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<SEC-DOCUMENT>0000950123-10-006219.txt : 20100128
<SEC-HEADER>0000950123-10-006219.hdr.sgml : 20100128
<ACCEPTANCE-DATETIME>20100128172708
ACCESSION NUMBER:		0000950123-10-006219
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20100127
FILED AS OF DATE:		20100128
DATE AS OF CHANGE:		20100128

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TEEKAY CORP
		CENTRAL INDEX KEY:			0000911971
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12874
		FILM NUMBER:		10555045

	BUSINESS ADDRESS:	
		STREET 1:		4TH FLOOR, BELVEDERE BUILDING
		STREET 2:		69 PITTS BAY ROAD
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM 08
		BUSINESS PHONE:		604-683-3529

	MAIL ADDRESS:	
		STREET 1:		SUITE 2000,  BENTALL 5
		STREET 2:		550 BURRARD STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 2K2

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TEEKAY SHIPPING CORP
		DATE OF NAME CHANGE:	19950609

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VIKING STAR SHIPPING INC
		DATE OF NAME CHANGE:	19930914
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>o59122e6vk.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e6vk</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 6-K</B>
</DIV>


<DIV align="center" style="font-size: 11pt; margin-top: 15pt"><B>Report of Foreign Private Issuer</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>Pursuant to Rule&nbsp;13a-16 or 15d-16 of<BR>
the Securities Exchange Act of 1934</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>
Date of Report:&nbsp; January&nbsp;28, 2010</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
Commission file number 1-12874
</DIV>


<DIV align="center" style="font-size: 24pt; margin-top: 15pt"><B>TEEKAY CORPORATION</B>
</DIV>

<DIV align="center" style="font-size: 10pt">
(Exact name of Registrant as specified in its charter)</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">
4th Floor<BR>

Belvedere Building<BR>

69 Pitts Bay Road<BR>

Hamilton, HM08 Bermuda<BR>

(Address of principal executive office)</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether the registrant files or will file annual reports under cover
Form 20-F or Form 40-F.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
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<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="right" valign="top">Form&nbsp;20-F&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#254;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form&nbsp;40-F&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation&nbsp;S-T Rule&nbsp;101(b)(1).
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="right" valign="top">Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#254;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation&nbsp;S-T Rule&nbsp;101(b)(7).
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="right" valign="top">Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#254;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 4pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;1 &#151; Information Contained in this Form&nbsp;6-K Report</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On January&nbsp;27, 2010, the Indenture dated as of June&nbsp;22, 2001, and governing the terms of the
Company&#146;s outstanding 8.875% Senior Notes due July&nbsp;15, 2011 (the &#147;Notes&#148;), as amended by the First
Supplemental Indenture dated as of December&nbsp;6, 2001, each between the Company and The Bank of New
York Mellon Trust Company, N.A., as successor trustee (the &#147;Trustee&#148;), was further amended by the
Second Supplemental Indenture, between the Company and the Trustee. The Second Supplemental
Indenture amended the Indenture by eliminating or making less restrictive certain restrictive
covenants, eliminating certain events of default, eliminating certain covenants relating to the
merger and consolidation of the Company and amending certain related provisions of the Indenture
governing the Notes. Sections of the Indenture amended by the Second Supplemental Indenture
include the following:
</DIV>

<DIV style="margin-top: 8pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Section&nbsp;5.01 Events of Default.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Section&nbsp;8.01 The Company May Consolidate, Etc. Only on Certain Terms.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Section&nbsp;10.04 Corporate Existence.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Section&nbsp;10.05 Maintenance of Properties.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Section&nbsp;10.06 Payment of Taxes and Other Claims.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Section&nbsp;10.07 Maintenance of Insurance.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Section&nbsp;10.08 Limitation on Liens.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The amendments do not relieve the Company from its obligation to make scheduled payments of
principal and interest on the remaining outstanding Notes in accordance with the terms of the
Indenture. A copy of the Second Supplemental Indenture is attached to this Report on Form 6-K.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 24pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="47%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><BR>TEEKAY CORPORATION<BR><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Date:&nbsp; January 28, 2010&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/&nbsp;&nbsp;Vincent Lok&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Vincent Lok&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Executive Vice President and Chief Financial Officer<BR>
(Principal Financial and Accounting Officer)&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;<BR>&nbsp;</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->-2-<!-- /Folio -->
</DIV>






</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>2
<FILENAME>o59122exv1.htm
<DESCRIPTION>EXHIBIT I
<TEXT>
<HTML>
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<TITLE>exv1</TITLE>
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<DIV align="right" style="font-size: 10pt; margin-top: 18pt">EXHIBIT I
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SECOND SUPPLEMENTAL INDENTURE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS SECOND SUPPLEMENTAL INDENTURE (&#147;<B>Second Supplemental Indenture</B>&#148;) is made this 27th day of
January, 2010, among TEEKAY CORPORATION, a Marshall Islands corporation (the &#147;<B>Company</B>&#148;), and THE
BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as successor trustee (the &#147;<B>Trustee</B>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Company has issued its 8.875% Senior Notes due July&nbsp;15, 2011 in the original
aggregate principal amount of $350,000,000 (herein the &#147;<B>Notes</B>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Notes were issued under the Indenture dated as of June&nbsp;22, 2001 and the First
Supplemental Indenture dated as of December&nbsp;6, 2001, each between the Company and the Trustee
(together, the &#147;<B>Indenture</B>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, pursuant to its offer to purchase and consent solicitation statement dated January
11, 2010, (the &#147;<B>Offer to Purchase</B>&#148;) the Company commenced a Tender Offer for any and all of the
outstanding Notes (the &#147;<B>Tender Offer</B>&#148;) and solicited the consents of the holders of the Notes to
the Proposed Amendments (as defined in the Offer to Purchase and as set forth below) (the &#147;<B>Consent
Solicitation</B>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the approval of the holders of at least a majority in aggregate outstanding principal
amount of the Notes (not including any Notes owned by the Company, or by any Person directly or
indirectly controlling or controlled by or under direct or indirect common control with the
Company) is sufficient to amend the terms of the Indenture as set forth herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, having received the approval of the holders of at least a majority in aggregate
outstanding principal amount of the Notes (not including any Notes owned by the Company, or by any
Person directly or indirectly controlling or controlled by or under direct or indirect common
control with the Company) pursuant to Section&nbsp;9.02 of the Indenture, the Company and the Trustee
desire to amend the Indenture, as provided hereinafter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, all things necessary to make this Second Supplemental Indenture the legal, valid and
binding obligation of the Company, upon its execution hereof, have been done.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, in consideration of the premises and of the mutual covenants and agreements
contained in this Second Supplemental Indenture, the parties agree as follows for the benefit of
each other and for the equal and ratable benefit of the Holders of the Notes:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment of Section&nbsp;5.01</U>.&nbsp;&nbsp;Section&nbsp;5.01 (<I>Events of Default</I>) is hereby amended as
follows: Each of Section&nbsp;5.01(a)(4), (5), (6)&nbsp;and (8)&nbsp;are hereby deleted and replaced with
&#147;Intentionally Omitted.&#148; All references in the Indenture to such subsections shall also be deleted
in their entirety.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment of Section&nbsp;8.02</U>.&nbsp;&nbsp;Section&nbsp;8.02 (<I>Successor Substituted</I>) is hereby amended
as follows: The following sentence is hereby added to Section&nbsp;8.02:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 9pt; margin-left: 2%">&#147;In the event the Company, in a single transaction or a series of related transactions, (i)
consolidates or merges with or into any other Person or permits any other Person to
consolidate or merge with or into the Company; or (ii)&nbsp;directly or indirectly transfers,
sells, leases or otherwise disposes of all or substantially all of its assets, the Company
or any successor entity, as applicable, shall expressly assume, by a supplemental indenture
executed and delivered to the Trustee in form satisfactory to the Trustee, all of the
Company&#146;s obligations under the Indenture in favor of the Trustee.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Deletion of Certain Provisions</U>.&nbsp;&nbsp;Each of Sections&nbsp;8.01 (<I>The Company May
Consolidate, Etc. Only Certain Terms</I>), 10.04 (<I>Corporate Existence</I>), 10.05 (<I>Maintenance of
Properties</I>), 10.06 (<I>Payment of Taxes and Other Claims</I>), 10.07 (<I>Maintenance of Insurance</I>) and
Section&nbsp;10.08 (<I>Limitation on Liens</I>), of the Indenture is hereby deleted in its entirety and
replaced with &#147;Intentionally Omitted.&#148; All references in the Indenture to such sections shall also
be deleted in their entirety.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Deletion of Certain Definitions</U>.&nbsp;&nbsp;All definitions set forth in Section&nbsp;1.01 of the
Indenture that relate to defined terms used solely in sections or subsections deleted by this
Supplemental Indenture are hereby deleted in their entirety.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Amendment of the Notes</U>.&nbsp;&nbsp;Any corresponding provisions reflected in the Notes shall
also be deemed amended in conformity herewith.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Effectiveness of Amendments</U>.&nbsp;&nbsp;This Second Supplemental Indenture shall be effective
upon execution hereof by the Company and the Trustee; <I>provided, however</I>, that the amendments to the
Indenture set forth in Sections&nbsp;1 through 4 of this Second Supplemental Indenture shall not become
operative until the first Payment Date (as defined in the Offer to Purchase). If the Tender Offer
is terminated, withdrawn or otherwise not consummated prior to acceptance of the Notes, this Second
Supplemental Indenture shall automatically become null and void <I>ab initio</I>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Terms Defined in the Indenture</U>.&nbsp;&nbsp;All capitalized terms used in this Second
Supplemental Indenture and not defined herein shall have the meanings assigned to them in the
Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Interpretation; Severability; Headings</U>.&nbsp;&nbsp;Upon the execution and delivery of this
Second Supplemental Indenture, the Indenture shall be modified and amended in accordance with this
Second Supplemental Indenture, and all the terms and conditions of both shall be read together as
though they constitute one instrument, except that, in case of conflict, the provisions of this
Second Supplemental Indenture will control. The Indenture, as modified and amended by this Second
Supplemental Indenture, is hereby ratified and confirmed in all respects and shall bind every
Holder of Notes. In case of conflict between the terms and conditions contained in the Notes and
those contained in the Indenture, as modified and amended by this Second Supplemental Indenture,
the provisions of the Indenture, as modified by this Second Supplemental Indenture, shall control.
In case any provision in this Second Supplemental Indenture shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby. The Section headings in this Second Supplemental
Indenture have been inserted for convenience of reference only, are not to be considered a part
hereof and shall in no way modify or restrict any of the terms or provisions hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Conflicts with Trust Indenture Act</U>.&nbsp;&nbsp;If any provision of this Second Supplemental
Indenture limits, qualifies or conflicts with any provision of the Trust Indenture Act that is
required under the Trust Indenture Act to be part of and govern any provision of this Second
Supplemental Indenture, the provision of the Trust Indenture Act shall control. If any provision
of this Second Supplemental Indenture modifies or excludes any provision of the Trust Indenture Act
that may be so modified or excluded, the provision of the Trust Indenture Act shall be deemed to
apply to the Indenture as so modified or to be excluded by this Second Supplemental Indenture, as
the case may be.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Successor; Benefits of Second Supplemental Indenture, etc.</U>&nbsp;&nbsp;All agreements of the
Company in this Second Supplemental Indenture shall bind its successors. Nothing in this Second
Supplemental Indenture or the Notes, express or implied, shall give to any Person, other than the
parties hereto and thereto and their successors hereunder and thereunder and the Holders of Notes,
any benefit of any legal or equitable right, remedy or claim under the Indenture, this Second
Supplemental Indenture or the Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Certain Duties and Responsibilities of the Trustee; Trustee Not Responsible for
Recitals</U>.&nbsp;&nbsp;In entering into this Second Supplemental Indenture, the Trustee shall be entitled
to the benefit of every provision of the Indenture relating to the conduct or affecting the
liability or affording protection to the Trustee, whether or not elsewhere herein so provided. The
Trustee shall not be responsible in any manner whatsoever for or in respect of the recitals
contained herein, all of which recitals are made solely by the Company. The Trustee makes no
representations as to the validity or sufficiency of this Second Supplemental Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing Law</U>.&nbsp;&nbsp;This Second Supplemental Indenture shall be deemed to be a
contract made under the laws of the State of New York, and for all purposes shall be construed in
accordance with the laws of said State.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Execution in Counterparts</U>.&nbsp;&nbsp;This Second Supplemental Indenture may be executed in
any number of counterparts, each of which shall be an original, but such counterparts shall
together constitute but one and the same instrument.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 48pt"><I>&#091;Signature Page Follows&#093;</I><BR>&nbsp;<BR>&nbsp;<BR>&nbsp;
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, this Second Supplemental Indenture has been executed by a duly authorized
officer of the Company and the Trustee.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 21pt">Dated as of January&nbsp;27, 2010.</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><BR>TEEKAY CORPORATION<BR><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/&nbsp;&nbsp;Bjorn Moller
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Bjorn Moller&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">President and Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;<BR>&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><BR>THE BANK OF NEW YORK MELLON TRUST<BR>
COMPANY, N.A.<BR><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ James J. Kelly&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">James J. Kelly&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Assistant Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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