Document:

EX-4.2

 Exhibit 4.2 

NEITHER THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE
SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED
BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. 

COMMON STOCK PURCHASE WARRANT 

To Purchase 833,333 Shares of Common Stock of 

NORDIC AMERICAN OFFSHORE LTD. 

THIS COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received, Nordic American Tankers Limited (the
“Holder”), is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the date hereof (the “Initial Exercise Date”) and on or prior to
the close of business on December 31, 2015 (the “Termination Date”) but not thereafter, to subscribe for and purchase from Nordic American Offshore Ltd. a Marshall Islands corporation (the “Company”), up to
833,333 shares (the “Warrant Shares”) of Common Stock, par value $0.01 per share, of the Company (the “Common Stock”). The purchase price of one share of Common Stock under this Warrant shall be equal to the
Exercise Price, as defined in Section 2(c). 
 Section 1. Definitions. 

“Alternate Consideration” has the meaning set forth in Section 3(d) hereof. 

“Base Share Price” has the meaning set forth in Section 3(b) hereof. 

“Common Stock” has the meaning set forth in the preamble hereof. 

“Company” has the meaning set forth in the preamble hereof. 

“Dilutive Issuance” has the meaning set forth in Section 3(b) hereof. 

“Dilutive Issuance Notice” has the meaning set forth in Section 3(b) hereof. 

“Exercise Price” has the meaning set forth in Section 2(c) hereof. 

“Fundamental Transaction” has the meaning set forth in Section 3(d) hereof. 

  
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 “Holder” has the meaning set forth in the preamble hereof. 

“Initial Exercise Date” has the meaning set forth in the preamble hereof. 

“Market Price” means the VWAP on any day on which the minimum trading volume of the Common Stock equals or exceeds $2 million (or
the equivalent thereof in such other currency as the Common Stock is then traded). 
 “Securities Act” means the Securities Act of
1933, as amended. 
 “Termination Date” has the meaning set forth in the preamble hereof. 

“Trading Day” means any day on which the Common Stock is traded on the principal securities exchange or securities market on which
the Common Stock is then traded; provided that “Trading Day” shall not include any day on which the Common Stock is scheduled to trade on such exchange or market for less than 4.5 hours or any day that the Common Stock is suspended from
trading during the final hour of trading on such exchange or market. 
 “VWAP” means volume-weighted average trading price. 

“Warrant” has the meaning set forth in the preamble hereof. 

“Warrant Register” has the meaning set forth in Section 4(c) hereof 

“Warrant Shares” has the meaning set forth in the preamble hereof. 

“Warrant Share Delivery Date” has the meaning set forth in Section 2(e)(ii) hereof. 

Section 2. Vesting; Exercise. 

a) Vesting. The purchase rights represented by this Warrant shall become vested in accordance with the following
schedule: 
 (1) 20% of the purchase rights represented by this Warrant (i.e., the right to purchase 20% of the Common Shares underlying this
Warrant) shall become vested as of the first date after the Date of Issuance on which the Market Price of one Common Share has been greater than or equal to 125% of the then current Exercise Price for ten consecutive Trading Days; 

(2) an additional 20% of the purchase rights represented by this Warrant (i.e., the right to purchase an additional 20% of the Common Shares
underlying this Warrant) shall become vested as of the first date after the Date of Issuance on which the Market Price of one Common Share has been greater than or equal to 135% of the then current Exercise Price for ten consecutive Trading Days;

  
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 (3) an additional 20% of the purchase rights represented by this Warrant (i.e., the right to
purchase an additional 20% of the Common Shares underlying this Warrant) shall become vested as of the first date after the Date of Issuance on which the Market Price of one Common Share has been greater than or equal to 145% of the then current
Exercise Price for ten consecutive Trading Days; 
 (4) an additional 20% of the purchase rights represented by this Warrant (i.e., the right
to purchase an additional 20% of the Common Shares underlying this Warrant) shall become vested as of the first date after the Date of Issuance on which the Market Price of one Common Share has been greater than or equal to 155% of the then current
Exercise Price for ten consecutive Trading Days; 
 (5) an additional 20% of the purchase rights represented by this Warrant (i.e., the right
to purchase an additional 20% of the Common Shares underlying this Warrant) shall become vested as of the first date after the Date of Issuance on which the Market Price of one Common Share has been greater than or equal to 165% of the then current
Exercise Price for ten consecutive Trading Days; and 
 (6) to the extent any purchase rights have not become vested, all such purchase
rights shall become vested immediately prior to any Fundamental Transaction. 
 b) Exercise of Warrant. Exercise of
the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the vesting of such purchase rights pursuant to Section 2(a) hereof and on or before the Termination Date by delivery to the
Company of a duly executed facsimile copy of the Notice of Exercise Form annexed hereto (or such other office or agency of the Company as it may designate by notice in writing to the registered Holder at the address of such Holder appearing on the
books of the Company); provided, however, within 5 Trading Days of the date said Notice of Exercise is delivered to the Company, the Holder shall have surrendered this Warrant to the Company and the Company shall have received payment
of the aggregate Exercise Price of the shares thereby purchased by wire transfer or cashier’s check drawn on a United States bank (unless the Holder has elected a cashless exercise pursuant to Section 2(d) hereof). 

c) Exercise Price. The exercise price of the Common Stock under this Warrant shall be $15.00, subject to
adjustment hereunder (the “Exercise Price”). 

  
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 d) Cashless Exercise. This Warrant may also be exercised at the option of
the Holder by means of a “cashless exercise” in which the Holder shall be entitled to receive a certificate for the number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where: 

 

			
		
	(A)    =	 	the VWAP on the Trading Day immediately preceding the date of such election;
		
	(B)    =	 	the Exercise Price of this Warrant, as adjusted; and
		
	(X)    =	 	the number of Warrant Shares issuable upon exercise of this Warrant in accordance with the terms of this Warrant by means of a cash exercise rather than a cashless exercise.

 e) Mechanics of Exercise. 

i. Authorization of Warrant Shares. The Company covenants that all Warrant Shares which may be issued upon the exercise
of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges in respect of the
issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue). 
 ii. Delivery
of Certificates Upon Exercise. Certificates for shares purchased hereunder shall be transmitted by the transfer agent of the Company to the Holder by crediting the account of the Holder’s broker the applicable depositary system if the
Company is a participant in any depositary system, and otherwise by physical delivery to the address specified by the Holder in the Notice of Exercise within 3 Trading Days from the latter of the delivery to the Company of the Notice of Exercise
Form, surrender of this Warrant and payment of the aggregate Exercise Price as set forth above (“Warrant Share Delivery Date”). This Warrant shall be deemed to have been exercised on the date the Exercise Price is received by the
Company. The Warrant Shares shall be deemed to have been issued, and Holder or any other person so designated to be named therein shall be deemed to have become a holder of record of such shares for all purposes, as of the date the Warrant has been
exercised by payment to the Company of the Exercise Price and all taxes required to be paid by the Holder, if any, pursuant to Section 2(e)(vii) prior to the issuance of such shares, have been paid. 

iii. Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at
the time of delivery of the certificate or certificates representing Warrant Shares, deliver to Holder a new Warrant evidencing the rights of Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in
all other respects be identical with this Warrant. 
 iv. Rescission Rights. If the Company fails to cause its
transfer agent to transmit to the Holder a certificate or certificates representing the Warrant Shares pursuant to this Section 2(e)(iv) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise. 

  
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 v. No Fractional Shares or Scrip. No fractional shares or scrip
representing fractional shares shall be issued upon the exercise of this Warrant. As to any fraction of a share which Holder would otherwise be entitled to purchase upon such exercise, the Company shall pay a cash adjustment in respect of such final
fraction in an amount equal to such fraction multiplied by the Exercise Price. 
 vi. Charges, Taxes and Expenses.
Issuance of certificates for Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such certificate, all of which taxes and expenses shall be paid by the
Company, and such certificates shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that in the event certificates for Warrant Shares are to be issued in a name other
than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder; and the Company may require, as a condition thereto, the payment of a sum sufficient to
reimburse it for any transfer tax incidental thereto. 
 vii. Closing of Books. The Company will not close its
stockholder books or records in any manner which prevents the timely exercise of this Warrant, pursuant to the terms hereof. 

Section 3. Certain Adjustments. 

a) Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (A) subdivides
outstanding shares of Common Stock into a larger number of shares, (B) combines (including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (C) issues by reclassification of shares of
the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding
immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted. Any
adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the
effective date in the case of a subdivision, combination or re-classification. 

  
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 b) Subsequent Equity Sales. If the Company or any Subsidiary thereof, as
applicable, at any time while this Warrant is outstanding, shall offer, sell, grant any option to purchase or offer, sell or grant any right to reprice its securities, or otherwise dispose of or issue (or announce any offer, sale, grant or any
option to purchase or other disposition) any Common Stock or Common Stock Equivalents entitling any Person to acquire shares of Common Stock, at an effective price per share less than the then Exercise Price (such lower price, the “Base
Share Price” and such issuances collectively, a “Dilutive Issuance”), as adjusted hereunder (if the holder of the Common Stock or Common Stock Equivalents so issued shall at any time, whether by operation of purchase price
adjustments, reset provisions, floating conversion, exercise or exchange prices or otherwise, or due to warrants, options or rights per share which is issued in connection with such issuance, be entitled to receive shares of Common Stock at an
effective price per share which is less than the Exercise Price, such issuance shall be deemed to have occurred for less than the Exercise Price on such date of the Dilutive Issuance), then, the Exercise Price shall be reduced and only reduced to
equal the Base Share Price and the number of Warrant Shares issuable hereunder shall be increased such that the aggregate Exercise Price payable hereunder, after taking into account the decrease in the Exercise Price, shall be equal to the aggregate
Exercise Price prior to such adjustment. Such adjustment shall be made whenever such Common Stock or Common Stock Equivalents are issued. The Company shall notify the Holder in writing, no later than the Trading Day following the issuance of any
Common Stock or Common Stock Equivalents subject to this section, indicating therein the applicable issuance price, or of applicable reset price, exchange price, conversion price and other pricing terms (such notice the “Dilutive Issuance
Notice”). For purposes of clarification, whether or not the Company provides a Dilutive Issuance Notice pursuant to this Section 3(b), upon the occurrence of any Dilutive Issuance, after the date of such Dilutive Issuance the Holder is
entitled to receive a number of Warrant Shares based upon the Base Share Price regardless of whether the Holder accurately refers to the Base Share Price in the Notice of Exercise. 

c) Pro Rata Distributions. If the Company, at any time prior to the Termination Date, shall distribute to all holders of
Common Stock (and not to Holders of the Warrants) evidences of its indebtedness or assets (including cash and cash dividends) or rights or warrants to subscribe for or purchase any security other than the Common Stock (which shall be subject to
Section 3(b)), then in each such case the Exercise Price shall be adjusted by multiplying the Exercise Price in effect immediately prior to the record date fixed for determination of stockholders entitled to receive such distribution by a
fraction of which the denominator shall be the VWAP determined as of the record date mentioned above, and of which the numerator shall be such VWAP on such record date less the then per share fair market value at such record date of the portion of
such assets or evidence of indebtedness so distributed applicable to one outstanding share of the Common Stock as determined by the Board of Directors in good faith. In either case the adjustments shall be described in a statement provided to the
Holder of the portion of assets or evidences of indebtedness so distributed or such subscription rights applicable to one share of Common Stock. Such adjustment shall be made whenever any such distribution is made and shall become effective
immediately after the record date mentioned above. 

  
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 d) Fundamental Transaction. If, at any time while this Warrant is
outstanding, (A) the Company effects any merger or consolidation of the Company with or into another Person, (B) the Company effects any sale of all or substantially all of its assets in one or a series of related transactions,
(C) any tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to tender or exchange their shares for other securities, cash or property, or (D) the
Company effects any reclassification of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property (in any such case, a “Fundamental
Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental
Transaction, at the option of the Holder, (a) upon exercise of this Warrant, the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration
(the “Alternate Consideration”) receivable upon or as a result of such reorganization, reclassification, merger, consolidation or disposition of assets by a Holder of the number of shares of Common Stock for which this Warrant is
exercisable immediately prior to such event or (b) if the Company is acquired in an all cash transaction, cash equal to the value of this Warrant as determined in accordance with the Black-Scholes option pricing formula. For purposes of any
such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental
Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given
any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental
Transaction. To the extent necessary to effectuate the foregoing provisions, any successor to the Company or surviving entity in such Fundamental Transaction shall issue to the Holder a new warrant consistent with the foregoing provisions and
evidencing the Holder’s right to exercise such warrant into Alternate Consideration. The terms of any agreement pursuant to which a Fundamental Transaction is effected shall include terms requiring any such successor or surviving entity to
comply with the provisions of this Section 3(d) and insuring that this Warrant (or any such replacement security) will be similarly adjusted upon any subsequent transaction analogous to a Fundamental Transaction. 

e) Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of
a share, as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if
any) issued and outstanding. 
 f) Voluntary Adjustment By Company. The Company may at any time during the term of
this Warrant reduce the then current Exercise Price to any amount and for any period of time deemed appropriate by the Board of Directors of the Company. 

g) Notice to Holders. 

  
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 i. Adjustment to Exercise Price. Whenever the Exercise Price is adjusted
pursuant to this Section 3, the Company shall promptly mail to each Holder a notice setting forth the Exercise Price after such adjustment and setting forth a brief statement of the facts requiring such adjustment. 

ii. Notice to Allow Exercise by Holder. If (A) the Company shall declare a special nonrecurring cash dividend on or
a redemption of the Common Stock; (B) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights; (C) the approval
of any stockholders of the Company shall be required in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of the
Company, of any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property; (D) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the
Company, then, in each case, the Company shall cause to be mailed to the Holder at its last address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter
specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of
record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective
or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation,
merger, sale, transfer or share exchange; provided, that the failure to mail such notice or any defect therein or in the mailing thereof shall not affect the validity of the corporate action required to be specified in such notice. Subject to
the Vesting provisions set forth in Section 2 hereof, the Holder is entitled to exercise this Warrant during the 20-day period commencing on the date of such notice to the effective date of the event triggering such notice. 

Section 4. Transfer of Warrant. 

a) Transferability. Subject to compliance with any applicable securities laws and the conditions set forth in Sections
5(a) and 4(d) hereof, this Warrant and all rights hereunder are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company, together with a written assignment of this Warrant substantially in the form
attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute

  
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and deliver a new Warrant or Warrants in the name of the assignee or assignees and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor
a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. A Warrant, if properly assigned, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant
issued. 
 b) New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at
the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any
transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. 

c) Warrant Register. The Company shall register this Warrant upon records to be maintained by the Company for that
purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or
any distribution to the Holder, and for all other purposes, absent actual notice to the contrary. 
 d) Transfer
Restrictions. If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant, the transfer of this Warrant shall not be registered pursuant to an effective registration statement under the Securities Act and
under applicable state securities or blue sky laws, the Company may require, as a condition of allowing such transfer (i) that the Holder or transferee of this Warrant, as the case may be, furnish to the Company a written opinion of counsel
(which opinion shall be in form, substance and scope customary for opinions of counsel in comparable transactions) to the effect that such transfer may be made without registration under the Securities Act and under applicable state securities or
blue sky laws, (ii) that the holder or transferee execute and deliver to the Company an investment letter in form and substance acceptable to the Company and (iii) that the transferee be an “accredited investor” as defined in
Rule 501(a)(1), (a)(2), (a)(3), (a)(7), or (a)(8) promulgated under the Securities Act or a qualified institutional buyer as defined in Rule 144A(a) under the Securities Act. 

Section 5. Miscellaneous. 

a) Title to Warrant. Prior to the Termination Date and subject to compliance with applicable laws and Section 4 of
this Warrant, this Warrant and all rights hereunder are transferable, in whole or in part, at the office or agency of the Company by the Holder in person or by duly authorized attorney, upon surrender of this Warrant together with the Assignment
Form annexed hereto properly endorsed. 
 b) No Rights as Shareholder Until Exercise. This Warrant does not entitle
the Holder to any voting rights or other rights as a shareholder of the Company prior to the exercise hereof. Upon the surrender of this Warrant and the payment of the aggregate Exercise Price (or by means of a cashless exercise), the Warrant Shares
so purchased shall be and be deemed to be issued to such Holder as the record owner of such shares as of the close of business on the later of the date of such surrender or payment. 

  
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 c) Loss, Theft, Destruction or Mutilation of Warrant. The Company
covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of
indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and
deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate. 

d) Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any
right required or granted herein shall be a Saturday, Sunday or a legal holiday, then such action may be taken or such right may be exercised on the next succeeding day not a Saturday, Sunday or legal holiday. 

e) Authorized Shares. 

The Company covenants that during the period the Warrant is outstanding, it will reserve from its authorized and unissued
Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority
to its officers who are charged with the duty of executing stock certificates to execute and issue the necessary certificates for the Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such
reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Stock may be listed.

 Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without
limitation, amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or
performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth
in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (a) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase
in par value, (b) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon 

  
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the exercise of this Warrant, and (c) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction
thereof as may be necessary to enable the Company to perform its obligations under this Warrant. 
 Before taking any action
which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from
any public regulatory body or bodies having jurisdiction thereof. 
 f) Jurisdiction. All questions concerning the
construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance with the provisions of the Purchase Agreement. 

g) Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not
registered, will have restrictions upon resale imposed by state and federal securities laws. 
 h) Nonwaiver and
Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice Holder’s rights, powers or remedies, notwithstanding the fact that
all rights hereunder terminate on the Termination Date. If the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to Holder such amounts as
shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by Holder in collecting any amounts due pursuant hereto or in otherwise enforcing
any of its rights, powers or remedies hereunder. 
 i) Notices. Any notice, request or other document required or
permitted to be given or delivered to the Holder by the Company shall be delivered in accordance with the notice provisions of the Purchase Agreement. 

j) Limitation of Liability. No provision hereof, in the absence of any affirmative action by Holder to exercise this
Warrant or purchase Warrant Shares, and no enumeration herein of the rights or privileges of Holder, shall give rise to any liability of Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is
asserted by the Company or by creditors of the Company. 
 k) Remedies. Holder, in addition to being entitled to
exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason
of a breach by it of the provisions of this Warrant and hereby agrees to waive the defense in any action for specific performance that a remedy at law would be adequate. 

  
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 1) Successors and Assigns. Subject to applicable securities laws, this
Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the
benefit of all Holders from time to time of this Warrant and shall be enforceable by any such Holder or holder of Warrant Shares. 

m) Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the
Company and the Holder. 
 n) Severability. Wherever possible, each provision of this Warrant shall be interpreted in
such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without
invalidating the remainder of such provisions or the remaining provisions of this Warrant. 
 o) Headings. The
headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant. 

******************** 

  
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 IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto
duly authorized. 
 Dated: November 15, 2013 
  

					
	NORDIC AMERICAN OFFSHORE LTD.
		
	By:	 	/s/ Herbjørn Hansson
		 	Name:	 	Herbjørn Hansson
		 	Title:	 	Executive Chairman

  
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 NOTICE OF EXERCISE 

 

	TO:	NORDIC AMERICAN OFFSHORE LIMITED 

 (1) The undersigned hereby elects to purchase
             Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full,
together with all applicable transfer taxes, if any. 
 (2) Payment shall take the form of (check applicable box): 

 ̈ in lawful money of the United States; or 

 ̈ the cancellation of such number of Warrant Shares as is necessary, in accordance with the
formula set forth in subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c). 

(3) Please issue a certificate or certificates representing said Warrant Shares in the name of the undersigned or in such other name as is
specified below: 
  
  

The Warrant Shares shall be delivered to the following: 
  

 
  

 
  

 
 (4)
Accredited Investor. The undersigned is an “accredited investor” as defined in Regulation D promulgated under the Securities Act of 1933, as amended. 

[SIGNATURE OF HOLDER] 

Name of Holder:                     
                                         
                                         
                                         
                                         
                                         

Signature of Authorized Signatory of Holder:              
                                         
                                         
                                         
                                   

Name of Authorized Signatory:                  
                                         
                                         
                                         
                                         
                

Title of Authorized Signatory:                  
                                         
                                         
                                         
                                         
                  

Date:                         
                                         
                                         
                                         
                                         
                                         
                  

 ASSIGNMENT FORM 

(To assign the foregoing warrant, execute 

this form and supply required information. 

Do not use this form to exercise the warrant.) 

FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to 

                          
                                         
                                         
     whose address is 

                          
                                         
                                         
                    . 

Dated:
                    ,          

Holder’s Signature:
                                         
                    

Holder’s Address:
                                         
                        

                    
            _____________________________ 
 Signature Guaranteed:
                                         
                                         
                           

NOTE: The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant, without alteration or enlargement or any
change whatsoever, and must be guaranteed by a bank or trust company. Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant.EX-10.4

 Exhibit 10.4 

MANAGEMENT AGREEMENT 

This Management Agreement is made as of the 1st day of January, 2014, (the “Agreement”) made by and between NORDIC AMERICAN OFFSHORE
LTD, a company organized and existing under the laws of the Marshall Islands (the “Company”), and Scandic American Shipping Ltd., a company organized and existing under the laws of Bermuda (“Scandic”). 

W I T N E S S E T H: 

WHEREAS, the Company is engaged in the business of acquiring, owning and chartering vessels; and 

WHEREAS, Scandic has expertise in the shipping industry and in the financing of vessels generally; and 

WHEREAS, the Company has requested Scandic, and Scandic has agreed, to provide services to the Company and any subsidiary of the Company in
connection with the management and administration of the business of the Company and any subsidiary of the Company. 
 NOW, THEREFORE, the
parties hereby agree as follows: 
 1. Services. 

1.1 During the term hereof (as provided in Section 2 of this Agreement), Scandic shall provide the following services to the Company and
any subsidiary of the Company subject, always, to the objectives and policies of the Company as established from time to time by the Company’s Board of Directors (the “Board”): 

(a) assistance with the presentation, negotiation and settlement of any claim, demand or petition on behalf of the Company and/or any
subsidiary with respect to any agreements to which it is a party including, without limitation, the pursuit by the Company of any rights of indemnification or reimbursement under any such agreements; 

(b) assistance with the prosecution or defense of other claims arising in connection with the business of the Company and/or any subsidiary
and any disclosure documents that it distributes or files; 
 (c) the provision of the services of such officers and other staff of suitable
skills and experience as may be necessary to properly perform the services referred to herein; 
 (d) the provision of office equipment and
the use of accounting or computing equipment when required; 
 (e) keeping all such books and records of things done and transactions
performed on behalf of the Company and any subsidiary as the Board may require from time to time, including liaising with the Company and any subsidiary’s auditors, lawyers and other professionals; 

  

					
		 		  	

 (f) from time to time or at any time as requested by the Board, reporting to the Board concerning
the performance of the foregoing services and the performance of the parties to the agreements to which the Company and/or any subsidiary is a party and furnishing advice and recommendations with respect to all aspects of the business affairs of the
Company and any subsidiary; 
 (g) assisting the Company to comply with the requirements of all applicable securities laws, including the
Securities Act of 1933 and the Securities Exchange Act of 1934; 
 (h) maintenance of the Company and any subsidiary’s general ledger,
reconciliation of the Company and any subsidiary’s bank accounts, preparation of the Company and any subsidiary’s periodic financial statements, including those required for Securities and Exchange Commission (“SEC”), Marshall
Isands and other governmental and regulatory or self-regulatory agency filings and reports to shareholders, and provision of related data processing services; 

(i) assistance in maintaining records of shareholder ownership and transfer records through an independent registrar and transfer agent; 

(j) assistance in preparation of registration statements and reports required to be filed with the SEC and other governmental agencies,
including periodic reports on Forms 20-F and 6-K, registration statements on Form F-3, F-4 or F-8 as well as annual and quarterly reports to shareholders; 

(k) assisting the Company and any subsidiary with the formulation of business projects, including acquisitions, dispositions and combinations;

 (l) assistance in obtaining such insurance which the Company and/or any subsidiary determines to procure; 

(m) as agent only, from time to time as requested by the Company and on behalf of the Company and any subsidiary, assisting in the commercial
trading of the vessels; 
 (n) assistance with negotiating and collecting offers for the refinancing of the Company’s credit agreement,
selecting the most competitive bids and presenting the Company with a proposal for refinancing the Vessels, subject to the relevant Board’s final determination on any refinancing; 

(o) assistance with communication and contact between the Company and/or any subsidiary and its lenders and banks that provide financing and
other services to the Company and/or any subsidiary and ensuring, to the best of its abilities (without taking any responsibility for the Company’s ability to meet its obligations), that the Company and any subsidiary observes and complies with
all its obligations in and towards the lenders; 

  

					
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 (p) assistance, as agent only on behalf of the Company and any subsidiary, with the following
services rendered by or in cooperation with one or more Technical Managers (as defined below): 
 (i) conducting all operation/performance of
the Vessels, including but not limited to all matters with respect to voyages, cargoes and persons to be carried, and procuring or providing all services incident thereto including, but not limited to, cargo handling, port activities (including
pilotage, towing, wharfage and dockage), bunkering, stevedoring, canal transits, services of agents, brokers and consultants and arranging for payment of all expenses in respect of the foregoing as necessary for the operation of the Vessels; 

(ii) issuing or causing to be issued all necessary shipping documents; 

(iii) executing voyage schedules, routing, loading and discharging; 

(iv) handling all post-fixture claims and arranging for all collections arising out of the operation of the Vessels, including the collection
and handling of all freight and/or hire payments, demurrage and dispatch; and 
 (v) arranging for the entry and clearance of the Vessels
and for berth and terminal facilities when necessary. 
 (q) As agent only on behalf of the Company and/or any subsidiary, supervising the
technical operation of the Vessels and having the power in its name or in the name of the Company, without the need for any further formal power of attorney, to do and perform all acts, deeds, matters and things which may be necessary or expedient
for the supervision, performance or provision of all or any of such services or ancillary thereto or otherwise in relation to the proper and efficient operation of the Vessels, including (but not limited to) the following: 

(i) assistance with providing the technical ship managers (the “Technical Managers’”) appointed by the Company with appropriate
instructions; 
 (ii) assistance, when requested by the Company, with providing insurance arrangements for the Vessels including a budget;

 (iii) assistance with entering the Vessels in protection and indemnity, defense and other such clubs or associations and all matters
pertaining thereto; 
 (iv) assistance with handling and settling all insurance, particular and general average, salvage and other claims in
connection with the Vessels and all matters pertaining thereto; provided, however, that no individual claim exceeds USD100,000. Scandic shall not commence legal proceedings without the approval of the Company and/or any relevant subsidiary; 

(v) assistance with performing or causing to be performed all necessary services in connection with salvage and general average in respect of
the Vessels; 
 (vi) assistance with keeping the Company and any subsidiary advised with respect to the operation of the Vessels and the
performance of the services hereunder; 

  

					
		 	3 of 11	  	

 (vii) assistance with deciding on standards of ship operation with the approval of the Company
and/or any subsidiary and instructing the Technical Managers when requirements are outside such standards; 
 (viii) by regular visits (at
least annually) onboard the Vessels, assistance with verifying the Vessels’ technical condition and memorializing such visits in reports and—where appropriate—taking necessary actions with respect to instructions to the Technical
Manager, and visiting the Vessels on passages or in ports in order to attend to onboard operation where appropriate; 
 (ix) in co-operation
with the Technical Managers, assistance with: 
  

	 	(A)	following up and pursuing the development of planning regarding oil spill actions and other safety routines; 

  

	 	(B)	verifying that all actions, instructions and training in respect of the Vessels’ safety have been carried through diligently, and 

 

	 	(C)	arranging for oil spill contingency plans and taking all actions provided for by any relevant local Oil Spill Response Organizations (OSROs). 

(x) procuring and supervising the following services rendered by or in co-operation with the Technical Managers, assistance with: 

 

	 	(A)	keeping books, records and accounts relating to the activities and business of the Vessels in such form as may be required by the Company and any subsidiary; and 

 

	 	(B)	procuring dry-docking plans and negotiating with shipyards in relation to major repairs and dry-dockings and attending and supervising all such works. 

(xi) assistance with procuring that the Technical Manager applies for and maintains, all necessary certificates required under the Regulations
of the United States Coast Guard under the Oil Pollution Act of 1990, including the “Qualified Individual” requirement, and filing periodic submissions in connection therewith. In connection with such applications, the Technical Manager
may obtain a financial guarantee from any entity selected by Scandic in consultation with the Company and /or any relevant subsidiary; 

(xii) assisting with the supervision of the services to be provided by the Technical Managers in relation to the overall accounting for the
Company and any subsidiary and ensuring in cooperation with the Company and/or any subsidiary that the Board of the Company or any subsidiary is provided with: 
  

	 	(A)	an annual budget of the Company and/or any subsidiary’s operating costs delivered to the Company and/or any subsidiary by November 30 of the preceding year, with deviations from the budget being disclosed and
explaining in its annual report, deviations greater than USD20,000 (per Vessel, per incident) that must be approved by the Company and/or any subsidiary; 

  

					
		 	4 of 11	  	

	 	(B)	such other budgets and projections as the Company and/or any subsidiary shall request from time to time; 

  

	 	(C)	quarterly statements of the Company and any subsidiary’s overall operating costs and the Vessels’ operating costs to be delivered within 40 days of the end of such quarter; 

 

	 	(D)	annual reports for the Company and any subsidiary; 

  

	 	(E)	such other accounts, reports (including voyage reports) and budget follow-ups as the Company and/or subsidiary shall reasonably require from time to time. 

(r) such other services as the Company and/or any subsidiary may request and Scandic may agree to provide from time to time. 

1.2 During the term hereof, Scandic shall do all in its power to maintain the existing business of the Company and shall at all times and in
all respects conform to and comply with the lawful directions, regulations and recommendations made by the Board and in the absence of any specific directions, regulations and recommendations as aforesaid and subject to the terms and conditions of
this Agreement shall provide general administrative and advisory services in connection with the management of the business of the Company and any subsidiary; provided, however, that the parties recognize that Scandic conducts its own business and
shall not be required to devote itself exclusively to the affairs of the Company and any subsidiary of the Company but only to such an extent as may be required in order to perform its duties satisfactorily under this Agreement. Scandic shall be
free to act for and represent any other person, firm, corporation, company or other entity throughout the world without the consent of the Company or any subsidiary of the Company whether or not the said person, firm, corporation, company or other
entity is engaged in business in competition with the Company. 
 1.3 Notwithstanding anything to the contrary contained in this Agreement,
any and all decisions of a material nature shall be reserved to the Company and/or any subsidiary of the Company and its or theirs Board of Directors, such decisions including, but not limited to: 

(a) Purchase and/or sale of a Vessel or other asset of a material nature; 

(b) chartering in of tonnage for periods exceeding twelve consecutive months; 

(c) employment of any Vessel for periods in excess of twelve consecutive months; 

(d) entry into loans and any and all financial undertakings and commitments connected therewith; 

  

					
		 	5 of 11	  	

 (e) entry into and/or termination or amendments of any contractual relationships; and 

(f) offerings whether public or private of securities or any nature. 

2. Term. 
 The term of
this Agreement shall commence on January 1, 2014 and shall terminate upon notice by either party pursuant to Section 7 hereof or earlier, pursuant to Section 5 hereof. 

3. Fees and Expenses. 

(a) In consideration for Scandic’s providing the services to the Company specified in this Agreement, the Company shall pay Scandic a fee
at the annual rate of One Hundred Fifty Thousand United States Dollars (USD150,000) per annum (the “Fee”) and cover Scandic’s reasonable costs incurred to perform the abovementioned services (the “Costs”). The
Fee shall increase by $25,000 per additional vessel added to the Company’s fleet above six vessels. The Fee shall be paid quarterly in advance, on each January 1, April I, July 1 and October 1. The Costs shall be paid
monthly in advance through a monthly cash call procedure to be agreed between the parties. The Fee shall be reviewed and adjusted every three to five years from the date of this agreement. 

(b) Scandic shall not be liable to pay, and the Company shall promptly reimburse to Scandic any expenses advanced by Scandic on the
Company’s behalf, against presentation of proper documentation, such expenses to include (i) all expenses, including attorneys’ fees and expenses, incurred on behalf of the Company in connection with (A) any claim or litigation
commenced by or against the Company, (B) any claim or investigation by any governmental, regulatory or self-regulatory authority involving the Company, (ii) all premiums for insurance of any nature, including directors’ and
officers’ liability insurance and general liability insurance, (iii) all costs in connection with the offer or sale of any securities, (iv) brokerage commissions payable by the Company on gross charter hire received in connection with
the Charters, (v) directors’ fees and meeting expenses; (vi) third-party public relations services; (vii) registrars’ fees’; (viii) audit fees; (ix) legal fees and other professional fees and expenses;
(x) company franchise fees; and (xi) other expenses approved by the Board of the Company. 
 (c) All travel expenses, as well as
all costs for the services rendered by external contractors/subcontractors shall be invoiced separately. For the avoidance of doubt, any remuneration to the Technical Managers for their technical services and to the Technical Managers for their
accounting services shall be paid directly by the Company or relevant Subsidiary to the relevant Technical Manager. 
 (d) Expenses covered
under (b) and (c) above may alternatively be included in the monthly cash calls from Scandic to the Company mentioned under (a) above. 

4. Relationship of the Parties. 

(a) The Company acknowledges that Scandic shall have no responsibility hereunder, direct or indirect, with regard to the formulation or
implementation of the business plans, policies, management or strategies (financial, tax, legal or otherwise) of the Company, all of 

  

					
		 	6 of 11	  	

 
which are solely the responsibility of the Company. The Company shall set corporate policy independently through its own Board of Directors and nothing contained herein shall be construed to
relieve the directors or officers of the Company from the performance of their respective duties or to limit the exercise of their powers. 

(b) Without limiting the foregoing, Scandic shall have no liability to the Company and any subsidiary for errors of judgment or for any act or
omission, negligent, tortious or otherwise, unless such act or omission on the part of Scandic constitutes gross negligence or willful misconduct. The Fee (as defined above) for a single year shall be the maximum amount of liability that the Company
may collect from Scandic under this Section 3(b) or otherwise for any claimed breach by Scandic of this Agreement. 
 (c) The Company
hereby agrees to defend, indemnify and save Scandic and its affiliates (other than the Company and any subsidiaries), officers, directors, employees and agents harmless from and against any and all loss, claim, damage, liability, cost or expense,
including reasonable attorneys’ fees, incurred by Scandic or any such affiliates based upon a claim by or liability to a third party arising out of the operation of the Company and/or any subsidiary’s business, unless due to the negligence
or willful misconduct of Scandic or such affiliates. The Company and/or any subsidiary shall have the right, upon notice to Scandic, to undertake the defense of Scandic by counsel chosen by the Company in connection with any such claim or liability
and shall pay the fees and disbursements of such counsel; provided, however, that such counsel is not reasonably objected to by Scandic. 

(d) In all activities under this Agreement, Scandic shall be an independent contractor. Nothing in this Agreement shall be deemed to make
Scandic, or any of its subsidiaries or employees, the agent, employee, joint venturer or partner of the Company and/or any subsidiary or create in Scandic the right or authority to incur any obligation on behalf of the Company and/or any subsidiary
or to bind the Company and/or any subsidiary in any way whatsoever, except as may be expressly provided in this Agreement. 
 (e) The
provisions of Section 3(b) and this Section 4 shall survive any termination of this Agreement. 
 5. Termination. 

The Company may terminate this Agreement, as follows: 

(a) In the event that: 
 (i)
Scandic commits any material breach of or omits to observe any of the material obligations or undertakings expressed to be assumed by it under this Agreement and, such breach or omission, if capable of remedy, is not remedied to the satisfaction of
the Company within thirty (30) days’ notice by the Company of such material breach or omission and requiring action to remedy the same; or 

(ii) any material consent, authorization, license or approval of, or registration with or declaration to, governmental or public bodies or
authorities or courts required by Scandic to authorize, or required by Scandic in connection with, the 

  

					
		 	7 of 11	  	

 
execution, delivery, validity, enforceability of admissibility in evidence of this Agreement or the performance by Scandic of its obligations under this Agreement which the Company reasonably
considers to be necessary or desirable in order to ensure that the interests of the Company are not prejudiced and the ability of Scandic to perform is obligations under this Agreement is not materially affected, is modified in a manner unacceptable
to the Company or is not granted or is revoked or terminated or expires and is not renewed or otherwise ceases to be in full force and effect, and, such problem, if capable of remedy, is not remedied to the satisfaction of the Company within thirty
(30) days’ notice by the Company of such problem and requiring action to remedy the same; or 
 (iii) Scandic takes any action or
any legal proceedings are started or other steps taken for (1) Scandic to be adjudicated or found bankrupt or insolvent or a petition in bankruptcy to be filed either by or against Scandic, (2) the winding-up or dissolution of Scandic or
(3) the appointment of a liquidator, administrator, examiner, trustee, sequestrator, receiver or similar officer of Scandic over the whole or any part of its undertakings, assets, rights or revenues, or any similar event occurs or similar
proceeding is taken with respect to Scandic in any jurisdiction to which Scandic is subject, in which event this Agreement shall be automatically terminated without need for notice on the part of the Company; or 

(iv) it becomes unlawful at any time for Scandic to perform all or any of the material covenants or its obligations under this Agreement, or
for the Company to exercise the rights vested in it under this Agreement. 
 (b) Upon 180 days advance written notice. 

(c) Upon the effective date of termination pursuant to this Section 5, Scandic shall promptly terminate its service hereunder as may be
required in order to minimize any interruption to the Company and any subsidiary’s business. 
 (d) Upon termination, Scandic shall, as
promptly as possible, submit a final accounting of funds received and disbursed under this Agreement and any undisbursed funds of the Company and/or any subsidiary in Scandic’s possession or control will be promptly paid by Scandic as directed
by the Company and/or any subsidiary. 
 (e) Upon termination, the Company and/or any subsidiary shall cease using a logo that resembles the
logo used by Scandic and its related companies in its business. 
 6. Rights of Scandic and Restrictions on its Authority. 

6.1 Notwithstanding the other provisions of this Agreement: 

(a) Scandic may act upon any advice, resolutions, requests, instructions, recommendations, direction or information obtained in writing from
the Company and/or any subsidiary or any banker, accountant, broker, lawyer or other person acting as agent of or adviser to the Company and/or any subsidiary and Scandic shall incur no liability to the Company for anything done or omitted or
suffered in good faith in reliance upon such advice, instruction, 

  

					
		 	8 of 11	  	

 
resolution, recommendation, direction or information made or given by the Company and/or any subsidiary or its agents in the absence of gross negligence or willful misconduct by Scandic or its
servants and shall not be responsible for any misconduct, mistake, oversight, error or judgment, neglect, default, omission, forgetfulness or want of prudence on the part of any such banker, accountant, broker, lawyer, agent or adviser or other
person as aforesaid; 
 (b) Scandic shall not be under any obligation to carry out any request, resolution, instruction, direction or
recommendation of the Company or its agents if the performance thereof is or would be illegal or unlawful; 
 (c) Scandic shall incur no
liability to the Company and/or any subsidiary for doing or failing to do any act or thing which it shall be required to do or perform or forbear from doing or performing by reason of any provision of any present or future law or any regulation or
resolution made pursuant thereto or any decision, order or judgment of any court or any lawful request, announcement or similar action of any person or body exercising or purporting to exercise the legitimate authority of any government or of any
central or local governmental institution in each case where above entity has jurisdiction. 
 6.2 Nothing herein shall affect the exercise
of central management and control of the Company and any subsidiary by the Board and in particular but without prejudice to the generality of the foregoing, nothing herein shall derogate from the powers and duties of the Board to manage and
administer the Company and any subsidiary and its (their) business. 
 7. Notices. 

All notices, consents and other communications hereunder or necessary to exercise any rights granted hereunder, shall be in writing, either by
prepaid registered mail or telefax as follows: 
 If to the Company: 

Canon’s Court 
 22 Victoria
Street 
 Hamilton HM 12 

Bermuda 
 Attn.: Chief Executive
Officer 
 Telefax no.: +47 33 42 73 00 

If to Scandic: 
 Canon’s
Court 
 22 Victoria Street 

Hamilton HM 12 
 Bermuda 

Attn.: Chief Executive Officer 

Telefax no.: +1 441 292 5962 

  

					
		 	9 of 11	  	

 8. Entire Agreement, etc. 

This Agreement embodies the entire agreement and understanding between the parties hereto relating to the management services to be provided
by Scandic to the Company and any subsidiary and may not be amended, waived or discharged except by an instrument in writing executed by the party against whom enforcement of such amendment, waiver or discharge is sought. Whenever appropriate,
references to “this Agreement” shall mean “this Agreement, as amended from time to time”. 
 9. Miscellaneous.

 This Agreement shall be construed and enforced in accordance with and governed by the internal laws of the State of New York and the
parties submit to the non-exclusive jurisdiction of the federal courts located in the Borough of Manhattan, City of New York, or, if such courts do not have jurisdiction, the state courts located in such Borough, in connection with any claim arising
out of this Agreement. This Agreement constitutes the sole understanding and agreement of the parties hereto with respect to the subject matter hereof and supersedes all prior agreements or understandings, written or oral, with respect thereto. The
headings of this Agreement are for ease of reference and do not limit or otherwise affect the meaning hereof. All the terms of this Agreement, whether so expressed or not, shall be binding upon the parties hereto and their respective successor and
assigns. This Agreement may be signed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

During the term hereof, Scandic will not provide services hereunder through, or otherwise cause the Company to have, an office or fixed place
of business in the United States. 
 10. (a) This Agreement, and any rights and obligations of Scandic hereunder, may not be novated or
assigned without the prior written consent of the Company. Scandic may subcontract its duties hereunder to any other party, including Technical Managers (which may be evidenced in separate agreements between such Technical Managers and the Company)
approved by the Company’s lenders if applicable loan documents so require; provided, however, that such parties execute any subordinations required by applicable loan documents, and further provided that the Scandic shall remain fully
responsible for its performance hereof. 
 (b) This Agreement shall inure to the benefit of the parties’ successors and permitted
assigns, and 
 (c) Scandic may in its sole and absolute discretion subcontract to or engage others to perform its services hereunder;
provided, however, that Scandic shall always remain liable for such performance within the same limits as under item 4(b). 
 11.
Counterparts. 
 This Agreement may be executed in written counterparts which together shall constitute one instrument. 

  

					
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 IN WITNESS WHEREOF, the undersigned have executed this Management Agreement as of the date first
above written. 
 *  *  *  *  * 

 

			
	NORDIC AMERICAN OFFSHORE LTD
		
	By:	 	/s/ Turid M. Sørensen
		 	Name: Turid M. Sørensen
		 	Title: Chief Financial Officer

  

			
	SCANDIC AMERICAN SHIPPING LTD.
		
	By:	 	/s/ Herbjørn Hansson
		 	Name: Herbjørn Hansson
		 	Title: Chief Executive Officer

  

					
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