<SEC-DOCUMENT>0001140361-19-018067.txt : 20191007
<SEC-HEADER>0001140361-19-018067.hdr.sgml : 20191007
<ACCEPTANCE-DATETIME>20191007172725
ACCESSION NUMBER:		0001140361-19-018067
CONFORMED SUBMISSION TYPE:	F-3
PUBLIC DOCUMENT COUNT:		7
FILED AS OF DATE:		20191007
DATE AS OF CHANGE:		20191007

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Star Bulk Carriers Corp.
		CENTRAL INDEX KEY:			0001386716
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			1T
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-234125
		FILM NUMBER:		191141489

	BUSINESS ADDRESS:	
		STREET 1:		C/O STAR BULK MANAGEMENT INC.
		STREET 2:		40 AGIOU KONSTANTINOU STR, MAROUSSI
		CITY:			ATHENS
		STATE:			J3
		ZIP:			15124
		BUSINESS PHONE:		011-30-210-617-8400

	MAIL ADDRESS:	
		STREET 1:		C/O STAR BULK MANAGEMENT INC.
		STREET 2:		40 AGIOU KONSTANTINOU STR, MAROUSSI
		CITY:			ATHENS
		STATE:			J3
		ZIP:			15124
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-3
<SEQUENCE>1
<FILENAME>formf3.htm
<DESCRIPTION>F-3
<TEXT>
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    <div style="text-align: center; font-weight: bold;">As filed with the Securities and Exchange Commission on October 7, 2019</div>
    <div style="text-align: right; font-weight: bold;">Registration No. 333-</div>
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      <div style="text-align: center; font-weight: bold; font-size: 14pt;">UNITED STATES</div>
      <font style="font-size: 14pt;"> </font>
      <div style="text-align: center; font-weight: bold; font-size: 14pt;">SECURITIES AND EXCHANGE COMMISSION</div>
      <div style="text-align: center; font-weight: bold; font-size: 12pt;">Washington, D.C. 20549</div>
      <div style="text-align: center; font-weight: bold;"> <br>
      </div>
      <div style="font-weight: bold;">
        <hr noshade="noshade" align="center" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; width: 20%; color: #000000; text-align: center;"> </div>
      <div style="text-align: center; font-weight: bold;"> <br>
      </div>
      <div style="text-align: center; font-weight: bold; font-size: 18pt;">FORM F-3</div>
      <div style="text-align: center; font-weight: bold;">REGISTRATION STATEMENT</div>
      <div style="text-align: center; font-style: italic; font-weight: bold;">UNDER</div>
      <div style="text-align: center; font-style: italic; font-weight: bold;">THE SECURITIES ACT OF 1933</div>
      <div>
        <div style="text-align: center; font-weight: bold;"> <br>
        </div>
        <div style="font-weight: bold;">
          <hr noshade="noshade" align="center" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; width: 20%; color: #000000; text-align: center;"> </div>
      </div>
      <br>
      <div style="text-align: center; font-weight: bold; font-size: 24pt;">STAR BULK CARRIERS CORP.</div>
      <div style="text-align: center; font-weight: bold;">(Exact name of Registrant as specified in its charter)</div>
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          <div style="text-align: center; font-weight: bold;"> <br>
          </div>
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            <hr noshade="noshade" align="center" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; width: 20%; color: #000000; text-align: center;"> </div>
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        <br>
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              <div style="text-align: center; font-weight: bold;">Republic of The Marshall Islands</div>
              <div style="text-align: center; font-weight: bold;">(State or other jurisdiction of</div>
              <div style="text-align: center; font-weight: bold;">incorporation or organization)</div>
            </td>
            <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 49%; vertical-align: top;">
              <div style="text-align: center; font-weight: bold;">N/A</div>
              <div style="text-align: center; font-weight: bold;">(I.R.S. Employer</div>
              <div style="text-align: center; font-weight: bold;">Identification No.)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 49%; vertical-align: top;">&#160;</td>
            <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 49%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 49%; vertical-align: top;">
              <div style="text-align: center; font-weight: bold;">Star Bulk Carriers Corp.</div>
              <div style="text-align: center; font-weight: bold;">c/o Star Bulk Management Inc.</div>
              <div style="text-align: center; font-weight: bold;">40 Agiou Konstantinou Str. Maroussi 15124,</div>
              <div style="text-align: center; font-weight: bold;">Athens, Greece</div>
              <div style="text-align: center; font-weight: bold;">011-30-210-617-8400 (telephone number)</div>
              <div style="text-align: center; font-weight: bold;">(Address and telephone number of</div>
              <div style="text-align: center; font-weight: bold;">Registrant&#8217;s principal executive offices)</div>
            </td>
            <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 49%; vertical-align: top;">
              <div style="text-align: center; font-weight: bold;">Star Bulk Carriers Corp.</div>
              <div style="text-align: center; font-weight: bold;">c/o Star Bulk (USA) LLC</div>
              <div style="text-align: center; font-weight: bold;">Attention: Hamish Norton</div>
              <div style="text-align: center; font-weight: bold;">358 5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Ave., Suite 1207, New York, NY 10001</div>
              <div style="text-align: center; font-weight: bold;">(646) 559-1140 (telephone number)</div>
              <div style="text-align: center; font-weight: bold;">(Name, address and telephone</div>
              <div style="text-align: center; font-weight: bold;">number of agent for service)</div>
            </td>
          </tr>

      </table>
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        <div style="text-align: center; font-weight: bold;"> <br>
        </div>
        <div style="font-weight: bold;">
          <hr noshade="noshade" align="center" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; width: 20%; color: #000000; text-align: center;"> </div>
        <div style="text-align: center; font-weight: bold;">&#160;</div>
      </div>
      <div style="text-align: center; font-style: italic; font-weight: bold;">Copies to:</div>
      <table cellspacing="0" cellpadding="0" id="z05b35afc71104265a529ff07a0998253" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

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            <td style="width: 49%; vertical-align: top;">
              <div style="text-align: center; font-weight: bold;">Georgia Mastagaki</div>
              <div style="text-align: center; font-weight: bold;">Co-General Counsel</div>
              <div style="text-align: center; font-weight: bold;">Star Bulk Carriers Corp.</div>
              <div style="text-align: center; font-weight: bold;">c/o Star Bulk Management Inc.</div>
              <div style="text-align: center; font-weight: bold;">40 Agiou Konstantinou Str. Maroussi 15124,</div>
              <div style="text-align: center; font-weight: bold;">Athens, Greece</div>
              <div style="text-align: center; font-weight: bold;">011-30-210-617-8400 (telephone number)</div>
            </td>
            <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 49%; vertical-align: top;">
              <div style="text-align: center; font-weight: bold;">Lawrence G. Wee, Esq.</div>
              <div style="text-align: center; font-weight: bold;">Paul, Weiss, Rifkind, Wharton &amp; Garrison LLP</div>
              <div style="text-align: center; font-weight: bold;">1285 Avenue of the Americas</div>
              <div style="text-align: center; font-weight: bold;">New York, New York 10019-6064</div>
              <div style="text-align: center; font-weight: bold;">(212) 373-3000 (telephone number)</div>
              <div style="text-align: center; font-weight: bold;">(212) 492-0052 (facsimile number)</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-indent: 18pt;">Approximate date of commencement of proposed sale to the public: From time to time after this registration statement becomes effective as determined by market conditions and other factors.</div>
      <div style="text-indent: 18pt;"> <br>
      </div>
      <div style="text-indent: 18pt;">If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box.&#9744;</div>
      <div style="text-indent: 18pt;"> <br>
      </div>
      <div style="text-indent: 18pt;">If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. &#9746;</div>
      <div style="text-indent: 18pt;"> <br>
      </div>
      <div style="text-indent: 18pt;">If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the
        earlier effective registration statement for the same offering. &#9744;</div>
      <div style="text-indent: 18pt;"> <br>
      </div>
      <div style="text-indent: 18pt;">If this Form is a registration statement pursuant to General Instruction I.C. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule 462(e) under the
        Securities Act, check the following box. &#9744;</div>
      <div style="text-indent: 18pt;"> <br>
      </div>
      <div style="text-indent: 18pt;">If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.C. filed to register additional securities or additional classes of securities pursuant to Rule 413(b)
        under the Securities Act, check the following box. &#9744;</div>
      <div style="text-indent: 18pt;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 18pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.</div>
      <div style="text-align: justify; text-indent: 18pt;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 18pt; margin-left: 326.25pt;">Emerging growth company &#9744;</div>
      <div style="text-align: justify; text-indent: 18pt; margin-left: 326.25pt;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 18pt;">If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for
        complying with any new or revised financial accounting standards&#8224; provided pursuant to Section 7(a)(2)(B) of the Securities Act . &#9744;</div>
      <div style="text-align: justify; text-indent: 18pt;"> <br>
      </div>
      <div style="text-indent: 18pt;">&#8224; The term &#8220;new or revised financial accounting standard&#8221; refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.</div>
      <div style="text-indent: 18pt;"> <br>
      </div>
      <div style="text-indent: 18pt;">
        <div style="font-weight: bold;">
          <hr noshade="noshade" align="center" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; width: 20%; color: #000000; text-align: center;"> </div>
        <div style="text-align: center; font-weight: bold;">&#160;</div>
        <div style="text-align: center; font-weight: bold;">
          <hr align="center" style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; margin-left: auto; margin-right: auto;"> </div>
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      </div>
      <div style="text-align: center; font-weight: bold;">CALCULATION OF REGISTRATION FEE</div>
      <div style="text-align: center; font-weight: bold;"> <br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z4f1512556bad4a95b3441f14ac2e65b4">

          <tr>
            <td style="border-bottom: 2px solid; border-right: 1pt solid; border-top: 4px double #000000; vertical-align: bottom;">
              <div style="text-align: center; font-weight: bold;">Title of Each Class of Securities</div>
              <div style="text-align: center; font-weight: bold;"> to be Registered</div>
            </td>
            <td style="border-bottom: 2px solid; border-left: 1pt solid; border-top: 4px double rgb(0, 0, 0); vertical-align: bottom;" colspan="1">&#160;</td>
            <td style="border-bottom: 2px solid; border-top: 4px double #000000; vertical-align: bottom; white-space: nowrap;" colspan="2">
              <div style="text-align: center; font-weight: bold;">Amount to be</div>
              <div style="text-align: center; font-size: 8pt;"><font style="font-size: 10pt; font-weight: bold;">Registered</font><font style="font-size: 10pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></font></div>
            </td>
            <td style="border-bottom: 2px solid; border-right: 1pt solid; border-top: 4px double rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
            <td style="border-bottom: 2px solid; border-left: 1pt solid; border-top: 4px double rgb(0, 0, 0); vertical-align: bottom;" colspan="1">&#160;</td>
            <td style="border-bottom: 2px solid; border-top: 4px double #000000; vertical-align: bottom; white-space: nowrap;" colspan="2">
              <div style="text-align: center; font-weight: bold;">Proposed Maximum </div>
              <div style="text-align: center; font-weight: bold;">Aggregate Price Per Share</div>
            </td>
            <td style="border-bottom: 2px solid; border-right: 1pt solid; border-top: 4px double rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
            <td style="border-bottom: 2px solid; border-left: 1pt solid; border-top: 4px double rgb(0, 0, 0); vertical-align: bottom;" colspan="1">&#160;</td>
            <td style="border-bottom: 2px solid; border-top: 4px double #000000; vertical-align: bottom; white-space: nowrap;" colspan="2">
              <div style="text-align: center; font-weight: bold;">Proposed</div>
              <div style="text-align: center; font-weight: bold;">Maximum</div>
              <div style="text-align: center; font-weight: bold;">Aggregate</div>
              <div style="text-align: center; font-weight: bold;">Offering Price</div>
            </td>
            <td style="border-bottom: 2px solid; border-right: 1pt solid; border-top: 4px double rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
            <td style="border-bottom: 2px solid; border-left: 1pt solid; border-top: 4px double rgb(0, 0, 0); vertical-align: bottom;" colspan="1">&#160;</td>
            <td style="border-bottom: 2px solid; border-top: 4px double #000000; vertical-align: bottom; white-space: nowrap;" colspan="2">
              <div style="text-align: center; font-weight: bold;">Amount of</div>
              <div style="text-align: center; font-weight: bold;">Registration Fee</div>
            </td>
            <td style="border-top: 4px double rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 0px 0px 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-right: 1pt solid rgb(0, 0, 0);">
              <div style="font-weight: bold;">Secondary Offering</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; border-left: 1pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-right: 1pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-left: 1pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-right: 1pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-left: 1pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-right: 1pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-left: 1pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; border-right: 1pt solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">
              <div style="text-indent: -9pt; margin-left: 9pt;">Common Shares, par value $0.01, to be offered by the Selling Shareholder</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-left: 1pt solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div>1,537,110</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-right: 1pt solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-left: 1pt solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div>$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div>9.99</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-right: 1pt solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-left: 1pt solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div>$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div>15,355,728.90</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-right: 1pt solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
              <div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup>&#160;</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-left: 1pt solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div>$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div>1,993.17</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>

      </table>
      <div>
        <div><br>
        </div>
        <div>
          <hr noshade="noshade" align="left" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto 0px 0px; height: 2px; width: 20%; color: #000000;"></div>
      </div>
      <div>
        <div>
          <div> <br>
          </div>
          <table cellspacing="0" cellpadding="0" id="z4211e029778a41ecab39c6607f30ea5f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 27pt; vertical-align: top;">(1)</td>
                <td style="width: auto; vertical-align: top;">
                  <div>Pursuant to Rule 416 under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), this Registration Statement shall be deemed to cover an indeterminate number of additional securities to be offered as a result of share
                    splits, share dividends or similar transactions.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z33925e21f2d042bea9ac8f2f2288bc76" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 27pt; vertical-align: top;">(2)</td>
                <td style="width: auto; vertical-align: top;">
                  <div>Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(c) under the Securities Act based on the average of the high and low prices per share of the registrant&#8217;s common shares as reported on the
                    Nasdaq Global Select Market on October 3, 2019.</div>
                </td>
              </tr>

          </table>
          <div> <br>
          </div>
        </div>
      </div>
      <div>
        <hr noshade="noshade" align="center" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; width: 20%; color: #000000; text-align: center;"></div>
      <div style="text-indent: 36pt; font-weight: bold;">The Registrant hereby amends this document on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that
        this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting
        pursuant to said Section 8(a), may determine.</div>
      <div style="text-indent: 36pt; font-weight: bold;"> <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="font-weight: bold; color: rgb(255, 0, 0);"><font style="background-color: #FFFFFF;">The information in this prospectus is not complete and may be changed. This prospectus is not an offer to sell these securities and it is not soliciting
          an offer to buy or sell these securities in any jurisdiction where the offer or sale is not permitted. These securities may not be sold until the registration statement filed with the Securities and Exchange Commission is effective.</font></div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold; color: rgb(255, 0, 0);">Subject to completion, dated October 7, 2019</div>
      <div style="margin-left: 21.6pt; font-weight: bold;">PROSPECTUS</div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">1,537,110 Common Shares</div>
      <div style="text-align: center; font-weight: bold;">offered by the Selling Shareholder</div>
      <div><br>
      </div>
      <div style="text-align: center;"><img src="image00001.jpg"></div>
      <div><br>
      </div>
      <div>
        <hr noshade="noshade" align="center" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; width: 20%; color: #000000; text-align: center;"></div>
      <div><br>
      </div>
      <div style="text-indent: 18pt;">The selling shareholder named in this prospectus, or Delphin Holdings, LLC (the &#8220;Selling Shareholder&#8221;), may sell in one or more offerings pursuant to this registration statement up to 1,537,110 of our common shares.
        The Selling Shareholder may sell any or all of these common shares on any stock exchange, market or trading facility on which the shares are traded or in privately negotiated transactions at fixed prices that may be changed, at market prices
        prevailing at the time of sale or at negotiated prices. Information about the Selling Shareholder and the times and manners in which it may offer and sell our common shares is described under the sections entitled &#8220;Selling Shareholder&#8221; and &#8220;Plan of
        Distribution&#8221; in this prospectus. We will not receive any of the proceeds from the sale of our common shares by the Selling Shareholder.</div>
      <div style="text-indent: 18pt;"> <br>
      </div>
      <div style="text-indent: 18pt;">Our common shares are listed on the Nasdaq Global Select Market and the Oslo B&#248;rs under the symbol &#8220;SBLK.&#8221;</div>
      <div style="text-indent: 18pt;"> <br>
      </div>
      <div style="text-indent: 18pt; font-weight: bold;">An investment in these securities involves risks. See the section entitled &#8220;<u>Risk Factors</u>&#8221; beginning on page 7 of this prospectus, and other risk factors contained in any applicable prospectus
        supplement and in the documents incorporated by reference herein and therein.</div>
      <div style="text-indent: 18pt; font-weight: bold;"> <br>
      </div>
      <div style="text-indent: 18pt; font-weight: bold;">Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any
        representation to the contrary is a criminal offense.</div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">The date of this prospectus is&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; , 2019</div>
      <div style="text-align: center; font-weight: bold;"> <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <!--PROfilePageNumberReset%Num%1%%%-->
      <div style="text-align: center; font-weight: bold;"><a name="TABLEOFCONTENTS"><!--Anchor--></a>TABLE OF CONTENTS</div>
      <div style="text-align: center; font-weight: bold;"> <br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" id="z5336ceed3f394504887af21508cc1c05" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 95%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><a href="#ABOUTTHISPROSPECTUS">ABOUT THIS PROSPECTUS</a></div>
            </td>
            <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;">2</div>
            </td>
          </tr>
          <tr>
            <td style="width: 95%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
            <td style="width: 5%; vertical-align: top; text-align: right; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 95%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><a href="#ENFORCEABILITYOFCIVILLIAB">ENFORCEABILITY OF CIVIL LIABILITIES</a></div>
            </td>
            <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;">2</div>
            </td>
          </tr>
          <tr>
            <td style="width: 95%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
            <td style="width: 5%; vertical-align: top; text-align: right; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 95%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><a href="#CAUTIONARYSTATEMENTREGARD">CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS</a></div>
            </td>
            <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;">3</div>
            </td>
          </tr>
          <tr>
            <td style="width: 95%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
            <td style="width: 5%; vertical-align: top; text-align: right; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 95%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><a href="#WHEREYOUCANFINDADDITIONAL">WHERE YOU CAN FIND ADDITIONAL INFORMATION</a></div>
            </td>
            <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;">5</div>
            </td>
          </tr>
          <tr>
            <td style="width: 95%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
            <td style="width: 5%; vertical-align: top; text-align: right; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 95%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><a href="#OURCOMPANY">OUR COMPANY</a></div>
            </td>
            <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;">7</div>
            </td>
          </tr>
          <tr>
            <td style="width: 95%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
            <td style="width: 5%; vertical-align: top; text-align: right; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 95%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><a href="#CORPORATEANDOTHERINFORMAT">CORPORATE AND OTHER INFORMATION</a></div>
            </td>
            <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;">7</div>
            </td>
          </tr>
          <tr>
            <td style="width: 95%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
            <td style="width: 5%; vertical-align: top; text-align: right; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 95%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><a href="#RISKFACTORS">RISK FACTORS</a></div>
            </td>
            <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;">7</div>
            </td>
          </tr>
          <tr>
            <td style="width: 95%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
            <td style="width: 5%; vertical-align: top; text-align: right; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 95%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><a href="#USEOFPROCEEDS">USE OF PROCEEDS</a></div>
            </td>
            <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;">7</div>
            </td>
          </tr>
          <tr>
            <td style="width: 95%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
            <td style="width: 5%; vertical-align: top; text-align: right; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 95%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><a href="#CAPITALIZATION">CAPITALIZATION</a></div>
            </td>
            <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;">8</div>
            </td>
          </tr>
          <tr>
            <td style="width: 95%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
            <td style="width: 5%; vertical-align: top; text-align: right; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 95%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><a href="#SELLINGSHAREHOLDER">SELLING SHAREHOLDER</a></div>
            </td>
            <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: right;">9</td>
          </tr>
          <tr>
            <td style="width: 95%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
            <td style="width: 5%; vertical-align: top; text-align: right; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 95%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><a href="#PLANOFDISTRIBUTION">PLAN OF DISTRIBUTION</a></div>
            </td>
            <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: right;">10</td>
          </tr>
          <tr>
            <td style="width: 95%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
            <td style="width: 5%; vertical-align: top; text-align: right; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 95%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><a href="#DESCRIPTIONOFCAPITALSTOCK">DESCRIPTION OF CAPITAL STOCK</a></div>
            </td>
            <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: right;">12</td>
          </tr>
          <tr>
            <td style="width: 95%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
            <td style="width: 5%; vertical-align: top; text-align: right; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 95%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><a href="#EXPENSES">EXPENSES</a></div>
            </td>
            <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: right;">18</td>
          </tr>
          <tr>
            <td style="width: 95%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
            <td style="width: 5%; vertical-align: top; text-align: right; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 95%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><a href="#LEGALMATTERS">LEGAL MATTERS</a></div>
            </td>
            <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: right;">19</td>
          </tr>
          <tr>
            <td style="width: 95%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
            <td style="width: 5%; vertical-align: top; text-align: right; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 95%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><a href="#XPERTS">EXPERTS</a></div>
            </td>
            <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: right;">19</td>
          </tr>

      </table>
      <br>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">1</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        <div id="DSPFPageHeader" style="width: 100%;"> <a href="#TABLEOFCONTENTS"><font style="font-size: 8pt; font-style: italic;">Table of Contents</font></a></div>
      </div>
      <div style="text-align: center; font-weight: bold;"><a name="ABOUTTHISPROSPECTUS"><!--Anchor--></a>ABOUT THIS PROSPECTUS</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">As permitted under the rules of the Securities and Exchange Commission, or the &#8220;Commission,&#8221; this prospectus incorporates important business information about us that is contained in documents that we have previously
        filed with the Commission but that are not included in or delivered with this prospectus. You may obtain copies of these documents, without charge, from the website maintained by the Commission at www.sec.gov, as well as other sources. You may also
        obtain copies of the incorporated documents, without charge, upon written or oral request to Star Bulk Carriers Corp., c/o Star Bulk Management Inc., 40 Agiou Konstantinou Str., Maroussi, 15124, Athens, Greece. See &#8220;Where You Can Find Additional
        Information.&#8221;</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">You should rely only on the information contained or incorporated by reference in this prospectus. Neither we nor the Selling Shareholder have authorized any person to provide information other than that provided in
        this prospectus and the documents incorporated by reference. Neither we nor the Selling Shareholder are making an offer to sell common shares in any state or other jurisdiction where the offer or sale is not permitted. You should not assume that
        the information contained in this prospectus is accurate as of any date other than the date on the front of this prospectus regardless of its time of delivery, and you should not consider any information in this prospectus or in the documents
        incorporated by reference herein to be investment, legal or tax advice. We encourage you to consult your own counsel, accountant and other advisors for legal, tax, business, financial and related advice regarding an investment in our securities.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">Unless otherwise indicated or unless the context requires otherwise, all references in this prospectus to &#8220;Star Bulk,&#8221; the &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our,&#8221; or similar references, mean Star Bulk Carriers Corp. and, where
        applicable, its consolidated subsidiaries. In addition, we use the term deadweight, or &#8220;dwt,&#8221; in describing the size of vessels. Dwt expressed in metric tons, each of which is equivalent to 1,000 kilograms, refers to the maximum weight of cargo and
        supplies that a vessel can carry. Any references to the Selling Shareholder shall be deemed to be references to each such additional selling shareholder.</div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;"><a name="ENFORCEABILITYOFCIVILLIAB"><!--Anchor--></a>ENFORCEABILITY OF CIVIL LIABILITIES</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">We are a Marshall Islands company, and our principal executive office is located outside of the United States, in Greece. Most of our directors, officers and the experts named in this registration statement reside
        outside the United States. In addition, a substantial portion of our assets and the assets of certain of our directors, officers and experts are located outside of the United States. As a result, you may have difficulty serving legal process within
        the United States upon us or any of these persons. You may also have difficulty enforcing, both in and outside the United States, judgments you may obtain in United States courts against us or these persons.</div>
      <div><br>
      </div>
    </div>
    <div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">2</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
        <div id="DSPFPageHeader" style="width: 100%;"> <a href="#TABLEOFCONTENTS"><font style="font-size: 8pt; font-style: italic;">Table of Contents</font></a></div>
      </div>
      <div style="text-align: center; font-weight: bold;"><a name="CAUTIONARYSTATEMENTREGARD"><!--Anchor--></a></div>
      <div style="text-align: center; font-weight: bold;">CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">This prospectus and the documents incorporated herein by reference include &#8220;forward-looking statements,&#8221; as defined by U.S. federal securities laws, with respect to our financial condition, results of operations and
        business and our expectations or beliefs concerning future events. Words such as, but not limited to, &#8220;believe,&#8221; &#8220;expect,&#8221; &#8220;anticipate,&#8221; &#8220;estimate,&#8221; &#8220;intend,&#8221; &#8220;plan,&#8221; &#8220;targets,&#8221; &#8220;projects,&#8221; &#8220;likely,&#8221; &#8220;would,&#8221; &#8220;could,&#8221; and similar expressions or
        phrases may identify forward-looking statements.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">All forward-looking statements involve risks and uncertainties. The occurrence of the events described, and the achievement of the expected results, depend on many events, some or all of which are not predictable or
        within our control. Actual results may differ materially from expected results.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">In addition, important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include:</div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zd42f50bfaf3f49a0ac41f17e4de09549" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>general dry bulk shipping market conditions, including fluctuations in charter rates and vessel values;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z594b689d613b4b079149ae31d6f59d0e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>the strength of world economies;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zef3ae4bef0cc4772a22eea3f6ac91fbc" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>the stability of Europe and the Euro;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z4ba60b98da3f402f877fe0788319e7de" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>fluctuations in interest rates and foreign exchange rates;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z5ebb2bbb8d4f488896f94f7bc603307a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>changes in demand in the dry bulk shipping industry, including the market for our vessels;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
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                </td>
                <td style="width: 18pt; vertical-align: top;">&#8226;</td>
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                  <div>changes in our operating expenses, including bunker prices, dry docking and insurance costs;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
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                </td>
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                  <div>changes in governmental rules and regulations or actions taken by regulatory authorities;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
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              <tr>
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                </td>
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                <td style="width: auto; vertical-align: top;">
                  <div>potential liability from pending or future litigation;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
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              <tr>
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                </td>
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                  <div>general domestic and international political conditions;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
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              <tr>
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                </td>
                <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>potential disruption of shipping routes due to accidents or political events;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
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              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>the availability of financing and refinancing;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
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              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>our ability to meet requirements for additional capital and financing to grow our business;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
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              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>the impact of our indebtedness and the restrictions in our debt agreements;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
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              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>vessel breakdowns and instances of off-hire;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z1ddfd212c8484f4dafaa0cfa7a2d919b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>risks associated with vessel construction;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z0d55aa1d4cd143cbaede691179ab08cc" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>potential exposure or loss from investment in derivative instruments;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zd79aeb676aee4ee0bb2ff7f9078b39fd" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>potential conflicts of interest involving our Chief Executive Officer, his family and other members of our senior management;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z194e99b1794b4e1593e698ad2ef97dd4" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>our ability to complete acquisition transactions as planned; and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z2f5826a05d60432c84495077cb89a4de" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>other important factors described under the heading &#8220;Risk Factors.&#8221;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">3</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
        <div id="DSPFPageHeader" style="width: 100%;"> <a href="#TABLEOFCONTENTS"><font style="font-size: 8pt; font-style: italic;">Table of Contents</font></a></div>
      </div>
      <div style="text-indent: 36pt;">We have based these statements on assumptions and analyses formed by applying our experience and perception of historical trends, current conditions, expected future developments and other factors we believe are
        appropriate in the circumstances. All future written and verbal forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this
        section. We undertake no obligation, and specifically decline any obligation, except as required by law, to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of
        these risks, uncertainties and assumptions, the forward-looking events discussed in this prospectus might not occur.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">See the sections entitled &#8220;Risk Factors&#8221; of this prospectus and in the 2018 20-F, as defined below, which is incorporated herein by reference, for a more complete discussion of these risks and uncertainties and for
        other risks and uncertainties. These factors and the other risk factors described in this prospectus are not necessarily all of the important factors that could cause actual results or developments to differ materially from those expressed in any
        of our forward-looking statements. Other unknown or unpredictable factors also could harm our results. Consequently, there can be no assurance that actual results or developments anticipated by us will be realized or, even if substantially
        realized, that they will have the expected consequences to, or effects on, us. Given these uncertainties, prospective investors are cautioned not to place undue reliance on such forward-looking statements.</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">4</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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        <div id="DSPFPageHeader" style="width: 100%;"> <a href="#TABLEOFCONTENTS"><font style="font-size: 8pt; font-style: italic;">Table of Contents</font></a></div>
      </div>
      <div style="text-align: center; font-weight: bold;"><a name="WHEREYOUCANFINDADDITIONAL"><!--Anchor--></a>WHERE YOU CAN FIND ADDITIONAL INFORMATION</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">As required by the Securities Act of 1933 (the &#8220;<u>Securities Act</u>&#8221;), we filed a registration statement relating to the securities offered by this prospectus with the Commission. This prospectus is a part of that
        registration statement, which includes additional information.</div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Government Filings</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">We file annual and special reports with the Commission. You may read any document that we file on the Commission&#8217;s website (http://www.sec.gov). Our filings are also available on our website at http://www.starbulk.com.
        The information on our website, however, is not, and should not be deemed to be, a part of this prospectus.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">This prospectus and any applicable prospectus supplement are part of a registration statement that we filed with the Commission and do not contain all of the information in the registration statement. The full
        registration statement may be obtained from the Commission or us, as indicated below. Documents establishing the terms of the offered securities are filed as exhibits to the registration statement. Statements in this prospectus or any applicable
        prospectus supplement about these documents are summaries and each statement is qualified in all respects by reference to the document to which it refers. You should refer to the actual documents for a more complete description of the relevant
        matters. You may inspect a copy of the registration statement through the Commission&#8217;s website.</div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Information Incorporated by Reference</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">The Commission allows us to &#8220;incorporate by reference&#8221; information that we file with it. This means that we can disclose important information to you by referring you to those filed documents. The information
        incorporated by reference is considered to be a part of this prospectus, and certain information that we file later with the Commission prior to the termination of this offering will also be considered to be part of this prospectus and will
        automatically update and supersede previously filed information, including information contained in this document.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">The following documents, filed with or furnished to the SEC, are specifically incorporated by reference and form an integral part of this prospectus:</div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zf12242ee1a794e2987541afae562a83a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div><a href="http://www.sec.gov/Archives/edgar/data/1386716/000114036119005312/form20f.htm">Annual Report on Form 20-F (the &#8220;2018 20-F&#8221;) for the year ended December 31, 2018, filed with the Commission on March 21, 2019, containing our
                      audited consolidated financial statements for the most recent fiscal year for which those statements have been filed; and</a></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zfaa6f55ea51c47faa71aa8684429a3c5" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div><a href="http://www.sec.gov/Archives/edgar/data/1386716/000114036119018052/form6k.htm">Report on Form 6-K, filed with the Commission on October 7, 2019, containing our unaudited interim condensed consolidated financial statements for
                      the six months ended June 30, 2018 and 2019 (the &#8220;June 30, 2019 6-K&#8221;).</a></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">We are also incorporating by reference all subsequent Annual Reports on Form 20-F that we file with the Commission and certain reports on Form 6-K that we furnish to the Commission after the date of this prospectus (if
        they state that they are incorporated by reference into this prospectus) until we file a post-effective amendment indicating that the offering of the securities made by this prospectus has been terminated. In all cases, you should rely on the later
        information over different information included in this prospectus or the applicable prospectus supplement.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">You should rely only on the information contained or incorporated by reference in this prospectus and any applicable prospectus supplement. Neither we, the Selling Shareholder nor any underwriters have authorized any
        other person to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely on it. We are not, the Selling Shareholder is not and any underwriters are not, making an offer to sell
        these securities in any jurisdiction where the offer or sale is not permitted. You should assume that the information appearing in this prospectus and any applicable prospectus supplement as well as the information we previously filed with the
        Commission and incorporated by reference, is accurate as of the dates on the front cover of those documents only. Our business, financial condition and results of operations and prospects may have changed since those dates.</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">5</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
        <div id="DSPFPageHeader" style="width: 100%;"> <a href="#TABLEOFCONTENTS"><font style="font-size: 8pt; font-style: italic;">Table of Contents</font></a></div>
      </div>
      <div style="text-indent: 36pt;">You may request a free copy of the above mentioned filing or any subsequent filing we incorporated by reference to this prospectus by writing or telephoning us at the following address:</div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">Star Bulk Carriers Corp.</div>
      <div style="text-align: center; font-weight: bold;">c/o Star Bulk Management Inc.</div>
      <div style="text-align: center; font-weight: bold;">40 Agiou Konstantinou Str.</div>
      <div style="text-align: center; font-weight: bold;">Maroussi 15124, Athens, Greece</div>
      <div style="text-align: center; font-weight: bold;">011-30-210-617-8400 (telephone number)</div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Information provided by the Company</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">We will furnish holders of our common shares with Annual Reports containing audited financial statements and a report by our independent registered public accounting firm. The audited financial statements will be
        prepared in accordance with U.S. generally accepted accounting principles. As a &#8220;foreign private issuer,&#8221; we are exempt from the rules under the Securities Exchange Act of 1934, as amended (the &#8220;<u>Exchange Act</u>&#8221;) prescribing the furnishing and
        content of proxy statements to shareholders. While we furnish proxy statements to shareholders in accordance with the rules of the Nasdaq Global Select Market, those proxy statements do not conform to Schedule 14A of the proxy rules promulgated
        under the Exchange Act. In addition, as a &#8220;foreign private issuer,&#8221; our officers and directors are exempt from the rules under the Exchange Act relating to short swing profit reporting and liability.</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">6</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
        <div id="DSPFPageHeader" style="width: 100%;"> <a href="#TABLEOFCONTENTS"><font style="font-size: 8pt; font-style: italic;">Table of Contents</font></a></div>
      </div>
      <div style="text-align: center; font-weight: bold;"><a name="OURCOMPANY"><!--Anchor--></a>OUR COMPANY</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">We are a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector.&#160; Our vessels transport major bulks, which include iron ore, coal and grain and minor bulks which include
        bauxite, fertilizers and steel products.&#160; We were incorporated in the Marshall Islands on December 13, 2006 and maintain offices in Athens, Oslo, New York, Cyprus and Geneva.&#160; Our common shares trade on the Nasdaq Global Select Market and the Oslo
        B&#248;rs under the symbol &#8220;SBLK&#8221; and our 8.30% Senior Notes due 2022 are listed on the Nasdaq Global Market under the symbol &#8220;SBLKZ&#8221;.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">On May 27, 2019, we entered into an en bloc definitive agreement with entities controlled by Delphin Shipping, LLC (&#8220;Delphin&#8221;), an entity affiliated with Kelso &amp; Company, pursuant to which we agreed to acquire 11
        operating dry bulk vessels (the &#8220;Delphin Vessels&#8221;) for an aggregate purchase price of $139.5 million, which was paid in (a) $80.0 million of cash and (b) 4.503 million common shares of Star Bulk (the &#8220;Consideration Shares&#8221;) (collectively, the
        &#8220;Delphin Vessel Acquisition&#8221;). As of September 30, 2019, we have consummated the acquisition of all the Delphin Vessels. We currently have a fleet of 118 vessels, with an aggregate capacity of 13.0 million dwt, consisting of Newcastlemax, Capesize,
        Post Panamax, Kamsarmax, Panamax, Ultramax and Supramax vessels with carrying capacities between 52,055 dwt and 209,537 dwt.</div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;"><a name="CORPORATEANDOTHERINFORMAT"><!--Anchor--></a>CORPORATE AND OTHER INFORMATION</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">We are a Marshall Islands corporation with principal executive offices at 40 Agiou Konstantinou Street, 15124, Athens Greece. Our telephone number at that address is 011-30-210-617-8400. We maintain a website on the
        Internet at http://www.starbulk.com. The information on our website is not incorporated by reference into this prospectus and does not constitute a part of this prospectus. We were incorporated in the Marshall Islands on December 13, 2006, as a
        wholly-owned subsidiary of Star Maritime Acquisition Corp., or &#8220;Star Maritime,&#8221; which was a special purpose acquisition corporation. We merged with Star Maritime on November 30, 2007 and commenced operations on December 3, 2007, which was the date
        we took delivery of our first vessel.</div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;"><a name="RISKFACTORS"><!--Anchor--></a>RISK FACTORS</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">Investing in our securities involves a high degree of risk. You should carefully consider the discussion of risks under the heading &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8221; in the 2018 20-F and the other documents
        that are incorporated by reference in this prospectus. Please see the section of this prospectus entitled &#8220;Information Incorporated by Reference.&#8221; In addition, you should also consider carefully the risks set forth under the heading &#8220;Risk Factors&#8221;
        in any prospectus supplement before investing in the securities offered by this prospectus. The occurrence of one or more of those risk factors could adversely impact our business, financial condition or results of operations.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">Any of the referenced risks could materially and adversely affect our business, financial condition, results of operations or cash flows. In such a case, you may lose all or part of your original investment.</div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;"><a name="USEOFPROCEEDS"><!--Anchor--></a>USE OF PROCEEDS</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">We will not receive any proceeds from sales of common shares by the Selling Shareholder.</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">7</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
        <div id="DSPFPageHeader" style="width: 100%;"> <a href="#TABLEOFCONTENTS"><font style="font-size: 8pt; font-style: italic;">Table of Contents</font></a></div>
      </div>
      <div style="text-align: center; font-weight: bold;"><a name="CAPITALIZATION"><!--Anchor--></a>CAPITALIZATION</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">The following table sets forth our capitalization table as of June 30, 2019, on</div>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z9fbd7d2cdd3b41e3bb28e7b3f6993dfb" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>an actual basis; and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zc4432be9e7b54f0fa274a148d0c78b2f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>an as adjusted basis to give effect to the following events that have occurred between July 1, 2019 and September 24, 2019:</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z67eb676b998e46679f9b8eac712931b5" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>scheduled loan and lease payments and prepayments due to sale of a vessel of $31.6 million;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z2f9d981336b348128209111493ba282d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>the repayment in full of an aggregate of $57.8 million outstanding under lease and loan agreements, due to the refinancing of these lease and loan agreements;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zfef79211e0bb453ba9c0f0c67768142e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>the drawdown of $188.3 million in aggregate under several new credit facilities and lease agreements, which were used to refinance the above mentioned lease and loan agreements and partly finance (i) the Delphin Vessel Acquisition
                    and (ii) delivery installment of the last newbuilding Newcastlemax vessel acquired from Oceanbulk Container Carriers LLC in June 2018;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zbbe1be17d79145109782c571de617a4b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>the drawdown of $39.7 million in aggregate under credit facilities and lease agreements, which was used to finance the acquisition of scrubber equipment for our vessels;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z6241c525bd2341e7b853377fce2c7dac" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>the issuance of $47.6 million of equity in the form of 4,503,370 common shares as part of the consideration for the Delphin Vessel Acquisition;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z89176c88fa3140c0bd416f63ec0e25a6" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>the issuance of 519,650 common shares at par value under our 2019 Equity Incentive Plan;<font style="background-color: rgb(255, 255, 255);">&#160;</font>and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zf20b150f9f58451297dc63c231947fa6" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>the repurchase and cancellation of 1,063,873 of our common shares as part of our repurchase program for an aggregate consideration of $9.0 million.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" align="" style="width: 100%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;" id="z2ccb1677c54346bdad06b97903294225">

          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle;" colspan="6">
              <div style="text-align: center; font-weight: bold;">As of June 30, 2019</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px; width: 76%;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-weight: bold;">Actual</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-weight: bold;">As Adjusted</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; text-indent: -9pt; margin-left: 9pt; width: 76%;" rowspan="2">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle;" colspan="6">
              <div style="text-align: center; font-weight: bold;">(dollars in thousands except</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle;" colspan="6">
              <div style="text-align: center; font-weight: bold;">per share and share data)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%;">
              <div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Capitalization:</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -9pt; margin-left: 9pt;">8.30% 2022 Notes (net of unamortized debt issuance costs of $1,386)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>48,614</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>48,614</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(255, 255, 255); padding-bottom: 2px;">
              <div style="text-indent: -9pt; margin-left: 9pt;">Other outstanding debt including finance lease commitments (net of unamortized debt issuance costs of $16,080)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div>1,417,752</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div>1,556,436</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2.5pt; background-color: rgb(204, 238, 255);">
              <div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Total debt (including current portion)(1)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2.5pt; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2.5pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2.5pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-weight: bold;">1,466,366</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2.5pt; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2.5pt; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2.5pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2.5pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-weight: bold;">1,605,050</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2.5pt; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(255, 255, 255);">
              <div style="text-indent: -9pt; margin-left: 9pt;">Preferred shares, $0.01 par value; 25,000,000 shares authorized, none issued, actual and on an as adjusted basis</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
              <div>-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
              <div>-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -9pt; margin-left: 9pt;">Common shares, $0.01 par value; 300,000,000 shares authorized 91,750,000 shares issued and 91,743,029 shares (net of treasury shares) outstanding on an actual basis, 95,709,147 shares issued
                and 95,702,176 shares (net of treasury shares) outstanding on an as adjusted basis</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>917</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>957</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(255, 255, 255);">
              <div style="text-indent: -9pt; margin-left: 9pt;">Additional paid-in capital (2)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
              <div>2,500,746</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
              <div>2,539,303</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -9pt; margin-left: 9pt;">Treasury shares (6,971 on an actual and on an as adjusted basis, respectively )</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>(93</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>(93</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(255, 255, 255); padding-bottom: 2px;">
              <div style="text-indent: -9pt; margin-left: 9pt;">Accumulated deficit (2)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div>(1,025,680</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">
              <div>)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div>(1,025,680</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">
              <div>)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
              <div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Total shareholders&#8217; equity</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-weight: bold;">1,475,890</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-weight: bold;">1,514,487</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2.5pt; background-color: rgb(255, 255, 255);">
              <div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Total capitalization</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2.5pt; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2.5pt double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2.5pt double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-weight: bold;">2,942,256</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2.5pt; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2.5pt; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2.5pt double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2.5pt double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div style="font-weight: bold;">3,119,537</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2.5pt; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          </tr>

      </table>
      <div>
        <div><br>
        </div>
        <div>
          <hr noshade="noshade" align="left" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto 0px 0px; height: 2px; width: 15%; color: #000000;"></div>
      </div>
      <div>
        <div>
          <div> <br>
          </div>
          <table cellspacing="0" cellpadding="0" id="z635e170ca1294c5dabd095ff2892fb24" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 18pt; vertical-align: top;">(1)</td>
                <td style="width: auto; vertical-align: top;">
                  <div>With the exception of the 2022 Notes, all of our debt is secured. Any debt to be obtained will also be secured.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z2966c1f71e5749679fc2ca709298bb5d" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

              <tr style="vertical-align: top;">
                <td style="vertical-align: top; width: 18pt;">
                  <div style="text-align: left; font-family: 'Times New Roman', Times, serif;">(2)</div>
                </td>
                <td style="align: left; vertical-align: top; width: auto;">
                  <div style="text-align: left; font-family: 'Times New Roman', Times, serif;">The As Adjusted Additional paid-in capital and the Accumulated deficit do not include the incentive plan charge from July 1, 2019 to September 24, 2019.</div>
                </td>
              </tr>

          </table>
        </div>
        <div style="font-family: 'Times New Roman', Times, serif;"> <br>
        </div>
      </div>
      <div style="text-indent: 36pt;">Other than the adjustments described above, there have been no significant adjustments to our capitalization since June 30, 2019. This table should be read in conjunction with &#8220;Item 5. Operating and Financial Review
        and Prospects&#8221; and the consolidated financial statements and related notes included in the 2018 20-F as well as the unaudited interim condensed consolidated financial statements and related notes included in the June 30, 2019 6-K. If necessary,
        updated information on our capitalization will be included in a prospectus supplement.</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">8</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
        <div id="DSPFPageHeader" style="width: 100%;"> <a href="#TABLEOFCONTENTS"><font style="font-size: 8pt; font-style: italic;">Table of Contents</font></a></div>
      </div>
      <div style="text-align: center; font-weight: bold;"><a name="SELLINGSHAREHOLDER"><!--Anchor--></a>SELLING SHAREHOLDER</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">The following table sets forth information with respect to the beneficial ownership of our common shares held as of October 7, 2019 by the Selling Shareholder. The Selling Shareholder is offering an aggregate of up to
        1,537,110 common shares, which were previously acquired. The Selling Shareholder may sell some, all or none of its shares covered by this prospectus.&#160; The amounts and information set forth below are based upon information provided to us by the
        Selling Shareholder. The percentage of beneficial ownership for the following table is based on 95,709,147 <font style="background-color: rgb(255, 255, 255);">common shares outstanding as of</font> October 7, 2019.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">To our knowledge, the Selling Shareholder has sole voting and investment power with respect to all common shares shown in the table. The Selling Shareholder has not had any position, office or other material
        relationship with us or our affiliates within the past three years. In addition, based on information provided to us, the Selling Shareholder did not acquire the common shares outside the ordinary course of business or, at the time of its
        acquisition of such shares, have any agreements, understandings or arrangements with any other persons, directly or indirectly, to dispose of the shares. Information concerning the Selling Shareholder may change from time to time, and any changes
        will be set forth in supplements to this prospectus to the extent required.</div>
      <div style="text-indent: 36pt;"> <br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;" id="z55393b290f564ca98962d73a44ceadee">

          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
              <div style="font-weight: bold;">Selling Shareholder</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-weight: bold;">Common</div>
              <div style="text-align: center; font-weight: bold;">Shares</div>
              <div style="text-align: center; font-weight: bold;">Owned</div>
              <div style="text-align: center; font-weight: bold;">Prior to the</div>
              <div style="text-align: center; font-weight: bold;">Offering</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-weight: bold;">Percentage</div>
              <div style="text-align: center; font-weight: bold;">of Class</div>
              <div style="text-align: center; font-weight: bold;">Prior to</div>
              <div style="text-align: center; font-weight: bold;">the</div>
              <div style="text-align: center; font-weight: bold;">Offering</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-weight: bold;">Total</div>
              <div style="text-align: center; font-weight: bold;">Common</div>
              <div style="text-align: center; font-weight: bold;">Shares</div>
              <div style="text-align: center; font-weight: bold;">Offered</div>
              <div style="text-align: center; font-weight: bold;">Hereby</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-weight: bold;">Percentage</div>
              <div style="text-align: center; font-weight: bold;">of the</div>
              <div style="text-align: center; font-weight: bold;">Class</div>
              <div style="text-align: center; font-weight: bold;">Following</div>
              <div style="text-align: center; font-weight: bold;">the</div>
              <div style="text-align: center; font-weight: bold;">Offering</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
              <div>Delphin Holdings, LLC <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)(2)</sup> <br>
              </div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div>1,537,110</div>
            </td>
            <td nowrap="nowrap" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup><br>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div>1.61</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">
              <div>%</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">
              <div>1,537,110</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">
              <div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup>&#160;</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">
              <div>0</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">
              <div>%</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div>
        <div>
          <div>
            <table cellspacing="0" cellpadding="0" id="z4afc4d9b1e6847f6840f04360936445f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

                <tr>
                  <td style="width: 18pt; vertical-align: top;">(1)</td>
                  <td style="width: auto; vertical-align: top;">
                    <div>Delphin Holdings, LLC, a Marshall Islands limited liability company, is the sole member of Delphin Shipping, LLC, a Marshall Islands limited liability company. Delphin Shipping, LLC is the sole member of each of Centaurus Shipping
                      LLC, Columba Shipping LLC, Hydrus Shipping LLC, and Pyxis Shipping LLC.</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div>
          <div>
            <table cellspacing="0" cellpadding="0" id="ze1b2e8f101ae4262895e5b2255cb074a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

                <tr>
                  <td style="width: 18pt; vertical-align: top;">(2)</td>
                  <td style="width: auto; vertical-align: top;">
                    <div>Kelso GP VIII (Cayman) Ltd. (&#8220;GP VIII LTD&#8221;) is the general partner of Kelso GP VIII (Cayman), L.P. (&#8220;GP VIII LP&#8221;). GP VIII LP is the general partner of KIA VIII (International), L.P. (&#8220;KIA VIII&#8221; and, together with GP VIII LTD and
                      GP VIII LP, the &#8220;KIA Entities&#8221;). KEP VI (Cayman) GP Ltd. (&#8220;KEP VI GP LTD&#8221;) is the general partner of KEP VI (Cayman), L.P., (&#8220;KEP VI&#8221; and, together with KEP VI GP LTD, the &#8220;KEP Entities&#8221;). KIA VIII, KEP VI, and Sophocles Zoullas own
                      100% of the units of Delphin Holdings, LLC. The KIA Entities and the KEP Entities, due to their common control, could be deemed to beneficially own each of the other&#8217;s securities. Each of the KIA Entities and the KEP Entities
                      disclaims such beneficial ownership and this table and related footnotes shall not be deemed an admission of beneficial ownership of such securities for any purpose. Each of the KIA Entities, due to their common control, could be
                      deemed to beneficially own each other&#8217;s securities. GP VIII LTD disclaims beneficial ownership of all of the securities owned of record, or deemed beneficially owned, by each of GP VIII LP and KIA VIII, except to the extent of its
                      pecuniary interest therein, and the inclusion of these securities in this table and related footnotes shall not be deemed an admission of beneficial ownership of all the reported securities for any purpose. GP VIII LP disclaims
                      beneficial ownership of all of the securities owned of record, or deemed beneficially owned, by each of GP VIII LTD and KIA VIII, except, in the case of KIA VIII, to the extent of its pecuniary interest therein, and the inclusion of
                      these securities in this table and related footnotes shall not be deemed an admission of beneficial ownership of all the reported securities for any purpose. KIA VIII disclaims beneficial ownership of all of the securities owned of
                      record, or deemed beneficially owned, by each of GP VIII LTD and GP VIII LP, and the inclusion of these securities in this table and related footnotes shall not be deemed an admission of beneficial ownership of all the reported
                      securities for any purpose. Each of the KEP Entities, due to their common control, could be deemed to beneficially own each other&#8217;s securities. KEP VI GP LTD disclaims beneficial ownership of all of the securities owned of record, or
                      deemed beneficially owned, by KEP VI, except to the extent of its pecuniary interest therein, and the inclusion of these securities in this table and related footnotes shall not be deemed an admission of beneficial ownership of all
                      the reported securities for any purpose. KEP VI disclaims beneficial ownership of all of the securities owned of record, or deemed beneficially owned, by KEP VI GP LTD, and the inclusion of these securities in this table and related
                      footnotes shall not be deemed an admission of beneficial ownership of all the reported securities for any purpose. Frank T. Nickell, Thomas R. Wall, IV, George E. Matelich, Michael B. Goldberg, David I. Wahrhaftig, Frank K. Bynum,
                      Jr., Philip E. Berney, Frank J. Loverro, James J. Connors, II, Church M. Moore, Stanley de J. Osborne, Christopher L. Collins, A. Lynn Alexander, Howard A. Matlin, Henry Mannix, III, Stephen C. Dutton and Matthew S. Edgerton (the
                      &#8220;Kelso Individuals&#8221;) are directors of GP VIII LTD and KEP VI GP LTD. The Kelso Individuals, by virtue of their status as directors of GP VIII LTD and KEP VI GP LTD, may be deemed to share beneficial ownership of securities owned of
                      record or beneficially owned by GP VIII LTD, GP VIII LP, KIA VIII, KEP VI GP LTD, and KEP VI but disclaim beneficial ownership of such securities, and this table and related footnotes shall not be deemed an admission that any of the
                      Kelso Individuals are the beneficial owner of these securities for any purpose.</div>
                  </td>
                </tr>

            </table>
            <div>
              <div>
                <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="ze3e0982974dd4443b684d141926ca35e" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

                    <tr style="vertical-align: top;">
                      <td style="vertical-align: top; width: 18pt;">
                        <div style="text-align: left;">(3)</div>
                      </td>
                      <td style="align: left; vertical-align: top; width: auto;">
                        <div style="text-align: left;">Does not include 2,966,260 common shares registered for resale by the Selling Shareholder on Registration Statement on Form F-3 (File No. 333-232765).<br>
                        </div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
          </div>
        </div>
        <div>
          <div>
            <table cellspacing="0" cellpadding="0" id="zc1ef15eff84b4020b08fabde5a6fda87" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

                <tr>
                  <td style="width: 18pt; vertical-align: top;">(4)</td>
                  <td style="width: auto; vertical-align: top;">
                    <div>As part of the Delphin Vessel Acquisition, the Selling Shareholder has agreed not to sell, contract to sell, or otherwise dispose more than 2,251,685 of the Consideration Shares prior to November 23, 2019.</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">9</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
        <div id="DSPFPageHeader" style="width: 100%;"> <a href="#TABLEOFCONTENTS"><font style="font-size: 8pt; font-style: italic;">Table of Contents</font></a></div>
      </div>
      <div style="text-align: center; font-weight: bold;"><a name="PLANOFDISTRIBUTION"><!--Anchor--></a>PLAN OF DISTRIBUTION</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">The Selling Shareholder may sell our common shares, to or through underwriters, agents, brokers or dealers, in private transactions, at market prices prevailing at the time of sale, at prices related to the prevailing
        market prices, at negotiated prices, at fixed prices (which may be changed), or at varying prices determined at the time of sale.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">As part of the Delphin Vessel Acquisition, the Selling Shareholder has agreed not to sell, contract to sell, or otherwise dispose more than 2,251,685 of the Consideration Shares prior to November 23, 2019.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">The Selling Shareholder may sell our common shares included in this prospectus, through:</div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zac6d715cdbe14c74a45a8fc266683d29" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>a block trade in which a broker-dealer may resell a portion of the block, as principal, to facilitate the transaction;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zce5f6dd79fcf4bcca7a04b307c7b2443" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>purchases by a broker-dealer, as principal, and resale by the broker-dealer for its account;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zdca647fda7b940669ad0c8fea9d1be5f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>ordinary brokerage transactions and transactions in which a broker solicits purchasers;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
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              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>an over-the-counter distribution;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z0f24f51333ed49ea9e47f717c85cf845" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

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                </td>
                <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>an exchange or market distribution in accordance with the rules of the applicable exchange or market;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
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              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>privately negotiated transactions;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z76a7f1e3b79348b887db93e6e8e7f6bc" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>trading plans entered into by the Selling Shareholder pursuant to Rule 10b5-1 under the Exchange Act that are in place at the time of an offering pursuant to this prospectus and any applicable prospectus supplement hereto that
                    provide for periodic sales of the common shares on the basis of parameters described in such trading plans;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
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              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>otherwise through a combination of any of the above methods of sale; or</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z3c949702e7b14a0980bc4cfa8b06e01d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>any other method permitted pursuant to applicable law.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">In addition, the Selling Shareholder may enter into option, share lending or other types of transactions that require the Selling Shareholder to deliver our common shares to an underwriter or a broker-dealer, who will
        then resell or transfer the common shares under this prospectus. The Selling Shareholder also may enter into hedging transactions with respect to our common shares. For example, the Selling Shareholder may:</div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z1c25c8f7f47545b0a68300ed45b5eb25" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>enter into transactions involving short sales of our common shares by underwriters or broker-dealers;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z6e8ba7098099419585d802731f7f1ccf" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>sell common shares short and deliver the shares to close out short positions;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="ze23aee4e40f74d4fae51601428510c79" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>enter into option or other types of transactions that require the Selling Shareholder to deliver common shares to an underwriter or broker-dealer, who will then resell or transfer the common shares under this prospectus; or</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z3aff6687432e4c4db81544d20a16944b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div>loan or pledge the common shares to an underwriter or broker-dealer (including pursuant to a margin loan), who may sell the loaned shares or, in the event of default, sell the pledged shares.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">The Selling Shareholder will act independently of us in making decisions with respect to the timing, manner and size of each sale of common shares covered by this prospectus. The Selling Shareholder might not sell any
        common shares under this prospectus. In addition, any common shares covered by this prospectus that qualify for sale pursuant to Rule 144 under the Securities Act may be sold under Rule 144 rather than pursuant to this prospectus.</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">10</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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        <div id="DSPFPageHeader" style="width: 100%;"> <a href="#TABLEOFCONTENTS"><font style="font-size: 8pt; font-style: italic;">Table of Contents</font></a></div>
      </div>
      <div style="text-indent: 36pt;">The Selling Shareholder may enter into derivative transactions with third parties, or sell securities not covered by this prospectus to third parties in privately negotiated transactions. If the applicable prospectus
        supplement indicates, in connection with those derivatives, the third parties may sell securities covered by this prospectus and the applicable prospectus supplement, including in short sale transactions. If so, the third party may use securities
        pledged by the Selling Shareholder or borrowed from the Selling Shareholder or others to settle those sales or to close out any related open borrowings of shares, and may use securities received from the Selling Shareholder in settlement of those
        derivatives to close out any related open borrowings of shares. The third party in such sale transactions will be an underwriter and, if not identified in this prospectus, will be identified in the applicable prospectus supplement (or a
        post-effective amendment). In addition, the Selling Shareholder may otherwise loan or pledge securities to a financial institution or other third party that in turn may sell the securities short using this prospectus. Such financial institution or
        other third party may transfer its economic short position to investors in our securities or the securities of the Selling Shareholder or in connection with a concurrent offering of other securities.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">Common shares may also be exchanged for satisfaction of the Selling Shareholder&#8217;s obligations or other liabilities to its creditors. Such transactions may or may not involve broker-dealers.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">The Selling Shareholder and any broker-dealers or other persons acting on behalf of the Selling Shareholder that participate with the Selling Shareholder in the distribution of the securities may be deemed to be
        underwriters, and any commissions received or profit realized by them on the resale of the securities may be deemed to be underwriting discounts and commissions under the Securities Act. As a result, we have informed the Selling Shareholder that
        Regulation M, promulgated under the Exchange Act, may apply to sales by the Selling Shareholder in the market.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">Some of the underwriters, dealers or agents used by the Selling Shareholder in any offering of securities under this prospectus may be customers of, engage in transactions with, and perform services for the Selling
        Shareholder or its affiliates in the ordinary course of business. Underwriters, dealers, agents and other persons may be entitled under agreements which may be entered into with the Selling Shareholder to indemnification against and contribution
        toward certain civil liabilities, including liabilities under the Securities Act, and to be reimbursed by the Selling Shareholder for certain expenses.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">To the extent required by the Securities Act, a prospectus supplement will be distributed at the time that any particular offering of common shares is made, setting forth the terms of the offering, including the
        aggregate number of common shares being offered; the purchase price of the common shares and the proceeds the Selling Shareholder will receive from the sale of the common shares; the initial offering price of the common shares; the names of any
        underwriters, dealers or agents; any discounts, commissions and other items constituting compensation from us; any discounts, commissions or concessions allowed or re-allowed or paid to underwriters, dealers or agents; any securities exchanges on
        which the common shares may be listed; the method of distribution of the common shares; the terms of any agreement, arrangement or understanding entered into with the underwriters, brokers or dealers; and any other information we think is
        important. Furthermore, the Selling Shareholder may agree, subject to certain exemptions, that for a certain period from the date of the prospectus supplement under which the common shares are offered, it will not, without the prior written consent
        of an underwriter, offer, sell, contract to sell, pledge or otherwise dispose of any of the Selling Shareholder&#8217;s common shares. However, an underwriter, in its sole discretion, may release any of the common shares subject to these lock-up
        agreements at any time without notice. We expect an underwriter to exclude from these lock-up agreements common shares exercised and/or sold pursuant to trading plans entered into by the Selling Shareholder pursuant to Rule 10b5-1 under the
        Exchange Act, that are in place at the time of an offering pursuant to this prospectus and any applicable prospectus supplement hereto that provide for periodic sales of the Selling Shareholder&#8217;s common shares on the basis of parameters described
        in such trading plans.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">Underwriters or agents could make sales in privately negotiated transactions and/or any other method permitted by law, including sales deemed to be an at-the-market offering as defined in Rule 415 promulgated under the
        Securities Act, which includes sales made directly on or through the Nasdaq Global Select Market, the existing trading market for our common shares, or sales made to or through a market maker other than on an exchange.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">We will bear costs relating to the securities offered and sold by the Selling Shareholder under this Registration Statement.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">As a result of requirements of the Financial Industry Regulatory Authority, or &#8220;<u>FINRA</u>,&#8221; formerly the National Association of Securities Dealers, Inc., the maximum commission or discount to be received by any
        FINRA member or independent broker/dealer may not be greater than eight percent (8%) of the gross proceeds received by the Selling Shareholder for the sale of any securities being registered pursuant to Rule 415 promulgated by the Commission under
        the Securities Act. If more than 5% of the net proceeds of any offering of common shares made under this prospectus will be received by a FINRA member participating in the offering or affiliates or associated persons of such a FINRA member, the
        offering will be conducted in accordance with FINRA Rule 5121.</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">11</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
        <div id="DSPFPageHeader" style="width: 100%;"> <a href="#TABLEOFCONTENTS"><font style="font-size: 8pt; font-style: italic;">Table of Contents</font></a></div>
      </div>
      <div style="text-align: center; font-weight: bold;"><a name="DESCRIPTIONOFCAPITALSTOCK"><!--Anchor--></a>DESCRIPTION OF CAPITAL STOCK</div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Authorized Share Capital</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">Under our fourth amended and restated articles of incorporation, or our &#8220;<u>Articles</u>,&#8221; our authorized capital stock consists of 300,000,000 common shares, par value $0.01 per share, and 25,000,000 preferred shares,
        par value $0.01 per share, none of which were issued as of the date of this prospectus.</div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Common Shares</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">As of October 7, 2019, we had 95,709,147 common shares outstanding out of 300,000,000 shares authorized to be issued. Each outstanding common share entitles the holder to one vote on all matters submitted to a vote of
        shareholders. Subject to preferences that may be applicable to any outstanding preferred shares, holders of common shares are entitled to receive ratably all dividends, if any, declared by our board of directors (the &#8220;<u>Board of Directors</u>&#8221;)
        out of funds legally available for dividends. Upon our dissolution or liquidation or the sale of all or substantially all of our assets, after payment in full of all amounts required to be paid to creditors and to the holders of our preferred
        shares having liquidation preferences, if any, the holders of our common shares will be entitled to receive pro rata our remaining assets available for distribution. Holders of our common shares do not have conversion, redemption or preemptive
        rights to subscribe to any of our securities. All outstanding common shares are fully paid and non-assessable. The rights, preferences and privileges of holders of our common shares are subject to the rights of the holders of any preferred shares
        which we may issue in the future.</div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Reverse Stock Split</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">On June 20, 2016, we effected the June 2016 Reverse Stock Split. The June 2016 Reverse Stock Split reduced the number of the Company&#8217;s shares from 219,778,437 to 43,955,659. All share counts presented in this
        prospectus have been adjusted for the June 2016 Reverse Stock Split.</div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Equity Incentive Plans</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">On May 9, 2016, February 22, 2017, February 27, 2018 and May 22, 2019, respectively, the Board of Directors approved the 2016 Equity Incentive Plan (the &#8220;<u>2016 Equity Incentive Plan</u>&#8221;), the 2017 Equity Incentive
        Plan (the &#8220;<u>2017 Equity Incentive Plan</u>&#8221;) the 2018 Equity Incentive Plan (the &#8220;<u>2018 Equity Incentive Plan</u>&#8221;) and the 2019 Equity Incentive Plan (the &#8220;2019 Equity Incentive Plan&#8221; and collectively, the &#8220;<u>Equity Incentive Plans</u>&#8221;),
        under which officers, key employees, directors, and consultants of the Company and its subsidiaries are eligible to receive options to acquire common shares, shares appreciation rights, restricted shares and other share-based or share-denominated
        awards. We reserved a total of 940,000 common shares, 950,000 common shares, 700,000 common shares and 900,000 common shares for issuance under the Equity Incentive Plans, subject to further adjustment for changes in capitalization as provided in
        the plans. The purpose of the Equity Incentive Plans is to encourage ownership of shares by, and to assist us in attracting, retaining and providing incentives to, our officers, key employees, directors and consultants, whose contributions to us
        are or may be important to our success and to align the interests of such persons with our shareholders. The various types of incentive awards that may be issued under the Equity Incentive Plans enable us to respond to changes in compensation
        practices, tax laws, accounting regulations and the size and diversity of our business. The Equity Incentive Plans are administered by our compensation committee, or such other committee of the Board of Directors as may be designated by the Board
        of Directors. The Equity Incentive Plans permit issuance of restricted shares, grants of options to purchase common shares, share appreciation rights, restricted shares, restricted share units and unrestricted shares.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">Under the terms of the Equity Incentive Plans, share options and share appreciation rights granted under the Equity Incentive Plans have an exercise price per common share equal to the fair market value of a common
        share on the date of grant, unless otherwise determined by the administrator of the Equity Incentive Plans, but in no event will the exercise price be less than the fair market value of a common share on the date of grant. Options and share
        appreciation rights are exercisable at times and under conditions as determined by the administrator of the Equity Incentive Plans, but in no event will they be exercisable later than ten years from the date of grant.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">The administrator of the Equity Incentive Plans may grant common shares of restricted shares and awards of restricted share units subject to vesting and forfeiture provisions and other terms and conditions as
        determined by the administrator of the Equity Incentive Plans. Upon the vesting of a restricted share unit, the award recipient will be paid an amount equal to the number of restricted share units that then vest multiplied by the fair market value
        of a common share on the date of vesting, which payment may be paid in the form of cash or common shares or a combination of both, as determined by the administrator of the Equity Incentive Plans. The administrator of the Equity Incentive Plans may
        grant dividend equivalents with respect to grants of restricted share units.</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">12</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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        <div id="DSPFPageHeader" style="width: 100%;"> <a href="#TABLEOFCONTENTS"><font style="font-size: 8pt; font-style: italic;">Table of Contents</font></a></div>
      </div>
      <div style="text-indent: 36pt;">Adjustments may be made to outstanding awards in the event of a corporate transaction or change in capitalization or other extraordinary event. In the event of a &#8220;change in control&#8221; (as defined in the Equity Incentive
        Plans), unless otherwise provided by the administrator of the Equity Incentive Plans in an award agreement, awards then outstanding shall become fully vested and exercisable in full.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">The Board of Directors may amend or terminate the Equity Incentive Plans and may amend outstanding awards, provided that no such amendment or termination may be made that would materially impair any rights, or
        materially increase any obligations, of a grantee under an outstanding award. Shareholders&#8217; approval of Equity Incentive Plans amendments may be required in certain definitive, pre-determined circumstances if required by applicable rules of a
        national securities exchange or the Commission. Unless terminated earlier by the Board of Directors, the Equity Incentive Plans will expire ten years from the date on which the Equity Incentive Plans was adopted by the Board of Directors.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;"><font style="background-color: rgb(255, 255, 255);">On January 7, 2019, our Board of Directors and Compensation Committee established an incentive program for key employees, pursuant to which an aggregate of 4,000,000
          restricted share units (each, a &#8220;</font><font style="background-color: rgb(255, 255, 255);"><u>RSU</u></font><font style="background-color: rgb(255, 255, 255);">&#8221;) will be issued. Each RSU represents, upon vesting, a right for the relevant
          beneficiary to receive one common share of the Company. The RSUs are subject to the satisfaction of certain performance conditions, which apply if our fleet performs better than relevant dry bulk charter rate indices as reported by the Baltic
          Exchange (the &#8220;</font><font style="background-color: rgb(255, 255, 255);"><u>Indices</u></font><font style="background-color: rgb(255, 255, 255);">&#8221;) during 2020 and 2021. The RSUs start to vest if the Company&#8217;s fleet performs better than the
          Indices by at least $120,000,000, and vest in increasing amounts if and to the extent the performance of our fleet exceeds those of the relative to the Indices by up to an aggregate of $300,000,000. We take the view that the current likelihood of
          vesting of these RSUs does not meet a &#8220;more likely than not&#8221; standard under US GAAP, and as a result no charge will be amortized through our statement of operations, until vesting becomes probable. Subject to the vesting conditions being met on
          April 30, 2021 and April 30, 2022 (each, a &#8220;</font><font style="background-color: rgb(255, 255, 255);"><u>Vesting Date</u></font><font style="background-color: rgb(255, 255, 255);">&#8221;) two million RSUs will vest on each Vesting Date, and the
          relevant common shares of the Company will be issued and distributed to the relevant beneficiaries as per the allocation of the Board of Directors. Any non-vested RSUs at the applicable Vesting Date will be cancelled.</font></div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">The terms and conditions of the Equity Incentive Plans are substantially similar to those of the previous plans. All of the common shares that were granted under 2016 Equity Incentive Plan and 2017 Equity Incentive
        Plan were issued and vested in full, whereas there are 71,500 common shares unvested from the 2018 Equity Incentive Plan, as of the date of this prospectus. In addition, as of the date of this prospectus 199,538 common shares granted under the 2019
        Equity Incentive Plan remain unvested and 101,074 common shares are available under the 2016, 2017, 2018 and 2019 Equity Incentive Plans.</div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Share Repurchase Program</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">On November 29, 2018, our Board of Directors authorized a share repurchase program (the &#8220;<u>Share Repurchase Program</u>&#8221;) to purchase up to an aggregate of $50.0 million of our common shares.&#160; The timing and amount of
        any repurchases will be in the sole discretion of our management team, and will depend on legal requirements, market conditions, share price, alternative uses of capital and other factors.&#160; Repurchases of common shares may take place in privately
        negotiated transactions, in open market transactions pursuant to Rule 10b-18 of the Exchange Act and/or pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Exchange Act.&#160; We are not obligated under the terms of the Share
        Repurchase Program to repurchase any of its common shares.&#160; The Share Repurchase Program has no expiration date and may be suspended or terminated by us at any time without prior notice.&#160; We will cancel common shares repurchases as part of this
        program.&#160; Please see the section of this prospectus entitled &#8220;Recent Developments &#8211; Updated share count&#8221; for further information on our share repurchase program.</div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Preferred Shares</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">Under the terms of our Articles, our Board of Directors has the authority, without any further vote or action by our shareholders, to issue up to 25,000,000 preferred shares. Our Board of Directors is authorized to
        provide for the issuance of preferred shares in one or more series with designations as may be stated in the resolution or resolutions providing for the issue of preferred shares. At the time that any series of our preferred shares are authorized,
        our Board of Directors will fix the dividend rights, any conversion rights, any voting rights, redemption provisions, liquidation preferences and any other rights, preferences, privileges and restrictions of that series, as well as the number of
        shares constituting that series and their designation. Our Board of Directors could, without shareholder approval, cause us to issue preferred shares which have voting, conversion and other rights that could adversely affect the holders of our
        common shares or make it more difficult to effect a change in control. Our preferred shares could be used to dilute the share ownership of persons seeking to obtain control of us and thereby hinder a possible takeover attempt which, if our
        shareholders were offered a premium over the market value of their shares, might be viewed as being beneficial to our shareholders. In addition, our preferred shares could be issued with voting, conversion and other rights and preferences which
        would adversely affect the voting power and other rights of holders of our common shares. Our Board of Directors may issue preferred shares on terms calculated to discourage, delay or prevent a change of control in us or the removal of our
        management.</div>
      <div><br>
      </div>
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      </div>
      <div style="font-weight: bold;">Directors</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">Our directors are elected by the affirmative vote of a majority of the shares represented at the meeting. There is no provision for cumulative voting.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">Our Board of Directors must consist of at least three members. Shareholders may change the number of directors only by amending the bylaws which requires the affirmative vote of holders of 70% or more of the
        outstanding shares of capital stock entitled to vote generally in the election of directors. The Board of Directors may change the number of directors, but may not reduce the number to be less than three directors, only by a vote of not less than
        66 <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup>/<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">3</sub>% of the entire Board of Directors. At each annual meeting, directors to replace those directors whose terms expire at such annual meeting shall be elected to hold office until the third succeeding annual meeting. Each
        director shall serve his respective term of office until his successor shall have been duly elected and qualified, except in the event of his death, resignation, removal, or the earlier termination of his term of office. Our Board of Directors has
        the authority to fix the amounts which shall be payable to the members of the Board of Directors for attendance at any meeting or for services rendered to us.</div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Interested Transactions</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">Our Third Amended and Restated Bylaws, or &#8220;Bylaws,&#8221; provide that no contract or transaction between us and one or more of its directors or officers, or between us and any other corporation, partnership, association or
        other organization in which one or more of our directors or officers are directors or officers, or have a financial interest, shall be void or voidable solely for this reason, or solely because the director or officer is present at or participates
        in the meeting of our Board of Directors or committee thereof which authorizes the contract or transaction, or solely because his or her or their votes are counted for such purpose, if: (i) the material facts as to his or her relationship or
        interest and as to the contract or transaction are disclosed or are known to our Board of Directors or the committee and our Board of Directors or committee in good faith authorizes the contract or transaction by the affirmative votes of a majority
        of the disinterested directors, or, if the votes of the disinterested directors are insufficient to constitute an act of our Board of Directors as defined in Section 55 of the Marshall Islands Business Corporation Act, or the MIBCA, by unanimous
        vote of the disinterested directors; or (ii) the material facts as to his relationship or interest and as to the shareholders entitled to vote thereon, and the contract or transaction is specifically approved in good faith by vote of the
        shareholders; or (iii) the contract or transaction is fair as to us as of the time it is authorized, approved or ratified, by our Board of Directors, a committee thereof or the shareholders. Common or interested directors may be counted in
        determining the presence of a quorum at a meeting of our Board of Directors or of a committee which authorizes the contract or transaction.</div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Shareholder Meetings</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">Under our Bylaws, annual shareholder meetings will be held at a time and place selected by our Board of Directors. The meetings may be held in or outside of the Marshall Islands. Our Board of Directors may set a record
        date between 10 and 60 days before the date of any meeting to determine the shareholders that will be eligible to receive notice and vote at the meeting.</div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Dissenters&#8217; Rights of Appraisal and Payment</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">Under the MIBCA, our shareholders have the right to dissent from various corporate actions, including any merger or consolidation or sale of all or substantially all of our assets not made in the usual course of our
        business, and receive payment of the fair value of their shares. However, the right of a dissenting shareholder to receive payment of the appraised fair value of his shares is not available under the MIBCA if for the shares of any class or series
        of shares, which shares or depository receipts in respect thereof, at the record date fixed to determine the shareholders entitled to receive notice of and to vote at the meeting of the shareholders to act upon the agreement of merger or
        consolidation, were either (i) listed on a securities exchange or admitted for trading on an interdealer quotation system or (ii) held of record by more than 2,000 holders. In the event of any further amendment of our amended and restated articles
        of incorporation, a shareholder also has the right to dissent and receive payment for the shareholder&#8217;s shares if the amendment alters certain rights in respect of those shares. The dissenting shareholder must follow the procedures set forth in the
        MIBCA to receive payment. In the event that we and any dissenting shareholder fail to agree on a price for the shares, the MIBCA procedures involve, among other things, the institution of proceedings in any appropriate court in any jurisdiction in
        which our shares are primarily traded on a local or national securities exchange.</div>
      <div><br>
      </div>
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      </div>
      <div style="font-weight: bold;">Shareholders&#8217; Derivative Actions</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">Under the MIBCA, any of our shareholders may bring an action in our name to procure a judgment in our favor, also known as a derivative action, provided that the shareholder bringing the action is a holder of our
        common shares both at the time the derivative action is commenced and at the time of the transaction to which the action relates.</div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Limitations on Liability and Indemnification of Officers and Directors</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">The MIBCA authorizes corporations to limit or eliminate the personal liability of directors and officers to corporations and their shareholders for monetary damages for breaches of directors&#8217; fiduciary duties. Our
        Articles and Bylaws include a provision that eliminates the personal liability of directors for monetary damages for actions taken as a director to the fullest extent permitted by law.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">Our Bylaws provide that we must indemnify our directors and officers to the fullest extent authorized by law. We are also expressly authorized to advance certain expenses (including attorneys&#8217; fees and disbursements
        and court costs) to our directors and officers and carry directors&#8217; and officers&#8217; insurance policies providing indemnification for our directors, officers and certain employees for some liabilities. We believe that these indemnification provisions
        and insurance are useful to attract and retain qualified directors and executive officers.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">The limitation of liability and indemnification provisions in our Articles and Bylaws may discourage shareholders from bringing a lawsuit against directors for breach of their fiduciary duty. These provisions may also
        have the effect of reducing the likelihood of derivative litigation against directors and officers, even though such an action, if successful, might otherwise benefit us and our shareholders. In addition, your investment may be adversely affected
        to the extent we pay the costs of settlement and damage awards against directors and officers pursuant to these indemnification provisions.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons, we have been advised that in the opinion of the Securities and Exchange
        Commission, such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">There is currently no pending material litigation or proceeding involving any of our directors, officers or employees for which indemnification is sought.</div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Anti-Takeover Effect of Certain Provisions of our Articles and Bylaws</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">Several provisions of our Articles and Bylaws, which are summarized below, may have anti-takeover effects. These provisions are intended to avoid costly takeover battles, lessen our vulnerability to a hostile change of
        control and enhance the ability of our Board of Directors to maximize shareholder value in connection with any unsolicited offer to acquire us. However, these anti-takeover provisions, which are summarized below, could also discourage, delay or
        prevent (i) the merger or acquisition of our Company by means of a tender offer, a proxy contest or otherwise that a shareholder may consider in its best interest and (ii) the removal of incumbent officers and directors.</div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Classified Board of Directors</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">Our Articles provide for the division of our Board of Directors into three classes of directors, with each class as nearly equal in number as possible, serving staggered, three year terms. Approximately one-third of
        our Board of Directors will be elected each year. This classified board provision could discourage a third party from making a tender offer for our common shares or attempting to obtain control of us. It could also delay shareholders who do not
        agree with the policies of our Board of Directors from removing a majority of our Board of Directors for two years.</div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Blank Check Preferred Shares</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">Our Articles authorize our Board of Directors to establish one or more series of preferred shares and to determine, with respect to any series of preferred shares, the terms and rights of that series, including:</div>
      <div><br>
      </div>
      <div>
        <div>
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                  <div>the designation of the series;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">15</font></div>
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      </div>
      <div>
        <div>
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                  <div>the preferences and relative, participating, option or other special rights, if any, and any qualifications, limitations or restrictions of such series; and</div>
                </td>
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      </div>
      <div><br>
      </div>
      <div>
        <div>
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                  <div>the voting rights, if any, of the holders of the series.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Business Combinations</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">Although the MIBCA does not contain specific provisions regarding &#8220;business combinations&#8221; between corporations organized under the laws of the Republic of Marshall Islands and &#8220;interested shareholders,&#8221; we have
        included these provisions in our Articles. Our Articles contain provisions which prohibit us from engaging in a business combination with an interested shareholder for a period of three years after the date of the transaction in which the person
        became an interested shareholder, unless:</div>
      <div><br>
      </div>
      <div>
        <div>
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                  <div>prior to the date of the transaction that resulted in the shareholder becoming an interested shareholder, our Board of Directors approved either the business combination or the transaction that resulted in the shareholder becoming an
                    interested shareholder;</div>
                </td>
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          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
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                  <div>upon consummation of the transaction that resulted in the shareholder becoming an interested shareholder, the interested shareholder owned at least 85% of the voting shares of the corporation outstanding at the time the transaction
                    commenced, excluding for purposes of determining the number of shares outstanding those shares owned (i) by persons who are directors and also officers and (ii) employee share plans in which employee participants do not have the right
                    to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer;</div>
                </td>
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          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
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                  <div>at or subsequent to the date of the transaction that resulted in the shareholder becoming an interested shareholder, the business combination is approved by the Board of Directors and authorized at an annual or special meeting of
                    shareholders, and not by written consent, by the affirmative vote of at least 70% of the outstanding voting shares that is not owned by the interested shareholder; or</div>
                </td>
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          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z2eec926795b0497d9a77ac74744bf342" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

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                  <div>the shareholder became an interested shareholder prior to the consummation of the initial public offering of common shares under the Securities Act.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">For purposes of these provisions, a &#8220;business combination&#8221; includes mergers, consolidations, exchanges, asset sales, leases and other transactions resulting in a financial benefit to the interested shareholder and an
        &#8220;interested shareholder&#8221; is any person or entity that beneficially owns 20% or more of the shares of our outstanding voting shares and any person or entity affiliated with or controlling or controlled by that person or entity.</div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Election and Removal of Directors</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">Our Articles prohibit cumulative voting in the election of directors. Our Articles and Bylaws require parties other than the Board of Directors to give advance written notice of nominations for the election of
        directors. Our Articles and Bylaws also provide that our directors may be removed only for cause and only upon the affirmative vote of the holders of 70% or more of the outstanding shares of our capital stock entitled to vote generally in the
        election of directors. These provisions may discourage, delay or prevent the removal of incumbent officers and directors.</div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Limited Actions by Shareholders</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">Our Bylaws provide that any action required or permitted to be taken by our shareholders must be effected at an annual meeting of shareholders or by the unanimous written consent of our shareholders. Our Bylaws also
        provide that our Board of Directors, Chairman, or President may call special meetings of our shareholders and the business transacted at the special meeting is limited to the purposes stated in the notice. Accordingly, shareholders are prevented
        from calling a special meeting and shareholder consideration of a proposal may be delayed until the next annual meeting.</div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Supermajority Provisions</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">The MIBCA generally provides that the affirmative vote of a majority of the outstanding shares entitled to vote at a meeting of shareholders is required to amend a corporation&#8217;s articles of incorporation, unless the
        articles of incorporation requires a greater percentage. Our Articles provide that the following provisions in the Articles may be amended only by an affirmative vote of 70% or more of the outstanding shares of our capital stock entitled to vote
        generally in the election of directors:</div>
      <div><br>
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      <div>
        <div>
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                  <div>the Board of Directors shall be divided into three classes;</div>
                </td>
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      </div>
      <div><br>
      </div>
      <div>
        <div>
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                  <div>directors may only be removed for cause and by an affirmative vote of the holders of 70% or more of the outstanding shares of our capital stock entitled to vote generally in the election of directors;</div>
                </td>
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          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
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                  <div>the directors are authorized to make, alter, amend, change or repeal our bylaws by vote not less than 66 <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup>/<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">3</sub>% of the entire Board of Directors;</div>
                </td>
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          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zd4e292b27c8a473b98a7a728e6d4ff14" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

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                  <div>the shareholders are authorized to alter, amend or repeal our bylaws by an affirmative vote of 70% or more of the outstanding shares of our capital stock entitled to vote generally in the election of directors;</div>
                </td>
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        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
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                  <div>we may not engage in any business combination with any interested shareholder for a period of three years following the transaction in which the person became an interested shareholder; and</div>
                </td>
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        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
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                  <div>we shall indemnify directors and officers to the full extent permitted by law, and we shall advance certain expenses (including attorneys&#8217; fees and disbursements and court costs) to the directors and officers. For purposes of these
                    provisions, an &#8220;interested shareholder&#8221; is generally any person or entity that owns 20% or more of the shares of our outstanding voting shares or any person or entity affiliated with or controlling or controlled by that person or
                    entity.</div>
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        </div>
      </div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Advance Notice Requirements for Shareholders Proposals and Director Nominations</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">Our Articles and Bylaws provide that shareholders seeking to nominate candidates for election as directors or to bring business before an annual meeting of shareholders must provide timely notice of their proposal in
        writing to the corporate secretary. Generally, to be timely, a shareholder&#8217;s notice must be received at our principal executive offices not less than 120 days nor more than 180 days prior to the one year anniversary of the immediately preceding
        year&#8217;s annual meeting of shareholders. Our Articles and Bylaws also specify requirements as to the form and content of a shareholder&#8217;s notice. These provisions may impede a shareholder&#8217;s ability to bring matters before an annual meeting of
        shareholders or make nominations for directors at an annual meeting of shareholders.</div>
      <div><br>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">17</font></div>
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          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
        <div id="DSPFPageHeader" style="width: 100%;"> <a href="#TABLEOFCONTENTS"><font style="font-size: 8pt; font-style: italic;">Table of Contents</font></a></div>
      </div>
      <!--PROfilePageNumberReset%Num%1%%%-->
      <div style="text-align: center; font-weight: bold;"><a name="EXPENSES"><!--Anchor--></a>EXPENSES</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">The following are the estimated expenses of the issuance and distribution of the common shares being registered under the registration statement of which this prospectus forms a part, all of which will be paid by us.</div>
      <div style="text-indent: 36pt;"> <br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;" id="z84e311e921bb4f27abf44608db6aae86">

          <tr>
            <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -9pt; margin-left: 9pt;">Commission registration fee</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>1,993.17</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
              <div style="text-indent: -9pt; margin-left: 9pt;">FINRA filing fee</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
              <div>$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
              <div>*</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -9pt; margin-left: 9pt;">Legal fees and expenses</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>*</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
              <div style="text-indent: -9pt; margin-left: 9pt;">Accounting fees and expenses</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
              <div>$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
              <div>*</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -9pt; margin-left: 9pt;">Printing and typesetting expenses</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>*</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
              <div style="text-indent: -9pt; margin-left: 9pt;">Blue sky fees and expenses</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
              <div>$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
              <div>*</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -9pt; margin-left: 9pt;">Miscellaneous</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>*</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
              <div style="text-indent: -9pt; margin-left: 9pt;">Total</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
              <div>$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
              <div>*</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          </tr>

      </table>
      <div>
        <div><br>
        </div>
        <div>
          <hr noshade="noshade" align="left" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto 0px 0px; height: 2px; width: 15%; color: #000000;"></div>
      </div>
      <div>
        <div>
          <div> <br>
          </div>
          <table cellspacing="0" cellpadding="0" id="z804b4834545e4ff3adeee65b34de5d33" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 18pt; vertical-align: top;">*</td>
                <td style="width: auto; vertical-align: top;">
                  <div>To be provided by a prospectus supplement or as an exhibit to a Report on Form 6-K that is incorporated by reference into this registration statement.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">18</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
        <div id="DSPFPageHeader" style="width: 100%;"> <a href="#TABLEOFCONTENTS"><font style="font-size: 8pt; font-style: italic;">Table of Contents</font></a></div>
      </div>
      <div style="text-align: center; font-weight: bold;"><a name="LEGALMATTERS"><!--Anchor--></a>LEGAL MATTERS</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">Certain matters of Marshall Islands law will be passed upon for the Selling Shareholder by Seward &amp; Kissel LLP, New York, New York.</div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;"><a name="XPERTS"><!--Anchor--></a>EXPERTS</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">The consolidated financial statements of Star Bulk Carriers Corp. as of and for the year ended December 31, 2018, incorporated in this prospectus by reference from the Company&#8217;s Annual Report on Form 20-F for the year
        ended December 31, 2018, and the effectiveness of Star Bulk Carriers Corp.&#8217;s internal control over financial reporting as of December 31, 2018 have been audited by Deloitte Certified Public Accountants S.A., an independent registered public
        accounting firm, as stated in their reports, which are incorporated herein by reference. Such consolidated financial statements have been so incorporated in reliance upon the reports of such firm given upon their authority as experts in accounting
        and auditing. The offices of Deloitte Certified Public Accountants S.A are located at Fragoklissias 3a &amp; Granikou Street, Maroussi, Athens 151 25, Greece.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">The consolidated financial statements of Star Bulk Carriers Corp. as of December 31, 2017 and for each of the two years in the period then ended appearing in Star Bulk Carriers Corp.&#8217;s Annual Report (Form 20-F) for the
        year ended December 31, 2018, have been audited by Ernst &amp; Young (Hellas) Certified Auditors Accountants S.A., independent registered public accounting firm, as set forth in their report thereon, included therein, and incorporated herein by
        reference. Such consolidated financial statements are incorporated herein by reference in reliance upon such report given on the authority of such firm as experts in accounting and auditing. The address of Ernst &amp; Young (Hellas) Certified
        Auditors Accountants S.A. is 8B Chimarras, 15125, Maroussi, Greece and is registered as a corporate body with the public register for company auditors-accountants kept with the Body of Certified-Auditors-Accountants, or SOEL, Greece with
        registration number 107.</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">19</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
        <div id="DSPFPageHeader" style="width: 100%;"> <a href="#TABLEOFCONTENTS"><font style="font-size: 8pt; font-style: italic;">Table of Contents</font></a></div>
      </div>
      <div style="text-align: center;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="z20406448fdb34f5984ba692bc77399ed">

              <tr>
                <td style="width: 100%; vertical-align: top; border-bottom: 2.5pt double rgb(0, 0, 0);"><br>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <img src="img00001.jpg"></div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">STAR BULK CARRIERS CORP.</div>
      <div style="text-align: center; font-weight: bold;"> <br>
      </div>
      <div style="text-align: center; font-weight: bold;">1,537,110 Common Shares</div>
      <div style="text-align: center; font-weight: bold;">offered by the Selling Shareholder</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="zf5a449c7e0684670b0cee8dac205e8af" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 40%; vertical-align: top;"><br>
            </td>
            <td style="width: 20%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);"><br>
            </td>
            <td style="width: 40%; vertical-align: top;"><br>
            </td>
          </tr>
          <tr>
            <td style="width: 40%; vertical-align: top;"><br>
            </td>
            <td style="width: 20%; vertical-align: top;">
              <div style="text-align: center; font-weight: bold;">PROSPECTUS</div>
            </td>
            <td style="width: 40%; vertical-align: top;"><br>
            </td>
          </tr>
          <tr>
            <td style="width: 40%; vertical-align: top; padding-bottom: 2px;"><br>
            </td>
            <td style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><br>
            </td>
            <td style="width: 40%; vertical-align: top; padding-bottom: 2px;"><br>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: center;">, 2019</div>
      <div style="text-align: center;"> <br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

            <tr>
              <td style="width: 100%; vertical-align: top; border-bottom: #000000 2.5pt double;"><br>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">20</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
        <div id="DSPFPageHeader" style="width: 100%;"> <a href="#TABLEOFCONTENTS"><font style="font-size: 8pt; font-style: italic;">Table of Contents</font></a></div>
      </div>
      <!--PROfilePageNumberReset%Num%1%II-%%-->
      <div style="text-align: center; font-weight: bold;">Part II</div>
      <div style="text-align: center; font-weight: bold;">Information Not Required in the Prospectus</div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="zc282ba26520d4d7b9c8100a3831413ee" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: left; font-weight: bold;">Item 8.</div>
              </td>
              <td style="vertical-align: top; width: auto;">
                <div style="text-align: left; font-weight: bold;">Indemnification of Directors and Officers.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Indemnification of Directors and Officers and Limitation of Liability</div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z25d23b608e1848f5b7d0760a6be4c474" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt; vertical-align: top;">I.</td>
                <td style="width: auto; vertical-align: top;">
                  <div>Article VI of the Third Amended and Restated Bylaws of the Registrant provides as follows:</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zacbac313a2694fccb6e4bd9b777fcc19" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top;">1.</td>
                <td style="width: auto; vertical-align: top;">
                  <div>The Company shall indemnify, to the full extent permitted by law, any person who was or is a party, or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal,
                    administrative or investigative (other than an action by or in the right of the Company) by reason of the fact that he is or was a director, officer, employee or agent of the Company, or is or was serving at the request of the Company
                    as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys&#8217; fees), judgments, fines and amounts paid in settlement actually and
                    reasonably incurred by him in connection with such action, suit or proceeding if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Company, and, with respect to any
                    criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its
                    equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the Company, and, with respect to any
                    criminal action or proceeding, had reasonable cause to believe that his conduct was unlawful.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z5280f4cb21824a0682e0a10d3cdcee41" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top;">2.</td>
                <td style="width: auto; vertical-align: top;">
                  <div>The Company shall indemnify, to the full extent permitted by law, any person who was or is a party, or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the Company to
                    procure a judgment in its favor by reason of the fact that he is or was a director, officer, employee or agent of the Company, or is or was serving at the request of the Company as a director, officer, employee or agent of another
                    corporation, partnership, joint venture, trust or other enterprise against expenses (including attorneys&#8217; fees) actually and reasonably incurred by him in connection with the defense or settlement of such action or suit if he acted in
                    good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Company and except that no indemnification shall be made in respect of any claim, issue or matter as to which such person shall have
                    been adjudged to be liable to the Company unless and only to the extent that the court in which such action or suit was properly brought shall determine upon application that, despite the adjudication of liability, but in view of all
                    the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which such court having proper jurisdiction shall deem proper.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z6ba3b8707dbe4a3a9d21dfadb0c7c671" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top;">3.</td>
                <td style="width: auto; vertical-align: top;">
                  <div>To the extent that a director, officer, employee or agent of the Company has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in Sections 1 or 2 of this Article VI, or in defense of
                    any claim, issue or matter therein, he shall be indemnified against expenses (including attorneys&#8217; fees) actually and reasonably incurred by him or her in connection therewith.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="za337ed0124174617b8b21a59e39337a3" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top;">4.</td>
                <td style="width: auto; vertical-align: top;">
                  <div>Any indemnification under Sections 1 or 2 of this Article VI (unless ordered by a court having proper jurisdiction) shall be made by the Company only as authorized in the specific case upon a determination that indemnification of the
                    director, officer, employee or agent is proper in the circumstances because he has met the applicable standard of conduct set forth in such section. Such determination shall be made:</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z297dc0fab0074590b112a6d11de6478a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top;">a.</td>
                <td style="width: auto; vertical-align: top;">
                  <div>by the Board by a majority vote of a quorum consisting of directors who were not parties to such action, suit or proceeding; or</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">II-1</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
        <div id="DSPFPageHeader" style="width: 100%;"> <a href="#TABLEOFCONTENTS"><font style="font-size: 8pt; font-style: italic;">Table of Contents</font></a></div>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zf01f5e51bfef408cb7c6981ac50cb486" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top;">b.</td>
                <td style="width: auto; vertical-align: top;">
                  <div>if such a quorum is not obtainable, or, even if obtainable a quorum of disinterested directors so directs, by independent legal counsel in a written opinion; or</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z127e9d3fe03f4887aa7c2a602b676e39" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top;">c.</td>
                <td style="width: auto; vertical-align: top;">
                  <div>by the shareholders.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z7577d9dc768b4afaa301f99c2e5cd084" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top;">5.</td>
                <td style="width: auto; vertical-align: top;">
                  <div>Expenses (including attorneys&#8217; fees) incurred by an officer or director in defending any civil, criminal, administrative or investigative action, suit or proceeding shall be paid by the Company in advance of the final disposition of
                    such action, suit or proceeding upon receipt of an undertaking by or on behalf of such director or officer to repay such amount if it shall ultimately be determined that he is not entitled to be indemnified by the Company as authorized
                    in this Section.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z0b436c651633485fbbc83b61950741d2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top;">6.</td>
                <td style="width: auto; vertical-align: top;">
                  <div>The indemnification and advancement of expenses provided by, or granted pursuant to, this Article VI shall, unless otherwise provided when authorized or ratified, continue as to a person who has ceased to be a director, officer,
                    employee or agent and shall inure to the benefit of the heirs, executors and administrators of such a person.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z837e8d6ce60d473bb96d41a1e2257411" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top;">7.</td>
                <td style="width: auto; vertical-align: top;">
                  <div>The Company shall have power to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the Company, or is or was serving at the request of the Company as a director, officer,
                    employee or agent of another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against him and incurred by him in any such capacity, or arising out of his status as such, whether or not
                    the Company would have the power to indemnify him against such liability under the provisions of this Article VI.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="ze01fdfba825e48168684cb7e71350cdd" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top;">8.</td>
                <td style="width: auto; vertical-align: top;">
                  <div>For purposes of this Article VI, references to the &#8220;Company&#8221; shall include, in addition to the resulting corporation, any constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger
                    which, if its separate existence had continued, would have had power and authority to indemnify its directors, officers, and employees or agents, so that any person who is or was a director, officer employee or agent of such constituent
                    corporation, or is or was serving at the request of such constituent corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, shall stand in the same position
                    under this Article VI with respect to the resulting or surviving corporation as he would have with respect to such constituent corporation if its separate existence had continued.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z4061e81ea27f4dbdb60cf7171aefdee3" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top;">9.</td>
                <td style="width: auto; vertical-align: top;">
                  <div>For purposes of this Article VI, references to &#8220;other enterprises&#8221; shall include employee benefit plans; references to &#8220;fines&#8221; shall include any excise taxes assessed on a person with respect to any employee benefit plan; and
                    references to &#8220;serving at the request of the Company&#8221; shall include any service as a director, officer, employee or agent of the Company which imposes duties on, or involves services by, such director, officer, employee, or agent with
                    respect to an employee benefit plan, its participants or beneficiaries; and a person who acted in good faith and in a manner he reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit plan
                    shall be deemed to have acted in a manner &#8220;not opposed to the best interests of the Company&#8221; as referred to in this Article VI.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z7eff99914f49418db8cae65318277b68" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top;">10.</td>
                <td style="width: auto; vertical-align: top;">
                  <div>The indemnification and advancement of expenses provided by, or granted pursuant to, the other sections of this Article VI shall not be deemed exclusive of any other rights to which those seeking indemnification or advancement of
                    expenses may be entitled under any Bylaw, agreement, vote of shareholders or disinterested directors or otherwise, both as to action in his official capacity and as to action in another capacity while holding such office.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z8ffee50c816c4b95ae43b023abd90086" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top;">11.</td>
                <td style="width: auto; vertical-align: top;">
                  <div>No director or officer of the Company shall be personally liable to the Company or to any shareholder of the Company for monetary damages for breach of fiduciary duty as a director or officer, provided that this provision shall not
                    limit the liability of a director or officer (i) for any breach of the director&#8217;s or the officer&#8217;s duty of loyalty to the Company or its shareholders, (ii) for acts or omissions not in good faith or which involve intentional misconduct
                    or a knowing violation of law, or (iii) for any transaction from which the director or officer derived an improper personal benefit.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">II-2</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
        <div id="DSPFPageHeader" style="width: 100%;"> <a href="#TABLEOFCONTENTS"><font style="font-size: 8pt; font-style: italic;">Table of Contents</font></a></div>
      </div>
      <div>There is currently no pending material litigation or proceeding involving any of the Registrant&#8217;s directors, officers or employees for which indemnification is sought.</div>
      <div><br>
      </div>
      <div>Section 60 of the Marshall Islands Business Corporations Act (the &#8220;<u>MIBCA</u>&#8221;) provides as follows:</div>
      <div><br>
      </div>
      <div>Indemnification of directors and officers:</div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zbfc3cdd7aefd4c29a166a88539970122" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top;">1.</td>
                <td style="width: auto; vertical-align: top;">
                  <div><font style="font-style: italic;">Actions not by or in right of the corporation</font>. A corporation shall have power to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or
                    completed action, suit or proceeding whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation) by reason of the fact that he is or was a director or officer of the corporation,
                    or is or was serving at the request of the corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys&#8217; fees), judgments, fines and amounts
                    paid in settlement actually and reasonably incurred by him in connection with such action, suit or proceeding if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the
                    corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a
                    plea of no contest, or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the corporation,
                    and, with respect to any criminal action or proceedings, had reasonable cause to believe that his conduct was unlawful.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zd33168b0968b4518a384f752828ec77e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top;">2.</td>
                <td style="width: auto; vertical-align: top;">
                  <div><font style="font-style: italic;">Actions by or in right of the corporation</font>. A corporation shall have the power to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or
                    completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that he is or was a director or officer of the corporation, or is or was serving at the request of the corporation,
                    or is or was serving at the request of the corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise against expenses (including attorneys&#8217; fees) actually and reasonably incurred
                    by him or in connection with the defense or settlement of such action or suit if he acted in good faith and in a manner he reasonably believed to be in or not, opposed to the best interests of the corporation and except that no
                    indemnification shall be made in respect of any claims, issue or matter as to which such person shall have been adjudged to be liable for negligence or misconduct in the performance of his duty to the corporation unless and only to the
                    extent that the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled
                    to indemnity for such expenses which the court shall deem proper.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zbf844bc698ea4af59013e12db60c5a7a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top;">3.</td>
                <td style="width: auto; vertical-align: top;">
                  <div><font style="font-style: italic;">When director or officer successful</font>. To the extent that a director or officer of a corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding
                    referred to in subsections (1) or (2) of this section, or in the defense of a claim, issue or matter therein, he shall be indemnified against expenses (including attorneys&#8217; fees) actually and reasonably incurred by him in connection
                    therewith.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zcb3508c8014740ecb933111aed995eaa" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top;">4.</td>
                <td style="width: auto; vertical-align: top;">
                  <div><font style="font-style: italic;">Payment of expenses in advance</font>. Expenses incurred in defending a civil or criminal action, suit or proceeding may be paid in advance of the final disposition of such action, suit or proceeding
                    as authorized by the Board of Directors in the specific case upon receipt of an undertaking by or on behalf of the director or officer to repay such amount if it shall ultimately be determined that he is not entitled to be indemnified
                    by the corporation as authorized in this section.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">II-3</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
        <div id="DSPFPageHeader" style="width: 100%;"> <a href="#TABLEOFCONTENTS"><font style="font-size: 8pt; font-style: italic;">Table of Contents</font></a></div>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z3d7ad71d77f1481cb85cf88eaaa332de" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top;">5.</td>
                <td style="width: auto; vertical-align: top;">
                  <div><font style="font-style: italic;">Indemnification pursuant to other rights. </font>The indemnification and advancement of expenses provided by, or granted pursuant to, the other subsections of this section shall not be deemed
                    exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under any bylaw, agreement, vote of shareholders or disinterested directors or otherwise, both as to action in his official
                    capacity and as to action in another capacity while holding such office.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z711a45eb595949959aeb8d661c4deb08" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top;">6.</td>
                <td style="width: auto; vertical-align: top;">
                  <div><font style="font-style: italic;">Continuation of indemnification. </font>The indemnification and advancement of expenses provided by, or granted pursuant to, this section shall, unless otherwise provided when authorized or
                    ratified, continue as to a person who has ceased to be a director, officer, employee or agent and shall inure to the benefit of the heirs, executors and administrators of such a person.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zdc47d09b9cf04ef794792c78ccfb90b7" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top;">7.</td>
                <td style="width: auto; vertical-align: top;">
                  <div><font style="font-style: italic;">Insurance</font>. A corporation shall have power to purchase and maintain insurance on behalf of any person who is or was a director or officer of the corporation or is or was serving at the request
                    of the corporation as a director or officer against any liability asserted against him and incurred by him in such capacity whether or not the corporation would have the power to indemnify him against such liability under the provisions
                    of this section.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zf7348942d16c43399ce728c25e515c62" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt; vertical-align: top; font-weight: bold;">Item 9.</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;">Exhibits</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">The exhibit index at the end of this registration statement identifies the exhibits which are included in this registration statement and are incorporated herein by reference (the &#8220;<u>Exhibit Index</u>&#8221;).</div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z5af077ad5da9476f87f8c7be9ad50497" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt; vertical-align: top; font-weight: bold;">Item 10.</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;">Undertakings</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z9a1ddc42ddd64a4a85196f8ca4dd43a2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt; vertical-align: top;">(a)</td>
                <td style="width: auto; vertical-align: top;">
                  <div>The undersigned registrant hereby undertakes:</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z9cbfa01b318b4bad8bd57464119bd2fa" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt;">&#160;</td>
                <td style="width: 36pt; vertical-align: top;">(1)</td>
                <td style="width: auto; vertical-align: top;">
                  <div>To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z261de7da8ec04f90b96ea89070d70cdc" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top;">(i)</td>
                <td style="width: auto; vertical-align: top;">
                  <div>To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z68b573a75c814f7e8df62988311893d4" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top;">(ii)</td>
                <td style="width: auto; vertical-align: top;">
                  <div>To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental
                    change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was
                    registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and
                    price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the &#8220;Calculation of Registration Fee&#8221; table in the effective registration statement.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z87fe4550a76349e982ef81dbe78a431c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top;">(iii)</td>
                <td style="width: auto; vertical-align: top;">
                  <div>To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="margin-left: 72pt;">Provided, however, that paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) of this section do not apply if the registration statement is on Form S-3 or Form F-3 and the information required to be included in a
        post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in
        the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">II-4</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
        <div id="DSPFPageHeader" style="width: 100%;"> <a href="#TABLEOFCONTENTS"><font style="font-size: 8pt; font-style: italic;">Table of Contents</font></a></div>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z9f695a28b0bd442c9246bd8a5b7b9400" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt;">&#160;</td>
                <td style="width: 36pt; vertical-align: top;">(2)</td>
                <td style="width: auto; vertical-align: top;">
                  <div>That, for the purpose of determining any liability under the Securities Act of 1933, as amended, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and
                    the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z7ae4914f17b04ed0a6e757fd6c086665" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt;">&#160;</td>
                <td style="width: 36pt; vertical-align: top;">(3)</td>
                <td style="width: auto; vertical-align: top;">
                  <div>To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="za67620ae550340ea99ed85eaa0d453d9" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt;">&#160;</td>
                <td style="width: 36pt; vertical-align: top;">(4)</td>
                <td style="vertical-align: top;">
                  <div>To file a post-effective amendment to the registration statement to include any financial statements required by Item 8.A. of Form 20-F at the start of any delayed offering or throughout a continuous offering. Financial statements
                    and information otherwise required by Section 10(a)(3) of the Act need not be furnished, provided, that the registrant includes in the prospectus, by means of a post-effective amendment, financial statements required pursuant to this
                    paragraph (a)(4) and other information necessary to ensure that all other information in the prospectus is at least as current as the date of those financial statements. Notwithstanding the foregoing, with respect to registration
                    statements on Form F-3, a post-effective amendment need not be filed to include financial statements and information required by Section 10(a)(3) of the Securities Act of 1933 or Rule 3-19 of Regulation S-X if such financial statements
                    and information are contained in periodic reports filed with or furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the Form
                    F-3.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zf1a87f40f4e34893ab0d73b984d96701" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt;">&#160;</td>
                <td style="width: 36pt; vertical-align: top;">(5)</td>
                <td style="width: auto; vertical-align: top;">
                  <div>That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zcd407654c97043fc84c56115b6278bcf" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 72pt;">&#160;</td>
                <td style="width: 36pt; vertical-align: top;">(i)</td>
                <td style="width: auto; vertical-align: top;">
                  <div>If the registrant is relying on Rule 430B:</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z975af00d17ca4187b67064cff8c12ad3" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 108pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top;">(A)</td>
                <td style="width: auto; vertical-align: top;">
                  <div>Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of this registration statement as of the date the filed prospectus was deemed part of and included in this registration statement; and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z3ea9c63be6ef417782404cab39e2ff3f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 108pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top;">(B)</td>
                <td style="width: auto; vertical-align: top;">
                  <div>Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose
                    of providing the information required by section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after
                    effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such
                    date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to
                    be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by
                    reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in
                    the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">II-5</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
        <div id="DSPFPageHeader" style="width: 100%;"> <a href="#TABLEOFCONTENTS"><font style="font-size: 8pt; font-style: italic;">Table of Contents</font></a></div>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z1e5b7f8f0f2046fd8d6141791764f4a6" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt; vertical-align: top;">(b)</td>
                <td style="width: auto; vertical-align: top;">
                  <div>The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant&#8217;s annual report pursuant to section 13(a) or 15(d) of the Securities
                    Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan&#8217;s annual report pursuant to section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall
                    be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z1f06fea298f246f6ab8f773c4aed4ae7" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt; vertical-align: top;">(c)&#8211;(d)</td>
                <td style="width: auto; vertical-align: top;">
                  <div>Not applicable.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zdf9f45c9267a4d26b23da50a4890a578" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt; vertical-align: top;">(e)</td>
                <td style="width: auto; vertical-align: top;">
                  <div>The undersigned registrant hereby undertakes to deliver or cause to be delivered with the prospectus, to each person to whom the prospectus is sent or given, the latest annual report to security holders that is incorporated by
                    reference in the prospectus and furnished pursuant to and meeting the requirements of Rule 14a-3 or Rule 14c-3 under the Securities Exchange Act of 1934; and, where interim financial information required to be presented by Article 3 of
                    Regulation S-X is not set forth in the prospectus, to deliver, or cause to be delivered to each person to whom the prospectus is sent or given, the latest quarterly report that is specifically incorporated by reference in the prospectus
                    to provide such interim financial information.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z0e7193551a0c425f9cc52b397615c2d6" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt; vertical-align: top;">(f)&#8211;(g)</td>
                <td style="width: auto; vertical-align: top;">
                  <div>Not applicable.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zc2ae68b243a344349b8f0a0784f81682" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt; vertical-align: top;">(h)</td>
                <td style="width: auto; vertical-align: top;">
                  <div>Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant
                    has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for
                    indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding)
                    is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a
                    court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zb73240ad1d2e4758994983d95498cd21" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt; vertical-align: top;">(i)</td>
                <td style="width: auto; vertical-align: top;">
                  <div>Not applicable.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zc8b9538e0c424e009d477569b54413ee" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt; vertical-align: top;">(j)</td>
                <td style="width: auto; vertical-align: top;">
                  <div>Not applicable.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z18f223b02e8c4d3fbbf5c01d7599b693" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt; vertical-align: top;">(k)</td>
                <td style="width: auto; vertical-align: top;">
                  <div>Not applicable.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">II-6</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
        <div id="DSPFPageHeader" style="width: 100%;"> <a href="#TABLEOFCONTENTS"><font style="font-size: 8pt; font-style: italic;">Table of Contents</font></a></div>
      </div>
      <div style="text-align: center; font-weight: bold;">EXHIBIT INDEX</div>
      <div style="text-align: center; font-weight: bold;"> <br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" id="zbec794e7f12d4d85869932c455622c20" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 7.99%; vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-weight: bold;">Exhibit</div>
              <div style="font-weight: bold;">Number</div>
            </td>
            <td style="width: 1%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 91%; vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-weight: bold;">Description</div>
            </td>
          </tr>
          <tr>
            <td style="width: 7.99%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: center;"> <a href="http://www.sec.gov/Archives/edgar/data/1386716/000156761915000448/s000840x1_ex2-1.htm">2.1</a><br>
            </td>
            <td style="width: 1%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 91%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>
                <div style="font-family: 'Times New Roman', Times, serif;">Form of Share Certificate (filed as Exhibit 2.1 of the Company&#8217;s Form 20-F for the year ended December 31, 2014, which was filed with the Commission on April 8, 2015)</div>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 7.99%; vertical-align: top; background-color: rgb(255, 255, 255); text-align: center;"> <a href="ex10_1.htm">10.1</a> </td>
            <td style="width: 1%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 91%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div>2019 Equity Incentive Plan </div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 7.99%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: center;"><a href="ex5_1.htm">5.1</a></td>
            <td rowspan="1" style="width: 1%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td rowspan="1" style="width: 91%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>Opinion of Legality of Seward &amp; Kissel LLP counsel to the Company as to the validity of the common shares</div>
            </td>
          </tr>
          <tr>
            <td style="width: 7.99%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="text-align: center;"><a href="ex5_1.htm">23.1</a></div>
            </td>
            <td style="width: 1%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 91%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div>Consent of Seward &amp; Kissel LLP (included in Exhibit 5.1)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 7.99%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: center;"><a href="ex23_2.htm">23.2</a></div>
            </td>
            <td style="width: 1%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 91%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>Consent of Independent Registered Public Accounting Firm Ernst &amp; Young (Hellas) Certified Auditors Accountants S.A.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 7.99%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="text-align: center;"><a href="ex23_3.htm">23.3</a></div>
            </td>
            <td style="width: 1%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 91%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div>Consent of Independent Registered Public Accounting Firm (Deloitte Certified Public Accountants S.A.)</div>
            </td>
          </tr>

      </table>
      <div style="text-indent: -18pt; margin-left: 18pt;"> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">II-7</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
        <div id="DSPFPageHeader" style="width: 100%;"> <a href="#TABLEOFCONTENTS"><font style="font-size: 8pt; font-style: italic;">Table of Contents</font></a></div>
      </div>
      <div style="text-align: center; font-weight: bold;">SIGNATURE</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-3 and has duly caused this
        Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Athens, Country of Greece, on October 7, 2019.</div>
      <div style="text-indent: 36pt;"> <br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" id="z35f2b88b0c5041edaf5fac11b1e1f797" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="vertical-align: top;" colspan="2">
              <div style="font-weight: bold;">STAR BULK CARRIERS CORP.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 7%; vertical-align: top;">&#160;</td>
            <td style="width: 43%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 7%; vertical-align: top;">
              <div>By:</div>
            </td>
            <td style="width: 43%; vertical-align: top;">
              <div>/s/ Petros Pappas</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 7%; vertical-align: top;">
              <div>Name:</div>
            </td>
            <td style="width: 43%; vertical-align: top;">
              <div>Petros Pappas</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 7%; vertical-align: top;">
              <div>Title:</div>
            </td>
            <td style="width: 43%; vertical-align: top;">
              <div>Chief Executive Officer</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">II-8</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
        <div id="DSPFPageHeader" style="width: 100%;"> <a href="#TABLEOFCONTENTS"><font style="font-size: 8pt; font-style: italic;">Table of Contents</font></a></div>
      </div>
      <div style="text-indent: 36pt;">KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints each of Georgia Mastagaki, Sophia Damigou, Christos Begleris, Simos Spyrou, Hamish Norton, Spyros Capralos and
        Petros Pappas his true and lawful attorney-in-fact and agent, with full powers of substitution and re-substitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any or all amendments (including
        post-effective amendments) to this Registration Statement, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent full
        power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully for all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact
        and agent, or his substitute, may lawfully do or cause to be done by virtue thereof.</div>
      <div style="text-indent: 36pt;"> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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      <div style="text-indent: 36pt;">Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons on October 7, 2019 in the capacities indicated.</div>
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                <div>/s/ Simos Spyrou</div>
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              <div>Co-Chief Financial Officer (co-Principal Financial Officer and co-Principal Accounting Officer) of Star Bulk Carriers Corp.</div>
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            <td style="width: 18.06%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
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                <div style="font-weight: bold;">Signature</div>
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            <td style="width: 2%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
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            <td style="width: 18.06%; vertical-align: top;">&#160;</td>
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                <div>/s/ Christos Begleris</div>
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            <td style="width: 2%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
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              <div>Co-Chief Financial Officer (co-Principal Financial Officer and co-Principal Accounting Officer) of Star Bulk Carriers Corp.</div>
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            <td style="width: 2%; vertical-align: top;">&#160;</td>
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            <td style="width: 18.06%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
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                <div style="font-weight: bold;">Signature</div>
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            <td style="width: 2%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 80%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
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                <div style="font-weight: bold;">Title</div>
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            <td style="width: 18.06%; vertical-align: top;">&#160;</td>
            <td style="width: 2%; vertical-align: top;">&#160;</td>
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                <div>/s/ Spyros Capralos</div>
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              <div>Non-Executive Chairman and Class C Director of Star Bulk Carriers Corp.</div>
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                <div style="font-weight: bold;">Signature</div>
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            <td style="width: 2%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 80%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
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                <div style="font-weight: bold;">Title</div>
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            <td style="width: 18.06%; vertical-align: top;">&#160;</td>
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                <div>/s/ Tom S&#248;fteland</div>
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            <td style="width: 2%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 80%; vertical-align: bottom; padding-bottom: 2px;">
              <div>Class A Director of Star Bulk Carriers Corp.</div>
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              <div>Tom S&#248;fteland</div>
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            <td style="width: 18.06%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
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                <div style="font-weight: bold;">Signature</div>
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            <td style="width: 2%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 80%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
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                <div style="font-weight: bold;">Title</div>
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            <td style="width: 18.06%; vertical-align: top;">&#160;</td>
            <td style="width: 2%; vertical-align: top;">&#160;</td>
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                <div>/s/ Koert Erhardt</div>
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            <td style="width: 2%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
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              <div>Class B Director of Star Bulk Carriers Corp.</div>
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            <td style="width: 80%; vertical-align: bottom;">&#160;</td>
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                <div style="font-weight: bold;">Signature</div>
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            <td style="width: 2%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 80%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
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            <td style="width: 18.06%; vertical-align: top;">&#160;</td>
            <td style="width: 2%; vertical-align: top;">&#160;</td>
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                <div>/s/ Mahesh Balakrishnan</div>
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            <td style="width: 2%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
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              <div>Class A Director of Star Bulk Carriers Corp.</div>
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              <div>Mahesh Balakrishnan</div>
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            <td style="width: 2%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
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            <td style="width: 18.06%; vertical-align: top;">&#160;</td>
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                <div>/s/ Arnie Blystad</div>
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            <td style="width: 2%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 80%; vertical-align: bottom; padding-bottom: 2px;">
              <div>Class C Director of Star Bulk Carriers Corp.</div>
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            <td style="width: 80%; vertical-align: bottom;">&#160;</td>
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                <div style="font-weight: bold;">Signature</div>
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            <td style="width: 2%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 80%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
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            <td style="width: 18.06%; vertical-align: top;">&#160;</td>
            <td style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 80%; vertical-align: bottom;">&#160;</td>
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                <div>/s/ Raffaele Zagari</div>
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            <td style="width: 2%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 80%; vertical-align: bottom; padding-bottom: 2px;">
              <div>Class C Director of Star Bulk Carriers Corp.</div>
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              <div>Raffaele Zagari</div>
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            <td style="width: 80%; vertical-align: bottom;">&#160;</td>
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                <div style="font-weight: bold;">Signature</div>
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            <td style="width: 2%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
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            <td style="width: 18.06%; vertical-align: top;">&#160;</td>
            <td style="width: 2%; vertical-align: top;">&#160;</td>
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                <div>/s/ Emily Stephens</div>
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            <td style="width: 2%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 80%; vertical-align: bottom; padding-bottom: 2px;">
              <div>Class B Director of Star Bulk Carriers Corp.</div>
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            <td style="width: 18.06%; vertical-align: top;">&#160;</td>
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                <div>/s/ Nikolaos Karellis</div>
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              <div>Class A Director of Star Bulk Carriers Corp.</div>
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      <div style="text-align: center; font-weight: bold;">AUTHORIZED UNITED STATES REPRESENTATIVE</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">Pursuant to the requirement of the Securities Act of 1933, the undersigned, the duly undersigned representative in the United States of the Registrant, has signed this registration statement in the City of Newark,
        State of Delaware, on October 7, 2019.</div>
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            <td style="width: 44%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>
                <div>/s/ Hamish Norton</div>
              </div>
            </td>
            <td style="width: 50%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 6%; vertical-align: top;">
              <div>Name:</div>
            </td>
            <td style="width: 44%; vertical-align: bottom;">
              <div>Hamish Norton</div>
            </td>
            <td style="width: 50%; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 6%; vertical-align: top;">
              <div>Title:</div>
            </td>
            <td style="width: 44%; vertical-align: bottom;">
              <div>Officer</div>
            </td>
            <td style="width: 50%; vertical-align: bottom;">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div><br>
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">II-12</font></div>
      </div>
      <div>
        <hr noshade="noshade" align="center" style="height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); text-align: center; margin-left: auto; margin-right: auto; border: medium none;"> </div>
    </div>
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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>ex5_1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Summit, a Broadridge Company
         Document created using EDGARfilings PROfile 6.4.0.0
         Copyright 1995 - 2019 Broadridge -->
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<body bgcolor="#ffffff" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;">
  <hr noshade="noshade" align="center" style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">
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    <table cellspacing="0" cellpadding="0" border="0" id="z106b7940f9ae46139528918613eac134" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 20.36%; vertical-align: top;">&#160;</td>
          <td style="width: 55%; vertical-align: top;">
            <div style="text-align: center; font-variant: small-caps;">Seward &amp; Kissel llp</div>
            <div style="text-align: center;">ONE BATTERY PARK PLAZA</div>
            <div style="text-align: center;">NEW YORK, NEW YORK&#160; 10004</div>
          </td>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 20.36%; vertical-align: top;">&#160;</td>
          <td style="width: 55%; vertical-align: top;">&#160;</td>
          <td style="width: 25%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 20.36%; vertical-align: top;">&#160;</td>
          <td style="width: 55%; vertical-align: top;">
            <div style="text-align: center;">TELEPHONE:&#160; (212) 574-1200</div>
            <div style="text-align: center;">FACSIMILE:&#160; (212) 480-8421</div>
            <div style="text-align: center;">WWW.SEWKIS.COM</div>
          </td>
          <td style="width: 25%; vertical-align: top;">
            <div style="text-align: center;">901 K STREET, NW</div>
            <div style="text-align: center;">WASHINGTON, D.C. 20001</div>
            <div style="text-align: center;">TELEPHONE:&#160; (202) 737-8833</div>
            <div style="text-align: center;">FACSIMILE:&#160; (202) 737-5184</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: right; font-weight: bold;">Exhibit 5.1</div>
    <div style="text-align: right; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center;">October 7, 2019</div>
    <div><br>
    </div>
    <div>Star Bulk Carriers Corp.</div>
    <div>c/o Star Bulk Management Inc.</div>
    <div>40 Agiou Konstantinou Str.</div>
    <div>Maroussi, 15124 Athens, Greece</div>
    <div> <br>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" id="zefcfb27210b641b6a04166cd4b208b5d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; font-weight: bold;">Re:</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-size: 12pt; font-weight: bold;"><font style="font-size: 10pt;"><u>Star Bulk Carriers Corp</u></font><font style="font-size: 10pt;">.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div> <br>
    </div>
    <div>Ladies and Gentlemen:</div>
    <div> <br>
    </div>
    <div style="text-indent: 36pt;">We have acted as Marshall Islands counsel to Star Bulk Carriers Corp. (the &#8220;Company&#8221;) in connection with the Company&#8217;s Registration Statement on Form F-3 (the &#8220;Registration
      Statement&#8221;) as filed with the U.S. Securities and Exchange Commission (the &#8220;Commission&#8221;) on October 7, 2019, as thereafter amended or supplemented, with respect to one or more public offerings by the Company (the &#8220;Offerings&#8221;) of up to an aggregate of
      1,537,110 common shares of the Company, par value $0.01 per share, to be offered by certain selling shareholders (the &#8220;Secondary Shares&#8221;).</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div style="text-indent: 36pt;">We have examined originals or copies, certified or otherwise identified to our satisfaction, of: (i) the Registration Statement; (ii) the prospectus of the Company (the
      &#8220;Prospectus&#8221;) included in the Registration Statement; and (iii) such corporate documents and records of the Company and such other instruments, certificates and documents as we have deemed necessary or appropriate as a basis for the opinions
      hereinafter expressed. In such examinations, we have assumed the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as copies or drafts of documents to be executed, the
      genuineness of all signatures and the legal competence or capacity of persons or entities to complete the execution of documents. As to various questions of fact which are material to the opinions hereinafter expressed, we have relied upon statements
      or certificates of public officials, directors of the Company and others.</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div>
      <div>Star Bulk Carriers Corp.<br>
        October 7, 2019<br>
        Page 2</div>
    </div>
    <div> <br>
    </div>
    <div style="text-indent: 36pt;">We have further assumed for the purposes of this opinion, without investigation, that (i) all documents contemplated by the Prospectus to be executed in connection with the
      Offerings have been duly authorized, executed and delivered by each of the parties thereto; (ii) the terms of the Offerings comply or will comply in all respects with the terms, conditions and restrictions set forth in the Prospectus and all of the
      instruments, agreements and other documents relating thereto or executed in connection therewith; (iii) the Registration Statement, and any amendments thereto (including post-effective amendments), will have become effective and will comply with all
      applicable laws; and (iv) all Secondary Shares will be sold in compliance with applicable securities laws.</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div style="text-indent: 36pt;">Based upon and subject to the foregoing, and having regard to such other legal considerations which we deem relevant, we are of the opinion that:</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div style="text-indent: 36pt;">1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Under the laws of the Republic of the Marshall Islands, the Company is validly existing.</div>
    <div style="text-indent: 36pt;"> <br>
      </div>
    <div style="text-indent: 36pt;">2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Under the laws of the Republic of the Marshall Islands, the Secondary Shares have been
        duly authorized, validly issued and are fully paid for and non-assessable.</div>
    <div style="text-indent: 36pt;"> <br>
      </div>
    <div style="text-indent: 36pt;">This opinion is limited to the laws of the Republic of the Marshall Islands as in effect on the date hereof.</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div style="text-indent: 36pt;">We hereby consent to the filing of this opinion as an exhibit to the Registration Statement, and to each reference to us and the discussions of advice provided by us under the
      headings &#8220;Legal Matters&#8221; in the Prospectus, without admitting we are &#8220;experts&#8221; within the meaning of the Securities Act of 1933, as amended, or the rules and regulations of the Commission thereunder with respect to any part of the Registration
      Statement.</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;" id="z7a72affed0254319a759f74f2913bded">

          <tr>
            <td style="width: 50.00%;">
              <div>&#160;</div>
            </td>
            <td style="width: 50%;">
              <div style="text-align: left;">Very truly yours,</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.00%;" rowspan="1">&#160;</td>
            <td style="width: 50%;" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50.00%;">
              <div>&#160;</div>
            </td>
            <td style="width: 50%;">
              <div style="text-align: left;"><u>/s/ Seward &amp; Kissel LLP</u></div>
            </td>
          </tr>

      </table>
    </div>
    <div> <br>
    </div>
  </div>
  <div><br>
  </div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>3
<FILENAME>ex10_1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<html>
  <head>
    <title></title>
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         Document created using EDGARfilings PROfile 6.4.0.0
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<body bgcolor="#ffffff" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;">
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  <div>
    <div style="font-weight: bold; text-align: right;">Exhibit 10.1<br>
    </div>
  </div>
  <br>
  <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">STAR BULK CARRIERS CORP.</div>
  <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">2019&#160; EQUITY INCENTIVE PLAN</div>
  <div style="text-align: center;">&#160;</div>
  <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">ARTICLE I.</div>
  <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">General</div>
  <div style="text-align: center;">&#160;</div>
  <div>
    <div>
      <div style="color: rgb(0, 0, 0); font-weight: bold;"><font style="color: rgb(0, 0, 0); font-weight: bold;">1.1. &#160; &#160; </font>Purpose</div>
    </div>
  </div>
  <div>&#160;</div>
  <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 27pt;">The Star Bulk Carriers Corp. 2019 Equity Incentive Plan (the &#8220;Plan&#8221;) is designed to provide certain key persons, whose initiative and efforts are deemed to be important to the
    successful conduct of the business of Star Bulk Carriers Corp. (the &#8220;Company&#8221;), with incentives to (a) enter into and remain in the service of the Company or its Affiliates and Subsidiaries (as defined below), (b) acquire a proprietary interest in the
    success of the Company, (c) maximize their performance and (d) enhance the long-term performance of the Company.</div>
  <div>&#160;</div>
  <div style="color: rgb(0, 0, 0); font-weight: bold;">1.2. &#160; &#160; Administration</div>
  <div>&#160;</div>
  <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 27pt;">(a)&#160;&#160; &#160;&#160; &#160;&#160; <u>Administration</u>.&#160; The Plan shall be administered by the Compensation Committee (the &#8220;Compensation Committee&#8221;) of the Company&#8217;s Board of Directors (the &#8220;Board&#8221;)
    or such other committee of the Board as may be designated by the Board to administer the Plan (the Compensation Committee or such committee, as applicable, the &#8220;Administrator&#8221;); in the event the Company is subject to Section 16 of the U.S. Securities
    Exchange Act of 1934, as amended (the &#8220;1934 Act&#8221;), the Administrator shall be composed of two or more directors, each of whom is a &#8220;Non-Employee Director&#8221; (a &#8220;Non-Employee Director&#8221;) under Rule 16b-3 (as promulgated and interpreted by the Securities
    and Exchange Commission (the &#8220;SEC&#8221;) under the 1934 Act, or any successor rule or regulation thereto as in effect from time to time, Subject to the terms of the Plan and applicable law, and in addition to other express powers and authorizations
    conferred on the Administrator by the Plan, the Administrator shall have the full power and authority to: (1) designate the Persons to receive Awards (as defined below) under the Plan; (2) determine the types of Awards granted to a participant under
    the Plan; (3) determine the number of shares to be covered by, or with respect to which payments, rights or other matters are to be calculated with respect to, Awards; (4) determine the terms and conditions of any Awards; (5) determine whether, and to
    what extent, and under what circumstances, Awards may be settled or exercised in cash, shares, other securities, other Awards or other property, or cancelled, forfeited or suspended, and the methods by which Awards may be settled, exercised, cancelled,
    forfeited or suspended; (6) determine whether, to what extent, and under what circumstances cash, shares, other securities, other Awards, other property and other amounts payable with respect to an Award shall be deferred, either automatically or at
    the election of the holder thereof or the Administrator; (7) construe, interpret and implement the Plan and any Award Agreement (as defined below); (8) prescribe, amend, rescind or waive rules and regulations relating to the Plan, including rules
    governing its operation, and appoint such agents as it shall deem appropriate for the proper administration of the Plan; (9) make all determinations necessary or advisable in administering the Plan; (10) correct any defect, supply any omission and
    reconcile any inconsistency in the Plan or any Award Agreement; and (11) make any other determination and take any other action that the Administrator deems necessary or desirable for the administration of the Plan.&#160; Unless otherwise expressly provided
    in the Plan, all designations, determinations, interpretations and other decisions under or with respect to the Plan or any Award shall be within the sole discretion of the Administrator, may be made at any time and shall be final, conclusive and
    binding upon all Persons.</div>
  <div style="text-indent: 36pt;">&#160;</div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">1</font></div>
    <div style="page-break-after: always;" id="DSPFPageBreak">
      <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
  </div>
  <div style="text-align: justify; text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>General Right of Delegation</u>.&#160; Except to the extent prohibited by applicable law, the applicable rules of
      a stock exchange or any charter, by-laws or other agreement governing the Administrator, the Administrator may delegate all or any part of its responsibilities to any Person or Persons selected by it and may revoke any such allocation or delegation
      at any time.</font></div>
  <div style="text-indent: 27pt;">&#160;</div>
  <div style="text-align: justify; text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Indemnification</u>.&#160; No member of the Board, the Administrator or any employee of the Company or any of its
      Affiliates (each such Person, a &#8220;Covered Person&#8221;) shall be liable for any action taken or omitted to be taken or any determination made in good faith with respect to the Plan or any Award hereunder.&#160; Each Covered Person shall be indemnified and held
      harmless by the Company against and from (i) any loss, cost, liability or expense (including attorneys&#8217; fees) that may be imposed upon or incurred by such Covered Person in connection with or resulting from any action, suit or proceeding to which
      such Covered Person may be a party or in which such Covered Person may be involved by reason of any action taken or omitted to be taken under the Plan or any Award Agreement and (ii) any and all amounts paid by such Covered Person, with the Company&#8217;s
      approval, in settlement thereof, or paid by such Covered Person in satisfaction of any judgment in any such action, suit or proceeding against such Covered Person; <u>provided</u> that the Company shall have the right, at its own expense, to assume
      and defend any such action, suit or proceeding and, once the Company gives notice of its intent to assume the defense, the Company shall have sole control over such defense with counsel of the Company&#8217;s choice.&#160; The foregoing right of indemnification
      shall not be available to a Covered Person to the extent that a court of competent jurisdiction in a final judgment or other final adjudication, in either case not subject to further appeal, determines that the acts or omissions of such Covered
      Person giving rise to the indemnification claim resulted from such Covered Person&#8217;s bad faith, fraud or willful criminal act or omission or that such right of indemnification is otherwise prohibited by law or by the Company&#8217;s Articles of
      Incorporation or Bylaws.&#160; The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which Covered Persons may be entitled under the Company&#8217;s Articles of Incorporation or Bylaws, as a matter of law, or
      otherwise, or any other power that the Company may have to indemnify such Persons or hold them harmless.</font></div>
  <div style="text-indent: 27pt;">&#160;</div>
  <div style="text-align: justify; text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(d)</font>&#160;&#160;&#160;&#160; &#160; &#160; <font style="color: rgb(0, 0, 0);"><u>Delegation of Authority to Senior Officers</u>.&#160; The Administrator may, in accordance with the terms of
      Section 1.2(b), delegate, on such terms and conditions as it determines, to one or more senior officers of the Company the authority to make grants of Awards to employees (other than officers) of the Company and its Subsidiaries (including any such
      prospective employee) and consultants of the Company and its Subsidiaries; <u>provided</u>, <u>however</u>, that in no event shall any such officer be delegated the authority to grant Awards to, or amend Awards held by, the following individuals:
      (i) individuals who are subject to Section 16 of the 1934 Act, or (ii) officers of the Company (or directors of the Company) to whom authority to grant or amend Awards has been delegated hereunder.</font></div>
  <div style="text-indent: 36pt;">&#160;</div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">2</font></div>
    <div style="page-break-after: always;" id="DSPFPageBreak">
      <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
  </div>
  <div style="text-align: justify; text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Awards to Non-Employee Directors</u>.&#160; Notwithstanding anything to the contrary contained herein, the Board
      may, in its sole discretion, at any time and from time to time, grant Awards to Non-Employee Directors or administer the Plan with respect to such Awards.&#160; In any such case, the Board shall have all the authority and responsibility granted to the
      Administrator herein.</font></div>
  <div>&#160;</div>
  <div style="color: rgb(0, 0, 0); font-weight: bold;">1.3.&#160; &#160;&#160; Persons Eligible for Awards</div>
  <div>&#160;</div>
  <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 27pt;">The Persons eligible to receive Awards under the Plan are those directors, officers and employees (including any prospective officer or employee) of the Company and its
    Subsidiaries and Affiliates and consultants and service providers (including individuals who are employed by or provide services to any entity that is itself such a consultant or service provider) to the Company and its Subsidiaries an Affiliates
    (collectively, &#8220;Key Persons&#8221;) as the Administrator shall select.</div>
  <div>&#160;</div>
  <div style="color: rgb(0, 0, 0); font-weight: bold;">1.4.&#160; &#160;&#160; Types of Awards</div>
  <div>&#160;</div>
  <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 27pt;">Awards may be made under the Plan in the form of (a) stock options, (b) stock appreciation rights, (c) restricted stock, (d) restricted stock units and (e) unrestricted stock, all
    as more fully set forth in the Plan.&#160; The term &#8220;Award&#8221; means any of the foregoing that are granted under the Plan.</div>
  <div>&#160;</div>
  <div style="color: rgb(0, 0, 0); font-weight: bold;">1.5.&#160; &#160;&#160; Shares Available for Awards; Adjustments for Changes in Capitalization</div>
  <div>&#160;</div>
  <div style="text-align: justify; text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Maximum Number</u>.&#160; Subject to adjustment as provided in Section 1.5(c), the aggregate number of shares of
      common stock of the Company, par value $0.01 (&#8220;Common Stock&#8221;), with respect to which Awards may at any time be granted under the Plan shall be 900,000.&#160;&#160; The following shares of Common Stock shall again become available for Awards under the Plan: (i)
      any shares that are subject to an Award under the Plan and that remain unissued upon the cancellation or termination of such Award for any reason whatsoever; (ii) any shares of restricted stock forfeited pursuant to the Plan or the applicable Award
      Agreement; <u>provided</u> that any dividend equivalent rights with respect to such shares that have not theretofore been directly remitted to the grantee are also forfeited; and (iii) any shares in respect of which an Award is settled for cash
      without the delivery of shares to the grantee.&#160; Any shares tendered or withheld to satisfy the grant or exercise price or tax withholding obligation pursuant to any Award shall again become available to be delivered pursuant to Awards under the Plan.</font></div>
  <div style="text-indent: 27pt;">&#160;</div>
  <div style="text-align: justify; text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Source of Shares</u>.&#160; Shares issued pursuant to the Plan may be authorized but unissued Common Stock or
      treasury shares.&#160; The Administrator may direct that any stock certificate evidencing shares issued pursuant to the Plan shall bear a legend setting forth such restrictions on transferability as may apply to such shares.</font></div>
  <div style="text-indent: 27pt;">&#160;</div>
  <div style="text-align: justify; text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Adjustments</u>.&#160; (i)&#160; In the event any dividend or other distribution (whether in the form of cash, Company
      shares, other securities or other property), stock split, reverse stock split, reorganization, merger, consolidation, split-up, combination, repurchase or exchange of Company shares or other securities of the Company, issuance of warrants or other
      rights to purchase Company shares or other securities of the Company, or other similar corporate transaction or event, other than an Equity Restructuring, affects the Company shares such that an adjustment is determined by the Administrator to be
      appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan or with respect to an Award, then the Administrator shall, in such manner as it may deem equitable, adjust any
      or all of the number of shares or other securities of the Company (or number and kind of other securities or property) with respect to which Awards may be granted under the Plan.</font></div>
  <div>&#160;</div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">3</font></div>
    <div style="page-break-after: always;" id="DSPFPageBreak">
      <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
  </div>
  <div style="text-align: justify;">
    <div>
      <div>
        <div style="text-align: left; color: rgb(0, 0, 0); text-indent: 63pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Administrator is authorized to make adjustments in the terms and conditions of, and the criteria included in, Awards in recognition of unusual or nonrecurring
          events (including the events described in Section 1.5(c)(i) or the occurrence of a Change in Control (as defined below), other than an Equity Restructuring) affecting the Company, any of its Affiliates, or the financial statements of the Company
          or any of its Affiliates, or of changes in applicable rules, rulings, regulations or other requirements of any governmental body or securities exchange, accounting principles or law, whenever the Administrator determines that such adjustments are
          appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan or with respect to an Award, including providing for (A) adjustment to (1) the number of shares or other
          securities of the Company (or number and kind of other securities or property) subject to outstanding Awards or to which outstanding Awards relate and (2) the Exercise Price (as defined below) with respect to any Award and (B) a substitution or
          assumption of Awards, accelerating the exercisability or vesting of, or lapse of restrictions on, Awards, or accelerating the termination of Awards by providing for a period of time for exercise prior to the occurrence of such event, or, if
          deemed appropriate or desirable, providing for a cash payment to the holder of an outstanding Award in consideration for the cancellation of such Award (it being understood that, in such event, any option or stock appreciation right having a per
          share Exercise Price equal to, or in excess of, the Fair Market Value (as defined below) of a share subject to such option or stock appreciation right may be cancelled and terminated without any payment or consideration therefor; <u>provided</u><font style="font-style: italic;">, </font><u>however</u>, that with respect to options and stock appreciation rights, unless otherwise determined by the Administrator, such adjustment shall be made in accordance with the provisions of Section
          424(h) of the Code.</div>
      </div>
    </div>
  </div>
  <div style="text-indent: 63pt;">&#160;</div>
  <div style="text-align: justify;">
    <div>
      <div>
        <div style="text-align: left; color: rgb(0, 0, 0); text-indent: 63pt;">(iii) &#160; &#160; &#160; &#160; In the event of (A) a dissolution or liquidation of the Company, (B) a sale of all or substantially all the Company&#8217;s assets or (C) a merger, reorganization or
          consolidation involving the Company or one of its Subsidiaries (as defined below), the Administrator shall have the power to:</div>
      </div>
    </div>
  </div>
  <div>&#160;</div>
  <div style="text-align: justify;">
    <div>
      <div>
        <div style="text-align: left; color: rgb(0, 0, 0); text-indent: 27pt;">(1)&#160; provide that outstanding options, stock appreciation rights and/or restricted stock units (including any related dividend equivalent right) shall either continue in effect,
          be assumed or an equivalent award shall be substituted therefor by the successor corporation or a parent corporation or subsidiary corporation;</div>
      </div>
    </div>
  </div>
  <div style="text-indent: 27pt;">&#160;</div>
  <div style="text-align: justify;">
    <div>
      <div>
        <div style="text-align: left; color: rgb(0, 0, 0); text-indent: 27pt;">(2)&#160; cancel, effective immediately prior to the occurrence of such event, options, stock appreciation rights and/or restricted stock units (including each dividend equivalent
          right related thereto) outstanding immediately prior to such event (whether or not then exercisable) and, in full consideration of such cancellation, pay to the holder of such Award a cash payment in an amount equal to the excess, if any, of the
          Fair Market Value (as of a date specified by the Administrator) of the shares subject to such Award over the aggregate Exercise Price of such Award (it being understood that, in such event, any option or stock appreciation right having a per
          share Exercise Price equal to, or in excess of, the Fair Market Value of a share subject to such option or stock appreciation right may be cancelled and terminated without any payment or consideration therefor; or</div>
      </div>
    </div>
  </div>
  <div style="text-indent: 36pt;">&#160;</div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">4</font></div>
    <div id="DSPFPageBreak" style="page-break-after: always;">
      <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
  </div>
  <div style="text-align: justify;">
    <div>
      <div>
        <div style="text-align: left; color: rgb(0, 0, 0); text-indent: 27pt;">(3)&#160; notify the holder of an option or stock appreciation right in writing or electronically that each option and stock appreciation right shall be fully vested and exercisable
          for a period of 30 days from the date of such notice, or such shorter period as the Administrator may determine to be reasonable, and the option or stock appreciation right shall terminate upon the expiration of such period (which period shall
          expire no later than immediately prior to the consummation of the corporate transaction).</div>
      </div>
    </div>
  </div>
  <div>&#160;</div>
  <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 27pt;">(iv) &#160; &#160; &#160; &#160; In connection with the occurrence of any Equity Restructuring, and notwithstanding anything to the contrary in this Section 1.5(c):</div>
  <div>&#160;</div>
  <div style="margin: 0px 0px 0px 45pt; text-align: justify; text-indent: 18pt;"><font style="color: rgb(0, 0, 0);">(A)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);">The number and type of securities or other property subject to each outstanding Award
      and the Exercise Price or grant price thereof, if applicable, shall be equitably adjusted; and</font></div>
  <div style="margin-left: 27pt; text-indent: 36pt;">&#160;</div>
  <div style="margin: 0px 0px 0px 45pt; text-align: justify; text-indent: 18pt;"><font style="color: rgb(0, 0, 0);">(B)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);">The Administrator shall make such equitable adjustments, if any, as the Administrator
      may deem appropriate to reflect such Equity Restructuring with respect to the aggregate number and kind of shares that may be issued under the Plan (including, but not limited to, adjustments of the limitations set forth in Sections 1.5(a)).&#160; The
      adjustments provided under this Section 1.5(c)(iv) shall be nondiscretionary and shall be final and binding on the affected participant and the Company.</font></div>
  <div style="margin-left: 27pt; text-indent: 36pt;">&#160;</div>
  <div style="color: rgb(0, 0, 0); font-weight: bold;">1.6. &#160; &#160; Definitions of Certain Terms</div>
  <div style="text-indent: 18pt;">&#160;</div>
  <div style="text-align: justify; text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);">The &#8220;Fair Market Value&#8221; of a share of Common Stock on any day shall be the closing price on the stock exchange
      upon which such shares are listed, as reported for such day in The Wall Street Journal, or, if no such price is reported for such day, the average of the high bid and low asked price of Common Stock as reported for such day.&#160; If no quotation is made
      for the applicable day, the Fair Market Value of a share of Common Stock on such day shall be determined in the manner set forth in the preceding sentence for the next preceding trading day.&#160; Notwithstanding the foregoing, if there is no reported
      closing price or high bid/low asked price that satisfies the preceding sentences, or if otherwise deemed necessary or appropriate by the Administrator, the Fair Market Value of a share of Common Stock on any day shall be determined by such methods
      and procedures as shall be established from time to time by the Administrator.&#160; The &#8220;Fair Market Value&#8221; of any property other than Common Stock shall be the fair market value of such property determined by such methods and procedures as shall be
      established from time to time by the Administrator.</font></div>
  <div style="text-indent: 27pt;">&#160;</div>
  <div style="text-align: justify; text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);">Unless otherwise set forth in an Award Agreement, in connection with a termination of employment or
      consultancy/service relationship or a dismissal from Board membership, for purposes of the Plan, the term &#8220;for Cause&#8221; shall be defined as follows:</font></div>
  <div style="text-indent: 18pt;">&#160;</div>
  <div style="text-align: right;">
    <div style="text-align: left;">
      <div>
        <div style="color: rgb(0, 0, 0); text-indent: 63pt;">(i)&#160;&#160; &#160; &#160; &#160;&#160;&#160; if there is an employment, severance, consulting, service, change in control or other agreement governing the relationship between the grantee, on the one hand, and the Company or
          any of its Affiliates, on the other hand, that contains a definition of &#8220;cause&#8221; (or similar phrase), for purposes of the Plan, the term &#8220;for Cause&#8221; shall mean those acts or omissions that would constitute &#8220;cause&#8221; under such agreement; or </div>
      </div>
    </div>
  </div>
  <div style="text-indent: 63pt;">&#160;</div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">5</font></div>
    <div id="DSPFPageBreak" style="page-break-after: always;">
      <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
  </div>
  <div style="text-align: right;">
    <div>
      <div>
        <div style="color: rgb(0, 0, 0); text-align: left; text-indent: 63pt;">(ii)&#160;&#160;&#160;&#160; &#160; &#160;&#160; if the preceding clause (i) is not applicable to the grantee, for purposes of the Plan, the term &#8220;for Cause&#8221; shall mean any of the following: </div>
      </div>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(A)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);">any failure by the grantee substantially to perform the grantee&#8217;s employment or consultancy/service or Board
      membership duties;</font></div>
  <div style="text-indent: 27pt;">&#160;</div>
  <div style="text-align: justify; text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(B)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);">any excessive unauthorized absenteeism by the grantee;</font></div>
  <div style="text-indent: 27pt;">&#160;</div>
  <div style="text-align: justify; text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(C)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);">any refusal by the grantee to obey the lawful orders of the Board or any other Person to whom the grantee
      reports;</font></div>
  <div style="text-indent: 27pt;">&#160;</div>
  <div style="text-align: justify; text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(D)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);">any act or omission by the grantee that is or may be injurious to the Company or any of its Affiliates, whether
      monetarily, reputationally or otherwise;</font></div>
  <div style="text-indent: 27pt;">&#160;</div>
  <div style="text-align: justify; text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(E)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);">any act by the grantee that is inconsistent with the best interests of the Company or any of its Affiliates;</font></div>
  <div style="text-indent: 27pt;">&#160;</div>
  <div style="text-align: justify; text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(F)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);">the grantee&#8217;s gross negligence that is injurious to the Company </font>or any of its Affiliates, whether
    monetarily, reputationally or otherwise; </div>
  <br>
  <div style="text-align: justify; text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(G)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);">the grantee&#8217;s material violation of any of the policies of the Company or any of its Affiliates, as applicable,
      including, without limitation, those policies relating to discrimination or sexual harassment;</font></div>
  <div style="text-indent: 27pt;">&#160;</div>
  <div style="text-align: justify; text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(H)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);">the grantee&#8217;s material breach of his or her employment or service contract with the Company or any of its
      Affiliates;</font></div>
  <div style="text-indent: 27pt;">&#160;</div>
  <div style="text-align: justify; text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(I)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);">the grantee&#8217;s unauthorized (1) removal from the premises of the Company or any of its Affiliates of any
      document (in any medium or form) relating to the Company or any of its Affiliates or the customers or clients of the Company or any of its Affiliates or (2) disclosure to any Person or entity of any of the Company&#8217;s, or any of its Affiliates&#8217;,
      confidential or proprietary information;</font></div>
  <div style="text-indent: 27pt;">&#160;</div>
  <div style="text-align: justify; text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(J)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);">the grantee&#8217;s being convicted of, or entering a plea of guilty or nolo contendere to, any crime that
      constitutes a felony or involves moral turpitude; and</font></div>
  <div style="text-indent: 27pt;">&#160;</div>
  <div style="text-align: justify; text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(K)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);">the grantee&#8217;s commission of any act involving dishonesty or fraud.</font></div>
  <div>&#160;</div>
  <div style="text-align: justify; color: rgb(0, 0, 0);">Any rights the Company or any of its Affiliates may have under the Plan in respect of the events giving rise to a termination or dismissal &#8220;for Cause&#8221; shall be in addition to any other rights the
    Company or any of its Affiliates may have under any other agreement with a grantee or at law or in equity.&#160; Any determination of whether a grantee&#8217;s employment, consultancy/service relationship or Board membership is (or is deemed to have been)
    terminated &#8220;for Cause&#8221; shall be made by the Administrator.&#160; If, subsequent to a grantee&#8217;s voluntary termination of employment or consultancy/service relationship or voluntarily resignation from the Board or involuntary termination of employment or
    consultancy/service relationship without Cause or removal from the Board other than &#8220;for Cause&#8221;, it is discovered that the grantee&#8217;s employment or consultancy/service relationship or Board membership could have been terminated &#8220;for Cause&#8221;, the
    Administrator may deem such grantee&#8217;s employment or consultancy/service relationship or Board membership to have been terminated &#8220;for Cause&#8221; upon such discovery and determination by the Administrator.</div>
  <div>&#160;</div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">6</font></div>
    <div id="DSPFPageBreak" style="page-break-after: always;">
      <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
  </div>
  <div style="text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);">&#8220;Affiliate&#8221; shall mean (i) any entity that, directly or indirectly, is controlled by, controls or is under common control with, the
      Company and (ii) any entity in which the Company has a significant equity interest, in either case as determined by the Administrator.</font></div>
  <div style="text-indent: 27pt;">&#160;</div>
  <div style="text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);">&#8220;Subsidiary&#8221; shall mean any entity in which the Company, directly or indirectly, has a 50% or more equity interest.</font></div>
  <div style="text-indent: 27pt;">&#160;</div>
  <div style="text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);">&#8220;Exercise Price&#8221; shall mean (i) in the case of options, the price specified in the applicable Award Agreement as the price-per-share
      at which such share can be purchased pursuant to the option or (ii) in the case of stock appreciation rights, the price specified in the applicable Award Agreement as the reference price-per-share used to calculate the amount payable to the grantee.</font></div>
  <div style="text-indent: 27pt;">&#160;</div>
  <div style="text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(f)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);">&#8220;Equity Restructuring&#8221; shall mean a non-reciprocal transaction between the Company and its stockholders, such as a stock dividend,
      stock split, spin-off, rights offering or recapitalization through a large, nonrecurring cash dividend, that affects the shares of Common Stock (or other securities of the Company) or the share price thereof and causes a change in the per share value
      of the shares underlying outstanding Awards.</font></div>
  <div style="text-indent: 27pt;">&#160;</div>
  <div style="text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(g)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);">&#8220;Person&#8221; shall mean any individual, firm, corporation, partnership, limited liability company, trust, incorporated or unincorporated
      association, joint venture, joint stock company, governmental body or other entity of any kind.</font></div>
  <div style="text-indent: 27pt;">&#160;</div>
  <div style="text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(h)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);">&#8220;Repricing&#8221; shall mean (i) lowering the Exercise Price of an option or a stock appreciation right after it has been granted, (ii)
      cancellation of an option or a stock appreciation right in exchange for cash or another Award when the Exercise Price exceeds the Fair Market Value of the underlying shares subject to the Award and (iii) any other action with respect to an option or
      a stock appreciation right that is treated as a repricing under (A) generally accepted accounting principles or (B) any applicable stock exchange rules.</font></div>
  <div>&#160;</div>
  <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">ARTICLE II.</div>
  <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Awards Under The Plan</div>
  <div style="text-align: center;">&#160;</div>
  <div style="color: rgb(0, 0, 0); font-weight: bold;">2.1. &#160; &#160; Agreements Evidencing Awards</div>
  <div>&#160;</div>
  <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 27pt;">Each Award granted under the Plan shall be evidenced by a written certificate (&#8220;Award Agreement&#8221;), which shall contain such provisions as the Administrator may deem necessary or
    desirable and which may, but need not, require execution or acknowledgment by a grantee.&#160; The Award shall be subject to all of the terms and provisions of the Plan and the applicable Award Agreement. </div>
  <div style="color: rgb(0, 0, 0);"> <br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">7</font></div>
    <div id="DSPFPageBreak" style="page-break-after: always;">
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  </div>
  <div style="color: rgb(0, 0, 0); font-weight: bold;">2.2.&#160; &#160;&#160; Grant of Stock Options and Stock Appreciation Rights</div>
  <div>&#160;</div>
  <div style="text-align: justify; text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Stock Option Grants</u>.&#160; The Administrator may grant stock options </font>(&#8220;options&#8221;) to purchase shares
    of Common Stock from the Company to such Key Persons, and in such amounts and subject to such vesting and forfeiture provisions and other terms and conditions, as the Administrator shall determine, subject to the provisions of the Plan.&#160; No option will
    be treated as an &#8220;incentive stock option&#8221; for purposes of the Code.&#160; The Administrator shall not grant an Award in the form of stock options to an individual who is then subject to the requirements of Section 409A of the Code with respect to such Award
    if the Common Stock (as defined below) underlying such Award does not then qualify as &#8220;service recipient stock&#8221; for purposes of Section 409A. </div>
  <br>
  <div style="text-align: justify; text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Option Exercise Price</u>.&#160; Each Award Agreement with respect to an option shall set forth the Exercise
      Price of such Award and, unless otherwise specifically provided in the Award Agreement, the Exercise Price of an option shall equal the Fair Market Value of a share of Common Stock on the date of grant; <u>provided</u> that in no event may such
      Exercise Price be less than the greater of (i) the Fair Market Value of a share of Common Stock on the date of grant and (ii) the par value of a share of Common Stock.&#160; Repricing of options granted under the Plan shall not be permitted (1) to the
      extent such action could cause adverse tax consequences to the grantee under Sections 409A or 457A of the Code or (2) without prior shareholder approval, to the extent such approval would be required to be obtained by the Company pursuant to the
      rules of any applicable stock exchange on which the Common Stock is then listed, and any action that would be deemed to result in a Repricing of an option shall be deemed null and void if it would cause such adverse tax consequences or if any
      requisite shareholder approval related thereto is not obtained prior to the effective time of such action.</font></div>
  <div style="text-indent: 27pt;">&#160;</div>
  <div style="text-align: justify; text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Stock Appreciation Right Grants; Types of Stock Appreciation Rights</u>.&#160; The Administrator may grant stock
      appreciation rights to such Key Persons, and in such amounts and subject to such vesting and forfeiture provisions and other terms and conditions, as the Administrator shall determine, subject to the provisions of the Plan.&#160; The terms of a stock
      appreciation right may provide that it shall be automatically exercised for a payment upon the happening of a specified event that is outside the control of the grantee and that it shall not be otherwise exercisable.&#160; Stock appreciation rights may be
      granted in connection with all or any part of, or independently of, any option granted under the Plan.&#160; The Administrator shall not grant an Award in the form of stock appreciation rights to any Key Person (i) who is then subject to the requirements
      of Section 409A of the Code with respect to such Award if the Common Stock (as defined below) underlying such Award does not then qualify as &#8220;service recipient stock&#8221; for purposes of Section 409A or (ii) if such Award would create adverse tax
      consequences for such Key Person under Section 457A of the Code.</font></div>
  <div style="text-indent: 27pt;">&#160;</div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">8</font></div>
    <div id="DSPFPageBreak" style="page-break-after: always;">
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  </div>
  <div style="text-align: justify; text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Nature of Stock Appreciation Rights</u>.&#160; The grantee of a stock appreciation right shall have the right,
      subject to the terms of the Plan and the applicable Award Agreement, to receive from the Company an amount equal to (i) the excess of the Fair Market Value of a share of Common Stock on the date of exercise of the stock appreciation right over the
      Exercise Price of the stock appreciation right, multiplied by (ii) the number of shares with respect to which the stock appreciation right is exercised.&#160; Each Award Agreement with respect to a stock appreciation right shall set forth the Exercise
      Price of such Award and, unless otherwise specifically provided in the Award Agreement, the Exercise Price of a stock appreciation right shall equal the Fair Market Value of a share of Common Stock on the date of grant; <u>provided</u> that in no
      event may such Exercise Price be less than the greater of (A) the Fair Market Value of a share of Common Stock on the date of grant and (B) the par value of a share of Common Stock.&#160; Payment upon exercise of a stock appreciation right shall be in
      cash or in shares of Common Stock (valued at their Fair Market Value on the date of exercise of the stock appreciation right) or any combination of both, all as the Administrator shall determine.&#160; Repricing of stock appreciation rights granted under
      the Plan shall not be permitted (1) to the extent such action could cause adverse tax consequences to the grantee under Sections 409A or 457A of the Code or (2) without prior shareholder approval, to the extent such approval would be required to be
      obtained by the Company pursuant to the rules of any applicable stock exchange on which the Common Stock is then listed, and any action that would be deemed to result in a Repricing of a stock appreciation right shall be deemed null and void if it
      would cause such adverse tax consequences or if any requisite shareholder approval related thereto is not obtained prior to the effective time of such action.&#160; Upon the exercise of a stock appreciation right granted in connection with an option, the
      number of shares subject to the option shall be reduced by the number of shares with respect to which the stock appreciation right is exercised.&#160; Upon the exercise of an option in connection with which a stock appreciation right has been granted, the
      number of shares subject to the stock appreciation right shall be reduced by the number of shares with respect to which the option is exercised.</font></div>
  <div>&#160;</div>
  <div style="color: rgb(0, 0, 0);"><font style="font-weight: bold;">2.3. &#160; &#160; </font><font style="font-weight: bold;"></font><font style="font-weight: bold;">Exercise of Options and Stock Appreciation Rights</font></div>
  <div>&#160;</div>
  <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 27pt;">Subject to the other provisions of this Article II and the Plan, each option and stock appreciation right granted under the Plan shall be exercisable as follows:</div>
  <div style="text-indent: 27pt;">&#160;</div>
  <div style="text-align: justify; text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Timing and Extent of Exercise</u>.&#160; Options and stock appreciation rights shall be exercisable at such times
      and under such conditions as determined by the Administrator and set forth in the corresponding Award Agreement, but in no event shall any portion of such Award be exercisable subsequent to the tenth anniversary of the date on which such Award was
      granted.&#160; Unless the applicable Award Agreement otherwise provides, an option or stock appreciation right may be exercised from time to time as to all or part of the shares as to which such Award is then exercisable.</font></div>
  <div style="text-indent: 27pt;">&#160;</div>
  <div style="text-align: justify; text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Notice of Exercise</u>.&#160; An option or stock appreciation right shall be exercised by the filing of a written
      notice with the Company or the Company&#8217;s designated exchange agent (the &#8220;Exchange Agent&#8221;), on such form and in such manner as the Administrator shall prescribe.</font></div>
  <div style="text-indent: 27pt;">&#160;</div>
  <div style="text-align: justify; text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Payment of Exercise Price</u>.&#160; Any written notice of exercise of an option shall be accompanied by payment
      for the shares being purchased.&#160; Such payment shall be made: (i) by certified or official bank check (or the equivalent thereof acceptable to the Company or its Exchange Agent) for the full option Exercise Price; (ii) with the consent of the
      Administrator, which consent shall be given or withheld in the sole discretion of the Administrator, by delivery of shares of Common Stock having a Fair Market Value (determined as of the exercise date) equal to all or part of the option Exercise
      Price and a certified or official bank check (or the equivalent thereof acceptable to the Company or its Exchange Agent) for any remaining portion of the full option Exercise Price; or (iii) at the sole discretion of the Administrator and to the
      extent permitted by law, by such other provision, consistent with the terms of the Plan, as the Administrator may from time to time prescribe (whether directly or indirectly through the Exchange Agent), or by any combination of the foregoing payment
      methods.</font></div>
  <div style="text-indent: 27pt;">&#160;</div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">9</font></div>
    <div id="DSPFPageBreak" style="page-break-after: always;">
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  </div>
  <div style="text-align: justify; text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Delivery of Certificates Upon Exercise</u>.&#160; Subject to Sections 3.2, 3.4 and 3.13, promptly after receiving
      payment of the full option Exercise Price, or after receiving notice of the exercise of a stock appreciation right for which the Administrator determines payment will be made partly or entirely in shares, the Company or its Exchange Agent shall (i)
      deliver to the grantee, or to such other Person as may then have the right to exercise the Award, a certificate or certificates for the shares of Common Stock for which the Award has been exercised or, in the case of stock appreciation rights, for
      which the Administrator determines will be made in shares or (ii) establish an account evidencing ownership of the stock in uncertificated form.&#160; If the method of payment employed upon an option exercise so requires, and if applicable law permits, an
      optionee may direct the Company or its Exchange Agent, as the case may be, to deliver the stock certificate(s) to the optionee&#8217;s stockbroker.</font></div>
  <div style="text-indent: 27pt;">&#160;</div>
  <div style="text-align: justify; text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>No Stockholder Rights</u>.&#160; No grantee of an option or stock appreciation right (or other Person having the
      right to exercise such Award) shall have any of the rights of a stockholder of the Company with respect to shares subject to such Award until the issuance of a stock certificate to such Person for such shares.&#160; Except as otherwise provided in Section
      1.5(c), no adjustment shall be made for dividends, distributions or other rights (whether ordinary or extraordinary, and whether in cash, securities or other property) for which the record date is prior to the date such stock certificate is issued.</font></div>
  <div>&#160;</div>
  <div style="color: rgb(0, 0, 0); font-weight: bold;">2.4. &#160; &#160; Termination of Employment; Death Subsequent to a Termination of Employment</div>
  <div>&#160;</div>
  <div style="text-align: justify; text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>General Rule</u>.&#160; Except to the extent otherwise provided in paragraphs (b), (c), (d), (e) or (f) of this
      Section 2.4 or Section 3.5(b)(iii), a grantee who incurs a termination of employment or consultancy/service relationship or dismissal from the Board may exercise any outstanding option or stock appreciation right on the following terms and
      conditions: (i) exercise may be made only to the extent that the grantee was entitled to exercise the Award on the date of termination of employment or consultancy/service relationship or dismissal from the Board, as applicable; and (ii) exercise
      must occur within three months after termination of employment or consultancy/service relationship or dismissal from the Board but in no event after the original expiration date of the Award.</font></div>
  <div style="text-indent: 27pt;">&#160;</div>
  <div style="text-align: justify; text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Dismissal &#8220;for Cause&#8221;</u>.&#160; If a grantee incurs a termination of employment or consultancy/service
      relationship or dismissal from the Board &#8220;for Cause&#8221;, all options and stock appreciation rights not theretofore exercised shall immediately terminate upon the grantee&#8217;s termination of employment or consultancy/service relationship or dismissal from
      the Board.</font></div>
  <div style="text-indent: 27pt;">&#160;</div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">10</font></div>
    <div id="DSPFPageBreak" style="page-break-after: always;">
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  </div>
  <div style="text-align: justify; text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Retirement</u>.&#160; If a grantee incurs a termination of employment or consultancy/service relationship or
      dismissal from the Board as the result of his or her retirement (as defined below), then any outstanding option or stock appreciation right shall, to the extent exercisable at the time of such retirement, remain exercisable for a period of three
      years after such retirement; <u>provided</u> that in no event may such option or stock appreciation right be exercised following the original expiration date of the Award.&#160; For this purpose, &#8220;retirement&#8221; shall mean a grantee&#8217;s resignation of
      employment or consultancy/service relationship or dismissal from the Board, with the Company&#8217;s or its applicable Affiliate&#8217;s prior consent, on or after (i) his or her 65th birthday, (ii) the date on which he or she has attained age 60 and completed
      at least five years of service with the Company or one or more of its Affiliates (using any method of calculation the Administrator deems appropriate) or (iii) if approved by the Administrator, on or after his or her having completed at least 20
      years of service with the Company or one or more of its Affiliates (using any method of calculation the Administrator deems appropriate).</font></div>
  <div style="text-indent: 27pt;">&#160;</div>
  <div style="text-align: justify; text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Disability</u>.&#160; If a grantee incurs a termination of employment or consultancy/service relationship or a
      dismissal from the Board by reason of a disability (as defined below), then any outstanding option or stock appreciation right shall, to the extent exercisable at the time of such termination or dismissal, remain exercisable for a period of one year
      after such termination or dismissal of employment; <u>provided</u> that in no event may such option or stock appreciation right be exercised following the original expiration date of the Award.&#160; For this purpose, &#8220;disability&#8221; shall mean any physical
      or mental condition that would qualify the grantee for a disability benefit under the longterm disability plan maintained by the Company or its Affiliate, as applicable, or, if there is no such plan, a physical or mental condition that prevents the
      grantee from performing the essential functions of the grantee&#8217;s position (with or without reasonable accommodation) for a period of six consecutive months.&#160; The existence of a disability shall be determined by the Administrator.</font></div>
  <div style="text-indent: 27pt;">&#160;</div>
  <div style="text-align: justify; text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Death</u>.</font></div>
  <div>&#160;</div>
  <div style="text-align: right;">
    <div>
      <div>
        <div style="color: rgb(0, 0, 0); text-align: justify; text-indent: 81pt;">(i)&#160;&#160; <font style="font-style: italic;">Termination of Employment as a Result of Grantee&#8217;s Death</font>.&#160; If a grantee incurs a termination of employment or
          consultancy/service relationship or leaves the Board as the result of his or her death, then any outstanding option or stock appreciation right shall, to the extent exercisable at the time of such death, remain exercisable for a period of one
          year after such death; <u>provided</u> that in no event may such option or stock appreciation right be exercised following the original expiration date of the Award. </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: left;"></div>
    </div>
  </div>
  <div style="text-align: right;">
    <div>
      <div>
        <div style="color: rgb(0, 0, 0); text-align: justify; text-indent: 81pt;">(ii)&#160; <font style="font-style: italic;">Restrictions on Exercise Following Death</font>.&#160; Any such exercise of an Award following a grantee&#8217;s death shall be made only by the
          grantee&#8217;s executor or administrator or other duly appointed representative reasonably acceptable to the Administrator, unless the grantee&#8217;s will specifically disposes of such Award, in which case such exercise shall be made only by the recipient
          of such specific disposition.&#160; If a grantee&#8217;s personal representative or the recipient of a specific disposition under the grantee&#8217;s will shall be entitled to exercise any Award pursuant to the preceding sentence, such representative or recipient
          shall be bound by all the terms and conditions of the Plan and the applicable Award Agreement which would have applied to the grantee. </div>
      </div>
      <div style="text-align: left;"><br>
      </div>
    </div>
  </div>
  <div style="text-align: justify; text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(f)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Administrator Discretion</u>.&#160; The Administrator may, in writing, may waive or modify the application of the
      foregoing provisions of this Section 2.4.</font></div>
  <div>&#160;</div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">11</font></div>
    <div id="DSPFPageBreak" style="page-break-after: always;">
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  </div>
  <div style="color: rgb(0, 0, 0); font-weight: bold;">2.5. &#160; &#160; Transferability of Options and Stock Appreciation Rights</div>
  <div>&#160;</div>
  <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 27pt;">Except as otherwise provided in an applicable Award Agreement evidencing an option or stock appreciation right, during the lifetime of a grantee, each such Award granted to a
    grantee shall be exercisable only by the grantee, and no such Award shall be assignable or transferable other than by will or by the laws of descent and distribution.&#160; The Administrator may, in any applicable Award Agreement evidencing an option or
    stock appreciation right, permit a grantee to transfer all or some of the options or stock appreciation rights to (a) the grantee&#8217;s spouse, children or grandchildren (&#8220;Immediate Family Members&#8221;), (b) a trust or trusts for the exclusive benefit of such
    Immediate Family Members or (c) other parties approved by the Administrator.&#160; Following any such transfer, any transferred options and stock appreciation rights shall continue to be subject to the same terms and conditions as were applicable
    immediately prior to the transfer.
    <div style="text-indent: 27pt;">&#160;</div>
  </div>
  <div style="color: rgb(0, 0, 0); font-weight: bold;">2.6. &#160; &#160; Grant of Restricted Stock</div>
  <div style="text-indent: 27pt;">&#160;</div>
  <div style="text-align: justify; text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Restricted Stock Grants</u>.&#160; The Administrator may grant restricted shares of Common Stock to such Key
      Persons, in such amounts and subject to such vesting and forfeiture provisions and other terms and conditions as the Administrator shall determine, subject to the provisions of the Plan.&#160; A grantee of a restricted stock Award shall have no rights
      with respect to such Award unless such grantee accepts the Award within such period as the Administrator shall specify by accepting delivery of a restricted stock Award Agreement in such form as the Administrator shall determine and, in the event the
      restricted shares are newly issued by the Company, makes payment to the Company or its Exchange Agent by certified or official bank check (or the equivalent thereof acceptable to the Administrator) in an amount at least equal to the par value of the
      shares covered by the Award (which payment may be waived at the time of grant of the restricted stock Award to the extent the restricted shares granted hereunder are otherwise deemed to be fully paid and non-assessable).</font></div>
  <div style="text-indent: 27pt;">&#160;</div>
  <div style="text-align: justify; text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Issuance of Stock Certificate</u>.&#160; Promptly after a grantee accepts a restricted stock Award in accordance
      with Section 2.6(a), subject to Sections 3.2, 3.4 and 3.13, the Company or its Exchange Agent shall issue to the grantee a stock certificate or stock certificates for the shares of Common Stock covered by the Award or shall establish an account
      evidencing ownership of the stock in uncertificated form.&#160; Upon the issuance of such stock certificates, or establishment of such account, the grantee shall have the rights of a stockholder with respect to the restricted stock, subject to: (i) the
      nontransferability restrictions and forfeiture provision described in the Plan (including paragraphs (d), (e) and (f) of this Section 2.6); (ii) in the Administrator&#8217;s sole discretion, a requirement, as set forth in the Award Agreement, that any
      dividends paid on such shares shall be held in escrow and, unless otherwise determined by the Administrator, shall remain forfeitable until all restrictions on such shares have lapsed; and (iii) any other restrictions and conditions contained in the
      applicable Award Agreement.</font></div>
  <div style="text-indent: 27pt;">&#160;</div>
  <div style="text-align: justify; text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Custody of Stock Certificate</u>.&#160; Unless the Administrator shall otherwise determine, any stock
      certificates issued evidencing shares of restricted stock shall remain in the possession of the Company until such shares are free of any restrictions specified in the applicable Award Agreement.&#160; The Administrator may direct that such stock
      certificates bear a legend setting forth the applicable restrictions on transferability.</font></div>
  <div style="text-indent: 27pt;">&#160;</div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">12</font></div>
    <div id="DSPFPageBreak" style="page-break-after: always;">
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  </div>
  <div style="text-align: justify; text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Nontransferability</u>.&#160; Shares of restricted stock may not be sold, assigned, transferred, pledged or
      otherwise encumbered or disposed of prior to the lapsing of all restrictions thereon, except as otherwise specifically provided in this Plan or the applicable Award Agreement.&#160; The Administrator at the time of grant shall specify the date or dates
      (which may depend upon or be related to the attainment of performance goals and other conditions) on which the nontransferability of the restricted stock shall lapse.</font></div>
  <div style="text-indent: 27pt;">&#160;</div>
  <div style="text-align: justify; text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Consequence of Termination of Employment</u>.&#160; Unless otherwise set forth in the applicable Award Agreement,
      (i) a grantee&#8217;s termination of employment or consultancy/service relationship or dismissal from the Board for any reason other than death or disability (as defined in Section 2.4(d)) shall cause the immediate forfeiture of all shares of restricted
      stock that have not yet vested as of the date of such termination of employment or consultancy/service relationship or dismissal from the Board and (ii) if a grantee incurs a termination of employment or consultancy/service relationship or dismissal
      from the Board as the result of his or her death or disability, all shares of restricted stock that have not yet vested as of the date of such termination or departure from the Board shall immediately vest as of such date.&#160; Unless otherwise
      determined by the Administrator, all dividends paid on shares forfeited under this Section 2.6(e) that have not theretofore been directly remitted to the grantee shall also be forfeited, whether by termination of any escrow arrangement under which
      such dividends are held or otherwise.&#160; The Administrator may, in writing, waive or modify the application of the foregoing provisions of this Section 2.6(e).</font></div>
  <div>&#160;</div>
  <div style="color: rgb(0, 0, 0); font-weight: bold;">2.7.&#160; &#160;&#160; Grant of Restricted Stock Units</div>
  <div>&#160;</div>
  <div style="text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Restricted Stock Unit Grants</u>.&#160; The Administrator may grant restricted stock units to such Key Persons, and in such amounts
      and subject to such vesting and forfeiture provisions and other terms and conditions, as the Administrator shall determine, subject to the provisions of the Plan.&#160; A restricted stock unit granted under the Plan shall confer upon the grantee a right
      to receive from the Company, conditioned upon the occurrence of such vesting event as shall be determined by the Administrator and specified in the Award Agreement, the number of such grantee&#8217;s restricted stock units that vest upon the occurrence of
      such vesting event multiplied by the Fair Market Value of a share of Common Stock on the date of vesting.&#160; Payment upon vesting of a restricted stock unit shall be in cash or in shares of Common Stock (valued at their Fair Market Value on the date of
      vesting) or both, all as the Administrator shall determine, and such payments shall be made to the grantee at such time as provided in the Award Agreement, which shall be (i) if Section 409A of the Code is applicable to the grantee, within the period
      required by Section 409A such that it qualifies as a &#8220;short-term deferral&#8221; pursuant to Section 409A and the Treasury Regulations issued thereunder, unless the </font>Administrator shall provide for deferral of the Award in compliance with Section
    409A, (ii) if Section 457A of the Code is applicable to the grantee, within the period required by Section 457A(d)(3)(B) such that it qualifies for the exemption thereunder, or (iii) if Sections 409A and 457A of the Code are not applicable to the
    grantee, at such time as determined by the Administrator.</div>
  <div style="text-align: justify; color: rgb(0, 0, 0);"><br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">13</font></div>
    <div id="DSPFPageBreak" style="page-break-after: always;">
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  </div>
  <div style="text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Dividend Equivalents</u>.&#160; The Administrator may include in any Award Agreement with respect to a restricted stock unit a
      dividend equivalent right entitling the grantee to receive amounts equal to the ordinary dividends that would be paid, during the time such Award is outstanding and unvested, on the shares of Common Stock underlying such Award if such shares were
      then outstanding.&#160; In the event such a provision is included in a Award Agreement, the Administrator shall determine whether such payments shall be (i) paid to the holder of the Award, as specified in the Award Agreement, either (A) at the same time
      as the underlying dividends are paid, regardless of the fact that the restricted stock unit has not theretofore vested, or (B) at the time at which the Award&#8217;s vesting event occurs, conditioned upon the occurrence of the vesting event, (ii) made in
      cash, shares of Common Stock or other property and (iii) subject to such other vesting and forfeiture provisions and other terms and conditions as the Administrator shall deem appropriate and as shall set forth in the Award Agreement.</font></div>
  <div style="text-indent: 27pt;">&#160;</div>
  <div style="text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Consequence of Termination of Employment</u>.&#160; Unless otherwise set forth in the applicable Award Agreement, (i) a grantee&#8217;s
      termination of employment or consultancy/service relationship or dismissal from the Board for any reason other than death or disability (as defined in Section 2.4(d)) shall cause the immediate forfeiture of all restricted stock units that have not
      yet vested as of the date of such termination of employment or consultancy/service relationship or dismissal from the Board and (ii) if a grantee incurs a termination of employment or consultancy/service relationship or dismissal from the Board as
      the result of his or her death or disability, all restricted stock units that have not yet vested as of the date of such termination or departure from the Board shall immediately vest as of such date.&#160; Unless otherwise determined by the
      Administrator, any dividend equivalent rights on any restricted stock units forfeited under this Section 2.7(c) that have not theretofore been directly remitted to the grantee shall also be forfeited, whether by termination of any escrow arrangement
      under which such dividends are held or otherwise.&#160; The Administrator may, in writing, waive or modify the application of the foregoing provisions of this Section 2.7(c).</font></div>
  <div style="text-indent: 27pt;">&#160;</div>
  <div style="text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>No Stockholder Rights</u>.&#160; No grantee of a restricted stock unit shall have any of the rights of a stockholder of the Company
      with respect to such Award unless and until a stock certificate is issued with respect to such Award upon the vesting of such Award (it being understood that the Administrator shall determine whether to pay any vested restricted stock unit in the
      form of cash or Company shares or both), which issuance shall be subject to Sections 3.2, 3.4 and 3.13.&#160; Except as otherwise provided in Section 1.5(c), no adjustment to any restricted stock unit shall be made for dividends, distributions or other
      rights (whether ordinary or extraordinary, and whether in cash, securities or other property) for which the record date is prior to the date such stock certificate, if any, is issued.</font></div>
  <div style="text-indent: 27pt;">&#160;</div>
  <div style="text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Transferability of Restricted Stock Units</u>.&#160; Except as otherwise provided in an applicable Award Agreement evidencing a
      restricted stock unit, no restricted stock unit granted under the Plan shall be assignable or transferable.&#160; The Administrator may, in any applicable Award Agreement evidencing a restricted stock unit, permit a grantee to transfer all or some of the
      restricted stock units to (i) the grantee&#8217;s</font> Immediate Family Members, (ii) a trust or trusts for the exclusive benefit of such Immediate Family Members or (iii) other parties approved by the Administrator.&#160; Following any such transfer, any
    transferred restricted stock units shall continue to be subject to the same terms and conditions as were applicable immediately prior to the transfer. </div>
  <div>&#160;</div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">14</font></div>
    <div id="DSPFPageBreak" style="page-break-after: always;">
      <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
  </div>
  <div style="color: rgb(0, 0, 0); font-weight: bold;">2.8. &#160; &#160; Grant of Unrestricted Stock</div>
  <div>&#160;</div>
  <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 27pt;">The Administrator may grant (or sell at a purchase price at least equal to par value) shares of Common Stock free of restrictions under the Plan to such Key Persons and in such
    amounts and subject to such forfeiture provisions as the Administrator shall determine.&#160; Shares may be thus granted or sold in respect of past services or other valid consideration.</div>
  <div>&#160;</div>
  <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">ARTICLE III.</div>
  <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Miscellaneous</div>
  <div style="text-align: center;">&#160;</div>
  <div style="color: rgb(0, 0, 0); font-weight: bold;">3.1. &#160; &#160; Amendment of the Plan; Modification of Awards</div>
  <div>&#160;</div>
  <div style="text-align: justify; text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160; &#160; <font style="color: rgb(0, 0, 0);"><u>Amendment of the Plan</u>.&#160; The Board may from time to time suspend, discontinue, revise or amend the Plan
      in any respect whatsoever, except that no such amendment shall materially impair any rights or materially increase any obligations under any Award theretofore made under the Plan without the consent of the grantee (or, upon the grantee&#8217;s death, the
      Person having the right to exercise the Award).&#160; For purposes of this Section 3.1, any action of the Board or the Administrator that in any way alters or affects the tax treatment of any Award shall not be considered to materially impair any rights
      of any grantee.</font></div>
  <div style="text-indent: 27pt;">&#160;</div>
  <div style="text-align: justify; text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Stockholder Approval Requirement</u>.&#160; If required by applicable rules or regulations of a national
      securities exchange or the SEC, the Company shall obtain stockholder approval with respect to any amendment to the Plan that (i) expands the types of Awards available under the Plan, (ii) materially increases the number of shares which may be issued
      under the Plan, except as permitted pursuant to Section 1.5(c), (iii) materially increases the benefits to participants under the Plan, including any material change to (A) permit, or that has the effect of, a &#8220;re-pricing&#8221; of any outstanding Award,
      (B) reduce the price at which shares or options to purchase shares may be offered or (C) extends the duration of the Plan or (iv) materially expands the class of Persons eligible to receive Awards under the Plan.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Modification of Awards</u>.&#160; The Administrator may cancel any Award under the Plan.&#160; The Administrator also
      may amend any outstanding Award Agreement, including, without limitation, by amendment which would: (i) accelerate the time or times at which the Award becomes unrestricted, vested or may be exercised; (ii) waive or amend any goals, restrictions or
      conditions set forth in the Award Agreement; or (iii) waive or amend the operation of Section 2.4, 2.6(e) or 2.7(c) with respect to the termination of the Award upon termination of employment or consultancy/service relationship or dismissal from the
      Board; provided, however, that no such amendment shall be made without shareholder approval if such approval is necessary to comply with any tax or regulatory requirement applicable to the Award.&#160; However, any such cancellation or amendment that
      materially impairs the rights or materially increases the obligations of a grantee under an outstanding Award shall be made only with the consent of the grantee (or, upon the grantee&#8217;s death, the Person having the right to exercise the Award).&#160; In
      making any modification to an Award (<u>e.g.</u>, an amendment resulting in a direct or indirect reduction in the Exercise Price or a waiver or modification under Section 2.4(f), 2.6(e) or 2.7(c)), the Administrator may consider the implications
      under Sections 409A and 457A of the Code from such modification.</font></div>
  <div>&#160;</div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">15</font></div>
    <div id="DSPFPageBreak" style="page-break-after: always;">
      <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
  </div>
  <div style="color: rgb(0, 0, 0); font-weight: bold;">3.2. &#160; &#160; Consent Requirement</div>
  <div>&#160;</div>
  <div style="text-align: justify; text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>No Plan Action Without Required Consent</u>.&#160; If the Administrator shall at any time determine that any
      Consent (as defined below) is necessary or desirable as a condition of, or in connection with, the granting of any Award under the Plan, the issuance or purchase of shares or other rights thereunder, or the taking of any other action thereunder (each
      such action being hereinafter referred to as a &#8220;Plan Action&#8221;), then such Plan Action shall not be taken, in whole or in part, unless and until such Consent shall have been effected or obtained to the full satisfaction of the Administrator.</font></div>
  <div style="text-indent: 27pt;">&#160;</div>
  <div style="text-align: justify; text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Consent Defined</u>.&#160; The term &#8220;Consent&#8221; as used herein with respect to any Plan Action means (i) any and
      all listings, registrations or qualifications in respect thereof upon any securities exchange or under any federal, state or local law, rule or regulation, (ii) any and all written agreements and representations by the grantee with respect to the
      disposition of shares, or with respect to any other matter, which the Administrator shall deem necessary or desirable to comply with the terms of any such listing, registration or qualification or to obtain an exemption from the requirement that any
      such listing, qualification or registration be made and (iii) any and all consents, clearances and approvals in respect of a Plan Action by any governmental or other regulatory bodies.</font></div>
  <div>&#160;</div>
  <div style="color: rgb(0, 0, 0); font-weight: bold;">3.3. &#160; &#160; Nonassignability</div>
  <div>&#160;</div>
  <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 27pt;">Except as provided in Section 2.4(e), 2.5, 2.6(d) or 2.7(e),<font style="font-weight: bold; font-style: italic;">&#160;</font>(a) no Award or right granted to any Person under the Plan
    or under any Award Agreement shall be assignable or transferable other than by will or by the laws of descent and distribution and (b) all rights granted under the Plan or any Award Agreement shall be exercisable during the life of the grantee only by
    the grantee or the grantee&#8217;s legal representative or the grantee&#8217;s permissible successors or assigns (as authorized and determined by the Administrator).&#160; All terms and conditions of the Plan and the applicable Award Agreements will be binding upon any
    permitted successors or assigns.</div>
  <div>&#160;</div>
  <div style="color: rgb(0, 0, 0); font-weight: bold;">3.4.&#160; &#160;&#160; Taxes</div>
  <div>&#160;</div>
  <div style="text-align: justify; text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Withholding</u>.&#160; A grantee or other Award holder under the Plan shall be required to pay, in cash, to the
      Company, and the Company and Affiliates shall have the right and are hereby authorized to withhold from any Award, from any payment due or transfer made under any Award or under the Plan or from any compensation or other amount owing to such grantee
      or other Award holder, the amount of any applicable withholding taxes in respect of an Award, its grant, its exercise, its vesting, or any payment or transfer under an Award or under the Plan, and to take such other action as may be necessary in the
      opinion of the Company to satisfy all obligations for payment of such taxes.&#160; Whenever shares of Common Stock are to be delivered pursuant to an Award under the Plan, with the approval of the Administrator, which the Administrator shall have sole
      discretion whether or not to give, the grantee may satisfy the foregoing condition by electing to have the Company withhold from delivery shares having a value equal to the amount of minimum tax required to be withheld.&#160; Such shares shall be valued
      at their Fair Market Value as of the date on which the amount of tax to be withheld is determined.&#160; Fractional share amounts shall be settled in cash.&#160; Such a withholding election may be made with respect to all or any portion of the shares to be
      delivered pursuant to an Award as may be approved by the Administrator in its sole discretion.</font></div>
  <div style="text-indent: 27pt;">&#160;</div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">16</font></div>
    <div id="DSPFPageBreak" style="page-break-after: always;">
      <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
  </div>
  <div style="text-align: justify; text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Liability for Taxes</u>.&#160; Grantees and holders of Awards are solely responsible and liable for the
      satisfaction of all taxes and penalties that may arise in connection with Awards (including, without limitation, any taxes arising under Sections 409A and 457A of the Code) and the Company shall not have any obligation to indemnify or otherwise hold
      any such Person harmless from any or all of such taxes.&#160; The Administrator shall have the discretion to organize any deferral program, to require deferral election forms, and to grant or, notwithstanding anything to the contrary in the Plan or any
      Award Agreement, to unilaterally modify any Award in a manner that (i) conforms with the requirements of Sections 409A and 457A of the Code (to the extent applicable), (ii) voids any participant election to the extent it would violate Section 409A or
      457A of the Code (to the extent applicable) and (iii) for any distribution event or election that could be expected to violate Section 409A or 457A of the Code, make the distribution only upon the earliest of the first to occur of a &#8220;permissible
      distribution event&#8221; within the meaning of Section 409A of the Code or a distribution event that the participant elects in accordance with Section 409A of the Code.&#160; The Administrator shall have the sole discretion to interpret the requirements of the
      Code, including, without limitation, Sections 409A and 457A, for purposes of the Plan and all Awards.</font></div>
  <div>&#160;</div>
  <div style="color: rgb(0, 0, 0); font-weight: bold;">3.5. &#160; &#160; Change in Control</div>
  <div>&#160;</div>
  <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 27pt;">(a)&#160;<u>Change in Control Defined</u>.&#160; For purposes of the Plan, &#8220;Change in Control&#8221; shall mean the occurrence of any of the following:</div>
  <div>&#160;</div>
  <div style="text-align: right;">
    <div>
      <div>
        <div style="color: rgb(0, 0, 0); text-align: justify; text-indent: 63pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; any &#8220;person&#8221; (as defined in Section 13(d)(3) of the 1934 Act), corporation or other entity (other than (A) the Company, (B) any trustee or other fiduciary
          holding securities under an employee benefit plan of the Company or any of its Affiliates, or (C) any company or other entity owned, directly or indirectly, by the holders of the voting stock of the Company in substantially the same proportions
          as their ownership of the aggregate voting power of the capital stock ordinarily entitled to elect directors of the Company) acquires &#8220;beneficial ownership&#8221; (as defined in Rule 13d-3 under the 1934 Act), directly or indirectly, of more than 50%
          of the aggregate voting power of the capital stock ordinarily entitled to elect directors of the Company;</div>
      </div>
    </div>
  </div>
  <div style="text-indent: 63pt;">&#160;</div>
  <div style="text-align: justify; color: rgb(0, 0, 0);"></div>
  <div style="text-align: right;">
    <div>
      <div>
        <div style="color: rgb(0, 0, 0); text-align: justify; text-indent: 63pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the sale of all or substantially all the Company&#8217;s assets in one or more related transactions to a Person or group of Persons, other than such a sale (A) to a
          Subsidiary which does not involve a change in the equity holdings of the Company or (B) to an entity which has acquired all or substantially all the Company&#8217;s assets (any such entity described in clause (A) or (B), the &#8220;Acquiring Entity&#8221;) if,
          immediately following such sale, 50% or more of the aggregate voting power of the capital stock ordinarily entitled to elect directors of the Acquiring Entity (or, if applicable, the ultimate parent entity that directly or indirectly has
          beneficial ownership of more than 50% of the aggregate voting power of the capital stock ordinarily entitled to elect directors of the Acquiring Entity) is beneficially owned by the holders of the voting stock of the Company, and such voting
          power among the persons who were holders of the voting stock of the Company immediately prior to such sale is, immediately following such sale, held in substantially the same proportions as the aggregate voting power of the capital stock
          ordinarily entitled to elect directors of the Company immediately prior to such sale;</div>
      </div>
    </div>
  </div>
  <div><br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">17</font></div>
    <div id="DSPFPageBreak" style="page-break-after: always;">
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  </div>
  <div style="text-align: justify; text-indent: 63pt;"><font style="color: rgb(0, 0, 0);">(iii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);">any merger, consolidation, reorganization or similar event of the Company or any Subsidiary as a result of
      which the holders of the voting stock of the Company immediately prior to such merger, consolidation, reorganization or similar event do not directly or indirectly hold 50% or more of the aggregate voting power of the capital stock of the surviving
      entity (or, if applicable, the ultimate parent entity that directly or indirectly has beneficial ownership of more than 50% of the aggregate voting power of the capital stock ordinarily entitled to elect directors of the surviving entity) and such
      voting power among the Persons who were holders of the voting stock of the Company immediately prior to such sale is, immediately following such sale, held in substantially the same proportions as the aggregate voting power of the capital stock
      ordinarily entitled to elect directors of the Company immediately prior to such sale;</font></div>
  <div>&#160;</div>
  <div style="text-align: justify; text-indent: 63pt;"><font style="color: rgb(0, 0, 0);">(iv)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);">the approval by the Company&#8217;s stockholders of a plan of complete </font>liquidation or dissolution of the
    Company; or </div>
  <div style="text-indent: 63pt;">&#160;</div>
  <div style="text-align: justify; text-indent: 63pt;"><font style="color: rgb(0, 0, 0);">(v)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);">during any period of 24 consecutive calendar months, individuals:</font></div>
  <div style="text-indent: 63pt;">&#160;</div>
  <div>
    <div>
      <table cellspacing="0" cellpadding="0" id="za3e011758b0246b183e41f477c6d9292" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 126.05pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(A)</td>
            <td style="width: auto; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">who were directors of the Company on the first day of such period, or</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div>&#160;</div>
  <div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z66d601d7cfaa45feaf1b9afe8a1612ba" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 126.05pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(B)</td>
            <td style="width: auto; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">whose election or nomination for election to the Board was recommended or approved by at least a majority of the directors then still in office who were directors of the Company on the first day of such
                period, or whose election or nomination for election were so approved,</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div>&#160;</div>
  <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 126pt;">shall cease to constitute a majority of the Board.</div>
  <div>&#160;</div>
  <div style="color: rgb(0, 0, 0);">Notwithstanding the foregoing, for each Award subject to Section 409A of the Code, a Change in Control shall be deemed to occur under this Plan with respect to such Award only if a change in the ownership or effective
    control of the Company or a change in the ownership of a substantial portion of the assets of the Company shall also be deemed to have occurred under Section 409A of the Code, <u>provided</u> that such limitation shall apply to such Award only to the
    extent necessary to avoid adverse tax effects under Section 409A of the Code. </div>
  <div>&#160;</div>
  <div style="text-align: justify; text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Effect of a Change in Control</u>.&#160; Unless the Administrator provides otherwise in a Award Agreement, upon
      the occurrence of a Change in Control:</font></div>
  <div style="text-align: justify;">&#160;</div>
  <div style="text-align: right;">
    <div>
      <div>
        <div style="color: rgb(0, 0, 0); text-align: left; text-indent: 63pt;">(i) &#160; &#160; &#160; &#160; &#160; notwithstanding any other provision of this Plan, any Award then outstanding shall become fully vested and any Award in the form of an option or stock appreciation
          right shall be immediately exercisable; </div>
      </div>
    </div>
  </div>
  <div style="text-indent: 36pt;"><br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">18</font></div>
    <div id="DSPFPageBreak" style="page-break-after: always;">
      <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
  </div>
  <div style="text-align: right;">
    <div>
      <div>
        <div style="color: rgb(0, 0, 0); text-align: left; text-indent: 63pt;">(ii) &#160; &#160; &#160; &#160;&#160; to the extent permitted by law and not otherwise limited by the terms of the Plan, the Administrator may amend any Award Agreement in such manner as it deems
          appropriate;</div>
      </div>
    </div>
  </div>
  <div>&#160;</div>
  <div style="text-align: justify; color: rgb(0, 0, 0);">
    <div style="text-indent: 63pt;">(iii) &#160; &#160; &#160; &#160; a grantee who incurs a termination of employment or consultancy/service relationship or dismissal from the Board for any reason, other than a termination or dismissal &#8220;for Cause&#8221;, concurrent with or within
      one year following the Change in Control may exercise any outstanding option or stock appreciation right, but only to the extent that the grantee was entitled to exercise the Award on the date of his or her termination of employment or
      consultancy/service relationship or dismissal from the Board, until the earlier of (A) the original expiration date of the Award and (B) the later of (x) the date provided for under the terms of Section 2.4 without reference to this Section
      3.5(b)(iii) and (y) the first anniversary of the grantee&#8217;s termination of employment or consultancy/service relationship or dismissal from the Board.</div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Miscellaneous</u>.&#160; Whenever deemed appropriate by the Administrator, any action referred to in paragraph
      (b)(ii) of this Section 3.5 may be made conditional upon the consummation of the applicable Change in Control transaction.&#160; For purposes of the Plan and any Award Agreement granted hereunder, the term &#8220;Company&#8221; shall include any successor to Star
      Bulk Carriers Corp.</font></div>
  <div>&#160;</div>
  <div style="color: rgb(0, 0, 0); font-weight: bold;">3.6. &#160; &#160; Operation and Conduct of Business</div>
  <div>&#160;</div>
  <div style="color: rgb(0, 0, 0); text-indent: 27pt;">Nothing in the Plan or any Award Agreement shall be construed as limiting or preventing the Company or any of its Affiliates from taking any action with respect to the operation and conduct of their
    business that they deem appropriate or in their best interests, including any or all adjustments, recapitalizations, reorganizations, exchanges or other changes in the capital structure of the Company or any of its Affiliates, any merger or
    consolidation of the Company or any of its Affiliates, any issuance of Company shares or other securities or subscription rights, any issuance of bonds, debentures, preferred or prior preference stock ahead of or affecting the Common Stock or other
    securities or rights thereof, any dissolution or liquidation of the Company or any of its Affiliates, any sale or transfer of all or any part of the assets or business of the Company or any of its Affiliates, or any other corporate act or proceeding,
    whether of a similar character or otherwise.</div>
  <div>&#160;</div>
  <div style="color: rgb(0, 0, 0); font-weight: bold;">3.7. &#160; &#160; No Rights to Awards</div>
  <div>&#160;</div>
  <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 27pt;">No Key Person or other Person shall have any claim to be granted any Award under the Plan.</div>
  <div>&#160;</div>
  <div style="color: rgb(0, 0, 0); font-weight: bold;">3.8. &#160; &#160; Right of Discharge Reserved</div>
  <div>&#160;</div>
  <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 27pt;">Nothing in the Plan or in any Award Agreement shall confer upon any grantee the right to continue his or her employment with the Company or any of its Affiliates, his or her
    consultancy/service relationship with the Company or any of its Affiliates, or his or her position as a director of the Company or any of its Affiliates, or affect any right that the Company or any of its Affiliates may have to terminate such
    employment or consultancy/service relationship or service as a director.</div>
  <div>&#160;</div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">19</font></div>
    <div id="DSPFPageBreak" style="page-break-after: always;">
      <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
  </div>
  <div style="color: rgb(0, 0, 0); font-weight: bold;">3.9. &#160; &#160; Non-Uniform Determinations</div>
  <div>&#160;</div>
  <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 27pt;">The Administrator&#8217;s determinations and the treatment of Key Persons and grantees and their beneficiaries under the Plan need not be uniform and may be made and determined by the
    Administrator selectively among Persons who receive, or who are eligible to receive, Awards under the Plan (whether or not such Persons are similarly situated).&#160; Without limiting the generality of the foregoing, the Administrator shall be entitled,
    among other things, to make non-uniform and selective determinations, and to enter into non-uniform and selective Award Agreements, as to (a) the Persons to receive Awards under the Plan, (b) the types of Awards granted under the Plan, (c) the number
    of shares to be covered by, or with respect to which payments, rights or other matters are to be calculated with respect to, Awards and (d) the terms and conditions of Awards.</div>
  <div>&#160;</div>
  <div style="color: rgb(0, 0, 0); font-weight: bold;">3.10.&#160; &#160;Other Payments or Awards</div>
  <div>&#160;</div>
  <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 27pt;">Nothing contained in the Plan shall be deemed in any way to limit or restrict the Company from making any award or payment to any Person under any other plan, arrangement or
    understanding, whether now existing or hereafter in effect.</div>
  <div>&#160;</div>
  <div style="color: rgb(0, 0, 0); font-weight: bold;">3.11.&#160; &#160;Headings</div>
  <div>&#160;</div>
  <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 27pt;">Any section, subsection, paragraph or other subdivision headings contained herein are for the purpose of convenience only and are not intended to expand, limit or otherwise define
    the contents of such subdivisions.</div>
  <div>&#160;</div>
  <div style="color: rgb(0, 0, 0); font-weight: bold;">3.12.&#160; &#160;Effective Date and Term of Plan</div>
  <div style="text-indent: 27pt;">&#160;</div>
  <div style="text-align: justify; text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Adoption; Stockholder Approval</u>.&#160; The Plan was adopted by the Board on May 22, 2019.&#160; The Board may, but
      need not, make the granting of any Awards under the Plan subject to the approval of the Company&#8217;s stockholders.</font></div>
  <div style="text-indent: 27pt;">&#160;</div>
  <div style="text-align: justify; text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(b)</font>&#160;&#160;&#160; &#160; &#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Termination of Plan</u>.&#160; The Board may terminate the Plan at any time.&#160; All Awards made under the Plan
      prior to its termination shall remain in effect until such Awards have been satisfied or terminated in accordance with the terms and provisions of the Plan and the applicable Award Agreements.&#160; No Awards may be granted under the Plan following the
      tenth anniversary of the date on which the Plan was adopted by the Board.</font></div>
  <div>&#160;</div>
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  <div style="color: rgb(0, 0, 0); font-weight: bold;">3.13.&#160; &#160;Restriction on Issuance of Stock Pursuant to Awards</div>
  <div>&#160;</div>
  <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 27pt;">The Company shall not permit any shares of Common Stock to be issued pursuant to Awards granted under the Plan unless such shares of Common Stock are fully paid and non-assessable
    under applicable law.&#160; Notwithstanding anything to the contrary in the Plan or any Award Agreement, at the time of the exercise of any Award, at the time of vesting of any Award, at the time of payment of shares of Common Stock in exchange for, or in
    cancellation of, any Award, or at the time of grant of any unrestricted shares under the Plan, the Company and the Administrator may, if either shall deem it necessary or advisable for any reason, require the holder of an Award (a) to represent in
    writing to the Company that it is the Award holder&#8217;s then-intention to acquire the shares with respect to which the Award is granted for investment and not with a view to the distribution thereof or (b) to postpone the date of exercise until such time
    as the Company has available for delivery to the Award holder a prospectus meeting the requirements of all applicable securities laws; and no shares<font style="font-weight: bold; font-style: italic;">&#160;</font>shall be issued or transferred in
    connection with any Award unless and until all legal requirements applicable to the issuance or transfer of such shares have been complied with to the satisfaction of the Company and the Administrator.&#160; The Company and the Administrator shall have the
    right to condition any issuance of shares to any Award holder hereunder on such Person&#8217;s undertaking in writing to comply with such restrictions on the subsequent transfer of such shares as the Company or the Administrator shall deem necessary or
    advisable as a result of any applicable law, regulation or official interpretation thereof, and all share certificates delivered under the Plan shall be subject to such stop transfer orders and other restrictions as the Company or the Administrator may
    deem advisable under the Plan, the applicable Award Agreement or the rules, regulations and other requirements of the SEC, any stock exchange upon which such shares are listed, and any applicable securities or other laws, and certificates representing
    such shares may contain a legend to reflect any such restrictions.&#160; The Administrator may refuse to issue or transfer any shares or other consideration under an Award if it determines that the issuance or transfer of such shares or other consideration
    might violate any applicable law or regulation or entitle the Company to recover the same under Section 16(b) of the 1934 Act, and any payment tendered to the Company by a grantee or other Award holder in connection with the exercise of such Award
    shall be promptly refunded to the relevant grantee or other Award holder.&#160; Without limiting the generality of the foregoing, no Award granted under the Plan shall be construed as an offer to sell securities of the Company, and no such offer shall be
    outstanding, unless and until the Administrator has determined that any such offer, if made, would be in compliance with all applicable requirements of any applicable securities laws.</div>
  <div>&#160;</div>
  <div style="color: rgb(0, 0, 0); font-weight: bold;">3.14.&#160; &#160;Requirement of Notification of Election Under Section 83(b) of the Code</div>
  <div>&#160;</div>
  <div style="color: rgb(0, 0, 0); text-indent: 27pt;">If an Award recipient, in connection with the acquisition of Company shares under the Plan, makes an election under Section 83(b) of the Code (to include in gross income in the year of transfer the
    amounts specified in Section 83(b) of the Code), the grantee shall notify the Administrator of such election within ten days of filing notice of the election with the U.S. Internal Revenue Service, in addition to any filing and notification required
    pursuant to regulations issued under Section 83(b) of the Code.</div>
  <div>&#160;</div>
  <div style="color: rgb(0, 0, 0);"><font style="font-weight: bold;">3.15.&#160; </font><font style="font-weight: bold;">&#160;</font><font style="font-weight: bold;">Severability</font></div>
  <div>&#160;</div>
  <div style="color: rgb(0, 0, 0); text-indent: 27pt;">If any provision of the Plan or any Award is or becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any Person or Award, or would disqualify the Plan or any Award
    under any law deemed applicable by the Administrator, such provision shall be construed or deemed amended to conform to the applicable laws or, if it cannot be construed or deemed amended without, in the determination of the Administrator, materially
    altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction, Person or Award and the remainder of the Plan and any such Award shall remain in full force and effect.</div>
  <div>&#160;</div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">21</font></div>
    <div id="DSPFPageBreak" style="page-break-after: always;">
      <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
  </div>
  <div style="color: rgb(0, 0, 0); font-weight: bold;">3.16.&#160; &#160;Sections 409A and 457A</div>
  <div>&#160;</div>
  <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 27pt;">To the extent applicable, the Plan and Award Agreements shall be interpreted in accordance with Sections 409A and 457A of the Code and Department of Treasury regulations and other
    interpretive guidance issued thereunder.&#160; Notwithstanding any provision of the Plan or any applicable Award Agreement to the contrary, in the event that the Administrator determines that any Award may be subject to Section 409A or 457A of the Code, the
    Administrator may adopt such amendments to the Plan and the applicable Award Agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Administrator
    determines are necessary or appropriate to (i) exempt the Plan and Award from Sections 409A and 457A of the Code and/or preserve the intended tax treatment of the benefits provided with respect to the Award, or (ii) comply with the requirements of
    Sections 409A and 457A of the Code and related Department of Treasury guidance and thereby avoid the application of penalty taxes under Sections 409A and 457A of the Code.</div>
  <div>&#160;</div>
  <div style="color: rgb(0, 0, 0); font-weight: bold;">3.17.&#160; &#160;Forfeiture; Clawback</div>
  <div>&#160;</div>
  <div style="color: rgb(0, 0, 0); text-indent: 27pt;">The Administrator may, in its sole discretion, specify in the applicable Award Agreement that any realized gain with respect to options or stock appreciation rights and any realized value with respect
    to other Awards shall be subject to forfeiture or clawback, in the event of (a) a grantee&#8217;s breach of any non-competition, non-solicitation, confidentiality or other restrictive covenants with respect to the Company or any of its Affiliates or (ii) a
    financial restatement that reduces the amount of bonus or incentive compensation previously awarded to a grantee that would have been earned had results been properly reported.</div>
  <div>&#160;</div>
  <div style="color: rgb(0, 0, 0); font-weight: bold;">3.18.&#160; &#160;No Trust or Fund Created</div>
  <div>&#160;</div>
  <div style="color: rgb(0, 0, 0); text-indent: 27pt;">Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company or any of its Affiliates and an Award
    recipient or any other Person.&#160; To the extent that any Person acquires a right to receive payments from the Company or any of its Affiliates pursuant to an Award, such right shall be no greater than the right of any unsecured general creditor of the
    Company or its Affiliates.</div>
  <div>&#160;</div>
  <div style="color: rgb(0, 0, 0); font-weight: bold;">3.19.&#160; &#160;No Fractional Shares</div>
  <div>&#160;</div>
  <div style="color: rgb(0, 0, 0); text-indent: 27pt;">No fractional shares shall be issued or delivered pursuant to the Plan or any Award, and the Administrator shall determine whether cash, other securities, or other property shall be paid or transferred
    in lieu of any fractional shares or whether such fractional shares or any rights thereto shall be canceled, terminated, or otherwise eliminated.</div>
  <div>&#160;</div>
  <div style="color: rgb(0, 0, 0); font-weight: bold;">3.20.&#160; &#160;Governing Law</div>
  <div>&#160;</div>
  <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 27pt;">The Plan will be construed and administered in accordance with the laws of the State of New York, without giving effect to principles of conflict of laws.</div>
  <div style="text-align: justify; color: rgb(0, 0, 0);"> <br>
  </div>
  <div style="text-align: center; color: rgb(0, 0, 0);"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;"> <br>
    </font></div>
  <div style="text-align: center; color: rgb(0, 0, 0);"> <font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">22</font></div>
  <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 27pt;">
    <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"> </div>
  <div><font style="color: #000000;"> </font></div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>4
<FILENAME>ex23_2.htm
<DESCRIPTION>EXHIBIT 23.2
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Summit, a Broadridge Company
         Document created using EDGARfilings PROfile 6.4.0.0
         Copyright 1995 - 2019 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <hr noshade="noshade" align="center" style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">
    <div>
      <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><font style="background-color: rgb(255, 255, 255);">Exhibit 23.2</font></div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Consent of Independent Registered Public Accounting Firm</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 28.35pt; font-family: 'Times New Roman', Times, serif;">We consent to the reference to our firm under the caption "Experts" in this Registration Statement (Form F-3) and related Prospectus of Star Bulk
        Carriers Corp. for the registration of 1,537,110 common shares and to the incorporation by reference therein of our report dated March 22, 2018 (except for the effects of the adoption of ASU 2016-18 described in Note 2 to the consolidated financial
        statements, as to which the date is March 21, 2019), with respect to the consolidated financial statements of Star Bulk Carriers Corp. as of December 31, 2017 and for each of the two years in the period then ended, included in its Annual Report
        (Form 20-F) for the year ended December 31, 2018, filed with the Securities and Exchange Commission.</div>
      <div><br>
      </div>
      <div style="background-color: #FFFFFF;">
        <div style="font-family: 'Times New Roman',Times,serif;"><font style="font-style: italic;">/s/</font> Ernst &amp; Young (Hellas) Certified Auditors Accountants S.A.</div>
      </div>
      <div style="background-color: #FFFFFF;">
        <div><br>
        </div>
        <div style="font-family: 'Times New Roman', Times, serif;">Athens, Greece</div>
        <div style="font-family: 'Times New Roman', Times, serif;">October 7, 2019</div>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div>
        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
    </div>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.3
<SEQUENCE>5
<FILENAME>ex23_3.htm
<DESCRIPTION>EXHIBIT 23.3
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Summit, a Broadridge Company
         Document created using EDGARfilings PROfile 6.4.0.0
         Copyright 1995 - 2019 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <hr noshade="noshade" align="center" style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">
    <div>
      <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Exhibit 23.3</div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman', Times, serif;">We consent to the incorporation by reference in this Registration Statement on Form F-3 of our reports dated March 21, 2019, relating to the consolidated financial statements of Star Bulk
        Carriers Corp. as of December 31, 2018 and for the year then ended and the effectiveness of Star Bulk Carriers Corp.&#8217;s internal control over financial reporting as of December 31, 2018, appearing in the Annual Report on Form 20-F of Star Bulk
        Carriers Corp. for the year ended December 31, 2018, and to the reference to us under the heading "Experts" in the Prospectus, which is part of this Registration Statement.</div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman', Times, serif;"><font style="font-style: italic;">/s/ </font>Deloitte Certified Public Accountants S.A.</div>
      <div style="font-family: 'Times New Roman', Times, serif;"> <br>
      </div>
      <div style="font-family: 'Times New Roman', Times, serif;">Athens, Greece<br>
        <br>
      </div>
      <div style="font-family: 'Times New Roman', Times, serif;">October 7, 2019</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div>
        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
    </div>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
