obligations under this Charter so far as cargo so discharged is concerned.

 

		(c)	The Vessel shall have liberty to comply with any directions or recommendations as to departure,
arrival, routes, ports of call, stoppages, destinations, zones, waters, delivery or in any other wise whatsoever given by the government
of the state under whose flag the Vessel sails or any other government or local authority or by any person or body acting or purporting
to act as or with the authority of any such government or local authority including any de facto government or local authority
or by any person or body acting or purporting to act as or with the authority of any such government or local authority or by any
committee or person having under the terms of the war risks insurance on the Vessel the right to give any such directions or recommendations.
If by reason of or in compliance with any such directions or recommendations anything is done or is not done, such shall not be
deemed a deviation. If by reason of or in compliance with any such direction or recommendation the Vessel does not proceed to any
place of discharge to which she has been ordered pursuant to this Charter, the Vessel may proceed to any place which the master
or Owners in his/her or their discretion select and there discharge the cargo or such part of it as may be affected. Such discharge
shall be deemed to be due fulfilment of Owners’ obligations under this Charter so far as cargo so discharged is concerned.

 

Charterers shall procure that all
Bills of Lading issued under this Charter shall contain the Chamber of Shipping War Risks Clause 1952.

 

		37.	Piracy

 

		a)	Subject to Clause 37(e) below, if the Vessel proceeds to or through an area in which there is a
current risk of piracy, verified by the International Group of P&I Clubs, Owners shall be entitled:

 

		i)	to take reasonable preventive measures to protect the Vessel, her crew and cargo by proceeding
in convoy, using escorts, avoiding day or night navigation, adjusting speed or course, or engaging security personnel or equipment
provided that such security personnel or equipment is provided by third party, private sector and non-governmental entities; on
or about the Vessel;

 

		ii)	to follow any orders given by the flag state, any governmental or supra governmental organization;
and

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		iii)	where there is an actual, imminent act of piracy, and only after giving Charterers reasonable advance
notice, to take a safe and reasonable alternative route in place of the normal, direct or intended route to the next port of call,
provided that such alternative route does not, in the case of the Gulf of Aden, physically extend beyond the transit of the Gulf
of Aden in which case Owners shall give Charterers reasonable advance notice of the alternative route, an estimate of time and
bunker consumption and a revised estimated time of arrival.

 

		b)	Subject to sub Clause 37(e) below, *****.

 

		c)	Subject to Clause 37(e), the Vessel shall remain on-hire for any time lost taking the measures
referred to in sub Clause 37(a) of this Clause.

 

		d)	Where, notwithstanding the taking of any of the measures referred to in sub Clause 37(a) above,
and where not caused by a lack of due diligence on Owners’ part, and where Charterers have not purchased off-hire insurance
pursuant to sub Clause 37(e) below, the Vessel is captured by pirates, hire shall be payable at 100% of the hire rate for the duration
of any such capture. As is further set forth in sub Clause 37(e) and for the avoidance of doubt, should Charterers purchase the
off-hire insurance more fully described below, the Vessel shall be off-hire during the attack or seizure by pirates.

 

		e)	Charterers shall have the option, where the Vessel is scheduled to transit to or through an area
in which there is a current risk of piracy, verified by the International Group of P&I Clubs, to require Owners to either (a)
extend existing war risk insurance; or (b) purchase off-hire insurance, adding Charterers as co-assured, and which in either case
will cover loss of hire, the cost of which shall be reimbursed by Charterers, provided always that (i) the terms of cover and cost
have been disclosed to, and agreed by, Charterers prior to the purchase of such insurance; and (ii) that following the exercise
of such option, the Vessel shall be off-hire for any time lost as a result of an attack or capture by pirates.

 

		f)	Charterers may elect, at any time, to pay any relevant insurances as described in sub Clause 37(e)
directly.

 

		g)	Boil-off losses during piracy shall be for Charterers’ account.

 

		38.	Both
                                         to Blame Collision Clause

 

If the liability for any collision in which
the Vessel is involved while performing this Charter falls to be determined in accordance with the laws of the United States of
America, the following provision shall apply:

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“If the ship comes into collision with
another ship as a result of the negligence of the other ship and any act, neglect or default of the master, mariner, pilot or the
servants of the carrier in the navigation or in the management of the ship, the owners of the cargo carried hereunder will indemnify
the carrier against all loss, or liability to the other or non-carrying ship or her owners in so far as such loss or liability
represents loss of, or damage to, or any claim whatsoever of the owners of the said cargo, paid or payable by the other or non-carrying
ship or her owners to the owners of the said cargo and set off, recouped or recovered by the other or non-carrying ship or her
owners as part of their claim against the carrying ship or carrier.”

 

The foregoing provisions shall also apply where
the owners, operators or those in charge of any ship or ships or objects other than, or in addition to, the colliding ships or
objects are at fault in respect of a collision or contact.

 

Charterers shall procure that all Bills of
Lading issued under this Charter shall contain a provision in the foregoing terns to be applicable where the liability for any
collision in which the Vessel is involved falls to be determined in accordance with the laws of the United States of America.

 

		39.	New
                                         Jason Clause

 

General average contributions shall be payable
according to York/Antwerp Rules, 1994, as amended from time to time, and shall be adjusted in London in accordance with English
law and practice but should adjustment be made in accordance with the law and practice of the United States of America, the following
position shall apply:

 

“In the event of accident, danger, damage
or disaster before or after the commencement of the voyage, resulting from any cause whatsoever, whether due to negligence or not,
for which, or for the consequence of which, the carrier is not responsible by statute, contract or otherwise, the cargo, shippers,
consignees or owners of the cargo shall contribute with the carrier in general average to the payment of any sacrifices, losses
or expenses of a general average nature that may be made or incurred and shall pay salvage and special charges incurred in respect
of the cargo.”

 

“If a salving ship is owned or operated
by the carrier, salvage shall be paid for as fully as if the said salving ship or ships belonged to strangers. Such deposit as
the carrier or his agents may deem sufficient to cover the estimated contribution of the cargo and any salvage and special charges
thereon shall, if required, be made by the cargo, shippers, consignees or owners of the cargo to the carrier before delivery.”

 

Charterers shall procure that all Bills of
Lading issued under this Charter shall contain a provision in the foregoing terms, to be applicable where adjustment of general
average is made in accordance with the laws and practice of the United States of America.

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		40.	Clause
                                         Paramount

 

Charterers shall procure that all Bills of
Lading issued pursuant to this Charter shall contain the following:

 

		“(a)	Subject to sub-clause (b) or (c) hereof, this Bill of Lading shall be governed by, and have effect
subject to, the rules contained in the International Convention for the Unification of Certain Rules relating to Bills of Lading
signed at Brussels on 25th August 1924 (hereafter the “Hague Rules”) as amended by the Protocol signed at Brussels
on 23rd February 1968 (hereafter the “Hague-Visby Rules”). Nothing contained herein shall be deemed to be either a
surrender by the carrier of any of his rights or immunities or any increase of any of his responsibilities or liabilities under
the Hague-Visby Rules.”

 

		“(b)	If there is governing legislation which applies the Hague Rules compulsorily to this Bill of Lading,
to the exclusion of the Hague-Visby Rules, then this Bill of Lading shall have effect subject to the Hague Rules. Nothing therein
contained shall be deemed to be either a surrender by the carrier of any of his rights or immunities or an increase of any of his
responsibilities or liabilities under the Hague Rules.”

 

		“(c)	If there is governing legislation which applies the United Nations Convention on the Carriage of
Goods by Sea 1978 (hereafter the “Hamburg Rules”) compulsorily to this Bill of Lading, to the exclusion of the Hague-Visby
Rules, then this Bill of Lading shall have effect subject to the Hamburg Rules. Nothing therein contained shall be deemed to be
either a surrender by the carrier of any of his rights or immunities or an increase of any of his responsibilities or liabilities
under the Hamburg Rules.”

 

		“(d)	If any term of this Bill of Lading is repugnant to the Hague-Visby Rules, or Hague Rules, or Hamburg
Rules, as applicable, such term shall be void to that extent but no further.”

 

		“(e)	Nothing in this Bill of Lading shall be construed as in any way restricting, excluding or waiving
the right of any relevant party or person to limit his liability under any available legislation and/or law.”

 

		41.	Insurance/ITOPF

 

Owners warrant that the Vessel is now, and
will, throughout the duration of the Charter:

 

		(a)	be owned or demise chartered by a member of the International Tanker Owners Pollution Federation
Limited;

 

		(b)	be properly entered in a reputable P&I Club that is a member of the International Group of
P&I Clubs;

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		(c)	have in place insurance cover for oil pollution for the maximum on offer through the International
Group of P&I Clubs but always a minimum of United States Dollars 1,000,000,000 (one thousand million);

 

		(d)	have in full force and effect Hull and Machinery insurance placed through reputable brokers on
Institute Time Clauses to a value as would be procured by a first class operator of similar such vessels.

 

Owners will provide, within a reasonable time
following a request from Charterers to do so, documented evidence of compliance with the obligations in this Clause 41.

 

		42.	Export
                                         Restrictions

 

The master shall not be required or bound to
sign Bills of Lading for the carriage of cargo to any place to which export of such cargo is prohibited under the laws, rules or
regulations of the country in which the cargo was produced and/or shipped.

 

Charterers shall procure that all Bills of
Lading issued under this Charter shall contain the following clause:

 

“If any laws rules or regulations applied
by the government of the country in which the cargo was produced and/or shipped, or any relevant agency thereof, impose a prohibition
on export of the cargo to the place of discharge designated in or ordered under this Bill of Lading, carriers shall be entitled
to require cargo owners forthwith to nominate an alternative discharge place for the discharge of the cargo, or such part of it
as may be affected, which alternative place shall not be subject to the prohibition, and carriers shall be entitled to accept orders
from cargo owners to proceed to and discharge at such alternative place. If cargo owners fail to nominate an alternative place
within 72 hours after they or their agents have received from carriers notice of such prohibition, carriers shall be at liberty
to discharge the cargo or such part of it as may be affected by the prohibition at any safe place on which they or the master may
in their or his absolute discretion decide and which is not subject to the prohibition, and such discharge shall constitute due
performance of the contract contained in this Bill of Lading so far as the cargo so discharged is concerned”.

 

The foregoing provision shall apply mutatis
mutandis to this Charter, the references to a Bill of Lading being deemed to be references to this Charter.

 

		43.	Business
                                         Principles

 

Owners shall act in a manner consistent with
BG Group’s Business Principles set out in Appendix E so as to enable Charterers to operate in accordance with those principles.
Owners shall comply with the procedures for monitoring and reporting compliance as set out in the Business Principles Appendix
E.

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Owners acknowledge that Charterers have a reporting
policy and facility respectively called the ‘Speak Up Policy’ and ‘Speak Up’. The Speak Up Policy requires
Charterers’ employees, and encourages others, to report any situation where there is reason to suspect that there has been
a breach, or suspected breach, of BG Group’s Business Principles or other misconduct. Speak Up provides reporting channels
by telephone and internet service (accessed via the BG Group website or through www.bg-speakup.com) to communicate any concerns
confidentially. Owners are expected to use Speak Up.

 

		44.	Drugs
                                         and Alcohol

 

Owners warrant that they have in force an
active policy covering the Vessel which meets or exceeds the standards set out in the “Guidelines for the Control of
Drugs and Alcohol On Board Ship” as published by the Oil Companies International Marine Forum (OCIMF) dated June 1995
(or any subsequent modification, version, or variation of these guidelines) and that this policy will remain in force
throughout the charter period, and Owners will exercise due diligence to ensure the policy is complied with.

 

		45.	Pollution
                                         and Emergency Response

 

Owners are to advise Charterers of organisational
details and names of Owners’ personnel together with their relevant telephone/facsimile/e-mail details, including the names
and contact details of Qualified Individuals for OPA 90 response, who may be contacted on a 24-hour basis in the event of oil spills
or emergencies.

 

Notice to Owners’ Pollution and
Emergency Response Department:

		Attn	: Emergency Response Manager
		Address	: 69 Akti Miaouli, Piraeus 18537, Greece
		Telephone	: +30 210 4591280-1-2
		Fax	: +30 210 4591240
		E-mail	: EmergencyResponse@gaslogserv.com
		Cc	: tkatemidis@gaslogserv.com; mbourekas@gaslogserv.com

 

Notice to Charterers’ Pollution
and Emergency Response Department:

		Attn	: Duty Officer
		Address	: BG Group, 811 Main St., Houston, Texas 77002, USA
		Telephone	: +1 713 366 6248 (primary); +1 713 884 9142 (secondary)
		Fax	: +1 713 877 9212
		E-mail	: AIRIS@bg-group.com, incident@bg-group.com (for incidents only)
		Cc	: shipping@bg-group.com; lngcharters@bg-group.com

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Owners shall also refer the initial incident
notification instructions detailed within the Charterers’ Instructions.

 

		46.	ISPS
                                         Code/USMTSA 2002

 

This Clause 46 makes reference to the International
Code for the Security of Ships and of Port Facilities and the relevant amendments to Chapter Xl of SOLAS (“ISPS Code”)
and the US Maritime Transportation Security Act 2002 (“MTSA”).

 

	(a)	(i)	During the currency of this Charter, Owners shall procure that both the Vessel and “the Company”
(as defined by the ISPS Code) and the “owner” (as defined by the MTSA) shall comply with the requirements of the ISPS
Code relating to the Vessel and “the Company” and the requirements of MTSA relating to the Vessel and the “owner”.
Upon request Owners shall provide documentary evidence of compliance with this Clause 46 (a) (i).

 

		(ii)	Except as otherwise provided in this Charter, loss, damage, expense or delay, caused by failure
on the part of Owners or “the Company”/“owner” to comply with the requirements of the ISPS Code/MTSA or
this Clause shall be for Owners’ account.

 

	(b)	(i)	Charterers shall provide Owners/Master with their full style contact details
and shall ensure that the contact details of all sub-charterers are likewise provided to Owners/Master. Furthermore, Charterers
shall ensure that all sub-charter parties they enter into during the period of this Charter contain the following provision:

 

“The Charterers shall provide
the Owners with their full style contact details and, where sub-letting is permitted under the terms of the Charter party, shall
ensure that the contact details of all sub-charterers are likewise provided to the Owners”.

 

		(ii)	Except as otherwise provided in this Charter, loss, damage, expense or delay, caused by failure
on the part of Charterers to comply with this sub-Clause 46 (b) shall be for Charterers’ account.

 

		(c)	Notwithstanding anything else contained in this Charter costs or expenses related to security regulations
or measures required by the port facility or any relevant authority in accordance with the ISPS Code/MTSA including, but not limited
to, security guards, launch services, tug escorts, port security fees or taxes and inspections, shall be for Charterers’
account, unless such costs or expenses result solely from Owners’ negligence in which case such costs or expenses shall be
for Owners’ account. All measures required by Owners to comply with the security plan required by the ISPS Code/MTSA shall
be for Owners’ account.

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		(d)	Notwithstanding any other provision of this Charter, the Vessel shall not be off-hire where there
is a loss of time caused by Charterers’ failure to comply with the ISPS Code/MTSA.

 

		(e)	If either party makes any payment, which is for the other party’s account according to this Clause,
the other party shall indemnify the paying party.

 

		47.	Law
                                         and Litigation

 

		(a)	This Charter shall be construed and the relations between the parties determined in accordance
with the laws of England.

 

		(b)	Each of the parties hereto hereby submits to the exclusive jurisdiction of the High Court of London
for the purposes of all legal proceedings arising out of or relating to this Charter or the transactions contemplated hereby. Each
of the parties hereto hereby 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 proceeding brought in such a court and any claim that any such proceeding brought in
such a court has been brought in an inconvenient forum.

 

		(c)	It shall be a condition precedent to the right of any party to a stay of any legal proceedings
in which maritime property has been, or may be, arrested in connection with a dispute under this Charter, that that party furnishes
to the other party security to which that other party would have been entitled in such legal proceedings in the absence of a stay.

 

		48.	Confidentiality

 

All terms and conditions of this Charter arrangement
shall be kept private and confidential. Charterers or Owners shall have the right to release information as part of a mandatory
audit requirement or third party contractual obligation, provided the auditors or third party sign a mutually agreed confidentiality
agreement.

 

		49.	Construction

 

The headings have been included in this Charter
for convenience of reference and shall in no way affect the construction hereof.

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		50.	Notices

 

		(a)	Whenever written notices are required to be given by either party to the other party, such notices
shall be sent by fax, registered mail, e-mail or registered airmail to the following addresses:

 

	Notice to Owners:
	Attn	:	Graham Westgarth 
	Address	:	Gildo Pastor Center, 7, Rue du Gabian, MC-98000 Monaco 
	Telephone	:	+377 97975115 / +33 680869369 (AOH)
	Fax	:	+377 97975124 
	E-mail	:	gwestgarth@gaslogltd.com 
	Cc	:	tkatemidis@gaslogserv.com

 

	Notice to Charterers:
	Attn	:	LNG Charter Manager 
	Address	:	
        BG Group

        Thames Valley Park,

        Reading, Berkshire RG6 1PT

        United Kingdom

	Telephone	:	+44 118 929 36769 
	Facsimile	:	+44 8450848913 
	Email	:	LNGCharters@bg-group.com

 

	Notice to Owners’ Operations Department:
	Attn	:	Duty Manager
	Address	:	69 Akti Miaouli, Piraeus 18537, Greece 
	Telephone	:	+30 210 4591250 
	Fax	:	+30 210 4591242
	E-mail	:	LNG@cereslng.com
	Cc	:	tkatemidis@gaslogserv.com;thsallis@gaslogserv.com

 

	Notice to Charterers’ Operations Department:
	Attention	:	Vessel Coordinator
	Address	:	
        BG Group

        Global LNG Shipping,

811 Main St,

Houston, Texas 77002

United States of America

	Telephone	:	+1 713 599 3747 
	Fax	:	+1 713 456 2351 
	Email	:	shipping@bg-group.com

 

or to such other addresses as the
parties may respectively from time to time designate by notice in writing. Any failure to transmit a copy of the notice to a party
listed as entitled

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to receive a copy shall not in any
way affect the validity of any notice otherwise properly given as provided in this Clause.

 

		(b)	Any notice required under this Charter to be given in writing shall be deemed to be duly received
only:

 

		i)	In the case of a letter, whether delivered in course of the post or by hand or by courier, at the
date and time of its actual delivery if within normal business hours on a working day at the place of receipt otherwise at the
commencement of normal business on the next such working day.

 

		ii)	In the case of a facsimile or e-mail, at the time of transmission recorded on the message if such
time is within normal business hours (09:00 - 17:00) in the country of receipt, otherwise at the commencement of normal business
hours on the next working day at the place of receipt.

 

		51.	Invoices

 

All invoices should be sent to the following
contacts and shall be deemed to be duly received as per Clause 50(b):

 

Owners:

	Attn	:	Chief Operating Officer 
	Address	:	Gildo Pastor Center, 7, Rue du Gabian, MC-98000 Monaco 
	Telephone	:	+377 97975115 / +33 680869369 (AOH)
	Fax	:	+377 97975124
	E-mail	:	gwestgarth@gaslogltd.com
	Cc	:	glagonikas@gaslogltd.com

 

Charterers:

	Attention	:	LNG Charter Manager 
	Address	:	
        BG Group

Thames Valley Park,

Reading, Berkshire, RG6 1PT

United Kingdom

	Telephone	:	+44 118 929 36769 
	Fax	:	+44 8450848913 
	Email	:	LNGCharters@bg-group.corn
	 	 	 

		52.	Ship
                                         Contact details

 

The Vessel’s contact details are as follows:

	Telephone (VSAT)	:	***** 

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	Telephone (SATCOM)	:	***** 
	Satcom Fax	:	***** 
	E-mail	:	***** 
	 	 	 

		53.	Definitions

 

In this Charter, save where the context otherwise
requires, the following words and expressions shall have the meanings respectively assigned to them in this Clause;

 

	“Boil-Off”	means the vapour, which results from vaporisation of LNG in the cargo tanks.

 

	“Cargo Capacity”	means the maximum safe LNG loading limit of the Vessel as
per LNG Form C.

 

	“Certificate of Financial Responsibility”	means a certificate of financial
responsibility as required by the US Oil Pollution Act 1990.

 

	“Fuel Oil Equivalent”	refers collectively to its two components, fuel oil
and Boil-Off gas and is measured in metric tonnes applying the fuel oil equivalent factor set out in Clause 26 (f).

 

	“Fuel Price”	means last invoiced price per increment of volume bunkered in
USD $ per metric tonne (or relevant volumetric unit)

 

	“Gas Free”	means the Vessel’s cargo tanks are free of all natural gas vapour
                                                                                   and under an atmosphere of inert gas.

 

	“GTT”	Gaztransport & Technigaz SA of France

 

	“LNG”	means natural gas liquefied by cooling and which is in a liquid state at or near atmospheric pressure.

 

	“LNG Heel”	means cargo retained in the cargo tanks on completion of discharge.

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	“LNG Price”	means the ex-ship price of LNG in USD/mmBtu at the port where
the LNG was retained, based upon composition of LNG at discharge (except for LNG supplied for cool down at a loading port, and
for excess LNG boiled off on ballast leg, where the price will be based on the price charged by the terminal for cool down LNG).

 

	“Service Speed”	shall have the meaning ascribed to it in Appendix C, Article
1. (a).

 

	“BG Group”	mean companies owned directly or indirectly by BG Group plc.

 

		54.	Claim
                                         Validity Period

 

Any claims arising under this Charter party
must be brought within twelve (12) months of the conclusion of the Charter.

 

		55.	Eligibility
                                         & Compliance

 

At all times during this Charter:

 

		(a)	the Vessel shall be in all respects eligible under applicable conventions, laws and regulations
for, and shall not be prevented for any reason whatsoever from, trading to and from the ports and places permitted in Clause 4
of the Charter;

 

		(b)	Without prejudice to Clause 65, the Vessel shall comply with all applicable conventions, laws,
rules and regulations of any international, national, state or local government entity having jurisdiction and shall have on board
for inspection by the authorities all necessary certificates, records, letters and other documents evidencing such compliance,
including but not limited to certificates evidencing compliance with international and US oil pollution regulations, SOLAS 1974,
as amended and MARPOL 1973/1978; and

 

		(c)	the Vessel shall comply fully with all applicable U.S. Federal, U.S. Coastguard and State laws,
rules, orders, regulations, guidelines and circulars now in effect and which may be promulgated (and subsequent amendments and
successors thereto) including, but not limited to, the following provisions relating to maritime safety and oil pollution response:

 

		(vi)	the U.S. Federal Water Pollution Control Act (as amended
by the Clean Water Act of 1977 (Water Pollution));

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		(vii)	the U.S. Oil Pollution Act of 1990 and the governmental regulations issued thereunder (“OPA-90“);

 

		(viii)	the U.S. Comprehensive Environmental Response, Compensation and Liability Act of 1980; and

 

		(ix)	the U.S. Port and Tanker Safety Act;

 

		(x)	the U.S. Coastguard Navigational and Vessel Inspection Circular No. 8-92;

 

		(xi)	the Code of Federal Regulations;

 

		(xii)	the compliance with practices and limits for the regulated effluents as per the US Environmental
Protection Agency’s Vessel General Permit (VGP) requirements under the authority of the Clean Water Act (CWA) requirements
for National Pollutant Discharge Elimination System (NPDES) program..

 

		(d)	the Vessel shall have on board throughout the Charter any certificates or other documentation required
under the said laws, rules, orders, regulations, guidelines and circulars and evidencing such compliance, which shall include but
not be limited to a U.S. Coastguard Certificate of Financial Responsibility for Oil Pollution (“COFR”) together with
a similar certificate for hazardous substances and a Tanker Vessel Examination Letter (“TVEL”).

 

		(e)	prior to delivery the Owners or the Vessel’s operator shall have submitted, and obtained
approval from the US Coastguard for a response plan for the Vessel (“VRP”) which meets in full the requirements of
OPA-90 and of the US Coastguard and in accordance with which the Vessel shall at all times be operated. Charterers shall reimburse
Owners for all port specific OPA charges (including but not limited to additional premium to maintain P&I cover) incurred by
the Vessel calling at ports in the USA in accordance with Charterers’ orders. Requirements of a similar nature imposed by
other countries after the date of this Charter shall be treated in the same way.

 

		(f)	to the extent that the Vessel does not at any time comply with any USCG regulation now in effect
or to be promulgated, all necessary waivers are or will be held. Owners will advise Charterers of all such waivers, including period
of validation and reason(s) for waiver.

 

		(g)	Owners shall ensure that the Vessel is free to trade to the USA and if Certificate of Compliance
(CoC) is not available at the commencement of the Charter, then an inspection shall be carried prior to arrival at the first USA
port or on arrival at the first USA port. Any delay incurred carrying out this initial inspection that exceeds three hours shall
be classified as off-hire. Charterers shall provide sufficient notice to Owners to allow Owners to comply with the rules and regulations
in USA and LNG Terminals not listed in Appendix A.

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		(h)	If the Vessel is required to discharge at a US port during this Charter, the Owners are required
to install an AIS Pilot Plug as defined by SOLAS regulations. Specific regulations can be found in Chapter V, Regulation 19 and
in Title 33 Code of Federal Regulations §164.46 Automatic Identification System (AIS), Paragraph (d) “The AIS Pilot
Plug, on each vessel over 1600 gross tons on an international voyage, must be available for pilot use, easily assessable from the
primary conning position of the vessel, and near a 120 Volt, AC power, 3-prong receptacle.” Additional information regarding
proper installation of the AIS Pilot Plug can be found in IMO SN/Circ. 227.

 

		(i)	When calling at LNG terminals located in ports in the European Union, Vessel must be able to meet
the requirements of EU Council Directives 1999/32/EC dated 26 April 1999 and 2005/33/EC dated 6 July 2005.

 

Any delays, direct losses, expenses or damages
arising from failure to comply with this Clause shall be for Owners’ account and Owners shall fully indemnify Charterers therefor.
Charterers shall not be liable for any delay caused by the Vessel’s failure to comply with the foregoing warranty.

 

For any time lost due to a breach of this Clause
the Vessel shall be off-hire, and any expenses incurred due to such breach (including bunkers consumed) shall be for Owners’ account.

 

		56.	Vapour
                                         Pressure

 

Owners undertake that the Vessel will arrive
at each discharge port or terminal with the Vessel and its cargo in such a condition that the vapour pressure in the Vessel’s cargo
tanks meets the requirements of the discharging port or terminal as advised to Owners with reasonable prior notice. In any event,
Owners will follow vapour pressure instructions received from Charterers and will not allow vapour pressure to increase beyond
the pressure permitted by Charterers’ voyage instructions.

 

		57.	Cargo
                                         Transfer Inspection and System Calibration

 

		(a)	Charterers may at their option place their cargo transfer inspection representative on board to
observe preparation for loading and discharging of cargo during periods when the Vessel is in port, at Charterers’ expense.
Such representative will not, however, under any circumstances order or direct the taking of any particular action by the Vessel
or crew or interfere in any way with the Master’s exercise of his authority.

 

		(b)	The Custody Transfer Measurement Gauging System (CTMS) shall undergo a full calibration check and
recertification by a recognized calibration company at intervals of no more than sixty (60) months. This check shall include a
full in tank calibration check of the Primary Gauging Systems, Secondary Gauging System, in tank temperature

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			monitoring system, tank pressure monitoring system, Trim/List Transmission
System and independent tank hi level alarm(s). Charterers shall have access to calibration check reports.

 

		(c)	Notwithstanding Clause 57 (d) Charterers can request, at Charterers cost and time, to perform an
intermediate recertification process of the CTMS equipment in addition to the above full calibration check. This intermediate recalibration
survey shall be performed by an industry recognized calibration company and may be performed at intervals of thirty (30) months
(+/- 6 months). The test will not require cargo tank entry but include a full calibration verification of the Primary Level Gauging
Systems, Secondary Level Gauging System, Tank Temperature Monitoring System, Tank Pressure Monitoring System and Trim/List Transmission
System. Charterers shall have access to calibration check reports.

 

		(i)	If the Vessel is required to discharge at a Japanese port during this Charter, the Owners are required
to start Japan customs approval process for the CTMS and cargo tank tables immediately once Charterers notify Owners of intention
to discharge at a Japanese port. The Vessel shall comply with Japanese customs approvals requirements throughout the charter period.

 

		(ii)	The vessel’s CTMS must have the functionality to change settings upon request in order for
Charterers to meet various sales and purchase agreements or terminal requirements. This shall include, but not be limited to temperature,
pressure, liquid level gauging intervals and settings.

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		58.	Vessel
                                         Data

 

		(a)	Charterers shall have full access to daily (and other) reports provided from the Vessel’s
voyage data recorder and ship performance software.

 

		(b)	If Vessel is equipped with ship performance software or equivalent system, Charterers may request
Owners to run a performance trial at sea as per Charterers’ Instructions. When available the ship performance software (or
equivalent) shall be used to record information during a minimum one hour trial.

 

		(c)	A detailed procedure for carrying out the trial shall be included in charterers’ instructions.
Owners agree to send the resulting data and/or summary report of the trial to the Charterers within fifteen (15) days of carrying
out each trial.

 

		(d)	For the duration of this charter Owners shall provide access to the Vessels’ Inmarsat C tracking
system which shall automatically provide the Vessels’ position, speed and heading at set intervals. Such information shall
be available to Charterers through a password controlled website.

 

		59.	Third
                                         Party Vetting Information

 

Owners shall permit Charterers to discuss vetting
results with third party vetting companies upon Charterers’ request.

 

		60.	Taxes

 

All taxes and dues on the Vessel and on the
Charter hire to be for Owners’ account. All taxes and dues on cargo to be for Charterers’ account.

 

		61.	U.S.
                                         Compliance

 

Owners represent and guarantee that Owners
and the Vessel are not in any way directly owned, controlled by or related to any U.S. sanctioned countries.

 

		62.	Compliance with the Bribery Act, 2010 (England and Wales)
and the US Foreign Corrupt Practices Act (FCPA)

 

		a)	Owners represent, warrant and covenant that it and its Representatives comply with the Bribery
Act, 2010 (England and Wales) and the FCPA (“Applicable Corruption Law”) with respect to all matters connected to this
charter (“Matters”) even if the provisions of Applicable Corruption Law do not strictly apply to Owners or its Representatives because
of their jurisdictional status and references in this Clause 62 to Applicable Corruption 

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			Law shall be interpreted accordingly.
The remaining provisions of this Clause 62 are without prejudice to the generality of the foregoing.

 

		b)	Owners represent, warrant and covenant that it and its Representatives have not offered and will
not offer with respect to any Matters any advantage to any Public Official which would violate Applicable Corruption Law.

 

		c)	Owners represent, warrant and covenant that it and its Representatives have not offered and will
not offer with respect to any Matters any advantage to any person or entity which would violate Applicable Corruption Law.

 

		d)	Owners represent, warrant and covenant that it and its Representatives will not, directly or through
any other person or entity, request any service, action or inaction by any other person or entity with respect to any Matters which
would violate Applicable Corruption Law.

 

		e)	Owners represent, warrant and covenant that it and its Representatives will not, directly or indirectly
with respect to any Matters request an advantage which would violate the Applicable Corruption Law.

 

		f)	Owners represent warrant and covenant that it will provide Charterers with a Certificate of Compliance
no later than 31 January of each calendar year during the term of this Charter.

 

		g)	Owners represent, warrant and covenant that it and its Affiliates:

 

		(i)	maintain accurate and complete Books and Records and internal controls sufficient and of such quality,
consistent with accounting principles and practices contained in International Financial Reporting Standards so as to permit an
audit of its Books and Records by an internationally recognised firm of public or chartered accountants or their equivalent, and
which would, following that audit, result in an unqualified audit opinion and will not maintain any off the book accounts or record
any non existent expenditure nor enter liabilities with incorrect identification of their object or use false documents;

 

		(ii)	will provide all reasonable assistance to permit the Charterers’ accountant or internationally
recognised firm of public or chartered accountants or other advisors (‘Auditor’) to conduct an audit of its Books and
Records (including without limitation providing copies of documentation when requested) during normal business hours at Owners’
principal place of business for the purpose of confirming compliance with this Clause 61;

 

		(iii)	will permit Auditor reasonable access to its properties, officers, representatives, agents and
employees in order to make reasonable inspection and examination of the business operations and affairs of the Owners; and

 

		(iv)	without prejudice to the generality of the foregoing, use its reasonable endeavours to procure
for Auditor access to any third party, or any third party’s properties,

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			employees and Books and Records, where such access is reasonably
necessary for the purposes of the audit. For the avoidance of doubt, access includes providing copies of relevant third party documentation
where requested.

 

		(h)	Owners represent, warrant and covenant that it and its Representatives have been given adequate
training and informed of their obligations in relation to Applicable Corruption Law and have in place adequate policies and procedures
in relation to business ethics and conduct and the reporting, investigating and acting upon of suspected violations of Applicable
Corruption Law.

 

	(i)	(a)	 Owners represent, warrant and covenant that where
there exists a relationship between, on the one hand, (i) it or any of its Representatives, or (ii) any person who is a Connected
Person of any of its Representatives, and any Public Official on the other, and such relationship may or may reasonably be considered
to have an influence on the Owners’ performance of its obligations hereunder or the performance by the Public Official of
his/her duties, that the fact and nature of such relationship has been notified to the Charterers in writing prior to this Charter
being entered into.

 

		(b)	Owners represent, warrant and covenant that it will promptly take all such steps as may be necessary
and/or reasonably requested by Charterers which are designed to ensure that such relationship does not give rise to any conflict
of interest or any breach of Applicable Corruption Law.

 

		(j)	Owners represent, warrant and covenant that to the best of its knowledge and belief neither it
nor any of its Representatives or Service Providers:

 

		(i)	appears on any list of entities or individuals debarred from tendering or participating in any
project funded by the World Bank, European Bank of Reconstruction and Development or any other multi-lateral or bi-lateral aid
agency;

 

		(ii)	has at any time been found by a court in any jurisdiction to have breached Applicable Corruption
Law;

 

		(iii)	has at any time been investigated or is being investigated or is involved in an investigation (as
a witness or possible suspect) or been suspected in any jurisdiction of having engaged in any conduct with respect to Matters which
would constitute a breach of Applicable Corruption Law.

 

		(k)	Owners represent, warrant and covenant that if at any time it becomes aware that any of the circumstances
set out in Clauses 62.9 and 62.10 are not as it has confirmed it will notify Charterers immediately in writing and will promptly
take all such steps as may be necessary and/or requested by the Charterers to ensure minimum adverse effect on the Charterers’
reputation or on this Charter.

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		(l)	Owners represent, warrant and covenant that it will, if requested in writing by the Charterers,
promptly:

 

		(i)	provide any information which the Charterers may reasonably require in order to monitor its compliance
with the warranties, covenant and/or representations contained in this Clause 62; and

 

		(ii)	provide, where available, documentation evidencing such compliance.

 

		(m)	Without prejudice to any other express remedies referred to elsewhere in this Charter or any rights
or remedies available at law or in equity, in the event of a breach of this Clause 62 by Owners, Charterers have the right to take
whatever action it deems appropriate including the right to terminate this Charter with immediate effect and will not be liable
to pay any compensation to Owners for loss of profits or loss of goodwill or for any other loss or damage howsoever arising as
a result of a termination under this Clause 62(m),

 

		(n)	Where this Charter is terminated in accordance with Clause 62(m), Owners will cease to be entitled
to receive any payments which are due or may otherwise be due under the terms of this Charter. Where this Charter is terminated
in accordance with Clause 62(m) Charterers will not be obliged to make any payments which are due or may otherwise be due under
the terms of this Charter where to do so would violate any law or regulation to which Charterers are subject.

 

		(o)	Owners indemnify and hold Charterers and its Affiliates harmless from and against any and all claims,
damages, liabilities, losses, penalties, fees, costs and expenses arising from or related to, any breach of this Clause 62.

 

		(p)	The rights and obligations contained in Clauses 62(g), 62(k), 62(1), 62(m), 62(n) and 62(o) will
survive the termination or expiration of this Charter,

 

		(q)	Owners shall require its Service Providers to act in accordance with the requirements of this Clause
62 and Applicable Corruption Law.

 

		(r)	Owners will operate a program of regular assessments of its Service Providers involved in Matters
to verify that they are complying with their obligations as set out in Clause 62(q) above and retain the right to have an independent
auditor review and verify their compliance.

 

		(s)	Owners will procure that provisions no less onerous than those set out in this Clause 62 are incorporated
in all documentation issued to, and contracts entered into, with their Service Providers involved in Matters.

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		63.	Owners’
                                         Defaults

 

		(a)	Each of the following events shall be deemed to be a breach of this Charter and an “Owners’
Default” for the purposes of this Charter:

 

		i)	if any licence, approval, consent, authorisation or registration at any time necessary for Owners
to comply with their obligations under this Charter, or in connection with the ownership and operation of the Vessel, is revoked,
withheld or expires or is modified so as to prevent or materially delay the lawful performance by Owners of their obligations hereunder
(unless remedied, if capable of remedy, within thirty (30) days);

 

		ii)	if an order is made, or an effective resolution passed, for the compulsory or voluntary winding-up
or dissolution of Owners (other than for the purposes of amalgamation or reconstruction in respect of which the prior written consent
of Charterers has been obtained) or if Owners suspend payment of or are unable to or admit inability to pay, their debts as they
fall due or make any special arrangement or composition with their creditors generally or any class of their creditors;

 

		iii)	if an administrator, administrative receiver, receiver or trustee or similar official is appointed
in respect of the whole, or a material part, of the property, assets or undertaking of Owners, and such appointment is not discharged
within thirty (30) days of the date of such appointment (unless such appointment is being contested by Owners in good faith by
appropriate proceedings) or if Owners apply for, or consent to, any such appointment;

 

		iv)	if any event occurs in relation to Owners in any jurisdiction which has an effect equivalent to
any of the events specified in ii) and 0 above;

 

		v)	if an encumbrancer takes possession of, or distress or execution is levied upon, the whole, or
a material part, of the property, assets or undertaking of Owners and the same shall not be discharged within thirty (30) days
of the date of commencement of such action unless such possession or levy is being contested by Owners in good faith by appropriate
proceedings;

 

		vi)	if Owners cease to carry on their business, or dispose of the whole, or a material part, of their
property, assets or undertaking without Charterers’ consent;

 

		vii)	if Owners cease to be a corporation duly registered in good standing in its place of incorporation
without Charterers’ consent;

 

		viii)	if Owners shall place or permit to exist on the Vessel (A)
any mortgage other than a mortgage in respect of which a quiet enjoyment undertaking has been provided in a form approved
by Charterers, such approval not to be unreasonably withheld (B)

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			any charge, pledge, consensual security interest, lien or encumbrance of any kind
                                                                            (not occasioned by any act, omission or default of Charterers) for a period of more than thirty (30) days cumulative in one
                                                                            year, other than liens for crew’s wages or salvage or otherwise arising in the ordinary course of trading which are
                                                                            regularly settled or secured;

 

		ix)	if it becomes impossible or unlawful for Owners to fulfil any of their obligations under this Charter,
or for Charterers to exercise any of the rights vested in them by this Charter, or this Charter for any reason becomes invalid
or unenforceable or ceases to be in full force and effect or Owners repudiate this Charter;

 

		x)	if the Vessel is arrested as a consequence of any claim or event other than a claim arising by,
through or under acts, deeds or omission of Charterers and is not released for any reason from such arrest within thirty (30) days
after being arrested;

 

		xi)	if Owners are in material breach of any other provision of this Charter with serious and adverse
consequences to Charterers; and Owners have failed to cure such breach or taken all necessary steps within a reasonable period
of time but in no event longer than thirty (30) days after notice of such breach from Charterers (unless such breach has a shorter
cure period hereunder, in which case, the shorter period shall apply).

 

		xii)	if Owners fail to maintain any of the insurances they are obliged to maintain and such failure
is not rectified within fourteen (14) days of receipt of notice from the Charterers;

 

		(b)	Upon the occurrence of an Owners’ Default and at any time thereafter for so long as such
default is continuing, and whether or not the Charter has commenced, Charterers shall be entitled to terminate this Charter by
giving notice in writing to Owners. This Clause 61(b) is without prejudice to any other rights Charterers may have hereunder or
at common law.

 

		64.	Charterers’
                                         Defaults

 

		(a)	Each of the following events shall be deemed to be a breach of this Charter and a “Charterers’
Default” for the purposes of this Charter:

 

		i)	if an order is made, or an effective resolution passed, for the compulsory or voluntary winding-up
or dissolution of Charterers (other than for the purposes of amalgamation or reconstruction in respect of which the prior written
consent of Owners has been obtained) or if Charterers suspend payment of, or are unable to or admit inability to pay, their debts
as they fall due or make any special arrangement or composition with their creditors generally or any class of their creditors;

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		ii)	if an administrator, administrative receiver, receiver or trustee or similar official is appointed
in respect of the whole, or a material part, of the property, assets or undertaking of Charterers, and such appointment is not
discharged within thirty (30) days of the date of such appointment (unless such appointment is being contested by Charterers in
good faith by appropriate proceedings) or if Charterers apply for, or consent to, any such appointment;

 

		iii)	if any event occurs in relation to Charterers in any jurisdiction which has an effect equivalent
to any of the events specified in (ii) and (iii) above;

 

		iv)	if an encumbrancer takes possession of, or distress or execution is levied upon, the whole, or
a material part, of the property, assets or undertaking of Charterers and the same shall not be discharged within thirty (30) days
of the date of commencement of such action unless such possession or levy is being contested by Charterers in good faith by appropriate
proceedings;

 

		v)	if Charterers cease to carry on their business, or dispose of the whole, or a material part, of
their property assets or undertaking without Owners’ consent;

 

		vi)	if Charterers cease to be a corporation duly registered in good standing in its place of incorporation
without Owners’ consent;

 

		vii)	if it becomes impossible or unlawful for Charterers to fulfil any of their obligations under this
Charter or for Owners to exercise any of the rights vested in them by this Charter, or this Charter for any reason becomes invalid
or unenforceable or ceases to be in full force and effect or Charterers repudiate this Charter;

 

		(b)	Upon the occurrence of a Charterers’ Default and at any time thereafter for so long as such
default is continuing, and whether or not the Charter has commenced, Owners shall be entitled to terminate this Charter by giving
notice in writing to Charterers. This Clause 63(b) is without prejudice to any other rights Owners may have hereunder or at common
law.

 

		65.	Quiet
                                         Enjoyment

 

Owners acknowledge that Charterers shall be entitled
to the quiet enjoyment and use of the Vessel under this Charter throughout the charter period without interruption. Except as expressly
permitted by this Charter, the Owners shall not (either prior to or after delivery of the Vessel hereunder) effect or permit to
exist any mortgage, lien, claim or encumbrance or security interest of whatsoever nature on the Vessel without the prior consent
of the Charterers. The Charterers hereby consent to the Owners executing a mortgage of the Vessel, as security for the financing
of the Vessel, in favour of (i) an international bank or other financial institution, or (ii) a controlled affiliate of an international
bank or other financial institution, provided that, in either case, the identity of such party has been approved by the Charterers
(such approval not to be unreasonably withheld). It is a condition of the Owners’ consent to any such mortgage that the Owners
shall

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procure that the relevant mortgagee executes a
letter of quiet enjoyment in favour of the Charterers, which shall be substantially in the form included in Appendix G. Owners
shall permit Charterers to review the audited financial accounts of Owners within 2 months following publication.

 

		66.	Rights of Third Parties

 

No provision of this Charter shall, under the Contracts
(Rights of Third Parties) Act 1999, confer any benefit on, nor be enforceable by, any person who is not a party to this Charter.

 

		67.	Consequential Losses

 

Without prejudice to any other provision of this
Charter, neither Charterers nor Owners (or their Vessel) nor any of the affiliated companies or shareholders of either of them
shall be liable (by reason of negligence, breach of contract or otherwise) for loss of business opportunity, earnings, income or
profit whether directly or indirectly and whether by the parties hereto or others arising out of, or in any way connected to, the
performance or non-performance of this Charter (“Consequential Loss”). For the avoidance of doubt, Consequential Loss
within the meaning of this Clause shall not include any hire payable (or which would but for breach have been payable) under this
Charter.

 

		68.	Health, Safety, Security, Environment Reporting Requirements

 

		(a)	If requested by the Charterers and mutually agreed by both parties, Owners may participate in an
emergency response exercise;

 

		(b)	For any incident, Owners shall notify Charterers as per the Charterers’ Instructions. Charterers
may be invited to participate in any subsequent incident investigation;

 

		(c)	Owners shall ensure a Behavioural Based Safety (BBS) system or equivalent and/or a near miss reporting
system is implemented. Owners shall share the observations and lessons learned with the Charterers as they occur, but no less than
on a monthly basis;

 

		(d)	Owners shall submit to Charterers a monthly written report, within five (5) days of the end of
each month that the Vessel is on hire, detailing all monthly reporting requirements, in accordance with the “HSSE Monthly
Report” detailed in the Charterers’ Instructions;

 

		(e)	Owners shall maintain HSSE records sufficient to demonstrate compliance with the requirements of
the SMS and provide Charterers the right to confirm compliance with HSSE requirements by audit of Owners, including but not limited
to the tight to audit and review Owners’ facilities, services and/or performance of its activities as mutually agreed by
the Owners;

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		(f)	Owners shall document and report immediately to Charterers any incidents of environmental damage,
any unforeseen activity or event which could have led to environmental damage, a spillage of oil on deck or to the water, release
or venting of hydrocarbons, breaches or potential breaches of environmental regulations or complaint from local groups, organisations
including enforcement agencies or individuals.

 

		(g)	Owners shall commit to demonstrating leadership in all aspects of HSSE through open dialogue and
active participation in relevant forums.

 

		(h)	The company owning or operating the Vessel shall be a member of SIGTTO.

 

		69.	Ballast
                                         Water Treatment (BWT) System

 

If international regulations require that a BWT
system to be fitted during the Firm Period, or the Option Charter Period (s) (if such option is exercised by the Charterers); then
the Owners and Charterers shall mutually agree on the BWT system to be installed and Charterers shall pay the direct costs for
such BWT system at the time that such system is fitted. The vessel shall not be off-hire during this time. Costs for Owners’
personnel to inspect the fitting shall be borne by Owners.

 

		70.	Counterparts

 

This Agreement may be executed in any number of
counterparts each of which, when so executed, shall be deemed to be an original but such counterparts shall together constitute
but one and the same instrument.

 

	Appendix A:	List of Primary Terminals.
	 	 
	Appendix B:	Gas Form C for the Vessel
	 	 
	Appendix C:	Detailed Performance Criteria, as attached, shall be incorporated herein.
	 	 
	Appendix D:	Crew Matrix
	 	 
	Appendix E:	BG Business Principles
	 	 
	Appendix F:	Norwegian Sale Form
	 	 
	Appendix G:	Letter of Quiet Enjoyment

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	Agreed and signed by Owners	 	Agreed and signed by Charterers
	 	 	 
	/s/ Graham Westgarth	 	/s/
Hector Armando Rosales-Macedo

	Name: Graham Westgarth	 	Name: Hector Armando Rosales-Macedo
	 	 	 
	Title: Director	 	Title: Attorney-in-fact
	 	 	 
	Date: 4 April 2014	 	Date: 4 April 2014

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APPENDIX A – Terminal Compatibility List

 

	Load	 	Country	 	Status
	Gladstone	 	Australia	 	*2
	Withnell Bay	 	Australia	 	1
	Pluto	 	Australia	 	l
	Ian	 	Egypt	 	l
	Damietta	 	Egypt	 	1
	Punta Europa	 	Equatorial Guinea	 	1
	 	 	 	 	 
	Discharge	 	Country	 	Status
	Bahia Blanca FSRU	 	Argentina	 	1
	Zeebrugge	 	Belgium	 	1
	Pecem	 	Brazil	 	1
	Guanabara Bay	 	Brazil	 	1
	Canaport	 	Canada	 	1
	Mejillones	 	Chile	 	1
	Quintero	 	Chile	 	1
	Dalian	 	China	 	1
	Fujian	 	China	 	1
	Guangdong	 	China	 	1
	Jiangsu	 	China	 	1
	Shanghai	 	China	 	1
	Zhejiang	 	China	 	1
	Zhuhai	 	China	 	*2
	Montoir	 	France	 	1
	Revithoussa	 	Greece	 	1
	Dahej	 	India	 	1
	Hazira	 	India	 	1
	Chita	 	Japan	 	1
	Futtsu	 	Japan	 	1
	Himeji	 	Japan	 	1
	Senboku II	 	Japan	 	1
	Kawagoe	 	Japan	 	1
	Sodeshi	 	Japan	 	1
	Niigata	 	Japan	 	1
	Tobata	 	Japan	 	1
	Hitachi	 	Japan	 	*2
	Joetsu Thermal Power	 	Japan	 	1
	INPEX Naoetsu	 	Japan	 	1A
	Negishi	 	Japan	 	1
	Yanai	 	Japan	 	1
	Sodegaura	 	Japan	 	1
	Ohgishima	 	Japan	 	1
	Oita	 	Japan	 	1
	Sakai	 	Japan	 	1
	 	 	 	 	 
	Load	 	Country	 	Status
	Bonny Island (Jetty 1,2)	 	Nigeria	 	1
	Snohvit	 	Norway	 	*4
	Point Fortin	 	Trinidad	 	l
	Das Island	 	UAE	 	l
	Lake Charles	 	USA	 	1
	Sabine Pass (Cheniere)*	 	USA	 	1
	 	 	 	 	 
	Discharge	 	Country	 	Status
	Incheon	 	Korea	 	1
	Pyeongtaek	 	Korea	 	1
	Tongyeong	 	Korea	 	1
	Gwang Yang	 	Korea	 	1
	Mina Al Ahmadi	 	Kuwait	 	1
	Bintulu	 	Malaysia	 	1
	Altamira	 	Mexico	 	1
	Costa Azul	 	Mexico	 	1
	Sines	 	Portugal	 	1
	Ras Laffan	 	Qatar	 	1
	Singapore	 	Singapore	 	1
	Barcelona	 	Spain	 	1
	Bilbao	 	Spain	 	1
	Cartagena	 	Spain	 	1
	Huelva	 	Spain	 	1
	Sagunto	 	Spain	 	1
	Map Ta Phut	 	Thailand	 	1
	Rotterdam	 	The Netherlands	 	1
	Yung-An	 	Taiwan	 	1
	Taichung	 	Taiwan	 	1
	Aliaga	 	Turkey	 	1
	Marmara Ereglisi	 	Turkey	 	*3
	Jebel Ali FSRU	 	UAE	 	1
	Elba Island	 	USA	 	1
	Cameron	 	USA	 	1
	Pascagoula	 	USA	 	1
	Freeport	 	USA	 	1
	Isle of Grain	 	UK	 	1
	Dragon	 	UK	 	1

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1 Primary Terminals

 

* 1 A - Primary Terminals ~ Pending

Signifies terminals where some terminal data is
not complete, but which will be treated as Primary Terminals so long as, in order for the Vessel to be accepted by the terminal,
no changes are required to the principal dimensions of the Vessel, including: length, breadth, draft, displacement, location of
cargo manifolds and lay-out of cargo manifolds (pipe size, layout of liquid and vapour lines, manifold dimensions, etc). Owners
and Charterers to cooperate to complete any missing terminal data and to achieve Terminal acceptance and any minor changes to the
Vessel (gangway landing areas/rails, etc.) will be the responsibility of the Owners.

 

*2 Terminals Under Construction

Signifies terminals that are under construction
at the date of signing the Charter party and are not Primary Terminals (“Terminals Under Construction”). Owners and
Charterers agree to work together in good faith in order to obtain: (i) the necessary relevant information to enable Owners to
reasonably assess whether each of the Terminals Under Construction are in all material respects compatible with the Vessel; and
(ii) acceptance of the Vessel by the Terminal Under Construction. Once Owners are reasonably satisfied that a Terminal Under Construction
is in all material respects compatible with the Vessel so as to allow safe navigation, loading and/or discharge, and the Terminal
Under Construction has confirmed to Owners that they are prepared to accept the vessel to call and carry out cargo operations at
their terminal (once completed), Owners agree to add such Terminal Under Construction to the list of Primary Terminals.

 

*3 Terminals With Compatibility Issues

Signifies terminals which have identified compatibility
issues and are not Primary Terminals. However, Owners agree to allow the Vessel to call at such terminals provided: (i) they are
reasonably satisfied that there is sufficient compatibility to allow safe navigation, loading and/or discharge; and (ii) the terminal
have confirmed to Owners their acceptance of the Vessel to call, and carry out cargo operations at their terminal.

 

*4 Terminals Pending Further Data

Signifies terminals in respect of which, at the
date hereof, there is insufficient information available in order to allow Owners to assess whether the terminal is in all material
respects compatible with the Vessel so as to allow safe navigation, loading and/or discharge (“Pending Terminals”).
Owners and Charterers agree to work together in good faith in order to obtain: (i) the necessary relevant information to enable
Owners to reasonably assess whether each of the Pending Terminals are in all material respects compatible with the Vessel; and
(ii) acceptance of the Vessel by the Pending Terminals. Once Owners are reasonably satisfied that a Pending Terminal is in all
material respects compatible with the Vessel so as to allow safe navigation, loading and/or discharge, and the Pending Terminal
has confirmed to Owners that they are prepared to accept the vessel to call and carry out cargo operations at their terminal (once
completed), Owners agree to add such Pending Terminals to the list of Primary Terminals.

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APPENDIX B – Gas Form C for the Vessel

 

GAS FORM C DESCRIPTION OF

 

THE VESSEL

 

METHANE RITA ANDREA

SHI – HULL 1554

 

	1.	GENERAL	 	 
	 	1.1	Vessel Name and Hull Number	:	Methane
    Rita Andrea 

SHI - HN 1553
	 	1.2	Builder and Yard	:	Samsung Heavy
    Industries 

Geoje Island, Korea
	 	1.3	Year Built	:	2006
	 	1.4	Containment System	:	Membrane Type GTT Mark III
	 	1.5	Country of Registry	:	Bermuda
	 	1.6	Port of registration	:	Hamilton
	 	1.7	Classification Society	:	American Bureau of Shipping

HA1  , Liquefied gas carrier, ship type 2G
(Membrane tank, Maximum pressure 25 kPaG
and Minimum Temperature - 163°C, Specific
Gravity 500 kg/m3), SH, FL(40), SH-DLA,
SHCM, SFA(40), AMS, NIBS, HACCU,
UWILD, PMS including CMS.
	2.	DIMENSIONS, TONNAGE	 	 
	 	2.1	Length Overall	:	283.062 metres
	 	2.2	Length between Perpendiculars	:	270.0 metres
	 	2.3	Beam (moulded)	:	43.40 metres
	 	2.4	Depth to upper deck, moulded	:	26.0 metres
	 	2.5	Scantling Draft, moulded (in seawater of
specific gravity of 1.025)	:	12.4 metres
	 	2.6	 Design Draft, moulded (in seawater of specific gravity of 1.025)	:	11.400 metres
	 	2.7	Summer Draft (extreme)	:	12.025 metres
	 	2.8	Air Draft	:	40.26/n with radar mast in lowered position and about 46.26m with radar mast in raised position. Ballast draught 9,74m
	3.	TONNAGE	 	 
	 	3.1	Deadweight at Design
    Draft, extreme at Summer Draft, extreme	:	72,994.6 metric tonnes
	 	 	 	:	79,046.2 metric tonnes
	 	3.2	Lightweight	:	29,540.1 metric tonnes
	 	3.3 	Displacement at Summer Freeboard (8.751m)	:	108,586.3 metric tonnes
	 	3.4	Gross Tonnage (International)	:	95,753
	 	3.5	Net Register Tonnage	:	28,726
	 	3.6	Suez Canal Gross Tonnage	:	99,138.45
	 	3.7	Suez Canal Net Tonnage	:	86,082.93

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	4.	MACHINERY	 	 
	 	4.1 	Propelling Machinery,

Type and Make	:	Steam Turbine, Reversible Geared, Cross Compound, Steam Driven (UA-400) / Kawasaki Heavy Industries Limited
	 	 	Maximum Continuous Rating	:	39,500 PS @ 90 RPM
	 	 	Normal Service Rating	:	35,550 PS @ 86.9 RPM
	4.2	Main Boilers	 	 
	 	 	Type, Make and Number	:	Two Water tube, forced draft, marine boiler, (UME 65/52) Kawasaki Heavy Industries Limited
	 	 	Maximum Evaporation	:	Total 65 Te/h, each
    (incl. 4 Te/h desuperheated steam)
	4.3 	Electrical Generating Plan
 Type, Maximum Output per	:	Two (2) sets of turbo generator, 4,312.5 kVA (3,450 kW), 6,600 VAC, 60 Hz, 3 Phase / Mitsubishi Heavy Industries Limited 

One (1) sets of diesel generator, 4,312.5 kVA (3,450 kW), 6,600 VAC, 60 Hz, 3 Phase / Wärtsilä 

One (1) set of emergency diesel generator, 1,062 kVA (850 kW), 450V AC, 60 Hz, 3 Phase / STX--Cummins
	4.4	Bow Thruster	:	Controllable Pitch Propeller (C.P.P.)
	 	Electric motor	:	2,500 kW, 6,600V
	 	No of blades	:	Four (4) (Ni-Al-Bronze)
	 	 	 	 	 
	5.	OWNER GUARANTEE SPEEDS	 	 
	 	The guarantee speed at the designed draft of 11.4m on even keel shall be not less than ***** knots with the main propulsion machinery running at an output of 30,910 PS under weather conditions not exceeding Beaufort 4.	 	 
	 	 	 	 	 
	6.	FUEL CONSUMPTION RATE	 	 
	 	 	 	 
	 	 	At NCR	:	185.0 metric tonnes per day
	 	 	 	 	 
	 	Consumption rate based upon using fuel classified as RMH55 in accordance with ISO8217 (1996) and having a higher calorific value of 43 MJ/kg (10,280 kcal/kg).
	 	 	 	 	 
	7.	CARGO TANKS	 	 
	 	7.1	Total Capacity 98.9% full	: 	144,020.406 cubic metres at maximum allowable cargo tank fill ratio of 98.9% and reference temperature according to IGC Code 15.1.2-4
	 	7.2	Number of Cargo Tanks	:	4
	 	7.3	Maximum S.G.	:	500 kg/m3
	 	7.4	Minimum Temperature	:	 -163°C
	 	7.5	Normal Tank Operating Pressure	:	106 kPa absolute
	 	7.6	Relief Valve Settings	:	25 kPa gauge
	 	7.7	Capacity at -163°C 100% full	:	145,622.251 m3

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	No. 1 tank   :   22,120.715 m3	 	No. 2 tank:42,899.636 m3
	No. 3 tank   :   42,904.760 m3	 	No. 4 tank:37,697.140 m3

 

	 	7.8	The Vessel’s cargo tanks can be cooled down from ambient temperature to the loading condition in less than 10 hours (-130°C , mean temp. of cargo tanks).
	 	 	 
	8	CARGO LOADING AND DISCHARGE PERFORMANCE
	 	 	 
	 	(a)	The ship shall be able to load the bulk of the cargo (excluding slow starting and topping off) through two (2) liquid manifolds in approximately 12 hours at pressure of 240 kPa(G) inboard of the manifold strainer.
	 	 	 
	 	(b)	The ship shall be able to discharge the bulk cargo through three (3) liquid manifolds in approximately 12 hours (excluding slow starting and stripping) against a backpressure of 100 MLC measured inboard of the manifold strainer with cargo tanks at mid-level.

 

	9.	BOIL-OFF RATE	 	 
	 	9.1	Guarantee Boil-off Rate	:	Not to exceed 0.15% per day
	 	 	 	 	 
	10.	FRESH WATER	 	 
	 	10.1	Capacity of F.W. generators	:	Two 60 T/d / Alfa-Laval
	 	10.2	Capacity of Tanks	 	 
	 	 	Boiler Feed	:	415.6 m3
	 	 	Fresh Water	:	520.8 m3
	 	 	 	 	 
	11.	BUNKER CAPACITY	 	 
	 	11.1	Fuel Oil (100%)	:	7,776.4 m3
	 	11.2	Gas Oil (100%)	:	147.9 m3
	 	11.3	Diesel Oil (100%)	:	346 m3
	 	 	 	 	 
	12.	WATER BALLAST	 	 
	 	12.1	Tank Capacity (100%)	:	55,709.6 m3
	 	12.2	Number and Capacity of water ballast pumps	:	3 X 3,000 m3/h at 30 mwc
	 	12.3	 The vessel is capable of loading/discharging ballast concurrent with cargo operations	:	Yes
	 	 	 	 	 
	13.	CARGO PUMP	 	 
	 	13.1	Number	:	8
	 	13.2	Type and Make	:	Centrifugal, single stage, submerged / Ebara
	 	13.3	Rated Capacity of each Pump	:	1,700 m3/h at 155 mlc (S.G. 0.5)
	 	 	 	 	 
	14.	SPRAY PUMP	 	 
	 	14.1	Number	:	4
	 	14.2	Type and Make	:	Centrifugal, submerged / Ebara
	 	14.3	Rated Capacity of each Pump	:	50 m3/h at 145 mlc (S.G. 0.5)
	 	 	 	 	 
	15.	EMERGENCY CARGO PUMP	 	 
	 	15.1	Number	:	1
	 	15.2	Type and Make	:	Centrifugal, single stage, removable type / Ebara
	 	15.3	Rated Capacity	:	550 m3/h at 155 mlc (S.G. 0.5)

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	16.	CARGO INSTRUMENTATION	 	 
	 	16.1	Liquid Level Gauge	 	 
	 	 	Primary	 	 
	 	 	Type	:	 Radar/Saab
	 	 	Number per Tank	:	  1
	 	 	Accuracy	:	  +/- 5mm over gauging range 0 – 47 m
	 	 	Measuring range	:	 26.52 m
	 	 	 	 	 
	 	 	Secondary	 	 
	 	 	Type	:	 Float / Whessoe
	 	 	Number per Tank	:	 1
	 	 	Accuracy	:	 +/- 7.5 mm
	 	 	Measuring range	:	 26.52 m
	 	 	 	 	 
	 	16.2	Temperature Sensor	 	 
	 	 	Type	:	 High Accuracy
	 	 	Number per Tank	:	 5 pair
	 	 	Accuracy	:	 +0.2°C between -165°C and -145°C, rising to +1.5°C at +50°C
	 	 	Measuring range	:	 -165°C to +50°C
	 	 	 	 	 
	 	16.3	Pressure Sensor System

Number per Tank	:	 1
	 	 	Accuracy	:	 + 1% of span with deck temperature ranging between -30°C and +60°C
	 	 	Measuring range	:	 800 - 1,400 mbar
	 	 	 	 	 
	 	16.4	Ship shore communication system	:	 Fibre optic, electrical intrinsically safe and pneumatic types
	 	 	 	 	 
	17.	NITROGEN GENERATION	 	 
	 	17.1	Type and Make	:	 Membrane permeation type / Air Product AS
	 	17.2	Capacity	:	 2 off 100 Nm3/h
	 	17.3	Pressure Tank	:	 10 bar g
	 	 	 	 	 
	18.	INERT GAS GENERATION	 	 
	 	18.1	Type and Make	:	 Stoichiometric combustion of fuel oil / Smit Gas System
	 	18.2	Capacity	:	 14,000 Nm3/h inert gas or dry air
	 	18.3	Quality of Gas	:	Dew point -45°C at 760 mmHg
	 	 	 	O2	: max. 1.0% by vol.
	 	 	 	CO	: max. 100 ppm
	 	 	 	SOx	: max. 10 ppm
	 	 	 	NOx	: max. 100 ppm
	 	 	 	Soot	: Bacharach 0
	 	 	 	HC	: 0%
	 	 	 	CO2	: max. 14% by volume
	 	 	 	Remainder : N2, H2, Ar
	 	 	 	 	 
	19.	GAS COMPRESSORS	 	 
	 	19.1	High Duty	 	 
	 	 	Type and Make	:	Horizontal, single stage centrifugal / Cryostar

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	 	 	Number and Capacity	 	2 off 26,000 m3/h
	 	 	Discharge Pressure	 	200 kPa A
	 	 	Suction Press and Temp	 	-140°C, 103 kPa A
	 	19.2	Low Duty	 	 
	 	 	Type and Make	:	Horizontal, single stage centrifugal /Cryostar
	 	 	Number and Capacity	:	2 off 8,000 m3/h
	 	 	Discharge Pressure	:	200 kPa A
	 	 	Suction Press and Temp	:	-40°C, 106 kPa A
	 	 	 	 	 
	20.	FORCING VAPORIZER	 	 
	 	20.1	Capacity	:	8,000 kg/h from -163°C to -40°C / Cryostar
	 	 	 	 	 
	21.	DECK MACHINERY	 	 
	 	21.1	Winches	 	 
	 	 	Number, Position, Type (incl. windlass)	:	4 for’d (2 combined
with windlass) 5 aft, Electro-hydraulic self contained power pack, non auto-tension
type mooring winches & windlasses / Kochs
	 	21.2	Holding Power of Brake	:	80% of mooring line MBL (design) set at 60%
	 	21.4 	Size of Wires and whether fitted with TailsState Length, Material	:	Twenty-two (22) sets including two (2) spares, each 200 m long and 44 mm diameter of spectra rope or equivalent with each 11 / 22 m long nylon / polyester tail.
	 	21.5 	Derrick, cranes, etc. Type and Capacity	:	Electro-hydraulic
driven single jib crane 

One (1) x 5.0 Te SWL at port aft and one (1) x 10.0 Te SWL
at starboard aft. 

One (1) x 6.0 Tc SWL for cargo machinery room 

Two (2) x 5.0 Te SWL at P&S manifold
	 	 	 	 	 
	22.	NAVIGATION AND RADIO	 	 
	 	22.1	Navigation Aids and Radio Equipment	:	VHF radio telephones

    GMDSS distress message controller
Display units for radars (X and S-bands),
ECDIS and conning display
Auto pilot operating
    unit
CCTV control station for mooring area
camera and night vision camera
UHF base station
DGPS navigator
Echo sounder
    recorder
Master electric clock system
Speed log main unit
Navtex receiver
Signal light control panel
Inmarsat-F (Fleet 77)

    Inmarsat-C

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	23.	OTHER	 	 
	 	23.1	Bilge Oily Water Monitor	:	1 X m3/h (15 ppm)
	 	23.2	Incinerator	:	1 X 500,000 kcal/h for solid garbage waste and sludge oil having flash point above 60°C
	 	23.3	Sewage Treatment Plant	:	One (1) biological type for 45 persons
	 	23.4	CCTV system with 11 cameras and monitors in wheelhouse, engine control room and cargo control room;
	 	23.5	Loading computer including damage stability calculations
	 	23.6	Shipboard management system
	 	23.7	Public address system
	 	23.8	UHF onboard radio communication with 2 base   stations, l base repeater station and twelveportable sets   

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APPENDIX C – Detailed Performance Criteria

 

CONTENTS

 

	Article 1.	Speed Warranties
	 	 
	Article 2.	Timeliness
	 	 
	Article 3.	Guaranteed Daily Fuel Consumption
	 	 
	Article 4.	Definitions for Fuel Consumption Calculations
	 	 
	Article 5.	Basis of Calculation for Fuel Consumption
	 	 
	Article 6.	Actual Fuel Consumption on a Voyage
	 	 
	Article 7.	Guaranteed Maximum Boil-Off
	 	 
	Article 8.	Boil-Off Calculations
	 	 
	Article 9.	Spray Cooling, Forced Vaporisation and use of Boil-Off
	 	 
	Article 10.	Provisions for Gauging
	 	 
	Article 11.	Underwater Cleaning / Waiting at Anchorage
	 	 
	Article 12.	Interpretation
	 	 
	Article 13.	Weather Limits for Performance Warranties
	 	 
	Article 14	Claim Validity Period

 

		1.	Speed Warranties

 

		(a)	Owners guarantee that the Vessel is capable of steaming and, subject to Article 1(b), shall steam
at the Laden Service Speed or the Ballast Service Speed as set out in Clause 26(a) and (b) as applicable (the “Service Speed”).

 

		(b)	Charterers may order the Vessel to steam at the Service Speed or at any lesser average speed but
not less than the Minimum Speed as set out in Clause 26(c) and not at a greater average speed, except with Owners’ consent,
which shall not be unreasonably withheld. For the avoidance of doubt, it is agreed that Owners may decline orders to steam at any
lesser average speed than the Minimum Speed or at any greater average speed than the Service Speed for operational reasons.

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		2.	Timeliness

 

		(a)	Prior to each voyage Charterers may, subject to Article 1(b), instruct the Vessel to proceed so
as to arrive at the pilot boarding station at each port at a given date and time (the “Scheduled Arrival Time” or “SAT”).
Provided however:

 

		(i)	In the event that Charterers fail to provide a SAT to Owners the SAT shall be deemed to be the
estimated arrival time of the Vessel assuming the Vessel steams at the Service Speed by the shortest safe route to the named port
measured from pilot station to pilot station (a “Sea Passage”) (or the route specified by Charterers, if different)
from the time Charterers instruct the Vessel to proceed.

 

		(ii)	The SAT shall in any event not be earlier than the estimated arrival time calculated in accordance
with Article 2(a)(i).

 

		(iii)	Subject to Article 1(b), Charterers may amend the SAT from time to time during or prior to each
voyage to accommodate changes in circumstances concerning the voyage (the “Amended SAT”).

 

		(iv)	The speed at which the Vessel needs to steam in order to meet the SAT or the Amended SAT or any
permissible speed ordered by the Charterers shall be a “Guaranteed Speed”.

 

		(b)	Charterers shall compare the actual time of arrival of the Vessel at the pilot station at each
port with the SAT save that if the SAT was amended solely for reasons not attributable to any failure in performance by the Vessel,
then such comparison shall be made with the Amended SAT.

 

		(c)	If the Vessel arrives at the pilot station at the arrival port not later than ***** after the SAT
or Amended SAT, where applicable, the Vessel shall be deemed to have arrived “On Time”. If the Vessel arrives at the
pilot station more than ***** after the SAT, or Amended SAT where applicable, the Vessel shall be deemed to have arrived “Late”.

 

		(d)	Subject to Article 2(e) and (f), Charterers shall be entitled to make a deduction from hire in
respect of any period by which the Vessel arrives Late.

 

		(e)	Notwithstanding the foregoing but subject to Article 2(f), Charterers shall not be entitled to
make any deduction from hire if the Vessel arrives Late to the extent that such late arrival is caused by one or more of the following
during the voyage and is not indirectly or directly due to Owners’ negligence:

 

		(i)	the incidence of bad weather, being any day in which the Vessel has to proceed in wind force in
excess of Beaufort Force 5 for more than ***** hours noon to noon, or

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		(ii)	poor visibility, or

 

		(iii)	congested waters, or

 

		(iv)	alterations in speed or course to avoid areas of bad weather, or

 

		(v)	any period spent at a waiting area following arrival, or

 

		(vi)	the saving of life or (with Charterers’ consent) property, or

 

		(vii)	time lost waiting for or as a result of a canal transit, or

 

		(viii)	time taken for bunkering during a sea passage in accordance with Charterers’ instructions,
or

 

		(ix)	time spent steaming at a reduced speed by mandatory order of regulatory bodies having jurisdiction
over the Vessel, or

 

		(x)	time spent steaming at reduced speed as a result of fouling caused by extraordinary delays in port
beyond Owners’ control or as a result of lay-up or usage as storage vessel (if mutually agreed), or

 

		(xi)	time lost for safe navigation and navigating restricted areas

 

		(xii)	time lost in order to observe recommendations as to traffic separation and routing as issued by
the International Maritime Organisation, or any state or agencies whose waters the Vessel may pass.

 

(Article 2(e)(i)(ii)(iii)(iv)(v),(vi)(vii),(viii),(ix),(x),(xi)
and (xii) being known as “Restricted Periods”), or

 

		(xii)	any period when the Vessel is off-hire at sea on any individual voyage. The master shall record
in his daily noon report the time lost in the previous 24 hours due to any of the matters referred to in this Article 2(e).

 

		(f)	If the Vessel arrives Late the following calculation shall be made to assess the period in respect
of which Charterers shall be entitled to deduct hire. The speed of the Vessel shall be calculated over the Sea Passage excluding
all Restricted Periods (the “Achieved Speed”). If the Achieved Speed equals or exceeds the Guaranteed Speed Owners
shall be deemed to have met the speed warranties. If the Achieved Speed is less than the Guaranteed Speed Charterers shall apply
the Achieved Speed to the total Sea Passage and the time at which the Vessel would have arrived if steaming at the Achieved Speed
shall be the Deemed Arrival Time. Charterers shall be entitled to deduct hire to the extent to which the Deemed Arrival Time exceeds
the SAT by more than ***** hours.

 

		(g)	The relationship between this Article 2 and Clause 22 shall be as follows:

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		(i)	Periods of off-hire under Clause 22 shall be excluded for all purposes from calculations under
this Article 2.

 

		(ii)	Article 2 shall apply to deal with lateness to which Clause 22 does not apply pursuant to Clause
22 (b).

 

		3.	Guaranteed Daily Fuel Consumption

 

		(a)	Owners guarantee that subject to the other provisions of Appendix C, the maximum daily fuel consumption
of the Vessel for all purposes shall not exceed the quantities tabulated in Clause 26(e) and, where applicable shall be prorated
between the speeds shown.

 

		(b)	The average speed in knots on any Voyage (as defined in Article 4) shall be calculated by reference
to the observed distance steamed and the duration of the Voyage, but

excluding from the calculation of average speed the duration of all off-hire periods and distance covered in such periods and excluding
the distance covered during any deviation which is not an off-hire period because the Vessel arrives On Time.

 

		4.	Definitions for Fuel Consumption

 

		(a)	In this Appendix C:

 

		(i)	“EOP” means the time the Vessel records End of Passage on arrival after any voyage.

 

		(ii)	“FAOP” means the time the Vessel proceeds Full Away On Passage from her departure point
on a voyage.

 

		(iii)	“fuel” refers collectively to its two components, fuel oil and Boil-Off, measured in
tonnes

 

		(b)	For the purpose of fuel consumption calculations a voyage shall, where applicable, be divided into
separate segments (each a “Voyage”). A Voyage shall be deemed to have started either:

 

		(i)	at FAOP or

 

		(ii)	immediately after an off-hire period, or

 

		(iii)	at the time the Vessel alters speed to comply with an amended SAT or otherwise pursuant to Charterers’
orders as the case may be.

 

		(c)	A Voyage shall be deemed to have ended either:

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		(i)	at EOP, or

 

		(ii)	immediately before an off-hire period, or

 

		(iii)	at the time the Vessel alters speed to comply with an amended SAT or otherwise pursuant to Charterers’
orders as the case may be.

 

		5.	Basis of Calculation for Fuel Consumption

 

		(a)	For each Voyage the guaranteed fuel consumption shall be calculated by multiplying the maximum
daily consumption as determined pursuant to Article 3 by the duration of the Voyage calculated on the assumption that the Vessel
steamed at the Guaranteed Speed. In calculating both the guaranteed fuel consumption and the actual fuel consumption Restricted
Periods pursuant to Article 2(e) shall be excluded. Subject as hereinafter provided, there shall be a saving of fuel for that Voyage
equal to the amount by which the guaranteed fuel consumption exceeds the actual fuel consumption and an excess consumption for
that Voyage equal to the amount by which the actual fuel consumption exceeds the guaranteed fuel consumption. Such saving or excess
shall be adjusted to take into account the Restricted Periods by dividing such saving or excess by the number of miles over which
the fuel consumption has been calculated and multiplying by the same number of miles plus the miles steamed during the Restricted
Periods in order to establish the total saving or excess in fuel consumption for the Voyage.

 

		(b)	If on any Voyage the Vessel has to steam faster than the Service Speed or slower than the Minimum
Speed pursuant to Charterers’ orders, or in order to achieve the SAT (provided this is not attributable to any failure of
performance by the Vessel), the Vessel shall be deemed to have complied with the fuel consumption guarantees for the duration of
such Voyage.

 

		(c)	Owners’ warranties relating to speed and fuel consumption shall not apply to the period between
the end of one Voyage and the start of the next Voyage as described in Article 4.

 

		(d)	As soon as practicable after receipt of the necessary voyage returns, Charterers shall furnish
Owners with their calculations determining fuel consumption on each Voyage.

 

		(e)	At the conclusion of the charter period or annually (whichever occurs first) (the “Performance
Period”), the quantities of excess fuel used and the quantities of fuel saved on all voyages in the Performance Period shall
each be added up. The total of fuel saved for the Performance Period shall then be subtracted from the total of excess fuel used
for the Performance Period and if the balance is positive Charterers shall deduct from hire due under Clause 11 an amount calculated
by multiplying the net excess quantity of fuel consumed for the Performance Period by the weighted average price paid by the Charterers
for fuel oil for the Vessel over the Performance Period in question. If the balance is zero or negative, Owners shall be deemed
to have complied with their Fuel consumption obligations for the Performance Period.

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		6.	Actual Fuel Consumption on a Voyage

 

		(a)	The actual fuel consumption on a Voyage shall, subject to Article 6(b), be the sum of,

 

		(i)	the fuel oil consumed during the Voyage (expressed in tonnes ) and excluding any fuel oil used
in any off-hire period on that voyage; and

 

		(ii)	the fuel equivalent of the total volume of cargo lost as Boil-Off during the Voyage (expressed
in tonnes of Fuel Oil Equivalent) excluding any Boil-Off in any off-hire period on that voyage and excluding any Boil-Off in excess
of guaranteed maximum Boil-Off under the provisions of Article 8, except the excess that is a result of Charterers’ orders
as per Article 7(b).

 

		(b)	For the purpose of this Article 6 the Fuel Oil Equivalent of the LNG lost as Boil-Off which is
available as fuel during the voyage shall be assumed to be the total volumetric loss of the cargo, measured in cubic meters, as
determined from the difference between gaugings at the loading and discharging ports (in accordance with Article 9), pro rated
for the difference between the on hire voyage and gauging times and multiplied by the Fuel Oil Equivalent factor set out in Clause
26(f).

 

		7.	Guaranteed Maximum Boil-Off

 

		(a)	Owners guarantee that Boil-Off shall not exceed:

 

		(i)	the maximum laden Boil-Off percentage stated in Clause 26(g); and

 

		(ii)	the maximum ballast Boil-Off percentage stated in Clause 26(h).

 

		(b)	If Charterers give orders that require the temperature or vapour pressure of a cargo to fall during
a laden sea passage and that order is complied with, the Boil-Off guarantee shall be deemed to have been complied with on that
sea passage.

 

		8.	Boil-Off Calculations

 

		(a)	The Boil-Off excess or saving on any sea passage shall be calculated by comparing the guaranteed
Boil-Off for the sea passage (i.e. the daily guaranteed maximum Boil-Off multiplied by the time between gaugings) with the actual
Boil-Off.

 

		(b)	The actual amount of Boil-Off on a sea passage shall be calculated by subtracting the volume of
LNG contained in the Vessel’s tanks at gauging after the sea passage from the volume therein at gauging before the sea passage.

 

		(c)	If the Vessel was off-hire during any sea passage the excess or saving shall be pro rated in the
same proportion as the time on hire is to the total time between gaugings.

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		(d)	At the conclusion of the charter period or annually (whichever occurs first) (the “Performance
Period”), the quantities of excess Boil-Off and the quantities of Boil-Off saved on all trips in the Performance Period shall
each be added up. The total Boil-Off saved for any such period shall then be subtracted from the total excess Boil-Off in the same
period and if the balance is positive Charterers may deduct from hire due under Clause 11 an amount calculated by multiplying the
said balance by the LNG Price or, if more than one LNG Price is applicable during the Performance Period, the arithmetical average
of such LNG Prices. If the balance is zero or negative, then Owners shall be deemed to have complied with this Clause for the Performance
Period.

 

		9.	Spray Cooling, Forced Vaporisation and use of Boil-Off

 

		(a)	If on any sea passage, Charterers order the Vessel to force vaporise LNG to eliminate or minimise
the use of bunkers and the order is complied with, the Boil-Off guarantee shall be deemed to have been complied with on that sea
passage.

 

		(b)	The master shall notify Charterers if he/she is of the opinion that the Vessel will not, on arrival
at the loading port, be able to commence bulk loading within half an hour after cooling of the loading arms without spray cooling
on the ballast sea passage.

 

		(c)	Without prejudice to any of Owners’ or Charterers’ obligations under this Article 9;
if Owners intend to order spray cooling at any time during the charter period, Owners agree, if requested by Charterers, to discuss
the reasons and technical basis for spray cooling.

 

		(d)	Subject to the provisions of this Charter, Owners shall have free use of Boil-Off. At no time during
the charter period, (except for safety reasons) shall the Vessel use the vent system as a primary means of controlling the cargo
tank pressures. Any such safety related venting, or venting caused by any other reason, shall immediately be reported to Charterers
(as per Clause 68(d)) with full explanation as to why venting was required and duration and quantity of venting.

 

		(e)	Each of the Vessel’s four diesel generators is to be equipped with a dual system to burn
either Boil-Off gas from the LNG carried (together with a diesel pilot oil) or, diesel oil alone or heavy fuel oil (together with
a diesel pilot oil) as independent of the other engines as the Vessel’s design allows. The Vessel shall, at Charterers’
option, use the available Boil-Off gas, or fuel, or complement the boil-off gas being used as fuel by forced vaporised natural
gas or by fuel oil, within such limits as may be imposed by Charterers and, in any event, by safety regulations and the safety
of the Vessel.

 

		10.	Provisions for Gauging

 

		(a)	The time at which any volume of LNG is determined is referred to in this Charter as a gauging time.

 

		(b)	In relation to any laden sea passage the cargo volume on loading at the start of the laden sea
passage shall be the volume of LNG contained in the Vessel’s cargo tanks measured

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			promptly after the closing of the Vessel’s manifold vapour return valve in the loading port
and on discharge at the end of the laden sea passage shall be the volume of LNG contained in the Vessel’s cargo tanks measured
promptly before the opening of the Vessel’s manifold vapour return valve in the discharge port.

 

		(c)	In relation to any ballast sea passage the LNG heel volume after discharge (i.e. at the start of
the ballast sea passage) shall be the volume of LNG contained in the Vessel’s cargo tanks measured promptly after the closing
of the manifold vapour return valve in the discharge port and the LNG heel volume on loading (i.e. at the end of the ballast sea
passage) shall be the volume of LNG contained in the Vessel’s cargo tanks measured promptly before the opening of the Vessel’s
manifold vapour return valve in the loading port.

 

		11.	Underwater Cleaning / Waiting at Anchorage

 

		(a)	Charterers may request Owners at any time to arrange for the cleaning afloat of the Vessel’s
underwater hull and propeller whereupon Owners shall arrange for the said cleaning to take place provided that:

 

		(i)	the Vessel is free of cargo but may be under vapour if permitted by the port authority and;

 

		(ii)	in Owners’ opinion such cleaning will not damage in any way the Vessel’s underwater
hull coatings and the cleaning method is approved by the coating manufacturer, and;

 

		(iii)	such cleaning afloat can be carried out safely at a place approved by Owners and where the water
is sufficiently clear for an underwater survey to be made of cleanliness of the Vessel’s hull and propeller immediately thereafter.
The Vessel shall be considered clean when the hull is substantially free from macroscopic and microscopic biofouling.

 

		(iv)	Charterers may request Owners to perform underwater cleaning
to be carried out when the vessel is fully loaded to enable access to entire underwater area. Owners and Charterers shall agree
whether this procedure can be safely carried out.

 

		(b)	The cost of such underwater hull and propeller cleaning and underwater survey referred to in Article
11 (a) shall be for Charterers’ account and the Vessel shall remain on hire for their duration. If the underwater survey
shows that both the Vessel’s underwater hull and propeller are substantially free from macroscopic and microscopic biofouling,
a successful cleaning shall be deemed to have occurred.

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		(c)	If Charterers order the Vessel to wait at anchorage or in lay up for more than 20 days on any one
occasion or more than 60 days comprising periods of not less than 5 days each in any period of 6 months, and, if as a result of
such waiting or lay up Owners have good reason to believe that the performance of the Vessel or her fuel consumption is affected
and speed and/or fuel warranties can no longer be met because of fouling then Owners shall so state by written notice to Charterers
and if Charterers request, shall carry out an underwater inspection at Charterers’ expense to see if there is fouling of
the hull and/or propeller.

 

			To prevent hull fouling from marine growth during charter period, wherever
                                                                            practically possible, Charterers are required to steam the Vessel for a period of 24 hours, every 7 days after anchoring, at
                                                                            a speed between 14 and 15 knots.

 

		(d)	If as a result of the aforesaid inspection, Owners consider that there is evidence of such fouling
then if Charterers so request, Owners shall arrange and carry out cleaning afloat of the Vessel’s underwater hull and propeller
provided that the provisions of Article 11 (a)(i), (ii) and (iii) apply.

 

		(e)	The cost of such underwater hull and propeller cleaning and underwater survey referred to in Article
11 (d) shall be for Charterers’ account and the Vessel shall remain on hire for their duration. If the underwater survey
shows that both the Vessel’s underwater hull and propeller are substantially free from macroscopic and microscopic biofouling,
a successful cleaning shall be deemed to have occurred.

 

		(f)	If any inspection pursuant to Article 11 (c) reveals the presence of hull or propeller fouling,
or if Charterers decline to request an inspection following receipt of a notice from Owners under Article 11 (c), then from the
time Owners give written notice that performance is affected by fouling, Owners shall be deemed to have complied with the speed
and fuel warranties until the completion of the next periodic dry-docking or successful cleaning, whichever occurs sooner.

 

		12.	Interpretation

 

		(a)	In this Appendix C, “Article” shall mean an Article of this Appendix, and “Clause”
shall mean a Clause of the Charter.

 

		(b)	In the event of any conflict between the Charter and Appendix C, Appendix C shall prevail.

 

		13.	Weather Limits for Performance Warranties

 

Speed, boil-off and fuel consumption warranties
defined in this Appendix are not valid under weather conditions in which the Vessel has to proceed in wind force in excess of Beaufort
Force 5 for more than ***** hours noon to noon.

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For the purposes of calculating claims, the Wind
Force reported in the Master’s noon report shall be used. Charterers may employ the services of a reputable weather reporting
company at their own cost.

 

In the event of a consistent discrepancy between
deck logs and weather reporting company’s reports, Owners and Charterers shall meet in good faith to agree which numbers
shall be used.

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APPENDIX D – Crew Matrix

 

	Steam LNG Engineer Officer
	Rank	 	Chief Engineer	 	2nd Engineer	 	Cargo Engineer	 	3rd Engineer	 	3rd Engineer	 	Electronic	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Work Hours	 	Dayworker	 	Day/Watch	 	Dayworker	 	Day/Watch	 	Day/Watch	 	Dayworker	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	STCW Certificate of Competency	 	Class 1	 	Class 2	 	Class 3	 	Class 3	 	Class 3	 	Electro-Technical	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Tanker Certification	 	G - O	 	G - O	 	G	 	G	 	G	 	G	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	STCW V/1-2 para 2 or para 4 for LNG	 	4	 	4	 	4	 	2	 	2	 	2	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Combined sea time on all vessels	 	4 years at Second engineer or above	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Individual minimum sea time as Certificated Officer	 	4 years	 	2 years	 	1 year	 	1 year	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Combined sea time on LNG Vessels	 	2 years in rank on LNG vessels	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Individual minimum sea time on LNG Vessels	 	
        4 years diesel sea time with a minimum of 30 days intensive training
        + completion of SIGTTO competency standards training for LNG + Completion of SIGTTO competency standards for steam engineers and
        the appropriate steam endorsement for the rank.

         

        or, 2 years steam sea time and completion of SIGTTO competency standards
        for steam engineers

         

or, 2 year steam LNG sea time

         
	 	
        2 years diesel sea time with a minimum of 30 days intensive training
        + completion of SIGTTO competency standards training for LNG + Completion of SIGTTO competency standards
        for steam engineers

         

        or, 1 year steam sea time and completion of SIGTTO competency
        standards for steam engineers

         

        or, 1 year steam LNG sea time.

         
	 	1 year as a certified engineering officer on an LNGC + management level (STCW V/1.2 paragraph 4) cargo endorsement for liquefied gas tanker cargo operations. (Note 4)	 	 	 	 	 	 	 

 

	 	Tanker Certification:  G=Gas   O=Oil	STCW V V/1-2:   2=Operational   4=Management

 

APPENDIX E - BG Business Principles

 

The BG Group Business Principles are set out below.

 

Conduct

		—	We act with integrity, fairness and transparency.

		—	We comply with legal, regulatory and license requirements.

		—	We do not tolerate corruption in any form, whether direct or indirect.

		—	Our investment criteria take account of economic returns, environmental impacts, social consequences and human rights.

		—	High standards of corporate governance are integral to the way we manage our business.

 

People

		—	We treat people with fairness, respect and decency.

		—	We help employees to develop their potential.

		—	We believe that all injuries are preventable.

		—	We provide healthy, safe and secure work environments.

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Society

		—	We work to ensure that neighboring communities benefit from our presence on an enduring basis.

		—	We listen to neighboring communities and take account of their interests.

		—	We support human rights within our areas of influence.

 

Environment

		—	We make a positive contribution to the protection of the environment.

		—	We go beyond compliance with local environmental regulation to meet internationally accepted best practice.

		—	We reduce to the minimum practicable any adverse effects of our operations on the environment.

 

For further information on BG Group’s Business
Principles and how to implement BG Group’s Business Principles refer to ‘Principles into Practice at

 

http://www.bg-group.com/sustainability/Principles/Pages/BusinessPrinciples.aspx

 

Any breach or potential breach of BG Group’s
Business Principles should be reported through BG Group’s Speak Up facility via the confidential website www.bg-speakup.com
or confidential telephone line 1-866-482-5517.

 

BUSINESS PRINCIPLES RISK ASSESSMENT AND REPORTING

 

For the purposes of this Clause “Material
Risks” means any potential events or actions in connection with the performance of the Services/Work under the Charter that
may compromise the Charterers’ ability to operate in accordance with BG Group’s Business Principles. Table 1 below
provides examples to assist in assessing Material Risks and materiality thresholds.

 

Prior to commencement of the Charter; Owners, if
requested, shall participate in a joint risk assessment meeting to analyse Material Risks and identify and allocate actions to
mitigate such risks.

 

Owners shall maintain a ‘Risk Register’
(in addition to any required by the HSSE provisions in the Charter). This ‘Risk Register’ shall:

 

		(a)	identify Material Risks, and any actions to mitigate those Material Risks, that are the Owners’
responsibility, resulting from the risk assessment meetings; and

		(b)	monitor and document the implementation of Owners’ actions to mitigate Material Risks

 

The Parties shall also periodically conduct joint
risk assessment meetings to assess any additional Material Risks and mitigating steps as the Charter progresses. Owners’
Risk Register shall be updated to reflect the outcome of such meetings.

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Table 1 – Examples of Thresholds for
Determining Material Risk

 

	Impact
    Score	 	1	 	2	 	3	 	4
	Descriptor	 	Insignificant	 	Less significant	 	Significant	 	Very Significant
	Reputation	 	No adverse publicity likely	 	Adverse coverage for BG Group/asset at local level	 	Adverse coverage for BG Group/asset or subsidiaries at national and/or industry level	 	Adverse coverage for BG Group/asset or partners at international level
	Legal	 	 	 	 	 	Failure to comply with legal, regulatory or license requirements
	Health	 	Minor transient health issue	 	Medical treatment	 	Widespread debilitating illnesses or diseases (i.e. Malaria) / fatality caused by occupational illness	 	Loss of lives, fatalities caused by occupational illness
	Safety	 	Minor / No Injury to workers or the public caused by work-related activity	 	Reportable injury to workers caused by work-related activity	 	Fatality / Major injury to workers or the public caused by work-related activity	 	Multiple Fatalities to workers or the public caused by work-related activity
	Security	 	Minor/No intimidation 

or threats to security	 	Burglary / Robbery / Assault	 	Fatality / Security incidents involving firearms / Threats to life	 	Multiple fatalities / Direct terrorist attack
	Environmental
    Impact	 	Slight or negligible effect / Oil spill < 1 barrel	 	Minor effect / Single breach of prescribed limits / Public complaint / Oil spill < 1 tonne	 	Local effect / Significant damage / Repeated breach of statutory or prescribed limits / Oil spill 1-100 tonnes	 	Persistent damage / Severe nuisance over large area / Constant or extended breach of statutory or prescribed limits / Oil spill >100 tonnes

 

	Likelihood Score	1	2	3	4
	 	 	 	 	 
	Descriptor	Unlikely	Possible	Probable	Almost certain
	 	 	 	 	 
	Percentage	<5%	5-49% (~30%)	50-90% (~70%)	>90%

 

	Likelihood	Impact	 	 	 	 	 
	1	2	3	4	 	 
	1	 	 	 	 	 
	2	 	 	 	 	 	 
	3	 	 	 	 	 	 
	4	 	 	 	 	 	 

 

INCIDENTS

 

In this Section “Incident” means an
event or action in connection with the performance under this Charter by the Owners, their representatives or subcontractors that
compromises or has the potential to compromise the Charterers’ ability to operate in accordance with BG Group’s Business
Principles.

 

Owners’ obligations in this Section are subject
only to any legal obligations restricting the disclosure of information or any information that is agreed between the Parties to
be subject to legal professional privilege.

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Within a reasonable time of Owners’ actual
knowledge of an Incident occurring, Owners shall document and report it to the Charterers. Subject to any obligations on the Charterers
to disclose information, the Charterers shall treat Incident reports as confidential.

 

Where the Charterers has reasonable grounds for
believing that an Incident,

 

		—	is at risk of occurring; or

 

		—	has occurred; or

 

		—	is reported to the Charterers by Owners, its representatives or subcontractor or by a third-party
(e.g. through Owners’ ‘whistle blower’ or grievance facility, or the Speak-Up facility or risk assessment meetings);

 

the Charterers are entitled to enquire of relevant
documents and personnel of the Owners in order to provide assurance that the Incident, or potential Incident, is being effectively
managed. Owners shall cooperate with and respond to Charterers enquiries promptly.

 

Enquiries shall be conducted in a spirit of collaboration
between the parties, initially through a meeting and subsequently, if required, through self-assessment questionnaires, visits
by the Charterers or its representatives to relevant sites and facilities, or through other appropriate means discussed by the
Parties.

 

INFORMING SUB-CONTRACTORS

 

Prior to commencement of the Charter, Owners shall
ensure that all representatives and subcontractors are made aware of BG Group’s Business Principles and the BG Group Speak-Up
facility.

 

AUDITING COMPLIANCE WITH PROVISIONS

 

In addition to any entitlement to audit under this
Charter, the Charterers reserve the right at all times to audit, by itself or by a third-party, Owners’ compliance with the
provisions of the Business Principles Clause and this Exhibit.

 

GIFTS AND HOSPITALITY REGISTRATION

 

Regarding Gifts and Hospitality given by Owners
to Charterers, Owners agree to comply with Annex 1 below.

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Annex 1 - Gifts and Hospitality Registration/Approval
Values

 

	 	 	Single gifts/hospitality events	Single gifts/hospitality greater
	Position	 	greater than this value must be 

    registered	than this value must be pre-

  approved
	 	 	Column A	Column B
	 	Gifts	Hospitality	Gifts	Hospitality
	Senior Vice President, Asset General Manager and Head Function	 	$85	$425	$425	$850
	 	 	 	 	 	 
	All other employees	 	$45	$170	$85	$425
	 	 	 	 	 	 	 

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APPENDIX F – Norwegian Sale Form

 

To be attached

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APPENDIX G - Letter of Quiet Enjoyment

 

LETTER OF QUIET ENJOYMENT

 

[Letterhead of Mortgagee]

 

[To Charterers]

 

[ —
] 2014

 

Dear Sirs,

 

Re: [ —
] (the “Vessel”)

 

We refer to:

 

		a.	the time charter dated [ — ] (the “Time
Charter”) made between [ — ] as owners and you (the “Time
Charterer”) as charterers in respect of the Vessel;

 

		b.	a facility agreement dated [ — ] (the “Loan
Agreement”) made between [ — ] (the “Owner”) as
borrower, us as agent and as security agent and trustee (the “Security Agent”), and the financial institutions
named on the signature pages therein as lenders the “Finance Parties”); and

 

		c.	[ — ] the first priority mortgage executed
or to be executed by the Owner over the Vessel in our favour between the Owners and us (the “Mortgage”).

 

		1.	References in this Letter to the Time Charter or to the Loan Agreement and the Mortgage (together
the “Finance Documents”) shall include such documents as amended, supplemented or varied from time to time so
long as any such amendment, supplement or variation has been notified to, and agreed by, us. References to paragraphs are to paragraphs
of this Letter.

 

		2.	The Security Agent confirms that:

 

a. it has received
a copy of the Time Charter and is familiar with its terms; and

 

b. it consents to
the Owners’ execution of the Time Charter.

 

		3.	In consideration of the sum of US$10.00 and for other good and valuable consideration (receipt
and the sufficiency of which the Security Agent acknowledges), the Security Agent undertakes for itself and on behalf of the other
Finance Parties not, without the Time Charterer’s prior written consent, but subject as provided below and subject to this
undertaking expiring on the expiry of the charter period to:

 

		(a)	issue any arrest, detention or similar proceedings against the Vessel in any jurisdiction; or

 

		(b)	exercise any power of sale or other disposal of the Vessel or of foreclosure to which the Security
Agent may be entitled or make any application for the sale of the Vessel or any

    	Page 85 of 89

    	

    
Private and Confidential

 

			share therein in any part of the world whether by public auction or private treaty or
                                                                            otherwise (excluding, for the avoidance of doubt, any steps to be taken solely to protect, but not enforce, the Finance
                                                                            Parties’ rights in any arrest proceedings or applications for sale made against the Vessel by any third parties, but
                                                                            only insofar as any such proceedings or applications are continuing and not permanently stayed, and subject to the condition
                                                                            that the Security Agent shall cease any such action upon the relevant proceedings or application being permanently stayed
                                                                            (and release any arrest, or caveat against release, upon the relevant third party arrest being released) and the Security
                                                                            Agent shall notify the Time Charterer in writing promptly upon taking or ceasing any such action); or

 

		(c)	take possession of the Vessel; or

 

		(d)	appoint a receiver in respect of the Vessel; or

 

		(e)	exercise against the Vessel any right or remedy which would diminish, prejudice or interfere with
the Time Charterer’s rights, options, benefits or privileges under the Time Charter or otherwise interfere with the quiet
use and enjoyment of the Vessel by the Time Charterer under the Time Charter; or

 

		(f)	take any step to wind up, liquidate, or place in administration or receivership the Owner nor commence
or continue any analogous steps, actions or proceedings in any jurisdiction (excluding, for the avoidance of doubt, proving in
a liquidation commenced by any third party, but only insofar as any such steps, actions or proceedings are continuing and not permanently
stayed, and subject to the condition that the Security Agent shall cease any such steps, actions or proceedings upon the relevant
third party steps, actions or proceedings being permanently stayed and the Security Agent shall notify the Time Charterers in writing
promptly upon taking or ceasing any such steps, actions or proceedings);

 

SUBJECT ALWAYS:

 

		(i)	to there having occurred no event under the Time Charter (a “Charterers’ Termination
Event”) in consequence of which the Owner, is entitled to terminate and has lawfully terminated the Time Charter in accordance
with its terms including, without limitation, withdrawal of the Vessel from the Time Charter by the Owner under the terms of the
Time Charter for non-payment of hire; and

 

		(ii)	to the Vessel not having become an actual, agreed, arranged or constructive total loss and being
no longer available to the Owner;

 

		4.	The Security Agent agrees that unless the Time Charterer is no longer entitled to the use and quiet
enjoyment of the Vessel under paragraph 3 above, if the Security Agent enforces or exercises its rights pursuant to the Finance
Documents in accordance with the terms thereof, the Security Agent may only sell or transfer the Vessel expressly subject to the
terms of the Time Charter (a “Permitted Transfer”) and provided that:

 

(a)the rights of the Time Charterer
under the Time Charter shall be fully preserved and protected following the Permitted Transfer; and

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Private and Confidential

 

(b)before the Permitted Transfer,
if the Owners’ rights as “Owners” under the Time Charter are to be assigned or transferred to a third party,
such third party (the “Substitute”) has assumed the rights and obligations of the Owner under the Time Charter
and this Letter; and

 

(c)the Substitute is acceptable to
the Time Charterer acting reasonably.

 

The Time Charterer shall give its consent
to the proposed Substitute if the Time Charterer is satisfied, acting reasonably, that the validity and enforceability of the Time
Charter will not in any way be prejudiced, and if that Substitute (not being a competitor of the Time Charterer) has such (i) legal
capacity (ii) technical competence and (iii) financial capability as are reasonably required to become a party and to perform the
obligations of the Owner under the Time Charter, and, provided that (but without prejudice to such Substitute’s ability
to meet the foregoing criteria in other circumstances):

 

		(a)	arrangements concluded with third parties by the proposed Substitute shall be taken into account
in evaluating its technical competence and financial capability; and

 

		(b)	in the case of any proposed Substitute which is an affiliate of the Security Agent or a Finance
Party, evidence that it is controlled by the Security Agent or a Finance Party shall be sufficient evidence of financial capability
for the purposes of this paragraph 4(a);

 

The Owner undertakes not to make any claim
against the Vessel and/or Substitute and/or the Time Charterer arising directly from a Permitted Transfer made under this Letter.

 

The Time Charterer shall use all reasonable
endeavours to co-operate with the Security Agent in order to effect a Permitted Transfer at the expense of the Security Agent.

 

		5.	By countersigning this Letter, the Time Charterer hereby acknowledges and agrees that:

 

		(a)	subject to the provisions of paragraphs 3 and 4, the enforcement, in accordance with the terms
of the Finance Documents, by the Security Agent of any security interests granted in favour of the Security Agent pursuant to the
Finance Documents or the sale or transfer of the Vessel pursuant to the Finance Documents to any other person shall not constitute
a disturbance of the Time Charter or the Time Charterer’s use and quiet enjoyment of the Vessel in accordance with the terms
of the Time Charter;

 

		(b)	the covenant by the Security Agent in this Letter is the sole covenant by the Security Agent in
respect of quiet enjoyment and is in substitution for, and to the exclusion of, any other covenant for quiet enjoyment which may
have otherwise been given by any other party or implied at law or otherwise.

 

		6.	The Time Charterer agrees that:

 

		(a)	without prejudice to any other rights the Time Charterer may have in respect of any default by
the Owner of any of its obligations under the Time Charter, the Time Charterer will not take any enforcement action in respect
of or otherwise terminate the Time Charter without first notifying the Security Agent in writing and giving the Security Agent
the opportunity to remedy (or procure the remedy of) any default by the Owner of any of its obligations under or in connection
with the Time Charter within the relevant period referred to below. Unless the Security Agent notifies the Time Charterer in writing
that it does not wish to exercise any remedy rights, the Time Charterer will not

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Private and Confidential

 

			terminate the Time Charter if the Security Agent does so remedy (or procure the remedy of) the
default within thirty (30) days of the Time Charterer giving notice to the Owner (copied to the Security Agent) of the default
by the Owner to perform its obligations under the Time Charter (which cure period shall be extended to sixty (60) days if it is
demonstrated to the Time Charterer (acting reasonably) that the Security Agent is continuing to diligently remedy (or procure the
remedy of) the default);

 

		(b)	if the Security Agent, pursuant to a Permitted Transfer, exercises the power of sale under the
Mortgage and/or assigns or transfers the rights of the “Owners” under the Time Charter to the Substitute, the Time
Charterer will not terminate the Time Charter by reason solely of such transfer (without prejudice to any accrued rights). In such
circumstances, the Time Charterer agrees that the Substitute shall, with effect from the date of the Permitted Transfer and notwithstanding
any other provisions thereof, become a party to the Time Charter in place of the Owner and shall be treated for all purposes as
if the Substitute had originally been named a party in place of the Owner (without prejudice to any accrued rights).

 

		7.	The Security Agent acknowledges that the Time Charterer is not a party to and is not bound by the
provisions of any of the Finance Documents.

 

		8.	The Security Agent acknowledges that the terms of this Letter shall (subject to such beneficiary
similarly confirming and consenting to the terms of this Letter) enure to the benefit of the successors and assigns of the Time
Charterer under the Time Charter.

 

		9.	The Security Agent confirms that it has been duly authorised to issue this Letter on behalf of
the Finance Parties and that its issuance conforms with the Loan Agreement and, without limitation, the agency provisions described
therein.

 

		10.	The terms of this Letter (including any non-contractual obligations in connection with this Letter)
shall be governed by and construed in accordance with English law and the provisions of Clause 47 (Law and litigation) of
the Time Charter shall apply, mutatis mutandis, to any dispute arising out of this Letter (including any non-contractual obligations
in connection with this Letter) as if such provisions were set out in this Letter.

 

Please acknowledge your receipt of and your agreement
to the terms of this Letter by signing the attached copy where indicated and returning it to us.

 

Each of the parties signing this Letter intends
that the agreement constituted by this Letter shall take effect as a deed notwithstanding the fact that a party may only sign this
Letter under hand.

 

Yours faithfully,

 

	for and on behalf of	 

 

[ — ]

 

[Security Agent]

 

We, [ —
], for the consideration aforesaid, hereby confirm our agreement to the provisions of this Letter.

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Private and Confidential

 

Dated:

 

	for and on behalf of	 

 

[ —
]

 

[Charterer]

 

We, [ —
], for the consideration aforesaid, hereby confirm our agreement to the provisions of this Letter.

 

Dated:

 

	for and on behalf of	 

 

[ — ]

 

[Owner]

    	Page 89 of 89

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