Document:

EX-10.2

 Exhibit 10.2 

EXECUTION VERSION 
 REGISTRATION
RIGHTS AGREEMENT 
 BY AND AMONG 

TEEKAY TANKERS LTD. 
 AND 

THE OTHER PARTIES LISTED 
 ON
SCHEDULE I HERETO 
 Dated as of August 4, 2015 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	
	ARTICLE I	  
			
	 SECTION 1.01.
	 	Defined Terms	  	 	1	  
	 SECTION 1.02.
	 	Other Interpretive Provisions	  	 	5	  
	
	ARTICLE II	  
			
	 SECTION 2.01.
	 	Shelf Registration	  	 	6	  
	 SECTION 2.02.
	 	Black-out Periods	  	 	9	  
	 SECTION 2.03.
	 	Registration Procedures	  	 	9	  
	 SECTION 2.04.
	 	Underwritten Offerings	  	 	13	  
	 SECTION 2.05.
	 	No Inconsistent Agreements; Additional Rights	  	 	13	  
	 SECTION 2.06.
	 	Registration Expenses	  	 	14	  
	 SECTION 2.07.
	 	Rules 144 and 144A and Regulation S	  	 	14	  
	 SECTION 2.08.
	 	Limitation on Underwritten Offerings	  	 	14	  
	 SECTION 2.09.
	 	Clear Market	  	 	14	  
	 SECTION 2.10.
	 	In-Kind Distributions	  	 	15	  
	 SECTION 2.11.
	 	Restrictive Legends and Transfer Restrictions	  	 	15	  
	
	ARTICLE III	  
			
	 SECTION 3.01.
	 	Representations and Warranties	  	 	16	  
	
	ARTICLE IV	  
			
	 SECTION 4.01.
	 	Indemnification	  	 	16	  
	
	ARTICLE V	  
			
	 SECTION 5.01.
	 	Term	  	 	18	  
	 SECTION 5.02.
	 	Injunctive Relief	  	 	18	  
	 SECTION 5.03.
	 	Notices	  	 	19	  
	 SECTION 5.04.
	 	Recapitalization	  	 	19	  
	 SECTION 5.05.
	 	Amendment	  	 	19	  
	 SECTION 5.06.
	 	Successors, Assigns and Transferees	  	 	19	  
	 SECTION 5.07.
	 	Binding Effect	  	 	20	  
	 SECTION 5.08.
	 	Third Party Beneficiaries	  	 	20	  
	 SECTION 5.09.
	 	Governing Law; Jurisdiction; Agent For Service	  	 	20	  
	 SECTION 5.10.
	 	Waiver of Jury Trial	  	 	21	  
	 SECTION 5.11.
	 	Immunity Waiver	  	 	21	  
	 SECTION 5.12.
	 	Entire Agreement	  	 	21	  
	 SECTION 5.13.
	 	Severability	  	 	21	  
	 SECTION 5.14.
	 	Counterparts	  	 	21	  
	 SECTION 5.15.
	 	Joinder	  	 	21	  

 REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement (this “Agreement”) is made, entered into and effective August 4, 2015 by and among
Teekay Tankers Ltd., a Marshall Islands corporation (including any of its successors by merger, acquisition, reorganization, conversion or otherwise, the “Company”), and the Persons set forth on Schedule I hereto. Unless
otherwise indicated, capitalized terms used herein shall have the meanings ascribed to such terms in Section 1.01. 

WITNESSETH: 
 WHEREAS, the
Company has proposed to conduct a series of transactions in which certain wholly owned subsidiaries of the Company (the “Teekay Buyers”) will purchase assets from certain wholly owned indirect subsidiaries of Veritable Maritime
Holdings, LLC (the “Veritable Sellers”), pursuant to the agreements set forth on Schedule II hereto (collectively, the “Memoranda of Agreement”); 

WHEREAS, in order to facilitate, and as partial consideration for, the transactions contemplated by the Memoranda of Agreement (collectively,
the “Transactions”), pursuant to which and subject to the satisfaction or waiver of the conditions set forth therein, the Teekay Buyers have agreed to pay to the Veritable Sellers shares of the Company’s Class A common
stock, par value $0.01 (such shares issued by the Company in connection with the Transactions being, collectively, the “Common Stock”); 

WHEREAS, in support of the Transactions, the Company has committed to make the representations and warranties regarding the Company Shares (as
defined below) as set forth in Article III; and 
 WHEREAS, the Company has committed to prepare and file a Shelf Registration
Statement (as defined below), registering offers and sales of the Company Shares (as defined below) owned by the Investors (as defined below), pursuant to Rule 415 under the Securities Act. 

NOW, THEREFORE, in consideration of the foregoing and the mutual promises, covenants and agreements of the parties hereto, and for other good
and valuable consideration the receipt and sufficiency of which are hereby acknowledged, and subject to the satisfaction or waiver of the conditions hereof, the parties hereto agree as follows: 

ARTICLE I 
 DEFINITIONS 

SECTION 1.01. Defined Terms. As used in this Agreement, the following terms shall have the following meanings: 

“Adverse Disclosure” means public disclosure of material non-public information that, in the Board of Directors’ good
faith judgment, after consultation with outside counsel to the Company, would be required to be made in any Registration Statement filed with the Commission by the Company so that such Registration Statement would not contain a material misstatement
of fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading, and would not be required to be made at such time but for the filing of such Registration Statement, but which
information the Company has a bona fide business purpose for not disclosing publicly. 
 “Affiliate” has the meaning
specified in Rule 12b-2 under the Exchange Act; provided that no Holder shall be deemed an Affiliate of the Company or its Subsidiaries for purposes of this Agreement; provided further that neither portfolio companies (as such term is
commonly used in the private equity industry) of an Investor nor limited partners, non-managing members or other similar direct or indirect investors in an Investor shall be deemed to be Affiliates of such Investor. The term
“Affiliated” has a correlative meaning. 
 “Agreement” has the meaning set forth in the preamble. 

  
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 “Authorized Agent” has the meaning set forth in Section 5.09. 

“Board of Directors” means the board of directors of the Company. 

“Business Day” means any day other than a Saturday, Sunday or a day on which commercial banks located in New York, New York
are required or authorized by law or executive order to be closed. 
 “Commission” means the United States Securities and
Exchange Commission. 
 “Common Stock” has the meaning set forth in the recitals. 

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

“Company SEC Documents” has the meaning set forth in Annex A. 

“Company Share Equivalents” means securities exercisable, exchangeable or convertible into Company Shares and any options,
warrants or other rights to acquire Company Shares. 
 “Company Shares” means shares of Common Stock, any securities into
which such shares of Common Stock shall have been changed, or any securities resulting from any reclassification, recapitalization or similar transactions with respect to such shares of Common Stock. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and any successor thereto, and any rules and
regulations promulgated thereunder, all as the same shall be in effect from time to time. 
 “Filing Date” means, with
respect to the Shelf Registration Statement required pursuant to the first sentence of Section 2.01(a), the 15th calendar day following the execution of the Memoranda of Agreement.

 “FINRA” means the Financial Industry Regulatory Authority, Inc. 

“Foreign Private Issuer” means a “foreign private issuer,” as defined in Rule 405 under the Securities Act. 

“Form F-1” means a registration statement on Form F-1 under the Securities Act. 

“Form F-3” means a registration statement on Form F-3 under the Securities Act. 

“Form F-4” means a registration statement on Form F-4 under the Securities Act. 

“Form S-8” means a registration statement on Form S-8 under the Securities Act. 

“Governmental Authority” means any United States federal, state, local (including county or municipal) or foreign
governmental, regulatory or administrative authority, agency, division, instrumentality, commission, court, judicial or arbitral body or any securities exchange or similar self-regulatory organization. 

“Holder” means any holder of Registrable Securities that is a party hereto or that succeeds to rights hereunder pursuant to
Section 5.06. 
 “Initiating Shelf Take-Down Holder” has the meaning set forth in
Section 2.01(e)(i). 
 “Investor” means the Veritable Holders. 

“Issuer Free Writing Prospectus” means an issuer free writing prospectus, as defined in Rule 433 under the Securities Act,
relating to an offer of Registrable Securities. 
 “Loss” or “Losses” has the meaning set forth in
Section 4.01(a). 

  
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 “Marketed Underwritten Shelf Take-Down” has the meaning set forth in
Section 2.01(e)(iii). 
 “Marketed Underwritten Shelf Take-Down Notice” has the meaning set forth in
Section 2.01(e)(iii). 
 “Material Adverse Effect” means any event, occurrence, development or state of
circumstances or facts that, individually or together, has a material adverse effect on (i) the condition (financial or otherwise), business, assets or results of operations of the Company or (ii) the ability of the Company to perform its
obligations under this Agreement; provided, however, that a Material Adverse Effect shall not include any material and adverse effect on the foregoing to the extent such material and adverse effect results from, arises out of, or relates to
(w) the announcement of the transactions contemplated by this Agreement, the Memoranda of Agreement or the satisfaction of the obligations set forth herein or therein, (x) a general deterioration in the economy or changes in the general
state of the industries in which the Company operates, except to the extent that the Company is adversely affected in a disproportionate manner as compared to other industry participants, (y) the outbreak or escalation of hostilities involving
the United States, the declaration by the United States of a national emergency or war or the occurrence of any other calamity or crisis, including acts of terrorism, or (z) any change in accounting requirements or principles imposed upon the
Company or its business or any change in applicable law or regulation, or the interpretation thereof. 
 “Maximum Offering
Size” means, with respect to any offering that is underwritten, the number of securities that, in the good-faith opinion of the managing underwriter or underwriters in such offering (as evidenced by a written notice to the relevant Holders
and the Company), can be sold in such offering without being likely to have a significant adverse effect on the price, timing or the distribution of the securities offered or the market for the securities offered. 

“Memoranda of Agreement” has the meaning set forth in the recitals. 

“NYSE” has the meaning set forth in Annex A. 

“Participating Holder” means, with respect to any Registration, any Holder of Registrable Securities covered by the
applicable Registration Statement. 
 “Participating Investor” means, with respect to any Registration, any Investor that
is a Holder of Registrable Securities covered by the applicable Registration Statement. 
 “Permitted Assignee” has the
meaning set forth in Section 5.06. 
 “Person” means any individual, partnership, corporation, limited
liability company, unincorporated organization, trust or joint venture, or a Governmental Authority or political subdivision thereof or any other entity. 

“Prospectus” means the prospectus included in any Registration Statement, all amendments and supplements to such prospectus,
including pre- and post-effective amendments to such Registration Statement, and all other material incorporated by reference in such prospectus.

“Registrable Securities” means any Company Shares or any other securities that may be issued or distributed or be issuable or
distributable in respect of, or in substitution for, any Company Shares by way of conversion, exercise, dividend, stock split or other distribution, merger, consolidation, exchange, recapitalization or reclassification or similar transaction, in
each case whether now owned or hereafter acquired by an Investor; provided, however, that any such Registrable Securities shall cease to be Registrable Securities (a) to the extent (i) a Registration Statement with respect to
the sale of such Registrable Securities has been declared effective under the Securities Act and such Registrable Securities have been disposed of in accordance with the plan of distribution set forth in such Registration Statement, (ii) such
Registrable Securities have been distributed pursuant to Rule 144 or Rule 145 of the Securities Act (or any successor rule), (iii) a Registration Statement on Form S-8 covering such Registrable Securities is effective or (iv) such
Registrable Securities are otherwise transferred, assigned, sold, 

  
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conveyed or otherwise disposed of and thereafter such securities may be resold without subsequent Registration under the Securities Act and (b) unless earlier ceasing to be Registrable
Securities under clause (a) of this definition, on the first anniversary of the date of this Agreement, when no such securities shall be deemed to continue to constitute Registrable Securities for purposes of this Agreement.

“Registration” means a registration with the Commission of securities of the Company under a Registration Statement. The
term “Register” shall have a correlative meaning. 
 “Registration Expenses” has the meaning set forth in
Section 2.06. 
 “Registration Statement” means the registration statement of the Company that covers the offer
and sale of Registrable Securities pursuant to the provisions of this Agreement filed with, or to be filed with, the Commission under the rules and regulations promulgated under the Securities Act, including the related Prospectus, amendments and
supplements to such registration statement, including pre- and post-effective amendments, and all exhibits and all material incorporated by reference in such registration statement. 

“Representatives” means, with respect to any Person, any of such Person’s officers, directors, employees, agents,
attorneys, accountants, actuaries, consultants, equity financing partners or financial advisors or other Person associated with, or acting on behalf of, such Person.

“Requesting Investor” means, with respect to a Shelf Registration, any Investor holding at least 1% of the Company’s
then-outstanding shares of Class A common stock. 
 “Restricted Period” has the meaning set forth in
Section 2.09(b). 
 “Rule 144” means Rule 144 (or any successor provisions) under the Securities Act. 

“Rule 415 Limitation” has the meaning set forth in Section 2.01(a). 

“Securities Act” means the Securities Act of 1933, as amended, and any successor thereto, and any rules and regulations
promulgated thereunder, all as the same shall be in effect from time to time. 
 “Shareholder Party” has the meaning set
forth in Section 4.01(a). 
 “Shelf Period” has the meaning set forth in Section 2.01(b). 

“Shelf Registration” has the meaning set forth in Section 2.01(a). 

“Shelf Registration Statement” means a Registration Statement filed with the Commission on either (i) Form F-3 or
(ii) solely if the Company is not permitted to file a Registration Statement on Form F-3 or register all Registrable Securities on such form, an evergreen Registration Statement on Form F-1 (which, in the case the Company is not permitted to
register all Registrable Securities on Form F-3, shall register any such shares not registered on Form F-3), in each case for an offering to be made on a continuous basis pursuant to Rule 415 under the Securities Act (or any successor provision)
covering the offer and sale of all or any portion of the Registrable Securities, as applicable. 
 “Shelf Suspension” has
the meaning set forth in Section 2.01(d). 
 “Shelf Take-Down” has the meaning set forth in
Section 2.01(e)(i). 
 “Special Registration” has the meaning set forth in Section 2.09. 

“Specified Courts” has the meaning set forth in Section 5.09. 

“Subsidiary” means, with respect to any Person, any entity of which (i) a majority of the total voting power of shares
of stock or equivalent ownership interests entitled (without regard to the occurrence of any 

  
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contingency) to vote in the election of directors, managers, trustees or other members of the applicable governing body thereof is at the time owned or controlled, directly or indirectly, by that
Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (ii) if no such governing body exists at such entity, a majority of the total voting power of shares of stock or equivalent ownership interests of the
entity is at the time owned or controlled, directly or indirectly, by that Person or one or more Subsidiaries of that Person or a combination thereof. For purposes hereof, a Person or Persons shall be deemed to have a majority ownership
interest in a limited liability company, partnership, association or other business entity if such Person or Persons shall be allocated a majority of limited liability company, partnership, association or other business entity gains or losses or
shall be or control the managing member or general partner of such limited liability company, partnership, association or other business entity. 

“Teekay Buyers” has the meaning set forth in the recitals. 

“Transactions” has the meaning set forth in the recitals. 

“Underwritten Offering” means a Registration in which securities of the Company are sold to an underwriter or underwriters
(or other counterparty) for reoffering to the public. 
 “Underwritten Shelf Take-Down Notice” has the meaning set forth in
Section 2.01(e)(ii). 
 “Veritable” means Veritable Maritime Holdings, LLC. 

“Veritable Holders” means Veritable, its Subsidiaries and its and their respective successors and Affiliates to the extent
that they are beneficial owners of Company Shares. 
 “Veritable Holders Majority” means, as of any date, Veritable Holders
holding a majority of the Registrable Securities then held by all Veritable Holders. 
 “Veritable Sellers” has the meaning
set forth in the recitals. 
 SECTION 1.02. Other Interpretive Provisions. (a) In this Agreement, except as otherwise
provided: 
 (i) A reference to an Article, Section, Schedule or Exhibit is a reference to an Article or Section of, or Schedule or
Exhibit to, this Agreement, and references to this Agreement include any recital in or Schedule or Exhibit to this Agreement. 

(ii) The Schedules and Exhibits form an integral part of and are hereby incorporated by reference into this Agreement. 

(iii) Headings and the Table of Contents are inserted for convenience only and shall not affect the construction or interpretation of
this Agreement. 
 (iv) Unless the context otherwise requires, words importing the singular include the plural and vice versa, words
importing the masculine include the feminine and vice versa, and words importing persons include corporations, associations, partnerships, joint ventures and limited liability companies and vice versa. 

(v) Unless the context otherwise requires, the words “hereof” and “herein,” and words of similar meaning refer to
this Agreement as a whole and not to any particular Article, Section or clause. The words “include,” “includes” and “including” shall be deemed to be followed by the words “without limitation.” 

(vi) A reference to any legislation or to any provision of or form or rule promulgated under any legislation shall include any amendment,
modification, substitution or re-enactment thereof. 

  
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 (vii) Unless otherwise expressly set forth herein, all determinations to be made by the
Veritable Holders or the Company hereunder may be made by Veritable or the Company, as applicable, in its sole discretion, and Veritable or the Company may determine, in its sole discretion, whether or not to take actions that are permitted, but not
required, by this Agreement to be taken by Veritable or the Company, as applicable, including the giving of consents required hereunder. 

(viii) At any time the Company is not a Foreign Private Issuer, any references in this Agreement to a form or filing that may be made by
a Foreign Private Issuer shall be deemed to be references to the corresponding form or filing that may be made by an entity that is not a Foreign Private Issuer. 

(b) The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or
question of intention or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any
provisions of this Agreement. 
 ARTICLE II 

REGISTRATION RIGHTS 
 SECTION
2.01. Shelf Registration. 
 (a) Filing. On or prior to the Filing Date, the Company shall use its reasonable
best efforts to prepare and file with the Commission a Shelf Registration Statement covering the resale of all Registrable Securities. If at such time the Company is eligible for use of Form F-3, such Registration shall be made on such
form. The Shelf Registration Statement described in this Section 2.01(a) shall relate to the offer and sale of the Registrable Securities by the Holders thereof from time to time in accordance with the methods of distribution set forth
in the Shelf Registration Statement (including any plan of distribution that Veritable, on behalf of the Participating Investors, reasonably approves prior to the filing of such Shelf Registration Statement) and Rule 415 under the Securities Act
(such Registration Statement, together with any Registration Statement to replace such Registration Statement upon expiration thereof, if any, is referred to hereinafter as the “Shelf Registration”). Subject to the terms of
this Agreement, the Company shall use its reasonable best efforts to cause such Shelf Registration Statement to be declared effective under the Securities Act as promptly as practicable after the filing thereof, but in any event no later than
October 30, 2015. The Company shall use its reasonable best efforts to address any comments from the Commission regarding such Shelf Registration Statement and to advocate with the Commission for the Registration of all Registrable
Securities in accordance with applicable SEC rules and regulations. Notwithstanding the foregoing, if the Commission prevents the Company from including any or all of the Registrable Securities on the Shelf Registration Statement due to limitations
on the use of Rule 415 of the Securities Act for the resale of the Registrable Securities by the Holders (a “Rule 415 Limitation”) or otherwise, such Shelf Registration Statement shall Register the resale of a number of Company
Shares which is equal to the maximum number of shares as is permitted by the Commission, and, subject to the provisions of this Section 2.01, the Company shall continue to use its reasonable best efforts to Register all remaining
Registrable Securities as set forth in this Article II, whether by way of amending such Shelf Registration Statement or filing a new Registration Statement. In such event, the number of Company Shares to be Registered for each Holder in
the applicable Shelf Registration Statement shall be reduced pro rata among all then applicable Holders. The Company shall bear all Registration Expenses in connection with the Shelf Registration pursuant to this Section 2.01, whether or
not such Shelf Registration becomes effective. 
 (b) Continued Effectiveness. Except as provided herein, the Company shall
use its reasonable best efforts to keep the Shelf Registration Statement filed pursuant to Section 2.01(a) continuously effective under the Securities Act until the earliest of (i) the date as of which all Registrable Securities
have been sold pursuant to such Shelf Registration Statement, (ii) the date on which this Agreement terminates under Section 5.01(ii) with respect to all Investors and (iii) such shorter period as all of the Investors with
respect to such Shelf Registration shall agree in writing (such period of effectiveness, the “Shelf Period”). Subject to Section 2.01(d), the Company shall not be deemed to have used its reasonable best efforts to keep
the Shelf Registration Statement effective during the Shelf Period for purposes of this Section 2.01(b) if the Company voluntarily and intentionally takes any action or omits to take any action that would result in Holders not being able to
offer and sell any 

  
 6 

 
Registrable Securities pursuant to such Shelf Registration Statement during the Shelf Period in accordance with the terms of this Agreement, unless such action or omission is (x) a Shelf
Suspension permitted pursuant to Section 2.01(d) or (y) required by applicable law, rule or regulation. 

(c) Certain Undertakings. Notwithstanding any other provisions of this Agreement to the contrary, the Company shall cause
(i) the Shelf Registration Statement (as of the effective date of such Shelf Registration Statement), any amendment thereof (as of the effective date thereof) or supplement thereto (as of its date), (A) to comply in all material respects
with applicable SEC Form requirements and SEC rules and regulations and (B) not to contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements
therein not misleading, and (ii) any related Prospectus (including any preliminary Prospectus) or Issuer Free Writing Prospectus and any amendment thereof or supplement thereto, as of its date, (A) to comply in all material respects with
applicable SEC rules and regulations and (B) not to contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the
circumstances under which they were made, not misleading; provided, however, the Company shall have no such obligations or liabilities with respect to any written information pertaining to any Holder and furnished in writing to the
Company by or on behalf of such Holder specifically for inclusion therein. 
 (d) Suspension of Registration. If the
Company shall furnish to the Holders a certificate signed by the Chief Executive Officer or Chief Financial Officer of the Company stating that the continued use of the Shelf Registration Statement filed pursuant to Section 2.01(a) would
require the Company to make an Adverse Disclosure, then the Company may suspend use of such Shelf Registration Statement (a “Shelf Suspension”); provided, however, that the Company, unless otherwise approved in writing
by (i) the Veritable Holders Majority (for so long as the Veritable Holders hold any Registrable Securities), shall not be permitted to exercise a Shelf Suspension more than twice, or for more than an aggregate of 90 days, in each case, during
any 12-month period; provided, further, that in the event of a Shelf Suspension, such Shelf Suspension shall terminate at such earlier time as the Company would no longer be required to make any Adverse Disclosure. Each Holder
agrees that, upon delivery of any certificate by the Company set forth in the first sentence of this Section, such Holder will forthwith discontinue disposition of Registrable Securities pursuant to the Shelf Registration Statement until the Company
informs such Holder in accordance with this Section 2.01(d) that the Shelf Suspension has been terminated. Each Holder shall keep confidential the fact that a Shelf Suspension is in effect, the certificate referred to above and its
contents unless and until otherwise notified by the Company, except (A) for disclosure to such Holder’s employees, agents and professional advisers who reasonably need to know such information for purposes of assisting the Holder with
respect to its investment in the Company Shares and agree to keep it confidential, (B) for disclosures to the extent required in order to comply with reporting obligations to its limited partners or other direct or indirect investors who have
agreed to keep such information confidential, (C) if and to the extent such matters are publicly disclosed by the Company or any of its Subsidiaries or any other Person that, to the actual knowledge of such Holder, was not subject to an
obligation or duty of confidentiality to the Company and its Subsidiaries, (D) as required by law, rule or regulation (and in which case such Holder, to the extent not prohibited by law, shall provide advance notice of such proposed disclosure
to the Company) and (E) for disclosure to any other Holder. In the case of a Shelf Suspension, the Holders agree to suspend use of the applicable Prospectus and any Issuer Free Writing Prospectus in connection with any sale or purchase of,
or offer to sell or purchase, Registrable Securities, upon delivery of the notice referred to above. The Company shall promptly notify the Holders upon the termination of any Shelf Suspension, amend or supplement the Prospectus and any Issuer
Free Writing Prospectus, if necessary, so it does not contain a material misstatement of fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading and furnish to the Holders such
numbers of copies of the Prospectus and any Issuer Free Writing Prospectus as so amended or supplemented as the Holders may reasonably request. The Company agrees, if necessary, to supplement or make amendments to the Shelf Registration
Statement if required by the registration form used by the Company for the Registration or by SEC rules and regulations, or as may reasonably be requested by any Holder. 

(e) Shelf Take-Downs. 

(i) An offering or sale of Registrable Securities pursuant to the Shelf Registration Statement (each, a “Shelf
Take-Down”) may be initiated only by an Investor (an “Initiating Shelf Take-Down Holder”). Except as set forth in Section 2.01(e)(iii) with respect to Marketed Underwritten Shelf Take-Downs, each such
Initiating Shelf Take-Down Holder shall not be required to permit the offer and sale of Registrable Securities by other Holders in connection with any such Shelf Take-Down initiated by such Initiating Shelf Take-Down Holder. 

  
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 (ii) Subject to Section 2.08, if the Initiating Shelf Take-Down Holder elects by
written request to the Company, a Shelf Take-Down shall be in the form of an Underwritten Offering (an “Underwritten Shelf Take-Down Notice”) and the Company shall amend or supplement the applicable Shelf Registration Statement for
such purpose as soon as practicable. Subject to clause (iii) below, such Initiating Shelf Take-Down Holder shall have the right to select the managing underwriter or underwriters to administer such offering, which managing underwriter or
underwriters shall be reasonably acceptable to the Company (it being understood that UBS Investment Bank as managing underwriter or underwriter shall be reasonably acceptable to the Company). 

(iii) Subject to Section 2.03(a)(xxi), if the plan of distribution set forth in any Underwritten Shelf Take-Down Notice
includes a customary “road show” (including an “electronic road show”) or other substantial marketing effort by the Company and the underwriters over a period expected to exceed 48 hours (a “Marketed Underwritten Shelf
Take-Down”), promptly upon delivery of such Underwritten Shelf Take-Down Notice (but in no event more than three (3) Business Days thereafter), the Company shall promptly deliver a written notice (a “Marketed Underwritten Shelf
Take-Down Notice”) of such Marketed Underwritten Shelf Take-Down to all Holders (other than the Initiating Shelf Take-Down Holder), and the Company shall include in such Marketed Underwritten Shelf Take-Down all such Registrable Securities
of such Holders that are Registered on such Shelf Registration Statement for which the Company has received written requests, which requests must specify the aggregate amount of such Registrable Securities of such Holder to be offered and sold
pursuant to such Marketed Underwritten Shelf Take-Down, for inclusion therein within one (1) Business Day after the date that such Marketed Underwritten Shelf Take-Down Notice has been delivered; provided, that if the managing
underwriter or underwriters of any proposed Marketed Underwritten Shelf Take-Down informs the Holders that have requested to participate in such Marketed Underwritten Shelf Take-Down in writing that, in its or their good-faith opinion, the number of
securities which such Holders intend to include in such offering exceeds the Maximum Offering Size, then the securities to be included in such Marketed Underwritten Shelf Take-Down shall be (i) first, the number of Registrable Securities
that, in the opinion of such managing underwriter or underwriters, can be sold without having such adverse effect in such Marketed Underwritten Shelf Take-Down, which number shall be allocated (1) first to the Registrable Securities requested
to be included in such Marketed Underwritten Shelf Take-Down by the Initiating Shelf Take-Down Holder, and (2) second to the Registrable Securities requested to be included in such Marketed Underwritten Shelf Take-Down by any Requesting
Investor who is not the Initiating Shelf Take-Down Holder on a pro rata basis and (ii) second, and only if all the securities referred to in clause (i) have been included, the number of Registrable Securities that, in the opinion of
such managing underwriter or underwriters, can be sold without having such adverse effect in such Marketed Underwritten Shelf Take-Down, which such number shall be allocated pro rata among the Holders (excluding the Requesting Investors) that have
requested to participate in such Marketed Underwritten Shelf Take-Down based on the relative number of Registrable Securities then held by each such Holder (provided that any securities thereby allocated to a Holder that exceed such
Holder’s request shall be reallocated among the remaining requesting Holders in like manner). The Holders of a majority of the Registrable Securities to be included in any Marketed Underwritten Shelf Take-Down shall have the right to
select the managing underwriter or underwriters to administer such offering, which managing underwriter or underwriters shall be reasonably acceptable to the Company (it being understood that UBS Investment Bank as managing underwriter or
underwriter shall be reasonably acceptable to the Company). No holder of securities of the Company shall be permitted to include such holder’s securities in any Marketed Underwritten Offering except for Holders who wish to include Registrable
Securities pursuant to this clause (iii). 
 (iv) The Company shall use its reasonable best efforts to cooperate in a timely manner with any
request of the Requesting Investors in respect of any block trade that is Registered pursuant to a Shelf Registration (each, an “Alternative Transaction”), including (A) having appropriate representatives of the Company, upon
reasonable request and at reasonable times, available to answer questions and make presentations to any prospective purchasers of Registrable Securities in such Alternative Transaction and (B) responding to reasonable information requests from
prospective purchasers of Registrable Securities in such Alternative Transaction. Notwithstanding the foregoing provisions of this Section 2.01(e)(iv) or anything else to the contrary in this Agreement, the Company will not be required
to (1) provide such cooperation with respect to more than two such sales efforts or (2) disclose to the transferee any material the Company deems to constitute material, non-public information to the extent that such information would not
otherwise be required under the Securities Act or the rules and regulations promulgated thereunder to be included or incorporated by reference in the Registration Statement (provided, however, no such disclosure to the transferee shall be required
during any suspension pursuant to Section 2.01(d)). 

  
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 SECTION 2.02. Black-out Periods. 

(a) Black-out Period for the Company and Others. In the case of an offering of Registrable Securities pursuant to
Section 2.01 that is an Underwritten Offering, the Company and each of the Holders agree, if requested by the managing underwriter or underwriters with respect to such Underwritten Offering, not to, without the prior written consent of
the managing underwriter or underwriters, offer, sell, contract to sell, pledge, or otherwise dispose of (or enter into any transaction which is designed to, or might reasonably be expected to, result in the disposition (whether by actual
disposition or effective economic disposition due to cash settlement or otherwise) by the Company, such Holder or their respective affiliates) directly or indirectly, or establish or increase a put equivalent position or liquidate or decrease a call
equivalent position within the meaning of Section 16 of the Exchange Act, any other shares of the Company’s Class A Common Stock or any securities convertible into, or exercisable, or exchangeable for, shares of Class A Common
Stock, or publicly announce an intention to effect any such transaction, during the period beginning seven (7) days before, and ending up to 45 days after, the date of the underwriting agreement for such Marketed Underwritten Shelf Take-Down,;
provided, that the duration of the foregoing restrictions shall be no longer than the duration of the shortest restriction generally imposed by the underwriters on (i) the Chief Executive Officer and/or the Chief Financial Officer of the
Company (or persons in substantially equivalent positions), in their capacities as such in connection with Underwritten Offering; provided, further, that nothing herein will prevent any Holder that is a partnership, limited liability
company, corporation or other entity from making a distribution of Registrable Securities to the partners, members, shareholders or other equityholders thereof or a transfer to an Affiliate that is otherwise in compliance with the applicable
securities laws, so long as such distributees or transferees agree to be bound by the restrictions set forth in this Section 2.02(b), or participating in any merger, acquisition or similar change of control transaction. If requested by
the managing underwriter or underwriters of any such Marketed Underwritten Shelf Take-Down, the Company and the Holders shall execute a separate lock-up agreement to the foregoing effect. This Section 2.02 shall not prohibit any
transaction by the Company or any Holder that is permitted by its lock-up agreement or provision entered into in connection with an Underwritten Offering with the managing underwriter or underwriters in such Underwritten Offering (as such lock-up
agreement or provision is modified or waived by such managing underwriter or underwriters from time to time). Notwithstanding the foregoing, the Company may effect a public sale or distribution of securities of the type described above and during
the periods described above if such sale or distribution is made pursuant to Registrations on Form F-4 or Form S-8 or as part of any Registration of securities for offering and sale to employees, directors or consultants of the Company and its
Subsidiaries pursuant to any employee stock plan or other employee benefit plan arrangement. 
 (b) Other Shareholders. The
Company agrees to use its reasonable best efforts to obtain from each of its directors and officers and from Teekay Corporation, an agreement not to effect any public sale or distribution of such securities during any period referred to in this
Section 2.02, except as part of any sales or distributions made pursuant to Registrations permitted under Section 2.02(a). Without limiting the foregoing (but subject to Section 2.05), if after the date hereof the
Company or any of its Subsidiaries grants any Person any rights to demand or participate in a Registration, the Company shall, and shall cause its Subsidiaries to, provide that the agreement with respect thereto shall include such Person’s
agreement to comply with any black-out period required by this Section 2.02 as if it were a Holder hereunder. If requested by the managing underwriter or underwriters of any such Underwritten Offering, the Company shall use
reasonable best efforts to cause such persons referred to in the first sentence of this Section 2.02(b) to execute a separate agreement to the foregoing effect. This Section 2.02 shall not prohibit any transaction by such
person that is permitted by its lock-up agreement entered into in connection with an Underwritten Offering with the managing underwriter or underwriters in such Underwritten Offering (as such lock-up agreement is modified or waived by such managing
underwriter or underwriters from time to time). The Company may impose stop-transfer instructions with respect to the Company Shares (or other securities) subject to the foregoing restriction until the end of the period referenced above. 

SECTION 2.03. Registration Procedures. 

(a) In connection with the Company’s Registration obligations under Section 2.01 and subject to the applicable terms and
conditions set forth therein, the Company shall use its reasonable best efforts to 

  
 9 

 
effect such Registration to permit the sale of such Registrable Securities in accordance with the plan of distribution set forth in the Registration Statement as expeditiously as reasonably
practicable, and in connection therewith the Company shall: 
 (i) prepare the required Registration Statement, including all exhibits
and financial statements required under the Securities Act to be filed therewith, and before filing a Registration Statement, Prospectus or any Issuer Free Writing Prospectus, or any amendments or supplements thereto, (x) furnish to the
underwriters, if any, and the Participating Investors, if any, copies of all documents prepared to be filed, and provide such underwriters and the Participating Investors and their respective counsel with a reasonable opportunity to review and
comment on such documents prior to their filing and (y) not file any Registration Statement or Prospectus or amendments or supplements thereto to which any Participating Investor or the underwriters, if any, shall reasonably object; 

(ii) prepare and file with the Commission such pre- and post-effective amendments to such Registration Statement, supplements to the
Prospectus and such amendments or supplements to any Issuer Free Writing Prospectus as may be (x) reasonably requested by any Participating Investor, (y) reasonably requested by any other Participating Holder (to the extent such request
relates to information relating to such Holder), or (z) necessary to keep such Registration effective for the period of time required by this Agreement, and use its reasonable best efforts to comply with provisions of the applicable securities
laws and SEC rules and regulations with respect to the sale or other disposition of all securities covered by such Registration Statement during such period in accordance with the intended method or methods of disposition by the sellers thereof set
forth in such Registration Statement, and prior to the filing of such amendments and supplements, furnish such amendments and supplements to the underwriters, if any, and the Participating Investors, if any, and provide such underwriters and the
Participating Investors and their respective counsel with an adequate and appropriate opportunity to review and comment on such amendments and supplements prior to their filing;

(iii) promptly notify the Participating Holders and the managing underwriter or underwriters, if any, and (if requested) confirm such
advice in writing and provide copies of the relevant documents, as soon as reasonably practicable after notice thereof is received by the Company (A) when the Registration Statement or any amendment thereto has been filed or becomes effective,
and when the applicable Prospectus or Issuer Free Writing Prospectus or any amendment or supplement thereto has been filed, (B) of any written comments by the Commission or any request by the Commission or any other Governmental Authority for
amendments or supplements to such Registration Statement, Prospectus or Issuer Free Writing Prospectus or for additional information, (C) of the issuance or threatened issuance by the Commission of any stop order suspending or threatening to
suspend the effectiveness of such Registration Statement or any order by the Commission or any other regulatory authority preventing or suspending the use of any preliminary or final Prospectus or any Issuer Free Writing Prospectus or the initiation
or threatening of any proceedings for such purposes, (D) if, at any time, the representations and warranties of the Company in any applicable underwriting agreement cease to be true and correct in all material respects, (E) of the receipt
by the Company of any notification with respect to the suspension of the qualification of the Registrable Securities for offering or sale in any jurisdiction and (F) of the receipt by the Company of any notification with respect to the
initiation or threatening of any proceeding for the suspension of the qualification of the Registrable Securities for offering or sale in any jurisdiction; 

(iv) promptly notify the Participating Holders and the managing underwriter or underwriters, if any, when the Company becomes aware of
the happening of any event as a result of which the Registration Statement, the Prospectus included in such Registration Statement (as then in effect) or any Issuer Free Writing Prospectus contains any untrue statement of a material fact or omits to
state a material fact necessary to make the statements therein (in the case of such Prospectus, any preliminary Prospectus or any Issuer Free Writing Prospectus, in light of the circumstances under which they were made) not misleading, when any
Issuer Free Writing Prospectus includes information that may conflict with the information contained in the Registration Statement, or, if for any other reason it shall be necessary during such time period to amend or supplement such Registration
Statement, Prospectus or Issuer Free Writing Prospectus in order to comply with the Securities Act and, in either case as promptly as reasonably practicable thereafter, prepare and file with the Commission, and furnish without charge to the
Participating Holders and the managing underwriter or underwriters, if any, an amendment or supplement to such Registration Statement, Prospectus or Issuer Free Writing Prospectus which shall correct such misstatement or omission or effect such
compliance; 

  
 10 

 (v) use its reasonable best efforts to prevent, or obtain the withdrawal of, any stop order
or other order suspending the use of any preliminary or final Prospectus or any Issuer Free Writing Prospectus; 
 (vi) promptly
incorporate in a Prospectus supplement, Issuer Free Writing Prospectus or post-effective amendment to the Registration Statement such additional information as the managing underwriter or underwriters and the Participating Investor(s) reasonably
request to be included therein relating to the plan of distribution with respect to such Registrable Securities, and make all required filings of such Prospectus supplement, Issuer Free Writing Prospectus or post-effective amendment as soon as
reasonably practicable after being notified of the matters to be incorporated in such Prospectus supplement, Issuer Free Writing Prospectus or post-effective amendment; 

(vii) furnish to each Participating Holder and each underwriter, if any, without charge, as many conformed copies as such Holder or
underwriter may reasonably request of the Registration Statement and any amendment, post-effective amendment or supplement thereto, including financial statements and schedules, all documents incorporated therein by reference and all exhibits
(including any incorporated by reference); 
 (viii) deliver to each Participating Holder and each underwriter, if any, without charge,
as many copies of the applicable Prospectus (including each preliminary Prospectus), any Issuer Free Writing Prospectus and any amendment or supplement thereto as such Holder or underwriter may reasonably request (it being understood that the
Company consents to the use of such Prospectus, any Issuer Free Writing Prospectus and any amendment or supplement thereto by such Holder and the underwriters, if any, in connection with the offering and sale of the Registrable Securities thereby)
and such other documents as such Holder or underwriter may reasonably request in order to facilitate the disposition of the Registrable Securities by such Holder or underwriter; 

(ix) on or prior to the date on which the Registration Statement is declared effective, use its reasonable best efforts to register or
qualify, and cooperate with the Participating Holders, the managing underwriter or underwriters, if any, and their respective counsel, in connection with the registration or qualification of such Registrable Securities for offer and sale under the
securities or “Blue Sky” laws of each state and other jurisdiction of the United States as any Participating Holder or managing underwriter or underwriters, if any, or their respective counsel reasonably request in writing and do any and
all other acts or things reasonably necessary or advisable to keep such registration or qualification in effect for such period as required by Section 2.01(b), whichever is applicable, provided that the Company shall not be
required to qualify generally to do business in any jurisdiction where it is not then so qualified or to take any action which would subject it to taxation or general service of process in any such jurisdiction where it is not then so subject; 

(x) in connection with any sale of Registrable Securities under the Registration Statement, cooperate with the Participating Holders and
the managing underwriter or underwriters, if any, to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold and not bearing any restrictive legends, and enable such Registrable Securities to be
in such denominations and registered in such names as the managing underwriters may request at least two (2) Business Days prior to any sale of Registrable Securities to the underwriters; 

(xi) use its reasonable best efforts to cause the Registrable Securities covered by the Registration Statement to be registered with or
approved by such other Governmental Authorities as may be necessary to enable the seller or sellers thereof or the underwriter or underwriters, if any, to consummate the disposition of such Registrable Securities; 

(xii) in the case of an Underwritten Offering, make such representations and warranties to the Participating Holders and the underwriters
or agents, if any, in form, substance and scope as are customarily made by issuers in secondary underwritten public offerings; 

(xiii) in the case of an Underwritten Offering, enter into such customary agreements (including underwriting agreements) and take all
such other actions as any Participating Investor or the managing underwriter or underwriters, if any, reasonably request in order to expedite or facilitate the Registration and disposition of such Registrable Securities; 

  
 11 

 (xiv) with respect to any Underwritten Offering, obtain for delivery to the Participating
Holders and to the underwriter or underwriters, if any, an opinion or opinions from counsel for the Company dated the date of the closing under the underwriting agreement, in customary form, scope and substance, which opinions shall be reasonably
satisfactory to such Holders or underwriters, as the case may be, and their respective counsel; 
 (xv) in the case of an Underwritten
Offering, obtain for delivery to the Company and the managing underwriter or underwriters, with copies to the Participating Holders, a cold comfort letter from the Company’s independent certified public accountants in customary form and
covering such matters of the type customarily covered by cold comfort letters as the managing underwriter or underwriters reasonably request, dated the date of execution of the underwriting agreement and brought down to the date of the closing of
the Underwritten Offering, as specified in the underwriting agreement; 
 (xvi) cooperate with each Participating Holder and each
underwriter, if any, participating in the disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made with the FINRA; 

(xvii) use its reasonable best efforts to comply with all applicable securities laws and make available to its security holders, as soon
as reasonably practicable, an earnings statement satisfying the provisions of Section 11(a) of the Securities Act and the rules and regulations promulgated thereunder; 

(xviii) provide and cause to be maintained a transfer agent and registrar for all Registrable Securities covered by the applicable
Registration Statement from and after a date not later than the effective date of such Registration Statement; 
 (xix) use its
reasonable best efforts to cause all Registrable Securities covered by the Registration Statement to be listed on each securities exchange on which any of the Company Shares are then listed or quoted and on each inter-dealer quotation system on
which any of the Company Shares are then quoted; 
 (xx) in connection with an Underwritten Offering and subject to the execution of
any confidentiality agreements as reasonably requested by the Company, make available upon reasonable notice at reasonable times and for reasonable periods for inspection by any Participating Investor, by any underwriter participating in any
disposition to be effected pursuant to such Registration Statement and by any attorney, accountant or other agent retained by such Participating Investor(s) or any such underwriter, all pertinent financial and other records, pertinent corporate
documents and properties of the Company, and cause all of the Company’s officers, directors and employees and the independent public accountants who have certified its financial statements to make themselves available to discuss the business of
the Company and to supply all information reasonably requested by any such Person in connection with such Registration Statement as shall be necessary to enable them to exercise their due diligence responsibility; and 

(xxi) in the case of an Underwritten Offering of Registrable Securities in an amount of at least one percent (1%) of the
Company’s then-outstanding shares of Class A common stock, cause executive officers of the Company to participate in customary “road show” presentations that may be reasonably requested by the managing underwriter or underwriters
in any such Underwritten Offering no more than once per calendar quarter over a period of no more than 24 hours (provided, however, that such participation is not required to be in person by any such executive officer) and otherwise to facilitate,
cooperate with, and participate in each such proposed Underwritten Offering to the extent reasonably requested by the managing underwriter or underwriters. 

(b) The Company may require each Participating Holder to furnish to the Company such information regarding the distribution of such
securities and such other information relating to such Holder and its ownership of Registrable Securities as the Company may from time to time reasonably request in writing. Each Participating Holder agrees to furnish such information to the
Company and to cooperate with the Company as reasonably necessary to enable the Company to comply with the provisions of this Agreement. 

(c) Each Participating Holder agrees that, upon delivery of any notice by the Company of the happening of any event of the kind described
in Section 2.03(a)(iii)(C), (D), or (E) or Section 2.03(a)(iv), such Holder will forthwith discontinue disposition of Registrable Securities pursuant to such Registration Statement until

  
 12 

 
(i) such Holder’s receipt of the copies of the supplemented or amended Prospectus or Issuer Free Writing Prospectus contemplated by Section 2.03(a)(iv), (ii) such Holder is
advised in writing by the Company that the use of the Prospectus or Issuer Free Writing Prospectus, as the case may be, may be resumed, (iii) such Holder is advised in writing by the Company of the termination, expiration or cessation of such
order or suspension referenced in Section 2.03(a)(iii)(C) or (E) or (iv) such Holder is advised in writing by the Company that the representations and warranties of the Company in such applicable underwriting agreement
are true and correct in all material respects. If so directed by the Company, such Holder shall deliver to the Company (at the Company’s expense) all copies, other than permanent file copies then in such Holder’s possession, of the
Prospectus or any Issuer Free Writing Prospectus covering the offer and sale of such Registrable Securities current at the time of delivery of such notice. In the event the Company shall give any such notice, the period during which the
Registration Statement is required to be maintained effective shall be extended by the number of days during the period from and including the date of the giving of such notice to and including the date when each seller of Registrable Securities
covered by such Registration Statement either receives the copies of the supplemented or amended Prospectus or Issuer Free Writing Prospectus contemplated by Section 2.03(a)(iv) or is advised in writing by the Company that the use of the
Prospectus or Issuer Free Writing Prospectus may be resumed. 
 SECTION 2.04. Underwritten Offerings. 

(a) Shelf Registrations. If requested by the underwriters for any Underwritten Offering requested by any Participating
Investor pursuant to a Registration under Section 2.01, the Company shall enter into an underwriting agreement with such underwriters for such offering, such agreement to be reasonably satisfactory in substance and form to the Company,
each Participating Investor and the underwriters, and to contain such representations and warranties by the Company and such other terms as are generally prevailing in agreements of that type, including indemnities no less favorable to the recipient
thereof than those customarily provided by the Company as part of its public offerings. Each Participating Investor shall cooperate reasonably with the Company in the negotiation of such underwriting agreement and shall give consideration to
the reasonable suggestions of the Company regarding the form thereof. The Participating Holders shall be parties to such underwriting agreement, which underwriting agreement shall contain such representations and warranties by, and the other
agreements on the part of, the Company to and for the benefit of such Participating Holders as are customarily made by issuers to selling shareholders in secondary underwritten public offerings. Any such Participating Holder shall not be
required to make any representations or warranties to or agreements with the Company or the underwriters in connection with such underwriting agreement other than representations, warranties or agreements regarding such Participating Holder, such
Participating Holder’s title to the Registrable Securities, such Participating Holder’s authority to sell the Registrable Securities, such Participating Holder’s intended method of distribution, absence of liens with respect to the
Registrable Securities, receipt of all required consents and approvals with respect to the entry into such underwriting agreement and the sale of such Registrable Securities and any other representations required to be made by such Participating
Holder under applicable law, rule or regulation, and the aggregate amount of the liability of such Participating Holder in connection with such underwriting agreement shall not exceed such Participating Holder’s net proceeds from such
Underwritten Offering. 
 (b) Participation in Underwritten Registrations. Subject to the provisions of
Section 2.04(a) above, no Person may participate in any Underwritten Offering hereunder unless such Person (i) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements approved by the
Persons entitled to approve such arrangements and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting
arrangements. 
 (c) Price and Underwriting Discounts. In the case of an Underwritten Offering under
Section 2.01, the price, underwriting discount and other financial terms for the Registrable Securities shall be determined by the Investor(s) participating in such Underwritten Offering. 

SECTION 2.05. No Inconsistent Agreements; Additional Rights. The Company is not currently a party to, and shall not hereafter
enter into without the prior written consent of the Veritable Holders Majority (for so long as the Veritable Holders hold any Registrable Securities), any registration rights or similar agreement with respect to its securities that is inconsistent
with the rights granted to the Holders by this Agreement, including allowing any other holder or prospective holder of any securities of the Company registration rights in the nature or substantially in the nature of those set forth in
Section 2.01 that would have priority over the Registrable Securities with respect to the inclusion of such securities in any Registration under this Agreement. 

  
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 SECTION 2.06. Registration Expenses. All expenses incident to the Company’s
performance of or compliance with this Agreement and incurred by or on behalf of the Company shall be paid by the Company, including (i) all registration and filing fees, and any other fees and expenses associated with filings required to be
made with the Commission or FINRA, (ii) all fees and expenses in connection with compliance with any securities or “Blue Sky” laws, (iii) all printing, duplicating, word processing, messenger, telephone, facsimile and delivery
expenses (including expenses of printing any required certificates for the Registrable Securities in a form eligible for deposit with The Depository Trust Company and of printing Prospectuses and Issuer Free Writing Prospectuses), (iv) all fees
and disbursements of counsel for the Company and of all independent certified public accountants of the Company (including the expenses of any special audits incidental to or required by any Registration), (v) Securities Act liability insurance
or similar insurance if the Company so desires, (vi) all fees and expenses incurred in connection with the listing of Registrable Securities on any securities exchange or quotation of the Registrable Securities on any inter-dealer quotation
system, (vii) all fees and expenses of any special experts or other Persons retained by the Company in connection with any Registration, (viii) all of the Company’s internal expenses (including all salaries and expenses of its
officers and employees performing legal or accounting duties), (ix) transfer agents’ and registrars’ fees and expenses and the fees and expenses of any other agent or trustee appointed by the Company in connection with such offering
and (x) any other fees and disbursements customarily paid by the issuers of securities. All such fees and expenses are referred to herein as “Registration Expenses.” Notwithstanding the foregoing sentence or anything
to the contrary, any reasonably incurred and documented out-of-pocket Registration Expenses incurred in connection with a Shelf Take-Down pursuant to Section 2.01(e) hereunder, including, but not limited to, a Marketed Underwritten Shelf
Take-Down or an Alternative Transaction, shall be paid by the applicable Holders of Registrable Securities included in such Shelf Take-Down pro rata among each other on the basis of the number of Registrable Securities so offered for sale in such
Shelf Take-Down. For the avoidance of doubt, the Company shall not be required to pay any underwriting discounts and commissions and transfer taxes, if any, attributable to the sale of Registrable Securities. 

SECTION 2.07. Rules 144 and 144A and Regulation S. The Company covenants that it will file the reports required to be filed
by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the Commission thereunder (or, if the Company is not required to file such reports, it will, upon the reasonable request of any Investor, make publicly
available such necessary information for so long as necessary to permit sales pursuant to Rules 144, 144A or Regulation S under the Securities Act), and it will take such further action as any Investor may reasonably request, all to the extent
required from time to time to enable the Holders, to sell Registrable Securities without Registration under the Securities Act within the limitation of the exemptions provided by (i) Rules 144, 144A or Regulation S under the Securities Act, as
such Rules may be amended from time to time, or (ii) any similar rule or regulation hereafter adopted by the Commission. Upon the reasonable request of a Holder, the Company will deliver to such Holder a written statement as to whether it
has complied with such requirements and, if not, the specifics thereof. 
 SECTION 2.08. Limitation on Underwritten
Offerings. Notwithstanding the rights and obligations set forth in Section 2.01, in no event shall the Company be obligated to take any action to effect any Underwritten Shelf Take-Down or Underwritten Offering unless
(a) the Investor initiating such Underwritten Offering proposes to sell Registrable Securities in an amount of at least the lesser of (i) one percent (1%) of the Company’s then-outstanding shares of Class A common stock or
(ii) 100% of the Registrable Securities then held by such Investor and (b) the total number of Common Shares to be included in such Underwritten Offering is at least 4,000,000 (subject to appropriate adjustment for any stock dividends,
splits, combinations, recapitalizations or similar transactions). 
 SECTION 2.09. Clear Market. With respect to any
Underwritten Offerings of Registrable Securities by an Investor, the Company agrees not to effect (other than pursuant to the Registration applicable to such Underwritten Offering or pursuant to a Special Registration or pursuant to the exercise by
another Investor of any of its rights under Section 2.01) any public sale or distribution, or to file any Registration Statement (other than pursuant to the Registration applicable to such Underwritten Offering or pursuant to a Special
Registration or pursuant to the exercise by an Investor of any of its rights under Section 2.01) covering any of its equity securities or any securities convertible into or exchangeable or exercisable for such securities, during the
period not to exceed 

  
 14 

 
seven (7) days prior and up to forty-five (45) days following the date of the underwriting agreement for such Underwritten Offering; provided, that such period shall be waived by
the Investors upon the Company’s reasonable request if, in the good-faith opinion of the Company’s managing underwriter or underwriters in connection with an Underwritten Offering, the Company’s securities may be sold in such offering
without being likely to have a significant adverse effect on the price, distribution or market of the Investor’s securities offered. “Special Registration” means the Registration of (A) equity securities and/or options or
other rights in respect thereof solely Registered on Form F-4 or Form S-8 or (B) shares of equity securities and/or options or other rights in respect thereof to be offered to directors, employees, consultants, customers, lenders or vendors of
the Company or its Subsidiaries or in connection with dividend reinvestment plans. 
 SECTION 2.10. In-Kind
Distributions. If any Holder seeks to effectuate an in-kind distribution of all or part of its Company Shares to its direct or indirect equityholders, the Company will reasonably cooperate with and assist such Holder, such equityholders and
the Company’s transfer agent to facilitate such in-kind distribution in the manner reasonably requested by such Holder (including the delivery of instruction letters by the Company or its counsel to the Company’s transfer agent, the
delivery of customary legal opinions by counsel to the Company and the delivery of Company Shares without restrictive legends, to the extent no longer applicable). 

SECTION 2.11. Restrictive Legends and Transfer Restrictions. 

(a) The Registrable Securities shall be evidenced by certificates or by book-entry accounts maintained by the Company’s transfer agent
and shall bear restrictive legends in substantially the following forms: 
 “THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS. THESE SECURITIES MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THE SECURITIES
UNDER SUCH ACT OR PURSUANT TO AN EXEMPTION FROM REGISTRATION THEREUNDER AND, IN THE CASE OF A TRANSACTION EXEMPT FROM REGISTRATION, UNLESS SOLD PURSUANT TO RULE 144 UNDER SUCH ACT OR THE ISSUER HAS RECEIVED DOCUMENTATION REASONABLY SATISFACTORY TO
IT THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER SUCH ACT.” 
 “THIS SECURITY IS SUBJECT TO CERTAIN RESTRICTIONS ON
TRANSFER SET FORTH IN THE REGISTRATION RIGHTS AGREEMENT, DATED AS OF AUGUST 4, 2015, BY AND AMONG THE COMPANY AND THE OTHER PERSONS PARTY THERETO, A COPY OF WHICH MAY BE OBTAINED FROM THE COMPANY AT ITS PRINCIPAL EXECUTIVE OFFICES.” 

(b) Notwithstanding anything to the contrary, without the prior written consent of the Company, Investors and Holders may not offer, sell,
contract to sell, pledge or otherwise dispose of (or enter into any transaction which is designed to, or might reasonably be expected to, result in the disposition (whether by actual disposition or effective economic disposition due to cash
settlement or otherwise) (each, for purposes of this Section 2.09, a “disposition”) by such Investor or Holder or any Affiliate thereof or any Person in privity therewith), directly or indirectly, any Registrable
Securities or interest therein during the period beginning on the date hereof and ending on the earlier of the final closing under the Memoranda of Agreement and October 30, 2015 (the “Restricted Period”); provided, however,
that, notwithstanding the foregoing, such Investor or Holder may, subject to compliance with applicable securities laws, effect a disposition of Registrable Securities or any interest therein to any Affiliate thereof or another Investor or Holder
during the Restricted Period without the prior consent of the Company (other than pursuant to Section 5.06) and if any such transferee agrees to be bound by the terms of this Section 2.09(b) with respect to any subsequent
disposition of any Registrable Securities or any interest therein. 

  
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 ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

SECTION 3.01. Representations and Warranties of the Company. In connection with the Common Stock Veritable and its
Subsidiaries are receiving as partial consideration pursuant to the Transactions, the Company hereby makes the representations and warranties to Veritable contained in Annex A hereto. 

ARTICLE IV 
 INDEMNITY 

SECTION 4.01. Indemnification. 

(a) Indemnification by the Company. The Company agrees to indemnify and hold harmless, to the fullest extent permitted by
law, each of the Holders, each of their respective partners, members or shareholders and each of such partner’s, member’s or shareholder’s partners members or shareholders and, with respect to all of the foregoing Persons, each of
their respective Affiliates, employees, directors, officers, trustees or agents and each Person who controls (within the meaning of the Securities Act or the Exchange Act) such Persons and each of their respective Representatives (collectively, the
“Shareholder Parties”) from and against any and all losses, penalties, judgments, suits, costs, claims, damages, liabilities and expenses, joint or several (including reasonable costs and expenses of investigation and
attorneys’, accountants’ and experts’ fees and expenses) (each, a “Loss” and collectively “Losses”) insofar as such Losses arise out of or are relating to (i) (A) any breach of the
Company’s representations and warranties contained in Section 3.01 and Annex A of this Agreement or (B) any failure by the Company to comply with its covenants and agreements to issue the Common Stock under the Memoranda of Agreement,
(ii) any untrue or alleged untrue statement of a material fact contained in the Registration Statement under which such Registrable Securities were Registered under the Securities Act (including any final, preliminary or summary Prospectus
contained therein or any amendment or supplement thereto or any documents incorporated by reference therein, which shall include any information that has been deemed to be a part of any Prospectus under Rule 159 under the Securities Act), any Issuer
Free Writing Prospectus or amendment or supplement thereto, (iii) any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of a Prospectus,
preliminary Prospectus or Issuer Free Writing Prospectus, in light of the circumstances under which they were made) not misleading, (iv) any violation or alleged violation by the Company of any federal, state or common law rule or regulation
applicable to the Company or any of its Subsidiaries in connection with such Registration, qualification, compliance or sale of Registrable Securities or (v) any failure to register or qualify Registrable Securities in any state where the
Company or its agents have affirmatively undertaken or agreed in writing that the Company (the undertaking of any underwriter being attributed to the Company) will undertake such registration or qualification on behalf of the Holders of such
Registrable Securities (provided that in such instance the Company shall not be so liable if it has undertaken its reasonable best efforts to so register or qualify such Registrable Securities), and the Company will reimburse, as incurred,
each such Shareholder Party for any legal and any other expenses reasonably incurred in connection with investigating or defending any such claim, loss, damage, liability or action; provided, that the Company shall not be liable to any
Shareholder Party to the extent that any such Loss arises out of or is relating to an untrue statement or alleged untrue statement or omission or alleged omission made in any such Registration Statement or other document in reliance upon and in
conformity with written information furnished to the Company by such indemnified party expressly for use in the preparation thereof (including without limitation any written information provided for inclusion in the Registration Statement pursuant
to Section 2.03(a)(i)). This indemnity shall be in addition to any liability the Company may otherwise have. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Holder or any
Shareholder Party and shall survive the transfer of such securities by such Holder. 
 (b) Indemnification by the Participating
Holders. Each Participating Holder agrees (severally and not jointly) to indemnify and hold harmless, to the fullest extent permitted by law, the Company, its directors and officers and each Person who controls the Company (within the
meaning of the Securities Act or the Exchange Act), and each other Holder, each of such other Holder’s respective direct or indirect partners, members or shareholders and each of such partner’s, member’s or shareholder’s partners
members or shareholders and, with 

  
 16 

 
respect to all of the foregoing Persons, each of their respective Affiliates, employees, directors, officers, trustees or agents and each Person who controls (within the meaning of the Securities
Act or the Exchange Act) such Persons and each of their respective Representatives from and against any Losses resulting from (i) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement under
which such Participating Holder’s Registrable Securities were Registered under the Securities Act (including any final, preliminary or summary Prospectus contained therein or any amendment or supplement thereto or any documents incorporated by
reference therein, which shall include any information that has been deemed to be a part of any Prospectus under Rule 159 under the Securities Act) or any Issuer Free Writing Prospectus or amendment or supplement thereto, or (ii) any omission
or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of a Prospectus, preliminary Prospectus or Issuer Free Writing Prospectus, in light of the circumstances
under which they were made) not misleading, in each case to the extent, but only to the extent, that such untrue statement or omission is contained in any information furnished in writing by such Participating Holder to the Company specifically for
inclusion in such Registration Statement (including, without limitation, any written information provided for inclusion in the Registration Statement pursuant to Section 2.03(a)(i)) and has not been corrected in a subsequent writing
prior to or concurrently with the sale of the Registrable Securities to the Person asserting the claim, in each case to the extent, but only to the extent, that such untrue statement (or alleged untrue statement) or omission (or alleged omission)
was made in such Registration Statement, Prospectus, offering circular, Issuer Free Writing Prospectus or other document, in reliance upon and in conformity with written information furnished to the Company by such Holder expressly for use
therein. In no event shall the liability of such Participating Holder hereunder be greater in amount than the dollar amount of the net proceeds received by such Participating Holder under the sale of Registrable Securities giving rise to such
indemnification obligation. 
 (c) Conduct of Indemnification Proceedings. Any Person entitled to indemnification under
this Section 4.01 shall (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided that any failure to so notify the indemnifying party shall relieve the
indemnifying party of its obligations hereunder only to the extent, if at all, that it is actually prejudiced by reason of such failure) and (ii) permit such indemnifying party to assume the defense of such claim with counsel reasonably
satisfactory to the indemnified party; provided that any Person entitled to indemnification hereunder shall have the right to select and employ separate counsel and to participate in the defense of such claim, but the fees and expenses of
such counsel shall be at the expense of such Person unless (A) the indemnifying party has agreed in writing to pay such fees or expenses, (B) the indemnifying party shall have failed to assume the defense of such claim within a reasonable
time after delivery of notice of such claim from the Person entitled to indemnification hereunder and employ counsel reasonably satisfactory to such Person, (C) the indemnified party has reasonably concluded (based upon advice of its counsel)
that there may be legal defenses available to it or other indemnified parties that are different from or in addition to those available to the indemnifying party, or (D) in the reasonable judgment of any such indemnified party (based upon
advice of its counsel), an actual or potential conflict of interest exists between such Person and the indemnifying party with respect to such claims (in which case, if the Person notifies the indemnifying party in writing that such Person elects to
employ separate counsel at the expense of the indemnifying party for the reasonable fees and expenses of such counsel, the indemnifying party shall not have the right to assume the defense of such claim on behalf of such Person). If the
indemnifying party assumes the defense, the indemnifying party shall not have the right to settle such action, consent to entry of any judgment or enter into any settlement, in each case without the prior written consent of the indemnified party,
unless the entry of such judgment or settlement (i) includes as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of an unconditional release from all liability of such indemnified party in respect
to such claim or litigation and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of such indemnified party, and provided that any sums payable in connection with such settlement
are paid in full by the indemnifying party. If such defense is not assumed by the indemnifying party, the indemnifying party will not be subject to any liability for any settlement made without its prior written consent, but such consent may
not be unreasonably withheld. It is understood that the indemnifying party or parties shall not, except as specifically set forth in this Section 4.01, in connection with any proceeding or related proceedings in the same
jurisdiction, be liable for the reasonable fees, disbursements or other charges of more than one separate firm admitted to practice in such jurisdiction at any one time with respect to all indemnified parties unless (x) the employment of more
than one counsel has been authorized in writing by the indemnifying party or parties, (y) an indemnified party has reasonably concluded (based on the advice of counsel) that there may be legal defenses available to it that are different from or
in addition to those available to the other indemnified parties, or (z) a conflict or potential conflict exists or may 

  
 17 

 
exist (based upon advice of counsel to an indemnified party) between such indemnified party and the other indemnified parties, in each of which cases the indemnifying party shall be obligated to
pay the reasonable fees and expenses of such additional counsel or counsels. 
 (d) Contribution. If for any reason the
indemnification provided for in paragraphs (a) and (b) of this Section 4.01 is unavailable to an indemnified party or insufficient in respect of any Losses referred to therein (other than as a result of any limitations set
forth in the express terms of this Section 4.01), then the indemnifying party shall contribute to the amount paid or payable by the indemnified party as a result of such Loss in such proportion as is appropriate to reflect the relative fault of
the indemnifying party on the one hand and the indemnified party or parties on the other hand in connection with the acts, statements or omissions that resulted in such losses, as well as any other relevant equitable considerations. In
connection with the Registration Statement filed with the Commission by the Company, the relative fault of the indemnifying party on the one hand and the indemnified party on the other hand shall be determined by reference to, among other things,
whether any untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative
intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties hereto agree that it would not be just or equitable if contribution pursuant to this Section 4.01(d) were
determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in this Section 4.01(d). No Person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. The amount paid or payable by an indemnified party as a result of the
Losses referred to in Sections 4.01(a) and 4.01(b) shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or
defending any such action or claim. Notwithstanding the provisions of this Section 4.01(d), in connection with the Registration Statement filed by the Company, a Participating Holder shall not be required to contribute any amount in
excess of the dollar amount of the net proceeds received by such Holder under the sale of Registrable Securities giving rise to such contribution obligation less any amount paid by such Holders pursuant to Section 4.01(b). Each
Participating Shareholder’s obligation to contribute pursuant to this Section 4.01 is several in the proportion that the proceeds of the offering received by such Participating Shareholder bears to the total proceeds of the offering
received by all such Participating Shareholders and not joint. If indemnification is available under this Section 4.01, the indemnifying parties shall indemnify each indemnified party to the full extent provided in Sections
4.01(a) and 4.01(b) hereof without regard to the provisions of this Section 4.01(d). 
 (e) No
Exclusivity. The remedies provided for in this Section 4.01 are not exclusive and shall not limit any rights or remedies which may be available to any indemnified party at law or in equity or pursuant to any other agreement.

 (f) Survival. The indemnities provided in this Section 4.01 shall survive the transfer of any Registrable
Securities by such Holder. 
 ARTICLE V 

MISCELLANEOUS 
 SECTION
5.01. Term. This Agreement shall terminate with respect to any Holder, (i) with the prior written consent of the Veritable Holders Majority (for so long as the Veritable Holders hold any Registrable Securities) or (ii) if
all of the Registrable Securities held by such Holder have been sold in a Registration pursuant to the Securities Act or pursuant to an exemption therefrom or such Holder no longer holds any Registrable Securities. 

SECTION 5.02. Injunctive Relief. It is hereby agreed and acknowledged that it may be impossible to measure in money the
damage that would be suffered if the parties fail to comply with any of the obligations herein imposed on them and that in the event of any such failure, an aggrieved Person may be irreparably damaged and may not have an adequate remedy at
law. Any such Person shall, therefore, be entitled (in addition to any other remedy to which it may be entitled in law or in equity) to seek injunctive relief, including 

  
 18 

 
specific performance, to enforce such obligations, and if any action should be brought in equity to enforce any of the provisions of this Agreement, none of the parties hereto shall raise the
defense that there is an adequate remedy at law. 
 SECTION 5.03. Notices. Unless otherwise specified herein, all notices,
consents, approvals, reports, designations, requests, waivers, elections and other communications authorized or required to be given pursuant to this Agreement shall be in writing and shall be deemed to have been given (a) when personally
delivered, (b) when transmitted via facsimile to the number set out below or on Schedule I, as applicable, if the sender on the same day sends a confirming copy of such notice by a recognized overnight delivery service (charges prepaid),
(c) the day following the day (except if not a Business Day then the next Business Day) on which the same has been delivered prepaid to a reputable national overnight air courier service, (d) when transmitted via email (including via
attached pdf document) to the email address set out below or on Schedule I, as applicable, if the sender on the same day sends a confirming copy of such notice by a recognized overnight delivery service (charges prepaid) or (e) the third
Business Day following the day on which the same is sent by certified or registered mail, postage prepaid, in each case to the respective parties as applicable, at the address, facsimile number or email address set forth on Schedule I (or
such other address, facsimile number or email address as such Holder may specify by notice to the Company in accordance with this Section 5.03) and the Company at the following addresses: 

To the Company: 
 Teekay Tankers Ltd. 

4th Floor, Belvedere Building 
 69
Pitts Bay Road 
 Hamilton, HM 08, Bermuda 

Attention: Corporate Secretary 

Facsimile: +1 441 292-3931 
 with copies (which
shall not constitute notice) to: 
 Perkins Coie LLP 

1120 NW Couch Street, Tenth Floor 

Portland, OR 97209-4128 

Attention: David Matheson 

Facsimile: (503) 346-2008 

Email: DMatheson@perkinscoie.com 

SECTION 5.04. Recapitalization. The provisions of this Agreement shall apply to the full extent set forth herein with respect
to any and all equity securities of the Company or any successor or assign of the Company (whether by merger, consolidation, sale of assets or otherwise) which may be issued in respect of, in conversion of, in exchange for or in substitution of, the
Registrable Securities and shall be appropriately adjusted for any stock dividends, splits, reverse splits, combinations, recapitalizations and the like occurring after the date hereof. 

SECTION 5.05. Amendment. The terms and provisions of this Agreement may only be amended, modified or waived at any time and
from time to time by a writing executed by the Company and the Veritable Holders Majority (for so long as the Veritable Holders hold any Registrable Securities). 

SECTION 5.06. Successors, Assigns and Transferees. The rights and obligations of each party hereto may not be assigned, in
whole or in part, without the written consent of the Company and the Veritable Holders Majority (for so long as the Veritable Holders hold any Registrable Securities); provided, however, that notwithstanding the foregoing, the rights
and obligations set forth herein may be assigned, in whole or in part and only with respect to such transferred Registrable Securities, by any Investor to (i) any Affiliate of such Investor or (ii) any transferee who receives from such
Investor in such transfer at least 4,000,000 Registrable Securities (subject to appropriate adjustment for any stock dividends, splits, combinations, recapitalizations or similar transactions) and such transferee shall, with the consent of the
transferring Investor, be treated as an “Investor” for all purposes of this 

  
 19 

 
Agreement (it being understood that, without such consent from the transferring Investor, such transferee shall be treated as a “Holder” for all purposes of this Agreement) (each Person
to whom the rights and obligations are assigned in compliance with this Section 5.06 is a “Permitted Assignee” and all such Persons, collectively, are “Permitted Assignees”); provided,
further, that such transferee shall only be admitted as a party hereunder upon its, his or her execution and delivery of a joinder agreement, in form and substance reasonably acceptable to each Investor and the Company, agreeing to be bound
by the terms and conditions of this Agreement as if such Person were a party hereto (together with any other documents the Investors and the Company reasonably determine are necessary to make such Person a party hereto), whereupon such Person will
be treated as a Holder for all purposes of this Agreement, with the same rights, benefits and obligations hereunder as the transferring Holder with respect to the transferred Registrable Securities (except that if the transferee was a Holder prior
to such transfer, such transferee shall have the same rights, benefits and obligations with respect to such transferred Registrable Securities as were applicable to Registrable Securities held by such transferee prior to such transfer); and,
provided, further, that, notwithstanding anything to the contrary, the Company may, without the consent of any other party, transfer any of its rights or obligations under this Agreement to any Person in connection with a sale of the
Company (by merger or consolidation or otherwise) or of all or substantially all of the Company’s assets. 
 SECTION
5.07. Binding Effect. Except as otherwise provided in this Agreement, the terms and provisions of this Agreement shall be binding on and inure to the benefit of each of the parties hereto and their respective successors and
permitted assigns. 
 SECTION 5.08. Third Party Beneficiaries. Nothing in this Agreement, express or implied, is intended
or shall be construed to confer upon any Person not a party hereto (other than those Persons entitled to indemnity or contribution under Article IV, each of whom shall be a third party beneficiary thereof) any right, remedy or claim under or
by virtue of this Agreement. 
 SECTION 5.09. Governing Law; Jurisdiction; Agent For Service. THIS AGREEMENT SHALL BE
GOVERNED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF. EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY (I) AGREES THAT ANY LEGAL SUIT, ACTION OR
PROCEEDING AGAINST THE COMPANY ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY MAY BE INSTITUTED IN THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA LOCATED IN THE CITY AND COUNTY OF NEW YORK OR THE COURTS OF
THE STATE OF NEW YORK IN EACH CASE LOCATED IN THE CITY AND COUNTY OF NEW YORK (COLLECTIVELY, THE “SPECIFIED COURTS”), (II) WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO
THE LAYING OF VENUE OF ANY SUIT, ACTION OR OTHER PROCEEDING IN THE SPECIFIED COURTS AND IRREVOCABLY AND UNCONDITIONALLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH SUIT, ACTION OR OTHER PROCEEDING BROUGHT IN ANY SUCH
COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM AND (III) SUBMITS TO THE EXCLUSIVE JURISDICTION (EXCEPT FOR PROCEEDINGS INSTITUTED IN REGARD TO THE ENFORCEMENT OF A JUDGMENT OF ANY SUCH COURT, AS TO WHICH SUCH JURISDICTION IS NON-EXCLUSIVE) OF SUCH
COURTS IN ANY SUCH SUIT, ACTION OR PROCEEDING. THE COMPANY HAS APPOINTED WATSON FARLEY & WILLIAMS LLP AT 1133 AVENUE OF THE AMERICAS, NEW YORK, NEW YORK 10036, AS ITS AUTHORIZED AGENT (THE “AUTHORIZED AGENT”) UPON WHOM
PROCESS MAY BE SERVED IN ANY SUCH ACTION ARISING OUT OF OR BASED ON THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY WHICH MAY BE INSTITUTED IN ANY SPECIFIED COURT AND HEREBY WAIVES ANY REQUIREMENTS OF OR OBJECTIONS TO PERSONAL JURISDICTION
WITH RESPECT THERETO. SUCH APPOINTMENT SHALL BE IRREVOCABLE. THE COMPANY REPRESENTS AND WARRANTS THAT THE AUTHORIZED AGENT HAS AGREED TO ACT AS SUCH AGENT FOR SERVICE OF PROCESS AND AGREES TO TAKE ANY AND ALL ACTION, INCLUDING THE FILING
OF ANY AND ALL DOCUMENTS AND INSTRUMENTS, THAT MAY BE NECESSARY TO CONTINUE SUCH APPOINTMENT IN FULL FORCE AND EFFECT AS AFORESAID. SERVICE OF PROCESS UPON THE AUTHORIZED AGENT AND WRITTEN NOTICE OF SUCH SERVICE TO THE COMPANY SHALL BE DEEMED,
IN EVERY RESPECT, EFFECTIVE SERVICE OF PROCESS UPON THE COMPANY. 

  
 20 

 SECTION 5.10. Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY WAIVES TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED
HEREBY. EACH OF THE PARTIES HEREBY (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION
3.10. 
 SECTION 5.11. Immunity Waiver. The Company hereby irrevocably waives, to the extent permitted by law, any
immunity to jurisdiction to which it may otherwise be entitled (including, without limitation, immunity to pre-judgment attachment, post-judgment attachment and execution) in any legal suit, action or proceeding against it arising out of or based on
this Agreement. 
 SECTION 5.12. Entire Agreement. This Agreement sets forth the entire agreement among the parties hereto
with respect to the subject matter hereof. Any prior agreements or understandings among the parties hereto regarding the subject matter hereof, whether written or oral, are superseded by this Agreement. 

SECTION 5.13. Severability. If any provision of this Agreement shall be held to be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 SECTION
5.14. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, and all of which shall constitute one and the same agreement. 

SECTION 5.15. Joinder. Subject to Section 5.06, any Person that holds Company Shares may, with the prior written consent
of each Investor and the Company, be admitted as a party to this Agreement upon its execution and delivery of a joinder agreement, in form and substance reasonably acceptable to the Investors and the Company, agreeing to be bound by the terms and
conditions of this Agreement as if such Person were a party hereto (together with any other documents the Investors determine are necessary to make such Person a party hereto), whereupon such Person will be treated as a Holder for all purposes of
this Agreement. 
 [Remainder of Page Intentionally Blank] 

  
 21 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first
above written. 
  

					
		 	TEEKAY TANKERS LTD.
			
		 	By:	 	 /s/ Kevin Mackay

		 	Name:	 	Kevin Mackay
		 	Title:	 	Chief Executive Officer

 [Signature Page to Registration Rights Agreement] 

					
		 	INVESTOR:
		
		 	VERITABLE MARITIME HOLDINGS, LLC
			
		 	By:	 	 /s/ Arthur L. Regan

		 	Name:	 	Arthur L. Regan
		 	Title:	 	Chief Executive Officer

 [Signature Page to Registration Rights Agreement] 

 SCHEDULE I 
  

			
	Name	  	Contact Information
		
	Veritable Maritime Holdings, LLC	  	 c/o Principal Maritime Management, LLC
 3530
Post Road
 Southport, CT 06890
  

Attention: Michael J. Mitchell
 Email:
MMitchell@principalmaritime.com

 SCHEDULE II 

MEMORANDA OF AGREEMENT 
  

	1.	Memorandum of Agreement, dated August 4, by and between Joy Holdings, LLC and Beijing Spirit L.L.C. 

  

	2.	Memorandum of Agreement, dated August 4, by and between Strength Holdings, LLC and Moscow Spirit L.L.C. 

  

	3.	Memorandum of Agreement, dated August 4, by and between Faith Holdings, LLC and Seoul Spirit L.L.C. 

  

	4.	Memorandum of Agreement, dated August 4, by and between Truth Holdings, LLC and Los Angeles Spirit L.L.C. 

  

	5.	Memorandum of Agreement, dated August 4, by and between Grace Holdings, LLC and Barcelona Spirit L.L.C. 

  

	6.	Memorandum of Agreement, dated August 4, by and between Hope Holdings, LLC and Atlanta Spirit L.L.C. 

  

	7.	Memorandum of Agreement, dated August 4, by and between Promise Holdings, LLC and London Spirit L.L.C. 

  

	8.	Memorandum of Agreement, dated August 4, by and between Pride Holdings, LLC and Sydney Spirit L.L.C. 

  

	9.	Memorandum of Agreement, dated August 4, by and between Integrity Holdings, LLC and Athens Spirit L.L.C. 

  

	10.	Memorandum of Agreement, dated August 4, by and between Loyalty Holdings, LLC and Tokyo Spirit L.L.C. 

  

	11.	Memorandum of Agreement, dated August 4, by and between Confidence Holdings, LLC and Montreal Spirit L.L.C. 

  

	12.	Memorandum of Agreement, dated August 4, by and between Courage Holdings, LLC and Rio Spirit L.L.C. 

 ANNEX A 

REPRESENTATIONS AND WARRANTIES 
  

	1.	Due incorporation. The Company is a corporation duly incorporated, validly existing and in good standing under the laws of the Republic of the Marshall Islands and has all corporate powers and all governmental
authorizations required to carry on its business as now conducted, except for those governmental authorizations the absence of which would not reasonably be expected to have, individually or in the aggregate, a material adverse effect upon the
transactions contemplated hereby. The Company is duly qualified to do business as a foreign corporation and is in good standing in each jurisdiction where such qualification is necessary, except for those jurisdictions where failure to be so
qualified would not reasonably be expected to have a Material Adverse Effect. 

  

	2.	Power and Authority. The execution, delivery and performance by the Company of this Agreement and the consummation by the Company of the transactions contemplated hereby are within the Company’s corporate
powers and have been duly authorized by all necessary corporate action on the part of the Company. This Agreement, assuming due authorization, execution and delivery by Veritable, constitutes a valid and binding agreement of the Company enforceable
against the Company in accordance with its terms (subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other laws affecting creditors’ rights generally and general principles of equity (regardless of
whether such enforceability is considered in a proceeding in equity or at law)). 

  

	3.	Due Authorization. The shares of Common Stock to be issued as part of the consideration payable by the Teekay Buyers under the Memoranda of Agreement have been duly authorized and, when issued by the Company and
delivered by the Company in accordance with the terms of the Memoranda of Agreement, will have been validly issued, free and clear of any liens, transfer restrictions or voting restrictions (other than those arising under applicable securities law
or as expressly set forth in this Agreement and the Memoranda of Agreement), will be fully paid and non-assessable, and the issuance thereof is not subject to any pre-emptive or other similar right. 

 

	4.	No Conflicts. The execution, delivery and performance by the Company of this Agreement and the Teekay Buyers of the Memoranda of Agreement, and the consummation of the transactions contemplated hereby and
thereby, do not and will not (i) contravene, conflict with, or result in any violation or breach of any provision of the organizational documents of the Company or any of its Subsidiaries, (ii) contravene, conflict with or result in a
violation or breach of any provision of any applicable law, (iii) require any consent or other action by any Person under, constitute a default, or an event that, with or without notice or lapse of time or both, would constitute a default,
under, or cause or permit the termination, cancellation, acceleration or other change of any right or obligation or the loss of any benefit to which the Company or any of its Subsidiaries is entitled under any provision of any agreement or other
instrument binding upon the Company or any of its Subsidiaries or any license, franchise, permit, certificate, approval or other similar authorization affecting, or relating in any way to, the assets or business of the Company and its Subsidiaries
or (iv) result in the creation or imposition of any lien on any asset of the Company or any of its Subsidiaries, with only such exceptions, in the case of each of clauses (ii) through (iv), as would not reasonably be expected to have a
Material Adverse Effect. 

  

	5.	Consents. The execution, delivery and performance by the Company of this Agreement and by the Teekay Buyers of the Memoranda of Agreement and the consummation by the Company and its Subsidiaries of the
transactions contemplated hereby and thereby require no action by or in respect of, or filing with, any governmental authority, other than (i) compliance with any applicable requirements of the 1933 Act, the 1934 Act and any other applicable
state or federal securities laws, (ii) compliance with any applicable requirements of the New York Stock Exchange (the “NYSE”) and (iii) any actions or filings the absence of which would not reasonably be expected to have
a Material Adverse Effect. 

  

	6.	 Public Filings. The Company has timely filed with the U.S. Securities and Exchange Commission all reports, schedules, forms, statements,
prospectuses, registration statements and other documents required to be filed or furnished by the Company since January 1, 2014 (collectively, the “Company SEC Documents”). As of its filing date (or as of the date of any
amendment thereof filed prior to the date hereof 

	 	
or, with respect to any registration statement, as of the date of its effectiveness, and except to the extent corrected by a subsequent Company SEC Document), each Company SEC Document
(i) complied as to form in all material respects with the applicable requirements of the 1933 Act, the 1934 Act, the Sarbanes-Oxley Act and other applicable laws and (ii) did not contain any untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which such statements were made, not misleading in any material respect. 

 

	7.	Financial Statements. The audited consolidated financial statements of the Company included or incorporated by reference in the Company’s Form 20-F filing with the U.S. Securities and Exchange Commission on
April 28, 2015 (including all related notes and schedules thereto) (a) present fairly in all material respects, in conformity with generally accepted accounting principles in the United Sates applied on a consistent basis throughout the
periods presented (except as may be indicated therein or in the notes thereto), the consolidated financial position of the Company and its consolidated subsidiaries as of the dates thereof and their consolidated results of operations and cash flows
for the periods then ended. From December 31, 2014 through the date of this Agreement, except as otherwise disclosed in the Company SEC Documents, there has not been any event, occurrence, development or state of circumstances or facts that has
had or would reasonably be expected to have a Material Adverse Effect.EX-10.3

 Exhibit 10.3 

EXECUTION VERSION 
 MEMORANDUM OF AGREEMENT 

 

					
		 		 	 Norwegian Shipbrokers’ Association’s

Memorandum of Agreement for sale and

purchase of ships. Adopted by BIMCO in 1956.

Code-name
 SALEFORM 2012

Revised 1966, 1983 and 1986/87, 1993 and 2012

 Dated:      August 2015 

Courage Holdings, LLC (the “Sellers”), have agreed to sell, and Rio Spirit L.L.C., (the “Buyers”), have agreed to buy: 

Name of vessel: PRINCIMAR COURAGE 
 IMO Number: 9419565 

Classification Society: Det Norske Veritas 
 Class Notation: 1A1
Tanker for oil BIS BWM(T), E(S) Clean COAT-PSPC(B) CSR E0 ESP TMON 
 Year of Build: 2013 Builder/Yard: Samsung Heavy Industries, Geoje, South Korea 

Flag: Marshall Islands Place of Registration: Majuro GT/NT: 81,394/51,258 hereinafter called the “Vessel”, on the following terms and
conditions: 
 Definitions 
 “Banking
Days” are days on which banks are open both in the country of the currency stipulated for the Cash Consideration in Clause 1 (Purchase Price) and in the place of closing stipulated in Clause 8 (Documentation) and Canada,
and the Buyers’ Nominated Flag State. 
 “Buyers’ Nominated Flag State” means Bahamas. 

“Class” means the class notation referred to above. 

“Cash Consideration” shall have the meaning given to it in Clause 1 (Purchase Price). 

“Classification Society” means the Society referred to above. 

“Deposit” shall have the meaning given in Clause 2 (Deposit) 

“Deposit Holder” means Clyde & Co LLP, The St. Botolph Building, 138 Houndsditch, London, EC3A 7AR, United Kingdom which shall hold
and release the Deposit in accordance with the deposit holding agreement dated on or about the date of this Agreement (the “Deposit Holding Agreement”) made between the Buyers, the Sellers and the Deposit Holder. 

“In writing” or “written” means a letter handed over from the Sellers to the Buyers or vice versa, a registered letter,
e-mail or telefax. 
 “MI Registry” means the registry of ships of the Republic of the Marshall Islands, where the Vessel is registered in
the sole ownership of the Sellers. 
 “Mortgage” means the mortgage dated September 19, 2013 in favour of Nordea Bank Finland Plc -
New York Branch, recorded against the Vessel in the MI Registry. 
 “Parties” means the Sellers and the Buyers, and “Party” shall
be construed accordingly. 
 “Purchase Price” means the Cash Consideration and the Stock Consideration for the Vessel as stated in
Clause 1 (Purchase Price). 
 “Sellers’ Account” means the account in the name of Courage Holdings, LLC and Account No.:
4023623001, ABA/Routing No.: 026010786 at the Sellers’ Bank. 
 “Sellers’ Bank” means Nordea Bank Finland Plc – New York
Branch. 
 “Sellers’ Broker” means the brokerage subsequently notified in writing by the Sellers to the Buyers, as soon as possible
after the execution of this Agreement by the Sellers and the Buyers, for receipt of the Stock Consideration. 
 “Sellers’ Brokerage
Account” means the brokerage account at the Sellers’ Broker subsequently notified in writing by the Sellers to the Buyers, as soon as possible after the execution of this Agreement by the Sellers and the Buyers. 

“Stock Consideration” shall have the meaning given to it in Clause 1 (Purchase Price). 

  

					
	1429219 46806105.2	 		 	“PRINCIMAR COURAGE” - MOA

	1.	Purchase Price 

 The Purchase Price is USD 67,059,686 (United States Dollars Sixty Seven
Million Fifty Nine Thousand Six Hundred Eighty Six), comprised of: (i) USD 61,994,755 (United States Dollars Sixty One Million Nine Hundred Ninety Four Thousand Seven Hundred Fifty Five (the “Cash Consideration”) and
(ii) 727,332 (Seven Hundred Twenty Seven Thousand Three Hundred Thirty Two) newly issued shares of Teekay Tankers Ltd.’s Class A common stock, par value USD0.01 per share (the “Stock Consideration”). 

 

	2.	Deposit 

 As security for the correct fulfilment of this Agreement the Buyers shall lodge
a cash deposit of USD 6,705,969 (United States Dollars Six Million Seven Hundred Five Thousand Nine Hundred Sixty Nine) (the “Deposit”) in an interest bearing account for the Parties with the Deposit Holder within three
(3) Banking Days after the date that: 
 (i) this Agreement has been signed by the Parties and exchanged in original or by e-mail
or telefax; and 
 (ii) the Deposit Holding Agreement has been signed by the parties thereto and exchanged in original or by email or
telefax. 
 The Deposit shall be released in accordance with joint written instructions of the Parties. Interest, if any, shall be credited
to the Buyers. Any fee charged for holding and releasing the Deposit shall be borne equally by the Parties. The Parties shall provide to the Deposit Holder all necessary documentation it requires in relation to the Deposit arrangements without
delay. 
  

	3.	Payment 

 On delivery of the Vessel, but not later than three (3) Banking Days after
the date that Notice of Readiness has been given in accordance with Clause 5 (Time and place of delivery and notices): 
  

	 	(i)	the Deposit shall be released to the Sellers; and  

  

	 	(ii)	the Stock Consideration shall be paid to Sellers’ Brokerage Account and the balance of the Cash Consideration and all other sums payable on delivery by the Buyers to the Sellers under this Agreement shall be
paid in full free of bank charges to the 

 Sellers’ Account without any set-off or any deductions or withholdings of any
nature whatsoever except as expressly provided for elsewhere in this Agreement. 
  

	4.	Inspection 

 (a)* The Buyers have inspected and are fully satisfied with and have
accepted the Vessel’s classification records. The Buyers have also inspected the Vessel at/in Fujairah on 3 August 2015 (the “Inspection”) and are fully satisfied with and have accepted the Vessel following the Inspection and
the sale is outright and definite, subject only to the express terms and conditions of this Agreement. The Buyers unconditionally and irrevocably waive all other rights of inspection and survey whatsoever, apart from the rights of inspection
specified in Clause 6. 
 (b)* The Buyers have inspected and are fully satisfied with and have accepted the
Vessel’s classification records. shall have the right to inspect the Vessel’s classification records and declare whether same are accepted or not within (state date/period). 

The Sellers shall make the Vessel available for inspection at/in (state place/range) within (state date/period).

 The Buyers shall undertake the inspection without undue delay to the Vessel. Should the Buyers cause undue delay they shall
compensate the Sellers for the losses thereby incurred. 

  

					
	1429219 46806105.2	 	2	 	“PRINCIMAR COURAGE” - MOA

 The Buyers shall inspect the Vessel without opening up and without cost to the
Sellers. 
 During the inspection, the Vessel’s deck and engine log books shall be made available for examination by
the Buyers. 
 The sale shall become outright and definite, subject only to the terms and conditions of this Agreement,
unless within 24 hours after completion of the Buyers’ inspection the Sellers shall have received a written notice from the Buyers of their valid rejection of the Vessel under this Clause. The Buyers agree that they shall be entitled to validly
reject the Vessel under this Clause only if their inspection of the Vessel reveals repairs required to the Vessel which would give rise to any Class condition(s) / recommendation(s) which in aggregate would cost in excess of US$500,000. provided
that the Sellers receive written notice of acceptance of the Vessel from the Buyers within seventy-two (72) hours after completion of such inspection or after the date/last day of the period stated in Line 59, whichever
is earlier. 
 Should the Buyers validly reject the Vessel in time under this Clause, fail to undertake the inspection as
scheduled and/or notice of acceptance of the Vessel’s classification records and/or of the Vessel not be received by the Sellers as aforesaid, the Deposit together with interest earned, if any, shall be released immediately to the
Buyers, whereafter this Agreement shall be null and void. 
 *4(a) and 4(b) are
alternatives; delete whichever is not applicable. In the absence of deletions, alternative 4(a) shall apply. 
  

	5.	Time and place of delivery and notices 

 (a) The Vessel shall be delivered and
taken over safely afloat at a safe and accessible berth or anchorage at/in (state place/range) at/in Bahamas, Singapore, United Arab Emirates (Fujairah to Dubai range), South Korea, US Gulf (excluding Florida and Mississippi
river), UKC (Gibraltar to Hamburg range), or EUROMED excluding Turkey, Israel, Greece, Albania, Black Sea and any countries or ports that would breach US, EU and/or UN sanctions in the Sellers’ option. The date of delivery shall be a day on
which both the MI Registry office in London and the Buyers’ Nominated Flag State office in London are open for vessel and mortgage deregistration and registration business. 

Notice of Readiness shall not be tendered before: August 14, 2015. 

Cancelling Date (see Clauses 5(c), 6 (a)(i), 6 (a) (iii) and 14): October 30, 2015. 

(b) The Sellers shall keep the Buyers well informed of the Vessel’s itinerary and shall provide the Buyers with twenty (20),
ten (10), five (5) and three (3) days’ notice of the date the Sellers intend to tender Notice of Readiness and of the intended place of delivery and two (2) days’ and one (1) day’s definite notice of delivery. 

When the Vessel is at the place of delivery and physically ready for delivery in accordance with this Agreement, the Sellers shall give the
Buyers a written Notice of Readiness for delivery. 
 (c) If the Sellers anticipate that, notwithstanding the exercise of due
diligence by them, the Vessel will not be ready for delivery by the Cancelling Date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and proposing a new Cancelling Date. Upon
receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 (Sellers’ Default) within three (3) Banking Days of receipt of the notice or of accepting the new date as
the new Cancelling Date. If the Buyers have not declared their option within three (3) Banking Days of receipt of the Sellers’ notification or if the Buyers accept the new date, the date proposed in the Sellers’ notification shall be
deemed to be the new Cancelling Date and shall be substituted for the Cancelling Date stipulated in line 79. 
 If this Agreement is
maintained with the new Cancelling Date all other terms and conditions hereof including those contained in Clauses 5(b) and 5(d) shall remain unaltered and in full force and effect. 

(d) Cancellation, failure to cancel or acceptance of the new Cancelling Date shall be entirely without prejudice to any claim for
damages the Buyers may have under Clause 14 (Sellers’ Default) for the Vessel not being ready by the original Cancelling Date. 

(e) Should the Vessel become an actual, constructive or compromised total loss before delivery the Deposit together with interest
earned, if any, shall be released immediately to the Buyers whereafter this Agreement shall be null and void and neither Party shall have any obligation or liability to the other. 

  

					
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	6.	Divers Inspection / Drydocking 

 (a)* 

 

	 	(i)	The Buyers shall have the option at their cost and expense to arrange for an underwater inspection by a diver approved by the Classification Society prior to the delivery of the Vessel. Such option shall be
declared latest nine (9) days prior to the Vessel’s intended date of readiness for delivery as notified by the Sellers pursuant to Clause 5(b) of this Agreement. The Sellers shall at their cost and expense make the Vessel available
for such inspection. This inspection shall be carried out without undue delay and in the presence of a Classification Society surveyor arranged for by the Sellers and paid for by the Buyers. The Buyers’ representative(s) shall have the right to
be present at the diver’s inspection as observer(s) only without interfering with the work or decisions of the Classification Society surveyor. The extent of the inspection and the conditions under which it is performed shall be to the
satisfaction of the Classification Society. If the conditions at the place of delivery are unsuitable for such inspection, the Sellers shall at their cost and expense make the Vessel available at a suitable alternative place near to the delivery
port, in which event the Cancelling Date shall be extended by the additional time required for such positioning and the subsequent re-positioning. The Sellers may not tender Notice of Readiness prior to completion of the underwater inspection.

  

	 	(ii)	if the rudder, propeller, bottom or other underwater parts below the deepest load line are found broken, damaged or defective so as to affect the Vessel’s class, then (1) unless repairs can be carried
out afloat to the satisfaction of the Classification Society, the Sellers shall arrange for the Vessel to be drydocked at their expense for inspection by the Classification Society of the Vessel’s underwater parts below the deepest load line,
the extent of the inspection being in accordance with the Classification Society’s rules (2) such defects shall be made good by the Sellers at their cost and expense to the satisfaction of the Classification Society without
condition/recommendation** and (3) the Sellers shall pay for the underwater inspection and the Classification Society’s attendance. 

Notwithstanding anything to the contrary in this Agreement, if the Classification Society do not require the aforementioned defects to be
rectified before the next class drydocking survey, the Sellers shall be entitled to deliver the Vessel with these defects against a deduction from the Cash Consideration of the estimated direct cost (of labour and materials) of carrying out the
repairs to the satisfaction of the Classification Society, whereafter the Buyers shall have no further rights whatsoever in respect of the defects and/or repairs. The estimated direct cost of the repairs shall be the average of quotes for the repair
work obtained from two reputable independent shipyards at or in the vicinity of the port of delivery, one to be obtained by each of the Parties within two (2) Banking Days from the date of the imposition of the condition/recommendation, unless
the Parties agree otherwise. Should either of the Parties fail to obtain such a quote within the stipulated time then the quote duly obtained by the other Party shall be the sole basis for the estimate of the direct repair costs. The Sellers may not
tender Notice of Readiness prior to such estimate having been established. 
  

	 	(iii)	If the Vessel is to be drydocked pursuant to Clause 6(a)(ii) and no suitable dry-docking facilities are available at the port of delivery, the Sellers shall take the Vessel to a port where suitable
drydocking facilities are available, whether within or outside the delivery range as per Clause 5(a). Once drydocking has taken place the Sellers shall deliver the Vessel at a port within the delivery range as per Clause 5(a) which
shall, for the purpose of this Clause, become the new port of delivery. In such event the Cancelling Date shall be extended by the additional time required for the drydocking and extra steaming, but limited to a maximum of fourteen (14) days.

 (b)* The Sellers shall place the Vessel in drydock at the port of delivery for inspection by the
Classification Society of the Vessel’s underwater parts below the deepest load line, the extent of the inspection being in accordance with the Classification Society’s rules. If the rudder, propeller, bottom or other underwater parts below
the deepest load line are found broken, damaged or defective so as to affect the Vessel’s class, such defects shall be made good at the Sellers’ cost and expense to the satisfaction of the Classification Society without

  

					
	1429219 46806105.2	 	4	 	“PRINCIMAR COURAGE” - MOA

 
condition/recommendation**. In such event the Sellers are also to pay for the costs and expenses in connection with putting the Vessel in and taking her out of drydock, including the
drydock dues and the Classification Society’s fees. The Sellers shall also pay for these costs and expenses if parts of the tailshaft system are condemned or found defective or broken so as to affect the Vessel’s class. In all other cases,
the Buyers shall pay the aforesaid costs and expenses, dues and fees. 
 (c) If the Vessel is drydocked pursuant to Clause
6 (a)(ii) or 6 (b) above: 
  

	 	(i)	The Classification Society may require survey of the tailshaft system, the extent of the survey being to the satisfaction of the Classification surveyor. If such survey is not required by the Classification
Society, the Buyers shall have the option to require the tailshaft to be drawn and surveyed by the Classification Society, the extent of the survey being in accordance with the Classification Society’s rules for tailshaft survey and consistent
with the current stage of the Vessel’s survey cycle. The Buyers shall declare whether they require the tailshaft to be drawn and surveyed not later than by the completion of the inspection by the Classification Society. The drawing and
refitting of the tailshaft shall be arranged by the Sellers. Should any parts of the tailshaft system be condemned or found defective so as to affect the Vessel’s class, those parts shall be renewed or made good at the Sellers’ cost and
expense to the satisfaction of Classification Society without condition/recommendation**. 

  

	 	(ii)	The costs and expenses relating to the survey of the tailshaft system shall be borne by the Buyers unless the Classification Society requires such survey to be carried out or if parts of the system are condemned
or found defective or broken so as to affect the Vessel’s class, in which case the Sellers shall pay these costs and expenses. 

  

	 	(iii)	The Buyers’ representative(s) shall have the right to be present in the drydock, as observer(s) only without interfering with the work or decisions of the Classification Society surveyor. 

 

	 	(iv)	The Buyers shall have the right to have the underwater parts of the Vessel cleaned and painted at their risk, cost and expense without interfering with the Sellers’ or the Classification Society
surveyor’s work, if any, and without affecting the Vessel’s timely delivery. If, however, the Buyers’ work in drydock is still in progress when the Sellers have completed the work which the Sellers are required to do, the additional
docking time needed to complete the Buyers’ work shall be for the Buyers’ risk, cost and expense. In the event that the Buyers’ work requires such additional time, the Sellers may upon completion of the Sellers’ work tender
Notice of Readiness for delivery whilst the Vessel is still in drydock and, notwithstanding Clause 5(a), the Buyers shall be obliged to take delivery in accordance with Clause 3 (Payment), whether the Vessel is in drydock or not.

 *6 (a) and 6 (b) are alternatives; delete whichever is not applicable. In the absence of deletions, alternative
6 (a) shall apply. 
 **Notes or memoranda, if any, in the surveyor’s report which are accepted by the Classification
Society without condition/recommendation are not to be taken into account. 
  

	7.	Spares, bunkers and other items 

 The Sellers shall deliver the Vessel to the Buyers with
everything belonging to her on board and on shore. All spare parts and spare equipment including spare tail-end shaft(s) and/or spare propeller(s)/propeller blade(s), if any, belonging to the Vessel at the time of the Inspection used or unused,
whether on board or not shall become the Buyers’ property, but spares on order are excluded. Forwarding, collection, insurance, storage and other charges in relation to the items included in the sale of the Vessel if any, shall be for the
Buyers’ account. The Sellers are not required to replace spare parts including spare tail-end shaft(s) and spare propeller(s)/propeller blade(s) which are taken out of spare and used as replacement prior to delivery, but the replaced items
shall be the property of the Buyers. Unused stores and provisions shall be included in the sale and be taken over by the Buyers without extra payment. 

  

					
	1429219 46806105.2	 	5	 	“PRINCIMAR COURAGE” - MOA

 Library and forms exclusively for use in the Sellers’ vessel(s) and captain’s,
officers’ and crew’s personal belongings including the slop chest are excluded from the sale without compensation or the need for replacement, as well as the following additional categories of items more particularly
described in Schedule 1. (include list) 
 Items on board which are on hire or
owned by third parties, listed as follows, are also excluded from the sale without compensation or the need for replacement. See Schedule 1. (include list) 

Items on board at the time of inspection which are on hire or owned by third parties, not listed above, shall be replaced or procured
by the Sellers prior to delivery at their cost and expense. 
 The Buyers shall take over remaining bunkers and unused lubricating
and hydraulic oils and greases in storage tanks and unopened drums and pay the actual net price (excluding barging expenses) as evidenced by invoices or vouchers in respect of Sellers’ costs either: 

(a) *,; or 

(b) *the current net market price (excluding barging expenses) at the port and date of delivery of the Vessel or, if
unavailable, at the nearest bunkering port, 
 for the quantities taken over. 

Payment under this Clause shall be made at the same time and place and in the same currency as the Cash Consideration. 

“inspection” in this Clause 7, shall mean the Buyers’ inspection according to Clause
4(a) or 4(b) (Inspection), if applicable. If the Vessel is taken over without inspection, the date of this Agreement shall be the relevant date. 

*(a) and (b) are alternatives, delete whichever is not applicable. In the absence of deletions alternative (a) shall apply.

  

	8.	Documentation 

 In connection with the closing of the sale and purchase transaction under
this Agreement, the Sellers and the Buyers will attend two meetings, which shall be held simultaneously. The first closing meeting will be held at the London office of the Buyers’ Nominated Flag State or another location in London agreed in
writing by the Parties. The second closing meeting will be held on board the Vessel at the place of delivery. 
 (a) In exchange for
payment of the Purchase Price, at the meeting in London referred to above, the Sellers shall provide the Buyers with the following delivery documents: 
  

	 	(i)	Legal Bill(s) of Sale in a form recordable in the Buyers’ Nominated Flag State, transferring title of the Vessel and stating that the Vessel is free from, all mortgages, encumbrances and maritime liens or any other
debts whatsoever, duly notarially attested and legalised or apostilled, as required by the Buyers’ Nominated Flag State. 

  

	 	(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)	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 and legalised or apostilled (as appropriate).

  

	 	(iv)	Certificate or Transcript of Registry issued by the MI Registry on the date of delivery evidencing the Sellers’ ownership of the Vessel and that the Vessel is free from registered encumbrances and mortgages,
to be faxed or e-mailed by such authority to the closing meeting in London with the original to be sent to the Buyers as soon as possible after delivery of the Vessel. The Buyers acknowledge and agree that the Sellers’ receipt of the
Purchase Price and the other sums payable to them under this Agreement shall be a condition precedent to the Sellers’ obligation to procure the discharge and deletion of the Mortgage and the issuance of the Certificate or Transcript of Registry
referred to in the preceding sentence. 

  

					
	1429219 46806105.2	 	6	 	“PRINCIMAR COURAGE” - MOA

	 	(v)	Declaration of Class or (depending on the Classification Society) a Class Maintenance Certificate issued within three (3) Banking Days prior to delivery confirming that the Vessel is in Class free of
condition/recommendation. 

  

	 	(vi)	Certificate of Deletion of the Vessel from the MI Registry or other official evidence of deletion appropriate to the MI Registry at the time of delivery, or, in the event that the MI Registry does not as a matter of
practice issue such documentation immediately, a written undertaking by the Sellers to effect deletion from the MI Registry forthwith and provide a certificate or other official evidence of deletion to the Buyers promptly and latest within four
(4) weeks after the Purchase Price has been paid and the Vessel has been delivered. 

  

	 	(vii)	A copy of the Vessel’s Continuous Synopsis Record certifying the date on which the Vessel ceased to be registered with the MI Registry, or, in the event that the registry does not as a matter of practice issue such
certificate immediately, a written undertaking from the Sellers to provide the copy of this certificate promptly upon it being issued together with evidence of submission by the Sellers of a duly executed Form 2 stating the date on which the Vessel
shall cease to be registered with the MI Registry. 

  

	 	(viii)	Commercial Invoice for the Vessel. 

  

	 	(ix)	Commercial Invoice(s) for bunkers, lubricating and hydraulic oils and greases. 

  

	 	(x)	A copy of the Sellers’ letter to their satellite communication provider cancelling the Vessel’s communications contract which is to be sent immediately after delivery of the Vessel. 

 

	 	(xi)	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. 

  

	 	(xii)	The Sellers’ letter of confirmation that to the best of their knowledge, the Vessel is not black listed by any nation or international organisation. 

(b) At the time of delivery the Buyers shall provide the Sellers with: 

 

	 	(i)	Evidence that all necessary corporate, shareholder and other action has been taken by the Buyers to authorise the execution, delivery and performance of this Agreement; 

 

	 	(ii)	Power of Attorney of the Buyers appointing one or more representatives to act on behalf of the Buyers in the performance of this Agreement, duly notarially attested and legalised or apostilled (as appropriate);
and 

  

	 	(iii)	Evidence of the transfer to Sellers’ Brokerage Account of the Stock Consideration. 

 (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 readiness for 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 at the second closing meeting referred to above, the Sellers shall also hand to the Buyers the classification certificate(s) as well as all plans, drawings and manuals, (excluding ISM/ISPS manuals), which are on board the Vessel.
Other certificates which are on board the Vessel shall also be handed over to the Buyers unless the Sellers are required to retain same, in which case the Buyers have the right to take copies. 

  

					
	1429219 46806105.2	 	7	 	“PRINCIMAR COURAGE” - MOA

 (f) Other technical documentation which may be in the Sellers’ possession shall
promptly after delivery be forwarded to the Buyers at their expense, if they so request. The Sellers may keep the Vessel’s log books but the Buyers have the right to take copies of same. 

(g) The Parties shall sign and deliver to each other a Protocol of Delivery and Acceptance (in the form set out at Schedule 2)
confirming the date and time of delivery of the Vessel from the Sellers to the Buyers. 
 (h) At the time of delivery the Buyers and
the Sellers shall sign and deliver to the Deposit Holder joint written instructions for the release of the Deposit. 
  

	9.	Encumbrances 

 The Sellers warrant that the Vessel, at the time of delivery, is free from
all charters, contractual obligations to any third parties (including but not limited to management agreements), encumbrances, mortgages and maritime liens or any other debts whatsoever, and is not subject to Port State or other administrative
detentions. The Sellers hereby undertake to indemnify the Buyers against all consequences of claims made against the Vessel which have been incurred prior to the time of delivery. 

 

	10.	Taxes, fees and expenses 

 Any taxes, fees and expenses in connection with the purchase
and registration in the Buyers’ Nominated Flag State shall be for the Buyers’ account, whereas similar charges in connection with the closing of the Sellers’ register for the Vessel with the MI Registry shall be for the Sellers’
account. 
  

	11.	Condition on delivery 

 The Vessel with everything belonging to her shall be at the
Sellers’ risk and expense until she is delivered to the Buyers, but subject to the express terms and conditions of this Agreement she shall be delivered and taken over as she was at the time of the Inspection, fair wear and tear excepted.
However, the Vessel shall be delivered free of cargo and free of stowaways with her Class maintained without condition/recommendation*, free of average damage affecting the Vessel’s class, and with her classification certificates and national
certificates, as well as all other certificates the Vessel had at the time of inspection, valid and unextended without condition/recommendation* by the Classification Society or the relevant authorities at the time of delivery for a period of at
least six months after the time of delivery unless the next class special survey is scheduled to take place within six months after the date of this Agreement, in which case the Sellers may deliver the Vessel with certificates valid until the
Special Survey date. 
 “inspection” in this Clause 11, shall mean the Buyers’ inspection
according to Clause 4(a) or 4(b) (Inspections), if applicable. If the Vessel is taken over without inspection, the date of this Agreement shall be the relevant date. 

*Notes and memoranda, if any, in the surveyor’s report which are accepted by the Classification Society without
condition/recommendation are not to be taken into account. 
  

	12.	Name/markings 

 As soon as practicable following delivery the Buyers undertake to change
the name of the Vessel and alter funnel markings. 
  

	13.	Buyers’ default 

  

	 	(a)	Should the Deposit not be lodged in accordance with Clause 2 (Deposit), the Sellers have the right to cancel this Agreement, in which case they shall be entitled to claim an amount equivalent to the
Deposit as agreed liquidated damages in full and final compensation for all of their losses and expenses whatsoever. 

  

	 	(b)	Should the Purchase Price not be paid in accordance with Clause 3 (Payment), the Sellers have the right to cancel this Agreement, in which case the Deposit together with interest earned, if any, shall be
released to the Sellers as agreed liquidated damages in full and final compensation for all of their losses and expenses whatsoever. 

  

					
	1429219 46806105.2	 	8	 	“PRINCIMAR COURAGE” - MOA

	14.	Sellers’ default 

 (a) Should the Sellers fail to give Notice of
Readiness in accordance with Clause 5(b) or fail to be ready to validly complete a legal transfer of the Vessel by the Cancelling Date the Buyers shall have the option of cancelling this Agreement, provided always that the Sellers shall be
granted a maximum of three (3) Banking Days after Notice of Readiness has been given to make arrangements for the documentation referred to in Clause 8. If after Notice of Readiness has been given but before the Buyers have taken delivery, the
Vessel ceases to be physically ready for delivery and is not made physically ready again by the Cancelling Date and new Notice of Readiness given, the Buyers shall retain their option to cancel. In the event that the Buyers elect to cancel this
Agreement, the Deposit together with interest earned, if any, shall be released to them immediately. 
 (b) Should the Sellers fail to
give Notice of Readiness by the Cancelling Date or fail to be ready to validly complete a legal transfer of the Vessel, as aforesaid they shall make due compensation to the Buyers for their loss and for all expenses together with interest if
their failure is due to proven negligence whether or not the Buyers cancel this Agreement provided always that the maximum aggregate liability of the Sellers to the Buyers under or in connection with this Agreement shall in no circumstances
whatsoever exceed an amount equivalent to the Deposit. 
  

	15.	Buyers’ representatives 

 After this Agreement has been signed by the Parties and
the Deposit has been lodged, the Buyers have the right to place two (2) representatives on board the Vessel at their sole risk and expense. 

These representatives are on board for the purpose of familiarisation and in the capacity of observers only, and they shall not interfere in
any respect with the operation of the Vessel. The Buyers and the Buyers’ representatives shall sign the Sellers’ P&I Club’s standard letter of indemnity prior to their embarkation. 

 

	16.	Law and Arbitration 

 (a) *This Agreement shall be governed by and construed in
accordance with English law and any dispute arising out of or in connection with this Agreement shall be referred to arbitration in London in accordance with the Arbitration Act 1996 or any statutory modification or re-enactment thereof save to the
extent necessary to give effect to the provisions of this Clause. 
 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 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 Parties as if the sole arbitrator had been appointed by agreement. 

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. 

  

					
	1429219 46806105.2	 	9	 	“PRINCIMAR COURAGE” - MOA

 (b) *This Agreement shall be governed by and construed in
accordance with Title 9 of the United States Code and the substantive law (not including the choice of law rules) of the State of New York and any dispute arising out of or in connection with this Agreement shall be referred to three
(3) 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, judgment 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$100,000 the arbitration shall be conducted in accordance
with the Shortened Arbitration Procedure of the Society of Maritime Arbitrators, Inc. 
 (c) This Agreement shall be
governed by and construed in accordance with the laws of (state place) and any dispute arising out of or in connection with this Agreement shall be referred to arbitration at (state place), subject to the procedures applicable
there. 
 *16(a), 16(b) and 16(c) are alternatives; delete whichever is not applicable. In the absence of deletions, alternative
16(a) shall apply. 
  

	17.	Notices 

 All notices and other communications to be provided under this
Agreement shall be in writing. 
 Contact details for recipients of notices and other communications are as follows: 

For the Buyers: Kevin Mackay, kevin.mackay@teekay.com; Niranjan Dhurandhar, Niranjan.dhurandhar@teekay.com; and Moyra Crawford,
Moyra.crawford@teekay.com; 
 For the Sellers: PMMmgmt@principalmaritime.com and paul.a.turner@clydeco.com 

 

	18.	Entire Agreement See Clause 21. 

 The written terms of this Agreement comprise
the entire agreement between the Buyers and the Sellers in relation to the sale and purchase of the Vessel and supersede all previous agreements whether oral or written between the Parties in relation thereto. 

Each of the Parties acknowledges that in entering into this Agreement it has not relied on and shall have no right or remedy in respect
of any statement, representation, assurance or warranty (whether or not made negligently) other than as is expressly set out in this Agreement. 

Any terms implied into this Agreement by any applicable statute or law are hereby excluded to the extent that such exclusion can
legally be made. Nothing in this Clause shall limit or exclude any liability for fraud. 
 Attachments 

Additional Clauses 19 – 26 to this Agreement. 

Schedules to this Agreement 

Schedule 1 – Description of Excluded Items 

Schedule 2 – Form of Protocol of Delivery and Acceptance 

  

					
	1429219 46806105.2	 	10	 	“PRINCIMAR COURAGE” - MOA

 Additional Clauses to the Memorandum of Agreement for “PRINCIMAR COURAGE” 

 

	19	Exclusion of consequential and other losses 

 Notwithstanding any other provision of this
Agreement, neither Party shall be liable under or in connection with this Agreement for any form of consequential, exemplary, incidental, indirect or special losses or damages of any nature whatsoever, however caused and whenever arising, and
whether caused or arising out of or in connection with the performance or any non-performance of this Agreement. 
  

	20	Confidentiality 

 (a) Subject to sub-clauses (c) and (d) of this Clause, the
Sellers shall treat as confidential, and shall use all efforts to ensure that Sellers’ Parties (as defined in Clause 23), treat as confidential, the existence and provisions of this Agreement and the transactions and business activities
contemplated by this Agreement. 
 (b) Subject to sub-clauses (c) and (d) of this Clause, the Buyers shall treat as confidential,
and shall use all efforts to ensure that Buyers’ Parties (as defined in Clause 23), treat as confidential, the existence and provisions of this Agreement and the transactions and business activities contemplated by this Agreement. 

(c) Each Party may, with the prior written consent of the other, disclose to any third party information relating to the matters referred to in
sub-clauses (a) and (b) of this Clause. 
 (d) Each Party shall be entitled to disclose any information to their shareholders,
financiers, auditors and/or legal advisers on a need to know basis, or to such extent as may from time to time be required by law or the rules or regulations of any applicable stock exchange or similar body. 

 

	21	Entire Agreement and Exclusions 

 (a) The written terms and conditions of this Agreement
comprise the entire agreement between the Buyers and the Sellers in relation to the sale and purchase of the Vessel and the Included Items, and they supersede all previous agreements whether oral or written between the Parties in relation to the
subject matter of this Agreement. 
 (b) Each Party acknowledges that in entering into this Agreement, it has not relied on, shall have no
right or remedy of any nature whatsoever and forever waives any such right or remedy, in respect of any assurance, condition, covenant, promise, representation, statement, term or warranty (whether or not made in writing, and whether or not made
negligently) of any kind whatsoever other than as is expressly set out in this Agreement or in the Bill of Sale. 
 (c) Any assurance,
condition, covenant, promise, representation, statement, term or warranty capable of being implied into this Agreement by any custom, statute or law is hereby excluded to the fullest extent that such exclusion can legally be made. 

(d) Nothing in the foregoing provisions of this Clause shall exclude, limit or restrict any liability for fraud, or death or personal injury
resulting from negligence. 

	22	General 

 (a) This Agreement may be executed in counterparts, each of which shall be
deemed an original, but all counterparts together shall be deemed one and the same instrument. This Agreement will be treated as having been entered into by the Parties at the time and on the date when both Parties have signed a counterpart of this
Agreement and exchanged the same between them by email or in original. Thereafter, for record purposes only two original counterparts of this Agreement shall be prepared and circulated by the Sellers and then signed by each Party after which one
signed original shall be delivered to each Party. 
 (b) No amendment, modification, supplement or variation of or to this Agreement will be
valid unless it is made in writing and signed by a duly authorised representative of each Party. 
 (c) No failure or delay on the part of a
Party in exercising any right, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege hereunder preclude any other or further exercise thereof or the
exercise of any other right, power or privilege under this Agreement. 
 (d) If any provision of this Agreement is held to be illegal or
invalid such illegality or invalidity will not affect the other provisions of this Agreement which will remain in full force and effect. 

(e) The Sellers represent and warrant to the Buyers that they have full power and authority to enter into and perform in accordance with this
Agreement. 
 (f) The Buyers represent and warrant to the Sellers that they have full power and authority to enter into and perform in
accordance with this Agreement. 
  

	23	Releases 

 (a) The Sellers, on behalf of themselves and each of the Sellers’
Parties, hereby irrevocably and unconditionally acquit, exonerate, release, waive and forever discharge each of the Buyers’ Parties of, from and against any and all past, present or future actions, causes of action, claims, liabilities and
obligations of any nature whatsoever to or for which any of the Buyer Parties might otherwise be subject or liable. In this Agreement, the “Sellers’ Parties” means each and all of the Sellers’ predecessors,
predecessors-in-interest, successors, successors-in-interest, affiliates, parents, subsidiaries, past or present members, managers, partners, shareholders, officers, directors, employees, attorneys, representatives and agents, and each and all of
their respective past or present members, managers, partners, shareholders, officers, directors, employees, attorneys, representatives and agents. 

(b) The Buyers, on behalf of themselves and each of the Buyers’ Parties, hereby irrevocably and unconditionally acquit, exonerate,
release, waive and forever discharge each of the Sellers’ Parties of, from and against any and all past, present or future actions, causes of action, claims, liabilities and obligations of any nature whatsoever to or for which any of the
Sellers’ Parties might otherwise be subject or liable. In this Agreement, the “Buyers’ Parties” means each and all of the Buyers’ predecessors, predecessors-in-interest, successors, successors-in-interest, affiliates,
parents, subsidiaries, past or present members, managers, partners, shareholders, officers, directors, employees, attorneys, representatives and agents, and each and all of their respective past or present members, managers, partners, shareholders,
officers, directors, employees, attorneys, representatives and agents. 

	24	Business Principles 

 Each of the Parties hereto represents, warrants and covenants to
the other Party that in relation to the performance of this Agreement and in respect of any business activities contemplated by this Agreement: 

(i) neither it or its affiliates nor any of their respective shareholder, directors or employees has engaged or will engage in any activity,
practice or conduct which would constitute an offence under the U.S. Foreign Corrupt Practices Act of 1977 and the United Kingdom Bribery Act 2010 (each as amended at any time) or would constitute such an offence if the same had occurred in the
United States of America or the United Kingdom, respectively; 
 (ii) no shareholder, director or employee of it or its affiliates has made
any payment or given anything of value to any official of any government or public international organization (including any director, officer or employee of any government department, agency or instrumentality) to influence the official’s or
organization’s decision, or to gain any other advantage for such Party or its affiliates, or has made any facilitation payment to any person with a view to gaining the same advantage in the private sector; 

(iii) it has and will maintain through to completion of the business activities contemplated by this Agreement a system of policies and
procedures reasonably designed to address corruption risk; and 
 (iv) it has and will maintain through to completion of the business
activities contemplated by this Agreement accurate books and financial records in relation to the Vessel and the transactions under this Agreement. 
  

	25	Related Vessel Sales 

 Related companies of the Buyers (each a “Related
Buyer”) are simultaneously entering into separate agreements to buy a further eleven vessels (each, a “Related Vessel”) owned by companies related to the Sellers (each, a “Related Seller”). The Sellers will
not tender Notice of Readiness for the Vessel within less than three (3) days of a Related Seller tendering notice of readiness for a Related Vessel to a Related Buyer. 
  

	26	Sanctions 

 The Sellers warrant that they have an active sanctions policy in place and
that Vessel has not traded to any area which is the subject of, or in contravention of, any restrictions under sanctions, laws or regulations of the United States of America (US), United Nations (UN) or European Union (EU). Sellers further warrant
that none of the individuals named on the lists issued by the US/UN and/or EU are connected to any transaction relating to cargo carried by the Vessel. 

[Signatures Page follows] 

	
	Signatures Page
	
	Signed for and on behalf of the Sellers
	
	  

	Name: Arthur L. Regan
	Title: President, Chief Executive Officer
	
	Signed for and on behalf of the Buyers
	
	  

	Name:
	Title:

 Schedule 1 

Excluded Items 
 LIFERAFTS 

GAS BOTTLES (O2, ACETELYNE, FREON) 

 Schedule 2 

Form of Protocol of Delivery and Acceptance 

Reference is made to the Memorandum of Agreement dated     August 2015 (as amended or supplemented at any time, the “MOA”)
and made between Courage Holdings, LLC as sellers (the “Sellers”) and Rip Spirit L.L.C. as buyers (the “Buyers”) of the vessel known as “PRINCIMAR COURAGE“ with IMO No. 9419565 (the
“Vessel”). 
 The Sellers and the Buyers hereby confirm that the Vessel was delivered by the Sellers and accepted by the Buyers under the
MOA at [•] hours local time / [•] GMT on [insert date] 2015, at [location]. 
  

	
	For and on behalf of
	Sellers
	
	  

	Name:
	Title:
	
	For and on behalf of
	Buyers
	
	  

	Name:
	Title:

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