Document:

Exhibit 4.19

		BARECON 2001          
	 	STANDARD BAREBOAT CHARTER	PART I

 

	1.Shipbroker 

N/A	2.Place and date

        26 August                    2021
	3.Owners/Place of business (Cl. 1)

SEA 252 LEASING CO. LIMITED

27/F Three Exchange Square 8, Connaught Place, Central, Hong Kong	4.Bareboat Charterers/Place of business (Cl. 1)

GLOBAL SHIP LEASE 69 LLC

80 Broad Street, Monrovia, Liberia
	5.Vessel’s name, call sign and flag (Cl. 1 and 3)

Name: "Blandine" to be renamed "GSL Tripoli" 

Flag: Liberia
	6.Type of Vessel

5,470 TEU container vessel	7.GT/NT

52,726 / 32,613
	8.When/Where built

2009

Zhejiang Ouhua Shipbuilding Co., Ltd., PRC	9.Total DWT (abt.) in metric tons on summer freeboard 

65,550
	10. Classification Society (Cl. 3)

DNV GL or any other generally recognised first class classification society that is a member of the International Association of Classification Societies (IACS) as selected by the Charterers and approved by the Owners (such approval not to be unreasonably withheld).	11.Date of last special survey by the Vessel’s classification society

September 2019
	12Further particulars of Vessel (also indicate minimum number of months’ validity of class certificates agreed acc. to Cl. 3)

IMO Number: 9437048
	13.Port or Place of delivery (Cl. 3) 

As per MOA	14.Time for delivery (Cl. 4) 

N/A	15.Cancelling date (Cl. 5)

N/A
	16.Port or Place of redelivery (Cl. 15)

See Additional Clause 42 (Redelivery)	17.No. of months' validity of trading and class certificates upon redelivery (Cl. 15)

N/A
	18.Running days’ notice if other than stated in Cl. 4 

N/A	19.Frequency of dry-docking (Cl. 10(g))

In accordance with the normal procedure for vessels of the same type, size and age of the Vessel and as required by the Classification Society or flag state and not less than once every sixty (60) months
	20.Trading limits (Cl. 6)

Trading worldwide via safe ports / safe berths / safe anchorages within International Navigating Limits (INL) or otherwise in accordance with the terms of this Charter, always afloat at any time of tide and subject to exclusions and limitations in Clause 41 (Insurance).
	21.Charter pPeriod (Cl. 2)

Seventy-two (72) months commencing from the Actual Delivery Date	22.Charter hire (Cl. 11)

See Additional Clause 40 (Hire)
	23.New class and other safety requirements (state percentage of Vessel's insurance value acc. to Box 29)(Cl. 10(a)(ii)) 

See Additional Clause 39(b) (Structural changes and alterations)
	24.Rate of interest payable acc. to Cl. 11 (f) and, if applicable, acc. to PART IV

See Additional Clause 40 (Hire)	25.Currency and method of payment (Cl. 11) 

US Dollars (see also Additional Clause 40 (Hire))
	26.Place of payment; also state beneficiary and bank account (Cl. 11)

See Additional Clause 40 (Hire)	27.Bank guarantee/bond (sum and place) (Cl. 24) (optional) 

N/A
	28.Mortgage(s), if any (state whether 12(a) or (b) applies; if 12(b) applies state date of Financial Instrument and name of Mortgagee(s)/Place of business) (Cl. 12)

12(b) applies; form of Financial Instrument and name of Mortgagee to be determined	29.Insurance (hull and machinery and war risks) (state value acc. to Cl. 13(f) or, if applicable, acc. to Cl. 14(k)) (also state if Cl. 14 applies)

See Additional Clause 41 (Insurance)
	30.Additional insurance cover, if any, for Owners’ account limited to (Cl. 13(b) or, if applicable, Cl. 14(g))

No limitation	31.Additional insurance cover, if any, for Charterers’ account limited to (Cl. 13(b) or, if applicable, Cl. 14(g))

No limitation

 

    	 

    	 

    

Copyright © 2001 BIMCO. All rights reserved. Any unauthorised
copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO’s
copyright. Explanatory notes are available from BIMCO at www.bimco.org.

First published in 1974 as BARECON A and B. Amalgamated and revised
in 1989. Revised 2001.

    	 

    	 

    

 

	32.Latent defects (only to be filled in if period other than stated in Cl. 3)	33.Brokerage commission and to whom payable (Cl. 27)

N/A
	34.Grace period (state number of clear banking days) (Cl. 28) 

See Additional Clause 49 (Termination Events)	35.Dispute Resolution (state 30(a), 30(b) or 30(c); if 30(c) agreed Place of Arbitration must be stated (Cl. 30)

See Additional Clause 71 (Law and dispute resolution)
	36.War cancellation (indicate countries agreed) (Cl. 26(f)) 

N/A
	37.Newbuilding Vessel (indicate with “yes” or “no” whether PART III applies) (optional)

No; Part III does not apply	38.Name and place of Builders (only to be filled in if PART III applies) 

N/A
	39.Vessel’s Yard Building No. (only to be filled in if PART III applies)

N/A	40.Date of Building Contract (only to be filled in if PART III applies)

N/A
	41.Liquidated damages and costs shall accrue to (state party acc. to Cl. 1)

a)  N/A

b)  N/A

c)  N/A
	42.Hire/Purchase agreement (indicate with “yes” or “no” whether

PART IV applies) (optional)

No; Part IV does not apply	43.Bareboat Charter Registry (indicate with “yes” or “no” whether PART V applies) (optional)

No
	44.Flag and Country of the Bareboat Charter Registry (only to be filled in if PART V applies)

N/A	45.Country of the Underlying Registry (only to be filled in if PART V applies)

 

N/A
	46.Number of additional clauses covering special provisions, if agreed

Clause 32 (Definitions) to Clause 78 (Confidentiality) (both inclusive) as attached hereto, form an integral part of this Charter. In the event of any conflict or inconsistency between the terms of any Additional Clauses with any provision of Part I or Part II of this Charter, such Additional Clauses prevail.

 

PREAMBLE
- It is mutually agreed that this Contract shall be performed subject to the conditions contained in this Charter which shall include
PART I and PART II. In the event of a conflict of conditions, the provisions of PART I shall prevail over those of PART II to the extent
of such conflict but no further. It is further mutually agreed that PART III and/or PART IV and/or PART V shall only apply and only form
part of this Charter if expressly agreed and stated in Boxes 37, 42 and 43. If PART III and/or PART IV and/or PART V apply, it is further
agreed that in the event of a conflict of conditions, the provisions of PART I and PART II shall prevail over those of PART III and/or
PART IV and/or PART V to the extent of such conflict but no further.

	
    Signature (Owners)

    SEA 252 LEASING CO. LIMITED

    

    

    /s/ Tan Li Xin, Joan  

    Name: Tan Li Xin, Joan

    Title: Attorney-in-fact
	Signature (Charterers) 

GLOBAL SHIP LEASE 69 LLC

/s/ Aglaia Lida Papadi               

Name:  Aglaia Lida Papadi

Title:  Attorney-in-fact

 

 

 

 

 

Copyright © 2001 BIMCO. All rights reserved. Any unauthorised
copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO’s
copyright. Explanatory notes are available from BIMCO at www.bimco.org.

First published in 1974 as BARECON A and B. Amalgamated and revised
in 1989. Revised 2001.

    	 

    	 

    

 

PART II

BARECON 2001 Standard Bareboat Charter

1. Definitions

In this Charter, the following terms shall have the meanings hereby
assigned to them :

“The Owners” shall mean the party identified
in Box 3 together with their successors, permitted transferees and assignees;

“The Charterers” shall mean the party identified
in Box 4 together with their successors, permitted transferees and assignees;

“The Vessel” shall mean the vessel named in Box
5 and with particulars as stated in Boxes 6 to 12.

“Financial Instrument” means the mortgage, deed
of covenant or other such financial security instrument as annexed to this Charter and stated in Box 28 may at a later
date be granted by the Owners to any bank or Financial Institution in accordance with this Charter. 

See also Additional Clause 32 (Definitions) and Additional Clause
33 (Interpretations).

2 Charter Period

In consideration of the hHire detailed in
Box 22 the Owners have agreed to let and the Charterers have agreed to hire the Vessel for the period stated in Box 21 (“The Charter
Period”).

3. Delivery

See Additional Clause 35 (Delivery).

(not applicable when Part III applies, as indicated in Box
37)

(a) The Owners shall before and
at the time of delivery exercise due diligence to make the Vessel seaworthy And in every respect ready in hull, machinery and equipment
for service under this Charter. 

The Vessel shall be delivered by the Owners and taken over
by the Charterers at the port or place indicated in Box 13 in such ready safe berth as the Charterers may direct.

(b) The Vessel shall be properly
documented on delivery in accordance with the laws of the flag State indicated in Box 5 and the requirements of the classification society
stated in Box 10. The Vessel upon delivery shall have her survey cycles up to date and trading and class certificates valid for at least
the number of months agreed in Box 12. 

(c) The delivery of the Vessel by
the Owners and the taking over of the Vessel by the Charterers shall constitute a full performance by the Owners of all the Owners’
obligations under this Clause 3, and thereafter the Charterers shall not be entitled to make or assert any claim against the Owners on
account of any conditions, representations or warranties expressed or implied with respect to the Vessel but the Owners shall be liable
for the cost of but not the time for repairs or renewals occasioned by latent defects in the Vessel, her machinery or appurtenances, existing
at the time of delivery under this Charter, provided such defects have manifested themselves within twelve (12) months after delivery
unless otherwise provided in Box 32. 

4. Time for Delivery

See Additional Clause 35 (Delivery).

(not applicable when Part III applies, as indicated in Box
37)

The Vessel shall not be delivered before the date indicated
in Box 14 without the Charterers’ consent and the Owners shall exercise due diligence to deliver the Vessel not later than the date
indicated in Box 15. Unless otherwise agreed in Box 18, the Owners shall give the Charterers not less than thirty (30) running days’
preliminary and not less than fourteen (14) running days’ definite notice of the date on which the Vessel is expected to be ready
for delivery. 

The Owners shall keep the Charterers closely advised of
possible changes in the Vessel’s position. 

5. Cancelling

See Additional Clause 34 (Background). 

(not applicable when Part III applies, as indicated in Box
37)

(a) Should the Vessel not be delivered
latest by the cancelling date indicated in Box 15, the Charterers shall have the option of cancelling this Charter by giving the Owners
notice of cancellation within thirty-six (36) running hours after the cancelling date stated in Box 15, failing which this Charter shall
remain in full force and effect.

(b) If it appears that the Vessel
will be delayed beyond the cancelling date, the Owners may, as soon as they are in a position to state with reasonable certainty the day
on which the Vessel should be ready, give notice thereof to the Charterers asking whether they will exercise their option of cancelling,
and the option must then be declared within one hundred and sixty-eight (168) running hours of the receipt by the Charterers of such notice
or within thirty-six (36) running hours after the cancelling date, whichever is the earlier. If the Charterers do not then exercise their
option of cancelling, the seventh day after the readiness date stated in the Owners’ notice shall be substituted for the cancelling
date indicated in Box 15 for the purpose of this Clause 5. 

    	 

    	 

    

(c) Cancellation under this Clause
5 shall be without prejudice to any claim the Charterers may otherwise have on the Owners under this Charter. 

6. Trading Restrictions

The Vessel shall be employed in lawful trades for the carriage of
suitable lawful merchandise within the trading limits indicated in Box 20.

The Charterers undertake not to employ the Vessel or suffer the
Vessel to be employed otherwise than in conformity with the terms of the contracts of insurance (including any warranties expressed or
implied therein) without first obtaining the consent of the insurers to such employment and complying with such requirements as to extra
premium (which shall be at the Charterers' expense) or otherwise as the insurers may prescribe.

The Charterers also undertake not to employ the Vessel or suffer
her employment in any trade or business which is forbidden by the law of any country to which the Vessel may sail or is otherwise illicit
or in carrying illicit or prohibited goods or in any manner whatsoever which may render her liable to condemnation, destruction, seizure
or confiscation.

Notwithstanding any other provisions contained in this Charter
it is agreed that nuclear fuels or radioactive products or waste are specifically excluded from the cargo permitted to be loaded or carried
under this Charter. This exclusion does not apply to radio-isotopes

Copyright © 2001 BIMCO. All rights reserved. Any unauthorised
copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO’s
copyright. Explanatory notes are available from BIMCO at www.bimco.org.

First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.

    	 

    	 

    

 

PART II

BARECON 2001 Standard Bareboat Charter

used or intended to be used for any industrial, commercial, agricultural,
medical or scientific purposes provided the Vessel's P&I Club's Owners’ prior approval has been obtained
to loading thereof and, upon the Owners' request (such request to be made not more than once every three (3) months) the Charterers
shall provide the Owners with a copy of such approval from the Vessel's P&I Club. 

7. Surveys on Delivery and Redelivery

See Additional Clause 42 (Redelivery). 

(not applicable when Part III applies, as indicated in Box
37)

The Owners and Charterers shall each appoint surveyors for
the purpose of determining and agreeing in writing the condition of the Vessel at the time of delivery and redelivery hereunder. The Owners
shall bear all expenses of the On-hire Survey including loss of time, if any, and the Charterers shall bear all expenses of the Off-hire
Survey including loss of time, if any, at the daily equivalent to the rate of hire or pro rata thereof.

8. Inspection

See Additional Clause 48(nn)(ii). 

The Owners shall have the right at any time after giving
reasonable notice to the Charterers to inspect or survey the Vessel or instruct a duly authorised surveyor to carry out such survey on
their behalf: 

(a) to ascertain the condition of
the Vessel and satisfy themselves that the Vessel is being properly repaired and maintained. The costs and fees for such inspection or
survey shall be paid by the Owners unless the Vessel is found to require repairs or maintenance in order to achieve the condition so provided;

(b) in dry-dock if the Charterers
have not dry-docked Her in accordance with Clause 10(g). The costs and fees for such inspection or survey shall be paid by the Charterers;
and

(c) for any other commercial reason
they consider necessary (provided it does not unduly interfere with the commercial operation of the Vessel). The costs and fees for such
inspection and survey shall be paid by the Owners.

All time used in respect of inspection, survey or repairs
shall be for the Charterers’ account and form part of the Charter Period. 

The Charterers shall also permit the Owners to inspect the
Vessel’s log books whenever requested and shall whenever required by the Owners furnish them with full information regarding any
casualties or other accidents or damage to the Vessel. 

9. Inventories, Oil and Stores

See also Additional Clause 37 (Bunkers and Luboils).

An inventory of the Vessel's major spare parts for the Main Engine,
Diesel Generators and E.R. Auxiliary Machinery A complete inventory of the Vessel’s entire equipment, outfit including
spare parts, appliances and of all consumable stores on board the Vessel shall be made by the Charterers in conjunction with
the Owners on delivery and again on redelivery of the Vessel unless the Vessel has been sold to the Charterers pursuant
to the exercise of a Purchase Option, Call Option or Early Termination Event. The Charterers shall at the time of delivery provide
for (at no cost to the Owners) and the Owners, respectively, shall at the time of delivery and redelivery take over and pay
for all bunkers, lubricating oil, unbroached provisions, paints, ropes and other consumable stores (excluding spare parts) in
the said Vessel at the then current market prices at the ports of delivery and redelivery, respectively. The Charterers
shall ensure that all spare parts listed in the inventory and used during the Charter Period are replaced at their expense prior to redelivery
of the Vessel.

10. Maintenance and Operation

(a)(i)Maintenance and Repairs - During the Charter
Period the Vessel shall be in the full possession and at the absolute disposal for all purposes of the Charterers and under their complete
control in every respect. The Charterers shall maintain the Vessel, her machinery, boilers, appurtenances and spare parts in a good state
of repair, in efficient operating condition and in accordance with good commercial maintenance practice for vessels of this type
and, except as provided for in Clause 14(l), if applicable, at their own expense they shall at all times keep the Vessel’s
Class fully up to date with the Classification Society indicated in Box 10 free of overdue recommendations, qualifications and conditions
and maintain all other necessary certificates in force at all times.

(ii) New Class and Other Safety
Requirements In the event of any improvement, structural changes or new equipment becoming necessary for the continued operation of the
Vessel by reason of new class requirements or by compulsory legislation costing (excluding the Charterers’ loss of time) more than
the percentage stated in Box 23, or if Box 23 is left blank, 5 per cent. of the Vessel’s insurance value as stated in Box 29, then
the extent, if any, to which the rate of hire shall be varied and the ratio in which the cost of compliance shall 

    	 

    	 

    

be shared between the parties concerned in order to achieve
a reasonable distribution thereof as between the Owners and the Charterers having regard, inter alia, to the length of the period remaining
under this Charter shall, in the absence of agreement, be referred to the dispute resolution method agreed in Clause 30. 

(iii) Financial Security - The Charterers shall maintain
financial security or responsibility in respect of third party liabilities as required by any government, including federal, state or
municipal or other division or authority thereof, to enable the Vessel, without penalty or charge, lawfully to enter, remain at, or leave
any port, place, territorial or contiguous waters of any country, state or municipality in performance of this Charter without any delay.
This obligation shall apply whether or not such requirements have been lawfully imposed by such government or division or authority thereof.

The Charterers shall make and maintain all arrangements by bond
or otherwise as may be necessary to

Copyright © 2001 BIMCO. All rights reserved. Any unauthorised copying,
duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO’s copyright.
Explanatory notes are available from BIMCO at www.bimco.org.

First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.

    	 

    	 

    

 

PART II

BARECON 2001 Standard Bareboat Charter

satisfy such requirements at the Charterers’ sole expense
and the Charterers shall indemnify the Owners against all consequences whatsoever (including loss of time) for any failure
or inability to do so.

(b) Operation of the Vessel - The Charterers shall
at their own expense and by their own procurement man, victual, navigate, operate, supply, fuel and, whenever required, repair the Vessel
during the Charter Period and they shall pay all charges and expenses of every kind and nature whatsoever incidental to their use and
operation of the Vessel under this Charter, including annual flag State fees and any foreign general municipality and/or state taxes.
The Master, officers and crew of the Vessel shall be the servants of the Charterers for all purposes whatsoever, even if for any reason
appointed by the Owners.

Charterers shall comply with the regulations regarding officers
and crew in force in the country of the Vessel’s flag or any other applicable law.

(c) The Charterers shall keep the Owners and the mortgagee(s)
advised of theany intended employment, planned dry-docking and major repairs of the Vessel, as reasonably required.
See also Additional Clause 57 

(Operational notifiable events). 

(d) Flag and Name of Vessel – During
the Charter Period, the Charterers shall have the liberty to paint the Vessel in their own colours, install and display their funnel insignia
and fly their own house flag. The Charterers shall also have the liberty, with the Owners’ consent, which shall not be unreasonably
withheld, to change the flag and/or the name of the Vessel during the Charter Period. Painting and re-painting, instalment and
re-instalment, registration and re-registration, if required by the Owners, shall be at the Charterers’ expense and time.

See also Additional Clause 39 (Structural changes and alterations)
and Additional Clause 51 (Name of Vessel). 

(e) Changes to the Vessel – See Additional
Clause 39(a).

Subject to Clause 10(a)(ii), the Charterers shall make no
structural changes in the Vessel or changes in the machinery, boilers, appurtenances or spare parts thereof without in each instance first
securing the Owners’ approval thereof. If the Owners so agree, the Charterers shall, if the Owners so require, restore the Vessel
to its former condition before the termination of this Charter. 

(f) Use of the Vessel’s Outfit, Equipment and Appliances
- The Charterers shall have the use of all outfit, equipment, and appliances on board the Vessel at the time of delivery, provided the
same or their substantial equivalent shall be returned to the Owners on redelivery in the same good order and condition as when received,
ordinary wear and tear excepted. The Charterers shall from time to time during the Charter Period replace such items of equipment as shall
be so damaged or worn as to be unfit for use in accordance with the guidelines of the Classification Society and shall ensure that
title to any part replaced, renewed or substituted remains with the Owners. The Charterers are to procure that all repairs to or replacement
of any damaged, worn or lost parts or equipment be effected in such manner (both as regards workmanship and quality of materials) as not
to diminish the value of the Vessel. The Charterers have the right to fit additional equipment and replace, renew or substitute any
damaged or worn machinery and equipment to be fit for use at their expense and risk but title to such additional equipment and
such replaced, renewed or substituted machinery and equipment (or any parts thereof) shall be deemed to have passed to the Owners immediately
upon such fitting and the Charterers shall remove such equipment at the end of the period (unless the Vessel has been sold to the
Charterers pursuant to the exercise of a Purchase Option, Call Option or Early Termination Event) if requested by the Owners. Any
equipment including radio equipment on hire on the Vessel at time of delivery shall be kept and maintained by the Charterers and the Charterers
shall assume the obligations and liabilities of the Owners under any lease contracts in connection therewith and shall reimburseindemnify
the Owners for all expenses incurred in connection therewith, also for any new equipment required in order to comply with radio regulations.

(g) Periodical Dry-Docking - The Charterers shall
(at their cost and expense) dry-dock the Vessel and clean and paint her underwater parts whenever the same may be necessary, but
not less than once during the period stated in Box 19 or, if Box 19 has been left blank, every sixty (60) calendar months after delivery
or such other period as may be required by the Classification Society or flag State.

11. Hire

See Additional Clause 40 (Hire). 

(a) The Charterers shall pay hHire
due to the Owners punctually in accordance with the terms of this Charter in respect of which time shall be of the essence.

(b) The Charterers shall pay to
the Owners for the hire of the Vessel a lump sum in the amount indicated in Box 22 which shall be payable not later than every thirty
(30) running days in advance, the first lump sum being payable on the date and hour of the Vessel’s delivery to the Charterers.
Hire shall be paid continuously throughout the Charter Period. 

    	 

    	 

    

(c) Payment of hire shall be made
in cash without discount in the currency and in the manner indicated in Box 25 and at the place mentioned in Box 26. 

(d) Final payment of hire, if for
a period of less than thirty (30) running days, shall be calculated proportionally according to the number
of days and hours remaining before redelivery and advance payment to be effected accordingly.

(e) Should the Vessel be lost or
missing, hire shall cease from the date and time when she was lost or last heard of. The date upon which the Vessel is to be treated as
lost or missing shall be ten (10) days after the Vessel was last reported or when the Vessel is posted as missing by Lloyd’s, whichever
occurs first. Any hire paid in advance to be adjusted accordingly.

(f) Any delay in payment of hire
shall entitle the Owners to interest at the rate per annum as agreed 

Copyright © 2001 BIMCO. All rights reserved. Any unauthorised copying,
duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO’s copyright.
Explanatory notes are available from BIMCO at www.bimco.org.

First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.

    	 

    	 

    

 

PART II

BARECON 2001 Standard Bareboat Charter

in Box 24. If Box 24 has not been filled in, the three months
Interbank offered rate in London (LIBOR or its successor) for the currency stated in Box 25, as quoted by the British Bankers’ Association
(BBA) on the date when the hire fell due, increased by 2 per cent., shall apply.

(g) Payment of interest due under
sub-clause 11(f) shall be made within seven (7) running days of the date of the Owners’ invoice specifying the amount payable or,
in the absence of an invoice, at the time of the next hire payment date. 

12. Mortgage

(only to apply if Box 28 has been appropriately filled in)

*) (a) The Owners warrant that they
have not effected any mortgage(s) of the Vessel and that they shall not effect any mortgage(s) without the prior consent of the Charterers,
which shall not be unreasonably withheld.

*) (b) The Vessel chartered under this Charter ismay
be financed by a mortgage according to the Financial Instrument. The Charterers undertake to comply, and provide such information
and documents to enable the Owners to comply, with all such instructions or directions in regard to the employment, insurances, operation,
repairs and maintenance of the Vessel as laid down in the Financial Instrument or as may be directed from time to time during the currency
of the Charter by the mortgagee(s) in conformity with theeach Financial Instrument. The Charterers confirm that,
for this purpose, they will, once such Financial Instrument is available, have acquainted themselves
with all relevant terms, conditions and provisions of the Financial Instrument and agree to acknowledge this and any assignment of
this Charter and the Owners' earnings and insurances in writing in any form that may reasonably be required by the mortgagee(s).
For the avoidance of doubt and notwithstanding anything to the contrary contained in this Charter unless otherwise agreed by the Charterers
, the Charterers shall not be obliged to comply with any provision of a Financial Instrument that imposes obligations on the Charterers
which are more onerous than those imposed pursuant to this Charter. See also Additional Clause 45 (Owners' mortgage; Owners transfers).The
Owners warrant that they have not effected any mortgage(s) other than stated in Box 28 and that they shall not agree to any amendment
of the mortgage(s) referred to in Box 28 or effect any other mortgage(s) without the prior consent of the Charterers, which shall not
be unreasonably withheld.

*) (Optional, Clauses
12(a) and 12(b) are alternatives; indicate alternative agreed in Box 28). 

13. Insurance and Repairs

See Addditional Clause 41 (Insurance). 

(a) During the Charter Period the
Vessel shall be kept insured by the Charterers at their expense against hull and machinery, war and Protection and Indemnity risks (and
any risks against which it is compulsory to insure for the operation of the Vessel, including maintaining financial security in accordance
with sub-clause 10(a)(iii)) in such form as the Owners shall in writing approve, which approval shall not be un reasonably withheld. Such
insurances shall be arranged by the Charterers to protect the interests of both the Owners and the Charterers and the mortgagee(s) (if
any), and

The Charterers shall be at liberty to protect under such
insurances the interests of any managers they may appoint. Insurance policies shall cover the Owners and the Charterers according to their
respective interests. Subject to the provisions of the Financial Instrument, if any, and the approval of the Owners and the insurers,
the Charterers shall effect all insured repairs and shall undertake settlement and reimbursement from the insurers of all costs in connection
with such repairs as well as insured charges, expenses and liabilities to the extent of coverage under the insurances herein provided
for.

The Charterers also toshall remain responsible
for and to effect repairs and settlement of costs and expenses incurred thereby in respect of all other repairs not covered by the insurances
and/or not exceeding any possible franchise(s) or deductibles provided for in the insurances.

All time used for repairs under the provisions of sub-clause 13(a)
and for repairs of latent defects according to Clause 3(c) above, including any deviation, shall be for the Charterers’ account.

(b) If the conditions of the above
insurances permit additional insurance to be placed by the parties, such cover shall be limited to the amount for each party set out in
Box 30 and Box 31, respectively. The Owners or the Charterers as the case may be shall immediately furnish the other party with particulars
of any additional insurance effected, including copies of any cover notes or policies and the written consent of the insurers of any such
required insurance in any case where the consent of such insurers is necessary.

(c) The Charterers shall upon the request of the Owners,
provide information and promptly execute such documents as may be required to enable the Owners to comply with the insurance provisions
of the Financial Instrument.

(d) Subject to the provisions of
the Financial Instrument, if any, should the Vessel become an actual, constructive, compromised or agreed total loss under the insurances
required under sub-clause 13(a), all insurance payments for such loss shall be paid to the

    	 

    	 

    

Owners who shall distribute the moneys between the Owners and the
Charterers according to their respective interests. The Charterers undertake to notify the Owners and the mortgagee(s), if any, of any
occurrences in consequence of which the Vessel is likely to become a total loss as defined in this Clause.

(e) The Owners shall upon the request
of the Charterers, promptly execute such documents as may be required to enable the Charterers to abandon the Vessel to insurers and claim
a constructive total loss. 

(f) For the purpose of insurance
coverage against hull and machinery and war risks under the provisions of sub-clause 13(a), the value of the Vessel is the sum indicated
in Box 29. 

14. Insurance, Repairs and Classification

(Optional, only to apply if expressly agreed and stated in
Box 29, in which event Clause 13 shall be considered deleted).

(a) During the Charter Period the
Vessel shall be kept

Copyright © 2001 BIMCO. All rights reserved. Any unauthorised copying,
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PART II

BARECON 2001 Standard Bareboat Charter

insured by the Owners at their expense against hull and
machinery and war risks under the form of policy or policies attached hereto. The Owners and/or insurers shall not have any right of recovery
or subrogation against the Charterers on account of loss of or any damage to the Vessel or her machinery or appurtenances covered by such
insurance, or on account of payments made to discharge claims against or liabilities of the Vessel or the Owners covered by such insurance.
Insurance policies shall cover the Owners and the Charterers according to their respective interests.

(b) During the Charter Period the
Vessel shall be kept insured by the Charterers at their expense against Protection and Indemnity risks (and any risks against which it
is compulsory to insure for the operation of the Vessel, including maintaining financial security in accordance with sub-clause 10(a)(iii))
in such form as the Owners shall in writing approve which approval shall not be unreasonably withheld.

(c) In the event that any act or
negligence of the Charterers shall vitiate any of the insurance herein provided, the Charterers shall pay to the Owners all losses and
indemnify the Owners against all claims and demands which would otherwise have been covered by such insurance.

(d) The Charterers shall, subject
to the approval of the Owners or Owners’ Underwriters, effect all insured repairs, and the Charterers shall undertake settlement
of all miscellaneous expenses in connection with such repairs as well as all insured charges, expenses and liabilities, to the extent
of coverage under the insurances provided for under the provisions of sub-clause 14(a). The Charterers to be secured reimbursement through
the Owners’ Underwriters for such expenditures upon presentation of accounts.

(e) The Charterers to remain responsible
for and to effect repairs and settlement of costs and expenses incurred thereby in respect of all other repairs not covered by the insurances
and/or not exceeding any possible franchise(s) or deductibles provided for in the insurances.

(f) All time used for repairs under
the provisions of sub-clauses 14(d) and 14(e) and for repairs of latent defects according to Clause 3 above, including any deviation,
shall be for the Charterers’ account and shall form part of the Charter Period. 

The Owners shall not be responsible for any expenses as
are incident to the use and operation of the Vessel for such time as may be required to make such repairs.

(g) If the conditions of the above
insurances permit additional insurance to be placed by the parties such cover shall be limited to the amount for each party set out in
Box 30 and Box 31, respectively. The Owners or the Charterers as the case may be shall immediately furnish the other party with particulars
of any additional insurance effected, including copies of any cover notes or policies and the written consent of the insurers of any such
required insurance in any case where the consent of such insurers is necessary.

(h) Should the Vessel become an
actual, constructive, compromised or agreed total loss under the insurances required under sub-clause 14(a), all insurance payments for
such loss shall be paid to the Owners, who shall distribute the moneys between themselves and the Charterers according to their respective
interests.

(i) If the Vessel becomes an actual,
constructive, compromised or agreed total loss under the insurances arranged by the Owners in accordance with sub-clause 14(a), this Charter
shall terminate as of the date of such loss.

(j) The Charterers shall upon the
request of the Owners, promptly execute such documents as may be required to enable the Owners to abandon the Vessel to the insurers and
claim a constructive total loss. 

(k) For the purpose of insurance
coverage against hull and machinery and war risks under the provisions of sub-clause 14(a), the value of the Vessel is the sum indicated
in Box 29. 

(l) Notwithstanding anything contained
in sub-clause 10(a), it is agreed that under the provisions of Clause 14, if applicable, the Owners shall keep the Vessel’s Class
fully up to date with the Classification Society indicated in Box 10 and maintain all other necessary certificates in force at all times.

15. Redelivery

See Additional Clause 42 (Redelivery) and Additional Clause 43 (Redelivery
conditions). 

At the expiration of the Charter Period the Vessel shall
be redelivered by the Charterers to the Owners at a safe and ice free port or place as indicated in Box 16, in such ready safe berth as
the Owners may direct. The Charterers shall give the Owners not less than thirty (30) running days’ preliminary notice of expected
date, range of ports of redelivery or port or place of redelivery and not less than fourteen (14) running days’ definite notice
of expected date and port or place of redelivery. Any changes thereafter in the Vessel’s position shall be notified immediately
to the Owners. 

The Charterers warrant that they will not permit the Vessel to commence
a voyage (including any preceding ballast voyage) which cannot reasonably be expected to be completed in time to allow redelivery of the
Vessel within the Charter Period. Notwithstanding

    	 

    	 

    

the above, should the Charterers fail to redeliver the Vessel within
The Charter Period, the Charterers shall pay the daily equivalent to the rate of hire stated in Box 22 plus 10 per cent. or to the market
rate, whichever is the higher, for the number of days by which the Charter Period is exceeded. All other terms, conditions and provisions
of this Charter shall continue to apply.

Subject to the provisions of Clause 10, the Vessel shall
be redelivered to the Owners in the same or as good structure, state, condition and class as that in which she was delivered, fair wear
and tear not affecting class excepted.

The Vessel upon redelivery shall have her survey cycles
up to date and trading and class certificates valid for at least the number of months agreed in Box 17. 

16. Non-Lien

The Charterers will not suffer, nor permit to be continued, any
lien or encumbrance incurred by them or their agents, which might have priority over the title and interest of the Owners in the Vessel
other than any Permitted Encumbrances). The Charterers further agree to fasten to the Vessel in a conspicuous

Copyright © 2001 BIMCO. All rights reserved. Any unauthorised copying,
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PART II

BARECON 2001 Standard Bareboat Charter

place and to keep so fastened during the Charter Period a notice
reading as follows:

“This Vessel is the property of (name of Owners). It is under
charter to (name of Charterers) and by the terms of the Charter Party neither the Charterers nor the Master have any right, power or authority
to create, incur or permit to be imposed on the Vessel any lien whatsoever.”

See paragraph (i) of Additional Clause 48 (Charterers' undertakings).

17. Indemnity

See also Additional Clause 58 (Further Indemnities). 

(a) The Charterers shall indemnify the Owners against any
loss, damage or documented expense incurred by the Owners arising out of or in relation to the operation of the Vessel by the Charterers,
and against any lien of whatsoever nature (save for any liens caused directly and solely by the Owners (in the absence of any Termination
Event or contributory negligence of the Charterers)) arising out of an event occurring during the Charter Period. If the Vessel be
arrested or otherwise detained by reason of claims or liens arising out of her operation hereunder by the Charterers, the Charterers shall
at their own expense take all reasonable steps to secure that within a reasonable time the Vessel is released, including the provision
of bail.

Without prejudice to the generality of the foregoing, the Charterers
agree to indemnify the Owners against all consequences or liabilities arising from the Master, officers or agents signing Bills of Lading
or other documents.

(b) If the Vessel be arrested or
otherwise detained by reason of a claim or claims against the Owners, the Owners shall at their own expense take all reasonable steps
to secure that within a reasonable time the Vessel is released, including the provision of bail.

In such circumstances the Owners shall indemnify the Charterers
against any loss, damage or expense incurred by the Charterers (including hire paid under this Charter) as a direct consequence of such
arrest or detention.

18. Lien

The Owners to have a lien upon all cargoes, sub-hires and sub-freights
belonging or due to the Charterers or any sub-charterers and any Bill of Lading freight for all claims under this Charter., and
the Charterers to have a lien on the Vessel for all moneys paid in advance and not earned.

19. Salvage

All salvage and towage performed by the Vessel shall be for the
Charterers’ benefit and the cost of repairing damage occasioned thereby shall be borne by the Charterers.

20. Wreck Removal

In the event of the Vessel becoming a wreck or obstruction to navigation
the Charterers shall indemnify the Owners against any sums whatsoever which the Owners shall become liable to pay and shall pay in consequence
of the Vessel becoming a wreck or obstruction to navigation.

21. General Average

The Owners shall not contribute to General Average.

22. Assignment, Sub-Charter and Sale

See Additional Clause 45 (Owners' mortgage; Owners transfers)
and Additional Clause 50 (Sub-chartering and assignment). 

(a) The Charterers shall not assign or transfer this
Charter nor sub-charter the Vessel on a bareboat basis except with the prior consent in writing of the Owners, which shall not be unreasonably
withheld, and subject to such terms and conditions as the Owners shall approve.

(b) The Owners shall not sell the
Vessel during the currency of this Charter except with the prior written consent of the Charterers, which shall not be unreason ably withheld,
and subject to the buyer accepting an assignment of this Charter. 

23. Contracts of Carriage 

*) (a) The Charterers are to procure that all documents issued
during the Charter Period evidencing the terms and conditions agreed in respect of carriage of goods shall contain a paramount clause
incorporating any legislation relating to carrier’s liability for cargo compulsorily applicable in the trade; if no such legislation
exists, the documents shall incorporate the Hague-Visby Rules. The documents shall also contain the New Jason Clause and the Both-to-Blame
Collision Clause.

*) (b) The Charterers are to procure
that all passenger tickets issued during the Charter Period for the carriage of passengers and their luggage under this Charter shall
contain a paramount clause incorporating any legislation relating to carrier’s liability for passengers and their luggage compulsorily
applicable in the trade; if no such legislation exists, the passenger tickets shall incorporate the Athens Convention Relating to the
Carriage of Passengers and their Luggage by Sea, 1974, and any protocol thereto. 

    	 

    	 

    

*) Delete as applicable.

24. Bank Guarantee

(Optional, only to apply if Box 27 filled in)

The Charterers undertake to furnish, before delivery of
the Vessel, a first class bank guarantee or bond in the sum and at the place as indicated in Box 27 as guarantee for full performance
of their obligations under this Charter.

25. Requisition/Acquisition

(a) In the event of the Requisition
for Hire of the Vessel by any governmental or other competent authority (hereinafter referred to as “Requisition for Hire”)
irrespective of the date during the Charter Period when “Requisition for Hire” may occur and irrespective of the length thereof
and whether or not it be for an indefinite or a limited period of time, and irrespective of whether it may or will remain in force for
the remainder of the Charter Period, this Charter shall not be deemed thereby or thereupon to be frustrated or otherwise terminated and
the Charterers shall continue to pay the stipulated hire in the manner provided by this Charter until the time when the Charter would
have terminated pursuant to any of the provisions hereof always provided however that in the event of “Requisition for Hire”
any Requisition Hire or compensation received or receivable by the Owners shall be payable to the Charterers during the

Copyright © 2001 BIMCO. All rights reserved. Any unauthorised copying,
duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO’s copyright.
Explanatory notes are available from BIMCO at www.bimco.org.

First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.

    	 

    	 

    

 

PART II

BARECON 2001 Standard Bareboat Charter

remainder of the Charter Period or the period of the “Requisition
for Hire” whichever be the shorter.

(b) In the event of the Owners being
deprived of their ownership in the Vessel by any Compulsory Acquisition of the Vessel or requisition for title by any governmental or
other competent authority (hereinafter referred to as “Compulsory Acquisition”), then, irrespective of the date during the
Charter Period when “Compulsory Acquisition” may occur, this Charter shall be deemed terminated as of the date of such “Compulsory
Acquisition”. In such event Charter Hire to be considered as earned and to be paid up to the date and time of such “Compulsory
Acquisition”.

26. War

(a) For the purpose of this Clause, the words “War
Risks” shall include any war (whether actual or threatened), act of war, civil war, hostilities, revolution, rebellion, civil commotion,
warlike operations, the laying of mines (whether actual or reported), acts of piracy, acts of terrorists, acts of hostility or malicious
damage, blockades (whether imposed against all vessels or imposed selectively against vessels of certain flags or ownership, or against
certain cargoes or crews or otherwise howsoever), by any person, body, terrorist or political group, or the Government of any state whatsoever,
which may be dangerous or are likely to be or to become dangerous to the Vessel, her cargo, crew or other persons on board the Vessel.

(b) The Vessel, provided that copies of such applicable
additional insurance cover shall be provided to the Owners upon the Owners' request (such request to be made not more than once every
three (3) months),unless the written consent of the Owners be first obtained, shall not continue to or go through
any port, place, area or zone (whether of land or sea), or any waterway or canal, where it reasonably appears that the Vessel, her cargo,
crew or other persons on board the Vessel, in the reasonable judgement of the Owners, may be, or are likely to be, exposed to War Risks.
Should the Vessel be within any such place as aforesaid, which only becomes dangerous, or is likely to be or to become dangerous, after
her entry into it, the Owners shall have the right to require the Vessel to leave such area unless copies of such applicable additional
insurance cover are provided to the Owners upon the Owners' request (such request to be made not more than once every three (3) months).

(c) The Vessel shall not load contraband cargo, or to
pass through any blockade, whether such blockade be imposed on all vessels, or is imposed selectively in any way whatsoever against
vessels of certain flags or ownership, or against certain cargoes or crews or otherwise howsoever, or to proceed to an
area where she shall be subject, or is likely to be subject to a belligerent’s right of search and/or confiscation.

(d) If the insurers of the war risks insurance, when Clause
14 is applicable, should require payment of premiums and/or calls because, pursuant to the Charterers’ orders, the Vessel is within,
or is due to enter and remain within, any area or areas which are specified by such insurers as being subject to additional premiums because
of War Risks, then such premiums and/or calls shall be reimbursed by the Charterers to the Owners at the same time as the next payment
of hHire is due.

(e) The Charterers shall have the liberty:

(i) to comply with all orders, directions, recommendations
or advice as to departure, arrival, routes, sailing in convoy, ports of call, stoppages, destinations, discharge of cargo, delivery, or
in any other way whatsoever, which are given by the Government of the Nation under whose flag the Vessel sails, or any other Government,
body or group whatsoever acting with the power to compel compliance with their orders or directions;

(ii) to comply with the orders, directions or recommendations
of any war risks underwriters who have the authority to give the same under the terms of the war risks insurance;

(iii) to comply with the terms of any resolution of the Security
Council of the United Nations, any directives of the European Community, the effective orders of any other Supranational body which has
the right to issue and give the same, and with national laws aimed at enforcing the same to which the Owners are subject, and to obey
the orders and directions of those who are charged with their enforcement.

(f) In the event of outbreak of war (whether there be a declaration
of war or not) (i) between any two or more of the following countries: the United States of America; Russia; the United Kingdom;
France; and the People’s Republic of China, (ii) between any two or more of the countries stated in Box 36, both the Owners and
the Charterers shall have the right to cancel this Charter, whereupon the Charterers shall redeliver the Vessel to the Owners in accordance
with Clause 15, if the Vessel has cargo on board after discharge thereof at destination, or if debarred under this Clause from reaching
or entering it at a near, open and safe port as directed by the Owners, or if the Vessel has no cargo on board, at the port at which the
Vessel then is or if at sea at a near, open and safe port as directed by the Owners. In all cases hHire shall continue
to be paid in accordance with Clause 11 and except as aforesaid all other provisions of this Charter shall apply until redelivery.

27. Commission 

Not applicable 

    	 

    	 

    

The Owners to pay a commission at the rate indicated in
Box 33 to the Brokers named in Box 33 on any hire paid under the Charter. If no rate is indicated in Box 33, the commission to be paid
by the Owners shall cover the actual expenses of the Brokers and a reasonable fee for their work.

If the full hire is not paid owing to breach of the Charter
by either of the parties the party liable therefor shall indemnify the Brokers against their loss of commission. Should the parties agree
to cancel the Charter, the Owners shall indemnify the Brokers against any loss of commission but in such case the commission shall not
exceed the brokerage on one year’s hire. 

28. Termination

See Additional Clause 49 (Termination Events) and 

Clause 53 (Total Loss) 

Copyright © 2001 BIMCO. All rights reserved. Any unauthorised copying,
duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO’s copyright.
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PART II

BARECON 2001 Standard Bareboat Charter

(a) Charterers’ Default

The Owners shall be entitled to withdraw the Vessel from
the service of the Charterers and terminate the Charter with immediate effect by written notice to the Charterers if: 

(i) the Charterers fail to pay hire
in accordance with Clause 11. However, where there is a failure to make punctual payment of hire due to oversight, negligence, errors
or omissions on the part of the Charterers or their bankers, the Owners shall give the Charterers written notice of the number of clear
banking days stated in Box 34 (as recognised at the agreed place of payment) in which to rectify the failure, and when so rectified within
such number of days following the Owners’ notice, the payment shall stand as regular and punctual. Failure by the Charterers to
pay hire within the number of days stated in Box 34 of their receiving the Owners’ notice as provided herein, shall entitle the
Owners to withdraw the Vessel from the service of the Charterers and terminate the Charter without further notice;

(ii) the Charterers fail to comply with
the requirements of:

(1) Clause 6 (Trading Restrictions)

(2) Clause 13(a) (Insurance and
Repairs) provided that the Owners shall have the option, by written notice to the Charterers, to give the Charterers a specified number
of days grace within which to rectify the failure without prejudice to the Owners’ right to withdraw and terminate under this Clause
if the Charterers fail to comply with such notice;

(iii) the Charterers fail to rectify
any failure to comply with the requirements of sub-clause 10(a)(i) (Maintenance and Repairs) as soon as practically possible after the
Owners have requested them in writing so to do and in any event so that the Vessel’s insurance cover is not prejudiced.

(b) Owners’ Default

If the Owners shall by any act or omission be in breach
of their obligations under this Charter to the extent that the Charterers are deprived of the use of the Vessel and such breach continues
for a period of fourteen (14) running days after written notice thereof has been given by the Charterers to the Owners, the Charterers
shall be entitled to terminate this Charter with immediate effect by written notice to the Owners. 

(c) Loss of Vessel

This Charter shall be deemed to be terminated if the Vessel
becomes a total loss or is declared as a constructive or compromised or arranged total loss. For the purpose of this sub-clause, the Vessel
shall not be deemed to be lost unless she has either become an actual total loss or agreement has been reached with her underwriters in
respect of her constructive, compromised or arranged total loss or if such agreement with her underwriters is not reached it is adjudged
by a competent tribunal that a constructive loss of the Vessel has occurred.

(d) Either party shall be entitled
to terminate this Charter with immediate effect by written notice to the other party in the event of an order being made or resolution
passed for the winding up, dissolution, liquidation or bankruptcy of the other party (otherwise than for the purpose of reconstruction
or amalgamation) or if a receiver is appointed, or if it suspends payment, ceases to carry on business or makes any special arrangement
or composition with its creditors.

(e) The termination of this Charter shall be without prejudice
to all rights accrued due between the parties prior to the date of termination and to any claim that either party might have.

29. Repossession

See Additional Clause 42 (Redelivery) and Additional Clause 

43 (Redelivery conditions). 

In the event of the termination of this Charter in accordance with
the applicable provisions of Clause 28this Charter, the Owners shall have the right to repossess the Vessel from
the Charterers at her current or next port of call, or at a port or place convenient to them without hindrance or interference by the
Charterers, courts or local authorities. Pending physical repossession of the Vessel in accordance with this Clause 29, the Charterers
shall hold the Vessel as gratuitous bailee only to the Owners and the Charterers shall procure that the master and crew follow the
orders and directions of the Owners. 

The Owners shall arrange for an authorised representative
to board the Vessel as soon as reasonably practicable following the termination of the Charter. The Vessel shall be deemed to
be repossessed by the Owners from the Charterers upon the boarding of the Vessel by the Owners’ representative. All arrangements
and expenses relating to the settling of wages, disembarkation and repatriation of the Charterers’ Master, officers and crew shall
be the sole responsibility of the Charterers.

    	 

    	 

    

30. Dispute Resolution

See Additional Clause 71 (Law and dispute resolution). 

*) (a) This Contract shall be governed
by and construed in accordance with English law and any dispute arising out of or in connection with this Contract 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. 

The arbitration shall be conducted in accordance with the
London Maritime Arbitrators Association (LMAA) Terms current at the time when the arbitration proceedings are commenced.

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.

Copyright © 2001 BIMCO. All rights reserved. Any unauthorised copying,
duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO’s copyright.
Explanatory notes are available from BIMCO at www.bimco.org.

First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.

    	 

    	 

    

 

PART II

BARECON 2001 Standard Bareboat Charter

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

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

*) (b) This Contract shall be governed
by and construed in accordance with Title 9 of the United States Code and the Maritime Law of the United States and any dispute arising
out of or in connection with this Contract shall be referred to three persons at New York, one to be appointed by each of the parties
hereto, and the third by the two so chosen; their decision or that of any two of them shall be final, and for the purposes of enforcing
any award, judgement may be entered on an award by any court of competent jurisdiction. The proceedings shall be conducted in accordance
with the rules of the Society of Maritime Arbitrators, Inc. 

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 Shortened
Arbitration Procedure of the Society of Maritime Arbitrators, Inc. current at the time when the arbitration proceedings are commenced.

*) (c) This Contract shall be governed
by and construed in accordance with the laws of the place mutually agreed by the parties and any dispute arising out of or in connection
with this Contract shall be referred to arbitration at a mutually agreed place, subject to the procedures applicable there.

(d) Notwithstanding (a), (b) or
(c) above, the parties may agree at any time to refer to mediation any difference and/or dispute arising out of or in connection with
this Contract. 

In the case of a dispute in respect of which arbitration
has been commenced under (a), (b) or (c) above, the following shall apply:

(i) Either party may at any time
and from time to time elect to refer the dispute or part of the dispute to mediation by service on the other party of a written notice
(the “Mediation Notice”) calling on the other party to agree to mediation.

(ii) The other party shall thereupon
within 14 calendar days of receipt of the Mediation Notice confirm that they agree to mediation, in which case the parties shall thereafter
agree a mediator within a further 14 calendar days, failing which on the application of either party a mediator will be appointed promptly
by the Arbitration Tribunal (“the Tribunal”) or such person as the Tribunal may designate for that purpose. The mediation
shall be conducted in such place and in accordance with such procedure and on such terms as the parties may agree or, in the event of
disagreement, as may be set by the mediator.

(iii) If the other party does not
agree to mediate, that fact may be brought to the attention of the Tribunal and may be taken into account by the Tribunal when allocating
the costs of the arbitration as between the parties. 

(iv) The mediation shall not affect
the right of either party to seek such relief or take such steps as it considers necessary to protect its interest. 

(v) Either party may advise the
Tribunal that they have agreed to mediation. The arbitration procedure shall continue during the conduct of the mediation but the Tribunal
may take the mediation timetable into account when setting the timetable for steps in the arbitration.

(vi) Unless otherwise agreed or
specified in the mediation terms, each party shall bear its own costs incurred in the mediation and the parties shall share equally the
mediator’s costs and expenses.

(vii) The mediation process shall
be without prejudice and confidential and no information or documents disclosed during it shall be revealed to the Tribunal except to
the extent that they are disclosable under the law and procedure governing the arbitration.

(Note: The parties should be aware that the mediation
process may not necessarily interrupt time limits.)

(e) If Box 35 in Part I is not appropriately
filled in, sub-clause

30(a) of this Clause shall apply. Sub-clause 30(d) shall apply
in all cases.

*) Sub-clauses 30(a),
30(b) and 30(c) are alternatives; indicate alternative agreed in Box 35. 

31. Notices

See Additional Clause 66 (Notices). 

(a) Any notice to be given by either
party to the other party shall be in writing and may be sent by fax, telex, registered or recorded mail or by personal service.

(b) The address of the Parties
for service of such communication shall be as stated in Boxes 3 and 4 respectively.

    	 

    	 

    

Copyright © 2001 BIMCO. All rights reserved. Any unauthorised copying,
duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO’s copyright.
Explanatory notes are available from BIMCO at www.bimco.org.

First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.

    	 

    	 

    

 

PART III

PROVISIONS TO APPLY FOR NEWBUILDING VESSELS ONLY

(Optional, only to apply if expressly agreed and stated in Box 37)

1. Specifications and Building Contract

(a) The Vessel shall be constructed
in accordance with the Building Contract (hereafter called “the Building Contract”) as annexed to this Charter, made between
the Builders and the Owners and in accordance with the specifications and plans annexed thereto, such Building Contract, specifications
and plans having been counter signed as approved by the Charterers.

(b) No change shall be made in the
Building Contract or in the specifications or plans of the Vessel as approved by the Charterers as aforesaid, without the Charterers’
consent.

(c) The Charterers shall have the
right to send their representative to the Builders’ Yard to inspect the Vessel during the course of her construction to satisfy
themselves that construction is in accordance with such approved specifications and plans as referred to under sub clause (a) of this
Clause. 

(d) The Vessel shall be built in
accordance with the Building Contract and shall be of the description set out therein. Subject to the provisions of sub clause 2(c)(ii)
hereunder, the Charterers shall be bound to accept the Vessel from the Owners, completed and constructed in accordance with the Building
Contract, on the date of delivery by the Builders. The Charterers undertake that having accepted the Vessel they will not thereafter raise
any claims against the Owners in respect of the Vessel’s performance or specification or defects, if any.

Nevertheless, in respect of any repairs, replacements or
defects which appear within the first 12 months from delivery by the Builders, the Owners shall endeavour to compel the Builders to repair,
replace or remedy any defects or to recover from the Builders any expenditure incurred in carrying out such repairs, replacements or remedies.

However, the Owners’ liability to the Charterers shall
be limited to the extent the Owners have a valid claim against the Builders under the guarantee clause of the Building Contract (a copy
whereof has been supplied to the Charterers). The Charterers shall be bound to accept such sums as the Owners are reasonably able to recover
under this Clause and shall make no further claim on the Owners for the difference between the amount(s) so recovered and the actual expenditure
on repairs, replacement or remedying defects or for any loss of time incurred. 

Any liquidated damages for physical defects or deficiencies
shall accrue to the account of the party stated in Box 41(a) or if not filled in shall be shared equally between the parties. The costs
of pursuing a claim or claims against the Builders under this Clause (including any liability to the Builders) shall be borne by the party
stated in Box 41(b) or if not filled in shall be shared equally between the parties. 

2. Time and Place of Delivery 

(a) Subject to the Vessel having
completed her acceptance trials including trials of cargo equipment in accordance with the Building Contract and specifications to the
satisfaction of the Charterers, the Owners shall give and the Charterers shall take delivery of the Vessel afloat when ready for delivery
and properly documented at the Builders’ Yard or some other safe and readily accessible dock, wharf or place as may be agreed between
the parties hereto and the Builders. Under the Building Contract the Builders have estimated that the Vessel will be ready for delivery
to the Owners as therein provided but the delivery date for the purpose of this Charter shall be the date when the Vessel is in fact ready
for delivery by the Builders after completion of trials whether that be before or after as indicated in the Building Contract. The Charterers
shall not be entitled to refuse acceptance of delivery of the Vessel and upon and after such acceptance, subject to Clause 1(d), the Charterers
shall not be entitled to make any claim against the Owners in respect of any conditions, representations or warranties, whether express
or implied, as to the seaworthiness of the Vessel or in respect of delay in delivery. 

(b) If for any reason other than
a default by the Owners under the Building Contract, the Builders become entitled under that Contract not to deliver the Vessel to the
Owners, the Owners shall upon giving to the Charterers written notice of Builders becoming so entitled, be excused from giving delivery
of the Vessel to the Charterers and upon receipt of such notice by the Charterers this Charter shall cease to have effect.

(c) If for any reason the Owners
become entitled under the Building Contract to reject the Vessel the Owners shall, before exercising such right of rejection, consult
the Charterers and thereupon

(i) if the Charterers do not wish
to take delivery of the Vessel they shall inform the Owners within seven (7) running days by notice in writing and upon receipt by the
Owners of such notice this Charter shall cease to have effect; or

(ii) if the Charterers wish to take
delivery of the Vessel they may by notice in writing within seven (7) running days require the Owners to negotiate with the Builders as
to the terms on which delivery should be taken and/or refrain from exercising their right to rejection and upon receipt of such notice
the Owners shall commence such negotiations and/ or take delivery of the Vessel from the Builders and deliver her to the Charterers;

    	 

    	 

    

(iii) in no circumstances shall
the Charterers be entitled to reject the Vessel unless the Owners are able to reject the Vessel from the Builders;

(iv) if this Charter terminates
under sub clause (b) or (c) of this Clause, the Owners shall thereafter not be liable to the Charterers for any claim under or arising
out of this Charter or its termination. 

(d) Any liquidated damages for delay
in delivery under the Building Contract and any costs incurred in pursuing a claim therefor shall accrue to the account of the party stated
in Box 41(c) or if not filled in shall be shared equally between the parties. 

3. Guarantee Works 

If not otherwise agreed, the Owners authorise the Charterers
to arrange for the guarantee works to be performed in accordance with the building contract terms, and hire to continue during the period
of guarantee works. The Charterers have to advise the Owners about the performance to the extent the Owners may request.

4. Name of Vessel

The name of the Vessel shall be mutually agreed between
the Owners and the Charterers and the Vessel shall be 

Copyright © 2001 BIMCO. All rights reserved. Any unauthorised copying,
duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO’s copyright.
Explanatory notes are available from BIMCO at www.bimco.org.

First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.

    	 

    	 

    

 

PART III

PROVISIONS TO APPLY FOR NEWBUILDING VESSELS ONLY

(Optional, only to apply if expressly agreed
and stated in Box 37)

painted in the colours, display the funnel insignia and
fly the house flag as required by the Charterers. 

5. Survey on Redelivery 

The Owners and the Charterers shall appoint surveyors for
the purpose of determining and agreeing in writing the condition of the Vessel at the time of re delivery.

Without prejudice to Clause 15 (Part II), the Charterers
shall bear all survey expenses and all other costs, if any, including the cost of docking and undocking, if required, as well as all repair
costs incurred. The Charterers shall also bear all loss of time spent in connection with any docking and undocking as well as repairs,
which shall be paid at the rate of hire per day or pro rata.

 

 

 

 

 

 

 

 

Copyright © 2001 BIMCO. All rights reserved. Any unauthorised copying,
duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO’s copyright.
Explanatory notes are available from BIMCO at www.bimco.org.

First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.

    	 

    	 

    

 

PART IV

HIRE/PURCHASE AGREEMENT

(Optional, only to apply if expressly agreed
and stated in Box 42)

On expiration of this Charter and provided the Charterers
have fulfilled their obligations according to Part I and II as well as Part III, if applicable, it is agreed, that on payment of the final
payment of hire as per Clause 11 the Charterers have purchased the Vessel with everything belonging to her and the Vessel is fully paid
for.

In the following paragraphs the Owners are referred to
as the Sellers and the Charterers as the Buyers. 

The Vessel shall be delivered by the Sellers and taken over
by the Buyers on expiration of the Charter. 

The Sellers guarantee that the Vessel, at the time of delivery,
is free from all encumbrances and maritime liens or any debts whatsoever other than those arising from anything done or not done by the
Buyers or any existing mortgage agreed not to be paid off by the time of delivery. Should any claims, which have been incurred prior to
the time of delivery be made against the Vessel, the Sellers hereby undertake to indemnify the Buyers against all consequences of such
claims to the extent it can be proved that the Sellers are responsible for such claims. Any taxes, notarial, consular and other charges
and expenses connected with the purchase and registration under Buyers’ flag, shall be for Buyers’ account. Any taxes, consular
and other charges and expenses connected with closing of the Sellers’ register, shall be for Sellers’ account.

In exchange for payment of the last month’s hire instalment
the Sellers shall furnish the Buyers with a Bill of Sale duly attested and legalized, together with a certificate setting out the registered
encumbrances, if any. On delivery of the Vessel the Sellers shall provide for deletion of the Vessel from the Ship’s Register and
deliver a certificate of deletion to the Buyers. 

The Sellers shall, at the time of delivery, hand to the
Buyers all classification certificates (for hull, engines, anchors, chains, etc.), as well as all plans which may be in Sellers’
possession. 

The Wireless Installation and Nautical Instruments, unless
on hire, shall be included in the sale without any extra payment.

The Vessel with everything belonging to her shall be at
Sellers’ risk and expense until she is delivered to the Buyers, subject to the conditions of this Contract and the Vessel with everything
belonging to her shall be delivered and taken over as she is at the time of delivery, after which the Sellers shall have no responsibility
for possible faults or deficiencies of any description.

The Buyers undertake to pay for the repatriation of the
Master, officers and other personnel if appointed by the Sellers to the port where the Vessel entered the Bareboat Charter as per Clause
3 (Part II) or to pay the equivalent cost for their journey to any other place.

 

 

 

 

 

Copyright © 2001 BIMCO. All rights reserved. Any unauthorised copying,
duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO’s copyright.
Explanatory notes are available from BIMCO at www.bimco.org.

First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.

    	 

    	 

    

 

PART V

PROVISIONS TO APPLY FOR VESSELS REGISTERED IN A BAREBOAT CHARTER REGISTRY

(Optional, only to apply if expressly agreed
and stated in Box 43)

1. Definitions 

For the purpose of this PART V, the following terms shall
have the meanings hereby assigned to them: 

“The Bareboat Charter Registry” shall mean the
registry of the State whose flag the Vessel will fly and in which the Charterers are registered as the bareboat charterers during the
period of the Bareboat Charter. 

“The Underlying Registry” shall mean the registry
of the state in which the Owners of the Vessel are registered as Owners and to which jurisdiction and control of the Vessel will revert
upon termination of the Bareboat Charter Registration. 

2. Mortgage 

The Vessel chartered under this Charter is financed by a
mortgage and the provisions of Clause 12(b) (Part II) shall apply. 

3. Termination of Charter by Default

If the Vessel chartered under this Charter is registered
in a Bareboat Charter Registry as stated in Box 44, and if the Owners shall default in the payment of any amounts due under the mortgage(s)
specified in Box 28, the Charterers shall, if so required by the mortgagee, direct the Owners to re-register the Vessel in the Underlying
Registry as shown in Box 45. 

In the event of the Vessel being deleted from the Bareboat
Charter Registry as stated in Box 44, due to a default by the Owners in the payment of any amounts due under the mortgage(s), the Charterers
shall have the right to terminate this Charter forthwith and without prejudice to any other claim they may have against the Owners under
this Charter. 

 

 

 

 

 

 

 

 

 

 

 

 

 

Copyright © 2001 BIMCO. All rights reserved. Any unauthorised copying,
duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO’s copyright.
Explanatory notes are available from BIMCO at www.bimco.org.

First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.

    	 

    	 

    

Execution Version

CONTENTS

Page

	32	Definitions	1
	 	 	 
	33	Interpretations	24
	 	 	 
	34	Background	26
	 	 	 
	35	Delivery	27
	 	 	 
	36	Conditions precedent and conditions subsequent	28
	 	 	 
	37	Bunkers and luboils	33
	 	 	 
	38	Further maintenance and operation	33
	 	 	 
	39	Structural changes and alterations	36
	 	 	 
	40	Hire	36
	 	 	 
	41	Insurance	42
	 	 	 
	42	Redelivery	49
	 	 	 
	43	Redelivery conditions	49
	 	 	 
	44	Diver's inspection at redelivery	52
	 	 	 
	45	Owners' mortgage; Owners transfers	52
	 	 	 
	46	Transport documents	53
	 	 	 
	47	Charterers' representations and warranties	54
	 	 	 
	48	Charterers' undertakings	61
	 	 	 
	49	Termination Events	76
	 	 	 
	50	Sub-chartering and assignment	85
	 	 	 
	51	Name of Vessel	86
	 	 	 
	52	Purchase Option, Call Option, Early Termination Event and Transfer of Title	87
	 	 	 
	53	Total Loss	90
	 	 	 
	54	Appointment of Approved Manager	91
	 	 	 
	55	Fees and expenses	91
	 	 	 
	56	Stamp duties and taxes	92
	 	 	 
	57	Operational notifiable events	93
	 	 	 
	58	Further indemnities	94

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	59	Further assurances and undertakings	96
	 	 	 
	60	Cumulative rights	96
	 	 	 
	61	No waiver	96
	 	 	 
	62	Entire Agreement	96
	 	 	 
	63	Invalidity	97
	 	 	 
	64	English language	97
	 	 	 
	65	No partnership	97
	 	 	 
	66	Notices	97
	 	 	 
	67	Conflicts	99
	 	 	 
	68	Survival of Charterers' obligations	99
	 	 	 
	69	Counterparts	99
	 	 	 
	70	Third Parties Act	99
	 	 	 
	71	Law and dispute resolution	100
	 	 	 
	72	Waiver of immunity	100
	 	 	 
	73	Set-off	101
	 	 	 
	74	Value Maintenance Covenants	101
	 	 	 
	75	Financial covenants	103
	 	 	 
	76	FATCA	104
	 	 	 
	77	Day Count Convention	105
	 	 	 
	78	Confidentiality	105
	 	 	 
	Schedule 1	FORM OF PROTOCOL OF DELIVERY AND ACCEPTANCE	107
	 	 	 
	Schedule 2	FORM OF TITLE TRANSFER PROTOCOL OF DELIVERY AND ACCEPTANCE	108

 

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ADDITIONAL CLAUSES

TO BAREBOAT CHARTER FOR THE VESSEL "BLANDINE"
TO BE RENAMED

"GSL TRIPOLI"

 

		32	Definitions

In this Charter:

"2018 Withdrawal Act"
means the European Union (Withdrawal) Act 2018.

"2020 Withdrawal Act"
means the European Union (Withdrawal Agreement) Act 2020.

"Account Bank"
means ABN AMRO Bank N.V. of Gustav Mahlerlaan 10, 1082 PP Amsterdam, The Netherlands or any other third party bank acceptable to the Owners
(acting reasonably).

"Account Pledge"
means a deed or other instrument by the Charterers in favour of the Security Trustee in an agreed form conferring a Security Interest
over the Operating Account.

"Actual Delivery Date"
means the date of delivery of the Vessel by the Owners to the Charterers under this Charter.

"Advance Hire"
has the meaning given to such term in Clause 40(a)(i) (Hire).

"Affiliate"
means, in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that Holding
Company.

"Agreement Term"
means the period commencing on the date of this Charter and terminating on the later of:

		(a)	the expiration of the Charter Period; and

		(b)	the date on which all money of any nature owed by the Obligor Parties (as defined in the Security Trust
Deed) to the Creditor Parties (as defined in the Security Trust Deed) under the Transaction Documents (as defined in the Security Trust
Deed) or otherwise in connection with the Vessel and any Collateral Vessel have been paid in full to the Creditor Parties (as defined
in the Security Trust Deed) and no obligations of the Obligor Parties (as defined in the Security Trust Deed) of any nature to the Creditor
Parties (as defined in the Security Trust Deed) or otherwise in connection with the Transaction Documents (as defined in the Security
Trust Deed) or with this Vessel and any Collateral Vessel remain unperformed or undischarged.

"AML Laws" means
all applicable financial record-keeping and reporting requirements, anti-money laundering statutes (including all applicable rules and
regulations thereunder) and all applicable related or similar laws, rules, regulations or guidelines, of all jurisdictions including and
without limitation, the United States of America, the European Union, the United Kingdom and the People's Republic of China and which
in each case are:

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		(a)	issued, administered or enforced by any governmental agency having jurisdiction over any Obligor or Owners;

		(b)	of any jurisdiction in which any Obligor or Owners conduct business; or

		(c)	to which any Obligor or Owners is subjected or subject to.

"Anthea Y Charter"
means the bareboat charter on barecon 2001 form with additional clauses dated 20 May 2021 (as may from time to time be amended, supplemented,
novated or replaced) made between Sea 156 Leasing Co. Limited as owners and Telemachus Marine LLC as charterers, in relation to the vessel
"Anthea Y" (IMO No.: 9710244).

"Anti-Terrorism Financing
Laws" means all applicable anti-terrorism laws, rules, regulations or guidelines of any jurisdiction, including and not limited
to the United States of America, the European Union, the United Kingdom or the People's Republic of China which are:

		(a)	issued, administered or enforced by any governmental agency, having jurisdiction over any Obligor or Owners;

		(b)	of any jurisdiction in which any Obligor or Owners conduct business; or

		(c)	to which any Obligor or Owners is subjected or subject to.

"Applicable Rate"
means:

		(a)	for any Hire Period of which the Variable Hire Determination Date falls before a Replacement Benchmark
has been agreed pursuant to Clause 40(m)(ii)(B) (Hire), LIBOR; or

		(b)	for any Hire Period of which the Variable Hire Determination Date falls upon or after a Replacement Benchmark
is agreed on pursuant to Clause 40(m)(ii)(B) (Hire), the Replacement Benchmark.

"Approved Broker"
means any of Clarksons Platou, Maersk Broker, Howe Robinson Partners Pte Ltd and Barry Rogliano Salles (BRS) (or any affiliates of the
aforementioned if ship valuations are commonly issued by them) and such other reputable and independent ship brokers as may be nominated
by the Charterers and approved by the Owners.

"Approved Charter"
means a valid, binding time charter for the Vessel entered into by the Charterers as disponent owner and with an Approved Charterer as
charterer meeting the following criteria:

		(a)	with a minimum fixed charter period (without optional extensions) of three (3) years; and

		(b)	with the amount of daily charter hire being not less than sixteen thousand five hundred Dollars (US$16,500).

"Approved Charterer"
means a leading international container shipping company ranked within the top seven container liner companies globally at any time or
such

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other reputable leading international
container shipping company as may be nominated by the Charterers and approved by the Owners.

"Approved Commercial
Manager" means the Conchart Commercial Inc, a company incorporated in the Marshall Islands whose registered address at Trust
Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (registration number 39730) or such other reputable
third-party ship management company nominated by the Charterers and approved by the Owners.

"Approved Flag"
means Liberia or such other jurisdiction as may be acceptable to the Owners (acting reasonably) from time to time.

"Approved Managers"
means the Approved Commercial Manager and the Approved Technical Manager and "Approved Manager" means any one of them.

"Approved Technical
Manager" means Technomar Shipping Inc, a company incorporated in the Republic of Liberia whose registered address is at 80 Broad
Street, Monrovia, Liberia (registration number C-76029) or such other reputable third-party ship management company nominated by the Charterers
and approved by the Owners.

"Arrangement Fee"
means the non-refundable fee in the amount equal to one per cent. (1%) of the Owners' Cost.

"Break Costs"
means all costs, losses, premiums or penalties incurred by the Owners as a result of the receipt by the Owners of any payment under or
in relation to the Transaction Documents on a day other than the due date for payment of the sum in question, or as a result of the Purchase
Option Date, Expiry Date or a Termination Payment Date not falling on a Hire Payment Date or as a result of the Termination Payment Date
not falling on a Hire Payment Date in each case, including (but not limited to) any break costs incurred by the Owners under the Finance
Documents.

"Business Day"
means a day (other than a Saturday or Sunday) on which banks and financial markets are open for business in Athens, Shanghai, Hong Kong,
the Netherlands, the jurisdiction in which the Owners’ Account is opened, and:

		(a)	(in relation to the determination of the Actual Delivery Date) in London; and

(b)       (in
relation to any date for payment) in New York.

"Business Ethics Laws"
means any laws, regulations and/or other legally binding requirements or determinations in relation to bribery, corruption, fraud, money-laundering,
terrorism, sanctions, collusion bid-rigging or anti-trust, human rights violations (including forced labour and human trafficking) which
are applicable to either party or to any jurisdiction where activities are performed and which shall include: (i) the United Kingdom Bribery
Act 2010, (ii) the United States Foreign Corrupt Practices Act 1977, (iii) Prevention of Bribery Ordinance (Cap. 201) of the Laws of Hong
Kong and (iv) any United States, United Kingdom, United Nations or European Union sanctions.

"Call Option "
means the option to purchase the Vessel at the applicable Call Option Price which the Charterers may exercise in accordance with Clause
52 (Purchase Option, Call Option, Early Termination Event and Transfer of Title).

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"Call Option Expiry
Date" means the date falling ninety (90) days prior to the Expiry Date.

"Call Option Notice"
means a written notice (in such form as the Owners and the Charterers may agree from time to time) which the Charterers may deliver to
the Owners for the purpose of the Charterers exercising the Call Option.

"Call Option Price"
means the aggregate of:

		(a)	seven million Dollars (US$7,000,000);

		(b)	all other Unpaid Sums due and payable, together with interest accrued thereon pursuant to paragraph (i)
of Clause 40 (Hire) from the due date for payment thereof up to the date of actual payment;

		(c)	the Break Costs (if any);

		(d)	any reasonable and documented legal costs incurred by the Owners in respect of the Call Option;

		(e)	any other reasonable and documented costs, losses, liabilities and expenses incurred or suffered by the
Owners in connection with any Finance Document as a result of the Charterers' exercise of the Call Option; and

		(f)	any other sums as the Owners may be entitled to under the terms of this Charter, including (but not limited
to) any payments referred to in paragraph (a) of Clause 17 (Indemnity)(Part II) and Clause 58 (Further Indemnities).

"Cancellation Date"
means the "Cancelling Date" as set out in the MOA.

"Cash Collateral"
has the meaning given to it in Clause 48(oo) (Charterers' Undertakings), as may be adjusted from time to time in accordance with
the same clause and Clause 48(oo).

"Cash Collateral Refund
Amount" has the meaning given to it in Clause 48(oo)(ii) (Charterers' Undertakings).

"Chargor" means
GSL Kithira Holding LLC, a limited liability company formed and existing under the laws of Liberia whose registered address is at 80 Broad
Street, Monrovia, Liberia (registration number 960227).

"Charter Guarantee"
means the guarantee made or to be made by the Charter Guarantor in favour of the Security Trustee in respect of the obligations of the
Obligors (other than the Charter Guarantor) under the Transaction Documents.

"Charter Guarantor"
means Global Ship Lease, Inc., a corporation organised and existing under the laws of the Marshall Islands whose registered address is
at Trust Company Complex, Ajeltake Road, Ajeltake Islands, Majuro, Marshall Islands, MH96960 (registration number 28891).

"Charter Guarantor Change
of Control Event" means any of the following events:

		(a)	when the common stock of the Charter Guarantor ceases to be listed for public trade on the New York Stock
Exchange (NYSE) or other internationally

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recognised stock exchange (if
applicable) where such delisting did not occur in connection with a listing of the Charter Guarantor's common stock on another internationally
recognised stock exchange ("Delisting Event");

		(b)	when any person(s) own(s) directly or indirectly more than thirty five per cent. (35%) of the shares in
the Charter Guarantor, unless such person(s) owned such shares on the date of the completion of the merger of the Charter Guarantor with
Poseidon Containers Holdings LLC and K&T Marine LLC in November 2018 (the "Merger Completion Date");

		(c)	when Mr. George Glouroukos ceases to own or control (either directly or indirectly through one or more
Affiliates) at least fifty per cent. (50%) of the number of shares of the Charter Guarantor held by him on the Merger Completion Date
(excluding any share split or reverse split), other than by reason of death or other incapacity in managing his affairs; or

		(d)	when Mr. George Glouroukos ceases to be the Executive Chairman (or to hold an equivalent executive officer
position) of the Charter Guarantor, other than by reason of death or other incapacity in managing his affairs.

"Charter Period"
means, subject to Clause 40(k) (Hire), Clause 49 (Termination Events), Clause 53 (Total Loss) and Clause 52 (Purchase
Option, Call Option, Early Termination Event and Transfer of Title), the period of seventy-two (72) months commencing from the Actual
Delivery Date.

"Charterers' Assignment"
means the deed of assignment executed or to be executed (as the case may be) by the Charterers in favour of the Security Trustee in relation
to certain of the Charterers' rights and interest in and to (among other things) the (a) Earnings, (b) Insurances, (c) Requisition Compensation,
(d) the Initial Sub-Charter and any Sub-Charter and (e) any Sub-Charter Guarantees.

"Classification Society"
means the vessel classification society referred to in Box 10 (Classification Society) of this Charter, or such other reputable
classification society which is a member of the International Association of Classification Societies as selected by the Charterers and
as the Owners may approve from time to time (acting reasonably).

"Collateral Charter"
means, in respect of a Collateral Vessel, the bareboat charter agreement in respect of that Collateral Vessel entered into between an
Affiliate of the Owners as owner and the respective Collateral Charterers as charterer.

"Collateral Charterers"
means, in relation to a Collateral Vessel, the Collateral Charterer set out alongside its name in the table specified at the definition
"Collateral Vessels".

"Collateral Owners"
means, in relation to a Collateral Vessel, the Collateral Owners set out alongside its name in the table specified at the definition "Collateral
Vessels".

"Collateral Vessels"
means the vessels set out below:

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	 	Vessel name / IMO	Collateral Owners	Collateral Charterers
	1.	"BERNADETTE" to be renamed "GSL Kithira"/ 9407885 	Sea 251 Leasing Co. Limited	Global Ship Lease 68 LLC
	2.	"BALBINA" to be renamed "GSL Syros"/ 9437062 	Sea 253 Leasing Co. Limited	Global Ship Lease 70 LLC
	3.	 "BARBARA" to be renamed "GSL Tinos"/ 9437050	Sea 254 Leasing Co. Limited	Global Ship Lease 71 LLC

"Commercial Management Agreement" means the commercial management agreement entered or to be entered into (as the context
so requires) between the Approved Commercial Manager and the Charterers.

"Compliance Certificate"
means a certificate substantially in the form in schedule 1 of the Charter Guarantee.

"Cost Balance"
means, at any relevant time during the Agreement Term, an amount equal to the Owners' Cost as may be reduced by payment of the Fixed Hire
pursuant to Clause 40(a)(ii) (Hire).

"Day One Cash Collateral
Amount" means one million eight hundred thousand Dollars (US$1,800,000).

"Default Termination"
means a termination of the Charter Period pursuant to the provisions of Clause 49 (Termination Events).

"Early Termination Event"
means the option to purchase the Vessel which the Owners may exercise in accordance with Clause 52(d) (Purchase Option, Call Option,
Early Termination Event and Transfer of Title)

"Earnings"
means all hires, freights, pool income and other sums payable to or for the account of the Charterers and in respect of the Vessel including
(without limitation) all earnings received or to be received from each Sub-Charter or any proceeds received or to be received from each
Sub-Charter Guarantee, all remuneration for salvage and towage services, demurrage and detention moneys, contributions in general average,
compensation in respect of any requisition for hire, and damages and other payments (whether awarded by any court or arbitral tribunal
or by agreement or otherwise) for breach, termination or variation of any contract for the operation, employment or use of the Vessel
including the Initial Sub-Charter and any other Sub-Charter.

"Environmental Approval"
means any present or future permit, ruling, variance or other authorisation, consent, approval, resolution, licence, exemption, filing,
notarisation or registration required under Environmental Laws.

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"Environmental Claim"
means any claim, proceeding, formal notice or investigation by any governmental, judicial or regulatory authority or any other person
which arises out of an Environmental Incident or which relates to any Environmental Law and, for this purpose, "claim" includes
a claim for damages, compensation, contribution, injury, fines, losses and penalties or any other payment of any kind, including in relation
to clean-up and removal, whether or not similar to the foregoing; an order or direction to take, or not to take, certain action or to
desist from or suspend certain action; and any form of enforcement or regulatory action, including the arrest or attachment of any asset.

"Environmental Incident"
means:

		(a)	any release, emission, spill or discharge into or upon the air, sea, land or soils (including the seabed)
or surface water of Environmentally Sensitive Material within or from the Vessel; or

		(b)	any incident in which Environmentally Sensitive Material is released, emitted, spilled or discharged into
or upon the air, sea, land or soils (including the seabed) or surface water from a vessel other than the Vessel and which involves a collision
between the Vessel and such other vessel or some other incident of navigation or operation, in either case, in connection with which the
Vessel is actually arrested, attached, detained or injuncted and the Vessel, any Obligor, any operator or manager of the Vessel or any
combination of them is at fault or allegedly at fault or otherwise liable to any legal or administrative action; or

		(c)	any other incident in which Environmentally Sensitive Material is released, emitted, spilled or discharged
into or upon the air, sea, land or soils (including the seabed) or surface water otherwise than from the Vessel and in connection with
which the Vessel is actually liable to be arrested, attached, detained or injuncted and/or where any Obligor, any operator or manager
of the Vessel or any combination of them is at fault or otherwise liable to any legal or administrative action, other than in accordance
with an Environmental Approval.

"Environmental Law"
means any present or future law or regulation relating to pollution or protection of human health or the environment, to conditions in
the workplace, to the carriage, generation, handling, storage, use, release or spillage of Environmentally Sensitive Material or to releases
of Environmentally Sensitive Material.

"Environmentally Sensitive
Material" means all contaminants, oil, oil products, toxic substances and any other substance (including any chemical, gas or
other hazardous or noxious substance) which is (or is capable of being or becoming) polluting, toxic or hazardous.

"Expiry Date"
means the date falling seventy two (72) months after the Actual Delivery Date.

"FATCA" means:

		(a)	sections 1471 to 1474 of the Code or any associated regulations;

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		(b)	any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement
between the US and any other jurisdiction, which (in either case) facilitates the implementation of any law or regulation referred to
in (a); or

		(c)	any agreement pursuant to the implementation of any treaty, law or regulation referred to in (a) or (b)
with the US Internal Revenue Service, the US government or any governmental or taxation authority in any other jurisdiction.

"FATCA Deduction"
means a deduction or withholding from a payment under a Transaction Document required by FATCA.

"FATCA Exempt Party"
means a party that is entitled to receive payments free from any FATCA Deduction.

"Finance Document"
means any facility agreement, security document, fee letter and any other document designated as such by the Finance Parties and the Owners
and which have been or may be (as the case may be) entered into between the Finance Parties and the Owners for the purpose of, among other
things, financing or (as the case may be) refinancing all or any part of the Owners' Cost.

"Finance Party"
means any bank or Financial Institution which is or will be party to a Finance Document (other than the Owners and other entities which
may have agreed or be intended as debtors and/or obligors thereunder) and "Finance Parties" means two or more of them.

"Financial Indebtedness"
means any indebtedness for or in respect of:

		(a)	moneys borrowed;

		(b)	any acceptance credit under any acceptance credit facility or dematerialised equivalent;

		(c)	any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument;

		(d)	the amount of any liability in respect of any lease or hire purchase contract, a liability under which
would, in accordance with GAAP, be treated as a balance sheet liability;

		(e)	receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse
basis);

		(f)	any Treasury Transaction (and, when calculating the value of that Treasury Transaction, only the marked
to market value (or, if any actual amount is due as a result of the termination or close-out of that Treasury Transaction, that amount)
shall be taken into account);

		(g)	any counter-indemnity obligation in respect of a guarantee, bond, standby or documentary letter of credit
or any other instrument issued by a bank or financial institution in respect of an underlying liability of an entity which is

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not an Obligor which liability
would fall within one of the other sections of this definition;

		(h)	any amount raised by the issue of shares which are redeemable (other than at the option of the issuer)
before the end of the Agreement Term or are otherwise classified as borrowings under GAAP;

		(i)	any amount of any liability under an advance or deferred purchase agreement if (i) one of the primary
reasons behind entering into the agreement is to raise finance or to finance the acquisition or construction of the asset or service in
question or (ii) the agreement is in respect of the supply of assets or services and payment is due more than 30 days after the date of
supply;

		(j)	any amount raised under any other transaction (including any forward sale or purchase, sale and sale back
or sale and leaseback agreement) having the commercial effect of a borrowing; and

		(k)	the amount of any liability in respect of any guarantee or indemnity for any of the items referred to
in (a) to (j).

"Financial Institution"
means any bank or financial institution, trust, fund, leasing company or other entity which is regularly engaged in or established for
the purpose of making, purchasing or investing in loans, securities or other financial assets.

"Fixed Hire"
means:

		(a)	in respect of each of the first twelve (12th) payments of Fixed Hire due on the Hire Payment
Dates occurring from the Actual Delivery Date up to and including the third (3rd) anniversary of the Actual Delivery Date,
calculated in accordance with the following formula:

A = 1/12 x B

Where:

A is the amount of the
Fixed Hire due on that Hire Payment Date; and

B is the difference between
the Owners' Cost and ten million nine hundred and fifty thousand Dollars (US$10,950,000); and

		(b)	in respect of each of the thirteenth (13th) to twenty fourth (24th) payment of Fixed
Hire due on the Hire Payment Dates occurring from and excluding the third (3rd) anniversary of the Actual Delivery Date up
to and including the sixth (6th) anniversary of the Actual Delivery Date, calculated in accordance with the following formula:

C = 1/12 x D

Where:

C is the amount of the
Fixed Hire due on that Hire Payment Date; and

D is the difference between
ten million nine hundred and fifty thousand Dollars (US$10,950,000) and seven million Dollars (US$7,000,000).

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"GAAP" means
generally accepted accounting principles in the United States.

"Group" means
the Charter Guarantor and each of its Subsidiaries for the time being.

"Hire" means
each or any combination or aggregate of (as the context may require):

		(a)	Advance Hire;

		(b)	Fixed Hire; and

		(c)	Variable Hire.

"Hire Payment Date"
means the last day of each and any Hire Period.

"Hire Period"
means each and every consecutive period of three (3) months with the first Hire Period to commence on the Actual Delivery Date and each
successive Hire Period to commence forthwith upon the expiry of the immediately preceding Hire Period, provided that the final period
shall end on the earlier of (i) the last day of the Charter Period, and (ii) the redelivery of the Vessel to the Owners following an early
termination of this Charter or, as the case may be, purchase of the Vessel by the Charterers in accordance with the terms hereof, without
prejudice however to any other claims of the Owners against the Charterers arising out of or in connection with this Charter.

"Holding Company"
means, in relation to a person, any other person in respect of which it is a Subsidiary.

"Hong Kong"
means the Hong Kong Special Administrative Region of The People's Republic of China.

"IAPPC" means
a valid international air pollution prevention certificate for the Vessel issued under Annex VI (Regulations for the Prevention of Air
Pollution from Ships) to the International Convention for the Prevention of Pollution from Ships 1973 (as modified in 1978 and 1997).

"IMO Ballast Water Management
(BWM) Convention" means the International Convention for the Control and Management of Ships' Ballast Water and Sediments adopted
by the International Maritime Organization (as the same may be amended, supplemented or superseded from time to time).

"Increased Costs"
means:

		(a)	a reduction in the rate of return from the transactions contemplated by the Transaction Documents or on
the Owners' overall capital;

		(b)	an additional or increased cost; or

		(c)	a reduction of any amount due and payable under any Transaction Document,

which is incurred or suffered by
the Owners to the extent that it is attributable to the Owners having agreed to acquire the Vessel to charter the same to the Charterers
on the basis of this Charter and in entering into this Charter, the other Transaction Documents or in performing its obligations under
the Transaction Documents.

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"Indemnitee"
has the meaning given to such term in Clause 58 (Further indemnities).

"Indirect Tax"
means any goods and services tax, consumption tax, value added tax or any tax of a similar nature.

"Initial MOA"
means the memorandum of agreement for the Vessel dated 12 May 2021 entered into between the Initial Sellers as sellers and the Initial
Sub-Charterers as buyers, as amended by a nomination agreement dated 15 June 2021 entered into between the Initial Sellers as sellers,
the Initial Sub-Charterers as initial buyers and the Charterers as the buyers' nominee, and an addendum no. 1 thereto dated 15 June 2021,
as may be further amended or supplemented from time to time.

"Initial Sellers"
means ERB. 5.300TEU GmbH & Co. KG, a company incorporated in Germany with its registered address at Elbchaussee 370, 22609, Hamburg,
Germany.

"Initial Sub-Charter"
means the time charterparty in respect of the Vessel dated 15 June 2021 between the Charterers and the Initial Sub-Charterers, with a
daily hire rate at no less than thirty-six thousand five hundred Dollars (US$36,500) for the fixed three year period from delivery (the
"Initial Sub-Charter Fixed Term") and at no less than seventeen thousand two hundred and fifty Dollars (US$17,250) (the
"Daily Initial Sub-Charter Optional Term Rate") for the optional three year period thereafter (the "Initial Sub-Charter
Optional Term"), as may be further amended or supplemented from time to time.

"Initial Sub-Charterers"
means Maersk A/S, a company registered in Denmark, with its registered address at Esplanaden 50, 1263 Copenhagen K, Denmark.

"Innocent Owners' Interest
Insurances" means all policies and contracts of innocent owners' interest insurance and innocent owners' additional perils (oil
pollution) insurance from time to time taken out by the Owners in relation to the Vessel.

"Insurances"
means all policies and contracts of insurance, including entries of the Vessel in any protection and indemnity or war risks association,
which are from time to time taken out or entered into in respect of the Vessel or her earnings or otherwise in connection with the Vessel
or her Earnings and (where the context permits) all rights, benefits and other assets under, or derived from, such contracts and policies,
including all claims of any nature and returns of premium.

"ISM Code"
means the International Safety Management Code (including the guidelines on its implementation), adopted by the International Maritime
Organisation Assembly as Resolutions A.741 (18) (as amended by MSC 104 (73)) and A.913(22) (superseding Resolution A.788 (19)), as the
same may be amended, supplemented or superseded from time to time (and the terms "safety management system", "Safety Management
Certificate" and "Document of Compliance" have the same meanings as are given to them in the ISM Code).

"ISPS Code" means
the International Ship and Port Facility Security Code adopted by the International Maritime Organisation (as the same may be amended,
supplemented or superseded from time to time).

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"ISSC" means
a valid and current International Ship Security Certificate issued under the ISPS Code.

"Joint Venture"
means any joint venture entity, whether a company, unincorporated firm, undertaking, association, joint venture or partnership or any
other entity.

"Legal Opinions"
means the legal opinions provided to the Owners under Clause 36(a)(xii) (Conditions precedent and conditions subsequent).

"Legal Reservations"

		(a)	the principle that equitable remedies may be granted or refused at the discretion of a court and the limitation
of enforcement by laws relating to insolvency, reorganisation and other laws generally affecting the rights of creditors;

		(b)	the time barring of claims under the Limitation Acts, the possibility that an undertaking to assume liability
for or indemnify a person against non-payment of UK stamp duty may be void and defences of set-off or counterclaim;

		(c)	similar principles, rights and defences under the laws of any Relevant Jurisdiction; and

		(d)	any other matters which are set out as qualifications or reservations as to matters of law of general
application in the Legal Opinions.

"LIBOR" means
the applicable Screen Rate at or about 11:00 am (London time) on the relevant Variable Hire Determination Date for the offering of deposits
in US Dollars for a period of three (3) months and, if any such rate is below zero, LIBOR will be deemed to be zero.

"Maersk QEL"
means the quiet enjoyment letter entered or to be entered into pursuant to the Initial Sub-Charter between the Initial Sub-Charterer,
the Owners, the Security Trustee and the Charterers.

"Management Agreement"
means the Commercial Management Agreement and the Technical Management Agreement.

"Managers' Undertaking"
means the undertaking to be entered into by an Approved Manager in favour of the Security Trustee in the form to be agreed by the Owners
and each Approved Manager.

"Margin" means
three point two five per cent. (3.25%).

"Market Value"
means, on any Valuation Date:

		(a)	for the purposes of determining the Purchase Price on the Actual Delivery Date, the arithmetic average
of two valuations pursuant to two such Valuation Reports from two Approved Brokers, one selected by the Charterers and one selected by
the Owners; or in the event the difference between the two Valuation Reports obtained is greater than 5%, the arithmetic average of the
three Valuation Reports, the third Valuation Report being obtained from a further Approved Broker selected by the Owners; and

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		(b)	for any other purposes other than that in (a) above (including, without limitation, determining the Value
Maintenance Ratio and Minimum Insured Value), the arithmetic average of two valuations pursuant to two such Valuation Reports from two
Approved Brokers, both selected by the Owners; or in the event the difference between the two Valuation Reports obtained is greater than
5%, the arithmetic average of the three Valuation Reports, the third Valuation Report being obtained from a further Approved Broker selected
by the Owners,

in each case, (i) assessed in Dollars
on a desktop charter-free basis between a willing buyer and a willing seller, and so obtained in ascertaining the market value of the
Vessel, no more than thirty (30) days prior to that Valuation Date and (ii) if an Approved Broker determines that the valuation of the
Vessel shall fall within a range, the valuation as determined by each Approved Broker should be the lower of such range.

"MARPOL" means
the International Convention for the Prevention of Pollution from Ships adopted by the International Maritime Organisation (as the same
may be amended, supplemented or superseded from time to time).

"Material Adverse Effect"
means in the reasonable opinion of the Owners a material adverse effect on:

		(a)	the business, operations or property of any Obligor or the Group taken as a whole; or

		(b)	the ability of any Obligor to perform its obligations under any Transaction Document; or

		(c)	the validity or enforceability of, or the effectiveness or ranking of any Security Interest granted or
purporting to be granted pursuant to any of, the Transaction Documents or the rights or remedies of the Secured Parties under any of the
Transaction Documents.

"Minimum Cash Balance"
means at any date during the Charter Period, an amount of three hundred thousand Dollars (US$300,000).

"MOA" has the
meaning given to such term in Clause 34 (Background).

"month" means
a period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month, except that
if there is no numerically corresponding day in the calendar month in which that period is to end, that period shall end on the last day
in that calendar month.

"Obligors"
means the Charterers, the Charter Guarantor, the Chargor, any Approved Managers that is owned or controlled by the Charter Guarantor,
any person that may be party to a Transaction Document from time to time (other than the Owners, but provided that they are owned or controlled
by the Charter Guarantor), any Sub-Charterer that is owned or controlled by the Charter Guarantor and any "Obligor" as defined
in any Collateral Charter.

"Operating Account"
means the bank account opened or to be opened in the name of the Charterers with the Account Bank and designated "the Operating Account"
or

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such other account to which
the Earnings are to be remitted and operating expenses of the Vessel are to be recorded, and in each case, includes any sub-account thereof.

"Option Premium"
means the aggregate of:

		(a)	two million Dollars (US$2,000,000);

		(b)	all other Unpaid Sums due and payable, together with interest accrued thereon pursuant to paragraph (i)
of Clause 40 (Hire) from the due date for payment thereof up to the date of actual payment; and

		(c)	any other reasonable and documented costs, losses, liabilities and expenses incurred or suffered by the
Owners in connection with any Finance Document.

"Original Financial
Statements" means the unaudited consolidated financial statements of the Charter Guarantor for the financial year ended 31 December
2020.

"Owners' Account"
means the Owners' bank account described in paragraph (d) of Clause 40 (Hire).

"Owners' Cost"
means an amount equivalent to sixty per cent. (60%) of the Purchase Price (as defined in the MOA) paid or to be paid by the Owners (as
buyers) to the Charterers (as sellers) under the MOA.

"Party" means
a party to this Charter and "Parties" means both of them.

"Permitted Security
Interest" means:

		(a)	any Security Interest created pursuant to any Transaction Document or any Finance Document or otherwise
created with the prior written consent of the Owners;

		(b)	any liens for unpaid master's, officer's and crew's wages in accordance with usual maritime practice and
are discharged within thirty (30) days;

		(c)	any liens for salvage;

		(d)	any liens for master's disbursements incurred in the ordinary course of trading and are discharged within
thirty (30) days; or

		(e)	any other lien arising by operation of law or otherwise in the ordinary course of operation, repair or
maintenance of the Vessel and not as a result of any default or omission of any Obligor.

"PDA" means
the protocol of delivery and acceptance in relation to the Vessel to be executed between the Owners and the Charterers, substantially
in the form of Schedule 1 (Form of Protocol of Delivery and Acceptance) hereto.

"Potential Termination
Event" means a Termination Event or any event or circumstance specified in Clause 49 (Termination Events) which would
(with the expiry of a grace period, the giving of notice, the making of any determination under the Transaction Documents or any combination
of any of the foregoing) be a Termination Event.

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"Pre-positioning Date"
means such term as defined in the MOA.

"Purchase Option"
means the option to purchase the Vessel at the applicable Purchase Option Price which the Charterers may exercise in accordance with Clause
52 (Purchase Option, Call Option, Early Termination Event and Transfer of Title).

"Purchase Option Date"
means the date falling on each relevant anniversary of the Actual Delivery Date commencing on and including the third (3rd)
anniversary of the Actual Delivery Date, on which the Charterers exercise the Purchase Option in accordance with Clause 52 (Purchase
Option, Call Option, Early Termination Event and Transfer of Title), except for the Expiry Date.

"Purchase Option Fee"
means:

		(a)	if the Purchase Option Date falls on the third (3rd) anniversary or the fourth (4th)
anniversary of the Actual Delivery Date, an amount that is calculated by multiplying (a) the then current Cost Balance by (b) two per
cent. (2%); and

		(b)	if the Purchase Option Date falls on the fifth (5th) anniversary of the Actual Delivery Date,
an amount that is calculated by multiplying (a) the then current Cost Balance by (b) one per cent. (1%).

"Purchase Option Notice"
means a written notice (in such form as the Owners and the Charterers may agree from time to time) which the Charterers may deliver to
the Owners for the purpose of the Charterers exercising the Purchase Option.

"Purchase Option Price"
means the amount due and payable by the Charterers to the Owners pursuant to Clause 52 (Purchase Option, Call Option, Early Termination
Event and Transfer of Title), being the aggregate of:

		(a)	the then current Cost Balance;

		(b)	the Purchase Option Fee (if applicable);

		(c)	any Variable Hire due and payable, but unpaid, under this Charter up to (and including) any applicable
Purchase Option Date together with interest accrued thereon pursuant to paragraph (i) of Clause 40 (Hire) from the due date for
payment thereof to the date of actual payment;

		(d)	all other Unpaid Sums due and payable, together with interest accrued thereon pursuant to paragraph (i)
of Clause 40 (Hire) from the due date for payment thereof up to the date of actual payment;

		(e)	the Break Costs (if any);

		(f)	any reasonable and documented legal costs incurred by the Owners in respect of the Purchase Option;

		(g)	any other reasonable and documented costs, losses, liabilities and expenses incurred or suffered by the
Owners in connection with any Finance Document as a result of the Charterers' exercise of the Purchase Option; and

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		(h)	any other sums as the Owners may be entitled to under the terms of this Charter, including (but not limited
to) any payments referred to in paragraph (a) of Clause 17 (Indemnity) (Part II) and Clause 58 (Further indemnities).

"Purchase Price"
means such term as defined in the MOA.

"Registration Costs"
means any documented costs, expenses and taxes properly incurred by the Owners in respect of (i) the registration of title to the Vessel
with an Approved Flag in the Owners' name (including but not limited to any notarisation, apostillisation or legalisation costs required
by the relevant flag authorities); (ii) the maintenance of any such registration on or prior to the Actual Delivery Date and for the duration
of the Agreement Term; and (iii) (if applicable) any documented costs and expenses in connection with the maintenance of a local agent
and/or registration of the Owners as a foreign maritime entity (or similar) for purposes of the vessels registration.

"Relevant Jurisdiction"
means, in relation to an Obligor:

		(a)	its jurisdiction of incorporation or formation (as the case may be);

		(b)	any jurisdiction where any asset subject to or intended to be subject to a Security Document to be executed
by it is situated;

		(c)	any jurisdiction where it principally conducts its business; and

		(d)	the jurisdiction whose laws govern the perfection of any of the Security Documents entered into by it.

"Relevant Nominating
Body" means any applicable central bank, regulator or other supervisory authority or a group of them, or any working group or
committee sponsored or chaired by, or constituted at the request of, any of them or the Financial Stability Board.

"Replacement Benchmark"
means a benchmark rate which is:

		(a)	formally designated, nominated or recommended as the replacement for the Screen Rate by:

		(i)	the administrator of the Screen Rate (provided that the market or economic reality that such benchmark
rate measures is the same as that measured by the Screen Rate); or

		(ii)	any Relevant Nominating Body,

and if replacements have, at the
relevant time, been formally designated, nominated or recommended under both paragraphs, the "Replacement Benchmark" will be
the replacement under paragraph (ii) above;

		(b)	in the opinion of the Owners (acting reasonably), generally accepted in the international or any relevant
domestic syndicated loan markets as the appropriate successor to the Screen Rate; or

		(c)	in the opinion of the Owners (acting reasonably), an appropriate successor to the Screen Rate.

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"Requisition Compensation"
means all compensation or other money which may from time to time be payable to the Charterers as a result of the Vessel being requisitioned
for title or in any other way compulsorily acquired (other than by way of requisition for hire).

"Restricted Countries"
means those countries subject to country-wide or territory-wide Sanctions and/or trade embargoes, in particular but not limited to
pursuant to the U.S.'s Office of Foreign Asset Control of the U.S. Department of Treasury ("OFAC") including at the date
of this Charter, but without limitation, Iran, North Korea and Syria and any additional countries based on respective country-wide or
territory-wide Sanctions being imposed by OFAC or any of the regulative bodies referred to in the definition of Restricted Party.

"Restricted Party"
means a person or entity or any other parties (i) located, domiciled, resident or incorporated in Restricted Countries, and/or (ii) subject
to any sanction administrated by the United Nations, the European Union, Switzerland, the United States and the OFAC, the United Kingdom,
Her Majesty's Treasury ("HMT") and the Foreign and Commonwealth Office of the United Kingdom, the People's Republic of
China and/or (iii) owned or controlled by or affiliated with persons, entities or any other parties as referred to in (i) and (ii).

"Sanctions"
means any sanctions, embargoes, freezing provisions, prohibitions or other restrictions relating to trading, doing business, investment,
exporting, financing or making assets available (or other activities similar to or connected with any of the foregoing) imposed by law
or regulation of the United Nations, United Kingdom, the United States of America (including, without limitation, CISADA and OFAC), the
People's Republic of China, the Council of the European Union or the jurisdiction of incorporation of the Owners and the Charterers.

"Screen Rate"
means the London interbank offered rate administered by ICE Benchmark Administration Limited (or any other person which takes over the
administration of that rate) for US Dollars for the relevant period displayed on pages LIBOR01 or LIBOR02 of the Thomson Reuters screen
(or any replacement Thomson Reuters page which displays that rate) or on the appropriate page of such other information service which
publishes that rate from time to time in place of Thomson Reuters. If such page or service ceases to be available, the Owners may specify
another page or service displaying the relevant rate after consultation with the Charterers.

"Screen Rate Replacement
Event" means, in relation to the Screen Rate that:

		(a)	the methodology, formula or other means of determining the Screen Rate has, in the opinion of the Owners
and the Charterers, materially changed; or

		(b)	any of the following applies:

		(i)	either:

		(A)	the administrator of the Screen Rate or its supervisor publicly announces that such administrator is insolvent;
or

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		(B)	information is published in any order, decree, notice, petition or filing, however described, of or filed
with a court, tribunal, exchange, regulatory authority or similar administrative, regulatory or judicial body which reasonably confirms
that the administrator of the Screen Rate is insolvent,

provided that, in each case,
at that time, there is no successor administrator to continue to provide the Screen Rate;

		(ii)	the administrator of the Screen Rate publicly announces that it has ceased or will cease to provide the
Screen Rate permanently or indefinitely and, at that time, there is no successor administrator to continue to provide the Screen Rate;

		(iii)	the supervisor of the administrator of the Screen Rate publicly announces that the Screen Rate has been
or will be permanently or indefinitely discontinued;

		(iv)	the administrator of the Screen Rate or its supervisor announces that the Screen Rate may no longer be
used; or

		(v)	in the case of a Screen Rate for LIBOR, the supervisor of the administrator of that Screen Rate makes
a public announcement or publishes information:

		(A)	stating that that Screen Rate is no longer or, as of a specified future date will no longer be, representative
of the underlying market or economic reality that it is intended to measure and that representativeness will not be restored (as determined
by such supervisor); and

		(B)	with awareness that any such announcement or publication will engage certain triggers for fallback provisions
in contracts which may be activated by any such pre-cessation announcement or publication.

		(c)	the administrator of that Screen Rate determines that the Screen Rate should be calculated in accordance
with its reduced submissions or other contingency or fallback policies or arrangements and either:

		(i)	the circumstance(s) or events leading to such determination are not (in the opinion of the Owners) temporary;
or

		(ii)	the Screen Rate is calculated in accordance with any such policy or arrangement for a period no less than
three months; or

		(d)	in the opinion of the Owners, the Screen Rate is otherwise no longer appropriate for the purposes of calculating
the Variable Hire under this Charter.

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"Security Assets"
means all of the assets of the Obligors which from time to time are, or are expressed to be, the subject of the Security Interests created
or evidenced or expressed to be created or evidenced under the Security Documents.

"Security Documents"
means, in relation to the Vessel, collectively the following:

		(a)	the Account Pledge;

		(b)	the Charter Guarantee;

		(c)	the Charterers' Assignment;

		(d)	the Share Pledge;

		(e)	the Managers’ Undertakings;

		(f)	any "Security Document" (as defined under any Collateral Charter); and

		(g)	any other document that may at any time be executed by any person creating, evidencing or perfecting any
Security Interest to secure all or part of the Obligors' obligations under or in connection with the Transaction Documents,

and "Security Document"
means any one of them.

"Security Interest"
means a mortgage, charge (whether fixed or floating), pledge, lien, hypothecation, assignment, trust arrangement, title retention or other
security interest or arrangement of any kind whatsoever.

"Security Trust Deed"
means the deed executed or to be executed on or around the date hereof by the Security Trustee, the Owners, the Charterers, the Collateral
Owners, the Collateral Charterers and the Charter Guarantor.

"Security Trustee"
means Sea 251 Leasing Co. Limited, a company incorporated according to the laws of Hong Kong whose registered address is at 27/F Three
Exchange Square 8, Connaught Place, Central, Hong Kong.

"Settlement Date"
means, following a Total Loss of the Vessel, the earliest of:

		(a)	the date which falls one hundred and twenty (120) days after the date of occurrence of the Total Loss
or, if such date is not a Business Day, the immediately preceding Business Day;

		(b)	the date on which the Owners receive the Total Loss Proceeds in respect of the Total Loss; and

		(c)	the last day of the Charter Period.

"Share Pledge"
means a charge over the entire issued share capital of the Charterers made or to be made by the Chargor in favour of the Security Trustee.

"Shareholder Loans"
means any loans provided by any member of the Group to the Charterers from time to time.

"Side Agreement"
means the agreement relating to the Initial MOA dated 15 June 2021 entered into between the Initial Sub-Charterers and the Charterers.

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"Sub-Charter"
means (as the context may require):

		(a)	the Initial Sub-Charter;

		(b)	any Approved Charter; or

		(c)	such other sub-charter or contract of employment in respect of the Vessel entered or to be entered into
between the Charterers as disponent owners and any sub-charterer.

"Sub-Charter Guarantor"
means any party who enters into a guarantee of any other Sub-Charterer's obligations pursuant to any other Sub-Charter.

"Sub-Charter Guarantees"
means any guarantees entered into by any Sub-Charter Guarantor pursuant to any other Sub-Charter.

"Sub-Charter Termination
Event" means in respect of any Sub-Charter, any event entitling any party to a Sub-Charter to terminate, cancel or suspend that
Sub-Charter under the terms thereof or at law.

"Sub-Charterers"
means:

		(a)	in respect of the Initial Sub-Charter, the Initial Sub-Charterers; or

		(b)	in respect of any other Sub-Charter, such sub-charterers which are or will be parties to the relevant
Sub-Charter.

"Subsidiary"
means, in relation to any company or corporation, a company or corporation:

		(a)	which is controlled, directly or indirectly, by the first mentioned company or corporation;

		(b)	more than half the issued equity share capital of which is beneficially owned, directly or indirectly,
by the first mentioned company or corporation; or

		(c)	which is a Subsidiary of another Subsidiary of the first mentioned company or corporation,

and for this purpose, a company
or corporation shall be treated as being "controlled" by another if that other company or corporation is able to direct its
affairs and/or to control the composition of its board of directors or equivalent body.

"Swap Losses"
means the amount (if any) in Dollars payable by the Owners to their counterparty under any interest rate swap arrangement entered into
by the Owners in connection with the hedging of their interest rate swap exposure in respect of the financing or refinancing of the Owners'
Cost, in relation to an unwinding of the whole or part of any interest rate swap transaction entered between the Owners and such counterparty
under such interest rate swap arrangement(s), in each cases, determined on a "mark-to-market" basis.

"Tax" or "tax"
means any present and future tax (including, without limitation, value added tax, consumption tax or any other tax in respect of added
value or any income), levy, impost, duty or other charge or withholding of any nature (including any penalty

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or interest payable in connection
with any failure to pay or any delay in paying any of the same); and "Taxes", "taxes", "Taxation"
and "taxation" shall be construed accordingly.

"Technical Management
Agreement" means the technical management agreement entered or to be entered into (as the context so requires) between the Approved
Technical Manager and the Charterers.

"Termination"
means the termination at any time of the chartering of the Vessel under this Charter.

"Termination Event"
means each of the events specified in paragraph (a) of Clause 49 (Termination Events).

"Termination Notice"
has the meaning given to such term in paragraph (k) of Clause 40 (Hire) and paragraph (c) of Clause 49 (Termination Events).

"Termination Payment
Date" means:

		(a)	in respect of a termination of this Charter in accordance with paragraph (k) of Clause 40 (Hire),
the date specified in the Termination Notice served on the Charterers pursuant to that Clause;

		(b)	in respect of a Default Termination, the date specified in the Termination Notice served on the Charterers
pursuant to paragraph (c) of Clause 49 (Termination Events) in respect of such Default Termination;

		(c)	in respect of a Total Loss Termination, the Settlement Date in respect of the Total Loss which gives rise
to such Total Loss Termination; and

		(d)	in respect of a termination of this Charter in accordance with Clause 52(d) (Purchase Option, Call
Option, Early Termination Event and Transfer of Title), the date specified in the notice issued by the Owners to the Charterers pursuant
to Clause 52(d).

"Termination Sum"
means an amount representing the Owners' losses as a result of a Termination prior to the expiry of the Charter Period (other than pursuant
to Clause 40(k) (Hire) or by virtue of the Charterers exercising the Purchase Option, Call Option in accordance with Clause 52
(Purchase Option, Call Option, Early Termination Event and Transfer of Title)), which both parties acknowledge as a genuine and
reasonable pre-estimate of the Owners' losses in the event of such Termination and shall consist of the following:

		(a)	an amount equivalent to one hundred and two per cent. (102%) of the Cost Balance applicable as at the
Hire Payment Date immediately preceding the Termination Payment Date;

		(b)	any Hire due and payable, but unpaid, under this Charter up to (and including) the relevant Termination
Payment Date together with interest accrued thereon pursuant to paragraph (i) of Clause 40 (Hire) from the due date for payment
thereof to the date of actual payment;

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		(c)	all other Unpaid Sums due and payable, together with interest accrued thereon pursuant to paragraph (i)
of Clause 40 (Hire) from the due date for payment thereof up to the date of actual payment;

		(d)	Break Costs and Swap Losses (if any);

		(e)	any and all direct documented costs, losses, liabilities and expenses incurred or suffered by the Owners
as a result of the early termination of this Charter including but not limited to any legal costs, any agency or broker fees incurred
in re-charter or otherwise disposal of the Vessel;

		(f)	any other documented costs, losses, liabilities and expenses incurred or suffered by the Owners in connection
with any Finance Document as a result of the Termination;

		(g)	any other sums as the Owners may be entitled to under the terms of this Charter, including (but not limited
to) any payments referred to in paragraph (a) of Clause 17 (Indemnity) (Part II) and Clause 58 (Further indemnities); and

		(h)	if the Vessel is required to be redelivered to the Owners pursuant to Clause 42 (Redelivery), all
liabilities, documented costs and expenses so incurred in recovering possession of, and in repositioning, berthing, insuring and maintaining
the Vessel for carrying out any works or modifications required to cause the Vessel to conform with the provisions of Clauses 42 (Redelivery)
and 43 (Redelivery conditions),

for the avoidance of doubt,
there shall be no double-counting as between any sums as listed in paragraphs (a) to (h) above.

"Third Parties Act"
means the Contracts (Rights of Third Parties) Act 1999.

"Title Transfer PDA"
means the protocol of delivery and acceptance in relation to the Vessel to be executed between the Owners and the Charterers, substantially
in the form of Schedule 2 (Form of Title Transfer Protocol of Delivery and Acceptance) hereto.

"Threshold Amount"
means one million Dollars (US$1,000,000) or the equivalent in any other currency.

"Total Loss"
means during the Charter Period:

		(a)	actual or constructive or compromised or agreed or arranged total loss of the Vessel;

		(b)	the requisition for title or compulsory acquisition of the Vessel by any government or other competent
authority (other than by way of requisition for hire);

		(c)	the capture, seizure, arrest, detention, hijacking, theft, condemnation as prize, confiscation or forfeiture
of the Vessel (not falling within paragraph (b) of this definition), unless the Vessel is released and returned to the possession of the
Owners or the Charterers within sixty (60) days after the capture,

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seizure, arrest, detention,
hijacking, theft, condemnation as prize, confiscation or forfeiture in question,

and for the purpose of this
Charter, (i) an actual Total Loss of the Vessel shall be deemed to have occurred at the date and time when the Vessel was lost but if
the date of the loss is unknown the actual Total Loss shall be deemed to have occurred on the date on which the Vessel was last reported,
(ii) a constructive Total Loss shall be deemed to have occurred at the date and time at which a notice of abandonment of the Vessel is
given to the insurers of the Vessel and (iii) a compromised, agreed or arranged Total Loss shall be deemed to have occurred on the date
of the relevant compromise, agreement or arrangement.

"Total Loss Proceeds"
means the proceeds of the Insurances or any other compensation of any description in respect of a Total Loss unconditionally received
by or on behalf of the Owners in respect of a Total Loss.

"Total Loss Termination"
means a termination of the Charter Period pursuant to the provisions of paragraph (a) of Clause 53 (Total Loss).

"Transaction Documents"
means, together, this Charter, the MOA, the Security Trust Deed, the Security Documents, the Initial Sub-Charter and any other Sub-Charters,
any Sub-Charter Guarantees, the Maersk QEL, any Management Agreement, any Compliance Certificate, the "Transaction Documents"
(as defined under any Collateral Charter) and such other documents as may be designated as such by the Owners from time to time.

"Treasury Transactions"
means any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price.

"Unpaid Sum"
means any sum due and payable but unpaid by any Obligor under the Transaction Documents.

"US Dollars",
"Dollars", "USD", "US$" and "$" each means available and freely transferable
and convertible funds in lawful currency of the United States of America.

"US Tax Obligor"
means:

		(a)	an obligor which is resident for tax purposes in the United States of America; or

		(b)	an obligor some or all of whose payments under the Transaction Documents to which it is a party are from
sources within the United States for US federal income tax purposes.

"Variable Hire"
has the meaning given to such term in Clause 40(a)(iii) (Hire).

"Variable Hire Determination
Date" means, in relation to a Hire Period, the date falling two (2) Business Days prior to such Hire Period.

"Valuation Date"
means the Actual Delivery Date or such date as required by the Owners throughout the Agreement Term, provided that prior to the occurrence
of a Potential Termination Event or Termination Event which, in each case, is continuing,

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no more than one Valuation Date
shall occur during each six-month period commencing from the Actual Delivery Date in accordance with Clause 74(b)(i).

"Valuation Report"
means, in relation to the Vessel, a valuation report addressed to the Owners from an Approved Broker on the basis of a "desk top"
charter-free sale for prompt delivery for cash at arm's length on normal commercial terms as between a willing seller and a willing buyer.

"Vessel" means
the 5,470 TEU container vessel named "Blandine" to be renamed "GSL Tripoli" as more particularly described in Boxes
5 (Vessel's name, call sign and flag) to 10 (Classification Society) of this Charter.

		33	Interpretations

		(a)	In this Charter, unless the context otherwise requires, any reference to:

		(i)	to this Charter include the Schedules hereto and references to Clauses and Schedules are, unless otherwise
specified, references to Clauses of and Schedules to this Charter and, in the case of a Schedule, to such Schedule as incorporated in
this Charter as substituted from time to time;

		(ii)	any statutory or other legislative provision shall be construed as including any statutory or legislative
modification or re-enactment thereof, or any substitution therefor;

		(iii)	the term "Vessel" includes any part of the Vessel;

		(iv)	the "Owners", the "Charterers", any "Obligor", any
"Sub-Charterers", the "Collateral Owners", the "Collateral Charterers" or any other
person include any of their respective successors, permitted assignees and permitted transferees;

		(v)	any agreement, instrument or document include such agreement, instrument or document as the same may from
time to time be amended, modified, supplemented, novated or substituted;

		(vi)	"assets" includes present and future properties, revenues and rights of every description;

		(vii)	the "equivalent" in one currency (the "first currency") as at any date
of an amount in another currency (the "second currency") shall be construed as a reference to the amount of the first
currency which could be purchased with such amount of the second currency at the spot rate of exchange quoted by the Owners at or about
11:00 a.m. two (2) business days (being a day other than a Saturday or Sunday on which banks and foreign exchange markets are generally
open for business in Shanghai) prior to such date for the purpose of the first currency with the second currency for delivery and value
on such date;

		(viii)	"guarantee" means any guarantee, letter of credit, bond, indemnity or similar assurance
against loss, or any obligation, direct or indirect,

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actual or contingent, to purchase
or assume any indebtedness of any person or to make an investment in or loan to any person or to purchase assets of any person where,
in each case, such obligation is assumed in order to maintain or assist the ability of such person to meet its indebtedness;

		(ix)	"hereof", "herein" and "hereunder" and other words
of similar import means this Charter as a whole (including the Schedules) and not any particular part hereof;

		(x)	"indebtedness" includes any obligation (whether incurred as principal or as surety) for
the payment or repayment of money, whether present or future, actual or contingent;

		(xi)	"law" includes common or customary law and any constitution, decree, judgment, legislation,
order, ordinance, regulation, rule, statute, treaty or other legislative measure in any jurisdiction or any present or future directive,
regulation, request or requirement, or official or judicial interpretation of any of the foregoing, in each case having the force of law
and, if not having the force of law, in respect of which compliance is generally customary;

		(xii)	the word "person" or "persons" or to words importing persons include,
without limitation, any state, divisions of a state, government, individuals, firms, association, trust, consortiums, partnerships, companies,
corporations, ventures, government agencies, committees, departments, authorities and other bodies, corporate or unincorporated, whether
having distinct legal personality or not;

		(xiii)	a "regulation" includes any regulation, rule, official directive, request or guideline
(whether or not having the force of law) of any governmental, intergovernmental or supranational body, agency, department or of any regulatory,
self-regulatory or other authority or organisation;

		(xiv)	the "winding-up", "dissolution", "administration",
"liquidation", "insolvency", "reorganisation", "readjustment of debt",
"suspension of payments", "moratorium" or "bankruptcy" (and their derivatives and cognate
expressions) of any person shall each be construed so as to include the others and any equivalent or analogous proceedings or event under
the laws of any jurisdiction in which such person is incorporated or any jurisdiction in which such person carries on business;

		(xv)	"protection and indemnity risks" means the usual risks covered by a protection and indemnity
association which is a member of the International Group of P&I Club, including pollution risks and the proportion (if any) of any
sums payable to any other person or persons in case of collision which are not recoverable under the hull and machinery policies by reason
of the incorporation in them of clause 6 of the International Hull Clauses (1/11/02 or 1/11/03),

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clause 8 of the Institute Time
Clauses (Hull)(1/10/83) or clause 8 of the Institute Time Clauses (Hulls)(1/11/1995) or the Institute Amended Running Down Clause (1/10/71)
or any equivalent provision;

		(xvi)	a Potential Termination Event is "continuing" if it has not been remedied or waived and
a Termination Event is "continuing" if it has not been waived; and

		(xvii)	words denoting the plural number include the singular and vice versa.

		(b)	Headings are for the purpose of reference only, have no legal or other significance, and shall be ignored
in the interpretation of this Charter.

		(c)	A time of day (unless otherwise specified) is a reference to Shanghai time.

		34	Background

		(a)	By a memorandum of agreement (the "MOA") of even date herewith made between the Owners
(as buyers thereunder) and the Charterers (as sellers thereunder), the Owners have agreed to purchase and the Charterers have agreed to
sell the Vessel subject to the terms and conditions therein.

		(b)	Accordingly the parties hereby agree that this Charter is subject to the effective transfer of ownership
of the Vessel to the Owners pursuant to the MOA.

		(c)	If:

		(i)	the Vessel is not delivered under the MOA by the Cancellation Date (or such later date as the Owners and
Charterers may agree); or

		(ii)	it becomes unlawful for the Owners (as buyers) to perform or comply with any or all of their obligations
under the MOA or any of the obligations of the Owners under the MOA is not or ceases to be legal, valid, binding and enforceable; or

		(iii)	the Vessel is not delivered and accepted for service under the Initial Sub-Charter on the Actual Delivery
Date;

		(iv)	the MOA expires, is cancelled, terminated, rescinded or suspended or otherwise ceases to remain in full
force and effect for any reason; or

		(v)	if on or prior to the Actual Delivery Date, any of the Initial MOA or the Initial Sub-Charter expires,
is cancelled, terminated, rescinded or suspended or otherwise ceases to remain in full force and effect for any reason,

neither party shall be liable to the
other for any claim arising out of this Charter and this Charter shall immediately terminate and be cancelled (with the exception of Clause
17 (Indemnity) (Part II) and Clause 58 (Further indemnities) and any other indemnities specified any other Transaction

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Document, and, provided that
the Owners shall be entitled to retain all fees paid by the Charterers pursuant to the Transaction Documents (and if such fees have not
been paid, the Charterers shall forthwith pay such fees to the Owners) and such payment shall not be construed as a penalty but shall
represent an agreed estimate of the loss and damage suffered by the Owners in entering into this Charter and shall therefore be paid as
compensation to the Owners.

		35	Delivery

		(a)	The obligation of the Owners to charter the Vessel to the Charterers pursuant to this Charter shall be
subject to the following conditions:

		(i)	delivery of the Vessels by the Charterers to the Owners pursuant to the terms of the MOA;

		(ii)	the Owners obtaining full title to the Vessel pursuant to the terms of the MOA;

		(iii)	no Termination Event or Potential Termination Event having occurred which is continuing on or prior to
the date of this Charter or the Actual Delivery Date;

		(iv)	the representations and warranties referred to in Clause 47 (Charterers' representations and warranties)
being true and correct on the date of this Charter and the Actual Delivery Date;

		(v)	the Actual Delivery Date falling on or before the Cancellation Date (or such later date as may be agreed
between the Owners (as buyer under the MOA) and the Charterers (as seller under the MOA)); and

		(vi)	the Owners having received, or being satisfied that they will receive, the documents and evidence referred
to in Clause 36 (Conditions precedent), in each case in all respects in form and substance satisfactory to it on or before the
Actual Delivery Date.

		(b)	Provided that the conditions referred to in paragraph (a) above have been fulfilled or waived to the satisfaction
of the Owners (which shall be evidenced in writing by the Owners), the Owners and the Charterers agree that:

		(i)	the Charterers shall, at their own expense, upon the Actual Delivery Date arrange for the Vessel to be
registered under an Approved Flag in the name of the Owners as legal owner;

		(ii)	the Charterers shall take delivery of the Vessel from the Owners under this Charter (such delivery to
be conclusively evidenced by a duly executed PDA) simultaneously with the acceptance of delivery of the Vessel by the Owners from the
Charterers pursuant to the MOA;

		(iii)	the Charterers will accept the Vessel:

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		(A)	on an "as is where is" basis in exactly the same form and state as the Vessel is delivered by
the Charterers to the Owners pursuant to the MOA;

		(B)	in such form and state with any faults, deficiencies and errors of description; and

		(C)	for the avoidance of doubt, no underwater inspection shall be performed at the time of commencement of
this Charter on the basis that any repairs required at the next scheduled dry-docking are the responsibility of the Charterers; and

		(iv)	the Charterers shall have no right to refuse acceptance of delivery of the Vessel into this Charter if
the Vessel is delivered to the Owners pursuant to the MOA and, notwithstanding and without prejudice to the foregoing, the Owners and
the Charterers nonetheless agree to enter into and execute the PDA on delivery of the Vessel under this Charter.

		(c)	The Charterers acknowledge and agree that the Owners are not the manufacturer or original supplier of
the Vessel which has been purchased by the Owners pursuant to the MOA, and have therefore made no representations or warranties in respect
of the Vessel or any part thereof hereby waive all their rights in respect of any warranty or condition implied (whether statutory or
otherwise) on the part of the Owners and all claims against the Owners howsoever the same might arise at any time in respect of the Vessel,
or arising out of the construction, operation or performance of the Vessel and the chartering thereof under this Charter (including, without
limitation, in respect of the seaworthiness or otherwise of the Vessel).

		(d)	In particular, and without prejudice to the generality of paragraph (c) above, the Owners shall be under
no liability whatsoever, howsoever arising, in respect of the injury, death, loss, damage or delay of or to or in connection with the
Vessel or any person or property whatsoever, whether onboard the Vessel or elsewhere, and irrespective of whether such injury, death,
loss, damage or delay shall arise from the unseaworthiness of the Vessel. For the purpose of this paragraph (d), "delay"
shall include delay to the Vessel (whether in respect of delivery under this Charter or thereafter and any other delay whatsoever).

		36	Conditions precedent and conditions subsequent

		(a)	The Owners' agreement to perform its obligations under this Charter is subject to and conditional upon
the Owners' receipt of the following documents and evidence (in each case in form and substance acceptable to the Owners) before the Pre-positioning
Date:

		(i)	each of the following:

		(A)	the duly executed Charter, MOA, Charter Guarantee, Account Pledge, Share Pledge, the Security Trust Deed,
together with all dated notices of charge or documents

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required by any of them (but
excluding for the avoidance of doubt, the acknowledgement to the notice of charge under the Account Pledge and the original share certificates);
and

		(B)	the duly executed but undated Charterers' Assignment and Manager's Undertakings together with all documents
required under any of them but left undated, including, without limitation, all notices of assignment (other than any acknowledgements
of notices of assignment) together with written consents of the parties to the above-mentioned documents to release and date such documents
on the Actual Delivery Date;

		(ii)	copies of the constitution or memorandum and articles of association or bylaws (or equivalent documents)
(and all amendments thereto) of each Obligor and any documents required to be filed or registered or issued under the laws of their jurisdiction
of incorporation to establish their incorporation;

		(iii)	copies of written resolutions or (as the case may be) resolutions passed at separate meetings, in each
case, of the board of directors of each Obligor, in each case evidencing their approval of the Transaction Documents and authorising appropriate
officers or attorneys to execute the same and to sign all notices required to be given hereunder or thereunder on their behalf or other
evidence of such approvals and authorisations as shall be acceptable to the Owners;

		(iv)	if applicable, the original power of attorney of each Obligor under which any document (including the
Transaction Documents) are to be executed or transactions undertaken by them;

		(v)	a specimen of the signature or copy of the passport of each person actually executing any of the Transaction
Documents pursuant to the resolutions referred to in paragraph (iii) above;

		(vi)	a certificate of a duly authorised officer of each of the Obligors:

		(A)	certifying that each copy document relating to it specified in this paragraph (a) is correct, complete
and in full force and effect;

		(B)	in relation to the Charterers and the Charter Guarantor, setting out the names of the directors, officers
and shareholders of that person and the proportion of shares held by each shareholder; and

		(C)	confirming that entry into the Transaction Documents to which it is a party or guaranteeing or securing,
as appropriate, this Charter would not cause any borrowing, guarantee, security or similar limit binding on that person to be exceeded.

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		(vii)	a copy of the following:

		(A)	the duly executed Initial MOA, the Deposit Agreement (as defined in the Initial MOA) and the Side Agreement;

		(B)	the duly executed Management Agreement;

		(C)	the Approved Manager's current Document of Compliance (as such term is defined pursuant to the ISM Code);
and

		(D)	the duly executed Initial Sub-Charter,

in each case together with all
addenda, amendments or supplements;

		(viii)	the Initial Sub-Charterers written consent of the Charterers' entry into the sale of the Vessel by the
Charterers to the Owners under the terms of the MOA (in a form satisfactory to the Owners) pursuant to Clause 59 of the Initial Sub-Charter;

		(ix)	evidence that:

		(A)	all the conditions precedent under clause 24 (Conditions Precedent) of the MOA have been, or, in
the Owners' opinion, will be satisfied on the Actual Delivery Date;

		(B)	on or immediately after the Actual Delivery Date, the Vessel will be registered in the name of the Owners
as legal owner with the Approved Flag;

		(C)	the written approval of the Insurances by an insurance advisor appointed by the Owners in form satisfactory
to the Owners; and

		(D)	the letters of undertaking will be issued to the Owners (as assignee pursuant to the Charterers' Assignment
and Manager's Undertakings) in form acceptable to the Owners as in the industry-standard form by the brokers through whom the Insurances
are placed;

		(x)	(i) an e-mail confirmation from the Account Bank (if not possible, any other evidence) that the Operating
Account has been activated by the Account Bank and is in operation; (ii) evidence that an amount no less than the Minimum Cash Balance
has been remitted to the Operating Account and (iii) the evidence that the Charterers have notified the Initial Sub-Charterers and the
Initial Sub-Charterers have acknowledged (by e-mail) that the Earnings under the Initial Sub-Charter shall be remitted to the Operating
Account;

		(xi)	such documentation and other evidence as is reasonably requested by the Owners in order for the Owners
to comply with all necessary "know your customer" or similar identification procedures in relation to the transactions contemplated
in the Transaction Documents;

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		(xii)	a legal opinion of the legal advisers to the Owners in form satisfactory to the Owners:

		(A)	England;

		(B)	Marshall Islands;

		(C)	Netherlands; and

		(D)	Liberia,

		(xiii)	a copy of the Original Financial Statements;

		(xiv)	a certificate of good standing (or equivalent) of each Obligor; and

		(xv)	such other consent, licence, approval, authorisation or other document, opinion or assurance which is
necessary in connection with their entry into and performance of the transactions contemplated by any of the Transaction Documents or
for the validity and enforceability thereof.

		(b)	The Charterers undertake to deliver or to cause to be delivered to the Owners:

		(i)	on the Actual Delivery Date, the following:

		(A)	a Provisional Certificate of Registry and Certificate of Ownership and Encumbrances evidencing that the
Vessel is at least provisionally registered under the laws and flag of the Approved Flag in the ownership of the Owners and that the Vessel
is free from registered encumbrances and mortgages;

		(B)	the duly executed and dated Charterers' Assignment and Manager's Undertakings, together with all documents
required by any of them including, without limitation, all notices of assignment (save for those referred to at Clause 36(b)(iii));

		(C)	a copy of the following:

		(1)	the Vessel's current Safety Management Certificate (as such term is defined pursuant to the ISM Code)
issued in the name of the Charterers;

		(2)	the Vessel's current ISSC issued in the name of the Charterers;

		(3)	the Vessel's current IAPPC;

		(4)	delivery notice tendered by the master of the Vessel to the Initial Sub-Charter evidencing that the Vessel
is in service under the Initial Sub-Charter or will be in service under the Initial Sub-Charter from the Actual Delivery Date,

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in each case together with all addenda,
amendments or supplements;

		(D)	written confirmation by the Charterers satisfactory to the Owners that the Charterers have not exercised
the option under the Side Agreement to cancel the Initial Sub-Charter and the Vessel will be delivered into the Initial Sub-Charter on
the Actual Delivery Date; and

		(E)	evidence that the Vessel is insured in the manner required by the Transaction Documents.

		(ii)	within ten (10) Business Days from the Actual Delivery Date, the original share certificate(s) of the
Charterers issued in the Chargor's name

		(iii)	within ten (10) Business Days from the Actual Delivery Date:

		(A)	the dated acknowledgement in respect of the notice of charge served pursuant to the Account Pledge;

		(B)	the dated insurance report in the form agreed under Clause 36(a)(ix)(C);

		(C)	the dated letters of undertaking in the forms agreed under Clause 36(a)(ix)(D);

		(D)	(using reasonable endeavours) the duly executed Maersk QEL; and

		(E)	(using reasonable endeavours) the dated acknowledgement from the Initial Sub-Charterers in respect of
the notice of assignment of the Initial Sub-Charter pursuant to the Charterers' Assignment,

		(iv)	within twenty (20) Business Days from the Actual Delivery Date, the dated legal opinions in the forms
agreed under Clause 36(a)(xii);

		(v)	within three (3) months from the Actual Delivery Date, an inventory of the Vessel's major spare parts
for the Main Engine, Diesel Generators and E.R. Auxiliary Machinery on board the Vessel; and

		(vi)	if the Vessel will only be provisionally registered on the Actual Delivery Date, within six (6) months
from the Actual Delivery Date, the Certificate of Registry issued by the Approved Flag evidencing that the Owners are the owners of the
Vessel and that the Vessel is free from registered encumbrances and mortgages.

		(c)	If the Owners in their sole discretion agree to deliver the Vessel under this Charter to the Charterers
before all of the documents and evidence required under paragraph (a) and (b)(i) of this Clause 36 (Conditions precedent and conditions
subsequent) have been delivered to or to the order of the Owners, the Charterers undertake to deliver all outstanding documents and
evidence

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to or to the order of the Owners
no later than ten (10) Business Days after the Actual Delivery Date or such other date as specified by the Owners, acting in their sole
discretion. The delivery of the Vessel by the Owners to the Charterers under this Charter shall not, unless otherwise notified by the
Owners (acting in their sole discretion) to the Charterers in writing, be taken as a waiver of the Owners' right to require production
of all the documents and evidenced required by this Clause 36 (Conditions precedent and subsequent).

		37	Bunkers and luboils

		(a)	At delivery the Charterers shall take over all bunkers, lubricating oil, water and unbroached provisions
in the Vessel without cost assuming that these have remained the property of the Charterers (as sellers) under the MOA.

		(b)	At redelivery the Owners shall take over and pay for all bunkers, unused lubricating oil, water and unbroached
provisions and other consumable stores in the said Vessel without cost to the Owners.

		38	Further maintenance and operation

		(a)	The good commercial maintenance practice under Clause 10 (Maintenance and Operation) (Part II)
of this Charter shall be deemed to include:

		(i)	the maintenance and operation of the Vessel by the Charterers in accordance with:

		(A)	the relevant regulations and requirements of the Classification Society;

		(B)	the relevant regulations and requirements of the country and flag of the Vessel's registry;

		(C)	any applicable IMO regulations (including but not limited to the ISM Code, the ISPS Code, IMO Ballast
Water Management (BWM) Convention and MARPOL;

		(D)	all other applicable regulations, requirements and recommendations; and

		(E)	the Charterers' operations and maintenance manuals;

		(ii)	the maintenance and operation of the Vessel by the Charterers taking into account:

		(A)	engine manufacturers' recommended maintenance and service schedules;

		(B)	builder's operations and maintenance manuals; and

		(iii)	recommended maintenance and service schedules of all installed equipment and pipework.

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		(b)	In addition to the above, the Charterers covenant with the Owners at all times during the Charter Period:

		(i)	to keep and maintain the Vessel in a condition entitling the Vessel to the highest class applicable to
vessels of her type with the Classification Society free of overdue recommendations, qualifications and conditions;

		(ii)	to keep and maintain the Vessel with the Classification Society and shall not, without the Owners' prior
written consent (not to be unreasonably withheld), change the Classification Society of the Vessel;

		(iii)	to install and maintain an auditable computerised planned maintenance system on board. On redelivery the
full planned maintenance history and forthcoming work schedule to be retained on board;

		(iv)	to maintain on board an auditable record of any software upgrades that take place on all equipment. This
record is to be available to the Owners following their reasonable request and becomes the property, together with the latest installed
software of the Owners at redelivery; and

		(v)	to arrange online access to class records for the Owners as available to the Charterers.

		(c)	Any equipment that is found not to be required on board as a result of regulation or operational experience
is either to be removed at the Charterers expense or to be maintained in operable condition.

		(d)	The title to any equipment placed on board as a result of operational requirements of the Charterers shall
automatically be deemed to belong to the Owners immediately upon such placement, and such equipment may only be removed: (i) with the
Owners' prior written consent (not to be unreasonably withheld and unless the removal is routine (such being determined by reference to
the Vessel's normal operations and class and flag requirements) or in respect of equipment which is no longer needed or obsolete), (ii)
at the Charterers' own expense, and (iii) without damage to the Vessel.

		(e)	The Charterers shall, from time to time on request of the Owners (acting reasonably), produce to the Owners
written evidence satisfactory to the Owners confirming that the master and crew of the Vessel have no claims for wages beyond the ordinary
arrears and that the master has no claim for disbursements other than those properly incurred by him in the ordinary course of trading
of the Vessel on the voyage then in progress.

		(f)	The Charterers shall provide to the Owners from time to time during the Agreement Term on request:

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		(i)	such information as the Owners may reasonably require with regard to the Vessel, the Vessel's employment
(including but not limited to records of the Vessel's itinerary), position and state of repair;

		(ii)	copies of all charterparties and other contracts of employment relating to the Vessel together with any
information relating to the performance of any party’s obligations under any Sub-Charter; and

		(iii)	copies of the Vessel's deck and engine logs.

		(g)	The Charterers shall take all reasonable precautions to prevent any infringements of any anti-drug legislation
in any jurisdiction in which the Vessel shall trade and in particular (if the Vessel is to trade in the United States of America) to take
all reasonable precautions to prevent any infringements of the Anti-Drug Abuse Act of 1986 of the United States of America.

		(h)	The Charterers shall comply, or procure that the operator of the Vessel will comply, with the ISM Code
or any replacement of the ISM Code and shall in particular, without limitation:

		(i)	procure that the Vessel is and remains for the duration of the Agreement Term subject to a safety management
system developed and implemented in accordance with the ISM Code; and

		(ii)	maintain for the Vessel throughout the Agreement Term a valid and current Safety Management Certificate
(as defined in the ISM Code) and provide a copy to the Owners; and

		(iii)	procure that the ISM Company maintains throughout the Charter Period a valid and current Document of Compliance
(as defined in the ISM Code) and provide a copy to the Owners.

		(i)	The Charterers shall comply, in relation to the Vessel, with the ISPS Code or any replacement of the ISPS
Code and shall in particular, without limitation:

		(i)	procure that the Vessel and the company responsible for the Vessel's compliance with the ISPS Code comply
with the ISPS Code; and

		(ii)	maintain for the Vessel throughout the Agreement Term a valid and current ISSC and provide a copy to the
Owners.

		(j)	The Charterers shall, in respect of the Vessel, comply with Annex VI or any replacement of Annex VI and
shall in particular, without limitation:

		(i)	procure that the Vessel's master and crew are familiar with, and that the Vessel complies with, Annex
VI; and

		(ii)	maintain for the Vessel throughout the Agreement Term a valid and current IAPPC and provide a copy to
the Owners.

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		39	Structural changes and alterations

		(a)	The Charterers shall make no structural changes in the Vessel or changes in the machinery, engines, appurtenances
or spare parts thereof without in each instance first securing the Owners' written consent (not to be unreasonably withheld) thereto,
save for any structural changes (i) as a result of mandatory law or regulatory compliance in accordance with Clause 39(c) and (ii) to
improve the performance, operation or marketability of the Vessel in each case, at the Charterers' cost and for which written notice shall
be provided to the Owners upon such structural change.

		(b)	Upon the occurrence of any Termination Event which is continuing, if the Owners decide to retake possession
of the Vessel pursuant to paragraph (c) of Clause 49 (Termination Events), the Charterers shall at their expense restore the Vessel
to its former condition (fair wear and tear excepted) unless the changes made are carried out:

		(i)	with the prior written consent of the Owners (such consent not to be unreasonably withheld); or

		(ii)	to improve the performance, operation or marketability of the Vessel; or

		(iii)	as a result of mandatory law or a regulatory compliance.

		(c)	Any improvement, structural changes or new equipment becoming necessary for the continued operation of
the Vessel by reason of new class requirements or by compulsory legislation shall be undertaken by the Charterers and be for the Charterers'
account and the Charterers shall not have any right to recover from the Owners any part of the cost for such improvements, changes or
new equipment either during the Charter Period or at redelivery of the Vessel. The Charterers shall give written notice to the Owners
of any such improvement, structural changes or new equipment.

		(d)	Subject to Clause 10(f), the Charterers shall, at their own expenses, replace, renew or substitute such
machinery and equipment as shall be so damaged or worn so as to be fit for use and the title to any such replaced, renewed or substituted
machinery and equipment shall remain with the Owners.

		40	Hire

		(a)	In consideration of the Owners' agreement to charter the Vessel to the Charterers pursuant to the terms
hereof, the Charterers agree to pay to the Owners each of the following sums on the relevant dates as follows:

		(i)	on the Actual Delivery Date, an amount equal to the difference between the Purchase Price and the Owners'
Cost by way of advance hire (the "Advance Hire"), which shall neither bear any interest nor be refundable and which shall
be set-off against the Owners’ obligation (as buyers under the MOA) to pay the Purchase Price to the Charterers (as sellers under
the MOA);

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		(ii)	on each and every Hire Payment Date, pay to the Owners the Fixed Hire;

		(iii)	on each and every Hire Payment Date, pay to the Owners by way of variable hire (each a "Variable
Hire") then payable, calculated by multiplying (A) (in relation to the first Hire Payment Date) the Owners' Cost or (in relation
to any other Hire Payment Date) the Cost Balance immediately prior to the relevant Hire Payment Date by (B) the aggregate of the applicable
Margin and the Applicable Rate and (C) a fraction whose denominator is three hundred and sixty (360) and numerator is the number of days
which will elapse from the Actual Delivery Date (in respect of the first Hire Payment Date), or the immediately preceding Hire Payment
Date (in respect of any subsequent Hire Payment Date) (in each case including that day) until, in respect of the Hire Payment Date of
the final Hire Period during the Charter Period, the last day of such Hire Period (including that day), and, in respect of all other Hire
Payment Dates, that Hire Payment Date (not including that date); and

		(iv)	for the purpose of determining any Hire payment, Variable Hire shall accrue from and including the first
day of a Hire Period to the last day of such Hire Period.

		(b)	The Hire shall be paid in arrears on each Hire Payment Date (Shanghai time) (in respect of which time
is of the essence) with the first (1st) Hire Payment Date falling on the date three (3) months after the Actual Delivery Date.

		(c)	Any payment provided herein due on any day which is not a Business Day shall be payable on the immediately
preceding Business Day.

		(d)	All payments under this Charter shall be made to the account opened in the name of the Owners with such
bank as the Owners may choose, the details of which shall be notified by the Owners to the Charterers prior to the first Hire Payment
Date (or such other account as the Owners may notify the Charterers from time to time) for credit to the account of the Owners.

		(e)	Following delivery of the Vessel to, and acceptance by, the Charterers under this Charter, the Charterers'
obligation to pay Hire and any other amounts in accordance with this Clause 40 shall be absolute irrespective of any contingency whatsoever
including but not limited to:

		(i)	any set-off, counterclaim, recoupment, defence or other right which either party to this Charter may have
against the other;

		(ii)	any unavailability of the Vessel, for any reason, including but not limited to any action or inaction
by any Obligor or any Sub-Charterers, seaworthiness, condition, design, operation, merchantability or fitness for use or purpose of the
Vessel or any apparent or latent defects in the Vessel or its machinery and equipment or the ineligibility of the Vessel for any particular
use or trade or for registration of documentation under the laws of any relevant jurisdiction or lack of registration or the absence or

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withdrawal of any consent required
under the applicable law of any relevant jurisdiction for the ownership, chartering, use or operation of the Vessel or any damage to the
Vessel;

		(iii)	any lack or invalidity of title or any other defect in title, provided such lack or invalidity of title
or defect does not affect the quiet and peaceful use, possession and enjoyment of the Vessel;

		(iv)	any failure or delay on the part of either party to this Charter or any Obligor or any Sub-Charterer,
whether with or without fault on its part, in performing or complying with any of the terms, conditions or other provisions of this Charter
or any other Transaction Document;

		(v)	any insolvency, bankruptcy, reorganisation, arrangement, readjustment of debt, dissolution, administration,
liquidation or similar proceedings by or against the Owners, the Charterers, any Obligor, any Sub-Charterers, or any change in the constitution
of the Owners, the Charterers, any Obligor or any Sub-Charterers;

		(vi)	any invalidity or unenforceability or lack of due authorisation of or any defect in this Charter, any
Sub-Charter or any other Transaction Document; or

		(vii)	any other cause which would but for this provision have the effect of terminating or in any way affecting
the obligations of the Charterers hereunder,

it being the intention of the parties
that the provisions of this Clause 40, and the obligation of the Charterers to pay Hire and make any payments under this Charter, shall
(save as expressly provided in this Clause 40) survive any frustration and that, save as expressly provided in this Charter, no moneys
paid under this Charter by the Charterers to the Owners shall in any event or circumstance be repayable to the Charterers.

		(f)	All payments of Hire and all other Unpaid Sums to the Owners pursuant to this Charter and the other relevant
Transaction Documents shall be made in immediately available funds in US Dollars, free and clear of, and without deduction for or on account
of, any taxes, unless the Charterers are required by law or regulation to make any such payment of Hire subject to such taxes.

		(g)	In the event that the Charterers are required by any law or regulation to make any deduction or withholding
on account of any taxes which arise as a consequence of any payment due under this Charter, then:

		(i)	the Charterers shall notify the Owners promptly after they become aware of such requirement;

		(ii)	the Charterers shall remit the amount of such taxes to the appropriate taxation authority within five
(5) Business Days or any other shorter time period as required under any applicable law or regulation and in any event prior to the date
on which penalties attach thereto; and

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		(iii)	such payment shall be increased by such amount as may be necessary to ensure that the Owners receive a
net amount which, after deducting or withholding such taxes, is equal to the full amount which the Owners would have received had such
payment not been subject to such taxes.

		(h)	The Charterers shall promptly deliver to the Owners any receipts, certificates or other proof evidencing
the amounts, if any, paid or payable in respect of any such withholding or deduction and that any such taxes have been remitted to the
appropriate taxation authority within thirty (30) days after the expiry of any time limit within which such taxes must be so remitted
or, if earlier, the date on which such taxes are so remitted.

		(i)	If the Charterers fail to pay any amount payable by them to the Owners under a Transaction Document on
its due date, interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment)
at a rate which is one per cent. (1%) per annum higher than the aggregate of the Margin and the Applicable Rate which would have been
payable if the Unpaid Sum had, during the period of non-payment, constituted the Cost Balance for successive Hire Periods. Any interest
accruing under this paragraph (i) shall be immediately payable by the Charterers on demand by the Owners. Default interest (if unpaid)
arising on an Unpaid Sum will be compounded with the Unpaid Sum at the end of each Hire Period applicable to that Unpaid Sum but will
remain immediately due and payable.

		(j)	In the event that this Charter is terminated for whatever reason, the Charterers' obligation to pay Hire
and such other Unpaid Sum which (in each case) has accrued due before, and which remains unpaid, at the date of such termination shall
continue notwithstanding such termination.

		(k)	In the event that it becomes unlawful or it is prohibited for the Owners to charter the Vessel pursuant
to this Charter, then the Owners shall notify the Charterers of the relevant event and negotiate in good faith with the Charterers for
a period of thirty (30) days from the date of the receipt of the relevant notice by the Charterers to agree an alternative arrangement.
If such agreement is not reached within such thirty (30)-day period, the Charterers agree that, in such circumstances, the Owners shall
have the right to terminate this Charter by delivering to the Charterers a Termination Notice specifying a Termination Payment Date, whereupon
the Charterers shall be obliged to pay to the Owners the Termination Sum relative to the Termination Payment Date and comply with such
other terms and conditions as may be specified in such Termination Notice.

		(l)	The Charterers shall, within ten (10) Business Days of demand by the Owners, pay to the Owners any Break
Costs and any Swap Losses (where applicable).

		(m)	

		(i)	If a Screen Rate Replacement Event has occurred, any amendment or waiver which relates to:

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		(A)	providing for the use of a Replacement Benchmark in place of (or in addition to) the affected Screen Rate;
and

		(B)	any or all of the following:

		(1)	aligning any provision of any Transaction Document to the use of that Replacement Benchmark;

		(2)	enabling that Replacement Benchmark to be used for the calculation of Variable Hire under this Charter
(including, without limitation, any consequential changes required to enable that Replacement Benchmark to be used for the purposes of
this Charter);

		(3)	implementing market conventions applicable to that Replacement Benchmark;

		(4)	providing for appropriate fallback (and market disruption) provisions for that Replacement Benchmark;
or

		(5)	adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic
value from one Party to another as a result of the application of that Replacement Benchmark (and if any adjustment or method for calculating
any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body, the adjustment shall be determined
on the basis of that designation, nomination or recommendation),

may be made with the consent
of the Owners and the Charterers.

		(ii)	If, as at 30 September 2022 this Charter provides that the Variable Hire is to be determined by reference
to the Screen Rate for LIBOR:

		(A)	a Screen Rate Replacement Event shall be deemed to have occurred on that date in relation to the Screen
Rate; and

		(B)	the Owners and the Charterers shall enter into negotiations in good faith with a view to agreeing the
use of a Replacement Benchmark in place of that Screen Rate from and including a date no later than 31 December 2022.

		(n)	

		(i)	Subject to paragraph (iv) below, the Charterers shall promptly pay to the Owners, the amount of any Increased
Costs incurred by the Owners or any of its Affiliates as a result of:

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		(A)	the introduction of or any change in (or in the interpretation, administration or application of) any
law or regulation after the date of this Charter;

		(B)	compliance with any law or regulation made after the date of this Charter; or

		(C)	the implementation or application of, or compliance with Basel III or CRD IV or any law or regulation
that implements or applies Basel III or CRD IV made after the date of this Charter (whether such implementation, application or compliance
is by a government, regulator, the Owners or any of the Owners' Affiliates).

		(ii)	If the Owners intend to make a claim pursuant to paragraph (i) above, the Owners shall promptly notify
the Charterers of the event giving rise to the claim.

		(iii)	The Owners shall, as soon as practicable after a demand by the Charterers, provide a certificate confirming
the amount of the Increased Costs.

		(iv)	Paragraph (i) above does not apply to the extent any Increased Cost is:

		(A)	attributable to a FATCA Deduction required to be made by a Party;

		(B)	attributable to a wilful breach by the Owners or its Affiliates of any law or regulation.

		(v)	In this Clause 40(n):

"Basel III"
means:

		(A)	the agreements on capital requirements, a leverage ratio and liquidity standards contained in "Basel
III: A global regulatory framework for more resilient banks and banking systems", "Basel III: International framework for liquidity
risk measurement, standards and monitoring" and "Guidance for national authorities operating the countercyclical capital buffer"
published by the Basel Committee on Banking Supervision in December 2010, each as amended, supplemental or restated; and

		(B)	the rules for global systemically important banks contained in "Global systemically important banks:
assessment methodology and the additional loss absorbency requirement – Rules text" published by the Basel Committee on Banking
Supervision in November 2011, as amended, supplemented or restated; and

"CRD
IV" means EU CRD IV and UK CRD IV.

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"EU
CRD IV" means:

		(A)	Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential
requirements for credit institutions and investment firms and amending Regulation (EU) No 548/2012; and

		(B)	Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity
of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing
Directives 2006/48/EC and 2006/49/EC.

"UK CRD IV"
means:

		(A)	Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential
requirements for credit institutions and investment firms and amending Regulation (EU) No 548/2012 as it forms part of domestic law of
the United Kingdom by virtue of the 2018 Withdrawal Act;

		(B)	the law of the United Kingdom or any part of it, which immediately before IP Completion Day (as defined
in the 2020 Withdrawal Act) implemented Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to
the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC
and repealing Directives 2006/48/EC and 2006/49/EC and its implementing measures; and

		(C)	direct EU legislation (as defined in the 2018 Withdrawal Act), which immediately before IP Completion
Day (as defined in the 2020 Withdrawal Act) implemented EU CRD IV as it forms part of domestic law of the United Kingdom by virtue of
the 2018 Withdrawal Act.

		41	Insurance

		(a)	During the Agreement Term, the Charterers shall at their expense keep the Vessel insured against fire
and usual marine risks (including hull and machinery and excess risks), oil pollution liability risks, war and protection and indemnity
risks and any other risks against which it is compulsory to insure for the operation for the Vessel or in the Owners' reasonable opinion
common market practice to insure for the operation, trading, management and/or for safety purposes for the Vessel in such market (but
excludes loss of hire insurance) and on such terms as the Security Trustee and/or the Owners and the Finance Parties (if any) shall approve
in writing.

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		(b)	Such insurances shall be arranged by the Charterers to protect the interests of the Owners, the Security
Trustee, the Charterers and (if any) the Finance Parties, and the Charterers shall be at liberty to protect under such insurances the
interests of any managers (including the Approved Managers) they may appoint provided that any manager shall be an Approved Manager and
shall, on or prior to its appointment, execute a Manager's Undertaking (i) in such form as the Security Trustee and/or the Owners may
require and (ii) which shall include an assignment of the Approved Managers' interest under such insurances, in favour of the Security
Trustee and/or the Owners or the relevant Finance Party (if any).

		(c)	Insurance policies shall cover the Security Trustee, the Owners, the Charterers and (if any) the Finance
Parties according to their respective interests. Subject to the approval of the Security Trustee, the Owners, the Finance Parties (if
any) and the insurers, the Charterers shall effect all insured repairs and shall undertake settlement and reimbursement from the insurers
of all costs in connection with such repairs as well as insured charges, expenses and liabilities to the extent of coverage under the
insurances herein provided for. All time used for repairs under this Clause 41 and for repairs of latent defects, including any deviation,
shall be for the Charterers' account.

		(d)	The Charterers shall also remain responsible for and to effect repairs and settlement of costs and expenses
incurred thereby in respect of all other repairs not covered by the insurances and/or not exceeding any possible franchise(s) or deductibles
provided for in the insurances.

		(e)	The Charterers shall arrange that, at any time during the Agreement Term, the hull and machinery and war
risks insurance shall be in an amount not less than the higher of:

		(i)	100% of the latest Market Value as determined under the terms of this Charter; and

		(ii)	120% of the Cost Balance then applicable,

(the "Minimum Insured Value").

		(f)	The terms of the hull and machinery insurance and the identity of the insurers shall be acceptable to
the Security Trustee and/or the Owners (such acceptance not to be unreasonably withheld). The Vessel shall be entered in a P&I Club
which is a member of the International Group Association on customary terms and shall be covered against liability for pollution claims
in an amount not less than USD1,000,000,000. The P&I cover shall be placed with a P&I Club which is a member of the International
Group Association. All insurances shall include customary protection in favour of the Security Trustee and/or the Owners and (if any)
the Finance Parties as notice of cancellation and exclusion from liability for premiums or calls.

		(g)	The Charterers:

		(i)	undertake to place the Insurances in such markets, in such currency, on such terms and conditions, and
with such first class and reputable

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brokers, underwriters and associations
as the Security Trustee and the Owners shall have previously approved in writing. The Charterers shall name the Security Trustee, the
Owners, the Charterers, the Approved Managers and if applicable, the Finance Parties as the only named assureds;

		(ii)	shall not alter the terms of any of the Insurances nor allow any person to be co-assured under any of
the Insurances without the prior written consent of the Security Trustee and/or the Owners, and will supply the Security Trustee and/or
the Owners and if applicable, any of the Finance Parties from time to time on request with such information as the Security Trustee and/or
the Owners and if applicable, any of the Finance Parties may in their discretion require with regard to the Insurances and the brokers,
underwriters or associations through or with which the Insurances are placed; and

		(iii)	shall reimburse the Security Trustee and/or the Owners with ten (10) Business Days of demand but, subject
to the proviso below, not more than once per calendar year during the Agreement Term, for all documented costs and expenses reasonably
incurred by the Security Trustee and the Owners in obtaining a report on the adequacy of the Insurances from an insurance adviser instructed
by the Security Trustee and the Owners provided however the Charterers shall reimburse the Owners for all documented costs and expenses
reasonably incurred by the Owners in obtaining any number of such additional report if any such additional report is obtained by the Owners
after the occurrence of (i) a Termination Event which is continuing, or (ii) any material changes in the Insurances and/or the market
practices relating to the Insurances.

		(h)	The Charterers undertake duly and punctually to pay all premiums, calls and contributions, and all other
sums at any time payable in connection with the Insurances, and, at their own expense, to arrange and provide any guarantees from time
to time required by any protection and indemnity or war risks association. From time to time at the Owners' and/or the Security Trustee
and/or the Finance Parties' request, the Charterers will provide the Owners and/or the Security Trustee and/or such Finance Party with
evidence satisfactory to the Security Trustee, Owners and the Finance Party (in each case, acting reasonably) that such premiums, calls,
contributions and other sums have been duly and punctually paid; that any such guarantees have been duly given; and that all declarations
and notices required by the terms of any of the Insurances to be made or given by or on behalf of the Charterers to brokers, underwriters
or associations have been duly and punctually made or given.

		(i)	The Charterers will comply in all respects with all terms and conditions of the Insurances and will make
all such declarations to brokers, underwriters and associations as may be required to enable the Vessel to operate in accordance with
the terms and conditions of the Insurances. The Charterers will not do, nor permit to be done, any act, nor make, nor permit to be made,
any omission, as a result of which any of the Insurances may become liable to be

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suspended, cancelled or avoided,
or may become unenforceable, or as a result of which any sums payable under or in connection with any of the Insurances may be reduced
or become liable to be repaid or rescinded in whole or in part. In particular, but without limitation, the Charterers will not permit
the Vessel to be employed other than in conformity with the Insurances without first taking out additional insurance cover in respect
of that employment in all respects to the satisfaction of the Security Trustee and/or the Owners and if applicable, any of the Finance
Parties, and the Charterers will promptly notify the Security Trustee and the Owners of any new requirement imposed by any broker, underwriter
or association in relation to any of the Insurances.

		(j)	The Charterers will ensure that any of the Insurances is renewed no later than five (5) days before its
expiry and shall immediately give the Security Trustee and/or the Owners and if applicable, any of the Finance Parties such details of
those renewals as the Security Trustee and/or the Owners and if applicable, any of the Finance Parties may require.

		(k)	The Charterers shall, upon relevant renewals, deliver to the Security Trustee and/or the Owners and if
applicable, any of the Finance Parties certified copies of all policies, certificates of entry and other documents relating to the Insurances
(including, without limitation, receipts for premiums, calls or contributions) and shall procure that letters of undertaking in such industry-standard
form as the Security Trustee, the Owners or if applicable, any of the Finance Parties may approve (acting reasonably) shall be issued
to the Security Trustee, the Owners and, if applicable, the Finance Parties by the brokers through which the Insurances are placed (or,
in the case of protection and indemnity or war risks associations, by their managers). If the Vessel is at any time during the Agreement
Term insured under any form of fleet cover, the Charterers shall procure that those letters of undertaking contain confirmation that the
brokers, underwriters or association (as the case may be) will not set off claims relating to the Vessel against premiums, calls or contributions
in respect of any other vessel or other insurance, and that the insurance cover of the Vessel will not be cancelled by reason of non-payment
of premiums, calls or contributions relating to any other vessel or other insurance. Failing receipt of those confirmations, the Charterers
will instruct the brokers, underwriters or association concerned to issue a separate policy or certificate for the Vessel in the sole
name of the Charterers or of the Charterers' brokers as agents for the Charterers.

		(l)	The Charterers shall promptly provide the Security Trustee and/or the Owners and if applicable, any of
the Finance Parties with full information regarding any casualty or other accident or damage to the Vessel which exceed the Threshold
Amount which claims in aggregate is or reasonably like to exceed the Threshold Amount and promptly upon the request of the Security Trustee
and the Owners, provide information and promptly execute such documents as may be required to enable the Security Trustee and/or the Owners
to comply with the insurance provisions of the Finance Documents.

		(m)	The Charterers agree that, at any time after the occurrence of a Termination Event which is continuing,
the Security Trustee and the Owners or if applicable, any of the Finance Parties shall be entitled to collect, sue for,

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recover and give a good discharge
for all claims in respect of any of the Insurances; to pay collecting brokers the customary commission on all sums collected in respect
of those claims; to compromise all such claims or refer them to arbitration or any other form of judicial or non-judicial determination;
and otherwise to deal with such claims in such manner as the Security Trustee and the Owners and if applicable, any of the Finance Parties
shall in their discretion think fit.

		(n)	Whether or not a Termination Event shall have occurred, the proceeds of any claim under any of the Insurances
in respect of a Total Loss shall be paid and applied in accordance with Clause 53 (Total Loss).

		(o)	In the event of any claim in respect of any of the Insurances (other than in respect of a Total Loss),
if the Charterers shall fail to reach agreement with any of the brokers, underwriters or associations for the immediate restoration of
the Vessel, or for payment to third parties, within such time as the Security Trustee and the Owners may in good faith stipulate, the
Security Trustee and the Owners shall be entitled to require payment to itself and if applicable, any of the Finance Parties. In the event
of any dispute arising between the Charterers and any broker, underwriter or association with respect to any obligation to make any payment
to the Charterers or to the Security Trustee and the Owners and/or if applicable, any of the Finance Parties under or in connection with
any of the Insurances, or with respect to the amount of any such payment, the Security Trustee, the Owners and/or if applicable, any of
the Finance Parties shall be entitled to settle that dispute directly with the broker, underwriter or association concerned. Any such
settlement shall be binding on the Charterers.

		(p)	

		(i)	The Security Trustee and the Owners agree that any amounts which may become due under any protection and
indemnity entry or insurance shall be paid to the Charterers to reimburse the Charterers for, and in discharge of, the loss, damage or
expense in respect of which they shall have become due, unless, at the time the amount in question becomes due, a Termination Event shall
have occurred and is continuing, in which event the Security Trustee and the Owners shall be entitled to receive the amounts in question
and to apply them either in reduction of any amount owed by the Charterers pursuant to paragraph (d) of Clause 49 (Termination Events)
or, at the option of the Security Trustee and the Owners, to the discharge of the liability in respect of which they were paid.

		(ii)	Without prejudice to the forgoing and subject to the terms of the Finance Documents (if any), all other
claims in relation to the Insurances (other than in respect of a Total Loss), shall, unless and until the occurrence of a Termination
Event which is continuing, in which event all claims under the relevant policy shall be payable directly to the Security Trustee and the
Owners, be payable as follows:

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		(A)	a claim in respect of any one casualty where the aggregate claim against all insurers does not exceed
the Threshold Amount, prior to adjustment for any franchise or deductible under the terms of the relevant policy, shall be paid directly
to the Charterers (as agent for the Owners) for the repair, salvage or other charges involved or as a reimbursement if the Charterers
fully repaired the damage to the satisfaction of the Security Trustee and the Owners (acting reasonably) and paid all of the salvage or
other charges;

		(B)	a claim in respect of any one casualty where the aggregate claim against all insurers exceeds the Threshold
Amount prior to adjustment for any franchise or deductible under the terms of the relevant policy, shall, subject to the prior written
consent of the Security Trustee and the Owners (such consent not to be unreasonably withheld), be paid to the Charterers as and when the
Vessel is restored to her former state and condition and the liability in respect of which the insurance loss is payable is discharged,
and provided that the insurers may with such consent make payment on account of repairs in the course of being effected, but, in the absence
of such prior written consent shall be payable directly to the Security Trustee and the Owners.

		(q)	The Charterers shall not settle, compromise or abandon any claim under or in connection with any of the
Insurances (other than a claim of less than the Threshold Amount arising other than from a Total Loss in the absence of any Termination
Event that is continuing) without the prior written consent of the Security Trustee and the Owners (such consent not to be unreasonably
withheld).

		(r)	If the Charterers fail to effect or keep in force the Insurances, the Security Trustee and the Owners
may (but shall not be obliged to) effect and/or keep in force such insurances on the Vessel and such entries in protection and indemnity
or war risks associations as the Security Trustee and the Owners in their discretion consider desirable, and the Security Trustee and/or
the Owners may (but shall not be obliged to) pay any unpaid premiums, calls or contributions. The Charterers will reimburse the Security
Trustee and the Owners from time to time within ten (10) Business Days of a demand for all such premiums, calls or contributions paid
by the Security Trustee and the Owners.

		(s)	The Charterers shall comply strictly with the requirements of any legislation relating to pollution or
protection of the environment which may from time to time be applicable to the Vessel in any jurisdiction in which the Vessel shall trade
and in particular the Charterers shall comply strictly with the requirements of the United States Oil Pollution Act 1990 (the "Act")
if the Vessel is to trade in the United States of America and Exclusive Economic

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Zone (as defined in the Act).
Before any such trade is commenced and during the entire period during which such trade is carried on, the Charterers shall:

		(i)	pay any additional premiums required to maintain protection and indemnity cover for oil pollution up to
the limit available to the Charterers for the Vessel in the market; and

		(ii)	make all such quarterly or other voyage declarations as may from time to time be required by the Vessel's
protection and indemnity association in order to maintain such cover, and promptly deliver to the Owners copies of such declarations;
and

		(iii)	submit the Vessel to such additional periodic, classification, structural or other surveys which may be
required by the Vessel's protection and indemnity insurers to maintain cover for such trade and promptly deliver to the Owners copies
of reports made in respect of such surveys; and

		(iv)	implement any recommendations contained in the reports issued following the surveys referred to in paragraph
(iii) above within the relevant time limits contained in such reports, and provide evidence satisfactory to the Security Trustee and the
Owners that the protection and indemnity insurers are satisfied that this has been done; and

		(v)	in addition to the foregoing (if such trade is in the United States of America and Exclusive Economic
Zone):

		(A)	obtain and retain a certificate of financial responsibility under the Act in form and substance satisfactory
to the United States Coast Guard and provide the Security Trustee and the Owners with evidence of the same; and

		(B)	procure that the protection and indemnity insurances do not contain a US Trading Exclusion Clause or any
other analogous provision and provide the Owners with evidence that this is so; and

		(C)	comply strictly with any operational or structural regulations issued from time to time by any relevant
authorities under the Act so that at all times the Vessel falls within the provisions which limit strict liability under the Act for oil
pollution.

		(vi)	The Security Trustee and/or the Owners shall at any date be at liberty to take out an Innocent Owners'
Interest Insurance in relation to the Vessel in any amount and on such terms and conditions as the Security Trustee and the Owners may
from time to time decide, and the Charterers shall from time to time upon the Security Trustee's and/or the Owners' demand (A) pay the
relevant insurers directly for all costs, premiums and

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expenses payable or (B) reimburse
the Security Trustee and the Owners for all costs, premiums and expenses paid or incurred by the Security Trustee and the Owners, in connection
with any Innocent Owners' Interest Insurance.

		42	Redelivery

		(a)	Upon:

		(i)	the occurrence of any overdue Termination Event which is continuing and if the Owners decide to withdraw
the Vessel from the service of the Charterers pursuant to paragraph (c) of Clause 49 (Termination Events); or

		(ii)	the occurrence of a Termination pursuant to Clause 40(k) (Hire) and if the Termination Sum has
not been paid in full in accordance with Clause 40(k)) (Hire); or

		(iii)	the expiry of the Charter Period (and subject to no Total Loss having occurred, the Purchase Option, Call
Option or the Early Termination Event having not been exercised (or fulfilled)),

unless the Owners are obliged to
transfer title to the Vessel to the Charterers in accordance with this Charter, the Charterers shall, at their own cost and expense, redeliver
or cause to be redelivered the Vessel to the Owners at a safe, ice free port where the Vessel would be afloat at all times in a ready
safe berth or anchorage as selected by the Owners, in accordance with Clauses 43 (Redelivery conditions) and 44 (Diver's inspection
at redelivery).

		(b)	The Charterers warrant that they will not permit the Vessel to commence a voyage (including any preceding
ballast voyage) which cannot reasonably be expected to be completed in time to allow redelivery of the Vessel within the Charter Period.

		43	Redelivery conditions

		(a)	In addition to what has been agreed in Clauses 15 (Redelivery) (Part II) and 42 (Redelivery)
in the circumstances described in Clause 42 (Redelivery), the condition of the Vessel shall at redelivery be as follows:

		(i)	the Vessel shall be free of any overdue class and statutory recommendations affecting its trading certificates;

		(ii)	the Vessel must be redelivered with all equipment and spares or replacement items listed in the delivery
inventory carried out pursuant to Clause 9 (Inventories, Oil and Stores) (Part II) and any spare parts on board or on order for
any equipment installed on the Vessel following delivery and paid in full; all records, logs, plans, operating manuals and drawings, spare
parts onboard shall be included at the time of redelivery in connection with a transfer of the Vessel or such other items as are then
in the possession of the Charterers shall be delivered to the Owners;

		(iii)	the Vessel must be redelivered with all national and international trading certificates and hull/machinery
survey positions for both

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class and statutory surveys
free of any overdue recommendation and qualifications valid and un-extended for a period of at least three (3) months beyond the redelivery
date;

		(iv)	all of the Vessel's ballast tank coatings to be maintained in "Fair" (as such term (or its equivalent)
may be defined and/or interpreted in the relevant survey report) condition as appropriate for the Vessel's age at the time of redelivery,
fair wear and tear excepted;

		(v)	the Vessel shall have passed any flag or class surveys or inspections due within three (3) months after
the date of redelivery and have its continuous survey system up to date;

		(vi)	the Vessel must be re-delivered with accommodation and common spaces for crew and officers substantially
in the same condition as at the Actual Delivery Date, free of damage over and above fair wear and tear; with cargo spaces generally fit
to carry the cargoes originally designed and intended for the Vessel; with main propulsion equipment, auxiliary equipment, cargo handling
equipment, navigational equipment, etc., in such operating condition as provided for in this Charter, fair wear and tear excepted;

		(vii)	the Vessel shall be free and clear of all liens other than those created by or on the instructions of
the Owners;

		(viii)	the condition of the cargo holds to be in accordance with the maintenance regime undertaken by the Charterers
during the Charter Period since delivery with allowance for legitimate cargoes carried since the last major maintenance programme;

		(ix)	a final joint report from the surveyors appointed by the Owners and the Charterers respectively shall
be carried out as to the condition of the Vessel and a list of agreed deficiencies if any shall be drawn up;

		(x)	the anti-fouling coating system applied at the last scheduled dry-docking shall be in accordance with
prevailing regulations at the time of application;

		(xi)	the funnel markings and name (unless being maintained by the Owner following redelivery) shall be painted
out by the Charterers; and

		(xii)	in addition and without prejudice to Clause 43(a)(ii), all remaining bunkers on the Vessel shall be in
compliance with all applicable laws, including without limitation, the global sulphur limit imposed by the International Maritime Organization
(IMO); and such remaining bunkers shall be sufficient to at least cover a voyage to the next bunkering port.

		(b)	At redelivery, the Charterers shall ensure that the Vessel shall meet the following performance levels
(which where relevant shall be determined by reference to the Vessel's log books):

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		(i)	all equipment controlling the habitability of the accommodation and service areas to be in proper working
order, fair wear and tear excepted; and

		(ii)	available deadweight to be within one per cent (1%) of that achieved at delivery (as the same may be adjusted
as a result of any upgrading of the Vessel carried out in accordance with this Charter (such adjustment to be agreed between the Owners
and Charterers at the time such upgrading work is to be undertaken)).

		(c)	The Owners and Charterers shall each appoint (at their own expense) surveyors for the purpose of determining
and agreeing in writing the condition of the Vessel at redelivery.

		(d)	If the Vessel is not in the condition or does not meet the performance criteria required by this Clause
43, a list of deficiencies together with the costs of repairing/remedying such deficiencies shall be agreed by the respective surveyors.

		(e)	The Charterers shall be obliged to repair any class items restricting the operation or trading of the
Vessel prior to redelivery.

		(f)	The Charterers shall be obliged to repair/remedy all such other deficiencies as are necessary to put the
Vessel into the return condition required by this Clause 43.

		(g)	The cost of making any repairs/remedial work referred to in paragraph (f) above shall be for the Charterers'
account.

		(h)	Provided that a Purchase Option, Call Option or Early Termination Event has not then been exercised by
the Charterers by the Call Option Expiry Date or fulfilled (as the case may be), the Owners shall be entitled to remarket the Vessel and
in connection therewith:

		(i)	the Owners shall be entitled at their cost, to place representatives on board the Vessel, subject to signing
of a standard P&I indemnity letter; and

		(ii)	the Charterers shall provide all reasonable co-operation to the Owners.

		44	Diver's inspection at redelivery

		(a)	Unless the Vessel is returned in dry-dock, a diver's inspection is required to be performed at the time
of redelivery.

		(b)	The Charterers shall, at the written request of the Owners, arrange at the Charterers' expense for an
underwater inspection by a diver approved by the Classification Society immediately prior to the redelivery.

		(c)	A video film of the inspection shall be made. The extent of the inspection and the conditions under which
it is performed shall be to the satisfaction of the Classification Society.

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		(d)	If damage to the underwater parts is found, the Charterers shall arrange, at their time and costs, for
the Vessel to be dry-docked and repairs carried out to the satisfaction of the Classification Society.

		(e)	If the conditions at the port of redelivery are unsuitable for such diver's inspection, the Charterers
shall take the Vessel (in Owners' time but at Charterers' expense) to a suitable alternative place nearest to the redelivery port unless
an alternative solution is agreed.

		(f)	Without limiting the generality of paragraph (b)(iv) of Clause 55 (Fees and expenses), all costs
relating to any diver's inspection shall be borne by the Charterers.

		45	Owners' mortgage; Owners transfers

		(a)	The Charterers:

		(i)	acknowledge that the Owners and the Collateral Owners are entitled without the prior written consent of
the Charterers, and do intend to enter or have entered into certain funding arrangements with the Finance Parties in order to finance
part of the Owners' Cost (the "Financing Arrangements"), which Financing Arrangements may be secured, inter alia, by
ship mortgages over the Vessel and (along with other related matters) the relevant Finance Documents;

		(ii)	irrevocably consent to any assignment in favour of the Finance Parties of any Transaction Documents pursuant
to the relevant Finance Documents; and

		(iii)	without limiting the generality of Clause 48(bb) (Charterers' undertakings), undertake to execute,
provide or procure the execution or provision (as the case may be) of such further information or document as in the opinion of the Owners
and/or the Finance Parties, acting in good faith, are necessary to effect the assignment referred to in paragraph (ii) above and any assignment
(by way of security) by the Owners of their rights in the Transaction Documents in favour of any Finance Party.

		(b)	Without limiting the Charterers' obligations under this Clause and without prejudice to any other provisions
in this Charter, provided that the Charterers at all times perform their obligations under this Charter and in the absence of any Termination
Event that is continuing:

		(i)	the Owners will not disturb or interfere with the Charterers' quiet possession and enjoyment of the Vessel;
and

		(ii)	if required by the Charterers, the Owners will procure that the Finance Parties provide a quiet enjoyment
agreement (in a form reasonably acceptable to the Charterers) to the Charterers prior to the creation of any mortgages over the Vessel
pursuant to any Financing Arrangements.

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		(c)	Provided that the Owners will not disturb or interfere with the Charterers' quiet possession and enjoyment
of the Vessel (subject to the Charterers performing their obligations under this Charter at all times and the absence of any Termination
Event that is continuing), the Owners are entitled with the prior written consent of the Charterers (such consent not to be unreasonably
withheld or delayed):

		(i)	by delivering a notice (the "Novation Notice") to the Charterers, to notify the Charterers
that the Owners sell the Vessel to a Financial Institution, and at the same time novate this Charter, to that Financial Institution. Following
receipt by the Charterers of the Novation Notice, the rights and obligations of the Owners under the Transaction Documents shall be transferred
by way of novation to that Financial Institution;

		(ii)	without prejudice to the foregoing, the Owners may assign, transfer or novate their rights under any Transaction
Document, provided that the assignment, transfer or novation is to a Financial Institution in accordance with Clause 45(c) above; and

		(iii)	the Charterers shall provide all necessary assistance and use reasonable endeavours to obtain all necessary
consents from any Sub-Charterer (if applicable) to facilitate the Owners' entry into such documents, assignment, novation and/or title
transfer in accordance with this Clause,

and, for the avoidance of doubt,
if no Termination Event has occurred and is then continuing, without any costs to the Charterers.

		(d)	For the avoidance of doubt, the Owners shall retain the right not to proceed with any assignment, transfer
or novation as contemplated in this Clause if any such assignment, transfer or novation would or is reasonably likely to result in the
Owners (or any of their Affiliates) being in breach of any applicable Sanctions.

		46	Transport documents

The Charterers shall use their
standard documents, waybills and conditions of carriage in the carriage of goods. Such documents, waybills and standard conditions shall
comply with compulsory applicable legislation.

		47	Charterers' representations and warranties

		(a)	The Charterers make the representations and warranties set out in this Clause 47 to the Owners on the
date of this Charter, the Pre-positioning Date and on the Actual Delivery Date:

		(i)	each Obligor is a corporation or (as the case may be) limited liability company, duly incorporated or
formed in good standing and validly existing under the laws of its jurisdiction of incorporation or formation (as the case may be), and
has the power to own its assets and carry on its business as it is being conducted;

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		(ii)	subject to the Legal Reservations, all of the following:

		(A)	the obligations expressed to be assumed by each Obligor in the Transaction Documents to which it is a
party are legal, valid, binding and enforceable obligations; and

		(B)	(without limiting the generality of Clause 47(a)(v)(A)) each Security Document to which it is a party
creates the Security Interests which that Security Document purports to create and those Security Interests are valid and effective;

		(iii)	the entry into and performance by each Obligor of, and the transactions contemplated by each Transaction
Document to which it is a party do not conflict with:

		(A)	any law or regulation applicable to it;

		(B)	its constitutional documents; or

		(C)	any document binding on it or any of its assets or constitute a default or termination event (howsoever
described) under any such agreement or instrument;

		(iv)	all of the following:

		(A)	each Obligor has the power to enter into, perform and deliver, and have taken all necessary action to
authorise its entry into, performance and delivery of the Transaction Documents to which it is a party and the transactions contemplated
thereunder; and

		(B)	in respect of each Obligor, no limit on the powers of such Obligor will be exceeded as a result of the
proposed transaction, grant of security or giving of guarantees or indemnities contemplated by the Transaction Documents to which it is
a party;

		(v)	all consents, licences, approvals, authorisations, filings and registrations required:

		(A)	to enable each Obligor to lawfully enter into, exercise its rights and comply with its obligations in
each Transaction Document to which it is a party or to enable the Owners to enforce and exercise all its rights under the Transaction
Documents; and

		(B)	to make each Transaction Document to which any Obligor is a party admissible in evidence in its Relevant
Jurisdiction,

have been obtained or effected
and are in full force and effect;

		(vi)	subject to Legal Reservations, all of the following:

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		(A)	the choice of governing law of any Transaction Document will be recognised and enforced in the Relevant
Jurisdictions of each relevant Obligor; and

		(B)	any judgment obtained in relation to any Transaction Document in the jurisdiction of the governing law
of that Transaction Document will be recognised and enforced in the Relevant Jurisdictions of each relevant Obligor.

		(vii)	no corporate action, legal proceeding or other procedure or step described in Clause 49(a)(vii) or creditors'
process described in Clause 49(a)(viii) has been taken or, to the knowledge of the Charterers, threatened in relation to an Obligor; and
none of the circumstances described in Clause 49(a)(vi) applies to an Obligor;

		(viii)	under the laws of the Relevant Jurisdictions of each Obligor, it is not necessary that any Transaction
Document to which such Obligor is a party be filed, recorded or enrolled with any court or other authority in that jurisdiction or that
any stamp, registration, notarial or similar Taxes or fees be paid on or in relation to any Transaction Document or the transactions contemplated
thereby;

		(ix)	no Obligor is required to make any deduction for or on account of Tax from any payment it may make under
each Transaction Document to which it is a party;

		(x)	all of the following:

		(A)	no Termination Event is continuing or might reasonably be expected to result from any Obligor's entry
into and performance of each Transaction Document to which such Obligor is a party; and

		(B)	no other event or circumstance is outstanding which constitutes (or, with the expiry of a grace period,
the giving of notice, the making of any determination or any combination of any of the foregoing, would constitute) a default or termination
event (howsoever described) under any other agreement or instrument which is binding on any of the Obligor or to which its assets are
subject;

		(xi)	save as disclosed in writing to the Owners prior to the date of this Charter:

		(A)	all material information provided to the Owners by or on behalf of any of the Obligors on or before the
date of this Charter and not superseded before that date is accurate and not misleading in any material respect and all projections provided
to the Owners on or before the date of this Charter have been prepared in good faith on the basis of assumptions which were reasonable
at the time at which they were prepared and supplied;

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		(B)	all other written information provided by any of the Obligors (including its advisers) to the Owners was
true, complete and accurate in all material respects as at the date it was provided and is not misleading in any respect;

		(C)	the copy of the Initial Sub-Charter provided to the Owners is a true and complete copy;

		(D)	no amendments or additions to the Initial Sub-Charter provided to the Owners have been agreed nor have
any rights thereunder been waived; and

		(E)	there has been no material breach of any Sub-Charter nor has there been any Sub-Charter Termination Event;

		(xii)	all of the following:

		(A)	the Original Financial Statements were prepared in accordance with GAAP consistently applied;

		(B)	the audited Original Financial Statements fairly present the Group's financial condition and results of
operations during the relevant financial year;

		(C)	there has been no material adverse change in any Obligor's assets, business or financial condition (or
the assets, business or consolidated financial condition of the Group, in the case of the Charter Guarantor) since the date of the Original
Financial Statements;

		(D)	the Charter Guarantor's most recent financial statements delivered pursuant to Clause 48(x):

		(1)	have been prepared in accordance with GAAP as applied to the Original Financial Statements; and

		(2)	fairly present its consolidated financial condition as at the end of, and its consolidated results of
operations for, the period to which they relate; and

		(E)	since the date of the most recent financial statements delivered pursuant to Clause 48(y) there has been
no material adverse change in the assets, business or financial condition of any of the Obligors.

		(xiii)	all of the following:

		(A)	no litigation, arbitration or administrative proceedings of or before any court, arbitral body or agency
which has or have (to the best of its knowledge and belief) been started or threatened against any Obligor and in respect of the Charter
Guarantor, which will or may reasonably be expected to have a Material Adverse Effect; and

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		(B)	no judgment or order of a court, arbitral body or agency which might reasonably be expected to have a
Material Adverse Effect has been made against any Obligor;

		(xiv)	none of the Obligors has breached any law or regulation which (in respect of the Charter Guarantor) such
breach has or is reasonably likely to have a Material Adverse Effect;

		(xv)	all of the following:

		(A)	each of the Obligors is in compliance with Clause 48(c) and to the best of its knowledge and belief (having
made due and careful enquiry) no circumstances have occurred which would prevent such compliance; and

		(B)	no Environmental Claim has been commenced or (to the best of its knowledge and belief (having made due
and careful enquiry)) is threatened against any of the Obligors and in respect of the Charter Guarantor, which will or may reasonably
be expected to have a Material Adverse Effect;

		(xvi)	all of the following:

		(A)	none of the Obligors is overdue in the filing of any Tax returns or is overdue in the payment of any amount
in respect of Tax, save in the case of Taxes which are being contested in good faith; and

		(B)	no claims or investigations are being, or are reasonably likely to be, made or conducted against any of
the Obligors with respect to Taxes.

		(xvii)	all of the following:

		(A)	no Security Interest exists over all or any of the present or future assets of the Charterers other than
Permitted Security Interests; and

		(B)	the Charterers do not have any Financial Indebtedness outstanding other than (i) as permitted by this
Charter; (ii) the aggregate amount of which is not more than one million Dollars (US$1,000,000), and (iii) any such Financial Indebtedness
is subordinated to all Financial Indebtedness incurred under the Transaction Documents pursuant to a subordination agreement in favour
of the Owners or such other arrangement acceptable to the Owners;

		(xviii)	subject to Legal Reservations, the payment obligations of each Obligor under each Transaction Document
to which it is a party rank at least pari passu with the claims of all other unsecured and unsubordinated creditors of such Obligor,
except for obligations mandatorily preferred by law applying to companies generally;

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		(xix)	subject to Legal Reservations, all of the following:

		(A)	it is not necessary under the Relevant Jurisdictions of any of the Obligors:

		(1)	in order to enable the Owners to enforce its rights under any Transaction Document; or

		(2)	by reason of the execution of any Transaction Document or the performance by it of its obligations under
any Transaction Document,

that the Owners should be licensed,
qualified or otherwise entitled to carry on business in any of the Relevant Jurisdictions of any of the Obligors; and

		(B)	the Owners are not or will not be deemed to be resident, domiciled or carrying on business in any of the
Relevant Jurisdictions of any of the Obligors by reason only of the execution, performance and/or enforcement of any Transaction Document;

		(xx)	the Charterers are not aware of any material facts or circumstances which have not been disclosed to the
Owners and which might, if disclosed, have changed the decision of a person willing to enter into a lease financing transaction of the
nature contemplated by the MOA and this Charter with the Charterers.

		(xxi)	all of the following:

		(A)	the copies of any Transaction Documents or Management Agreements (together the "Relevant Documents")
provided or to be provided by the Charterers to the Owners in accordance with Clause 36 (Conditions precedent and conditions subsequent)
are, or will be, true and accurate copies of the originals and represent, or will represent, the full agreement between the parties to
those Relevant Documents in relation to the subject matter of those Relevant Documents;

		(B)	there are no commissions, rebates, premiums or other payments due or to become due in connection with
the subject matter of the Relevant Documents other than in the ordinary course of business or as disclosed to, and approved in writing
by, the Owners; and

		(C)	there is no dispute under any of the Relevant Documents as between the parties to any such document;

		(xxii)	none of the Obligors nor any of its assets has any right to immunity from set-off, legal proceedings,
attachment prior to judgment, other attachment or execution of judgment on the grounds of sovereign immunity or otherwise;

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		(xxiii)	all of the following:

		(A)	all information supplied by an Obligor or (with an Obligor's knowledge) on its behalf to an Approved Broker
for the purposes of a valuation in evidence of a Market Value in accordance with this Charter was true and accurate as at the date it
was supplied or (if appropriate) as at the date (if any) at which it is stated to be given;

		(B)	no Obligor has omitted to supply any information to an Approved Broker in its possession or knowledge
which, if disclosed, would adversely affect any such valuation; and

		(C)	to the best of each Obligor's knowledge, there has been no change to the factual information supplied
in relation to any such valuation between the date such information was supplied and the date of that valuation which renders that information
untrue or misleading in any material respect;

		(xxiv)	each of the Obligors is resident for Tax purposes only in its jurisdiction of incorporation or formation
(as the case may be);

		(xxv)	each Obligor, or any Affiliate of any of them and their respective directors, officers, employees and
agents are not in breach of AML Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws and each of the Obligors have instituted
and maintained systems, controls, policies and procedures designed to:

		(A)	prevent and detect incidences of bribery and corruption, money laundering and terrorism financing; and

		(B)	promote and achieve compliance with AML Laws, Anti-Terrorism Financing Laws and Business Ethics Laws;

		(xxvi)	

		(A)	each Obligor, any Affiliate of any of them and their respective directors, officers and employees;

		(B)	to the best knowledge of the Charterers, as at the date of this Charter, the Initial Sub-Charter and the
respective directors of the Initial Sub-Charterer; and

		(C)	to the best knowledge of the Charterers, as at the date any other Sub-Charter is entered into, any Sub-Charterer
and the respective directors of such Sub-Charterer,

are in compliance with all Sanctions
laws, and none of them have been or are currently being investigated on compliance with Sanctions, they have not received notice or are
aware of any claim, action, suit or proceeding against any of them with respect to Sanctions and they have not taken any action to evade
the application of Sanctions, provided that if after the date of this Charter

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the Charterers become aware
of any non-compliance or breach by the Initial Sub-Charterers or any Sub-Charterer or their respective directors of any Sanctions laws,
or of the Initial Sub-Charterers or any Sub-Charterer or their respective directors becoming subject of any claim, action, suit or proceeding
against them with respect to Sanctions, the Charterers shall immediately provide written notice to the Owners to inform the Owners of
such breach, non-compliance or event (as the case may be);

		(xxvii)	

		(A)	no Obligor or any Affiliate of any of them nor any of their respective directors, officers or employees;
and

		(B)	to the best knowledge of the Charterers, as at the date of this Charter, no Initial Sub-Charterer nor
the respective directors of the Initial Sub-Charterer; and

		(C)	to the best knowledge of the Charterers, as at the date any other Sub-Charter is entered into, no Sub-Charterer
nor the respective directors of such Sub-Charterer,

are a Restricted Party; and

		(D)	each Obligor or any Affiliate of any of them and their respective directors, officers and employees;

		(E)	to the best knowledge of the Charterers, as at the date of this Charter, the Initial Sub-Charterer and
the respective directors of the Initial Sub-Charterer; and

		(F)	to the best knowledge of the Charterers, as at the date any other Sub-Charter is entered into, any Sub-Charterer
and the respective directors of such Sub-Charterer,

are in compliance with all Sanctions
laws, and none of them have been or are currently being investigated on compliance with Sanctions, they have not received notice or are
aware of any claim, action, suit or proceeding against any of them with respect to Sanctions and they have not taken any action to evade
the application of Sanctions, provided that if after the date of this Charter the Charterers become aware that the Initial Sub-Charterers
or any Sub-Charterer or any of their respective directors become a Restricted Party or of any non-compliance or breach of any of them
of any Sanctions laws, or of the Initial Sub-Charterers or any Sub-Charterer or their respective directors becoming subject of any claim,
action, suit or proceeding against them with respect to Sanctions, the Charterers shall immediately provide written notice to the Owners
to inform the Owners of such breach, non-compliance or event (as the case may be); and

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		(xxviii)	none of the Obligors is a US Tax Obligor, nor has it established a place of business or is otherwise conducting
business in the United States of America.

		(b)	Each representation and warranty in sub-paragraphs (a)(i) to (a)(vi), (a)(x)(B), (a)(xi)(B) to (a)(xviii),
(a)(xxii), (a)(xxiii), (a)(xxv), (a)(xxvi), (a)(xxvii) and (a)(xxviii) above is deemed to be repeated by the Charterers by reference to
the facts and circumstances then existing on the each day on which Hire is payable under this Charter.

		48	Charterers' undertakings

The Charterers hereby undertake
to the Owners that they will comply in full and procure compliance (where applicable) with the following undertakings throughout the Agreement
Term:

		(a)	the Charterers shall (and shall procure that each other Obligor) promptly:

		(i)	obtain, comply with and do all that is necessary to maintain in full force and effect; and

		(ii)	supply certified copies to the Charterers of,

any authorisation, consent, approval,
resolution, licence, exemption, filing, notarisation or registration required under any law or regulation of a Relevant Jurisdiction to:

		(A)	enable any Obligor to perform its obligations under any Sub-Charter, the Management Agreements and the
Transaction Documents to which it is a party;

		(B)	ensure the legality, validity, enforceability or admissibility in evidence of any Transaction Document;
and

		(C)	enable any Obligor to carry on its business where failure to do so has or is reasonably likely to have
a Material Adverse Effect;

		(b)	all of the following:

		(i)	

		(A)	the Charterers shall comply;

		(B)	the Charterers shall procure that each other Obligor and each Affiliate of any of them will comply; and

		(C)	the Charterers shall use best endeavours to procure that each Sub-Charterer and Sub-Charter Guarantor
and their respective directors shall comply,

in all respects with all laws to
which it may be subject;

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		(ii)	the Charterers shall and shall procure that each other Obligor and each Affiliate of any of them (in each
case above, including procuring or as the case may be, using best endeavours to procure the respective officers, directors and employees
of the relevant entity to do the same) will:

		(A)	comply with all AML Laws, Anti-Terrorism Financing Laws and Business Ethics Laws;

		(B)	maintain systems, controls, policies and procedures designed to promote and achieve ongoing compliance
with AML Laws, Anti-Terrorism Financing Laws and Business Ethics Laws;

		(C)	not use, or permit or authorize any person to directly or indirectly use, the Purchase Price for any purpose
that would breach any AML Laws, Anti-Terrorism Financing Laws or Business Ethics Laws; and

		(D)	in respect of the Charterers, not lend, invest, contribute or otherwise make available the Purchase Price
to or for any other person in a manner which would result in a violation of AML Laws, Anti-Terrorism Financing Laws or Business Ethics
Laws;

		(iii)	the Charterers shall:

		(A)	comply and shall procure that each other Obligor comply; and

		(B)	in respect of any Sub-Charter, they shall use best endeavours to procure that as at the date of that Sub-Charter,
the Sub-Charterers party to such Sub-Charter,

comply with all laws and regulations
in respect of Sanctions, and in particular, they shall effect and maintain a sanctions compliance policy to ensure compliance with all
such laws and regulations implemented from time to time;

		(iv)	the Charterers shall not permit or authorise, and shall prevent the Vessel from being employed, operated
or managed in any manner which (i) is contrary to any Sanctions and in particular, the Vessel shall not be used by or to benefit any party
which is a target of Sanctions and/or is a Restricted Party or call any port in North Korea, Iran or Syria or trade to any area or country
where trading the Vessel to such area or country would constitute or reasonably be expected to constitute a breach of any Sanctions or
published boycotts imposed by any of the United Nations, the European Union, the United States of America, the United Kingdom or the People's
Republic of China, (ii) would result or reasonably be expected to result in any Obligor or the Owners becoming a Restricted Party or

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(iii) would trigger the operation
of any sanctions limitation or exclusion clause in any insurance documentation;

		(v)	

		(A)	they shall, and shall use best endeavours to procure that any other Obligor, Sub-Charterers or Sub-Charter
Guarantor shall, promptly notify the Owners of any non-compliance, by:

		(1)	any Obligor or each Affiliate of any of them or their respective officers, directors and employees;

		(2)	the Initial Sub-Charterers, any Sub-Charterer or Sub-Charter Guarantor or any of their respective directors.

with all laws and regulations relating
to Sanctions (including but not limited to notifying the Owners in writing immediately upon being aware that:

		(I)	any Obligor or each Affiliate of any of them or its shareholders, directors, officers or employees; or

		(II)	the Initial Sub-Charterers, any Sub-Charterer or Sub-Charter Guarantor or any of their respective directors,

is a Restricted Party or has otherwise
become a target of Sanctions) as well as provide all information (once available) in relation to its business and operations which may
be relevant for the purposes of ascertaining whether any of the aforesaid parties are in compliance with such laws; and

		(B)	they shall, and shall use best endeavours to procure that any other Obligor shall, promptly notify the
Owners of any non-compliance, by any Obligor or, each Affiliate of any of them or their respective officers, directors, employees, consultants,
agents or intermediaries, with all laws and regulations relating to Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business
Ethics Laws as well as provide all information (once available) in relation to its business and operations which may be relevant for the
purposes of ascertaining whether any of the aforesaid parties are in compliance with such laws.

		(c)	the Charterers shall and shall procure that the Obligors shall:

		(i)	comply with all Environmental Laws;

		(ii)	obtain, maintain and ensure compliance with all requisite Environmental Approvals; and

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		(iii)	implement procedures to monitor compliance with and to prevent liability under any Environmental Law;

where failure to do so has or is
likely to have a Material Adverse Effect;

		(d)	the Charterers shall promptly upon becoming aware of the same, inform the Owners in writing of:

		(i)	any Environmental Claim against any of the Obligors or the Vessel which is current, pending or threatened
and which has or is likely to have a Material Adverse Effect; and

		(ii)	any facts or circumstances which are reasonably likely to result in any Environmental Claim being commenced
or threatened against any of the Obligors or the Vessel which has or is likely to have a Material Adverse Effect;

		(e)	all of the following:

		(i)	the Charterers shall (and shall procure that each other Obligor will) pay and discharge all Taxes imposed
upon it or its assets within the time period allowed without incurring penalties unless and only to the extent that:

		(A)	such payment is being contested in good faith;

		(B)	adequate reserves are being maintained for those Taxes and the costs required to contest them which have
been disclosed in its latest financial statements delivered to the Owners under Clause 48(x); and

		(C)	such payment can be lawfully withheld.

		(ii)	the Charterers may not (and no other Obligor may) change its residence for Tax purposes.

		(iii)	the Charterers will ensure that no Obligor shall become a US Tax Obligor;

		(f)	the Charterers shall and shall procure that each Obligor shall maintain its jurisdiction of incorporation
or formation (as the case may be) as at the date of this Charter (or in respect of an Obligor that becomes an Obligor after the date of
this Charter, as at the date on which it becomes an Obligor under this Charter), and the Charterers shall from time to time (but, provided
no Termination Event has occurred and is continuing, not more than once every calendar year), if applicable and if requested by the Owners
(acting reasonably), provide the Owners with evidence in form and substance satisfactory to the Owners that each Obligor remains in good
standing;

		(g)	the Charterers shall ensure that at all times any unsecured and unsubordinated claims of the Owners against
it under the Transaction Documents rank at least pari passu with the claims of all its other unsecured

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and unsubordinated creditors
except those creditors whose claims are mandatorily preferred by laws of general application to companies;

		(h)	the Charterers will procure that any Approved Manager shall enter into a Manager's Undertaking prior to
its appointment as a manager for the Vessel;

		(i)	except for any Permitted Security Interests, the Charterers will not create or permit to subsist any Security
Interest or other third party rights over any of their present or future rights and interests in or towards the Vessel;

		(j)	the Charterers shall not enter into a single transaction or a series of transactions (whether related
or not) and whether voluntary or involuntary to sell, lease, transfer or otherwise dispose of any asset;

		(k)	the Charterers shall not enter into any transaction with any person except on arm's length terms and for
full market value save for any fees, costs and expenses payable under the Transaction Documents in the amounts set out in the Transaction
Documents or agreed by the Owners;

		(l)	the Charterers shall not (and shall procure that no other Obligor will) enter into any amalgamation, demerger,
merger, consolidation or corporate reconstruction, provided that in the case of the Charter Guarantor, such amalgamation, demerger,
merger, consolidation or corporate reconstruction is permitted without restrictions so long as:

		(i)	the Charter Guarantor remains the surviving entity of any such process;

		(ii)	no Termination Event has occurred at the relevant time or would be triggered as a result of such process;
and

		(iii)	the process of any such further amalgamation, demerger, merger, consolidation or corporate reconstruction
does not have a Material Adverse Effect;

		(m)	the Charterers shall not (and shall procure that no other Obligor will) materially change the nature and
scope of its business from that carried on at the date of this Charter;

		(n)	the Charterers shall not cease or threaten to cease to carry on all or, in the reasonable opinion of the
Owners, any material part of the Charterers' business;

		(o)	the Charterers shall not acquire a company or any shares or securities or a business or undertaking (or,
in each case, any interest in any of them) or incorporate a company;

		(p)	the Charterers shall not:

		(i)	enter into, invest in or acquire (or agree to acquire) any shares, stocks, securities or other interest
in any Joint Venture; or

		(ii)	transfer any assets or lend to or guarantee or give an indemnity for or give security for the obligations
of a Joint Venture or maintain the

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solvency of or provide working
capital to any Joint Venture (or agree to do any of the foregoing);

		(q)	the Charterers shall not incur or allow to remain outstanding any Financial Indebtedness (other than (i)
as permitted by this Charter; (ii) the aggregate amount of which is not more than one million Dollars (US$1,000,000) (iii) any such Financial
Indebtedness is subordinated to all Financial Indebtedness incurred under the Transaction Documents pursuant to a subordination agreement
in favour of the Owners or such other arrangement acceptable to the Owners; and (iv) without prejudice to the foregoing provisions of
this Clause, incur any liability to any third party which is in the Owners' opinion of a substantial nature);

		(r)	the Charterers shall and shall procure that the Charter Guarantor shall undertake that all loans made
to the Charterers (including but not limited to any Shareholder Loan), all claims of the Charter Guarantor or any member of the Group
against the Charterers and all sums owed by the Charterers to any other member of the Group are specifically and absolutely subordinated
to the interests of the Owners under the Transaction Documents pursuant to a subordination agreement in favour of the Owners or such other
arrangement acceptable to the Owners and no principal or interest is to be paid by the Charterers in relation to such loans or other indebtedness
during the Charter Period;

		(s)	the Charterers shall not be a creditor in respect of any Financial Indebtedness;

		(t)	the Charterers shall not incur or allow to remain outstanding any guarantee in respect of any obligation
of any person save in accordance with the provisions of this Charter;

		(u)	the Charterers shall not, and shall procure that the Charter Guarantor shall not, at such time when a
Termination Event is continuing or would occur immediately after the making of the payment:

		(i)	declare, make or pay any dividend, charge, fee or other distribution (or interest on any unpaid dividend,
charge, fee or other distribution) (whether in cash or in kind) on or in respect of its share capital (or any class of its share capital);

		(ii)	repay or distribute any dividend or share premium reserve;

		(iii)	pay any management, advisory or other fee to or to the order of any of the shareholders of the Holding
Company;

		(iv)	in relation to the Charterers only, make any payment of any kind under any Financial Indebtedness owed
to any member of the Group which is subordinated to all Financial Indebtedness incurred under the Transaction Documents pursuant to a
subordination agreement in favour of the Owners or such other arrangement acceptable to the Owners;

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		(v)	redeem, repurchase, defease, retire or repay any of its share capital or resolve to do so; or

		(vi)	issue any new shares in its share capital or resolve to do so;

		(v)	at such time when a Potential Termination Event or Termination Event has occurred and is continuing, the
Charterers will permit the inspection of its financial records and accounts from time to time by the Owners or its nominee;

		(w)	the Charterers will, when directed by the Owners to do so upon the occurrence of a Termination Event which
is continuing, procure that any Sub-Charterer or Sub-Charter Guarantor shall credit all payments of charterhire of each Sub-Charter and
Sub-Charter Guarantee and all other amounts payable thereunder directly to the Owners' Account;

		(x)	in respect of the Charter Guarantor, the Charterers will supply or cause to be supplied to the Owners
as soon as the same become available, but in any event within:

		(i)	one hundred and twenty (120) days after the end of each of the Charter Guarantor's financial years, the
audited financial report of the Charter Guarantor for that financial year and management annual financial report extracts from the Charter
Guarantor's audited financial report for that financial year; and

		(ii)	sixty (60) days after the end of each of the Charter Guarantor's financial half-years, the unaudited consolidated
financial statements of the Charter Guarantor of that financial half-year and management annual financial report extracts from the Charter
Guarantor's unaudited consolidated financial statements of that financial half-year;

		(y)	each set of financial statements delivered by the Charterers under paragraph (y) above:

		(i)	shall be in the English language;

		(ii)	shall be certified by a director or the Chief Financial Officer of the relevant company as fairly presenting
its financial condition as at the date as at which those financial statements were drawn up; and

		(iii)	shall be prepared using GAAP, accounting practices and financial reference periods consistent with those
applied in the preparation of the Original Financial Statements unless, in relation to any set of financial statements, it notifies the
Owners that there has been a change in GAAP, the accounting practices or reference periods and its auditors deliver to the Owners:

		(A)	a description of any change necessary for those financial statements to reflect the GAAP, accounting practices
and reference periods upon which the Original Financial Statements were prepared; and

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		(B)	sufficient information, in form and substance as may be reasonably required by the Owners, to enable the
Owners to determine whether Clause 75 (Financial Covenants) has been complied with and make an accurate comparison between the
financial position indicated in those financial statements and the Original Financial Statements,

any reference in this Charter to
those financial statements shall be construed as a reference to those financial statements as adjusted to reflect the basis upon which
the Original Financial Statements were prepared;

		(z)	the Charterers shall supply to the Owners:

		(i)	

		(A)	

		(1)	at the same time as they are dispatched, copies of all documents dispatched by the Charterers or any other
Obligor (save for the Charter Guarantor) to its shareholders generally (or any class of them) or dispatched by the Charterers or any other
Obligor to its creditors generally (or any class of them); and

		(2)	at the same time as they are dispatched, copies of all documents dispatched by the Charter Guarantor to
its shareholders generally or dispatched by the Charterers or any other Obligor to its creditors generally;

		(B)	promptly upon becoming aware of them, the details of any litigation, arbitration or administrative proceedings
which are current, threatened or pending:

		(1)	against any Obligor;

		(2)	against any other member of the Group where the aggregate amount claimed by any party (ignoring any counterclaim
or defence of set-off) exceeds or which has or is likely to have a Material Adverse Effect; or

		(3)	involving the Vessel where the aggregate amount claimed by any party (ignoring any counterclaim or defence
of set-off) exceeds or may reasonably be expected to exceed the Threshold Amount;

		(C)	promptly upon becoming aware of them, the details of any judgment or order of a court, arbitral body,
arbitral tribunal or agency or any order or sanction of any governmental or other regulatory body which is made against:

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		(1)	any Obligor; or

		(2)	any other member of the Group where the amount claimed by any party (ignoring any counterclaim or defence
of set-off) exceeds or may reasonably be expected to exceed the Threshold Amount;

		(D)	promptly, such information and documents as the Owners may reasonably require about the Security Assets
and compliance of the Obligors with the terms of any Security Documents (including without limitation cash flow analyses and details of
the operating costs of the Vessel); and

		(E)	promptly on request, such further information regarding the financial condition, assets and operations
of any Obligor or any other member of the Group as the Owners or any Finance Party may reasonably request.

		(ii)	

		(A)	upon the request of the Owners and at the cost of the Charterers, on or before 31 July in each calendar
year, supply or procure the supply to the Owners of all information necessary in order for the Owners, any of their Affiliates or a Finance
Party to comply with its obligations under the Poseidon Principles in respect of the preceding calendar year, including, without limitation,
all ship fuel oil consumption data required to be collected and reported in accordance with regulation 22A of Annex VI and any Statement
of Compliance, each relating to the Vessel for the preceding calendar year, provided that the Owners shall not publicly disclose such
information with the identity of the relevant Vessel without the prior written consent of the Charterers and, for the avoidance of doubt,
such information shall be subject to Clause 78 (Confidentiality) but the Charterers acknowledge that, in accordance with the Poseidon
Principles, such information will form part of the information published regarding the Owners', any of their Affiliates' or a Finance
Party's portfolio climate alignment.

		(B)	For the purposes of this Clause 48(z)(ii):

"Poseidon Principles"
means the financial industry framework for assessing and disclosing the climate alignment of ship finance portfolios published on 18 June
2019 as the same may be amended or replaced (to reflect changes in applicable law or regulation or the introduction of changes to mandatory
requirements of the International Maritime Organisation) from time to time.

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"Statement of Compliance"
means a statement of compliance related to fuel oil consumption.

		(aa)	the Charterers shall promptly upon receipt provide to the Owners copies of any notice of charter renewal,
cancellation or termination issued by the Initial Sub-Charterer under the Initial Sub-Charter, and will disclose all information in relation
to each Sub-Charter and each Sub-Charterers to the Owners upon the Owners' reasonable request (including any information in relation to
any Sub-Charterers' fulfilment of their obligations pursuant to the relevant Sub-Charter);

		(bb)	the Charterers will (and will procure that each Obligor will):

		(i)	from time to time and at their own costs and expenses, do and perform such other and further acts and
execute and deliver any and all such other agreements, instruments and documents as may be required by law or requested by the Owners
or the Finance Parties (as the case may be, in either case, acting reasonably) to establish, maintain and protect the rights and remedies
of the Owners and/or the Finance Parties (as the case may be) and to carry out and effect the intent and purpose of this Charter, the
other Transaction Documents and, to the extent consistent with the terms of this Charter, the Finance Documents (as applicable); and

		(ii)	if applicable:

		(A)	acknowledge and consent to the creation of any Finance Document required by any Finance Party; and

		(B)	to the extent consistent with the terms of this Charter, enter into any document, notice or acknowledgement
reasonably required by any Finance Party for the purposes of ensuring any relevant Security Interest remains valid and in full force and
effect;

		(cc)	the Charterers will, forthwith execute and deliver any and all such other agreements, instruments and
documents as may be required by law or deemed necessary by the Owners to ensure that each Sub-Charter remains in effect, so that all obligations
previously owed by each Sub-Charterers to the Charterers (then as registered owners) under the relevant Sub-Charter shall continue to
be owed to the Charterers throughout the duration thereof;

		(dd)	the Charterers will deliver or procure the delivery to the Owners of such Valuation Reports each from
an Approved Broker for purposes of determining Market Value from time to time in accordance with Clause 74 (Value Maintenance Covenants);

		(ee)	the Charterers will notify the Owners as soon as they become aware of:

		(i)	a Potential Termination Event or a Termination Event and will keep the Owners fully up-to-date with all
developments and will, if so requested by the Owners, provide any such certificate signed by a

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director on behalf of the Charterers,
confirming that there exists no Potential Termination Event or Termination Event;

		(ii)	any Sub-Charter Termination Event and any event or circumstance which may entitle any party to a Sub-Charter
to exercise its right to terminate, cancel or suspend such Sub-Charter, or otherwise results or is capable of resulting in such Sub-Charter
ceasing to be in full force and effect, and provide to the Owners all documents and information in respect of such event or circumstance;

		(iii)	any cancellation, termination, rescission, expiration, cessation of remaining in in full force and effect
or otherwise coming to an end of any Sub-Charter;

		(iv)	any detention or arrest of the Vessel;

		(v)	any damage or alteration of the Vessel where the costs to repair such damage or to make such alteration
will exceed or is reasonably likely to exceed the Threshold Amount; and

		(vi)	any negotiations between an Obligor with one or more of its creditors with a view to rescheduling any
of its indebtedness, by reason of actual or anticipated financial difficulties.

		(ff)	the Charterers will not, without the prior written consent of the Owners, (x) novate or terminate the
Sub-Charter, or (y) materially amend, vary, supplement, supersede or waive any term of, any Sub-Charter (for the purposes of this clause,
any amendment, variation, supplement, supercession or waiver in connection with hire, payment terms, off-hire provisions, charter duration
or termination shall be deemed as material);

		(gg)	the Charterers shall ensure that there shall be no change in the legal or beneficial ownership, shareholding
or management control of the Charterers (including any material change in the composition of the board of directors of the Charterers)
from that advised to the Owners by the Charterers at the date of this Charter (and, in particular, reflected in the officer's certificate
of the Charterers provided to the Owners pursuant to the MOA or this Charter); and

		(hh)	the Charterers will keep the Vessel registered in the name of the Owners as legal owner of the Vessel
under the laws and flag of an Approved Flag, and shall not do or permit to be done anything, or omit to do anything which would result
in:

		(i)	such registration being forfeited or imperilled; or

		(ii)	the Vessel being required to be registered under any other law or flag (other than the Approved Flag),

and save with the prior written consent
of the Owners, the Charterers shall not register the Vessel or permit her registration under any other law or flag (other than the Approved
Flag), provided always that if at any time the laws or regulations of any Approved Flag require the Owners to re-domicile or change their
residency to another jurisdiction before the Vessel may be

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registered under that flag then
the prior written consent of the Owners (not to be unreasonably withheld) for any proposed change in flag to that Approved Flag shall
be obtained. Any change of flag to an Approved Flag after the date of this Charter may only be undertaken (A) subject to any prevailing
laws and regulations; (B) at no cost to the Owners and (C) at such time when no Termination Event has occurred and is continuing. The
Charterers shall pay or reimburse (as the case may be) the Owners in respect of all documented costs, fees, expenses and/or taxes which
are payable to effect any such change of flag).

		(ii)	if:

		(i)	the introduction of or any change in (or in the interpretation, administration or application of) any
law or regulation made after the date of this Charter;

		(ii)	any change in the status of an Obligor (or of a Holding Company of an Obligor) after the date of this
Charter;

		(iii)	any change in (A) the composition of the shareholders of an Obligor or its Holding Company, in each case
not being a listed company in any stock exchange or (B) the shareholders which individually holds more than twenty-five per cent (25%)
of an Obligor being a company listed in any stock exchange, after the date of this Charter;

		(iv)	a proposed assignment or transfer by the Owners of any of its rights and obligations under this Charter
to any other party; or

		(v)	the Owners' internal compliance policies related to "know your customer" checks,

obliges the Owners to comply with
"know your customer" or similar checks under all applicable laws, regulations and internal policies in circumstances where the
necessary information is not already available to it, the Charterers shall promptly upon the request of the Owners supply, or procure
the supply of, such documentation and other evidence as is reasonably requested by the Owners in order for the Owners to carry out and
be satisfied it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations
and internal policies pursuant to the transactions contemplated in the Transaction Documents (such documentation and evidence may include,
without limitation, evidence of incorporation from the relevant registry of companies (or equivalent), a certificate of goodstanding (if
relevant), a director's certificate (or equivalent) setting out the names of directors (or equivalent officials), copies of passports
of directors (or equivalent officials) and articles of association or other equivalent constitutional documents);

		(jj)	the Charterers shall (and shall procure that each other Obligor will) promptly do all such acts or execute
all such documents (including assignments, transfers, mortgages, charges, notices and instructions) as the Owners may reasonably specify
(and in such form as the Owners may reasonably require in favour of the Owners or its nominee(s)):

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		(i)	to perfect any Security Interest created or intended to be created under or evidenced by the Security
Documents (which may include the execution of a mortgage, charge, assignment or other Security Interest over all or any of the assets
which are, or are intended to be, the subject of the Security Documents) or for the exercise of any rights, powers and remedies of the
Owners provided by or pursuant to the Transaction Documents or by law;

		(ii)	in respect of the Charterers, to confer on the Owners a Security Interest over any property and assets
of the Charterers located in any jurisdiction equivalent or similar to the Security Interest intended to be conferred by or pursuant to
the Security Documents; and/or

		(iii)	to facilitate the realisation of the assets which are, or are intended to be, the subject of the Security
Documents,

the Charterers shall (and shall
procure that each other Obligor will) take all such action as is available to it (including making all filings and registrations) as may
be necessary for the purpose of the creation, perfection, protection or maintenance of any Security Interest conferred or intended to
be conferred on the Owners by or pursuant to the Transaction Documents;

		(kk)	the Charterers shall ensure that, at all times during the Agreement Term, the credit balance of the Operating
Account is not less than the aggregate Minimum Cash Balance and that no amounts may be withdrawn or transferred from the Operating Account
without the Owners' prior written consent following the occurrence of any Termination Event;

		(ll)	the Charterers shall supply to the Owners during the Agreement Term on a half-yearly basis from the Actual
Delivery Date, with reports in form and substance satisfactory to the Owners (acting reasonably) in respect of the Vessel's employment
status, management and pooling arrangements at that time;

		(mm)	the Charterers shall procure that the Account Bank provides to the Owners and that the Owners are provided
access to any information on the Operating Account, including but not limited to written statements of accounts showing all entries made
to the credit and debit of the Operating Account and any other information required by the Owners showing that any Earning has been paid
into the Operating Account in full and on time; and

		(nn)	

		(i)	the Charterers shall permit the Owners to access class records and inspection records of the Vessel during
the Agreement Term and the Charterers shall provide copies of any vessel certificates of the Vessel upon the Owners' request; and

		(ii)	the Charterers shall permit the Owners (by surveyors or other persons appointed by them for that purpose):

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		(A)	in the absence of a Potential Termination Event or Termination Event, to board the Vessel once a year
without interference to the operation of the Vessel; and

		(B)	upon the occurrence of a Potential Termination Event or Termination Event, to board the Vessel at any
time,

to inspect the Vessel's condition
or to satisfy themselves about proposed or executed repairs and the Charterers shall afford all proper facilities for such inspections.
All documented costs and expenses arising from such inspection shall be for the Charterer's account.

		(oo)	no later than the second (2nd) anniversary of the Actual Delivery Date, the Charterers shall
pay to the Owners a cash collateral (the "Cash Collateral"), which shall be paid to the Owners' Account or any
other account nominated by the Owners, equal to the Day One Cash Collateral Amount which shall be:

		(i)	refunded by the Owners to the Charterers without interest if:

		(A)	the Initial Sub-Charterer exercises the Initial Sub-Charter Optional Term such that the charter period
under the Initial Sub-Charter is extended to a date falling on or after the Expiry Date; or

		(B)	the Charterers enter into an Approved Charter for the Vessel and the rights and interests of the Charterers
in such Approved Charter is assigned to the Owners on terms reasonably acceptable to the Owners;

		(ii)	reduced pro rata if none of the conditions set out in Clause 48(oo)(i) has been met but any Sub-Charter
for the Vessel (which is not an Approved Charter) has been entered into by the Charterers with an Approved Charterer, with:

		(A)	a daily charterhire rate between (and inclusive of) thirteen thousand five hundred Dollars (US$13,500)
to (and exclusive of) sixteen thousand five hundred Dollars (US$16,500) and for the avoidance of doubt, if such daily charterhire rate
exceeds sixteen thousand and five hundred Dollars (US$16,500), then for the purposes of calculating the Cash Collateral Refund Amount
in this Clause 48(oo)(ii), the daily charterhire rate is deemed to be sixteen thousand and five hundred Dollars (US$16,500); and

		(B)	the fixed charter period of such Sub-Charter shall be for a minimum period of one (1) year,

with the amount of each reduction
to the Cash Collateral pursuant to this Clause 48(oo)(ii) (each, a "Cash Collateral Refund Amount") to be determined
as follows:

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A = (B/C)
x D

Where:

A is the Cash Collateral
Refund Amount in United States Dollars;

B is the gross revenue
receivable under such sub-charter based on the daily charterhire rate multiplied by the number of days during the fixed charter period
ending in any event on the Expiry Date;

C is the aggregate amount
of charter hire receivable by the Charterers from the Initial Sub-Charterers during the Initial Sub-Charter Optional Term (based on the
Daily Initial Sub-Charter Optional Term Rate multiplied by the number of days during the Initial Sub-Charter Optional Term); and

D is the Day One Cash
Collateral Amount.

Following a determination of
a Cash Collateral Refund Amount by the Owners, the Owners shall refund that Cash Collateral Refund Amount to the Charterers without interest,
provided that the aggregate amount of that Cash Collateral Refund Amount that may be refunded to the Charterers in accordance with
this Clause 48(oo)(ii) and all Cash Collateral Refund Amounts already previously refunded by the Owners shall not in any circumstances
exceed the Day One Cash Collateral Amount.

		(iii)	retained by the Owners and not be refundable to the Charterers in respect of any sub-chartering arrangements
entered into by the Charterers and permitted under this Agreement (other than the Initial Sub-Charter or any Sub-Charters referred to
in Clause 48(oo)(i) and Clause 48(oo)(ii)), including if:

		(A)	a Sub-Charter for the Vessel (which is not an Approved Charter) has been entered into by the Charterers
and a Sub-Charterer, but:

		(1)	such Sub-Charterer is not an Approved Charterer; or

		(2)	such Sub-Charter has a daily charter hire of less than thirteen thousand five hundred Dollars (US$13,500);
or

		(B)	no Sub-Charter for the Vessel has been entered into by the Charterers and a Sub-Charterer,

and the Cash Collateral shall
be applied by the Owners:

		(I)	if a Call Option has been exercised by the Charterers in accordance with Clause 52 (Purchase Option,
Call Option, Early Termination Event and Transfer of Title), against and

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to reduce the Call Option Price
payable by the Charterers at the expiry of the Charter Period;

		(II)	in the event of a Termination Event, Total Loss or an Early Termination Event, against and to reduce the
Termination Sum payable by the Charterers;

		(III)	if a Purchase Option has been exercised and fulfilled in accordance with this Charter, against and to
reduce the Purchase Option Price; and

		(IV)	in whole or in part, any other sums owing by the Charterers to the Owners from time to time.

		(pp)	if either of the following events occur:

		(i)	the Initial Sub-Charter is cancelled, rescinded, terminated, expires or otherwise ceases to be in full
force and effect during the Initial Sub-Charter Optional Term; or

		(ii)	any subsequent Sub-Charter is cancelled, repudiated, rescinded, terminated before its natural expiration
under the terms of such Sub-Charter,

and the Charterers have received
any refund from the Owners in accordance with Clause 48(oo) such that the amount of the Cash Collateral at such time is less than the
Day One Cash Collateral, the Charterers shall immediately provide a further deposit in the amount of the shortfall and deposit the same
in the Owners' Account or any other account nominated by the Owners, for the purpose of and
in order to restore the Cash Collateral to the amount of the Day One Cash Collateral.

		49	Termination Events

		(a)	Each of the following events shall constitute a Termination Event:

		(i)	

		(A)	an Obligor fails to pay on the due date (or, in the case of sums expressed to be payable on demand, within
three (3) Business Days of the Owners' demand) any sum payable pursuant to the Transaction Document to which it is a party;

		(B)	no Termination Event shall occur under Clause 49(a)(i)(A) in relation to a failure to pay any Hire on
the relevant due date if such Obligor can demonstrate to the reasonable satisfaction of the Owners that all necessary instructions were
given to effect such payment and the non-receipt thereof is attributable solely to an administrative or technical error or an error in
the banking system and payment of such Hire is made within three (3) Business Days of its original due date;

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		(ii)	any Obligor fails duly to perform or comply with any of the obligations in a Transaction Document expressed
or to be assumed by or procured by the Charterers under or relating to:

		(A)	Clause 41 (Insurance), Clause 74 (Financial Covenants) or Clause 48(b) (AML Laws etc.
and Sanctions); or

		(B)	Clause 38(a)(i) (Further maintenance and operation) which is not remedied within ten (10) days
after the earlier of written notice from the Owners requesting action to remedy the same or the relevant Obligor becoming aware of the
same;

		(iii)	any Obligor defaults under, or in the due and punctual observance and performance of, any other provision
of a Transaction Document to which it is a party and where, in the opinion of the Owners, such default is capable of remedy (and for these
purposes a breach by the Charterers of their obligations under Clause 36(b) (Conditions precedent and conditions subsequent), Clause
41 (Insurance) or Clause 48(b) (AML Laws etc. and Sanctions), shall be a default not capable of remedy), such default is
not remedied to the Owners' satisfaction within fourteen (14) days after written notice from the Owners requesting action to remedy the
same;

		(iv)	any representation or statement made by any Obligor in or pursuant to a Transaction Document to which
it is a party or in any notice, certificate, instrument or statement contemplated thereby or made or delivered pursuant hereto or thereto
is, or proves to be, incorrect or misleading in any material respect when made or deemed to be repeated;

		(v)	all of the following:

		(A)	any Financial Indebtedness of an Obligor is not paid when due nor within any originally applicable grace
period;

		(B)	any Financial Indebtedness of an Obligor is declared to be, or otherwise becomes, due and payable prior
to its specified maturity as a result of an event of default (however described);

		(C)	any commitment for any Financial Indebtedness of an Obligor is cancelled or suspended by a creditor of
an Obligor as a result of an event of default (however described); and

		(D)	any creditor of an Obligor becomes entitled to declare any Financial Indebtedness of an Obligor due and
payable prior to its specified maturity as a result of an event of default (however described),

provided that no Termination
Event will occur under this Clause 49(a)(v) if, the aggregate amount of such Financial Indebtedness

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referred to in this Clause 49(a)(v)
(i) in respect of the Charter Guarantor, is less than ten million Dollars (US$10,000,000) and (ii) in respect of the Charterers, is less
than five hundred thousand Dollars (US$500,000);

		(vi)	any of the following:

		(A)	an Obligor:

		(1)	is unable or admits inability to pay its debts as they fall due;

		(2)	is deemed to, or is declared to, be unable to pay its debts under applicable law;

		(3)	suspends or threatens to suspend making payments on any of its debts; or

		(4)	other than the Charter Guarantor, by reason of actual or anticipated financial difficulties, commences
negotiations with one or more of its creditors with a view to rescheduling any of its indebtedness;

		(B)	the Charter Guarantor, any of it Subsidiaries or any of their respective directors or authorised representatives
by reason of actual or anticipated financial difficulties take any steps (whether by submitting or presenting a document setting out a
proposal or proposed terms or otherwise) with more than 35% (by value) of creditors of the Group (taken as a whole) with a view to obtaining
any form of moratorium, suspension or deferral of payments or reorganisation of debt (or certain debt), provided that this Clause 49(a)(vi)(B)
shall not apply where the relevant steps are being taken solely with the Owners or any of the Owners' Subsidiaries;

		(C)	the value of the assets of an Obligor is less than its liabilities (taking into account contingent and
prospective liabilities); or

		(D)	a moratorium is declared in respect of any indebtedness of an Obligor. If a moratorium occurs, the ending
of the moratorium will not remedy any Termination Event caused by that moratorium;

		(vii)	any corporate action, legal proceedings or other procedure or step is taken in relation to:

		(A)	the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration,
bankruptcy or reorganisation (by way of voluntary

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arrangement, scheme of arrangement
or otherwise) of an Obligor;

		(B)	a composition, compromise, assignment or arrangement with any creditor of an Obligor;

		(C)	the appointment of a liquidator, receiver, administrative receiver, administrator, compulsory manager,
trustee or other similar officer in respect of an Obligor or any of its assets; or

		(D)	enforcement of any Security Interest over any assets of an Obligor,

or any analogous procedure or
step is taken in any jurisdiction. This Clause 49(a)(vii) shall not apply to (i) any winding-up petition which is frivolous or vexatious
and is discharged, stayed or dismissed within twenty one (21) days of commencement or (ii) any arrest or detention of the Vessel from
which the Vessel is released within twenty one (21) days from the date of that arrest or detention;

		(viii)	any expropriation, attachment, sequestration, distress or execution (or any analogous process in any jurisdiction)
affects any asset or assets of an Obligor and is not discharged within twenty one (21) days.

		(ix)	any Obligor ceases or threatens to cease, to carry on all or, any material part of such Obligor's business;

		(x)	any of the following:

		(A)	it is or becomes unlawful for an Obligor to perform any of its obligations under the Transaction Documents
or any Security Interest under a Security Document ceases to be effective;

		(B)	any obligation or obligations of any Obligor under any Transaction Documents are not or cease to be legal,
valid, binding or enforceable and the cessation individually or cumulatively materially and adversely affects the interests of the Owners
under the Transaction Documents; or

		(C)	any Transaction Document ceases to be in full force and effect or any Security Interest under a Security
Document ceases to be legal, valid, binding, enforceable or effective or is alleged by a party to it (other than the Owners) to be ineffective,

and no agreement is reached between
the Owners and the Charterers to agree an alternative arrangement within thirty (30) days from the date of occurrence of any of the events
stated above;

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		(xi)	the authority or ability of an Obligor to conduct its business is limited or wholly or substantially curtailed
by any seizure, expropriation, nationalisation, intervention, restriction or other action by or on behalf of any governmental, regulatory
or other authority or other person in relation to an Obligor or any of its assets provided that rescission or repudiation of a
Sub-Charter by a Sub-Charterer with the prior written consent of the Owners, would not constitute a Termination Event;

		(xii)	an Obligor rescinds or purports to rescind or repudiates or purports to repudiate a Transaction Document
(in relation to a Sub-Charter, without the Owner's prior written consent) or any of the Security Interests under a Security Document or
evinces an intention to rescind or repudiate a Transaction Document or any of the Security Interests under a Security Document;

		(xiii)	any of the conditions in Clause 36(b) is not satisfied within the specified time;

		(xiv)	any authorisation, approval, consent, licence, exemption, filing or registration or other requirement
of any governmental, judicial or other public body or authority which is now, or which at any time during the Agreement Term becomes,
necessary to enable any Obligor to comply with any of its obligations or undertakings contained in a Transaction Document to which it
is a party is not obtained or is modified, revoked, suspended, withdrawn or withheld or does not remain in full force and effect and in
any such case the same is not remedied within such reasonable time and by such measures as the Owners may approve;

		(xv)	the Charter Guarantor gives notice to the Owners to determine any obligations under the Charter Guarantee;

		(xvi)	any litigation, arbitration or administrative proceedings or investigations of, or before, any court,
arbitral body, arbitral tribunal or agency are started or threatened, or any judgment or order of a court, arbitral body, arbitral tribunal,
agency or other tribunal or any order or sanction of any governmental or other regulatory body is made, in relation to the Transaction
Documents or the transactions contemplated in the Transaction Documents or against an Obligor or its assets which have, or has, or are,
or is, reasonably likely to have a Material Adverse Effect;

		(xvii)	for any reason whatsoever, the Vessel ceases to:

		(A)	comply with the ISM Code or the ISPS Code; or

		(B)	be managed by the Approved Manager in accordance with the Management Agreement or otherwise on terms in
all respects approved by the Owners,

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in each case, which is not remedied
within three (3) Business Days after the earlier of written notice from the Owners requesting action to remedy the same or the Charterers
becoming aware of the same;

		(xviii)	any event or circumstance occurs which the Owners reasonably believe has or is reasonably likely to have
a Material Adverse Effect;

		(xix)	

		(A)	any of the Obligors or any Affiliate of any of them or any of their respective directors, officers or
employees becomes a Restricted Party or becomes owned or controlled by, or acts directly or indirectly on behalf of, a Restricted Party
or any of such persons becomes the owner or controller of a Restricted Party;

		(B)	any proceeds of the Purchase Price are made available, directly or indirectly, to or for the benefit of
a Restricted Party or otherwise is, directly or indirectly, applied in a manner or for a purpose prohibited by Sanctions; or

		(C)	any of the Obligors or any Affiliate of any of them or any of their respective directors, officers or
employees is not in compliance with all Sanctions; or

		(D)	the Vessel is employed, operated or managed in any manner which (i) requires it to call at any port in
North Korea, Iran or Syria, or any area or country where trading the Vessel to such port or area or country would constitute or reasonably
be expected to constitute a breach of any Sanctions, (ii) is contrary to any Sanctions and in particular, the Vessel is used by or to
benefit any party which is a target of Sanctions and/or is a Restricted Party, (iii) would result or reasonably be expected to result
in any Obligors, Sub-Charterer, Sub-Charter Guarantor or the Owners becoming a Restricted Party, or (iv) would trigger the operation of
any Sanctions limitation or exclusion clause in any insurance documentation; or

		(xx)	at such time when there is a change in the legal or beneficial ownership, shareholding or management control
of the Charterers (including any material change in the composition of the board of directors of the Charterers) from that advised to
the Owners by the Charterers at the date of this Charter (and, in particular, reflected in the officer's certificate of the Charterers
provided to the Owners pursuant to the MOA or this Charter);

		(xxi)	the Initial Sub-Charter is cancelled, repudiated, rescinded, terminated, expires or otherwise ceases to
be in full force and effect prior to the third (3rd) anniversary of the Actual Delivery Date, provided that it shall
not constitute a Termination Event under this clause if the Charterers, within forty five (45) days after the date

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that the Initial Sub-Charter
is cancelled, repudiated, rescinded, terminated, expires or otherwise ceases to be in full force and effect, deliver the vessel into (and
not just fix) a substitute Sub-Charter for the Vessel, with material terms and conditions satisfactory to the Owners and for the purposes
of this clause any of the following requirements shall be deemed to be material:

		(A)	such Sub-Charter shall be entered into with an Approved Sub-Charterer and shall not be on a bareboat charter
basis unless approved by the Owners (acting reasonably);

		(B)	the rate of daily charter hire under such Sub-Charter shall be no less than thirty six thousand five hundred
Dollars (US$36,500);

		(C)	the fixed charter period of such Sub-Charter (without optional extensions) shall end on a date on or after
the Initial Sub-Charter Fixed Term,

in addition, (i) the Charterers
shall provide the Owners with such executed sub-charter agreement and issued "on-hire" certificate evidencing the delivery of
the Vessel into such Sub-Charter; and (ii) the Charterers shall assign the rights of any such Sub-Charter to the Owners on terms and conditions
satisfactory to the Owners;

		(xxii)	any "Termination Event" (as such term is defined under any Collateral Charter) occurs under
any Collateral Charter; or

		(xxiii)	a "Termination Event" (as such term is defined under the Anthea Y Charter) in accordance with
Clause 49(a)(i) of the Anthea Y Charter has occurred and is continuing; or

		(xxiv)	the Charterers (as sellers) fail to perform or comply with its undertaking provided to the Owners (as
buyers) in accordance with Clause 19(b) of the MOA.

		(b)	A Termination Event shall constitute (as the case may be) either a repudiatory breach of, or breach of
condition by the Charterers under, this Charter or an agreed terminating event the occurrence of which will (in any such case) entitle
the Owners to exercise all or any of the remedies set out below in this Clause 49.

		(c)	At any time after a Termination Event shall have occurred and be continuing following the lapse of any
applicable grace period as specified in paragraph (a) above, the Owners may:

		(i)	at their option and by delivering to the Charterers a Termination Notice, terminate this Charter with
immediate effect or on the date specified in such Termination Notice, and withdraw the Vessel from the service of the Charterers without
noting any protest and without interference by any court or any other formality whatsoever, whereupon the Vessel shall no longer be in
the possession of the

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Charterers with the consent
of the Owners, and the Charterers shall redeliver the Vessel to the Owners in accordance with Clauses 42 (Redelivery) and 43 (Redelivery
conditions);

		(ii)	enforce any Security Interest created pursuant to the relevant Transaction Documents; and

		(iii)	forfeit the refund of the Cash Collateral (which the Charterers irrevocably agree the Owners are entitled
to do at any time after a Termination Event has occurred and is continuing) and apply the Cash Collateral against any amount of the Termination
Sum payable and owing by the Charterers.

		(d)	On the date falling no later than fifteen (15) days after the Termination Payment Date in respect of any
termination of the chartering of the Vessel under this Charter in accordance with paragraph (c) above, the Charterers shall pay to the
Owners an amount equal to the Termination Sum. For the avoidance of doubt, interest shall continue to accrue on the Termination Sum pursuant
to paragraph (i) of Clause 40 (Hire) from the Termination Payment Date to the date of actual payment.

		(e)	Following any termination to which this Clause 49 applies, all sums payable in accordance with paragraph
(d) above shall be paid to such account or accounts as the Owners may direct and shall be applied by the Owners in the following order:

		(i)	firstly, against the Termination Sum; and

		(ii)	secondly, in accordance with Clause 4.2.1(d) to (e) of the Security Trust Deed.

		(f)	If the chartering of the Vessel or, as the case may be, the obligation of the Owners to deliver and charter
the Vessel to the Charterers is terminated in accordance with the terms of this Charter, the obligation of the Charterers to pay Hire
shall cease once the Charterers have made the payment pursuant to paragraph (d) above or Clause 40(k) (Hire) to the satisfaction
of the Owners, whereupon the Owners shall arrange for title of the Vessel to be transferred to the Charterers in accordance with paragraphs
(e) to (h) of Clause 52 (Purchase Option, Call Option, Early Termination Event and Transfer of Title).

		(g)	Without prejudice to the forgoing or to any other rights of the Owners under this Charter, at any time
after a Termination Notice is served under Clause 49(c) (Termination Events), the Owners may, acting in their sole discretion without
prejudice to the Charterers' obligations under Clause 43 (Redelivery conditions), retake possession of the Vessel and, the Charterers
agree that the Owners, for such purpose, may put into force and exercise all their rights and entitlements at law and may enter upon any
premises belonging to or in the occupation or under the control of the Charterers where the Vessel may be located as well as giving instructions
to the Charterers' servants or agents for this purpose, provided that the Owners shall not be entitled to exercise their rights under
this Clause if the Charterers have made the payment pursuant to Clause 49(d) (Termination Events) to the satisfaction of the

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Owners and the Owners have transferred
title to the Vessel to the Charterers (or its nominee) in accordance with Clauses 52(e) (Purchase Obligation, Call Option, Early Termination
Event and Transfer of title).

		(h)	Following any termination to which this Clause 49 applies, if the Charterers have not paid to the Owners
the Termination Sum on the date falling no later than fifteen (15) days after the applicable Termination Payment Date (and consequently
the Owners have not transferred title to the Vessel to the Charterers (or its nominee) in accordance with Clause 52(e) (Purchase Obligation,
Early Termination Event and Transfer of title), the Owners shall be entitled (but not obliged) to sell the Vessel and apply the proceeds
of a sale of the Vessel received or receivable, net of any fees, commissions, documented costs, disbursements or other expenses incurred
by the Owners as a result of the Owners arranging the proposed sale (the "Net Proceeds"), against the Termination Sum
and:

		(i)	if the Net Proceeds do not exceed the Termination Sum, claim from the Charterers for any shortfall together
with interest accrued thereon pursuant to paragraph (i) of Clause 40 (Hire) from the due date for payment thereof to the date of
actual payment; or

		(ii)	if the Net Proceeds exceed the Termination Sum, any surplus shall be applied in the order set out in clause
4.2.1(d) to (e) of the Security Trust Deed,

provided
that in the event:

		(A)	the Owners have not yet entered into any agreement for the sale, charter or employment of the Vessel;

		(B)	the Charterers furnish the Owners with an Offer no later than the date falling thirty (30) days after
the Termination Payment Date (or such later date as may be agreed by the Owners, the "Latest MOA Date"); and

		(C)	the potential buyer which has made the Offer (the "Potential Buyer") is acceptable to the Owners
(acting reasonably, such acceptance not to be unreasonably withheld or delayed),

the Owners shall, subject to
the entry into of a memorandum of agreement for the Vessel between the Potential Buyer and the Owners which shall be on terms acceptable
to the Owners (the "Potential Buyer MOA") by the Latest MOA Date, sell the Vessel to the Potential Buyer in accordance
with the terms of the Potential Buyer MOA. For the avoidance of doubt, the Owners may at its sole discretion (acting reasonably) proceed
to complete any sale, charter or employment of the Vessel arranged by the Owners notwithstanding the Offer furnished by the Charterers.
The proceeds of such sale shall, for the avoidance of any doubt, be applied in accordance with this Clause 49(h)(i) and (ii) as above.

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For the purposes of this Clause
49(h):

"Offer" means
a firm offer for the purchase of the Vessel:

		(i)	for a purchase price in cash (payable on delivery and acceptance of the Vessel) not less than the Relevant
Amount; and

		(ii)	on customary terms for sale and purchase of commercial vessels of similar type.

"Relevant Amount"
means the aggregate of the Termination Sum to be determined by the Owners payable on the delivery date of the Vessel under any Potential
Buyer MOA and to the extent not already included within such Termination Sum, any actual or estimated costs associated with the entry
into the Potential Buyer MOA by the Potential Buyer and the conclusion of the transaction and the delivery of the Vessel thereunder, including
any brokers' fees or commission.

		(i)	For the avoidance of doubt, the Charterers' obligation to pay the Termination Sum (and any of their other
obligations under the Transaction Documents) shall not be affected irrespective of the Owners' ability to complete the sale of the Vessel
referred to in Clause 49(h) above.

		(j)	Save as otherwise expressly provided in this Charter, the Charterers shall not have the right to terminate
this Charter any time prior to the expiration of the Agreement Term. The rights conferred upon the Owners by the provisions of this Clause
49 are cumulative and in addition to any rights which they may otherwise have in law or in equity or by virtue of the provisions of this
Charter.

		50	Sub-chartering and assignment

		(a)	The Charterers shall not without the prior written consent of the Owners (such consent not to be unreasonably
withheld):

		(i)	let the Vessel on demise charter for any period;

		(ii)	enter into any time or consecutive voyage charter in respect of the Vessel which exceeds 12 months in
duration (with or without optional extensions);

		(iii)	except as may be permitted under any Sub-Charter, de-activate or lay up the Vessel; or

		(iv)	assign their rights under this Charter.

		(b)	The Charterers acknowledge that any sub-chartering permitted in accordance with Clause 50(a) above shall
additionally be subject (amongst other things) to the following conditions:

		(i)	the Owners being satisfied that the Charterers shall retain operational control of the Vessel (either
directly or through any Approved Managers); and

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		(ii)	all charterhire and any other sums to be received by the Charterers in connection with the Sub-Charter
or any such sub-chartering shall be paid into the Operating Account.

		(c)	Without prejudice to anything contained in this Clause 50, the Charterers shall only enter into any sub-charter
for the Vessel which is for a purpose for which the Vessel is suited and with a sub-charterer who is not a Restricted Party and in each
case, the Charterers shall assign to the Owners all their earnings arising out of and in connection with such sub-charter and all their
rights and interest of any such sub-charter upon such terms and conditions as the Owners may require and the Charterers shall serve a
notice on any sub-charterer and shall use reasonable endeavours to obtain a written acknowledgement of such earnings assignment from such
sub-charterer in such form as is required by the Owners or any Finance Party (as the case may be).

		(d)	The Charterers shall, without prejudice to the Owners' rights under any Transaction Document, procure
that all Earnings (including any Earnings pursuant to the Sub-Charters) are remitted to the Operating Account.

		(e)	Without prejudice to anything contained in this Clause 50, the Vessel shall not be employed, operated
or managed in any manner which:

		(i)	is contrary to any Sanctions and in particular, the Vessel shall not be used by or to benefit any party
which is a target of Sanctions and/or is a Restricted Party or reach any port in North Korea, Iran, Syria or any area or country where
trading the Vessel to such area or country would constitute or reasonably be expected to constitute a breach of any Sanctions or published
boycotts imposed by any of the United Nations, the European Union, the United States of America, the United Kingdom or the People's Republic
of China;

		(ii)	would result or reasonably be expected to result in any Obligor, any Sub-Charter or the Owners becoming
a Restricted Party; or

		(iii)	would trigger the operation of any Sanctions limitation or exclusion clause in any insurance documentation.

		51	Name of Vessel

Provided that the Charterers
have obtained the prior written consent of the Owners (such consent not to be unreasonably withheld) but always subject to the provisions
of any Sub-Charter:

		(i)	the name of the Vessel may be chosen by the Charterers provided that the name chosen must be commercially
sensible (not to be politically or commercially inappropriate); and

		(ii)	the Vessel may be painted in the colours, display the funnel insignia and fly the house flag as required
by the Charterers.

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		52	Purchase Option, Call Option, Early Termination Event and Transfer of Title

Purchase
Option

		(a)	Subject to:

		(i)	no Total Loss under Clause 53 (Total loss) having occurred;

		(ii)	no Termination Event under Clause 49 (Termination Events) having occurred and being continuing;
and

		(iii)	the Charterers' delivery of the Purchase Option Notice to the Owners at least sixty (60) days prior to
the proposed Purchase Option Date,

the Charterers may purchase the
Vessel on any Purchase Option Date for the Purchase Option Price.

Call Option

		(b)	Subject to:

		(i)	no Total Loss under Clause 53 (Total loss) having occurred;

		(ii)	no Termination Event under Clause 49 (Termination Events) having occurred and being continuing;
and

		(iii)	the Charterers' delivery of the Call Option Notice to the Owners prior to the Call Option Expiry Date,

the Charterers may exercise the
Call Option to purchase the Vessel on the Expiry Date for the Call Option Price.

		(c)	

		(i)	If:

		(A)	neither the Purchase Option nor the Call Option has been exercised by the Call Option Expiry Date; or

		(B)	the Call Option has been exercised but the Call Option Price has not been paid in accordance with the
terms of this Charter,

the Charterers shall, no later
than the Expiry Date, pay to the Owners the Option Premium in full.

		(ii)	In the event that Clause 52(c) is applicable and the Option Premium is not paid by the Expiry Date, the
Owners shall be entitled (but not obliged) at the Charterers' cost to:

		(A)	withdraw the Vessel from the service of the Charterers without noting any protest and without interference
by any court or any other formality whatsoever, whereupon the Vessel shall no longer be in the possession of the Charterers with the consent
of the Owners, and the Charterers shall

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redeliver the Vessel to the
Owners in accordance with Clauses 42 (Redelivery) and 43 (Redelivery conditions); and

		(B)	remarket the Vessel for sale or deliver the Vessel into any sub-charter and any proceeds from such sale
or earnings from any sub-charterer shall not be used to apply against the Option Premium due and payable.

Early Termination Event

		(d)	If, at any time during the Agreement Term, any of the following events occur:

		(A)	a Charter Guarantor Change of Control Event occurs (save for a Delisting Event prior to which the Charterers
have provided additional security as may be required by the Owners and which is in form and substance acceptable to the Owners);

		(B)	

		(1)	the Initial Sub-Charterer, any Sub-Charterer or Sub-Charter Guarantor or any of their respective directors,
officers or employees becomes a Restricted Party or becomes owned or controlled by or acts directly or indirectly on behalf of, a Restricted
Party or any of such persons becomes the owner or controller of a Restricted Party; or

		(2)	the Initial Sub-Charterer, any Sub-Charterer or Sub-Charter Guarantor or any of their respective directors,
officers or employees is not in compliance with all Sanctions,

unless within sixty (60) days
of the occurrence of any event set out in Clause 52(d)(B)(1) and 52(d)(B)(2) (each, a "Sub-Charter Event") (or such shorter
period as permitted by any applicable authority), the relevant Sub-Charter and any Sub-Charter Guarantee relative to the applicable Sub-Charter
Event are terminated and the Charterers enter into a replacement Sub-Charter (and if applicable any replacement Sub-Charter Guarantee)
in form and substance and with counterparties acceptable to the Owners (acting reasonably);

then:

		(i)	the Charterers shall immediately notify the Owners;

		(ii)	subject to no Total Loss under Clause 53 (Total loss) having occurred and no Termination Event
under Clause 49 (Termination Events) having occurred and being continuing, and regardless of whether the notice referred to in
Clause 52(d)(i) above has been received by the Charterers, the Owners may (but shall not be obliged to) provide the Charterers with its
intention to terminate the Charter and require the transfer of title to the Vessel from the Owners to the Charterers in exchange for payment
by the Charterers to the Owners of the Termination Sum on such date specified by the Owners; and

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		(iii)	the Charterers shall pay to the Owners the Termination Sum on the Termination Payment Date as specified
by the Owners pursuant to Clause 52(d)(ii).

For the avoidance of doubt, Hire
shall in any event continue to be payable for the full period and this Charter shall otherwise continue to be in full force and effect
until the Termination Sum has been received in full by the Owners.

Transfer of Title

		(e)	Upon (1) in respect of a Purchase Option, the Call Option or an Early Termination Event, the full payment
of the Purchase Option Price, the Call Option Price or the Termination Sum (as the case may be), (2) the full payment of the Termination
Sum in accordance with Clause 40(k) (Hire), or (3) the full payment of the Termination Sum in accordance with Clause 49(d) (Termination
Events) and any other sums payable by the Charterers to the Owners under this Charter and in each case, without any double counting,
subject to compliance with the other conditions set out in this Clause 52, the Owners shall:

		(i)	transfer title to and ownership of the Vessel to the Charterers (or their nominee) by delivering to the
Charterers (in each case at the Charterers' costs):

		(A)	a duly executed and notarised, legalised and/or apostilled (as applicable) bill of sale in such form as
is required by an Approved Flag or such other flag the Charterers select; and

		(B)	the Title Transfer PDA; and

		(C)	any additional document as may be required by the Vessel's flag to register title in the ownership of
the Charterers, provided that any requirements for any additional documents are being notified to the Owners reasonably in advance to
allow the Owners sufficient time to review, sign, notarise and/or legalise (where required) and deliver such additional documents;

		(ii)	procure the deletion of any mortgage or prior Security Interest in relation to the Vessel (including the
Security Interest in relation to the Share Pledge and Account Pledge) at the Charterers' costs,

provided always that prior
to such transfer or deletion (as the case may be), the Owners shall have received the letter of indemnity as referred to in paragraph
(h) below from the Charterers, and the Charterers shall have performed all their obligations in connection herewith and with the Vessel,
including without limitation the full payment of all Unpaid Sums and any sums pursuant to Clause 58 (Further Indemnities).

		(f)	The transfer in accordance with paragraph (e) above shall be made in all respects at the Charterers' expense
on an "as is, where is" basis and the Owners shall give the Charterers (or their nominee) no representations,

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warranties, agreements or guarantees
whatsoever concerning or in connection with the Vessel, the Insurances, the Vessel's condition, state or class or anything related to
the Vessel, expressed or implied, statutory or otherwise.

		(g)	The Owners shall have no responsibility for the registrability of a bill of sale referred to in paragraph
(e) above executed by the Owners, as far as such bill of sale is prescribed in forms generally acceptable to the Vessel's registry at
the date of execution of such bill of sale.

		(h)	The Charterers shall, immediately prior to the receipt of the bill of sale referred to in paragraph (e)
above), furnish the Owners with a letter of indemnity (in a form satisfactory to the Owners) whereby the Charterers shall state that,
among other things, the Owners have and will have no interest, concern or connection with the Vessel after the date of such letter and
that the Charterers shall indemnify the Owners and keep the Owners indemnified forever against any claims made by any person arising in
connection with the Vessel prior to the date the title of the Vessel is transferred to the Charterers.

		(i)	If the chartering of the Vessel is terminated in accordance with this Clause 52, the obligation of the
Charterers to pay the Hire shall cease only once the Charterers have paid the relevant Purchase Option Price, Call Option Price, or the
Termination Sum (as applicable) and any other sums payable by the Charterers to the Owners as required hereunder to the satisfaction of
the Owners.

		53	Total Loss

		(a)	If circumstances exist giving rise to a Total Loss, the Charterers shall promptly notify the Owners of
the facts of such Total Loss. If the Charterers wish to proceed on the basis of a Total Loss and advise the Owners thereof, the Owners
shall agree to the Vessel being treated as a Total Loss for all purposes of this Charter. The Owners shall thereupon abandon the Vessel
to the Charterers and/or execute such documents as may be required to enable the Charterers to abandon the Vessel to insurers and claim
a Total Loss. Without prejudice to the obligations of the Charterers to pay to the Owners all monies then due or thereafter to become
due under this Charter including but not limited to the Charterers' obligation to pay the Termination Sum on the Settlement Date in accordance
with Clause 53(b) and 53(c) below, if the Vessel shall become a Total Loss during the Charter Period, the Charter Period shall end on
the Settlement Date.

		(b)	If the Vessel becomes a Total Loss during the Charter Period, the Charterers shall, on the Settlement
Date, pay to the Owners the amount calculated in accordance with paragraph (c) below.

		(c)	On the Settlement Date, the Charterers shall pay to the Owners an amount equal to the Termination Sum
as at the Settlement Date. The foregoing obligations of the Charterers under this paragraph (c) shall apply regardless of whether or not
any moneys are payable under any Insurances in respect of the Vessel, regardless of the amount payable thereunder, regardless of the

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cause of the Total Loss and
regardless of whether or not any of the said compensation shall become payable.

		(d)	All Total Loss Proceeds shall be paid to such account or accounts as the Owners may direct and shall be
applied towards satisfaction of the Termination Sum and any other sums due and payable under the Transaction Documents. To the extent
that there is any surplus after such application, any such surplus shall be applied in the order set out in Clause 4.2.1(d) to (e) of
the Security Trust Deed.

		(e)	The Charterers shall, at the Owners' request, provide satisfactory evidence, in the reasonable opinion
of the Owners, as to the date on which the constructive total loss of the Vessel occurred pursuant to the definition of Total Loss.

		(f)	The Charterers shall continue to pay Hire on the days and in the amounts required under this Charter notwithstanding
that the Vessel shall become a Total Loss provided always that no further instalments of Hire shall become due and payable after
the Charterers have made the payment pursuant to paragraph (c) above.

		54	Appointment of Approved Manager

		(a)	The Charterers covenant not to appoint anyone other than the Approved Manager as managers or sub-managers
of the Vessel without the prior written consent of the Owners (such consent not to be unreasonably withheld).

		(b)	Without prejudice to the foregoing, the Owners shall be entitled, but without obligation, to replace the
Approved Managers with such other ship management company at the Charterers' costs upon the occurrence of a Termination Event which is
continuing.

		55	Fees and expenses

		(a)	The Charterers shall, on or prior to the Actual Delivery Date, pay to the Owners the Arrangement Fee.
The Parties agree that the Arrangement Fee may be paid by way of deduction of the same from the Purchase Price payable by the Owners (as
buyers) to the Charterers (as sellers) under the MOA. The Arrangement Fee shall not be refundable in any circumstance whatsoever.

		(b)	In addition to the Arrangement Fee, the Charterers shall bear all documented costs, fees (including documented
legal fees) and disbursements reasonably incurred by the Owners and the Charterers in connection with:

		(i)	the negotiation, preparation, finalisation and execution of this Charter and the other Transaction Documents;

		(ii)	the delivery or redelivery of the Vessel under the MOA and this Charter;

		(iii)	all Registration Costs;

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		(iv)	preparation or procurement of any survey, inspection, Valuation Report (subject to paragraph (dd) of Clause
48 (Charterers' undertakings)), tax or insurance advice; and

		(v)	such other activities relevant to the transaction contemplated herein.

		56	Stamp duties and taxes

		(a)	The Charterers shall pay promptly but in any event within ten (10) Business Days (or other period as may
be agreed by both parties) of demand by the Owners:

		(i)	an amount equal to the loss, liability or documented cost which the Owners determine will be or has been
(directly or indirectly) suffered for or on account of Tax by the Owners in respect of a Transaction Document, together with any interest,
penalties, costs and expenses payable or incurred; and

		(ii)	all stamp, documentary or other like duties and taxes to which this Charter and the other Transaction
Documents may be subject or give rise, whether before or after the delivery of the Vessel by the Charterers to the Owners pursuant to
the MOA as well as any duties imposed in any relevant jurisdiction upon running stores, provisions and supplies furnished by the Owners
from abroad to be stocked on board the Vessel and also from the payment of export duties, if any, to be imposed upon the Vessel as a whole
or upon any of its parts or equipment, and shall indemnify the Owners on demand against any and all liabilities with respect to or resulting
from any delay on the part of the Charterers to pay such duties or taxes.

		(b)	All amounts set out or expressed in a Transaction Document to be payable to the Owners which constitute
the consideration for any supply for Indirect Tax purposes shall be deemed to be exclusive of any Indirect Tax. If any Indirect Tax is
chargeable on any supply made by the Owners to the Charterers in connection with a Transaction Document, the Charterers shall pay to the
Owners an amount equal to the amount of the Indirect Tax (in addition to and at the same time as paying any other consideration for such
supply).

		(c)	Where a Transaction Document requires Charterers to reimburse or indemnify the Owners for any documented
costs or expenses, the Charterers shall also at the same time reimburse or indemnify (as the case may be) the Owners against all Indirect
Tax incurred by the Owners in respect of the documented costs or expenses save to the extent the Owners reasonably determines that they
are entitled to credit or repayment in respect of the Indirect Tax from the relevant tax authority.

		(d)	For the avoidance of doubt, the Charterers shall and shall procure that the Charter Guarantor shall, indemnify,
protect, defend and hold harmless any Tax incurred by the Owners relating to, resulting from or arising out of or in connection with,
directly or indirectly from the acts listed in Clause 58(a)(ii)(A)(Further Indemnities).

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		57	Operational notifiable events

The Charterers shall immediately
notify the Owners of the occurrence of any of the following events:

		(a)	any requirement or recommendation imposed by the Classification Society or any competent authority which
is not promptly complied with within any applicable grace period agreed by the Classification Society or such competent authority (as
the case may be);

		(b)	whenever the Vessel is:

		(i)	arrested or detained, for a period of at least one (1) day; or

		(ii)	confiscated, seized, requisitioned, impounded or forfeited,

by any government or other competent
authorities or any other persons and the release of the Vessel following such arrest, confiscation, seizure, requisition, impoundment,
forfeiture or detention;

		(c)	in the event of a fire requiring the use of fixed fire systems or collision / grounding and the costs
of such damage will or is reasonably likely to exceed the Threshold Amount;

		(d)	(by email) whenever the Vessel is planned for dry-docking, whether in accordance with Clause 10(g) (Part
II) or any Sub-Charter and whether routine or emergency;

		(e)	the Vessel is taken under tow, save for any routine towage (including when leaving or entering a port);

		(f)	whenever a Classification Society or flag authority refuses to issue or withdraw trading certification,
and any actual or threatened withdrawal, suspension, cancellation or modification of:

		(i)	the Safety Management Certificate (as such term is defined pursuant to the ISM Code);

		(ii)	the Approved Technical Manager's current Document of Compliance (as such term is defined pursuant to the
ISM Code);

		(iii)	the ISSC of the Vessel; or

		(iv)	the IAPPC of the Vessel;

		(g)	any claim for breach of the ISM Code or the ISPS Code being made against the Charterers, the ISM Company,
an Approved Manager or otherwise in connection with the Vessel, save that in respect of the Sub-Charterers, unless such breach does not
affect the operation of the Vessel in all respects;

		(h)	any exercise of any lien on the Vessel or her Earnings; or

		(i)	any incident of, repair of, damage to or alteration of the Vessel the costs of which exceeds or may reasonably
likely to exceed the Threshold Amount.

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		58	Further indemnities

		(a)	Whether or not any of the transactions contemplated hereby are consummated, the Charterers shall and shall
procure that the Charter Guarantor shall, in addition to the provisions under Clause 17 (Indemnity) (Part II) of this Charter,
indemnify, protect, defend and hold harmless the Owners, any Collateral Owners, the Security Trustee, their respective Affiliates and
the Finance Parties and their respective officers, directors, agents and employees (collectively, the "Indemnitees")
throughout the Agreement Term from, against and in respect of, any and all liabilities, obligations, losses, damages, penalties, fines,
documented fees, claims, tax, actions, proceedings, judgement, order or other sanction, lien, salvage, general average, suits, documented
costs, expenses and disbursements, including reasonable legal fees and expenses, of whatsoever kind and nature (collectively, the "Expenses"),
imposed on, suffered or incurred by any Indemnitee, in any way relating to, resulting from or arising out of or in connection with, in
each case, directly or indirectly, any one or more of the following:

		(i)	this Charter, the Initial MOA (and any document delivered thereunder) and any other Transaction Documents
and any amendment, supplement or modification thereof or thereto requested by the Charterers;

		(ii)	the Vessel or any part thereof, including with respect to:

		(A)	the ownership of, manufacture, design, possession, use or non-use, operation, maintenance, sub-chartering,
testing, repair, overhaul, condition, alteration, modification, addition, improvement, storage, seaworthiness, replacement, repair of
the Vessel or any part (including, in each case, latent or other defects, whether or not discoverable and any claim for patent, trademark,
or copyright infringement and all liabilities, obligations, losses, damages and claims in any way relating to or arising out of spillage
of cargo or fuel, out of injury to persons, properties or the environment or strict liability in tort);

		(B)	any claim or penalty arising out of Sanctions or violations of applicable law by any of the Obligors or
Sub-Charterers;

		(C)	death or property damage of shippers or others;

		(D)	any liens in respect of the Vessel or any part thereof;

		(E)	any registration and/or tonnage fees (whether periodic or not) in respect of the Vessel payable to any
registry of ships and any service fees payable to any service provider in relation to maintaining such registration at any registry of
ships; or

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		(F)	any Environmental Claim which may arise in connection with the Vessel,

unless directly and solely caused
by the gross negligence or wilful misconduct of an Indemnitee provided that at that time no Potential Termination Event or Termination
Event has occurred and there is no breach or contributory negligence of an Obligor;

		(iii)	any breach of or failure to perform or observe, or any other non-compliance with, any covenant or agreement
or other obligation to be performed by the Obligors under any Transaction Document to which it is a party or the falsity of any representation
or warranty of the Obligors in any Transaction Document to which it is a party or the occurrence of any Potential Termination Event or
Termination Event;

		(iv)	in preventing or attempting to prevent the arrest, confiscation, seizure, taking and execution, requisition,
impounding, forfeiture or detention of the Vessel, or in securing or attempting to secure the release of the Vessel in connection with
the exercise of the rights of a holder of a lien created by any of the Obligors;

		(v)	incurred or suffered by the Owners in:

		(A)	procuring the delivery of the Vessel to the Charterers under Clause 35 (Delivery), including the
determining of Market Value prior to the delivery of the Vessel under the MOA;

		(B)	recovering possession of the Vessel following termination of this Charter under Clause 49 (Termination
Events) or earlier termination of this Charter and arranging for transfer of title of the Vessel under this Charter;

		(C)	in connection with any Sub-Charter Termination Event; or

		(D)	effecting the transfer of title from the Owners to the Charterers under any provision of this Charter;

		(vi)	arising from the Master or officers of the Vessel or the Charterers' or their respective agents signing
bills of lading or other documents;

		(vii)	in connection with:

		(A)	the arrest, seizure, taking into custody or other detention by any court or other tribunal or by any governmental
entity; or

		(B)	subjection to distress by reason of any process, claim, exercise of any rights conferred by a lien or
by any other action whatsoever, of the Vessel which are expended, suffered or incurred as a result of or in connection with any claim
or against, or liability of, the Charterers or any other member of the Charterers' group or any Approved

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Managers, together with any
documented costs and expenses or other outgoings which may be paid or incurred by the Owners in releasing the Vessel from any such arrest,
seizure, custody, detention or distress.

		(b)	The Charterers shall and shall procure that the Charter Guarantor shall pay to the Owners promptly on
the Owners' written demand within ten (10) Business Days the amount of all documented costs and expenses (including legal fees) incurred
by the Owners in connection with the enforcement of, or the preservation of any rights under, any Transaction Document including (without
limitation) (i) any documented losses, costs and expenses which the Owners may from time to time sustain, incur or become liable for by
reason of the Owners being deemed by any court or authority to be an operator, or in any way concerned in the operation, of the Vessel
and (ii) collecting and recovering the proceeds of any claim under any of the Insurances.

		59	Further assurances and undertakings

Each party
shall make all applications and execute all other documents and do all other acts and things as may be necessary to implement and to carry
out their obligations under, and the intent of, this Charter.

		60	Cumulative rights

The rights, powers and remedies
provided in this Charter are cumulative and not exclusive of any rights, powers or remedies at law or in equity unless specifically otherwise
stated.

		61	No waiver

No delay, failure or forbearance
by a party to exercise (in whole or in part) any right, power or remedy under, or in connection with, this Charter will operate as a waiver.
No waiver of any breach of any provision of this Charter will be effective unless that waiver is in writing and signed by the party against
whom that waiver is claimed. No waiver of any breach will be, or be deemed to be, a waiver of any other or subsequent breach.

		62	Entire Agreement

		(a)	This Charter may not be amended, altered or modified except by a written instrument executed by each of
the Parties.

		(b)	This Charter contains all the understandings and agreements of whatsoever kind and nature existing between
the parties in respect of this Charter, the rights, interests, undertakings agreements and obligations of the parties to this Charter
and shall supersede all previous and contemporaneous negotiations and agreements but shall be read in conjunction with the MOA.

		63	Invalidity

If any term or provision of this
Charter or the application thereof to any person or circumstances shall to any extent be invalid or unenforceable the remainder of this
Charter or application of such term or provision to persons or circumstances (other

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than those as to which it is
already invalid or unenforceable) shall (to the extent that such invalidity or unenforceability does not materially affect the operation
of this Charter) not be affected thereby and each term and provision of this Charter shall be valid and be enforceable to the fullest
extent permitted by law.

		64	English language

All notices, communications
and financial statements and reports under or in connection with this Charter and the other Transaction Documents shall be in English
language or, if in any other language, shall be accompanied by a translation into English. In the event of any conflict between the English
text and the text in any other language, the English text shall prevail.

		65	No partnership

Nothing in this Charter creates,
constitutes or evidences any partnership, joint venture, agency, trust or employer/employee relationship between the parties, and neither
party may make, or allow to be made any representation that any such relationship exists between the parties. Neither party shall have
the authority to act for, or incur any obligation on behalf of, the other party, except as expressly provided in this Charter.

		66	Notices

		(a)	Any notices to be given to the Owners under this Charter shall be sent in writing by registered letter,
facsimile or email and addressed to:

Sea 252 Leasing Co. Limited

c/o CMB Financial Leasing Co., Ltd.

		Address:	21F, China Merchants Bank Building, No. 1088, Lujiazui Ring Road, Shanghai, China 200120

		Email:	xiao_yue@cmbchina.com / zyzlsceb@cmbchina.com

Tel No.:+86
21 6106 1534

		Attention:	Yue XIAO (Nicholas), Shipping Leasing Department

or to such other address, facsimile
number or email address as the Owners may notify to the Charterers in accordance with this Clause 66.

		(b)	Any notices to be given to the Charterers under this Charter shall be sent in writing by registered letter,
facsimile or email and addressed to:

Global Ship Lease 69 LLC

c/o Technomar Shipping Inc.

		Address:	3-5 Menandrou Street, Kifissia, 14561, Athens, Greece

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		Email:	finance@technomar.gr with copy to (i) legalconfidential@technomar.gr and (ii) tpsaropoulos@technomar.gr

		Attention:	Legal Department / Mr. Tassos Psaropoulos

or to such other address, facsimile
number or email address as the Charterers may notify to the Owners in accordance with this Clause 66.

		(c)	

		(i)	Any such notice shall be deemed to have reached the party to whom it was addressed, when dispatched and
acknowledged received (in case of a facsimile or an email) or when delivered (in case of a registered letter). A notice or other such
communication received on a non-working day or after business hours in the place of receipt shall be deemed to be served on the next following
working day in such place.

		(ii)	Any communication or document to be made or delivered by one party to another under or in connection with
the Transaction Documents may be made or delivered by electronic mail or other electronic means (including, without limitation, by way
of posting to a secure website) if those two parties:

		(A)	notify each other in writing of their electronic mail address and/or any other information required to
enable the transmission of information by that means; and

		(B)	notify each other of any change to their address or any other such information supplied by them by not
less than five Business Days' notice.

		(iii)	Any such electronic communication or delivery as specified in paragraph (ii) above to be made between
an Obligor and the Owners may only be made in that way to the extent that those two parties agree that, unless and until notified to the
contrary, this is to be an accepted form of communication or delivery.

		(iv)	Any such electronic communication or delivery as specified in paragraph (ii) above made or delivered
by one party to another will be effective only when actually received (or made available) in readable form and in the case of any electronic
communication or document made or delivered by a party to the Owners only if it is addressed in such a manner as the Owners shall specify
for this purpose.

		(v)	Any electronic communication or document which becomes effective, in accordance with paragraph (iv)
above, after 5:00 p.m. in the place in which the party to whom the relevant communication or document is sent or made available has its
address for the purpose of this

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Charter shall be deemed only
to become effective on the following day.

		(vi)	Any reference in a Transaction Document to a communication being sent or received or a document being
delivered shall be construed to include that communication or document being made available in accordance with this paragraph (c).

		67	Conflicts

Unless stated otherwise, in
the event of there being any conflict between the provisions of Clauses 1 (Definitions) (Part II) to 31 (Notices) (Part
II) and the provisions of Clauses 32 (Definitions) to 76 (FATCA), the provisions of Clauses 32 (Definitions) to 76
(FATCA) shall prevail.

		68	Survival of Charterers' obligations

The termination of this Charter
for any cause whatsoever shall not affect the right of the Owners to recover from the Charterers any money due to the Owners in consequence
thereof and all other rights of the Owners (including but not limited to any rights, benefits or indemnities which are provided to continue
after the termination of this Charter) are reserved hereunder.

		69	Counterparts

This Charter may be executed
in any number of counterparts and any single counterpart or set of counterparts signed, in either case, by all the Parties shall be deemed
to constitute a full and original agreement for all purposes.

		70	Third Parties Act

		(a)	The Security Trustee and any person which is an Indemnitee or a Finance Party from time to time and is
not a party to this Charter shall be entitled to enforce such terms of this Charter as provided for in this Charter in relation to the
obligations of the Charterers to the Security Trustee, such Indemnitee or (as the case may be) Finance Party, subject to the provisions
of Clause 71 (Law and dispute resolution) and the Third Parties Act. The Third Parties Act applies to this Charter as set out in
this Clause 70.

		(b)	Save as provided above, a person who is not a party to this Charter has no right under the Third Parties
Act to enforce or to enjoy the benefit of any term of this Charter.

		71	Law and dispute resolution

		(a)	This Charter and any non-contractual obligations arising from or in connection with it are in all respects
governed by and shall be interpreted 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.

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		(b)	The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (LMAA)
Terms current at the time when the arbitration proceedings are commenced.

		(c)	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 fourteen (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 fourteen (14) days specified. If the other party does
not appoint its own arbitrator and give notice that it has done so within the fourteen (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 the Owners and the Charterers as
if the sole arbitrator had been appointed by agreement.

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

		(e)	In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 the arbitration shall
be conducted in accordance with the LMAA Small Claims Procedure current at the time when the arbitration proceedings are commenced.

		72	Waiver of immunity

		(a)	To the extent that the Charterers may in any jurisdiction claim for themselves or their assets or revenues
immunity from any proceedings, suit, execution, attachment (whether in aid of execution, before judgment or otherwise) or other legal
process and to the extent that such immunity (whether or not claimed) may be attributed in any such jurisdiction to the Charterers or
their assets or revenues, the Charterers agree not to claim and irrevocably waive such immunity to the full extent permitted by the laws
of such jurisdiction.

		(b)	The Charterers consent generally in respect of any proceedings to the giving of any relief and the issue
of any process in connection with such proceedings including (without limitation) the making, enforcement or execution against any property
whatsoever (irrespective of its use or intended use) of any order or judgment which is made or given in such proceedings. The Charterers
agree that in any proceedings in England this waiver shall have the fullest scope permitted by the English State Immunity Act 1978 and
that this waiver is intended to be irrevocable for the purposes of such Act.

		73	Set-off

Following the occurrence of a Termination
Event which is continuing, the Owners may set off any matured and/or contingent obligation due from the Charterers under the Transaction
Documents against any obligation (whether matured or not) owed by the Owners to the Charterers, regardless of the place of payment or
currency of either obligation. If the obligations are in different currencies, the Owners may convert either

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obligation at a market rate
of exchange in their usual course of business for the purpose of the set-off.

		74	Value Maintenance Covenants

		(a)	In this Clause
74:

"Value
Maintenance
Ratio" means
the ratio (expressed
as a percentage)
of:

		(i)	the Market Value
of the Vessel;
to

		(ii)	the aggregate
of the Cost Balance then applicable as at the next applicable Hire Payment Date.

"Value
Maintenance
Threshold" means
the ratio (expressed as a percentage)
of:

		(A)	at any time from the Actual Delivery Date up to and including the third (3rd) anniversary thereof,
one hundred and thirty five per cent.
(135%); and

		(B)	at any time after the third (3rd) anniversary of the Actual Delivery Date, one hundred and
thirty per cent. (130%).

		(b)	

		(i)	For the purposes
of testing the Value
Maintenance
Ratio on a Valuation Date,
the Market Value
shall be
determined by the Owners
based on the most recent
Valuation
Report provided to the Owners
in accordance
with the
requirements under
this Clause 74 provided
that:

		(A)	in the absence
of a Termination Event
which is continuing, the Charterers
shall arrange,
deliver to the Owners and bear the
cost of the issuance
of each such
Valuation Report
once every six (6) months
during the Charter Period, and any additional
Valuation
Report shall
be at the Owners'
cost; and

		(B)	upon the occurrence
of a Termination Event
that is continuing, the
Charterers shall
arrange, deliver
to the Owners and bear
the cost of the issuance
of all Valuation
Reports as may be required by the Owners
(acting in their sole
discretion),

provided
further that
if the Charterers
fail to deliver
any Valuation Report
in accordance with
the requirements
under this Clause
74, the Owners shall be entitled
to arrange a Valuation
Report at the Charterers'
cost.

		(ii)	Each Valuation
Report to be provided
by the Charterers to the Owners
for the purpose of sub-paragraph
(i) above shall:

		(A)	be issued
by an Approved Broker
on the relevant
Valuation Date;

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		(B)	be made without
physical inspection
of the Vessel and on
a desktop, charter-free
basis;

		(C)	on the basis
of a sale for prompt
delivery for
cash at arm's length
on normal commercial
terms as between
a willing seller
and a willing buyer;
and

		(D)	upon occurrence
of a Termination Event
which is continuing,
be delivered to the Owners
within thirty (30) days
from the
day requested by the Owners to the
Charterers in writing.

		(iii)	If an Approved
Broker determines
that the Market Value
shall fall
within a range,
the valuation as determined
by such Approved
Broker should be the lower
value of such range.

		(iv)	Each valuation
shall be provided
by an Approved
Broker in US Dollars.

		(v)	The Owners may
test the Value
Maintenance
Ratio on any Valuation Date
in accordance with
the methodology described
in sub-paragraph
(b) above.

		(vi)	If, after
conducting testing
the Value Maintenance
Ratio on the relevant
Valuation Date, the
Owners determine
that the Value
Maintenance
Ratio is less than the Value
Maintenance
Threshold,
then the Charterers
shall, within
thirty (30) days of the Owners'
notice to the Charterers of the same, provide cash
collateral
in the amount
of the shortfall
and deposit the
same in the
Operating Account or any other account nominated by the Owners, for
the purpose
of and in order to restore
the Value Maintenance
Ratio to the Value
Maintenance
Threshold. For the avoidance of doubt, the Minimum Cash Balance shall not at any time be included
in the determination of any satisfaction of the Value Maintenance Threshold. The Market Value of the Vessel shall be determined one (1)
month following the provision of such cash collateral at the Charterers' cost and, if the Value Maintenance Threshold is evidenced to
be met, the Owners shall immediately release such cash collateral to the Charterers and, if the Value Maintenance Threshold is not met
as at such time, the Market Value of the Vessel shall be determined each month thereafter at the Charterers' cost.

		75	Financial covenants

		(a)	The Charterers shall procure that the Charter Guarantor will ensure that at all times during the Agreement
Term, maintain the Free Liquidity in an amount of twenty million US Dollars (US$20,000,000).

For the purpose of this Clause 74(a),
the following term has the meanings ascribed to them below:

"Free Liquidity" means,
on a date of calculation, on a consolidated basis, the aggregate of the unencumbered cash balances held by the Charter

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Guarantor as evidenced by the Charter
Guarantor's latest financial statements delivered pursuant to Clause 48(y).

		(b)	Each of the financial covenants as set out in this Clause 75 shall be calculated in accordance with GAAP
and tested by reference to each of the financial statements in respect of the Charter Guarantor delivered pursuant to Clause 48(x).

		(c)	The Charterers shall supply and shall procure that the Charter Guarantor shall supply to the Owners a
Compliance Certificate with each set of financial statements delivered pursuant to paragraph (b) above setting out (in reasonable detail)
computations as to compliance with Clause 75 (Financial Covenants) as at the date as at which those financial statements were drawn
up.

		(d)	Each Compliance Certificate shall be signed by a director or the Chief Financial Officer of the Charter
Guarantor.

		(e)	If at any time any other Financial Indebtedness of the Charter Guarantor and/or any of its Subsidiaries
shall include any financial covenant in respect of the Charter Guarantor (whether set forth as a covenant, undertaking, event of default,
restriction or other such provision) (a "Financial Covenant") that would be more beneficial to the Owners than any analogous
provision contained in this Charter (an "Additional Financial Covenant"), then such Additional Financial Covenant shall
be deemed automatically incorporated into the terms of this Charter (an "MFN Amendment"). Such MFN Amendment shall be
reversed and the financial covenants restored to those that were in effect immediately prior to an MFN Amendment when (i) such other financial
indebtedness containing the Additional Financial Covenant is repaid in full other than as a result of or in connection with an actual
event of default (howsoever defined); or (ii) the original terms of an Additional Financial Covenant provided that it has ceased to apply.
The Charterers shall promptly notify the Owners of any change or event that requires the incorporation or reverse of an MFN Amendment.
The Charterers agree that it will, and will procure that the Charter Guarantor will, promptly enter into such necessary documentation
as may be required to amend and supplement the Charter Guarantee and this Charter so as to reflect and incorporate such new or amended
financial covenants that are more favourable to the Owners in accordance with this clause.

		76	FATCA

		(a)	Subject to Clause 76(c) below, the Charterers shall (and shall procure that each Obligor will) and the
Owners shall, within ten (10) Business Days of a reasonable request by a Party:

		(i)	confirm to such Party whether it is:

		(A)	a FATCA Exempt Party; or

		(B)	not a FATCA Exempt Party; and

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		(ii)	supply to such Party such forms, documentation and other information relating to its status under FATCA
as such party reasonably requests for the purposes of its compliance with FATCA; and

		(iii)	supply to such Party such forms, documentation and other information relating to its status as such Party
request for the purposes of its compliance with any other law, regulation, or exchange of information regime.

		(b)	If a Party confirms to the other Party pursuant to Clause 76(a)(i) that it is a FATCA Exempt Party and
it subsequently becomes aware that it is not, or has ceased to be a FATCA Exempt Party, that Party shall notify the other Party promptly.

		(c)	Clause 76(a) shall not oblige the Owners to do anything, and Clause 76(a)(iii) shall not oblige any other
Party to do anything, which would or might in its reasonable opinion constitute a breach of:

		(i)	any law or regulation;

		(ii)	any fiduciary duty; or

		(iii)	any duty of confidentiality.

		(d)	If a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation
or other information requested in accordance with Clause 76(a)(i) or Clause 76(a)(ii) (including, for the avoidance of doubt, where Clause
76(c) applies), then such Party shall be treated for the purposes of the Transaction Documents (and payments under them) as if it is not
a FATCA Exempt Party until such time as the Party in question provides the requested confirmation, forms, documentation or other information.

		(e)	Each Party may make any FATCA Deduction it is required to make by FATCA, and any payment required in connection
with that FATCA Deduction, and no Party shall be required to increase any payment in respect of which it makes such a FATCA Deduction
or otherwise compensate the recipient of the payment for that FATCA Deduction.

		(f)	Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there is any
change in the rate or the basis of such FATCA Deduction), notify the Party to whom it is making the payment and, in addition, shall notify
the Charterer and the Owners and the Owners shall notify the Owners.

		77	Day Count Convention

Any interest, commission or fee
accruing under a Transaction Document will accrue from day to day and is calculated on the basis of the actual number of days elapsed
and a year of 360 days.

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		78	Confidentiality

		(a)	The Parties shall maintain the information provided in connection with the Transaction Documents strictly
confidential and agree to disclose to no person other than:

		(i)	its board of directors, employees (only on a need to know basis), and shareholders, professional advisors
(including the legal and accounting advisors and auditors) and rating agencies;

		(ii)	as may be required to be disclosed under applicable law or regulations or for the purpose of legal proceedings;

		(iii)	in the case of the Owners, (1) to any of its Affiliate (more than one of them, collectively, the “Permitted
Parties”), any Finance Party or other actual or potential financier providing funding for the acquisition or refinancing of
the Vessel (provided the same have entered into similar confidentiality arrangements), (2) to professional advisers, auditors, insurers
or insurance brokers and service providers of the Permitted Parties who are under a duty of confidentiality to the Permitted Parties and
(3) as required by any law or any government, quasi-government, administrative, regulatory or supervisory body or authority, court or
tribunal with jurisdiction over any of the Permitted Parties;

		(iv)	in the case of the Charterers, to any Sub-Charterers (but subject always to paragraph (b) below) in respect
of obtaining any consent required under the terms of any relevant Sub-Charter;

		(v)	any Approved Managers, the classification society and flag authorities, in each case as may be necessary
in connection with the transactions contemplated hereunder; and

		(vi)	any person which is a classification society or other entity which the Owners, any of their Affiliates
or a Finance Party has engaged to make the calculations necessary to enable the Owners, any of their Affiliates or a Finance Party to
comply with their reporting obligations under the Poseidon Principles (as defined under Clause 48(z)(ii)(B)).

		(b)	Any other disclosure by each Party shall be subject to the prior written consent of the other Party, provided
that the Charterers may disclose any information provided in connection with the Transaction Documents to their sub-contractors and any
Sub-Charterers, in each case subject to the procurement of a confidentiality undertaking (in form and substance satisfactory to the Owners)
from such sub-contractor or Sub-Charterers.

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Schedule 1

FORM OF PROTOCOL OF DELIVERY AND ACCEPTANCE

 

PROTOCOL OF DELIVERY AND ACCEPTANCE

 

It is hereby certified that pursuant
to a bareboat charter dated 2021 and made between SEA 252 LEASING CO. LIMITED, a company incorporated in Hong Kong with its registered
address at 27/F Three Exchange Square 8, Connaught Place, Central, Hong Kong (the "Owner") as owner and GLOBAL SHIP
LEASE 69 LLC, a company incorporated in Liberia with its registered address at 80 Broad Street, Monrovia, Liberia (the "Bareboat
Charterer") as bareboat charterer (as may be amended and supplemented from time to time, the "Bareboat Charter")
in respect of one (1) container ship named m.v. "BLANDINE" to be renamed "GSL TRIPOLI") and registered
in Liberia under the laws and flag of Liberia with IMO number 9437048 (the "Vessel"), the Vessel is delivered for charter
by the Owner to the Bareboat Charterer, and accepted by the Bareboat Charterer from the Owner at hours (   time) on the date hereof
in accordance with the terms and conditions of the Bareboat Charter.

This protocol of delivery and acceptance
may be executed in any number of counterparts each of which shall be original but which shall together constitute the same instrument.

IN WITNESS WHEREOF, the Owner and the
Bareboat Charterer have caused this PROTOCOL OF DELIVERY AND ACCEPTANCE to be executed by their duly authorised representative on this
day of   2021.

 

 

	THE OWNER	 	THE BAREBOAT CHARTERER
	SEA 252 LEASING CO. LIMITED	 	GLOBAL SHIP LEASE 69 LLC
	by:	 	by:
	 	 	 
	 	 	 
	Name:	 	Name:
	Title:	 	Title:
	Date:	 	Date: 

 

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Schedule 2

FORM OF TITLE TRANSFER PROTOCOL OF DELIVERY AND ACCEPTANCE

 

PROTOCOL OF DELIVERY AND ACCEPTANCE

m.v. "GSL TRIPOLI"

SEA 252 LEASING CO. LIMITED,
a company incorporated in Hong Kong with its registered address at 27/F Three Exchange Square 8, Connaught Place, Central, Hong Kong (the
"Owners") deliver to GLOBAL SHIP LEASE 69 LLC, a company incorporated in Liberia with its registered address at
80 Broad Street, Monrovia, Liberia (the "Bareboat Charterers") the Vessel described below and the Bareboat Charterers
accept delivery of, title and risk to the Vessel pursuant to the terms and conditions of the bareboat charter dated 2021 (as may
be amended and supplemented from time to time) and made between (1) the Owners and (2) the Bareboat Charterers.

	Name of Vessel:	m.v. "GSL TRIPOLI"
	Flag:	[   ]
	Place of Registration:	[   ]
	IMO Number:	9437048
	Gross Registered Tonnage:	[   ]
	Net Registered Tonnage: 	[   ]

 

	Dated:	 
	At:        	hours ([       ] time)

Place of delivery:  

	THE OWNERS	 	THE BAREBOAT CHARTERERS
	SEA 252 LEASING CO. LIMITED	 	GLOBAL SHIP LEASE 69 LLC
	by:	 	by:
	 	 	 
	Name:	 	Name:
	Title:	 	Title: 
	Date:	 	Date: 

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SIGNATURE PAGE

ADDITIONAL CLAUSES

TO BAREBOAT CHARTER FOR THE VESSEL "BLANDINE" TO BE RENAMED

"GSL TRIPOLI"

 

	THE OWNERS	 	THE CHARTERERS
	SEA 252 LEASING CO. LIMITED	 	GLOBAL SHIP LEASE 69 LLC
	by:	 	by:
	 	 	 
	/s/ Tan Li Xin, Joan	 	/s/ Aglaia Lida Papadi
	Name:  Tan Li Xin, Joan	 	Name:  Aglaia Lida Papadi
	Title:  Attorney-in-fact	 	Title:  attorney-in-fact
	Date:  26 August 2021	 	Date:  26 August 2021

 

 

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	MEMORANDUM OF AGREEMENT	SALEFORM 2012
	 	Norwegian Shipbrokers’ Association’s 

Memorandum of Agreement for sale and purchase of ships

 

		1	Dated:            26
August         2021

		2	GLOBAL SHIP LEASE 69 LLC, a company incorporated in Liberia with its registered address at 80 Broad Street, Monrovia, Liberia
(Name of sellers), hereinafter called the “Sellers”, have agreed to sell, and

		3	SEA 252 LEASING CO. LIMITED, a company incorporated in Hong Kong with its registered office at 27/F Three Exchange Square 8, Connaught
Place, Central, Hong Kong (Name of buyers), hereinafter called the “Buyers”, have agreed to buy:

		4	Name of vessel: “Blandine” to be renamed “GSL Tripoli”

		5	IMO Number: 9437048

		6	Classification Society: DNV GL

		7	Class Notation: 100 A5 E Container ship BWM DG IW LC RSCS

✠ MC E AUT EP-D RCP (1025/75)

		8	Year of Build: 2009 Builder/Yard: Zhejiang Ouhua Shipbuilding Co., Ltd., PRC

		9	Flag: Republic of Portugal (bareboat charter registration only); Hamburg, Germany (as underlying registry)
Place of Registration: Madeira (bareboat charter registration only); Germany – Leer (as underlying registry)

GT/NT: 52,726 / 32,613

		10	hereinafter called the “Vessel”, on the following terms and conditions:

		11	Definitions

		12	“Banking Days” are days on which banks are open both in the country of the currency stipulated for

		13	the Purchase Price in Clause 1 (Purchase Price) and in the place of closing stipulated in Clause 8

		14	(Documentation) and Shanghai, Singapore, Athens, Hamburg, Copenhagen, Hong Kong and London (add
additional jurisdictions as appropriate).

		15	“Buyers’ Nominated Flag State” means Liberia (state flag state).

		16	“Class” means the class notation referred to above.

		17	“Classification Society” means the Society referred to above.

		18	“Deposit” shall have the meaning given in Clause 2 (Deposit)

		19	“Deposit Holder” means (state name and location of Deposit Holder) or, if left blank, the

		20	Sellers’ Bank, which shall hold and release the Deposit in accordance with this Agreement.

		21	“In writing” or “written” means a letter handed over from the Sellers to the Buyers or vice versa, a

		22	registered letter, e-mail or telefax.

		23	“Parties” means the Sellers and the Buyers.

		24	“Purchase Price” means the price for the Vessel as stated in Clause 1 (Purchase Price).

    	 	 

    	 

    

Copyright © 2012 Norwegian Shipbrokers’ Association. All rights
reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be copied, reproduced or distributed in any form without
the prior written permission of the Norwegian Shipbrokers’ Association. Explanatory notes are available from BIMCO at www.bimco.org.
Adopted by BIMCO in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.

    	 	 

    	 

    

 

		25	“Sellers’ Account” means (state details of bank account) at the Sellers’ Bank.

		26	“Sellers’ Bank” means (state name of bank, branch and details) or, if left blank, the bank

		27	notified by the Sellers to the Buyers for receipt of the balance of the Purchase Price.

		28	1. Purchase Price

		29	The Purchase Price is the lower of (a) the Market Value and (b) USD50,000,000 (fifty million United States Dollars). (state
currency and amount both in words and figures).

		30	2. Deposit

No deposit for the Purchase Price is payable.

		31	As security for the correct fulfilment of this Agreement the Buyers shall lodge a deposit of

		32	% ( per cent) or, if left blank, 10% (ten per cent), of the Purchase Price (the

		33	“Deposit”) in an interest bearing account for the Parties with the Deposit Holder within three (3)

		34	Banking Days after the date that:

		35	(i) this Agreement has been signed by the Parties and exchanged in original or by

		36	e mail or telefax; and

		37	(ii) the Deposit Holder has confirmed in writing to the Parties that the account has been

		38	opened.

		39	The Deposit shall be released in accordance with joint written instructions of the Parties.

		40	Interest, if any, shall be credited to the Buyers. Any fee charged for holding and releasing the

		41	Deposit shall be borne equally by the Parties. The Parties shall provide to the Deposit Holder

		42	all necessary documentation to open and maintain the account without delay.

		43	3. Payment

See Additional Clause 22 (Payment).

		44	On delivery of the Vessel, but not later than three (3) Banking Days after the date that Notice of

		45	Readiness has been given in accordance with Clause 5 (Time and place of delivery and

		46	notices):

		47	(i) the Deposit shall be released to the Sellers; and

		48	(ii) the balance of the Purchase Price and all other sums payable on delivery by the Buyers

		49	to the Sellers under this Agreement shall be paid in full free of bank charges to the

		50	Sellers’ Account.

		51	4. Inspection

		52	(a)* The Buyers have inspected and accepted the Vessel’s classification records. The Buyers

		53	have also inspected the Vessel at/in (state place) on (state date) and have

		54	accepted the Vessel following this inspection and the sale is outright and definite, subject only

		55	to the terms and conditions of this Agreement.

		56	(b)* The Buyers shall have the right to inspect the Vessel’s classification records and declare

		57	whether same are accepted or not within (state date/period).

Copyright © 2012 Norwegian Shipbrokers’ Association. All rights
reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be copied, reproduced or distributed in any form without
the prior written permission of the Norwegian Shipbrokers’ Association. Explanatory notes are available from BIMCO at www.bimco.org.
Adopted by BIMCO in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.

    	 	 

    	 

    

 

		58	The Sellers shall make the Vessel available for inspection at/in (state place/range) within

		59	(state date/period).

		60	The Buyers shall undertake the inspection without undue delay to the Vessel. Should the

		61	Buyers cause undue delay they shall compensate the Sellers for the losses thereby incurred.

		62	The Buyers shall inspect the Vessel without opening up and without cost to the Sellers.

		63	During the inspection, the Vessel’s deck and engine log books shall be made available for

		64	examination by the Buyers.

		65	The sale shall become outright and definite, subject only to the terms and conditions of this

		66	Agreement, provided that the Sellers receive written notice of acceptance of the Vessel from

		67	the Buyers within seventy two (72) hours after completion of such inspection or after the

		68	date/last day of the period stated in Line 59, whichever is earlier.

		69	Should the Buyers fail to undertake the inspection as scheduled and/or notice of acceptance of

		70	the Vessel’s classification records and/or of the Vessel not be received by the Sellers as

		71	aforesaid, the Deposit together with interest earned, if any, shall be released immediately to the

		72	Buyers, whereafter this Agreement shall be null and void.

		73	*4(a) and 4(b) are alternatives; delete whichever is not applicable. In the absence of deletions,

		74	alternative 4(a) shall apply.

		75	5.Time and place of delivery and notices

		76	(a) The Vessel shall be delivered and taken over safely afloat at sea or a safe and accessible berth or

		77	anchorage at/in (subject to the trading limits as permitted under the Bareboat Charter) (state place/range)
in the Sellers’ option and as agreed by the Parties, provided that the Vessel shall not be delivered in a place that causes
the Buyers to incur tax liabilities that the Buyers would not have incurred had the sale been completed in international waters.

		78	Notice of Readiness shall not be tendered before: (date)

		79	Cancelling Date (see Clauses 5(c), 6 (a)(i), 6 (a) (iii) and 14): 30 September 2021 or such later
date as the Buyers may agree.

		80	(b) The Sellers shall keep the Buyers well informed of the Vessel’s itinerary and shall, immediately
upon receipt, provide to the Buyers copies of any notices received from the Initial Sellers under clause 5(b) of the Initial MOA, and

		81	provide the Buyers with twenty (20), ten (10), five (5) and three (3) two (2) Banking dDays’
notice prior to the proposed Pre-positioning Date and of the date the

		82	Sellers intend to tender Notice of Readiness and of the intended date and place of delivery.

		83	When the Vessel is at the place of delivery and physically ready for delivery in accordance with

		84	this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery.

		85	(c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the

		86	Vessel will not be ready for delivery by the Cancelling Date they may notify the Buyers in writing

		87	stating the date when they anticipate that the Vessel will be ready for delivery and proposing a

		88	new Cancelling Date. Upon receipt of such notification the Buyers shall have the option of

		89	either cancelling this Agreement in accordance with Clause 14 (Sellers’ Default) within three (3)

		90	Banking Days of receipt of the notice or of accepting the new date as the new Cancelling Date.

Copyright © 2012 Norwegian Shipbrokers’ Association. All rights
reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be copied, reproduced or distributed in any form without
the prior written permission of the Norwegian Shipbrokers’ Association. Explanatory notes are available from BIMCO at www.bimco.org.
Adopted by BIMCO in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.

    	 	 

    	 

    

 

		91	If the Buyers have not declared their option within three (3) Banking Days of receipt of the

		92	Sellers’ notification or if the Buyers accept the new date, the date proposed in the Sellers’

		93	notification shall be deemed to be the new Cancelling Date and shall be substituted for the

		94	Cancelling Date stipulated in line 79.

		95	If this Agreement is maintained with the new Cancelling Date all other terms and conditions

		96	hereof including those contained in Clauses 5(b) and 5(d) shall remain unaltered and in full

		97	force and effect.

		98	(d) Cancellation, failure to cancel or acceptance of the new Cancelling Date shall be entirely

		99	without prejudice to any claim for damages the Buyers may have under Clause 14 (Sellers’

		100	Default) for the Vessel not being ready by the original Cancelling Date.

		101	(e) Should the Vessel become an actual, constructive or compromised total loss before delivery

		102	the Deposit together with interest earned, if any, shall be released immediately to the Buyers

		103	whereafter this the Agreement shall be null and void provided that the Sellers shall indemnify
the Buyers in accordance with the terms set out in Clause 21, notwithstanding that this Agreement becomes null and void as a result of
the Vessel being a total loss.

		104	6. Divers Inspection / Drydocking

The Vessel will be delivered without drydocking.

		105	(a)*

		106	(i) The Buyers shall have the option at their cost and expense to arrange for an underwater

		107	inspection by a diver approved by the Classification Society prior to the delivery of the

		108	Vessel. Such option shall be declared latest nine (9) days prior to the Vessel’s intended

		109	date of readiness for delivery as notified by the Sellers pursuant to Clause 5(b) of this

		110	Agreement. The Sellers shall at their cost and expense make the Vessel available for

		111	such inspection. This inspection shall be carried out without undue delay and in the

		112	presence of a Classification Society surveyor arranged for by the Sellers and paid for by

		113	the Buyers. The Buyers’ representative(s) shall have the right to be present at the diver’s

		114	inspection as observer(s) only without interfering with the work or decisions of the

		115	Classification Society surveyor. The extent of the inspection and the conditions under

		116	which it is performed shall be to the satisfaction of the Classification Society. If the

		117	conditions at the place of delivery are unsuitable for such inspection, the Sellers shall at

		118	their cost and expense make the Vessel available at a suitable alternative place near to

		119	the delivery port, in which event the Cancelling Date shall be extended by the additional

		120	time required for such positioning and the subsequent re positioning. The Sellers may

		121	not tender Notice of Readiness prior to completion of the underwater inspection.

		122	(ii) If the rudder, propeller, bottom or other underwater parts below the deepest load line are

		123	found broken, damaged or defective so as to affect the Vessel’s class, then (1) unless

		124	repairs can be carried out afloat to the satisfaction of the Classification Society, the

		125	Sellers shall arrange for the Vessel to be drydocked at their expense for inspection by

		126	the Classification Society of the Vessel’s underwater parts below the deepest load line,

		127	the extent of the inspection being in accordance with the Classification Society’s rules (2)

		128	such defects shall be made good by the Sellers at their cost and expense to the

		129	satisfaction of the Classification Society without condition/recommendation** and (3) the

		130	Sellers shall pay for the underwater inspection and the Classification Society’s

		131	attendance.

		132	Notwithstanding anything to the contrary in this Agreement, if the Classification Society

Copyright © 2012 Norwegian Shipbrokers’ Association. All rights
reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be copied, reproduced or distributed in any form without
the prior written permission of the Norwegian Shipbrokers’ Association. Explanatory notes are available from BIMCO at www.bimco.org.
Adopted by BIMCO in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.

    	 	 

    	 

    

 

		133	do not require the aforementioned defects to be rectified before the next class

		134	drydocking survey, the Sellers shall be entitled to deliver the Vessel with these defects

		135	against a deduction from the Purchase Price of the estimated direct cost (of labour and

		136	materials) of carrying out the repairs to the satisfaction of the Classification Society,

		137	whereafter the Buyers shall have no further rights whatsoever in respect of the defects

		138	and/or repairs. The estimated direct cost of the repairs shall be the average of quotes

		139	for the repair work obtained from two reputable independent shipyards at or in the

		140	vicinity of the port of delivery, one to be obtained by each of the Parties within two (2)

		141	Banking Days from the date of the imposition of the condition/recommendation, unless

		142	the Parties agree otherwise. Should either of the Parties fail to obtain such a quote within

		143	the stipulated time then the quote duly obtained by the other Party shall be the sole basis

		144	for the estimate of the direct repair costs. The Sellers may not tender Notice of

		145	Readiness prior to such estimate having been established.

		146	(iii) If the Vessel is to be drydocked pursuant to Clause 6(a)(ii) and no suitable dry docking

		147	facilities are available at the port of delivery, the Sellers shall take the Vessel to a port

		148	where suitable drydocking facilities are available, whether within or outside the delivery

		149	range as per Clause 5(a). Once drydocking has taken place the Sellers shall deliver the

		150	Vessel at a port within the delivery range as per Clause 5(a) which shall, for the purpose

		151	of this Clause, become the new port of delivery. In such event the Cancelling Date shall

		152	be extended by the additional time required for the drydocking and extra steaming, but

		153	limited to a maximum of fourteen (14) days.

		154	(b)* The Sellers shall place the Vessel in drydock at the port of delivery for inspection by the

		155	Classification Society of the Vessel’s underwater parts below the deepest load line, the extent

		156	of the inspection being in accordance with the Classification Society’s rules. If the rudder,

		157	propeller, bottom or other underwater parts below the deepest load line are found broken,

		158	damaged or defective so as to affect the Vessel’s class, such defects shall be made good at the

		159	Sellers’ cost and expense to the satisfaction of the Classification Society without

		160	condition/recommendation**. In such event the Sellers are also to pay for the costs and

		161	expenses in connection with putting the Vessel in and taking her out of drydock, including the

		162	drydock dues and the Classification Society’s fees. The Sellers shall also pay for these costs

		163	and expenses if parts of the tailshaft system are condemned or found defective or broken so as

		164	to affect the Vessel’s class. In all other cases, the Buyers shall pay the aforesaid costs and

		165	expenses, dues and fees.

		166	(c) If the Vessel is drydocked pursuant to Clause 6 (a)(ii) or 6 (b) above:

		167	(i) The Classification Society may require survey of the tailshaft system, the extent of the

		168	survey being to the satisfaction of the Classification surveyor. If such survey is

		169	not required by the Classification Society, the Buyers shall have the option to require the

		170	tailshaft to be drawn and surveyed by the Classification Society, the extent of the survey

		171	being in accordance with the Classification Society’s rules for tailshaft survey and

		172	consistent with the current stage of the Vessel’s survey cycle. The Buyers shall declare

		173	whether they require the tailshaft to be drawn and surveyed not later than by the

		174	completion of the inspection by the Classification Society. The drawing and refitting of

		175	the tailshaft shall be arranged by the Sellers. Should any parts of the tailshaft system be

		176	condemned or found defective so as to affect the Vessel’s class, those parts shall be

		177	renewed or made good at the Sellers’ cost and expense to the satisfaction of

		178	Classification Society without condition/recommendation**.

		179	(ii) The costs and expenses relating to the survey of the tailshaft system shall be borne by

		180	the Buyers unless the Classification Society requires such survey to be carried out or if

Copyright © 2012 Norwegian Shipbrokers’ Association. All rights
reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be copied, reproduced or distributed in any form without
the prior written permission of the Norwegian Shipbrokers’ Association. Explanatory notes are available from BIMCO at www.bimco.org.
Adopted by BIMCO in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.

    	 	 

    	 

    

 

		181	parts of the system are condemned or found defective or broken so as to affect the

		182	Vessel’s class, in which case the Sellers shall pay these costs and expenses.

		183	(iii) The Buyers’ representative(s) shall have the right to be present in the drydock, as

		184	observer(s) only without interfering with the work or decisions of the Classification

		185	Society surveyor.

		186	(iv) The Buyers shall have the right to have the underwater parts of the Vessel cleaned

		187	and painted at their risk, cost and expense without interfering with the Sellers’ or the

		188	Classification Society surveyor’s work, if any, and without affecting the Vessel’s timely

		189	delivery. If, however, the Buyers’ work in drydock is still in progress when the

		190	Sellers have completed the work which the Sellers are required to do, the additional

		191	docking time needed to complete the Buyers’ work shall be for the Buyers’ risk, cost and

		192	expense. In the event that the Buyers’ work requires such additional time, the Sellers

		193	may upon completion of the Sellers’ work tender Notice of Readiness for delivery whilst

		194	the Vessel is still in drydock and, notwithstanding Clause 5(a), the Buyers shall be

		195	obliged to take delivery in accordance with Clause 3 (Payment), whether the Vessel is in

		196	drydock or not.

		197	*6 (a) and 6 (b) are alternatives; delete whichever is not applicable. In the absence of deletions,

		198	alternative 6 (a) shall apply.

		199	**Notes or memoranda, if any, in the surveyor’s report which are accepted by the Classification

		200	Society without condition/recommendation are not to be taken into account.

		201	7. Spares, bunkers and other items

		202	The Sellers shall deliver the Vessel to the Buyers with everything belonging to her on board

		203	and on shore. All spare parts and spare equipment including spare tail-end shaft(s) and/or

		204	spare propeller(s)/propeller blade(s), if any, belonging to the Vessel at the time of inspectiondelivery

		205	used or unused, whether on board or not shall become the Buyers’ property., but spares on

		206	order are excluded. Forwarding charges, if any, shall be for the Buyers’ account. The Sellers

		207	are not required to replace spare parts including spare tail-end shaft(s) and spare

		208	propeller(s)/propeller blade(s) which are taken out of spare and used as replacement prior to

		209	delivery, but the replaced items shall be the property of the Buyers. Unused stores and

		210	provisions shall be included in the sale and be taken over by the Buyers without extra payment.

		211	Library and forms exclusively for use in the Sellers’ vessel(s) and captain’s, officers’ and crew’s

		212	personal belongings including the slop chest are excluded from the sale without compensation,

		213	as well as the following additional items: (include list)

		214	Items on board which are on hire or owned by third parties, listed as follows, are excluded from

		215	the sale without compensation: (include list)

		216	Items on board at the time of inspection which are on hire or owned by third parties, not listed

		217	above, shall be replaced or procured by the Sellers prior to delivery at their cost and expense.Any remaining
bunkers and unused lubricating and hydraulic oils and greases in storage tanks and unopened drums shall remain the property of the Sellers
or the Initial Sub-Charterers but remain on board the Vessel on or after delivery and no payment shall be required by the Buyers in respect
thereof.

		218	The Buyers shall take over remaining bunkers and unused lubricating and hydraulic oils and

		219	greases in storage tanks and unopened drums and pay either:

		220	(a) *the actual net price (excluding barging expenses) as evidenced by invoices or vouchers; or

Copyright © 2012 Norwegian Shipbrokers’ Association. All rights
reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be copied, reproduced or distributed in any form without
the prior written permission of the Norwegian Shipbrokers’ Association. Explanatory notes are available from BIMCO at www.bimco.org.
Adopted by BIMCO in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.

    	 	 

    	 

    

 

		221	(b) *the current net market price (excluding barging expenses) at the port and date of delivery

		222	of the Vessel or, if unavailable, at the nearest bunkering port,

		223	for the quantities taken over.

		224	Payment under this Clause shall be made at the same time and place and in the same

		225	currency as the Purchase Price.

		226	“inspection” in this Clause 7, shall mean the Buyers’ inspection according to Clause 4(a) or 4(b)

		227	(Inspection), if applicable. If the Vessel is taken over without inspection, the date of this

		228	Agreement shall be the relevant date.

		229	*(a) and (b) are alternatives, delete whichever is not applicable. In the absence of deletions

		230	alternative (a) shall apply.

		231	8. Documentation

(See Additional Clause 24 (Conditions Precedent))

		232	The place of closing:

		233	(a) In exchange for payment of the Purchase Price the Sellers shall
provide the Buyers with the

		234	following delivery documents:

		235	(i) Legal Bill(s) of Sale in a form recordable in the Buyers’ Nominated Flag State,

		236	transferring title of the Vessel and stating that the Vessel is free from all mortgages,

		237	encumbrances and maritime liens or any other debts whatsoever, duly notarially attested

		238	and legalised or apostilled, as required by the Buyers’ Nominated Flag State;

		239	(ii) Evidence that all necessary corporate, shareholder and other action has been taken by

		240	the Sellers to authorise the execution, delivery and performance of this Agreement;

		241	(iii) Power of Attorney of the Sellers appointing one or more representatives to act on behalf

		242	of the Sellers in the performance of this Agreement, duly notarially attested and legalised

		243	or apostilled (as appropriate);

		244	(iv) Certificate or Transcript of Registry issued by the competent authorities of the flag state

		245	on the date of delivery evidencing the Sellers’ ownership of the Vessel and that the

		246	Vessel is free from registered encumbrances and mortgages, to be faxed or e-mailed by

		247	such authority to the closing meeting with the original to be sent to the Buyers as soon as

		248	possible after delivery of the Vessel;

		249	(v) Declaration of Class or (depending on the Classification Society) a Class Maintenance

		250	Certificate issued within three (3) Banking Days prior to delivery confirming that the

		251	Vessel is in Class free of condition/recommendation;

		252	(vi) Certificate of Deletion of the Vessel from the Vessel’s registry or other official evidence of

		253	deletion appropriate to the Vessel’s registry at the time of delivery, or, in the event that

		254	the registry does not as a matter of practice issue such documentation immediately, a

		255	written undertaking by the Sellers to effect deletion from the Vessel’s registry forthwith

		256	and provide a certificate or other official evidence of deletion to the Buyers promptly and

		257	latest within four (4) weeks after the Purchase Price has been paid and the Vessel has

		258	been delivered;

Copyright © 2012 Norwegian Shipbrokers’ Association. All rights
reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be copied, reproduced or distributed in any form without
the prior written permission of the Norwegian Shipbrokers’ Association. Explanatory notes are available from BIMCO at www.bimco.org.
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		259	(vii) A copy of the Vessel’s Continuous Synopsis Record certifying the date on which the

		260	Vessel ceased to be registered with the Vessel’s registry, or, in the event that the registry

		261	does not as a matter of practice issue such certificate immediately, a written undertaking

		262	from the Sellers to provide the copy of this certificate promptly upon it being issued

		263	together with evidence of submission by the Sellers of a duly executed Form 2 stating

		264	the date on which the Vessel shall cease to be registered with the Vessel’s registry;

		265	(viii) Commercial Invoice for the Vessel;

		266	(ix) Commercial Invoice(s) for bunkers, lubricating and hydraulic oils and greases;

		267	(x) A copy of the Sellers’ letter to their satellite communication provider cancelling the

		268	Vessel’s communications contract which is to be sent immediately after delivery of the

		269	Vessel;

		270	(xi) Any additional documents as may reasonably be required by the competent authorities of

		271	the Buyers’ Nominated Flag State for the purpose of registering the Vessel, provided the

		272	Buyers notify the Sellers of any such documents as soon as possible after the date of

		273	this Agreement; and

		274	(xii) The Sellers’ letter of confirmation that to the best of their knowledge, the Vessel is not

		275	black listed by any nation or international organisation.

		276	(b) At the time of delivery the Buyers shall provide the Sellers with:

		277	(i) Evidence that all necessary corporate, shareholder and other action has been taken by

		278	the Buyers to authorise the execution, delivery and performance of this Agreement; and

		279	(ii) Power of Attorney of the Buyers appointing one or more representatives to act on behalf

		280	of the Buyers in the performance of this Agreement, duly notarially attested and legalised

		281	or apostilled (as appropriate).

		282	(c) If any of the documents listed in Sub clauses (a) and (b) above are not in the English

		283	language they shall be accompanied by an English translation by an authorised translator or

		284	certified by a lawyer qualified to practice in the country of the translated language.

		285	(d) The Parties shall to the extent possible exchange copies, drafts or samples of the

		286	documents listed in Sub clause (a) and Sub clause (b) above for review and comment by the

		287	other party not later than (state number of days), or if left blank, nine (9) days prior to the

		288	Vessel’s intended date of readiness for delivery as notified by the Sellers pursuant to

		289	Clause 5(b) of this Agreement.

		290	(e) Concurrent with the exchange of documents in Sub clause (a) and Sub clause (b) above,

		291	the Sellers shall also hand to the Buyers the classification certificate(s) as well as all plans,

		292	drawings and manuals, (excluding ISM/ISPS manuals), which are on board the Vessel. Other

		293	certificates which are on board the Vessel shall also be handed over to the Buyers unless

		294	the Sellers are required to retain same, in which case the Buyers have the right to take copies.

		295	(f) Other technical documentation which may be in the Sellers’ possession shall promptly after

		296	delivery be forwarded to the Buyers at their expense, if they so request. The Sellers may keep

		297	the Vessel’s log books but the Buyers have the right to take copies of same.

		298	(g) The Parties shall sign and deliver to each other a Protocol of Delivery and Acceptance

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reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be copied, reproduced or distributed in any form without
the prior written permission of the Norwegian Shipbrokers’ Association. Explanatory notes are available from BIMCO at www.bimco.org.
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		299	confirming the date and time of delivery of the Vessel from the Sellers to the Buyers.

		300	9. Encumbrances

		301	The Sellers warrant that the Vessel, at the time of delivery, is free from all charters (other than
the Bareboat Charter and the Initial Sub-Charter (as defined in the Bareboat Charter)),

		302	encumbrances, mortgages and maritime liens or any other debts whatsoever, and is not subject

		303	to Port State or other administrative detentions. The Sellers hereby undertake to indemnify the

		304	Buyers against all consequences of claims made against the Vessel which have been incurred

		305	prior to the time of delivery.

		306	10. Taxes, fees and expenses

		307	Any taxes, fees and documented expenses in connection with the purchase and registration in the Buyers’

		308	Nominated Flag State, any Registration Costs and any shall be for the Buyers’
account, whereas similar charges in connection

		309	with the closing of the Sellers’ register shall be for the Sellers’ account.

		310	11. Condition on delivery

See also Clause 20 (Delivery under this Agreement and
the Bareboat Charter)

		311	The Vessel with everything belonging to her shall be at the Sellers’ risk and expense until she is

		312	delivered to the Buyers, but subject to the terms and conditions of this Agreement she shall be

		313	delivered and taken over “as is where is” she was
at the time of deliveryinspection, fair wear and tear excepted.

		314	However, the Vessel shall be delivered free of cargo and free of stowaways with her Class

		315	maintained without any conditions that are overduecondition/recommendation*,
free of average damage affecting the Vessel’s

		316	class, and with her classification certificates and national certificates, as well as all other

		317	certificates the Vessel had at the time of inspectiondelivery, valid and
unextended without any conditions that are overdue

		318	condition/recommendation* by the Classification Society or the relevant authorities at the time

		319	of delivery.

		320	“inspection” in this Clause 11, shall mean the Buyers’ inspection according to Clause 4(a) or

		321	4(b) (Inspections), if applicable. If the Vessel is taken over without inspection, the date of this

		322	Agreement shall be the relevant date.

		323	*Notes and memoranda, if any, in the surveyor’s report which are accepted by the Classification

		324	Society without condition/recommendation are not to be taken into account.

		325	12. Name/markings 

Not applicable

		326	Upon delivery the Buyers undertake to change the name of the Vessel and alter funnel

		327	markings.

Copyright © 2012 Norwegian Shipbrokers’ Association. All rights
reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be copied, reproduced or distributed in any form without
the prior written permission of the Norwegian Shipbrokers’ Association. Explanatory notes are available from BIMCO at www.bimco.org.
Adopted by BIMCO in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.

    	 	 

    	 

    

 

		328	13. Buyers’ default

		329	Should the Deposit not be lodged in accordance with Clause 2 (Deposit), the Sellers have the

		330	right to cancel this Agreement, and they shall be entitled to claim compensation for their losses

		331	and for all expenses incurred together with interest.

		332	Should the Purchase PriceRelevant Amount not be paid in accordance with
Clause 213 (Payment) as the sole and direct result of the Buyers’ acts or omissions and such
non-payment has not been remedied within three (3) Banking Days of such failure to pay, the Sellers

		333	have the right to cancel this Agreement, in which case this Agreement will become void without liability to either the Buyers
or the Sellers.the Deposit together with interest

		334	earned, if any, shall be released to the Sellers. If the Deposit does not cover their loss, the

		335	Sellers shall be entitled to claim further compensation for their losses and for all expenses

		336	incurred together with interest.

		337	14. Sellers’ default

		338	Should the Sellers fail to give Notice of Readiness in accordance with Clause 5(b) or fail to be

		339	ready to validly complete a legal transfer by the Cancelling Date the Buyers shall have the

		340	option of cancelling this Agreement. If after Notice of Readiness has been given but before

		341	the Buyers have taken delivery, the Vessel ceases to be physically ready for delivery and is not

		342	made physically ready again by the Cancelling Date and new Notice of Readiness given, the

		343	Buyers shall retain their option to cancel. In the event that the Buyers elect to cancel this

		344	Agreement, the Deposit together with interest earned, if any, shall be released to them

		345	immediately.

		346	Should the Sellers fail to give Notice of Readiness by the Cancelling Date or fail to be ready to

		347	validly complete a legal transfer as aforesaid they shall make due compensation to the Buyers

		348	for their loss and for all expenses together with interest if their failure is due to proven

		349	negligence and whether or not the Buyers cancel this Agreement.

		350	15. Buyers’ representatives 

Not applicable.

		351	After this Agreement has been signed by the Parties and the Deposit has been lodged, the

		352	Buyers have the right to place two (2) representatives on board the Vessel at their sole risk and

		353	expense.

		354	These representatives are on board for the purpose of familiarisation and in the capacity of

		355	observers only, and they shall not interfere in any respect with the operation of the Vessel. The

		356	Buyers and the Buyers’ representatives shall sign the Sellers’ P&I Club’s standard letter of

		357	indemnity prior to their embarkation.

		358	16. Law and Arbitration

See Clause 25 (Law and dispute resolution)

		359	(a) *This Agreement shall be governed by and construed in accordance with English law and

		360	any dispute arising out of or in connection with this Agreement shall be referred to arbitration in

		361	London in accordance with the Arbitration Act 1996 or any statutory modification or re

		362	enactment thereof save to the extent necessary to give effect to the provisions of this Clause.

		363	The arbitration shall be conducted in accordance with the London Maritime Arbitrators

Copyright © 2012 Norwegian Shipbrokers’ Association. All rights
reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be copied, reproduced or distributed in any form without
the prior written permission of the Norwegian Shipbrokers’ Association. Explanatory notes are available from BIMCO at www.bimco.org.
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		364	Association (LMAA) Terms current at the time when the arbitration proceedings are

		365	commenced.

		366	The reference shall be to three arbitrators. A party wishing to refer a dispute to arbitration shall

		367	appoint its arbitrator and send notice of such appointment in writing to the other party requiring

		368	the other party to appoint its own arbitrator within fourteen (14) calendar days of that notice and

		369	stating that it will appoint its arbitrator as sole arbitrator unless the other party appoints its own

		370	arbitrator and gives notice that it has done so within the fourteen (14) days specified. If the

		371	other party does not appoint its own arbitrator and give notice that it has done so within the

		372	fourteen (14) days specified, the party referring a dispute to arbitration may, without the

		373	requirement of any further prior notice to the other party, appoint its arbitrator as sole arbitrator

		374	and shall advise the other party accordingly. The award of a sole arbitrator shall be binding on

		375	both Parties as if the sole arbitrator had been appointed by agreement.

		376	In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 the

		377	arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current at

		378	the time when the arbitration proceedings are commenced.

		379	(b) *This Agreement shall be governed by and construed in accordance with Title 9 of the

		380	United States Code and the substantive law (not including the choice of law rules) of the State

		381	of New York and any dispute arising out of or in connection with this Agreement shall be

		382	referred to three (3) persons at New York, one to be appointed by each of the parties hereto,

		383	and the third by the two so chosen; their decision or that of any two of them shall be final, and

		384	for the purposes of enforcing any award, judgment may be entered on an award by any court of

		385	competent jurisdiction. The proceedings shall be conducted in accordance with the rules of the

		386	Society of Maritime Arbitrators, Inc.

		387	In cases where neither the claim nor any counterclaim exceeds the sum of US$ 100,000 the

		388	arbitration shall be conducted in accordance with the Shortened Arbitration Procedure of the

		389	Society of Maritime Arbitrators, Inc.

		390	(c) This Agreement shall be governed by and construed in accordance with the laws of

		391	(state place) and any dispute arising out of or in connection with this Agreement shall be

		392	referred to arbitration at (state place), subject to the procedures applicable there.

		393	*16(a), 16(b) and 16(c) are alternatives; delete whichever is not applicable. In the absence of

		394	deletions, alternative 16(a) shall apply.

		395	17. Notices

		396	All notices to be provided under this Agreement shall be in writing.

		397	Contact details for recipients of notices are as follows:

		398	For the Buyers:

SEA 252 LEASING CO. LIMITED

c/o CMB Financial Leasing Co., Ltd.

Address: 21F, China Merchants Bank Building, No.1088, Lujiazui
Ring Road, Shanghai, China 200120

Email: xiao_yue@cmbchina.com
/ zyzlsceb@cmbchina.com

Tel No.: +86 21 6106 1534

Attention: Yue XIAO (Nicholas), Shipping Leasing Department

Copyright © 2012 Norwegian Shipbrokers’ Association. All rights
reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be copied, reproduced or distributed in any form without
the prior written permission of the Norwegian Shipbrokers’ Association. Explanatory notes are available from BIMCO at www.bimco.org.
Adopted by BIMCO in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.

    	 	 

    	 

    

 

		399	For the Sellers:

GLOBAL SHIP LEASE 69 LLC

c/o Technomar Shipping Inc.

Address: 3-5 Menandrou Str., Kifissia, 14561, Athens, Greece

Email: finance@technomar.gr

with a copy to:

(a) legalconfidential@technomar.gr;
and

(b) tpsaropoulos@technomar.gr

		400	18. Entire Agreement

		401	The written terms of this Agreement comprise the entire agreement between the Buyers and

		402	the Sellers in relation to the sale and purchase of the Vessel and supersede all previous

		403	agreements whether oral or written between the Parties in relation thereto.

		404	Each of the Parties acknowledges that in entering into this Agreement it has not relied on and

		405	shall have no right or remedy in respect of any statement, representation, assurance or

		406	warranty (whether or not made negligently) other than as is expressly set out in this Agreement.

		407	Any terms implied into this Agreement by any applicable statute or law are hereby excluded to

		408	the extent that such exclusion can legally be made. Nothing in this Clause shall limit or exclude

		409	any liability for fraud.

Additional Clauses 19 to 26 (both inclusive) form an
integral part of this Agreement. In the event of any inconsistency between (i) any terms set out in Clauses 1 to 18 of this Agreement
and (ii) any terms set out in Additional Clauses (i.e., Clauses 19 to 26) of this Agreement, the terms of the Additional Clauses shall
prevail.

	 	For and on behalf of the Sellers	For and on behalf of the Buyers
	 	 	 
	 	GLOBAL SHIP LEASE 69 LLC	SEA 252 LEASING CO. LIMITED
	 	 	 
	 	/s/ Aglaia Lida Papadi	/s/ Tan Li Xin, Joan
	 	 	 
	 	Name: Aglaia Lida Papadi	Name: Tan Li Xin, Joan
	 	 	 
	 	Title: Attorney-in-fact	Title: Attorney-in-fact

 

Copyright © 2012 Norwegian Shipbrokers’ Association. All rights
reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be copied, reproduced or distributed in any form without
the prior written permission of the Norwegian Shipbrokers’ Association. Explanatory notes are available from BIMCO at www.bimco.org.
Adopted by BIMCO in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.

    	 	 

    	 

    

Execution Version

ADDITIONAL CLAUSES

TO MEMORANDUM OF AGREEMENT FOR 

THE VESSEL "BLANDINE"
TO BE RENAMED "GSL TRIPOLI"

		19.	Sellers' representations and undertaking

		(a)	The Sellers represent and warrant that:

		(i)	on the Delivery Date, they are the legal and beneficial owners of the Vessel; and

		(ii)	as at the date hereof and on the Delivery Date:

		i.	none of the:

		1.	Sellers, any of its Affiliate (as defined in the Bareboat Charter), nor any of their respective directors,
officers and employees are a Restricted Party; and

		2.	to the best knowledge of the Sellers, as at the date of this Agreement, neither the Initial Sub-Charterer
nor the Initial Sellers or any of its respective directors,

is a Restricted Party; and

		3.	the Sellers, any of its Affiliate (as defined in the Bareboat Charter) and their respective directors,
officers and employees; and

		4.	to the best knowledge of the Sellers, as at the date of this Agreement, the Initial Sub-Charterer and
the respective directors of the Initial Sub-Charterer,

are in compliance with all Sanctions
laws, and none of them have been or are currently being investigated on compliance with Sanctions, they have not received notice or are
aware of any claim, action, suit or proceeding against any of them with respect to Sanctions and they have not taken any action to evade
the application of Sanctions; and

		(iii)	no part of the Purchase Price nor the Vessel shall be made available, directly or indirectly, to or for
the benefit of a Restricted Party nor shall they be otherwise directly or indirectly, applied in a manner or for a purpose prohibited
by Sanctions laws; and

		(iv)	the copy of each of the Initial MOA, the Initial Sub-Charter, the Side Agreement and the Deposit Holder
Agreement provided to the Buyers prior to the date hereof is a true and complete copy of such document

    	SINGAPORE\6308930.1 MOA Additional Clauses (Blandine)
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and there have been no amendments,
supplements or variations to the same, provided that any further amendments, supplements or variations on or prior to the Delivery Date
shall be subject to the Buyers' written consent (which shall not be unreasonably withheld or delayed) and thereafter copies of any such
further amendment, supplement or variation should be provided by the Sellers to the Buyers promptly.

		(b)	The Sellers hereby undertake to the Buyers that the Sellers shall not without the Buyers' written consent
sign or release:

		(i)	the protocol of delivery and acceptance under the Initial MOA; or

		(ii)	the Release Letter.

		20.	Delivery under this Agreement and the Bareboat Charter

		(a)	The Vessel will, subject to the terms and conditions of this Agreement, be delivered by the Sellers to
the Buyers under this Agreement.

		(b)	Upon the delivery of the Vessel under this Agreement, the Vessel shall simultaneously be delivered to
the Sellers as charterers pursuant to a bareboat charterparty dated on or about the date of this Agreement (the "Bareboat Charter")
made or to be made (as the case may be) between the Buyers (as owners) and the Sellers (as charterers).

		(c)	The Sellers shall be fully responsible for the Buyers' fulfilment of physical delivery as new owner of
the Vessel to the Sellers (as charterers) under the Bareboat Charter. The Buyers' obligation to take delivery of the Vessel under this
Agreement is subject to the Sellers (as charterers) taking delivery of the Vessel simultaneously under the Bareboat Charter.

		(d)	If any of the Bareboat Charter, the Initial MOA or the Initial Sub-Charter is cancelled or the delivery
of the Vessel does not take place under the Bareboat Charter by the Cancelling Date, this Agreement shall be null and void, provided
however that Clause 14 (Sellers' default) and Clause 21 (Indemnities) below shall survive.

		21.	Indemnities

		(a)	The Sellers shall pay such amounts to the Buyers in respect of all claims, documented expenses, liabilities,
losses, fees (including but not limited to legal fees (which have been pre-approved by the Sellers provided no Termination Event has occurred),
any Registration Costs, any vessel registration and any tonnage fees) suffered or incurred by or imposed on the Buyers arising from this
Agreement, or resulting from the occurrence of a Termination Event which is continuing (as defined in the Bareboat Charter), or in connection
with the delivery, registration and purchase of the Vessel by the Buyers whether prior to, during or after termination of this Agreement
(including but not limited to the Delivery Date not occurring on the proposed delivery date set out in the Payment Notice) and whether
or not the Vessel is in the possession or the control of the

    	SINGAPORE\6308930.1 MOA Additional Clauses (Blandine)
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Sellers or otherwise in relation
to any non-delivery to or acceptance by the Sellers (as charterers) of the Vessel under the Bareboat Charter.

		(b)	Notwithstanding anything to the contrary herein, any breach of the terms of this Agreement or termination
of this Agreement pursuant to the terms hereof, the indemnities provided by the Sellers in favour of the Buyers shall continue in full
force and effect.

		22.	Payment

		(a)	The Sellers and the Buyers agree that the Relevant Amount shall, subject to Clause 23 (Partial set-off
of Purchase Price) below (if applicable), be paid in full by the Buyers by depositing with the Initial Sellers' Bank (in a suspense
account) in accordance with the Payment Notice, the Relevant Amount which shall be subsequently released to the Sellers or to such person(s)
as may be nominated by the Sellers in accordance with paragraph (b) below. The Payment Notice shall be issued by the Sellers to the Buyers
after all the Pre-positioning Date CPs have been satisfied or waived to the satisfaction of the Buyers, which shall be on or before the
date falling two (2) Banking Days prior to the proposed Pre-positioning Date.

		(b)	On or before the Pre-positioning Date if the Buyers have received evidence (which may be in the form of
confirmation that an MT199 message is acceptable to the Sellers' Bank and the Buyers (the "Conditional Payment Message"))
that the Relevant Amount will be held to the order of the Buyers, and to be released to such person(s) as may be nominated by the sellers
upon presentation to the Initial Sellers' Bank of a copy (transmitted by fax, email or otherwise) of each of (i) the protocol of delivery
and acceptance under the Initial MOA which is duly signed by an authorised signatory of the Initial Sellers and an authorised signatory
of the Sellers evidencing the delivery by the Initial Sellers and acceptance by the Sellers of the Vessel under the Initial MOA and (ii)
the Release Letter which is signed by an authorised signatory of the Sellers which is named in the Conditional Payment Message and approved
by the Buyers, the Buyers shall deposit with the Initial Sellers' Bank the Relevant Amount to be so held and so released, provided
that the Buyers' obligation to deposit with the Initial Sellers' Bank the Relevant Amount is always subject to the Buyers being satisfied
that all of the Pre-Positioning Date CPs have been satisfied.

		(c)	A transfer of funds by the Buyers to the Initial Sellers' Bank in accordance with paragraph (b) above
shall constitute payment of the Purchase Price for the purposes of this Agreement and shall, as from the date of such transfer, constitute
a valid and binding obligation upon the Sellers in respect of the repayment of the Relevant Amount in accordance with and in the manner
contemplated by this Agreement (including but not limited to Clauses 22(d)),the Conditional Payment Message and the Release Letter. The
Sellers agree to release, discharge, defend, indemnify, waive and hold harmless the Buyers from and against any liability, obligation
or claim which may be asserted, claimed or recovered against the Buyers for any reason directly arising out of the release or the failure
to release (as the case may be) of any part of the Purchase Price by the Initial Sellers' Bank except if the same results from or is a
direct consequence

    	SINGAPORE\6308930.1 MOA Additional Clauses (Blandine)
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of the Buyers' failure to perform
their obligations under or in breach of any provisions under this Agreement or the Bareboat Charter.

		(d)	Without prejudice to any other provisions under this Agreement, the Sellers shall pay to the Buyers:

		(i)	within five (5) Banking Days after the date on which any part of the Purchase Price is released in accordance
with paragraph (b) above, and in accordance with the invoice to be issued by the Buyers to the Sellers for the same; and

		(ii)	if applicable, on demand by the Buyers on and after the Return Due Date in relation to any part of the
Purchase Price which is or should be returned to the Buyers in accordance with the Conditional Payment Message (whether or not it is actually
returned on the Return Due Date);

each as applicable, an amount equal
to the interest accrued over the relevant Pre-positioning Period and calculated at the rate of Overnight LIBOR Rate plus 325 basis points
over such part of the Purchase Price.

		23.	Partial set-off of Purchase Price

The Sellers hereby consent, acknowledge
and confirm that:

		(a)	notwithstanding Clause 1 (Purchase Price), the amount due and payable from the Buyers to the Sellers
in accordance with Clause 22 (Payment) shall be set off against the amount of Advance Hire (as defined in the Bareboat Charter)
and the Arrangement Fee due from the Sellers (as charterers) to the Buyers (as owners) payable pursuant to the Bareboat Charter; and

		(b)	for the avoidance of doubt, on the date of payment of the Relevant Amount, (A) the Buyers shall not be
obliged to pay the Sellers and the Sellers shall not be entitled to receive from the Buyers an amount which is more than the difference
between (i) the Purchase Price and (ii) the aggregate of the Advance Hire and the Arrangement Fee as set off in accordance with paragraph
(a) above and (B) the Sellers shall not be obliged to pay the Buyers and the Buyers shall not be entitled to receive from the Sellers
payments towards the Advance Hire as a result of this Clause 23 (Partial set-off of Purchase Price).

		24.	Conditions precedent

		(a)	Release of the Relevant Amount is conditional upon the Sellers providing the Buyers with the following
delivery documents and evidence:

		(i)	Two (2) original Legal Bill(s) of Sale in a form recordable in the Buyers' Nominated Flag State, transferring
title of the Vessel from the Sellers to the Buyers and stating that the Vessel is free from all registered mortgages, encumbrances and
maritime liens or any other debts whatsoever, duly notarially attested or acknowledged and (if required by the Buyers' Nominated Flag
State) legalised or apostilled, as required by the Buyers' Nominated Flag State;

    	SINGAPORE\6308930.1 MOA Additional Clauses (Blandine)
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		(ii)	Evidence that all necessary corporate, shareholder and other action has been taken by the Sellers to authorise
the execution, delivery and performance of this Agreement;

		(iii)	An original Power of Attorney of the Sellers appointing one or more representatives to act on behalf of
the Sellers in the performance of this Agreement, duly notarially attested or acknowledged and (if required by the Buyers' Nominated Flag
State) legalised or apostilled, as required by the Buyers' Nominated Flag State;

		(iv)	A copy of Declaration of Class or (depending on the Classification Society) a Class Certificate issued
within three (3) Banking Days prior to the Delivery Date confirming that the Vessel is in Class free of overdue condition;

		(v)	All of the following:

		(A)	Evidence that on the Delivery Date the Vessel will be registered in the ownership of the Buyers as owners
of all of the shares in the Vessel with the Buyers’ Nominated Flag State; and

		(B)	A copy of the bill of sale to the Buyers referred to in Sub-clause (i) above marked "not released/non-negotiable".

		(vi)	An original Commercial Invoice for the Vessel;

		(vii)	Copies of the valuations to determine Market Value;

		(viii)	Any additional documents as may reasonably be required by the competent authorities of the Buyers' Nominated
Flag State for the purpose of registering the Vessel, provided the Buyers notify the Sellers of any such documents as soon as possible
after the date of this Agreement;

		(ix)	An original of the Sellers' letter of confirmation that to the best of their knowledge, the Vessel is
not sanctioned, avoided, prohibited or proscribed by any nation or international organisation and the Vessel is eligible to trade lawfully
worldwide;

		(x)	An original certificate from a director / officer of the Sellers confirming that all copies of documents
provided under this Agreement are true copies of such documents (or a pdf copy of the certificate together with confirmation from the
Sellers that the original certificate will be despatched to the Buyers as soon as practicable);

		(xi)	In respect of the Initial MOA:

		(A)	a copy of the Initial MOA;

		(B)	a copy of the Deposit Holder Agreement (as defined in the Initial MOA);

		(C)	a copy of the Initial Sub-Charter;

		(D)	a copy of the Side Agreement; and

    	SINGAPORE\6308930.1 MOA Additional Clauses (Blandine)
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		(E)	written confirmation by the Sellers satisfactory to the Buyers that the Sellers have not exercised the
option under the Side Agreement to cancel the Initial Sub-Charter and the Vessel will be delivered into the Initial Sub-Charter on the
Delivery Date;

		(xii)	Evidence that any difference in the Relevant Amount and the total amounts payable by the Sellers to the
Initial Sellers under the Initial MOA have been or will be paid directly by the Sellers (or as the case may be, the Initial Sub-Charterers)
to the Initial Sellers on the Delivery Date and such amounts will be released to the Initial Sellers no later than the time the Relevant
Amount is released to the Initial Sellers under Clause 22(b) (Payment);

		(xiii)	Copies of all documents listed at paragraphs 1, 2 and 3 of the Initial MOA Addendum, including but not
limited to the protocol of delivery and acceptance under the Initial MOA which is duly signed by an authorised signatory of the Initial
Sellers and an authorised signatory of the Sellers evidencing the delivery by the Initial Sellers and acceptance by the Sellers of the
Vessel under the Initial MOA;

		(xiv)	The Buyers being satisfied that, in their opinion,

		(A)	the conditions precedent set out in:

		(1)	Clause 36(a) (Conditions precedent and conditions subsequent) of the Bareboat Charter have been
satisfied on the Pre-positioning Date; and

		(2)	Clause 36(b) (Conditions precedent and conditions subsequent) of the Bareboat Charter have been
satisfied on the Delivery Date or, in each case, such other date as the Sellers and Buyers may mutually agree;

		(B)	no Termination Event (as defined in the Bareboat Charter) or Potential Termination Event (as defined in
the Bareboat Charter) is, in each case, continuing or would result from:

		(1)	the pre-positioning of the Relevant Amount; or

		(2)	the release of the Relevant Amount to the Sellers or its nominee; and

		(C)	the representations and warranties referred to in Clause 19 (Sellers' representations) hereof and
clause 47 (Charterers' representations and warranties) of the Bareboat Charter are true and correct on the Delivery Date.

The conditions set out in this Clause
24 are for the sole benefit of the Buyers and may be waived or deferred by the Buyers in whole or in part and with or without conditions.
The foregoing is without prejudice to the Buyers' rights to require fulfilment of any such conditions by the Sellers in whole or in part
at any time after the date of release of the Relevant Amount.

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If the Buyers in their sole discretion
agree to accept the delivery of the Vessel from the Sellers before all of the documents and evidence required under Clause 24(a) have
been delivered to or to the order the Buyers, the Sellers undertake to deliver all outstanding documents and evidence to or to the order
of the Buyers no later than ten (10) Business Days after the date of delivery of the Vessel or such other later date as specified by the
Buyers, acting in their sole discretion. The Buyers' acceptance of the delivery of the Vessel from the Sellers under this Agreement shall
not, unless otherwise notified by the Buyers (acting in their sole discretion) to the Sellers in writing, be taken as a waiver of the
Buyers' rights to require production of all the documents and evidence required under this Clause 24(a).

		(b)	At the time of delivery the Buyers shall provide the Sellers with:

		(i)	the certified copy of the resolutions passed by the board of directors of the Buyers to authorise the
execution, delivery and performance of this Agreement; and

		(ii)	(if applicable) the original Power of Attorney of the Buyers appointing one or more representatives to
act on behalf of the Buyers in the performance of this Agreement (or a pdf copy of the Power of Attorney together with confirmation from
the Buyers that the original will be despatched to the Sellers as soon as practicable). 

		(c)	If any of the documents listed in Sub-clauses (a) and (b) above are not in the English language they shall
be accompanied by an English translation by an authorised translator or certified by a lawyer qualified to practice in the country of
the translated language.

		(d)	The Parties shall to the extent possible exchange copies, drafts or samples of the documents listed in
Sub-clause (a) and Sub-clause (b) above for review and comment by the other party not later than nine (9) days prior to the Vessel's intended
date of delivery as notified by the Sellers pursuant to Clause 5(b) of this Agreement.

		(e)	Concurrent with the exchange of documents in Sub-clause (a) and Sub-clause (b) above, the Buyers shall
gain title and ownership to the classification certificate(s) as well as all plans, drawings and manuals, which are on board the Vessel
and shall remain on board the Vessel. Other certificates which are on board the Vessel shall also be handed over to the Buyers unless
such certificates are required to remain on board, or the Sellers are required to retain same in their capacity as bareboat charterers,
in which case the Sellers shall, upon the request of the Buyers, provide copies of the same at the expense of the Sellers.

		(f)	Simultaneously with the release of the Relevant Amount the Parties shall sign and deliver to each other
a Protocol of Delivery and Acceptance in the form as attached in Schedule 2 hereto confirming the date and time of delivery of the Vessel
from the Sellers to the Buyers.

		25.	Law and dispute resolution

		(a)	This Agreement and any non-contractual obligations arising from or in connection with it are in all respects
governed by and shall be interpreted 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

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to the extent necessary to give
effect to the provisions of this Clause.

		(b)	The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (LMAA)
Terms current at the time when the arbitration proceedings are commenced.

		(c)	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 fourteen (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 fourteen (14) days specified. If the other party does
not appoint its own arbitrator and give notice that it has done so within the fourteen (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 the Buyers and the Sellers as if
the sole arbitrator had been appointed by agreement.

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

		(e)	In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 the arbitration shall
be conducted in accordance with the LMAA Small Claims Procedure current at the time when the arbitration proceedings are commenced.

		26.	Further definitions

In this Agreement:

"Approved Broker"
has the meaning ascribed to it in the Bareboat Charter.

"Bareboat Charter"
has the meaning ascribed to it in Clause 20(b).

"Delivery Date"
means the date of delivery of the Vessel by the Sellers to the Buyers pursuant to this Agreement.

"Delivery Date CPs"
means the conditions precedent set out in paragraphs 24(a)(i), 24(a)(vi), 24(a)(ix), 24(a)(xi)(E), 24(a)(xiii), 24(a)(xiv)(A)(2), 24(a)(xiv)(B)(2),
24(a)(xiv)(C), of Clause 24 (Conditions precedent).

"Deposit Holder Agreement"
has the meaning given to it in the Initial MOA.

"Initial MOA"
means the memorandum of agreement for the Vessel dated 12 May 2021 entered into between the Initial Sellers as sellers and the Initial
Sub-Charterers as buyers, as amended by a nomination agreement dated 15 June 2021 entered into between the Initial Sellers as sellers,
the Initial Sub-Charterers as initial buyers and the Sellers as the buyers' nominee, and an addendum no. 1 thereto dated 15 June 2021
(the "Initial MOA Addendum"), as may be further amended or supplemented from time to time.

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"Initial Sellers"
means ERB. 5.300TEU GmbH & Co. KG, a company incorporated in Germany with its registered address at Elbchaussee 370, 22609, Hamburg,
Germany.

"Initial Sellers' Account"
has the meaning given to the term "Sellers' Account" in the Initial MOA.

"Initial Sellers' Bank"
has the meaning given to the term "Sellers' Bank" in the Initial MOA.

"Initial Sub-Charter"
means the time charterparty in respect of the Vessel dated 15 June 2021 between the Sellers and the Initial Sub-Charterers, with a daily
hire rate at no less than thirty-six thousand five hundred Dollars (US$36,500) for the fixed three year period from delivery and at no
less than seventeen thousand two hundred and fifty Dollars (US$17,250) for the optional three year period thereafter, as may be further
amended or supplemented from time to time.

"Initial Sub-Charterers"
means Maersk A/S, a company incorporated in Denmark with its registered address at Esplanaden 50, 1263 Copenhagen K, Denmark.

"Market Value"
has the meaning ascribed to paragraph (a) of the definition of "Market Value" in the Bareboat Charter.

"Overnight LIBOR Rate"
means, for any day, the rate per annum equal to the British Bankers Association LIBOR Rate ("BBA LIBOR"), as published
by Thomson Reuters (or other commercially available source providing quotations of BBA LIBOR as designated by the Buyers from time to
time) at approximately 11:00 a.m., London time, on such day for United States Dollar deposits (for delivery on such day) with a term equivalent
to one (1) day.

"Payment Notice"
means a notice of the relevant amounts payable by the Buyers under this Agreement to be issued by the Sellers to the Buyers, in substantially
the form set out in Schedule 1 (Form of Payment Notice) hereto (or such other form as the Buyers may require).

"Pre-positioning Date"
means date falling one (1) Banking Day prior to the proposed Delivery Date.

"Pre-positioning Date
CPs" means the conditions precedent set out in Clause 24 (Conditions precedent) which are not the Delivery Date CPs.

"Pre-positioning Period"
means:

		(a)	if any part of the Purchase Price deposited with the Initial Sellers' Bank by the Buyers is released in
accordance with paragraph (b) of Clause 22 (Payment), the period commencing from (and inclusive of) the Pre-positioning Date and ending
on (and inclusive of) the date such part of the Purchase Price is released in accordance with paragraph (b) of Clause 22 (Payment); or

		(b)	if any part of the Purchase Price deposited with the Initial Sellers' Bank by the Buyers is or should
be returned to the Buyers in accordance with the Conditional Payment Message (whether or not it is actually returned on the Return Due

    	SINGAPORE\6308930.1 MOA Additional Clauses (Blandine)
	Page 9

    	 

    

 

Date), the period commencing from
(and inclusive of) the Pre-positioning Date and ending on (and inclusive of) the date such part of the Purchase Price is returned to the
Buyers in accordance with the Conditional Payment Message.

"Release Letter"
means a release letter to be signed pursuant to the Conditional Payment Message in form and substance acceptable to the Buyers.

"Relevant Amount"
means the Owners' Cost (as defined in the Bareboat Charter) less the Arrangement Fee (as defined in the Bareboat Charter).

"Registration Costs"
has the meaning ascribed to it in the Bareboat Charter.

"Restricted Countries"
means those countries subject to country-wide or territory-wide Sanctions and/or trade embargoes, in particular but not limited to
pursuant to the U.S.'s Office of Foreign Asset Control of the U.S. Department of Treasury ("OFAC") including at the date
of this Agreement, but without limitation, Iran, North Korea and Syria and any additional countries based on respective country-wide or
territory-wide Sanctions being imposed by OFAC or any of the regulative bodies referred to in the definition of Restricted Party.

"Restricted Party"
means a person or entity or any other parties (i) located, domiciled, resident or incorporated in Restricted Countries, and/or (ii) subject
to any sanction administrated by the United Nations, the European Union, Switzerland, the United States and the OFAC, the United Kingdom,
Her Majesty's Treasury ("HMT") and the Foreign and Commonwealth Office of the United Kingdom, the People's Republic of
China and/or (iii) owned or controlled by or affiliated with persons, entities or any other parties as referred to in (i) and (ii).

"Return Due Date"
means the date which is the thirteenth (13th) Banking Day after the Pre-positioning Date.

"Sanctions"
means any sanctions, embargoes, freezing provisions, prohibitions or other restrictions relating to trading, doing business, investment,
exporting, financing or making assets available (or other activities similar to or connected with any of the foregoing) imposed by law
or regulation of the United Nations, United Kingdom, the United States of America (including, without limitation, CISADA and OFAC), the
People's Republic of China or the Council of the European Union or the jurisdiction of incorporation of the Buyers and the Sellers.

"Side Agreement"
means the agreement relating to the Initial MOA dated 15 June 2021 entered into between the Initial Sub-Charterers and the Sellers.

 

    	SINGAPORE\6308930.1 MOA Additional Clauses (Blandine)
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Schedule 1

Form of Payment Notice

	To: 	SEA 252 LEASING CO. LIMITED
	 	 
	From:	GLOBAL SHIP LEASE 69 LLC	
     

     

    2021

Dear Sirs

 

One container vessel m.v. "Blandine"
to be renamed "GSL Tripoli"

- memorandum of agreement dated 2021 (the
"MOA")

 

		1.	We refer to the MOA. This is a Payment Notice.

 

		2.	Terms defined in the MOA shall have the same meaning in this Payment Notice unless given a different meaning
in this Payment Notice.

 

		3.	Pursuant to Clause 5(b) of the MOA, we hereby give you notice of the proposed delivery date of the Vessel,
being __________________ 2021 and the proposed place of delivery of the Vessel, being [ ] in accordance
with Clause 5(a) of the MOA.

 

		4.	We irrevocably request that you advance USD [●], being the
Relevant Amount in respect of the Vessel, to the Initial Sellers' Account on __________________ 2021,
which is a Banking Day, by paying the advance in accordance with the MOA, to the Initial Sellers' Account, as follows:

 

	Beneficiary Bank:	[●]
	Swift Code:	[●]
	Account #:	[●]
	Name on Account:	
    [●]

     

		5.	We warrant that no Potential Termination Event or Termination Event (each as defined in the Bareboat Charter)
has occurred or would result from the payment of the amounts requested above.

 

 

Yours faithfully

 

For and on behalf of

GLOBAL
SHIP LEASE 69 LLC

 

 

.................................

Name:

Title:

    	SINGAPORE\6308930.1 MOA Additional Clauses (Blandine)
	Page 11

    	 

    

 

Schedule 2

Form of Protocol of Delivery and Acceptance

 

 

	
     

 

Protocol of Delivery and Acceptance

KNOW ALL MEN BY THESE PRESENTS, that
Global Ship Lease 69 LLC of 80 Broad Street, Monrovia, Liberia (the "Sellers") have sold and do grant and deliver, at
______ hours (Shanghai Time) on _____ day of ____________ 2021, unto Sea 252 Leasing Co. Limited of 27/F Three Exchange Square 8, Connaught
Place, Central, Hong Kong (the "Buyer"), all rights, title and interest in and to one (1) second-hand vessel of name
"Blandine" (to be renamed "GSL Tripoli") (IMO No. 9437048) of Liberia flag, of GRT 52,726 and NRT 32,613, together
with all stores and equipment of whatever nature, now on board and on shore and on order, and free from all charters (other than the Bareboat
Charter and the Initial Sub-Charter (each as defined in the MOA)), encumbrances, mortgages, maritime liens or any other debts whatsoever,
pursuant to the Memorandum of Agreement dated ______________________ 2021 (the "MOA") between the Sellers and the Buyers
and any addenda thereto.

The Buyers do hereby accept delivery,
title and risks of and to the aforesaid vessel in pursuance of the terms and conditions of the MOA on the date and any addendum thereto
and at the time and place stated above.

This PROTOCOL OF DELIVERY AND ACCEPTANCE
may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single
copy of this PROTOCOL OF DELIVERY AND ACCEPTANCE.

 

	Seller	 	Buyer
	 	 	 
	Global Ship Lease 69 LLC	 	Sea 252 Leasing Co. Limited
	 	 	 
	By: ___________________________	 	By: ____________________________
	 	 	 
	Name:	 	Name:
	 	 	 
	Title:	 	Title:

    	SINGAPORE\6308930.1 MOA Additional Clauses (Blandine)
	Page 12

    	 

    

 

 

In witness of which the parties
to this Agreement have executed this Agreement the day and year first before written.

SELLERS

 

	
    Signed
    by 

    as

    for and
    on behalf of Aglaia Lida Papadi

    GLOBAL SHIP LEASE 69 LLC

    in the presence of:
	
    )

    )

    )

    )

    )
	/s/ Aglaia Lida Papadi

 

 

Witness signature: /s/ Chrisanthy Klisaris       

Name: Chrisanthy Klisaris

Address: 3-5 Menandrou Str.,

Kifissia, 14561, Athens,Greece

 

 

BUYERS

 

	
    Signed
    by Tan Li Xin, Joan

    as duly
    authorised signatory

    for and
    on behalf of

    SEA
    252 LEASING CO. LIMITED

    in the presence of:
	
    )

    )

    )

    )

    )
	
    /s/ Tan Li Xin, Joan

    Attorney-in-fact

 

 

 

Witness signature: /s/ Kanageswary d/o Rajandran

Name: Kanageswary d/o Rajandran

		Address:	Stephenson Harwood LLP

1 Raffles Place #18-61 Tower 2

Singapore 048616

 

 

 

    	SINGAPORE\6308930.1 MOA Additional Clauses (Blandine)
	Page 13Exhibit 4.21

GLOBAL SHIP LEASE, INC.

2019 OMNIBUS INCENTIVE PLAN

(effective February 4, 2019, as amended
and restated on September 29, 2021)

ARTICLE I.

General

1.1           
Purpose

The Global Ship Lease, Inc. 2019 Omnibus Incentive Plan
(the “Plan”) is designed to provide certain Key Persons (as defined below), whose initiative and efforts are deemed to be
important to the successful conduct of the business of Global Ship Lease, Inc. (the “Company”), with incentives to (a) enter
into and remain in the service of the Company or its Subsidiaries and Affiliates (as such terms are defined below), (b) acquire a proprietary
interest in the success of the Company, (c) maximize their performance and (d) enhance the long-term performance of the Company.

1.2           
Administration

(a)           
Administration. The Plan shall be administered by the Compensation Committee
of the Company’s Board of Directors (the “Board”) or such other committee of the Board as may be designated by the Board
to administer the Plan (the Compensation Committee or such other committee, as applicable, the “Administrator”); provided
that (i) in the event the Company is subject to Section 16 of the U.S. Securities Exchange Act of 1934, as amended (the “1934 Act”),
the Administrator shall be composed of two or more directors, each of whom is a “Non-Employee Director” (a “Non-Employee
Director”) under Rule 16b-3 (as promulgated and interpreted by the Securities and Exchange Commission (the “SEC”) under
the 1934 Act, or any successor rule or regulation thereto as in effect from time to time (“Rule 16b-3”)), and (ii) the Administrator
shall be composed solely of two or more directors who are “independent directors” under the rules of any stock exchange on
which the Company’s Common Stock (as defined below) is traded; provided further, however, that, (A) the requirement
in the preceding clause (i) shall apply only when required to exempt an Award (as defined below) intended to qualify for an exemption
under the applicable provisions referenced therein, (B) the requirement in the preceding clause (ii) shall apply only when required pursuant
to the applicable rules of the applicable stock exchange and (C) if at any time the Administrator is not so composed as required by the
preceding provisions of this sentence, that fact will not invalidate any grant made, or action taken, by the Administrator hereunder that
otherwise satisfies the terms of the Plan. Subject to the terms of the Plan, applicable law and the applicable rules and regulations of
any stock exchange on which the Common Stock is listed for trading, and in addition to other express powers and authorizations conferred
on the Administrator by the Plan, the Administrator shall have the full power and authority to: (1) designate the Key Persons to receive
Awards under the Plan; (2) determine the types of Awards granted to a participant under the Plan; (3) determine the number of shares to
be covered by, or with respect to which payments, rights or other matters are to be calculated with respect to, Awards; (4) determine
the terms and conditions of

    	SK 26296 0001 9106702 v3
		 

    	 

    

any Awards; (5) determine whether, and to what extent, and under
what circumstances, Awards may be settled or exercised in cash, shares, other securities, other Awards or other property, or cancelled,
forfeited or suspended, and the methods by which Awards may be settled, exercised, cancelled, forfeited or suspended; (6) determine whether,
to what extent, and under what circumstances cash, shares, other securities, other Awards, other property and other amounts payable with
respect to an Award shall be deferred, either automatically or at the election of the holder thereof or the Administrator; (7) construe,
interpret and implement the Plan and any Award Agreement (as defined below); (8) prescribe, amend, rescind or waive rules and regulations
relating to the Plan, including rules governing its operation, and appoint such agents as it shall deem appropriate for the proper administration
of the Plan; (9) correct any defect, supply any omission and reconcile any inconsistency in the Plan or any Award Agreement; and (10)
make any other determination and take any other action that the Administrator deems necessary or desirable for the administration of the
Plan. Unless otherwise expressly provided in the Plan, all designations, determinations, interpretations and other decisions under or
with respect to the Plan or any Award shall be within the sole discretion of the Administrator, may be made at any time and shall be final,
conclusive and binding upon all Persons (as defined below).

(b)           
General Right of Delegation. Except to the extent prohibited by applicable
law, the applicable rules of a stock exchange or any charter, by-laws or other agreement governing the Administrator, the Administrator
may delegate all or any part of its responsibilities to any Person or Persons selected by it; provided, however, that in
no event shall an officer of the Company be delegated the authority to grant Awards to, or amend Awards held by, the following individuals:
(i) individuals who are subject to Section 16 of the 1934 Act, to the extent applicable, or (ii) officers of the Company to whom authority
to grant or amend Awards has been delegated hereunder or directors of the Company; provided, further, that any delegation
of administrative authority shall only be permitted to the extent it is permissible under applicable securities laws (including, without
limitation, Rule 16b-3, to the extent applicable) and the rules of any applicable stock exchange. Any delegation hereunder shall be subject
to the restrictions and limits that the Administrator specifies at the time of such delegation, and the Administrator may at any time
rescind the authority so delegated or appoint a new delegatee. At all times, the delegatee appointed under this Section 1.2(b) shall serve
in such capacity at the pleasure of the Administrator.

(c)           
Indemnification. No member of the Board, the Administrator or any officer
or employee of the Company or any Subsidiary or Affiliate or any of their agents (each such Person, a “Covered Person”) shall
be liable for any action taken or omitted to be taken or any determination made in good faith with respect to the Plan or any Award hereunder.
Each Covered Person shall be indemnified and held harmless by the Company against and from (i) any loss, cost, liability or expense (including
attorneys’ fees) that may be imposed upon or incurred by such Covered Person in connection with or resulting from any action, suit
or proceeding to which such Covered Person may be a party or in which such Covered Person may be involved by reason of any action taken
or omitted to be taken under the Plan or any Award Agreement and (ii) any and all amounts paid by such Covered Person, with the Company’s
approval, in settlement thereof, or paid by such Covered Person in satisfaction of any judgment in any such action, suit or proceeding
against such Covered Person; provided that the Company shall have the right, at its own expense, to assume and defend any such
action, suit or proceeding and, once the Company gives notice of its intent to assume the defense, the Company shall have sole control
over such defense with counsel of the Company’s choice. The foregoing right of indemnification shall not be available to a Covered
Person to the extent that a court of competent jurisdiction in a final judgment or other final adjudication, in either

    	SK 26296 0001 9106702 v3
		 

    	 

    

case not subject to further appeal, determines that the acts or omissions
of such Covered Person giving rise to the indemnification claim resulted from such Covered Person’s bad faith, fraud or willful
criminal act or omission or that such right of indemnification is otherwise prohibited by law or by the Company’s articles of incorporation
or bylaws (in each case, as amended and/or restated). The foregoing right of indemnification shall not be exclusive of any other rights
of indemnification to which Covered Persons may be entitled under the Company’s articles of incorporation or bylaws (in each case,
as amended and/or restated), as a matter of law, or otherwise, or any other power that the Company may have to indemnify such Persons
or hold them harmless.

(d)           
Delegation of Authority to Senior Officers. The Administrator may, in
accordance with and subject to the terms of Section 1.2(b), delegate, on such terms and conditions as it determines, to one or more senior
officers of the Company, the authority to make grants of Awards to Key Persons who are employees of the Company or any of its Subsidiaries
or Affiliates (including any such prospective employee) or consultants or service providers to (including Persons who are employed by
or provide services to any entity that is itself a consultant or service provider to) the Company or any of its Subsidiaries or Affiliates.

(e)           
Awards to Non-Employee Directors. Notwithstanding anything to the contrary
contained herein, the Board may, in its sole discretion, at any time and from time to time, grant Awards to Non-Employee Directors or
administer the Plan with respect to such Awards. In any such case, the Board shall have all the authority and responsibility granted to
the Administrator herein with respect to such Awards.

1.3           
Persons Eligible for Awards

The Persons eligible to receive Awards under the Plan
are those directors, officers and employees (including any prospective director, officer or employee) of the Company and/or its Subsidiaries
and Affiliates and consultants and service providers to (including Persons who are employed by or provide services to any entity that
is itself a consultant or service provider to) the Company and its Subsidiaries and Affiliates (collectively, “Key Persons”)
as the Administrator shall select.

1.4           
Types of Awards

Awards may be made under the Plan in the form of (a) non-qualified
stock options (i.e., stock options that are not “incentive stock options” for purposes of Sections 421 and 422 of the Code
(as defined below)), (b) stock appreciation rights, (c) restricted stock, (d) restricted stock units, (e) dividend equivalents, (f) cash
awards, (g) unrestricted stock and (h) other equity-based or equity-related Awards, all as more fully set forth in the Plan. The term
“Award” means any of the foregoing that are granted under the Plan.

1.5           
Shares Available for Awards; Adjustments for Changes in Capitalization

(a)           
Maximum Number. Subject to adjustment as provided in Section 1.5(c):

(i)            
the maximum aggregate number of shares of Class A common stock of the Company,
par value $0.01(“Common Stock”), that may be delivered pursuant to Awards granted under the Plan shall be 3,412,500 (of which
684,568 have previously been delivered under the Original Plan (as defined in Section 3.12(a) hereof)). The following shares of

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Common Stock shall again become available for Awards under
the Plan: (i) any shares that are subject to an Award under the Plan and that remain unissued upon the cancellation or termination of
such Award for any reason whatsoever; (ii) any shares of restricted stock forfeited pursuant to the Plan or the applicable Award Agreement;
provided that any dividend equivalent rights with respect to such shares that have not theretofore been directly remitted to the
grantee are also forfeited; and (iii) any shares in respect of which an Award is settled for cash without the delivery of shares to the
grantee. Any shares that are held back to satisfy the exercise price or tax withholding obligation pursuant to any stock options or stock
appreciation rights granted under the Plan shall again become available to be delivered pursuant to Awards under the Plan. Awards
that are payable solely in cash shall not be counted against the aggregate number of shares of Common Stock available for Awards under
the Plan; and 

(ii)           
no Non-Employee Director of the Company may be granted options, stock appreciation
rights, restricted stock, restricted stock units, dividend equivalents, unrestricted stock or other equity-based or equity-related Awards
for more than 25,000 shares of Common Stock during any calendar year or cash awards under the Plan in excess of $100,000 during any calendar
year, inclusive of Board, committee or other service fees.

(b)           
Source of Shares. Shares issued pursuant to the Plan may be authorized
but unissued Common Stock or treasury shares. The Administrator may direct that any stock certificate evidencing shares issued pursuant
to the Plan shall bear a legend setting forth such restrictions on transferability as may apply to such shares.

(c)           
Adjustments. 

(i)            
In the event that any dividend or other distribution (whether in the form of
cash, Company shares, other securities or other property), stock split, reverse stock split, reorganization, merger, consolidation, split-up,
combination, repurchase or exchange of Company shares or other securities of the Company, issuance of warrants or other rights to purchase
Company shares or other securities of the Company, or other similar corporate transaction or event, other than an Equity Restructuring
(as defined below), affects the Company shares such that an adjustment is determined by the Administrator to be appropriate in order to
prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan or with respect to
an Award, then the Administrator shall, in such manner as it may deem equitable, adjust any or all of the number of shares or other securities
of the Company (or number and kind of other securities or property) with respect to which Awards may be granted under the Plan.

(ii)           
The Administrator shall make adjustments in the terms and conditions of, and
the criteria included in, Awards in recognition of unusual or infrequently occurring events (including the events described in Section
1.5(c)(i) or the occurrence of a Change in Control (as defined below), other than an Equity Restructuring) affecting the Company, any
Affiliate, or the financial statements of the Company or any Affiliate, or of changes in applicable rules, rulings, regulations or other
requirements of any governmental body or securities exchange, accounting principles or law, whenever the Administrator determines that
such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made
available under the Plan or with respect to

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an Award, including providing for (A) adjustment to (1)
the number of shares or other securities of the Company (or number and kind of other securities or property) subject to outstanding Awards
or to which outstanding Awards relate and (2) the Exercise Price (as defined below) with respect to any Award and (B) a substitution or
assumption of Awards, accelerating the exercisability or vesting of, or lapse of restrictions on, Awards, or accelerating the termination
of Awards by providing for a period of time for exercise prior to the occurrence of such event, or, if deemed appropriate or desirable,
providing for a cash payment to the holder of an outstanding Award in consideration for the cancellation of such Award (it being understood
that, in such event, any option or stock appreciation right having a per share Exercise Price equal to, or in excess of, the Fair Market
Value (as defined below) of a share subject to such option or stock appreciation right may be cancelled and terminated without any payment
or consideration therefor); provided, however, that with respect to options and stock appreciation rights, unless otherwise
determined by the Administrator, such adjustment shall be made in accordance with the provisions of Section 424(h) of the Code.

(iii)          
In the event of (x) a dissolution or liquidation of the Company, (y) a sale of
all or substantially all the Company’s assets or (z) a merger, reorganization or consolidation involving the Company or one of its
Subsidiaries, the Administrator shall have the power to:

(A)          
provide that outstanding options, stock appreciation rights, restricted stock
units (including any related dividend equivalent right) and/or other Awards granted under the Plan shall either continue in effect, be
assumed or an equivalent award shall be substituted therefor by the successor entity or a parent entity or subsidiary entity;

(B)          
cancel, effective immediately prior to the occurrence of such event, options,
stock appreciation rights, restricted stock units (including each dividend equivalent right related thereto) and/or other Awards granted
under the Plan outstanding immediately prior to such event (whether or not then exercisable) and, in full consideration of such cancellation,
pay to the holder of such Award a cash payment in an amount equal to the excess, if any, of the Fair Market Value (as of a date specified
by the Administrator) of the shares subject to such Award (or the value of such Award, as determined by the Administrator, if not based
on the Fair Market Value of shares) over the aggregate Exercise Price of such Award (or the grant price of such Award, if any, if applicable)
(it being understood that, in such event, any option or stock appreciation right having a per share Exercise Price equal to, or in excess
of, the Fair Market Value of a share subject to such option or stock appreciation right may be cancelled and terminated without any payment
or consideration therefor); or

(C)          
notify the holder of an option or stock appreciation right in writing or electronically
that each option and stock appreciation right shall be fully vested and exercisable for a period of 30 days from the date of such notice,
or such shorter period as the Administrator may determine to be reasonable, and the option or stock appreciation right shall terminate
upon the expiration of such period (which period shall expire no later than immediately prior to the consummation of the corporate transaction).

(iv)          
In connection with the occurrence of any Equity Restructuring, and notwithstanding
anything to the contrary in this Section 1.5(c):

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(A)          
 The number and type of securities or other property subject to each outstanding
Award and the Exercise Price or grant price thereof, if applicable, shall be equitably adjusted; and

(B)          
The Administrator shall make such equitable adjustments, if any, as the Administrator
may deem appropriate to reflect such Equity Restructuring with respect to the aggregate number and kind of shares that may be issued under
the Plan (including, but not limited to, adjustment of the limitation set forth in Section 1.5(a)). The adjustments provided under this
Section 1.5(c)(iv) shall be nondiscretionary and shall be final and binding on the affected participant and the Company.

1.6           
Definitions of Certain Terms

(a)           
“Affiliate” shall mean (i) any entity that, directly or indirectly,
is controlled by, controls or is under common control with, the Company and (ii) any entity in which the Company has a significant equity
interest, in either case as determined by the Administrator.

(b)           
Unless otherwise specifically set forth in the applicable Award Agreement, in
connection with a termination of employment or consultancy/service relationship or a dismissal from Board membership, for purposes of
the Plan, the term “for Cause” shall be defined as follows:

(i)            
if there is an employment, severance, consulting, service or other agreement
governing the relationship between the grantee, on the one hand, and the Company or any Subsidiary or Affiliate, on the other hand, that
contains a definition of “cause” (or similar phrase), for purposes of the Plan, the term “for Cause” shall mean
those acts or omissions that would constitute “cause” under such agreement; or

(ii)           
if the preceding clause (i) is not applicable to the grantee, for purposes of
the Plan, the term “for Cause” shall mean any of the following:

(A)          
any failure by the grantee substantially to perform the grantee’s employment
or consulting/service or Board membership duties;

(B)          
any excessive unauthorized absenteeism by the grantee;

(C)          
any refusal by the grantee to obey the lawful orders of the Board or any other
Person to whom the grantee reports;

(D)         
any act or omission by the grantee that is or may be injurious to the Company
or any Subsidiary or Affiliate, whether monetarily, reputationally or otherwise;

(E)          
any act by the grantee that is inconsistent with the best interests of the Company
or any Subsidiary or Affiliate;

(F)          
the grantee’s gross negligence that is injurious to the Company or any
Subsidiary or Affiliate, whether monetarily, reputationally or otherwise;

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(G)         
 the grantee’s material violation of any of the policies of the Company
or any Subsidiary or Affiliate, as applicable, including, without limitation, those policies relating to discrimination or sexual harassment;

(H)         
the grantee’s material breach of his or her employment or service contract
with the Company or any Subsidiary or Affiliate;

(I)            
the grantee’s unauthorized (1) removal from the premises of the Company
or any Subsidiary or Affiliate of any document (in any medium or form) relating to the Company or any Subsidiary or Affiliate or the customers
or clients of the Company or any Subsidiary or Affiliate or (2) disclosure to any Person of any of the Company’s, or any Subsidiary’s
or Affiliate’s, confidential or proprietary information;

(J)            
the grantee’s being convicted of, or entering a plea of guilty or nolo
contendere to, any crime that constitutes a felony or involves moral turpitude; and

(K)         
the grantee’s commission of any act involving dishonesty or fraud.

Any rights the Company or any Subsidiary or Affiliate may have
under the Plan in respect of the events giving rise to a termination or dismissal “for Cause” shall be in addition to any
other rights the Company or any Subsidiary or Affiliate may have under any other agreement with a grantee or at law or in equity. Any
determination of whether a grantee’s employment or consultancy/service relationship is (or is deemed to have been) terminated “for
Cause” shall be made by the Administrator, provided that, if there is an employment, severance, consulting, service or other agreement
governing the relationship between the grantee, on the one hand, and the Company or any Subsidiary or Affiliate, on the other hand, that
contains a definition of “cause” (or similar phrase), for purposes of the Plan, any determination of whether such grantee’s
employment or consultancy/service relationship is (or is deemed to have been) terminated “for Cause” shall be made as provided
in such agreement. If, subsequent to a grantee’s voluntary termination of employment or consultancy/service relationship or involuntary
termination of employment or consultancy/service relationship without Cause, it is discovered that the grantee’s employment or consultancy/service
relationship could have been terminated “for Cause”, the Administrator may deem such grantee’s employment or consultancy/service
relationship to have been terminated “for Cause” upon such discovery and determination by the Administrator, provided
that, if there is an employment, severance, consulting, service or other agreement governing the relationship between the grantee, on
the one hand, and the Company or any Subsidiary or Affiliate, on the other hand, that contains a definition of “cause” (or
similar phrase), for purposes of this sentence, any determination of whether such grantee’s employment or consultancy/service relationship
may be deemed to have been terminated “for Cause” shall be made by the person(s) responsible for determining whether “cause”
(or similar phrase) existed under such agreement.

(c)           
“Code” shall mean the Internal Revenue Code of 1986, as amended.

(d)           
Unless otherwise specifically set forth in the applicable Award Agreement, “Disability”
shall mean the grantee’s being unable to engage in any substantial gainful activity by reason of any medically determinable physical
or mental impairment that can be expected to result in

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death or can be expected to last for a continuous period of not less
than 12 months, or the grantee receiving income replacement benefits for a period of not less than three months under an accident and
health plan covering employees of the grantee’s employer by reason of any medically determinable physical or mental impairment that
can be expected to result in death or can be expected to last for a continuous period of not less than 12 months; provided that
if there is an employment, severance, consulting, service or other agreement governing the relationship between the grantee, on the one
hand, and the Company or any Subsidiary or Affiliate, on the other hand, that contains a definition of “disability” (or similar
phrase), for purposes of the Plan, the term “Disability” shall have the meaning ascribed to “disability” (or such
similar phrase) under such agreement. The existence of a Disability shall be determined by the Administrator; provided that, if
there is an employment, severance, consulting, service or other agreement governing the relationship between the grantee, on the one hand,
and the Company or any Subsidiary or Affiliate, on the other hand, that contains a definition of “disability” (or similar
phrase), for purposes of the Plan, any determination of whether a “Disability” exists for purposes of the Plan in respect
of such grantee shall be made as provided in such agreement.

(e)           
“Equity Restructuring” shall mean a non-reciprocal transaction between
the Company and its stockholders, such as a stock dividend, stock split, spin-off, rights offering or recapitalization through a large,
nonrecurring cash dividend, that affects the shares of Common Stock (or other securities of the Company) or the share price thereof and
causes a change in the per share value of the shares underlying outstanding Awards.

(f)            
“Exercise Price” shall mean (i) in the case of options, the price
specified in the applicable Award Agreement as the price-per-share at which such share can be purchased pursuant to the option or (ii)
in the case of stock appreciation rights, the price specified in the applicable Award Agreement as the reference price-per-share used
to calculate the amount payable to the grantee.

(g)           
The “Fair Market Value” of a share of Common Stock on any day shall
be the closing price on the New York Stock Exchange, or such other primary stock exchange upon which such shares are then listed, as reported
for such day in The Wall Street Journal (or, if not reported in The Wall Street Journal, such other reliable source as the Administrator
may determine), or, if no such price is reported for such day, the average of the high bid and low asked price of Common Stock as reported
for such day. If no quotation is made for the applicable day, the Fair Market Value of a share of Common Stock on such day shall be determined
in the manner set forth in the preceding sentence for the next preceding trading day. Notwithstanding the foregoing, if there is no reported
closing price or high bid/low asked price that satisfies the preceding sentences, or if otherwise deemed necessary or appropriate by the
Administrator, the Fair Market Value of a share of Common Stock on any day shall be determined by such methods and procedures as shall
be established from time to time by the Administrator. The “Fair Market Value” of any property other than Common Stock shall
be the fair market value of such property determined by such methods and procedures as shall be established from time to time by the Administrator.

(h)           
“Person” shall mean any individual, firm, corporation, partnership,
limited liability company, trust, incorporated or unincorporated association, joint venture, joint stock company, governmental body or
other entity of any kind.

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(i)            
 “Repricing” shall mean (i) lowering the Exercise Price of an option
or a stock appreciation right after it has been granted, (ii) the cancellation of an option or a stock appreciation right in exchange
for cash or another Award when the Exercise Price exceeds the Fair Market Value of the underlying shares subject to the Award and (iii)
any other action with respect to an option or a stock appreciation right that is treated as a repricing under (A) generally accepted accounting
principles or (B) any applicable stock exchange rules.

(j)            
“Subsidiary” shall mean any entity in which the Company, directly
or indirectly, has a 50% or more equity interest.

ARTICLE II.

Awards Under The Plan

2.1           
Agreements Evidencing Awards

Each Award granted under the Plan shall be evidenced by
a written certificate (“Award Agreement”), which shall contain such provisions as the Administrator may deem necessary or
desirable and which may, but need not, require execution or acknowledgment by a grantee. The Award shall be subject to all of the terms
and provisions of the Plan and the applicable Award Agreement.

2.2          
Grant of Stock Options and Stock Appreciation Rights

(a)           
Stock Option Grants. The Administrator may grant non-qualified stock options
(“options”) to purchase shares of Common Stock from the Company to such Key Persons, and in such amounts and subject to such
vesting and forfeiture provisions and other terms and conditions, as the Administrator shall determine, subject to the provisions of the
Plan. No option will be treated as an “incentive stock option” for purposes of the Code. It shall be the intent of the Administrator
to not grant an Award in the form of stock options to any Key Person who is then subject to the requirements of Section 409A of the Code
with respect to such Award if the Common Stock underlying such Award does not then qualify as “service recipient stock” for
purposes of Section 409A. Furthermore, it shall be the intent of the Administrator, in granting options to Key Persons who are subject
to Section 409A and/or Section 457A of the Code, to structure such options so as to comply with the requirements of Section 409A and/or
Section 457A of the Code, as applicable.

(b)           
Stock Appreciation Right Grants; Types of Stock Appreciation Rights. The
Administrator may grant stock appreciation rights to such Key Persons, and in such amounts and subject to such vesting and forfeiture
provisions and other terms and conditions, as the Administrator shall determine, subject to the provisions of the Plan. The terms of a
stock appreciation right may provide that it shall be automatically exercised for a payment upon the happening of a specified event that
is outside the control of the grantee and that it shall not be otherwise exercisable. Stock appreciation rights may be granted in connection
with all or any part of, or independently of, any option granted under the Plan. It shall be the intent of the Administrator to not grant
an Award in the form of stock appreciation rights to any Key Person (i) who is then subject to the requirements of Section 409A of the
Code with respect to such Award if the Common Stock underlying such Award does not then qualify as “service recipient stock”
for purposes of Section 409A or (ii) if such Award would create adverse tax consequences for such Key

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Person under Section 457A of the Code. Furthermore, it shall be the
intent of the Administrator, in granting stock appreciation rights to Key Persons who are subject to Section 409A and/or Section 457A
of the Code, to structure such stock appreciation rights so as to comply with the requirements of Section 409A and/or Section 457A of
the Code, to the extent applicable.

(c)           
Nature of Stock Appreciation Rights. The grantee of a stock appreciation
right shall have the right, subject to the terms of the Plan and the applicable Award Agreement, to receive from the Company an amount
equal to (i) the excess of the Fair Market Value of a share of Common Stock on the date of exercise of the stock appreciation right over
the Exercise Price of the stock appreciation right, multiplied by (ii) the number of shares with respect to which the stock appreciation
right is exercised. Each Award Agreement with respect to a stock appreciation right shall set forth the Exercise Price of such Award and,
unless otherwise specifically provided in the Award Agreement, the Exercise Price of a stock appreciation right shall equal the Fair Market
Value of a share of Common Stock on the date of grant; provided that in no event may such Exercise Price be less than the greater
of (A) the Fair Market Value of a share of Common Stock on the date of grant and (B) the par value of a share of Common Stock. Payment
upon exercise of a stock appreciation right shall be in cash or in shares of Common Stock (valued at their Fair Market Value on the date
of exercise of the stock appreciation right) or any combination of both, all as the Administrator shall determine. Repricing of stock
appreciation rights granted under the Plan shall not be permitted (1) to the extent such action could cause adverse tax consequences to
the grantee under Section 409A or Section 457A of the Code or (2) without prior shareholder approval, to the extent such approval would
be required to be obtained by the Company pursuant to the applicable rules of any applicable stock exchange on which the Common Stock
is then listed, and any action that would be deemed to result in a Repricing of a stock appreciation right shall be deemed null and void
if it would cause such adverse tax consequences or if any requisite shareholder approval related thereto is not obtained prior to the
effective time of such action. Upon the exercise of a stock appreciation right granted in connection with an option, the number of shares
subject to the option shall be reduced by the number of shares with respect to which the stock appreciation right is exercised. Upon the
exercise of an option in connection with which a stock appreciation right has been granted, the number of shares subject to the stock
appreciation right shall be reduced by the number of shares with respect to which the option is exercised.

(d)           
Option Exercise Price. Each Award Agreement with respect to an option
shall set forth the Exercise Price of such Award and, unless otherwise specifically provided in the Award Agreement, the Exercise Price
of an option shall equal the Fair Market Value of a share of Common Stock on the date of grant; provided that in no event may such
Exercise Price be less than the greater of (i) the Fair Market Value of a share of Common Stock on the date of grant and (ii) the par
value of a share of Common Stock. Repricing of options granted under the Plan shall not be permitted (1) to the extent such action could
cause adverse tax consequences to the grantee under Section 409A or Section 457A of the Code or (2) without prior shareholder approval,
to the extent such approval would be required to be obtained by the Company pursuant to the applicable rules of any applicable stock exchange
on which the Common Stock is then listed, and any action that would be deemed to result in a Repricing of an option shall be deemed null
and void if it would cause such adverse tax consequences or if any requisite shareholder approval related thereto is not obtained prior
to the effective time of such action.

2.3          
Exercise of Options and Stock Appreciation Rights

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Subject to the other provisions of this Article II and
the Plan, each option and stock appreciation right granted under the Plan shall be exercisable as follows:

(a)           
Timing and Extent of Exercise. Options and stock appreciation rights shall
be exercisable at such times and under such conditions as determined by the Administrator and set forth in the corresponding Award Agreement,
but in no event shall any portion of such Award be exercisable subsequent to the tenth anniversary of the date on which such Award was
granted. Unless the applicable Award Agreement otherwise specifically provides, an option or stock appreciation right may be exercised
from time to time as to all or part of the shares as to which such Award is then exercisable.

(b)           
Notice of Exercise. An option or stock appreciation right shall be exercised
by the filing of a written notice with the Company or the Company’s designated exchange agent (the “Exchange Agent”),
on such form and in such manner as the Administrator shall prescribe.

(c)           
Payment of Exercise Price. Any written notice of exercise of an option
shall be accompanied by payment for the shares being purchased. Such payment shall be made: (i) by certified or official bank check (or
the equivalent thereof acceptable to the Company or its Exchange Agent) for the full option Exercise Price; (ii) with the consent of the
Administrator, which consent shall be given or withheld in the sole discretion of the Administrator, by delivery of shares of Common Stock
having a Fair Market Value (determined as of the exercise date) equal to all or part of the option Exercise Price and a certified or official
bank check (or the equivalent thereof acceptable to the Company or its Exchange Agent) for any remaining portion of the full option Exercise
Price; or (iii) at the sole discretion of the Administrator and to the extent permitted by law, by such other provision, consistent with
the terms of the Plan, as the Administrator may from time to time prescribe (whether directly or indirectly through the Exchange Agent),
or by any combination of the foregoing payment methods.

(d)           
Delivery of Certificates Upon Exercise. Subject to Sections 3.2, 3.4 and
3.13, promptly after receiving payment of the full option Exercise Price, or after receiving notice of the exercise of a stock appreciation
right for which the Administrator determines payment will be made partly or entirely in shares, the Company or its Exchange Agent shall
(i) deliver to the grantee, or to such other Person as may then have the right to exercise the Award, a certificate or certificates for
the shares of Common Stock for which the Award has been exercised or, in the case of stock appreciation rights, for which the Administrator
determines will be made in shares or (ii) establish an account evidencing ownership of the stock in uncertificated form. If the method
of payment employed upon an option exercise so requires, and if applicable law permits, an optionee may direct the Company or its Exchange
Agent, as the case may be, to deliver the stock certificate(s) to the optionee’s stockbroker.

(e)           
No Stockholder Rights. No grantee of an option or stock appreciation right
(or other Person having the right to exercise such Award) shall have any of the rights of a stockholder of the Company with respect to
shares subject to such Award until the issuance of a stock certificate to such Person for such shares or an account in the name of the
grantee evidences ownership of stock in uncertificated form. Except as otherwise provided in Section 1.5(c), no adjustment shall be made
for dividends, distributions or other rights (whether ordinary or extraordinary, and whether in cash, securities or other property) for
which the record date is prior to the date such stock certificate is

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issued or the date an account evidencing ownership of the stock in
uncertificated form notes receipt of such stock.

2.4          
Termination of Employment/Service; Death Subsequent to a Termination of Employment/Service

(a)           
General Rule. Except to the extent otherwise provided in paragraphs (b),
(c), (d), (e) or (f) of this Section 2.4 or Section 3.5(b)(iii), or unless otherwise specifically set forth in the applicable Award Agreement
or the grantee’s relevant employment, severance or consulting agreement with the Company or a Subsidiary or Affiliate, a grantee
who incurs a termination of employment or consultancy/service relationship with the Company and its Subsidiaries, Affiliates, consultants
and service providers may exercise any outstanding option or stock appreciation right on the following terms and conditions: (i) exercise
may be made only to the extent that the grantee was entitled to exercise the Award on the date of termination of employment or consultancy/service
relationship, as applicable; and (ii) exercise must occur within three months after termination of employment or consultancy/service relationship
but in no event after the original expiration date of the Award; it being understood that (A) then outstanding options and stock appreciation
rights shall not be affected by a change of employment or consultancy/service relationship with Company and its Subsidiaries, Affiliates,
consultants and service providers so long as the grantee continues to be a director, officer or employee of, or a consultant or service
provider to (or a Person employed by or providing services to any entity that is itself a consultant or service provider to), the Company
or any of its Subsidiaries or Affiliates and (B) neither sick-leave or military conscription, alone and without termination of employment
or consultancy/service relationship with Company and its Subsidiaries, Affiliates, consultants and service providers, shall be treated
as a termination of employment or consultancy/service relationship with Company and its Subsidiaries, Affiliates, consultants and service
providers.

(b)           
Dismissal “for Cause”. If a grantee incurs a termination of
employment or consultancy/service relationship with Company and its Subsidiaries, Affiliates, consultants and service providers “for
Cause”, all options and stock appreciation rights not theretofore exercised (whether vested or unvested) shall immediately terminate
upon such termination of employment or consultancy/service relationship.

(c)           
Retirement. If a grantee incurs a termination of employment or consultancy/service
relationship with Company and its Subsidiaries, Affiliates, consultants and service providers as the result of his or her retirement (as
defined below), then any outstanding option or stock appreciation right shall, to the extent exercisable at the time of such retirement,
remain exercisable for a period of three years after such retirement; provided that in no event may such option or stock appreciation
right be exercised following the original expiration date of the Award. For this purpose, unless otherwise specifically set forth in the
applicable Award Agreement, “retirement” shall mean a grantee’s resignation of employment or consultancy/service relationship
with Company and its Subsidiaries, Affiliates, consultants and service providers (i) on or after his or her 65th birthday, (ii) on or
after the date on which he or she has attained age 60 and completed at least five years of service with the Company or one or more of
its Subsidiaries or Affiliates (using any method of calculation the Administrator deems appropriate) or (iii) if approved by the Administrator,
on or after his or her having completed at least 20 years of service with the Company or one or more of its Subsidiaries or Affiliates
(using any method of calculation the Administrator deems appropriate).

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(d)           
 Disability. If a grantee incurs a termination of employment or consultancy/service
relationship with Company and its Subsidiaries, Affiliates, consultants and service providers by reason of a Disability, then any outstanding
option or stock appreciation right shall, to the extent exercisable at the time of such termination, remain exercisable for a period of
one year after such termination; provided that in no event may such option or stock appreciation right be exercised following the
original expiration date of the Award.

(e)           
Death.

(i)            
Termination of Employment/Service as a Result of Grantee’s Death.
If a grantee incurs a termination of employment or consultancy/service relationship with Company and its Subsidiaries, Affiliates, consultants
and service providers as the result of his or her death, then any outstanding option or stock appreciation right shall, to the extent
exercisable at the time of such death, remain exercisable for a period of one year after such death; provided that in no event
may such option or stock appreciation right be exercised following the original expiration date of the Award.

(ii)           
Restrictions on Exercise Following Death. Any exercise of an Award following
a grantee’s death shall be made only by the grantee’s executor or administrator or other duly appointed representative reasonably
acceptable to the Administrator, unless the grantee’s will specifically disposes of such Award, in which case such exercise shall
be made only by the recipient of such specific disposition. If a grantee’s personal representative or the recipient of a specific
disposition under the grantee’s will shall be entitled to exercise any Award pursuant to the preceding sentence, such representative
or recipient shall be bound by all the terms and conditions of the Plan and the applicable Award Agreement which would have applied to
the grantee.

(f)            
Administrator Discretion. The Administrator may, in writing, waive or
modify the application of the foregoing provisions of this Section 2.4, subject to Section 3.1(c).

2.5          
Transferability of Options and Stock Appreciation Rights

Except as otherwise specifically provided in this Plan or the applicable
Award Agreement evidencing an option or stock appreciation right, during the lifetime of a grantee, each such Award granted to a grantee
shall be exercisable only by the grantee, and no such Award may be sold, assigned, transferred, pledged or otherwise encumbered or disposed
of other than by will or by the laws of descent and distribution. The Administrator may, in any applicable Award Agreement evidencing
an option or stock appreciation right, permit a grantee to transfer all or some of the options or stock appreciation rights to (a) the
grantee’s spouse, children or grandchildren (“Immediate Family Members”), (b) a trust or trusts for the exclusive benefit
of such Immediate Family Members, (c) companies and other legal entities (including partnerships and trusts) that are substantially controlled
by or for the benefit of the grantee and/or any of the Immediate Family Members or (d) other parties approved by the Administrator. Following
any such transfer, any transferred options and stock appreciation rights shall continue to be subject to the same terms and conditions
as were applicable immediately prior to the transfer.

2.6          
Grant of Restricted Stock

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(a)           
 Restricted Stock Grants. The Administrator may grant restricted shares
of Common Stock to such Key Persons, in such amounts and subject to such vesting and forfeiture provisions and other terms and conditions
as the Administrator shall determine, subject to the provisions of the Plan. A grantee of a restricted stock Award shall have no rights
with respect to such Award unless such grantee accepts the Award within such period as the Administrator shall specify by accepting delivery
of a restricted stock Award Agreement in such form as the Administrator shall determine.

(b)           
Issuance of Stock Certificate. Promptly after a grantee accepts a restricted
stock Award in accordance with Section 2.6(a), subject to Sections 3.2, 3.4 and 3.13, the Company or its Exchange Agent shall issue to
the grantee a stock certificate or stock certificates for the shares of Common Stock covered by the Award or shall establish an account
evidencing ownership of the stock in uncertificated form. Upon the issuance of such stock certificates, or establishment of such account,
the grantee shall have the rights of a stockholder with respect to the restricted stock, subject to: (i) the nontransferability restrictions
and forfeiture provisions described in the Plan (including paragraphs (d) and (e) of this Section 2.6); (ii) in the Administrator’s
sole discretion, a requirement, as set forth in the Award Agreement, that any dividends paid on such shares shall be held in escrow and,
unless otherwise determined by the Administrator, shall remain forfeitable until all restrictions on such shares have lapsed; and (iii)
any other restrictions and conditions contained in the applicable Award Agreement.

(c)           
Custody of Stock Certificate. Unless the Administrator shall otherwise
determine, any stock certificates issued evidencing shares of restricted stock shall remain in the possession of the Company (or such
other custodian as may be designated by the Administrator) until such shares are free of any restrictions specified in the applicable
Award Agreement. The Administrator may direct that such stock certificates bear a legend setting forth the applicable restrictions on
transferability.

(d)           
Nontransferability. Shares of restricted stock may not be sold, assigned,
transferred, pledged or otherwise encumbered or disposed of prior to the lapsing of all restrictions thereon, except as otherwise specifically
provided in this Plan or the applicable Award Agreement. The Administrator at the time of grant shall specify the date or dates (which
may depend upon or be related to the attainment of performance goals and other conditions) on which the nontransferability of the restricted
stock shall lapse.

(e)           
Consequence of Termination of Employment/Service. Unless otherwise specifically
set forth in the applicable Award Agreement or the grantee’s relevant employment, severance or consulting agreement with the Company
or a Subsidiary or Affiliate, (i) a grantee’s termination of employment or consultancy/service relationship with Company and its
Subsidiaries, Affiliates, consultants and service providers for any reason other than death or Disability shall cause the immediate forfeiture
of all shares of restricted stock that have not yet vested as of the date of such termination of employment or consultancy/service relationship
and (ii) if a grantee incurs a termination of employment or consultancy/service relationship with Company and its Subsidiaries, Affiliates,
consultants and service providers as the result of his or her death or Disability, all shares of restricted stock that have not yet vested
as of the date of such termination shall immediately vest as of such date; it being understood that (A) then outstanding restricted stock
Awards shall not be affected by a change of employment or consultancy/service relationship with Company and its Subsidiaries, Affiliates,
consultants and service providers so long as the grantee continues to be a director, officer or employee of, or a consultant or service
provider to (or a Person employed by or

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providing services to any entity that that is itself a consultant
or service provider to), the Company or any of its Subsidiaries or Affiliates and (B) neither sick-leave or military conscription, alone
and without termination of employment or consultancy/service relationship with Company and its Subsidiaries, Affiliates, consultants and
service providers, shall be treated as a termination of employment or consultancy/service relationship with Company and its Subsidiaries,
Affiliates, consultants and service providers. Unless otherwise determined by the Administrator, all dividends paid on shares forfeited
under this Section 2.6(e) that have not theretofore been directly remitted to the grantee shall also be forfeited, whether by termination
of any escrow arrangement under which such dividends are held or otherwise. The Administrator may, in writing, waive or modify the application
of the foregoing provisions of this Section 2.6(e), subject to Section 3.1(c).

2.7          
Grant of Restricted Stock Units

(a)           
Restricted Stock Unit Grants. The Administrator may grant restricted stock
units to such Key Persons, and in such amounts and subject to such vesting and forfeiture provisions and other terms and conditions, as
the Administrator shall determine, subject to the provisions of the Plan. A restricted stock unit granted under the Plan shall confer
upon the grantee a right to receive from the Company, conditioned upon the occurrence of such vesting event as shall be determined by
the Administrator and specified in the Award Agreement, the number of such grantee’s restricted stock units that vest upon the occurrence
of such vesting event multiplied by the Fair Market Value of a share of Common Stock on the date of vesting. Payment upon vesting of a
restricted stock unit shall be in cash or in shares of Common Stock (valued at their Fair Market Value on the date of vesting) or both,
all as the Administrator shall determine, and such payments shall be made to the grantee at such time as provided in the Award Agreement,
which the Administrator shall intend to be (i) if Section 409A of the Code is applicable to the grantee, within the period required by
Section 409A such that it qualifies as a “short-term deferral” pursuant to Section 409A and the Treasury Regulations issued
thereunder, unless the Administrator shall provide for deferral of the Award intended to comply with Section 409A, (ii) if Section 457A
of the Code is applicable to the grantee, within the period required by Section 457A(d)(3)(B) such that it qualifies for the exemption
thereunder, or (iii) if Sections 409A and 457A of the Code are not applicable to the grantee, at such time as determined by the Administrator.

(b)           
Dividend Equivalents. The Administrator may include in any Award Agreement
with respect to a restricted stock unit a dividend equivalent right entitling the grantee to receive amounts equal to the ordinary dividends
that would be paid, during the time such Award is outstanding and unvested, and/or, if payment of the vested Award is deferred, during
the period of such deferral following such vesting event, on the shares of Common Stock underlying such Award if such shares were then
outstanding. In the event such a provision is included in a Award Agreement, the Administrator shall determine whether such payments shall
be (i) paid to the holder of the Award, as specified in the Award Agreement, either (A) at the same time as the underlying dividends are
paid, regardless of the fact that the restricted stock unit has not theretofore vested, (B) at the time at which the Award’s vesting
event occurs, conditioned upon the occurrence of the vesting event, (C) once the Award has vested, at the same time as the underlying
dividends are paid, regardless of the fact that payment of the vested restricted stock unit has been deferred, and/or (D) at the time
at which the corresponding vested restricted stock units are paid, (ii) made in cash, shares of Common Stock or other property and (iii)
subject to such other vesting and forfeiture provisions and other terms and conditions as the Administrator shall deem appropriate and
as shall be set forth in the Award Agreement.

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(c)           
 No Stockholder Rights. No grantee of a restricted stock unit shall have
any of the rights of a stockholder of the Company with respect to such Award unless and until a stock certificate is issued with respect
to such Award upon the vesting of such Award or an account in the name of the grantee evidences ownership of stock in uncertificated form
(it being understood that the Administrator shall determine whether to pay any vested restricted stock unit in the form of cash or Company
shares or both), which issuance shall be subject to Sections 3.2, 3.4 and 3.13. Except as otherwise provided in Section 1.5(c), no adjustment
to any restricted stock unit shall be made for dividends, distributions or other rights (whether ordinary or extraordinary, and whether
in cash, securities or other property) for which the record date is prior to the date such stock certificate, if any, is issued or the
date an account evidencing ownership of the stock in uncertificated form notes receipt of such stock.

(d)           
Nontransferability. No restricted stock unit granted under the Plan may
be sold, assigned, transferred, pledged or otherwise encumbered or disposed of, except as otherwise specifically provided in this Plan
or the applicable Award Agreement.

(e)           
Consequence of Termination of Employment/Service. Unless otherwise specifically
set forth in the applicable Award Agreement or the grantee’s relevant employment, severance or consulting agreement with the Company
or a Subsidiary or Affiliate, (i) a grantee’s termination of employment or consultancy/service relationship with Company and its
Subsidiaries, Affiliates, consultants and service providers for any reason other than death or Disability shall cause the immediate forfeiture
of all restricted stock units that have not yet vested as of the date of such termination of employment or consultancy/service relationship
and (ii) if a grantee incurs a termination of employment or consultancy/service relationship with Company and its Subsidiaries, Affiliates,
consultants and service providers as the result of his or her death or Disability, all restricted stock units that have not yet vested
as of the date of such termination shall immediately vest as of such date; it being understood that (A) then outstanding restricted stock
units shall not be affected by a change of employment or consultancy/service relationship with Company and its Subsidiaries, Affiliates,
consultants and service providers so long as the grantee continues to be a director, officer or employee of, or a consultant or service
provider to (or a Person employed by or providing services to any entity that that is itself a consultant or service provider to), the
Company or any of its Subsidiaries or Affiliates and (B) neither sick-leave or military conscription, alone and without termination of
employment or consultancy/service relationship with Company and its Subsidiaries, Affiliates, consultants and service providers, shall
be treated as a termination of employment or consultancy/service relationship with Company and its Subsidiaries, Affiliates, consultants
and service providers. Unless otherwise determined by the Administrator, any dividend equivalent rights on any restricted stock units
forfeited under this Section 2.7(e) that have not theretofore been directly remitted to the grantee shall also be forfeited, whether by
termination of any escrow arrangement under which such dividends are held or otherwise. The Administrator may, in writing, waive or modify
the application of the foregoing provisions of this Section 2.7(e), subject to Section 3.1(c).

2.8          
Grant of Cash Awards

The Administrator may grant Awards that are payable solely
in cash to such Key Persons and in such amounts and subject to such terms, conditions, restrictions and forfeiture provisions as the Administrator
shall determine. Cash awards may be thus granted in respect of past services or other valid consideration.

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2.9          
 Grant of Unrestricted Stock

The Administrator may grant (or sell at a purchase price
at least equal to par value) shares of Common Stock free of restrictions under the Plan to such Key Persons and in such amounts and subject
to such forfeiture provisions as the Administrator shall determine. Shares may be thus granted or sold in respect of past services or
other valid consideration.

2.10        
Other Stock-Based Awards

Subject to the provisions of the Plan (including, without
limitation, Section 3.16), the Administrator shall have the sole and complete authority to grant to Key Persons other equity-based or
equity-related Awards in such amounts and subject to such terms and conditions as the Administrator shall determine; provided that
any such Awards must comply with applicable law and, to the extent deemed desirable by the Administrator, Rule 16b-3.

2.11        
Dividend Equivalents

Subject to the provisions of the Plan (including, without
limitation, Section 3.16), in the discretion of the Administrator, an Award, other than an option or stock appreciation right, may provide
the Award recipient with dividends or dividend equivalents, payable in cash, shares, other securities, other Awards or other property,
on a current or deferred basis, on such terms and conditions as may be determined by the Administrator, including, without limitation,
payment directly to the Award recipient, withholding of such amounts by the Company subject to vesting of the Award, or reinvestment in
additional shares, restricted shares or other Awards.

ARTICLE III.

Miscellaneous

3.1           
Amendment of the Plan; Modification of Awards

(a)           
Amendment of the Plan. The Board may from time to time suspend, discontinue,
revise or amend the Plan in any respect whatsoever, except that no such amendment shall materially impair any rights or materially increase
any obligations under any Award theretofore made under the Plan without the consent of the grantee (or, upon the grantee’s death,
the Person having the rights to the Award). For purposes of this Section 3.1, any action of the Board or the Administrator that in any
way alters or affects the tax treatment of any Award shall not be considered to materially impair any rights of any grantee.

(b)           
Stockholder Approval Requirement. If required by applicable rules or regulations
of a national securities exchange or the SEC, the Company shall obtain stockholder approval with respect to any amendment to the Plan
that (i) expands the types of Awards available under the Plan, (ii) materially increases the aggregate number of shares which may be issued
under the Plan, except as permitted pursuant to Section 1.5(c), (iii) materially increases the benefits to participants under the Plan,
including any material change to (A) permit, or that has the effect of, a Repricing of any outstanding Award, (B) reduce the price at
which shares or options to purchase shares may be offered or (C) extend the duration of the Plan, or (iv) materially expands the class
of Persons eligible to receive Awards under the Plan.

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(c)           
 Modification of Awards. The Administrator may cancel any Award under
the Plan. The Administrator also may amend any outstanding Award Agreement, including, without limitation, by amendment which would: (i)
accelerate the time or times at which the Award becomes unrestricted, vested or may be exercised; (ii) waive or amend any goals, restrictions
or conditions set forth in the Award Agreement; or (iii) waive or amend the operation of Section 2.4, Section 2.6(e) or Section 2.7(e)
with respect to the termination of the Award upon termination of employment or consultancy/service relationship or dismissal from the
Board; provided, however, that no such amendment shall be made without shareholder approval if such approval is necessary
to comply with any tax or regulatory requirement applicable to the Award. However, any such cancellation or amendment (other than an amendment
pursuant to Section 1.5, Section 3.5 or Section 3.16) that materially impairs the rights or materially increases the obligations of a
grantee under an outstanding Award shall be made only with the consent of the grantee (or, upon the grantee’s death, the Person
having the rights to the Award). In making any modification to an Award (e.g., an amendment resulting in a direct or indirect reduction
in the Exercise Price or a waiver or modification under Section 2.4(f), Section 2.6(e) or Section 2.7(e)), the Administrator may consider
the implications, if any, of such modification under the Code with respect to Sections 409A and 457A of the Code in respect of Awards
granted under the Plan to individuals subject to such provisions of the Code.

3.2          
Consent Requirement

(a)           
No Plan Action Without Required Consent. If the Administrator shall at
any time determine that any Consent (as defined below) is necessary or desirable as a condition of, or in connection with, the granting
of any Award under the Plan, the issuance or purchase of shares or other rights thereunder, or the taking of any other action thereunder
(each such action being hereinafter referred to as a “Plan Action”), then such Plan Action shall not be taken, in whole or
in part, unless and until such Consent shall have been effected or obtained to the full satisfaction of the Administrator.

(b)           
Consent Defined. The term “Consent” as used herein with respect
to any Plan Action means (i) any and all listings, registrations or qualifications in respect thereof upon any securities exchange or
under any federal, state or local law, rule or regulation, (ii) any and all written agreements and representations by the grantee with
respect to the disposition of shares, or with respect to any other matter, which the Administrator shall deem necessary or desirable to
comply with the terms of any such listing, registration or qualification or to obtain an exemption from the requirement that any such
listing, qualification or registration be made and (iii) any and all consents, clearances and approvals in respect of a Plan Action by
any governmental or other regulatory bodies or any other Person.

3.3          
Nonassignability

Except as provided in Section 2.4(e), Section 2.5, Section
2.6(d) or Section 2.7(e), (a) no Award or right granted to any Person under the Plan or under any Award Agreement shall be assignable
or transferable other than by will or by the laws of descent and distribution and (b) all rights granted under the Plan or any Award Agreement
shall be exercisable during the life of the grantee only by the grantee or the grantee’s legal representative or the grantee’s
permissible successors or assigns (as authorized and determined by the Administrator). All terms and conditions of the Plan and the applicable
Award Agreements will be binding upon any permitted successors or assigns.

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3.4          
 Taxes

(a)           
Withholding. A grantee or other Award holder under the Plan shall be required
to pay, in cash, to the Company, and the Company and its Subsidiaries and Affiliates shall have the right and are hereby authorized to
withhold from any Award, from any cash or other payment due or transfer made under any Award or under the Plan or from any compensation
or other amount owing to such grantee or other Award holder, the amount of any applicable withholding taxes in respect of an Award, its
grant, its exercise, its vesting, or any payment or transfer under an Award or under the Plan up to the maximum statutory rates in the
applicable jurisdiction with respect to the Award, as determined by the Company, and to take such other action as may be necessary in
the opinion of the Company to satisfy all obligations for payment of such taxes. Whenever shares of Common Stock are to be delivered pursuant
to an Award under the Plan, with the approval of the Administrator, which the Administrator shall have sole discretion whether or not
to give, the grantee may satisfy the foregoing condition by electing to have the Company withhold from delivery shares having a value
equal to the amount of the applicable withholding taxes as determined in accordance with this Section 3.4(a). Such shares shall be valued
at their Fair Market Value as of the date on which the amount of tax to be withheld is determined. Fractional share amounts shall be settled
in cash. Such a withholding election may be made with respect to all or any portion of the shares to be delivered pursuant to an Award
as may be approved by the Administrator in its sole discretion.

(b)           
Liability for Taxes. Grantees and holders of Awards are solely responsible
and liable for the satisfaction of all taxes and penalties that may arise in connection with Awards (including, without limitation, any
taxes arising under Sections 409A and 457A of the Code) and the Company shall not have any obligation to indemnify or otherwise hold any
such Person harmless from any or all of such taxes. The Administrator shall have the discretion to organize any deferral program, to require
deferral election forms, and to grant or, notwithstanding anything to the contrary in the Plan or any Award Agreement, to unilaterally
modify any Award in a manner that (i) conforms with the requirements of Sections 409A and 457A of the Code (to the extent applicable),
(ii) voids any participant election to the extent it would violate Section 409A or Section 457A of the Code (to the extent applicable)
and (iii) for any distribution event or election that could be expected to violate Section 409A of the Code, make the distribution only
upon the earliest of the first to occur of a “permissible distribution event” within the meaning of Section 409A of the Code
or a distribution event that the participant elects in accordance with Section 409A of the Code. The Administrator shall have the sole
discretion to interpret the requirements of the Code, including, without limitation, Sections 409A and 457A, for purposes of the Plan
and all Awards.

3.5          
Change in Control

(a)           
Change in Control Defined. Unless otherwise specifically set forth in
the applicable Award Agreement, for purposes of the Plan, “Change in Control” shall mean the occurrence of any of the following
(provided that if there is an employment, severance, consulting, service or other agreement governing the relationship between the grantee,
on the one hand, and the Company or any Subsidiary or Affiliate, on the other hand, that contains a definition of “change in control”
(or similar phrase), for purposes of the Plan, the term “Change in Control” shall have the meaning ascribed to “change
in control” (or such similar phrase) under such agreement):

(i)            
any “person” (as defined in Section 13(d)(3) of the 1934 Act), company
or other entity acquires “beneficial ownership” (as defined in Rule 13d-3 under the 1934 Act),

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directly or indirectly, of more than 40% of the aggregate
voting power of the capital stock ordinarily entitled to elect directors of the Company; provided, however, that no Change
in Control shall have occurred in the event of such an acquisition by (A) the Company, (B) any trustee or other fiduciary holding securities
under an employee benefit plan of the Company or any Subsidiary or Affiliate, or (C) any company or other entity owned, directly or indirectly,
by the holders of the voting stock ordinarily entitled to elect directors of the Company in substantially the same proportions as their
ownership of the aggregate voting power of the capital stock ordinarily entitled to elect directors of the Company immediately prior to
such acquisition;

(ii)           
the sale of all or substantially all the Company’s assets in one or more
related transactions to any “person” (as defined in Section 13(d)(3) of the 1934 Act), company or other entity; provided,
however, that no Change in Control shall have occurred in the event of such a sale (A) to a Subsidiary which does not involve a
material change in the equity holdings of the Company, or (B) to an entity (the “Acquiring Entity”) which has acquired all
or substantially all the Company’s assets if, immediately following such sale, 60% or more of the aggregate voting power of the
capital stock ordinarily entitled to elect directors of the Acquiring Entity (or, if applicable, the ultimate parent entity that directly
or indirectly has beneficial ownership of more than 60% of the aggregate voting power of the capital stock ordinarily entitled to elect
directors of the Acquiring Entity) is beneficially owned by the holders of the voting stock ordinarily entitled to elect directors of
the Company immediately prior to such sale in substantially the same proportions as the aggregate voting power of the capital stock ordinarily
entitled to elect directors of the Company immediately prior to such sale;

(iii)          
any merger, consolidation, reorganization or similar event of the Company or
any Subsidiary; provided, however, that no Change in Control shall have occurred in the event 60% or more of the aggregate
voting power of the capital stock ordinarily entitled to elect directors of the surviving entity (or, if applicable, the ultimate parent
entity that directly or indirectly has beneficial ownership of more than 60% of the aggregate voting power of the capital stock ordinarily
entitled to elect directors of the surviving entity) is beneficially owned by the holders of the voting stock ordinarily entitled to elect
directors of the Company immediately prior to such event in substantially the same proportions as the aggregate voting power of the capital
stock ordinarily entitled to elect directors of the Company immediately prior to such event;

(iv)          
the approval by the Company’s stockholders of a plan of complete liquidation
or dissolution of the Company; or

(v)           
during any period of 24 consecutive calendar months, individuals:

(A)          
who were directors of the Company on the first day of such period, or

(B)          
whose election or nomination for election to the Board was recommended or approved
by at least a majority of the directors then still in office who were directors of the Company on the first day of such period, or whose
election or nomination for election were so approved,

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shall cease to constitute a majority of the Board.

Notwithstanding the foregoing, unless otherwise specifically set forth in
the applicable Award Agreement, for each Award subject to Section 409A of the Code, to the extent necessary to prevent the imposition
of taxes or penalties under Section 409A of the Code, a Change in Control shall be deemed to have occurred under this Plan with respect
to such Award only if a change in the ownership or effective control of the Company or a change in the ownership of a substantial portion
of the assets of the Company shall also be deemed to have occurred under Section 409A of the Code.

(b)           
Effect of a Change in Control. Unless otherwise specifically provided
in an Award Agreement or any applicable employment, severance or consulting agreement entered into between the grantee and the Company
or any Subsidiary or Affiliate, upon the occurrence of a Change in Control:

(i)            
notwithstanding any other provision of this Plan, any Award then outstanding
shall become fully vested and any forfeiture provisions thereon imposed pursuant to the Plan and the applicable Award Agreement shall
lapse and any Award in the form of an option or stock appreciation right shall be immediately exercisable;

(ii)           
to the extent permitted by law and not otherwise limited by the terms of the
Plan, the Administrator may amend any Award Agreement in such manner as it deems appropriate;

(iii)          
a grantee who incurs a termination of employment or consultancy/service relationship
for any reason, other than a termination or dismissal “for Cause”, concurrent with or within one year following the Change
in Control may exercise any outstanding option or stock appreciation right, but only to the extent that the grantee was entitled to exercise
the Award on the date of his or her termination of employment or consultancy/service relationship, until the earlier of (A) the original
expiration date of the Award and (B) the later of (x) the date provided for under the terms of Section 2.4 without reference to this Section
3.5(b)(iii) and (y) the first anniversary of the grantee’s termination of employment or consultancy/service relationship.

(c)           
Miscellaneous. Whenever deemed appropriate by the Administrator, any action
referred to in paragraph (b)(ii) of this Section 3.5 may be made conditional upon the consummation of the applicable Change in Control
transaction.

3.6          
Operation and Conduct of Business

Nothing in the Plan or any Award Agreement shall be construed
as limiting or preventing the Company or any Subsidiary or Affiliate from taking any action with respect to the operation and conduct
of its business that it deems appropriate or in its best interests, including any or all adjustments, recapitalizations, reorganizations,
exchanges or other changes in the capital structure of the Company or any Subsidiary or Affiliate, any merger or consolidation of the
Company or any Subsidiary or Affiliate, any issuance of Company shares or other securities or subscription rights, any issuance of bonds,
debentures, preferred or prior preference stock ahead of or affecting the Common Stock or other securities or rights thereof, any dissolution
or liquidation of the Company

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or any Subsidiary or Affiliate, any sale or transfer of all or any
part of the assets or business of the Company or any Subsidiary or Affiliate, or any other corporate act or proceeding, whether of a similar
character or otherwise.

3.7          
No Rights to Awards

No Key Person or other Person shall have any claim to
be granted any Award under the Plan.

3.8          
Right of Discharge Reserved

Nothing in the Plan or in any Award Agreement shall confer
upon any grantee the right to continue his or her employment with the Company or any Subsidiary or Affiliate, his or her consultancy/service
relationship with the Company or any Subsidiary or Affiliate, or his or her position as a director of the Company or any Subsidiary or
Affiliate, or affect any right that the Company or any Subsidiary or Affiliate may have to terminate such employment or consultancy/service
relationship or service as a director.

3.9          
Non-Uniform Determinations

The Administrator’s determinations and the treatment
of Key Persons and grantees and their beneficiaries under the Plan need not be uniform and may be made and determined by the Administrator
selectively among Persons who receive, or who are eligible to receive, Awards under the Plan (whether or not such Persons are similarly
situated). Without limiting the generality of the foregoing, the Administrator shall be entitled, among other things, to make non-uniform
and selective determinations, and to enter into non-uniform and selective Award Agreements, as to (a) the Persons to receive Awards under
the Plan, (b) the types of Awards granted under the Plan, (c) the number of shares to be covered by, or with respect to which payments,
rights or other matters are to be calculated with respect to, Awards and (d) the terms and conditions of Awards.

3.10        
Other Payments or Awards

Nothing contained in the Plan shall be deemed in any way
to limit or restrict the Company from making any award or payment to any Person under any other plan, arrangement or understanding, whether
now existing or hereafter in effect.

3.11        
Headings

Any section, subsection, paragraph or other subdivision
headings contained herein are for the purpose of convenience only and are not intended to expand, limit or otherwise define the contents
of such section, subsection, paragraph or subdivision.

3.12        
Effective Date and Term of Plan

(a)           
Adoption. The Plan was initially adopted by the Board on February 4, 2019
(the “Original Plan”) and was amended and restated on September 29, 2021.

(b)           
Termination of Plan. The Board may terminate the Plan at any time. All
Awards made under the Plan prior to its termination shall remain in effect until such Awards have been

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satisfied or terminated in accordance with the terms and provisions
of the Plan and the applicable Award Agreements. No Awards may be granted under the Plan following the tenth anniversary of the date on
which the Plan was adopted by the Board.

3.13        
Restriction on Issuance of Stock Pursuant to Awards

The Company shall not permit any shares of Common Stock
to be issued pursuant to Awards granted under the Plan unless such shares of Common Stock are fully paid and non-assessable under applicable
law. Notwithstanding anything to the contrary in the Plan or any Award Agreement, at the time of the exercise of any Award, at the time
of vesting of any Award, at the time of payment of shares of Common Stock in exchange for, or in cancellation of, any Award, or at the
time of grant of any unrestricted shares under the Plan, the Company and the Administrator may, if either shall deem it necessary or advisable
for any reason, require the holder of an Award (a) to represent in writing to the Company that it is the Award holder’s then-intention
to acquire the shares with respect to which the Award is granted for investment and not with a view to the distribution thereof or (b)
to postpone the date of exercise until such time as the Company has available for delivery to the Award holder a prospectus meeting the
requirements of all applicable securities laws; and no shares shall be issued or transferred in connection with any Award unless and until
all legal requirements applicable to the issuance or transfer of such shares have been complied with to the satisfaction of the Company
and the Administrator. The Company and the Administrator shall have the right to condition any issuance of shares to any Award holder
hereunder on such Person’s undertaking in writing to comply with such restrictions on the subsequent transfer of such shares as
the Company or the Administrator shall deem necessary or advisable as a result of any applicable law, regulation or official interpretation
thereof, and all share certificates delivered under the Plan shall be subject to such stop transfer orders and other restrictions as the
Company or the Administrator may deem advisable under the Plan, the applicable Award Agreement or the rules, regulations and other requirements
of the SEC, any stock exchange upon which such shares are listed, and any applicable securities or other laws, and certificates representing
such shares may contain a legend to reflect any such restrictions. The Administrator may refuse to issue or transfer any shares or other
consideration under an Award if it determines that the issuance or transfer of such shares or other consideration might violate any applicable
law or regulation or entitle the Company to recover the same under Section 16(b) of the 1934 Act, and any payment tendered to the Company
by a grantee or other Award holder in connection with the exercise of such Award shall be promptly refunded to the relevant grantee or
other Award holder. Without limiting the generality of the foregoing, no Award granted under the Plan shall be construed as an offer to
sell securities of the Company, and no such offer shall be outstanding, unless and until the Administrator has determined that any such
offer, if made, would be in compliance with all applicable requirements of any applicable securities laws.

3.14        
Requirement of Notification of Election Under Section 83(b) of the Code

If an Award recipient, in connection with the acquisition
of Company shares under the Plan, makes an election under Section 83(b) of the Code (to include in gross income in the year of transfer
the amounts specified in Section 83(b) of the Code), the grantee shall notify the Administrator of such election within ten days of filing
notice of the election with the U.S. Internal Revenue Service, in addition to any filing and notification required pursuant to regulations
issued under Section 83(b) of the Code.

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3.15        
 Severability

If any provision of the Plan or any Award is or becomes
or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any Person or Award, or would disqualify the Plan or
any Award under any law deemed applicable by the Administrator, such provision shall be construed or deemed amended to conform to the
applicable laws or, if it cannot be construed or deemed amended without, in the determination of the Administrator, materially altering
the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction, Person or Award and the remainder of the
Plan and any such Award shall remain in full force and effect.

3.16        
Sections 409A and 457A

To the extent applicable, the Plan and Award Agreements
shall be interpreted in accordance with Sections 409A and 457A of the Code and Department of Treasury regulations and other interpretive
guidance issued thereunder. Notwithstanding any provision of the Plan or any applicable Award Agreement to the contrary, in the event
that the Administrator determines that any Award may be subject to Section 409A or Section 457A of the Code, the Administrator may adopt
such amendments to the Plan and the applicable Award Agreement or adopt other policies and procedures (including amendments, policies
and procedures with retroactive effect), or take any other actions, that the Administrator determines are necessary or appropriate to
(i) exempt the Plan and Award from Sections 409A and 457A of the Code and/or preserve the intended tax treatment of the benefits provided
with respect to the Award, or (ii) comply with the requirements of Sections 409A and 457A of the Code and related Department of Treasury
guidance and thereby avoid the application of penalty taxes under Sections 409A and 457A of the Code.

3.17        
Forfeiture; Clawback

The Administrator may, in its sole discretion, specify
in the applicable Award Agreement that any realized gain with respect to options or stock appreciation rights and any realized value with
respect to other Awards shall be subject to forfeiture or clawback, in the event of (a) a grantee’s breach of any non-competition,
non-solicitation, confidentiality or other restrictive covenants with respect to the Company or any Subsidiary or Affiliate, (b) a grantee’s
breach of any employment or consulting agreement with the Company or any Subsidiary or Affiliate, (c) a grantee’s termination for
Cause or (d) a financial restatement that reduces the amount of compensation under the Plan previously awarded to a grantee that would
have been earned had results been properly reported.

3.18        
No Trust or Fund Created

Neither the Plan nor any Award shall create or be construed
to create a trust or separate fund of any kind or a fiduciary relationship between the Company or any Subsidiary or Affiliate and an Award
recipient or any other Person. To the extent that any Person acquires a right to receive payments from the Company or any Subsidiary or
Affiliate pursuant to an Award, such right shall be no greater than the right of any unsecured general creditor of the Company or its
Subsidiary or Affiliate.

3.19        
No Fractional Shares

No fractional shares shall be issued or delivered pursuant
to the Plan or any Award, and the Administrator shall determine whether cash, other securities, or other property shall be paid or

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transferred in lieu of any fractional shares or whether such fractional
shares or any rights thereto shall be canceled, terminated, or otherwise eliminated.

3.20       
Governing Law

The Plan will be construed and administered in accordance
with the laws of the State of New York, without giving effect to principles of conflict of laws.

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