<SEC-DOCUMENT>0000919574-21-000732.txt : 20210205
<SEC-HEADER>0000919574-21-000732.hdr.sgml : 20210205
<ACCEPTANCE-DATETIME>20210205171644
ACCESSION NUMBER:		0000919574-21-000732
CONFORMED SUBMISSION TYPE:	F-3
PUBLIC DOCUMENT COUNT:		12
FILED AS OF DATE:		20210205
DATE AS OF CHANGE:		20210205

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:	333-252808
		FILM NUMBER:		21597249

	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>d8788524_f-3.htm
<TEXT>
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  <div style="text-align: center; margin-bottom: 6pt; font-weight: bold;">As filed with the Securities and Exchange Commission on February 5, 2021</div>
  <div><br>
  </div>
  <div style="text-align: right; font-weight: bold;">Registration No. 333-</div>
  <div>
    <div><br>
    </div>
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  <div style="text-align: center; font-size: 12pt; font-weight: bold;">UNITED STATES</div>
  <div style="text-align: center; font-size: 12pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
  <div style="text-align: center; font-weight: bold;">Washington, D.C. 20549</div>
  <div style="text-align: center; margin-bottom: 12pt;"><u>_______________________</u></div>
  <div style="text-align: center; font-size: 18pt; font-weight: bold;">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 style="text-align: center; margin-bottom: 12pt;"><u>_______________________</u></div>
  <div style="text-align: center; font-size: 18pt; font-weight: bold;">STAR BULK CARRIERS CORP.</div>
  <div style="text-align: center; font-weight: bold;">(Exact name of Registrant as specified in its charter)</div>
  <div style="text-align: center; margin-bottom: 12pt;"><u>_______________________</u></div>
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        <td style="width: 49.06%; vertical-align: top;">
          <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: 1.96%; vertical-align: top;">&#160;</td>
        <td style="width: 48.99%; 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>
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        <td style="width: 49.06%; vertical-align: top;">&#160;</td>
        <td style="width: 1.96%; vertical-align: top;">&#160;</td>
        <td style="width: 48.99%; vertical-align: top;">&#160;</td>
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        <td style="width: 49.06%; 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's principal executive offices)</div>
        </td>
        <td style="width: 1.96%; vertical-align: top;">&#160;</td>
        <td style="width: 48.99%; 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 5th 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>
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  <div style="text-align: center; margin-bottom: 12pt;"><u>_______________________</u></div>
  <div style="text-align: center; margin-bottom: 6pt; font-style: italic; font-weight: bold;">Copies to:</div>
  <table cellspacing="0" cellpadding="0" id="z861b6b4a34e345edb7ac09ec4fce8901" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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        <td style="width: 49.2%; 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: 1.98%; vertical-align: top;">&#160;</td>
        <td style="width: 48.82%; vertical-align: top;">
          <div style="text-align: center; font-weight: bold;">Keith J. Billotti, Esq.</div>
          <div style="text-align: center; font-weight: bold;">Seward &amp; Kissel LLP</div>
          <div style="text-align: center; font-weight: bold;">One Battery Park Plaza</div>
          <div style="text-align: center; font-weight: bold;">New York, New York 10004</div>
          <div style="text-align: center; font-weight: bold;">(212) 574-1200 (telephone number)</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-indent: 36pt; margin-bottom: 12pt;">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: 36pt; margin-bottom: 12pt;">If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box.<font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></div>
  <div style="text-indent: 36pt; margin-bottom: 12pt;">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. <font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9746;</font></div>
  <div style="text-indent: 36pt; margin-bottom: 12pt;">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. <font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></div>
  <div style="text-indent: 36pt; margin-bottom: 12pt;">If this Form is a post-effective amendment fled pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier
    effective registration statement for the same offering.</div>
  <div style="text-indent: 36pt; margin-bottom: 12pt;">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. <font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></div>
  <div style="text-indent: 36pt; margin-bottom: 12pt;">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. <font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></div>
  <div style="text-indent: 36pt; margin-bottom: 12pt;">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-indent: 36pt; margin-bottom: 12pt;">Emerging growth company <font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></div>
  <div style="text-indent: 36pt; margin-bottom: 12pt;">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 . <font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></div>
  <div style="text-indent: 36pt;">&#8224; The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.</div>
  <div><br>
  </div>
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    <div><br>
    </div>
  </div>
  <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">CALCULATION OF REGISTRATION FEE</div>
  <table cellspacing="0" cellpadding="0" id="z2f283dd1af534c2cac4988287d295e7d" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 29.46%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div style="text-align: justify; font-weight: bold;">Title of Each Class of Securities</div>
          <div style="text-align: justify; font-weight: bold;">to be Registered</div>
        </td>
        <td style="width: 0.4%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
        <td nowrap="nowrap" style="width: 24.69%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="2">
          <div style="text-align: justify; font-weight: bold;">Amount to be</div>
          <div style="text-align: justify;"><font style="font-weight: bold;">Registered</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
        </td>
        <td nowrap="nowrap" style="width: 0.42%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.42%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 0.44%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
        <td nowrap="nowrap" style="width: 21.32%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="2">
          <div style="font-weight: bold;">Proposed</div>
          <div style="font-weight: bold;">Maximum</div>
          <div style="font-weight: bold;">Aggregate</div>
          <div style="font-weight: bold;">Offering Price<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
        </td>
        <td nowrap="nowrap" style="width: 2.44%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 0.44%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
        <td nowrap="nowrap" style="width: 19.91%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="2">
          <div style="text-align: justify; font-weight: bold;">Amount of</div>
          <div style="text-align: justify; font-weight: bold;">Registration Fee</div>
        </td>
        <td nowrap="nowrap" style="width: 0.07%; vertical-align: bottom;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 29.46%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div style="text-align: justify; font-weight: bold;">Secondary Offering</div>
        </td>
        <td style="width: 0.4%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
        <td nowrap="nowrap" style="width: 24.69%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
        <td nowrap="nowrap" style="width: 0.42%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.42%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 0.44%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
        <td nowrap="nowrap" style="width: 21.32%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
        <td nowrap="nowrap" style="width: 2.44%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 0.44%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
        <td nowrap="nowrap" style="width: 19.91%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
        <td nowrap="nowrap" style="width: 0.07%; vertical-align: bottom;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 29.46%; vertical-align: bottom; background-color: #CCEEFF;">
          <div>&#160;&#160;&#160;Common Shares, par value $0.01, to be offered by the Selling Shareholder</div>
        </td>
        <td style="width: 0.4%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td style="width: 0.11%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td style="width: 24.58%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: justify;">2,100,000</div>
        </td>
        <td nowrap="nowrap" style="width: 0.42%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.42%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td style="width: 0.44%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td style="width: 1.42%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: justify;">$</div>
        </td>
        <td style="width: 19.9%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: justify;">23,331,000.00<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"></sup></div>
        </td>
        <td nowrap="nowrap" style="width: 2.44%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td style="width: 0.44%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td style="width: 1.96%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: justify;">$</div>
        </td>
        <td style="width: 17.96%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: justify;">2,545.41</div>
        </td>
        <td nowrap="nowrap" style="width: 0.07%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 29.46%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">
          <div>&#160;&#160;&#160;Common Shares underlying a Warrant, par value $0.01 per share, to be issued to the Selling Shareholder</div>
        </td>
        <td style="width: 0.4%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
        <td style="width: 0.11%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
        <td style="width: 24.58%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">
          <div style="text-align: justify;">3,000,000</div>
        </td>
        <td nowrap="nowrap" style="width: 0.42%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
        <td nowrap="nowrap" style="width: 0.42%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
        <td style="width: 0.44%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
        <td style="width: 1.42%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">
          <div style="text-align: justify;">$</div>
        </td>
        <td style="width: 19.9%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">
          <div style="text-align: justify;">33,330,000.00</div>
        </td>
        <td nowrap="nowrap" style="width: 2.44%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
        <td style="width: 0.44%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
        <td style="width: 1.96%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">
          <div style="text-align: justify;">$</div>
        </td>
        <td style="width: 17.96%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">
          <div style="text-align: justify;">3,636.30</div>
        </td>
        <td nowrap="nowrap" style="width: 0.07%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify; margin-bottom: 6pt;"><u>_______________________</u></div>
  <table cellspacing="0" cellpadding="0" id="ze283a9f7826d44fc9a382d9c0fd07169" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt; vertical-align: top; align: right;">(1)</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div>Pursuant to Rule 416 under the Securities Act of 1933, as amended (the "Securities Act"), 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>
  <table cellspacing="0" cellpadding="0" id="zfdf844c9a4c94b2eb50f22660d353fe0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt; vertical-align: top; align: right;">(2)</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <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's common shares as reported on the Nasdaq
            Global Select Market on February 4, 2021, which was $11.11.</div>
        </td>
      </tr>

  </table>
  <div style="text-align: justify; margin-bottom: 6pt;"><u>_______________________</u></div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; 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>
  <br>
  <br>
  <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 style="text-align: justify; margin-bottom: 10pt; font-family: 'Times New Roman',Times,serif; font-variant: small-caps; font-weight: bold; color: rgb(255, 0, 0);">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.</div>
  <div>
    <div><br>
    </div>
  </div>
  <div>
    <div style="text-align: center;">Subject to completion, dated February 5, 2021</div>
    <div><br>
    </div>
  </div>
  <div>
    <div style="text-align: right; font-weight: bold;">Filed Pursuant to Rule 424(b)(3)</div>
    <div style="text-align: right; font-weight: bold;">Registration No. 333-</div>
  </div>
  <div>
    <div><br>
    </div>
    <div style="font-weight: bold;">PROSPECTUS</div>
    <div><br>
    </div>
    <div><br>
    </div>
  </div>
  <div>
    <div style="text-align: center; font-weight: bold;">5,100,000 Common Shares</div>
    <div style="text-align: center; font-weight: bold;">Offered by the Selling Shareholders</div>
    <div style="text-align: center;"><img width="359" height="84" src="image0.jpg"></div>
  </div>
  <div>
    <div><br>
    </div>
  </div>
  <div>
    <div style="text-align: center; font-weight: bold;">STAR BULK CARRIERS CORP.</div>
  </div>
  <div>
    <div><br>
    </div>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">This prospectus relates to the sale, in one or more offerings, of up to 5,100,000<font style="font-weight: bold;">&#160;</font>of our common shares, par value $0.01 per share, that have
    been issued to or may be acquired through the exercise of rights under certain instruments governing our securities as further described herein by, the Selling Shareholders named in this prospectus. We provide more information about the Selling
    Shareholders and the related transactions in the section entitled "Selling Shareholders" on page 16 of this prospectus.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Selling Shareholders identified in this prospectus may sell shares from time to time on or off the Nasdaq Global Select Market in regular brokerage transactions, in
    transactions directly with market makers or in privately negotiated transactions. For additional information on the methods of sale that may be used by the Selling Shareholders, see the section entitled "Plan of Distribution" on page 14.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our common shares are traded on the Nasdaq Global Select Market under the symbol "SBLK."</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-weight: bold;">An investment in these securities involves risks.&#160; See the section entitled "Risk Factors" beginning on page 6 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-align: justify; text-indent: 36pt; margin-bottom: 12pt; 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>
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    <div><br>
    </div>
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  <div>
    <div style="text-align: center;">The date of this prospectus is&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; , 2021.</div>
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  <div style="text-align: center; margin-right: 5.75pt; margin-left: 5.75pt; font-weight: bold;">TABLE OF CONTENTS</div>
  <div style="margin-bottom: 6pt;"><br>
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  <table cellspacing="0" cellpadding="0" border="0" id="z0c18c196401d4a13bc5d5450f3525c96" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

      <tr>
        <td style="width: 87.86%; vertical-align: top;" rowspan="1">&#160;</td>
        <td style="width: 12.14%; vertical-align: top; text-align: center; font-weight: bold;" rowspan="1">&#160;Page</td>
      </tr>
      <tr>
        <td style="width: 87.86%; vertical-align: top;" rowspan="1">&#160;</td>
        <td style="width: 12.14%; vertical-align: top;" rowspan="1">&#160;</td>
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      <tr>
        <td style="width: 87.86%; vertical-align: top;">
          <div style="margin-right: 36pt; font-family: 'Times New Roman', Times, serif;">PROSPECTUS SUMMARY</div>
        </td>
        <td style="width: 12.14%; vertical-align: top;">
          <div style="text-align: right; margin-right: 36pt; font-family: 'Times New Roman', Times, serif;">2</div>
        </td>
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          <div style="margin-right: 36pt; font-family: 'Times New Roman', Times, serif;">THE OFFERING</div>
        </td>
        <td style="width: 12.14%; vertical-align: top;">
          <div style="text-align: right; margin-right: 36pt; font-family: 'Times New Roman', Times, serif;">5</div>
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          <div style="margin-right: 36pt; font-family: 'Times New Roman', Times, serif;">RISK FACTORS</div>
        </td>
        <td style="width: 12.14%; vertical-align: top;">
          <div style="text-align: right; margin-right: 36pt; font-family: 'Times New Roman', Times, serif;">6</div>
        </td>
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          <div style="margin-right: 36pt; font-family: 'Times New Roman', Times, serif;">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</div>
        </td>
        <td style="width: 12.14%; vertical-align: top;">
          <div style="text-align: right; margin-right: 36pt; font-family: 'Times New Roman', Times, serif;">8</div>
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          <div style="margin-right: 36pt; font-family: 'Times New Roman', Times, serif;">USE OF PROCEEDS</div>
        </td>
        <td style="width: 12.14%; vertical-align: top;">
          <div style="text-align: right; margin-right: 36pt; font-family: 'Times New Roman', Times, serif;">10</div>
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          <div style="margin-right: 36pt; font-family: 'Times New Roman', Times, serif;">CAPITALIZATION</div>
        </td>
        <td style="width: 12.14%; vertical-align: top;">
          <div style="text-align: right; margin-right: 36pt; font-family: 'Times New Roman', Times, serif;">11</div>
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          <div style="margin-right: 36pt; font-family: 'Times New Roman', Times, serif;">ENFORCEMENT OF CIVIL LIABILITIES</div>
        </td>
        <td style="width: 12.14%; vertical-align: top;">
          <div style="text-align: right; margin-right: 36pt; font-family: 'Times New Roman', Times, serif;">13</div>
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          <div style="margin-right: 36pt; font-family: 'Times New Roman', Times, serif;">PLAN OF DISTRIBUTION</div>
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        <td style="width: 12.14%; vertical-align: top;">
          <div style="text-align: right; margin-right: 36pt; font-family: 'Times New Roman', Times, serif;">14</div>
        </td>
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          <div style="margin-right: 36pt; font-family: 'Times New Roman', Times, serif;">SELLING SHAREHOLDERS</div>
        </td>
        <td style="width: 12.14%; vertical-align: top;">
          <div style="text-align: right; margin-right: 36pt; font-family: 'Times New Roman', Times, serif;">16</div>
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          <div style="margin-right: 36pt; font-family: 'Times New Roman', Times, serif;">DESCRIPTION OF CAPITAL STOCK</div>
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        <td style="width: 12.14%; vertical-align: top;">
          <div style="text-align: right; margin-right: 36pt; font-family: 'Times New Roman', Times, serif;">17</div>
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          <div style="margin-right: 36pt; font-family: 'Times New Roman', Times, serif;">EXPENSES</div>
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        <td style="width: 12.14%; vertical-align: top;">
          <div style="text-align: right; margin-right: 36pt; font-family: 'Times New Roman', Times, serif;">23</div>
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          <div style="margin-right: 36pt; font-family: 'Times New Roman', Times, serif;">LEGAL MATTERS</div>
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        <td style="width: 12.14%; vertical-align: top;">
          <div style="text-align: right; margin-right: 36pt; font-family: 'Times New Roman', Times, serif;">24</div>
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          <div style="margin-right: 36pt; font-family: 'Times New Roman', Times, serif;">EXPERTS</div>
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        <td style="width: 12.14%; vertical-align: top;">
          <div style="text-align: right; margin-right: 36pt; font-family: 'Times New Roman', Times, serif;">25</div>
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          <div style="margin-right: 36pt; font-family: 'Times New Roman', Times, serif;">WHERE YOU CAN FIND ADDITIONAL INFORMATION</div>
        </td>
        <td style="width: 12.14%; vertical-align: top;">
          <div style="text-align: right; margin-right: 36pt; font-family: 'Times New Roman', Times, serif;">26</div>
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    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">ABOUT THIS PROSPECTUS</div>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">This prospectus is part of a registration statement that we filed with the U.S. Securities and Exchange Commission, or the Commission, using a shelf registration process. The
    Selling Shareholders may sell in one or more offerings pursuant to this registration statement up to 5,100,000 common shares, as described in this prospectus. This prospectus provides you with a general description of the common shares the Selling
    Shareholders may offer. We may provide you with a prospectus supplement to this prospectus that will provide updated information if required whenever the Selling Shareholders offer our common shares pursuant to this prospectus. This may include a
    prospectus supplement that will describe the specific amounts, prices and terms of the offered securities. The prospectus supplement may also add, update or change the information contained in this prospectus. If there is any inconsistency between the
    information in this prospectus and any prospectus supplement, you should rely on the prospectus supplement. Before purchasing any securities, you should read carefully both this prospectus and any prospectus supplement, together with the additional
    information described below.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">This prospectus does not contain all the information provided in the registration statement that we filed with the Commission. For further information about us or the securities
    offered hereby, you should refer to the registration statement, which you can obtain from the Commission as described below under "Where You Can Find Additional Information."</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">You should rely only on the information contained or incorporated by reference in this prospectus and in any prospectus supplement.&#160; Neither we nor the Selling Shareholders has
    authorized any other person to provide you with different information.&#160; If anyone provides you with different or inconsistent information, you should not rely on it.&#160; The Selling Shareholders will not make any offer to sell these securities in any
    jurisdiction where the offer or sale is not permitted.&#160; You should assume that the information appearing in this prospectus and the applicable supplement to this prospectus is accurate as of the date on its respective cover, and that any information
    incorporated by reference is accurate only as of the date of the document incorporated by reference, unless we indicate otherwise.&#160; Our business, financial condition, results of operations and prospects may have changed since those dates.</div>
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  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">PROSPECTUS SUMMARY</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-style: italic;">This summary highlights information that appears later in this prospectus and is qualified in its entirety by the more detailed information and financial
    statements included or incorporated by reference elsewhere in this prospectus. This summary may not contain all of the information that may be important to you. As an investor or prospective investor, you should carefully review the entire prospectus,
    including the section of this prospectus entitled "Risk Factors" and the more detailed information that appears later in this prospectus or is contained in the documents that we incorporate by reference into this prospectus before making an investment
    in our securities.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-style: italic;">Unless otherwise indicated or unless the context requires otherwise, all references in this prospectus to "Star Bulk," the "Company," "we," "us," "our," or
    similar references, mean Star Bulk Carriers Corp. and, where applicable, its consolidated subsidiaries. In addition, we use the term deadweight, or "dwt," 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. The term "Selling Shareholders" refers to the shareholders described in the section entitled "Selling Shareholders," on page 16.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-style: italic;">Unless otherwise indicated, all references to "U.S. dollars," "dollars," "U.S. $" and "$" in this prospectus are to the lawful currency of the United States of
    America.</div>
  <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Our Company</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">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, Limassol and Singapore.&#160; Our common shares trade on the
    Nasdaq Global Select Market under the symbol "SBLK" and our 8.30% Senior Notes due 2022 are listed on the Nasdaq Global Market under the symbol "SBLKZ."</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We currently have a fleet of 126 vessels (on a fully delivered basis), with an aggregate capacity of 13.9 million dwt, consisting of Newcastlemax, Capesize, Post Panamax,
    Kamsarmax, Panamax, Ultramax and Supramax vessels with carrying capacities between 52,425 dwt and 209,537 dwt.</div>
  <div style="margin-bottom: 12pt; font-weight: bold;">Recent Developments</div>
  <div style="margin-bottom: 12pt; font-weight: bold;">Fleet Update:</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We provide more information about the Selling Shareholders and the related transactions in the section entitled "Selling Shareholders" on page 16 of this prospectus.</div>
  <div style="margin-bottom: 12pt; font-weight: bold;">Financing Activities:</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">
    <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On July 1, 2020, we entered into an amended and restated facility agreement with ING Bank N.V., London Branch, or the ING $170,600 Facility, in order to
      increase the applicable financing by $70.0 million and to include additional borrowers under the existing amended and restated facility agreement entered into on March 28, 2019 with ING Bank N.V., London Branch. The additional financing amount of
      $70.0 million is available in six tranches, which were drawn on July 6, 2020 and used to refinance all outstanding amounts under the lease agreements with China Merchants Bank Leasing, or CMBL<a name="z_cp_text_28_122"></a>, of the vessels <font style="font-style: italic;">Star Claudine, Star Ophelia, Star Lyra, Star Bianca, Star Flame</font> and <font style="font-style: italic;">Star Mona</font>. Each tranche matures in July 2026. The ING $170,600 Facility is secured also by a first
      priority mortgage on the aforementioned additional vessels.</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On July 2, 2020, we entered into a loan agreement with Alpha Bank S.A. for a loan of up to $35.0 million, or the Alpha Bank 35,000 Facility. The first two
      tranches of $11.0 million and $9.0 million were drawn on July 6, 2020 and used to refinance the outstanding amounts under the lease agreements with CMBL of the vessels <font style="font-style: italic;">Star Sky </font>and <font style="font-style: italic;">Stardust</font>. The third tranche of $15.0 million was drawn on July 31, 2020 and used to refinance the outstanding amount of <font style="font-style: italic;">Star Martha</font> under the DVB $24,750 Facility. The facility matures in
      July 2025. The Alpha Bank 35,000 Facility is secured by first priority mortgages on the <a name="z_cp_text_1_124"></a>aforementioned vessels.</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On July 3, 2020, we entered into a loan agreement Piraeus Bank S.A. for a loan of up to $50.35 million, or the Piraeus Bank $50,350 Facility. The amount of
      $50.35 million was drawn on July 6, 2020 and used to refinance all outstanding amounts under the lease agreements with CMBL of the vessels <font style="font-style: italic;">Star Luna, Star Astrid, Star Genesis, Star Electra</font> and <font style="font-style: italic;">Star Glory</font>. The facility matures in July 2025. The Piraeus Bank $50,350 Facility <a name="z_cp_text_1_127"></a>is secured by first priority mortgages on the five aforementioned vessels.</div>
    <div style="text-align: left; font-family: 'Times New Roman', serif;">On July 10, 2020, we entered into a loan agreement with a wholly owned subsidiary of NTT Finance Corporation for an amount of $17.6 million, or the NTT $17,600 Facility. The amount
      was drawn on July 20, 2020 and used to refinance the outstanding amount under the lease agreement with CMBL of the vessel <font style="font-style: italic;">Star Calypso</font>. The facility matures in July 2025. The NTT $17,600 Facility is secured
      by first priority mortgage on the <a name="z_cp_text_1_128"></a>aforementioned vessel.</div>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">
      <div style="text-align: left; font-family: 'Times New Roman', serif;">On August 27 2020, we entered into sale and leaseback agreements with CMBL for the vessels <font style="font-style: italic;">Laura, Idee Fixe, Roberta, Kaley, Diva, Star Sirius</font>
        and <font style="font-style: italic;">Star Vega</font>. On August 28 and August 31, 2020, we received an aggregate amount of $82.8 million in connection with the finalization of the sale and leaseback transactions of the aforementioned vessels,
        except for the vessel <font style="font-style: italic;">Diva,</font> which transaction was finalized on November 17, 2020 and in connection with which we received an additional $7.2 million. The amounts received were used to refinance the
        outstanding amounts under the loan and lease agreements of the aforementioned vessels. The lease terms are for five years with a purchase option price at a significantly lower level compared to the expected fair value of each vessel at the
        expiration of the bareboat charters term. We treat this transaction as a financing transaction.</div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">On September 3, 2020, we entered into a sale and lease back agreement with Shinken Bussan Co., Ltd. to sell and leaseback the vessel <font style="font-style: italic;">Star Lutas</font>.
      An amount of $16.0 million was received on September 18, 2020, pursuant to the sale and leaseback agreement, which was used to refinance the outstanding amount under the loan agreement of the vessel. The lease term is for seven years with a purchase
      obligation at the expiration of the bareboat charter term. We treat this transaction as a financing transaction.</div>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On September 17, 2020, we entered into sale and leaseback agreements with SPDB Financial Leasing Co. Ltd for the vessels <font style="font-style: italic;">Mackenzie, Kennadi, Honey Badger, Wolverine</font> and <font style="font-style: italic;">Star Antares</font>. In September 2020, an aggregate amount of $76.5 million was received pursuant to the five sale and leaseback
      agreements, which was used to refinance the outstanding amount under the loan agreement of the five vessels. The lease terms are for eight years with a purchase obligation at the expiration of the bareboat charters term. We treat this transaction as
      a financing transaction.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On September 25, 2020, we entered into sale and leaseback agreements with ICBC Financial Leasing Co., Ltd. for the vessels <font style="font-style: italic;">Gargantua, Goliath</font> and <font style="font-style: italic;">Maharaj</font>. An aggregate amount of $93.2 million was received on September 29, 2020, pursuant to the three sale and leaseback agreements, which was
      used to refinance the outstanding amount under the loan agreement of the three vessels. The lease terms are for 10 years with a purchase obligation at the expiration of the bareboat charters term. We treat this transaction as a financing transaction.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On December 1, 2020, we entered into a loan agreement with China Export-Import Bank for an amount of $57.6 million. The amount of $57.6
      million was drawn in late December and used in part to refinance all outstanding amounts of $54.2 under the loan and lease agreements of the vessels <font style="font-style: italic;">Star Wave,</font>&#160;<font style="font-style: italic;">Star Gina</font>
      2GR, <font style="font-style: italic;">Star Charis</font> and <font style="font-style: italic;">Star Suzanna</font>. The facility matures eight years after the drawdown and is secured by first priority mortgages on the four aforementioned vessels.</div>
    <div style="text-align: justify; font-family: 'Times New Roman',serif; text-indent: 36pt;">On January 22, 2021, we entered into a loan agreement with a major European Bank for an amount of $39.0 million. The amount was drawn on January 25, 2021 and
      used to finance the cash consideration for the E.R. Acquisition Vessels (as defined in the section entitled &#8220;Selling Shareholders&#8221; on page 16 of this prospectus), which were delivered to us on January 26, 2021. The facility matures five years after
      the drawdown and is secured by first priority mortgages on the three aforementioned vessels.</div>
    <div style="text-align: justify; font-family: 'Times New Roman',serif; text-indent: 36pt;"> <br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman',serif; text-indent: 18pt;">In January 2021, we signed a commitment letter with a major Chinese financial institution to assume the outstanding lease obligations of the Scorpio Acquisition
      Vessels (as defined below), which amount to $102.3 million as of the date of this prospectus. The assumption of the lease obligations will be effected through the execution of seven tripartite novation agreements between the Chinese financial
      institution, Scorpio Bulkers Inc. and ourselves. The lease terms will be for approximately 5 years with a purchase option price at a significantly lower level compared to the expected fair value of each vessel at the expiration of the bareboat
      charters term. This transaction will be treated as a financing transaction.</div>
  </div>
  <br>
  <div style="margin-bottom: 12pt; font-weight: bold;">Interest rate swaps</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">In July and August 2020, we entered into certain interest rate swaps with ING Piraeus Bank and Alpha Bank to convert a portion of our debt from floating to a fixed rate. The
    following table summarizes these interest rate swaps:</div>
  <div style="text-align: center; margin-left: 36pt; margin-bottom: 12pt;"><img width="581" height="81" src="image1.jpg"></div>
  <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">COVID-19 and Our Proactive Measures</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Despite the global gradual recovery from COVID-19, we continue to take proactive measures to ensure the health and wellness of our crew and onshore employees while maintaining
    effective business continuity and uninterrupted service to our customers.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The actual impact of COVID-19 on our business, and the efficacy of any measures we take in response to the challenges presented by the COVID-19 pandemic, will depend on how the
    outbreak further develops, the duration and extent of the restrictive measures that are associated with the pandemic and their impact on global economy and trade, which is still uncertain.</div>
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  <div><br>
  </div>
  <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Corporate and Other Information</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We are a Marshall Islands corporation with principal executive offices at 40 Agiou Konstantinou Street, Maroussi, 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 "Star Maritime," 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 style="margin-bottom: 12pt; font-weight: bold;">The Securities the Selling Shareholders May Offer</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Selling Shareholders may sell, in one or more offerings pursuant to this registration statement, up to 5,100,000 of our common shares that have been issued or that may be
    acquired through the exercise of rights under certain instruments governing our securities as further described herein. We will not receive any of the proceeds from the sale of our common shares by the Selling Shareholders. We provide more information
    about the Selling Shareholders and the related transactions in the section titled "Selling Shareholders" on page 16 of this prospectus.</div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">4</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>
  <div>
    <div><br>
    </div>
  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">THE OFFERING</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-style: italic;">The following summary of the offering contains basic information about the offering and our common shares and is not intended to be complete. It does not
    contain all the information that is important to you. For a more complete understanding of our common shares, please refer to the section of this prospectus entitled "Description of Capital Stock."</div>
  <table cellspacing="0" cellpadding="0" id="z4844a0d7b80d436ab3bfedc229461124" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 40.07%; vertical-align: top;">
          <div style="text-align: justify;">Maximum number of Common Shares offered by the Selling Shareholders</div>
          <div style="text-align: justify;"> <br>
          </div>
        </td>
        <td style="width: 10.64%; vertical-align: top;">&#160;</td>
        <td style="width: 49.28%; vertical-align: top;">
          <div style="text-align: justify;">5,100,000 Common Shares</div>
        </td>
      </tr>
      <tr>
        <td style="width: 40.07%; vertical-align: top;">
          <div style="text-align: justify;">Shares Issued and Outstanding as of January 29, 2021</div>
        </td>
        <td style="width: 10.64%; vertical-align: top;">&#160;</td>
        <td style="width: 49.28%; vertical-align: top;">
          <div style="text-align: justify;">99,239,716 Common Shares</div>
          <div style="text-align: justify;"> <br>
          </div>
        </td>
      </tr>
      <tr>
        <td style="width: 40.07%; vertical-align: top;">
          <div style="text-align: justify;">Use of Proceeds</div>
        </td>
        <td style="width: 10.64%; vertical-align: top;">&#160;</td>
        <td style="width: 49.28%; vertical-align: top;">
          <div style="text-align: justify;">All common shares sold pursuant to this prospectus will be sold by the Selling Shareholders. We will not receive any of the proceeds from such sales</div>
          <div style="text-align: justify;"> <br>
          </div>
        </td>
      </tr>
      <tr>
        <td style="width: 40.07%; vertical-align: top;">
          <div style="text-align: justify;">Nasdaq Global Select Market Trading Symbol</div>
        </td>
        <td style="width: 10.64%; vertical-align: top;">&#160;</td>
        <td style="width: 49.28%; vertical-align: top;">
          <div style="text-align: justify;">SBLK</div>
          <div style="text-align: justify;"> <br>
          </div>
        </td>
      </tr>
      <tr>
        <td style="width: 40.07%; vertical-align: top;">
          <div style="text-align: justify;">Risk Factors</div>
        </td>
        <td style="width: 10.64%; vertical-align: top;">&#160;</td>
        <td style="width: 49.28%; vertical-align: top;">
          <div style="text-align: justify;">An investment in our common shares involves certain risks. You should carefully consider the risks described under "Risk Factors" on page 6 of this prospectus, and other risk factors contained in any applicable
            prospectus supplement, as well risk factors and other information included in or incorporated by reference herein and therein before making an investment decision.</div>
        </td>
      </tr>

  </table>
  <div>
    <div><br>
    </div>
    <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
    </div>
    <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
    </div>
    <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-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">5</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>
  <div>
    <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
    </div>
    <div><br>
    </div>
  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">RISK FACTORS</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">An investment in our securities involves a high degree of risk.&#160; Before making an investment in our securities, you should carefully consider all
      of the information included in this prospectus, the risk factors and all of the other information included in any prospectus supplement and the documents that have been incorporated by reference in this prospectus and any prospectus supplement,
      including those in "Item 3&#8212;Key Information&#8212;D. Risk Factors" in our </font>&#160;<font style="font-style: italic;">annual report on Form 20-F for the fiscal year ended December 31, 2019, filed with the SEC on March 27, 2020, as amended by the 20-F/A</font>&#160;<font style="font-style: italic;">filed with the Commission on April 2, 2020 ("2019 20-F"), as updated by annual, quarterly and other reports and documents we file with the Commission after the date of this prospectus and that are incorporated by reference
      herein. Please see the section of this prospectus entitled "Where You Can Find Additional Information&#8212;Information Incorporated by Reference." The occurrence of one or more of those risk factors could adversely impact our business, financial condition
      or results of operations.</font></div>
  <div>
    <div style="text-align: justify; margin-bottom: 12pt; font-style: italic; font-weight: bold;">The Covid-19 pandemic has impacted the dry bulk shipping industry and could have a material adverse impact on our business and operations.</div>
  </div>
  <div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Since the beginning of the calendar year 2020, the outbreak of the Covid-19 pandemic has resulted in the implementation of numerous actions by governments and governmental
      agencies in an attempt to mitigate the spread of the virus, including travel bans, quarantines, and other emergency public health measures, and a number of countries implemented lockdown measures. Depending on the course of the Covid-19 pandemic,
      such measures could be newly imposed or reimposed in certain countries. These measures have resulted in a significant reduction in global economic activity and extreme volatility in the global financial markets. If the Covid-19 pandemic continues on
      a prolonged basis or becomes more severe, the adverse impact on the global economy and the rate environment for dry bulk and other cargo vessels may deteriorate further and our operations and cash flows may be negatively impacted. Relatively weak
      global economic conditions during periods of volatility have and may continue to have a number of adverse consequences for dry bulk and other shipping sectors, including, among other things:</div>
  </div>
  <table cellspacing="0" cellpadding="0" id="z5bd45ac807f14bf1bdb47bbe27d79525" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div>low charter rates, particularly for vessels employed on short-term time charters or in the spot market&#894;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" id="zb33b533ba8064bba888031350ca79205" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div>decreases in the market value of dry bulk vessels and limited second-hand market for the sale of vessels&#894;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" id="z874a9661530e4f558473276d7173a330" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div>limited financing for vessels&#894;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" id="zf454bcc38e5c45ab87ea6c0b6a8fe120" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div>loan covenant defaults&#894; and</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" id="z9f7807f252634b9d868f415a40d8c2b9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div>declaration of bankruptcy by certain vessel operators, vessel owners, shipyards and charterers.</div>
        </td>
      </tr>

  </table>
  <div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Covid-19 pandemic and measures to contain its spread have negatively impacted regional and global economies and trade patterns in markets in which we operate, the way we
      operate our business, and the businesses of our charterers and suppliers. These negative impacts could continue or worsen, even after the pandemic itself diminishes or ends. Companies, including us, have also taken precautions, such as requiring
      employees to work remotely and imposing travel restrictions, while some other businesses have been required to close entirely.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Moreover, we face significant risks to our personnel and operations due to the Covid-19 pandemic. Our crews face risk of exposure to Covid-19 as a result of travel to ports in
      which cases of Covid-19 have been reported. Our shore-based personnel likewise face risk of such exposure, as we maintain offices in areas that have been impacted by the spread of Covid-19.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Measures against Covid-19 in a number of countries have restricted crew rotations on our vessels, which may continue or become more severe. As a result, in 2020, we have
      experienced and may continue to experience disruptions to our normal vessel operations caused by increased deviation time associated with positioning our vessels to countries in which we can undertake a crew rotation in compliance with such measures.
      Delays in crew rotations have led to issues with crew fatigue and may continue to do so, which may result in delays or other operational issues. We have had and expect to continue to have increased expenses due to incremental fuel consumption and
      days in which our vessels are unable to earn revenue in order to deviate to certain ports on which we would ordinarily not call during a typical voyage. We may also incur additional expenses associated with testing, personal protective equipment,
      quarantines, and travel expenses such as airfare costs in order to perform crew rotations in the current environment. In 2020, delays in crew rotations have also caused us to incur additional costs related to crew bonuses paid to retain the existing
      crew members on board and may continue to do so.</div>
    <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-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">6</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
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  </div>
  <div><br>
  </div>
  <div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Finally, Covid-19 and measures against it have led to a highly difficult environment in which to dispose of vessels given difficulty to physically inspect vessels.</div>
  </div>
  <div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">In addition, organizations across industries, including ours, are rightly focusing on their employees' well-being, whilst making sure that their operations continue undisrupted
      and at the same time, adapting to the new ways of operating. As such employees are encouraged or even required to operate remotely which significantly increases the risk of cyber security attacks.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">There continues to be a high level of uncertainty relating to how the pandemic will evolve, including the availability of vaccines and their global deployment, the development of
      effective treatments, the imposition of effective public safety and other protective measures and the public's and government's responses to such measures.. The continuation of the Covid-19 pandemic, the development of mutations or new strains of the
      Covid-19 virus and one or more of the events described above could have a material adverse effect on our business, results of operations, cash flows and financial condition.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">&#160;<font style="font-style: italic;">We rely on our information systems to conduct our business, and failure to protect these systems against security breaches could adversely
        affect our business and results of operations, including on our vessels. Additionally, if these systems fail or become unavailable for any significant period of time, our business could be harmed.</font></div>
  </div>
  <div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We rely on our computer systems and network infrastructure across our operations, including on our vessels. The safety and security of our vessels and efficient operation of our
      business, including processing, transmitting and storing electronic and financial information, are dependent on computer hardware and software systems, which are increasingly vulnerable to security breaches and other disruptions. Any significant
      interruption or failure of our information systems or any significant breach of security could adversely affect our business and results of operations.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our vessels rely on information systems for a significant part of their operations, including navigation, provision of services, propulsion, machinery management, power control,
      communications and cargo management. We have in place safety and security measures on our vessels and onshore operations to secure our vessels against cyber-security attacks and any disruption to their information systems. However, these measures and
      technology may not adequately prevent security breaches despite our continuous efforts to upgrade and address the latest known threats. A disruption to the information system of any of our vessels could lead to, among other things, wrong routing,
      collision, grounding and propulsion failure.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Beyond our vessels, we rely on industry accepted security measures and technology to securely maintain confidential and proprietary information maintained on our information
      systems. However, these measures and technology may not adequately prevent security breaches. The technology and other controls and processes designed to secure our confidential and proprietary information, detect and remedy any unauthorized access
      to that information were designed to obtain reasonable, but not absolute, assurance that such information is secure and that any unauthorized access is identified and addressed appropriately. Such controls may in the future fail to prevent or detect,
      unauthorized access to our confidential and proprietary information. In addition, the foregoing events could result in violations of applicable privacy and other laws. If confidential information is inappropriately accessed and used by a third party
      or an employee for illegal purposes, we may be responsible to the affected individuals for any losses they may have incurred as a result of misappropriation. In such an instance, we may also be subject to regulatory action, investigation or liable to
      a governmental authority for fines or penalties associated with a lapse in the integrity and security of our information systems.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our operations, including our vessels, and business administration could be targeted by individuals or groups seeking to sabotage or disrupt such systems and networks, or to
      steal data, and these systems may be damaged, shutdown or cease to function properly (whether by planned upgrades, force majeure, telecommunications failures, hardware or software break-ins or viruses, other cyber-security incidents or otherwise).
      For example, the information systems of our vessels may be subject to threats from hostile cyber or physical attacks, phishing attacks, human errors of omission or commission, structural failures of resources we control, including hardware and
      software, and accidents and other failures beyond our control. The threats to our information systems are constantly evolving, and have become increasingly complex and sophisticated. Furthermore, such threats change frequently and are often not
      recognized or detected until after they have been launched, and therefore, we may be unable to anticipate these threats and may not become aware in a timely manner of such a security breach, which could exacerbate any damage we experience.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We may be required to expend significant capital and other resources to protect against and remedy any potential or existing security breaches and their consequences. A
      cyber-attack could result in significant expenses to investigate and repair security breaches or system damages and could lead to litigation, fines, other remedial action, heightened regulatory scrutiny and diminished customer confidence. In
      addition, our remediation efforts may not be successful and we may not have adequate insurance to cover these losses.</div>
  </div>
  <div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>The unavailability of the information systems or the failure of these systems to
      perform as anticipated for any reason could disrupt our business and could have a material adverse effect on our business, results of operations, cash flows and financial condition.</div>
    <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-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">7</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
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  </div>
  <div style="margin-bottom: 12pt;"><br>
  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</div>
  <div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We desire to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are including this cautionary statement in connection with
      this safe harbor legislation. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business.
      Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">This prospectus and the documents incorporated herein by reference include "forward-looking statements," 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, "believe," "expect," "anticipate," "estimate," "intend," "plan," "targets," "projects," "likely," "would,"
      "could," and similar expressions or phrases may identify forward-looking statements.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">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 style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">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>
  <table cellspacing="0" cellpadding="0" id="z1c65e1b20897486c9eb720a0b411c7ea" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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

  </table>
  <table cellspacing="0" cellpadding="0" id="za8e95cabef264f5eb961313eb1668bce" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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

  </table>
  <table cellspacing="0" cellpadding="0" id="ze13e787b17c648bb86d1e1809165eb6f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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

  </table>
  <table cellspacing="0" cellpadding="0" id="ze81afac15af346f181bbceeba6f38743" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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

  </table>
  <table cellspacing="0" cellpadding="0" id="z0856c6a684b6432294baaff2e1203ba6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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

  </table>
  <table cellspacing="0" cellpadding="0" id="z1c10dceb93cf43cda0ce80c067fe974a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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

  </table>
  <table cellspacing="0" cellpadding="0" id="zc82efd7a19e24b3894a73a1fdca5594a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div>changes in governmental rules and regulations or actions taken by regulatory authorities;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" id="z41552e4340d34b2b9b58ecb8dc8cd9d5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div>potential liability from pending or future litigation;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" id="z2559cf3690a9479eba51a782228584e0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div>general domestic and international political conditions;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" id="z94c0b6662c7a47b9baff60e407869447" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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

  </table>
  <table cellspacing="0" cellpadding="0" id="za24468bf95804ecf91d4c89e6ea504ac" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div>business disruptions due to natural disasters or other disasters outside our control, such as the recent outbreak of COVID-19;</div>
        </td>
      </tr>

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

  </table>
  <table cellspacing="0" cellpadding="0" id="z4e4d8308c85841f1ad5912a04cf54db0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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

  </table>
  <table cellspacing="0" cellpadding="0" id="z9820f5cf537a44b1a7d4c495d926ff80" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div>the impact of our indebtedness and the compliance with the covenants included in our debt agreements;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" id="z4bb8c6eb489e4ab5a585bf63a86b1f31" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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

  </table>
  <table cellspacing="0" cellpadding="0" id="z0fcf835ae3b14a368cc1278e6ff42aa1" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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

  </table>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">8</font></div>
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      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="zf18309e9068e4a60b8e60ebe57704db4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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

  </table>
  <table cellspacing="0" cellpadding="0" id="z51e46715d2954e028c89f0c55aa45e5b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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

  </table>
  <table cellspacing="0" cellpadding="0" id="z488f55357e0c4e72bf9abdc17109e89d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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

  </table>
  <div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">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 style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">See the sections entitled "Risk Factors" of this prospectus and in the 2019 20-F, as defined above, 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>
  <div>
    <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-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">9</font></div>
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  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">USE OF PROCEEDS</div>
  <div style="text-indent: 36pt; margin-bottom: 12pt;">We will not receive any proceeds from sales of our common shares by the Selling Shareholders.</div>
  <div>
    <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-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">10</font></div>
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      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">CAPITALIZATION</div>
  <div style="margin-bottom: 12pt;">The following table sets forth our capitalization table as of June 30, 2020, on</div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 18pt; margin-bottom: 12pt;">&#8226;<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt">&#160;</font>an actual basis;</div>
  <table cellspacing="0" cellpadding="0" id="z858bd1b5cfab4554afdcd2e99fd56ea6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 54pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#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, 2020 and January 29, 2021:</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" id="zee5a90c0d97f4b76a903f8e0931f4a3a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 72pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">-</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div>scheduled loan and lease payments of $111.7 million;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" id="z07c58f9803164f55a06912be97080c11" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 72pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">-</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div>the repayment in full of an aggregate of $387.4 million outstanding under lease and loan agreements, due to the refinancing of these lease and loan agreements;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" id="zc6089ac8dfc649a28996191402469bbe" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 72pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">-</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div>the repayment in full of our HSBC Working Capital Facility (as defined in the 2019 20-F) for a net amount of $29.6 million;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" id="z80406223c8a8433994dc48065c7a2d36" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 72pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">-</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div>the drawdown of $508.9 million in aggregate under several new loan and lease agreements, which were used to refinance the above mentioned lease and loan agreements;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" id="z491fdd97f4ed4f0196876e6391c40a37" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 72pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">-</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div>the drawdown of $39.0 million in aggregate under a loan agreement with a major European Bank which was used to finance the cash consideration for the E.R. Acquisition Vessels;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" id="z41e989365da94da4abf37d4813909ee9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 72pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">-</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div>the issuance of&#160; $22.24 million of equity in the form of 2,100,000 common shares as part of the consideration for the E.R. Acquisition Vessels;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" id="zc98713d4cf104e428a1e234949a74481" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 72pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">-</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div>the issuance of 1,072,190 common shares under our 2020 Equity Incentive Plan (as defined in the section entitled "Description of Capital Stock &#8211; Share History - Equity Incentive Plans" on page 17 of this prospectus&#160;);</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" id="zb31cd4c3bb21407180f8e59b42ffaed3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 72pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">-</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div>the retirement of 6,971 of our common shares as part of the acquisition of Songa Vessels (as defined in the 2019 20-F); and</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" id="zc8e202ec888546e79af184143aca4826" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 58.5pt;"><br>
        </td>
        <td style="width: 13.5pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div>an as further adjusted basis to give effect to (i) the expected issuance of $31.83 million of equity in the form of 3,000,000 common shares in connection with the Scorpio Acquisition Vessels (defined below) and (ii) the expected assumption
            of the outstanding lease obligations of the Scorpio Acquisition Vessels, which amount to $102.3 million as of the date of this prospectus.</div>
        </td>
      </tr>

  </table>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">11</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>
  <div><br>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z571a3ee34a504c95bf1250b4bf60714c">

        <tr>
          <td valign="bottom" style="vertical-align: top;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td style="vertical-align: bottom; text-align: center;" colspan="10">
            <div style="font-family: 'Times New Roman',serif; font-weight: bold;">As of June 30, 2020</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td style="vertical-align: bottom; text-align: center; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Actual</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td style="vertical-align: bottom; text-align: center; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="font-family: 'Times New Roman',serif; font-weight: bold;">As </div>
            <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Adjusted <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td style="vertical-align: bottom; text-align: center; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="font-family: 'Times New Roman',serif; font-weight: bold;">As Further </div>
            <div style="font-family: 'Times New Roman',serif; font-weight: bold;">Adjusted <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top;" rowspan="2">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td style="vertical-align: bottom; text-align: center;" colspan="10">
            <div style="font-family: 'Times New Roman',serif; font-weight: bold;">(dollars in thousands except</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td style="vertical-align: bottom; text-align: center;" colspan="10">
            <div style="font-family: 'Times New Roman',serif; font-weight: bold;">per share and share data)</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Capitalization:</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
            <div style="font-family: 'Times New Roman', serif;">8.30% 2022 Notes (net of unamortized debt issuance costs of $975)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
            <div style="font-family: 'Times New Roman', serif;">$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div style="font-family: 'Times New Roman', serif;">49,025</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
            <div style="font-family: 'Times New Roman', serif;">$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div style="font-family: 'Times New Roman', serif;">49,025</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
            <div style="font-family: 'Times New Roman', serif;">$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div style="font-family: 'Times New Roman', serif;">49,025</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 64%; padding-bottom: 2px;">
            <div style="font-family: 'Times New Roman', serif;">Other outstanding debt including lease financing (net of unamortized debt issuance costs of $19,521)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
            <div style="font-family: 'Times New Roman', serif;">1,512,334</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
            <div style="font-family: 'Times New Roman', serif;">1,531,578</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
            <div style="font-family: 'Times New Roman', serif;">1,633,878</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 64%; padding-bottom: 4px; background-color: #CCEEFF;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Total debt (including current portion)(1)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">1,561,359</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">1,580,603</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">1,682,903</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 64%;">
            <div style="font-family: 'Times New Roman', serif;">Preferred shares, $0.01 par value; 25,000,000 shares authorized, none issued, actual, on an as adjusted basis and as further adjusted basis</div>
          </td>
          <td valign="bottom" 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" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div style="font-family: 'Times New Roman', serif;">-</div>
          </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" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div style="font-family: 'Times New Roman', serif;">-</div>
          </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" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div style="font-family: 'Times New Roman', serif;">-</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: top; width: 64%; background-color: #CCEEFF;">
            <div style="font-family: 'Times New Roman', serif;">Common shares, $0.01 par value; 300,000,000 shares authorized 96,074,497 shares issued and 96,067,526 shares (net of treasury shares) outstanding on an actual basis, 99,239,716 shares issued
              and outstanding on an as adjusted basis and 102,239,716 shares issued and outstanding on an as further adjusted basis</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div style="font-family: 'Times New Roman', serif;">961</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div style="font-family: 'Times New Roman', serif;">992</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div style="font-family: 'Times New Roman', serif;">1,022</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 64%;">
            <div style="font-family: 'Times New Roman', serif;">Additional paid-in capital</div>
          </td>
          <td valign="bottom" 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" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div style="font-family: 'Times New Roman', serif;">2,545,558</div>
          </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" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div style="font-family: 'Times New Roman', serif;">2,567,673</div>
          </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" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div style="font-family: 'Times New Roman', serif;">2,599,473</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: top; width: 64%; background-color: #CCEEFF;">
            <div style="font-family: 'Times New Roman', serif;">Treasury shares (6,971 on an actual, nil on an as adjusted basis, and nil on an as further adjusted basis)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div style="font-family: 'Times New Roman', serif;">(93</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
            <div style="font-family: 'Times New Roman', serif;">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div style="font-family: 'Times New Roman', serif;">-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div style="font-family: 'Times New Roman', serif;">-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 64%;">
            <div style="font-family: 'Times New Roman', serif;">Other comprehensive income/(loss)</div>
          </td>
          <td valign="bottom" 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" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div style="font-family: 'Times New Roman', serif;">(5,284</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
            <div style="font-family: 'Times New Roman', serif;">)</div>
          </td>
          <td valign="bottom" 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" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div style="font-family: 'Times New Roman', serif;">(5,284</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
            <div style="font-family: 'Times New Roman', serif;">)</div>
          </td>
          <td valign="bottom" 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" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div style="font-family: 'Times New Roman', serif;">(5,284</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
            <div style="font-family: 'Times New Roman', serif;">)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;">
            <div style="font-family: 'Times New Roman', serif;">Accumulated deficit</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
            <div style="font-family: 'Times New Roman', serif;">(1,047,339</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
            <div style="font-family: 'Times New Roman', serif;">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
            <div style="font-family: 'Times New Roman', serif;">(1,047,339</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
            <div style="font-family: 'Times New Roman', serif;">)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
            <div style="font-family: 'Times New Roman', serif;">(1,047,339</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
            <div style="font-family: 'Times New Roman', serif;">)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 64%; padding-bottom: 2px;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Total shareholders&#8217; equity</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">1,493,803</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">1,516,042</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">1,547,872</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 64%; padding-bottom: 4px; background-color: #CCEEFF;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Total capitalization</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">3,055,162</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">3,096,645</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">3,230,775</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 64%;">&#160;</td>
          <td valign="bottom" 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" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#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" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#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" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div></div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: -18pt; margin-left: 18pt; margin-bottom: 12pt;">(1) With the exception of the 2022 Notes, all of our debt is secured. Any debt to be obtained will also be secured.</div>
  <div style="text-align: justify; text-indent: -18pt; margin-left: 18pt; margin-bottom: 12pt;">(2) The As Adjusted Additional paid-in capital and the Accumulated deficit do not include the incentive plan charge from July 1, 2020 to January 29, 2021.</div>
  <div style="text-align: justify; text-indent: -18pt; margin-left: 18pt; margin-bottom: 12pt;">(3) For purposes of reflecting the effect of the issuance of 3,000,000 common shares in connection with the Scorpio Acquisition Vessels on as further adjusted
    basis above, we have used the closing price of the Company's common shares as reported on the Nasdaq Global Select Market on January 29, 2021.</div>
  <div style="text-align: justify;">Other than the adjustments described above, there have been no significant adjustments to our capitalization since June 30, 2020. This table should be read in conjunction with "Item 5. Operating and Financial Review and
    Prospects" and the consolidated financial statements and related notes included in the 2019 20-F as well as the unaudited interim condensed consolidated financial statements and related notes included in the June 30, 2020 6-K, as defined in the section
    "Where You Can Find Additional Information" <font style="font-weight: bold;">- </font>Information Incorporated by Reference on page 26 of this prospectus. If necessary, updated information on our capitalization will be included in a prospectus
    supplement or in an exhibit to a Current Report on Form 6-K that is incorporated by reference into this registration statement.</div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">12</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>
  <div><br>
  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">ENFORCEMENT OF CIVIL LIABILITIES</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">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>
    <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-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">13</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>
  <div style="margin-bottom: 10pt;"><br>
  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">PLAN OF DISTRIBUTION</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Selling Shareholders may, from time to time, sell, transfer or otherwise dispose of any or all of their common shares or interests in common shares on any stock exchange,
    market or trading facility on which the common shares are traded or in private transactions. These dispositions may be at fixed prices, at prevailing market prices at the time of sale, at prices related to the prevailing market price, at varying prices
    determined at the time of sale, or at negotiated prices.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Selling Shareholders may use any one or more of the following methods when disposing of shares or interests therein:</div>
  <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;">&#8226;<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt">&#160;</font>ordinary brokerage transactions and transactions in which a
    broker-dealer solicits purchasers;</div>
  <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;">&#8226;<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt">&#160;</font>block trades in which a broker-dealer will attempt to sell the
    common shares as agent, but may position and resell a portion of the block as principal to facilitate the transaction;</div>
  <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;">&#8226;<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt">&#160;</font>purchases by a broker-dealer as principal and resale by the
    broker-dealer for its account;</div>
  <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;">&#8226;<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt">&#160;</font>an exchange distribution in accordance with the rules of the
    applicable exchange;</div>
  <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;">&#8226;<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt">&#160;</font>privately negotiated transactions;</div>
  <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;">&#8226;<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt">&#160;</font>short sales;</div>
  <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;">&#8226;<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt">&#160;</font>through the writing or settlement of options or other hedging
    transactions, whether through an options exchange or otherwise;</div>
  <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;">&#8226;<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt">&#160;</font>broker-dealers may agree with the Selling Shareholders to sell a
    specified number of common shares at a stipulated price per share;</div>
  <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;">&#8226;<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt">&#160;</font>a combination of any such methods of sale; and</div>
  <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;">&#8226;<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt">&#160;</font>any other method permitted pursuant to applicable law.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Selling Shareholders may, from time to time, pledge or grant a security interest in some or all of the common shares owned by it and, if it defaults in the performance of its
    secured obligations, the pledgees or secured parties may offer and sell the common shares, from time to time, under this prospectus, or under an amendment to this prospectus under Rule 424(b)(3) or other applicable provision of the Securities Act of
    1933, as amended, or the Securities Act, amending the list of selling shareholders to include the pledgees, transferees or other successors in interest as selling shareholders under this prospectus. The Selling Shareholders also may transfer the common
    shares in other circumstances, in which case the transferees, pledgees or other successors in interest will be the selling beneficial owners for purposes of this prospectus.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">In connection with the sale of common shares or interests therein, the Selling Shareholders may enter into hedging transactions with broker-dealers or other financial institutions,
    which may in turn engage in short sales of the common shares in the course of hedging the positions that they assume. The Selling Shareholders may also sell common shares short and deliver these securities to close out its short positions, or loan or
    pledge common shares to broker-dealers that in turn may sell these securities. The Selling Shareholders may also enter into option or other transactions with broker-dealers or other financial institutions or create one or more derivative securities
    which require the delivery to such broker-dealer or other financial institution of common shares offered by this prospectus, which common shares such broker-dealer or other financial institution may resell pursuant to this prospectus (as supplemented
    or amended to reflect such transaction).</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The aggregate proceeds to the Selling Shareholders from the sale of common shares offered by it will be the purchase price of the common shares less discounts or commissions, if
    any. The Selling Shareholders reserve the right to accept and, together with their respective agents from time to time, to reject, in whole or in part, any proposed purchase of common shares to be made directly or through agents. We will not receive
    any of the proceeds from this offering.</div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">14</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>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Selling Shareholders also may resell all or a portion of the common shares in open market transactions in reliance upon Rule 144 under the Securities Act, provided that they
    meet the criteria and conforms to the requirements of that rule.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Selling Shareholders and any underwriters, broker-dealers or agents that participate in the sale of common shares or interests therein may be deemed to be "underwriters" within
    the meaning of Section 2(a)(11) of the Securities Act. Any discounts, commissions, concessions or profit that it earns on any resale of the common shares may be deemed to be underwriting discounts and commissions under the Securities Act. A Selling
    Shareholder who is deemed to be an "underwriter" within the meaning of Section 2(a)(11) of the Securities Act may be subject to certain statutory liabilities as underwriters under the Securities Act.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">In order to comply with the securities laws of some states, if applicable, the common shares may be sold in those jurisdictions only through registered or licensed brokers or
    dealers. In addition, in some states common shares may not be sold unless they have been registered or qualified for sale or an exemption from registration or qualification requirements is available and is complied with.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We have informed the Selling Shareholders that the anti-manipulation rules of Regulation M under the Exchange Act of 1934, as amended, or the Exchange Act, may apply to sales of
    common shares in the market and to the activities of the Selling Shareholders and their respective affiliates. In addition, we will make copies of this prospectus available to the Selling Shareholders for the purpose of satisfying any applicable
    prospectus delivery requirements of the Securities Act. The Selling Shareholders may indemnify any broker-dealer that participates in transactions involving the sale of the common shares against certain liabilities, including liabilities arising under
    the Securities Act. We have agreed to provide customary indemnification to the Selling Shareholders.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We know of no existing arrangements between any Selling Shareholder and any broker, dealer, underwriter, or agent relating to the sale or distribution of the common shares offered
    by this prospectus. There can be no assurance that the Selling Shareholders will sell any or all of the common shares pursuant to this prospectus.</div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">15</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>
  <div style="margin-bottom: 10pt;"><br>
  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">SELLING SHAREHOLDERS</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">This prospectus relates to the proposed sale from time to time of up to 5,100,000 of our common shares by the Selling Shareholders named in the table below.&#160; We have filed the
    registration statement of which this prospectus forms a part in order to permit the Selling Shareholders to offer these shares for resale or transfer from time to time as set forth above in "Plan of Distribution."</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">On December 17, 2020, we entered into a definitive agreement with entities affiliated with E.R. Capital Holding GmbH &amp; Cie. KG, pursuant to which we would acquire three
    Capesize drybulk vessels, the <font style="font-style: italic;">E.R. BAYONNE</font>, the <font style="font-style: italic;">E.R. BUENOS AIRES</font> and the <font style="font-style: italic;">E.R. BORNEO</font>, which we refer to as the E.R.
    Acquisition Vessels. The E.R. Acquisition Vessels are retrofitted with exhaust gas cleaning systems and were delivered to us on January 26, 2021. Consideration for the acquisition was payable in the form of $39.0 million in cash and 2,100,000 of our
    common shares, which shares were issued on January 26, 2021 to E.R. Schiffahrt GmbH &amp; Cie. KG, which is one of the Selling Shareholders hereunder and which shares are being registered hereby.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">
    <div style="font-family: 'Times New Roman',serif;">On February 2, 2021, we entered into an agreement with Scorpio Bulkers Inc. (NYSE:SALT), which is a Selling Shareholder hereunder, and certain other parties to acquire seven vessels, consisting of
      three Ultramax vessels, the <font style="font-style: italic;">SBI Pegasus</font>, the <font style="font-style: italic;">SBI Ursa</font> and the <font style="font-style: italic;">SBI Subaru</font>, and four Kamsarmax vessels, the <font style="font-style: italic;">SBI Capoeira</font>, the <font style="font-style: italic;">SBI Carioca</font>, the <font style="font-style: italic;">SBI Lambada</font> and the <font style="font-style: italic;">SBI Macarena</font>, which we refer to
      as the Scorpio Acquisition Vessels by assuming the outstanding lease obligations of the Scorpio Acquisition Vessels, which amount to $102.3 million as of the date of this prospectus. As consideration for this transaction we will issue to Scorpio
      Bulkers Inc. 3,000,000 newly issued common shares of the Company. To facilitate the issuance of these common shares, we issued to Scorpio Bulkers Inc. a warrant to purchase up to 3,000,000 of our common shares, which we refer to as the Warrant. The
      Warrant was issued on February 2, 2021 and, subject to its terms and conditions, may be exercised at an exercise price of $0.01 per share in connection with the delivery date of each of the Scorpio Acquisition Vessels. The 3,000,000 common shares
      issuable upon the exercise of the Warrant are being registered hereby.</div>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Selling Shareholders may from time to time offer and sell pursuant to this prospectus, any and all of such common shares listed in the table below, including our common shares
    issuable upon the exercise of the Warrant, consistent with the "Plan of Distribution" set forth herein.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The following table sets forth certain information regarding the Selling Shareholders and their respective beneficial ownership of our common shares. The table is based upon
    information provided by the Selling Shareholders.&#160; The table assumes that all the shares being offered by the Selling Shareholders pursuant to this prospectus are ultimately sold in the offering.&#160; The Selling Shareholders may sell some, all or none of
    their respective shares covered by this prospectus, and as a result the actual number of shares that will be held by the Selling Shareholders upon termination of the offering may exceed the minimum number set forth in the table.</div>
  <div>
    <div><br>
    </div>
  </div>
  <table cellspacing="0" cellpadding="0" id="zb7dda264c9084644b116febdf8cc86fa" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 28.79%; vertical-align: bottom;">
          <div style="font-weight: bold;">Name of Selling Shareholder</div>
        </td>
        <td style="width: 0.67%; vertical-align: bottom;">&#160;</td>
        <td style="width: 11.98%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="2">
          <div style="text-align: center; font-weight: bold;">Common Shares Owned Before Offering<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
        </td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 0.68%; vertical-align: bottom;">&#160;</td>
        <td style="width: 12.36%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="2">
          <div style="text-align: center; font-weight: bold;">Percentage of Class Prior to the Offering <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
        </td>
        <td nowrap="nowrap" style="width: 1.78%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 0.68%; vertical-align: bottom;">&#160;</td>
        <td style="width: 11.21%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="2">
          <div style="text-align: center; font-weight: bold;">Total Common Shares Offered Hereby</div>
        </td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 0.68%; vertical-align: bottom;">&#160;</td>
        <td style="width: 13.46%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="2">
          <div style="text-align: center; font-weight: bold;">Common Shares Owned Following the Offering</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
        <td style="width: 0.66%; vertical-align: bottom;">&#160;</td>
        <td style="width: 12.36%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="2">
          <div style="text-align: center; font-weight: bold;">Percentage of Class Following the Offering</div>
        </td>
        <td nowrap="nowrap" style="width: 1.78%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 28.79%; vertical-align: bottom;">&#160;</td>
        <td style="width: 0.67%; vertical-align: bottom;">&#160;</td>
        <td style="width: 11.98%; vertical-align: bottom;" colspan="2">&#160;</td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom;">&#160;</td>
        <td style="width: 0.68%; vertical-align: bottom;">&#160;</td>
        <td style="width: 12.36%; vertical-align: bottom;" colspan="2">&#160;</td>
        <td nowrap="nowrap" style="width: 1.78%; vertical-align: bottom;">&#160;</td>
        <td style="width: 0.68%; vertical-align: bottom;">&#160;</td>
        <td style="width: 11.21%; vertical-align: bottom;" colspan="2">&#160;</td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom;">&#160;</td>
        <td style="width: 0.68%; vertical-align: bottom;">&#160;</td>
        <td style="width: 13.46%; vertical-align: bottom;" colspan="2">&#160;</td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">&#160;</td>
        <td style="width: 0.66%; vertical-align: bottom;">&#160;</td>
        <td style="width: 12.36%; vertical-align: top;" colspan="2">&#160;</td>
        <td nowrap="nowrap" style="width: 1.78%; vertical-align: bottom;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 28.79%; vertical-align: bottom; background-color: #CCEEFF;">
          <div>E.R. Schiffahrt GmbH &amp; Cie. KG</div>
        </td>
        <td style="width: 0.67%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td style="width: 1.06%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td style="width: 10.92%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: right;">2,100,000</div>
        </td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td style="width: 0.68%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td style="width: 1.26%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td style="width: 11.1%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: right;">2.1</div>
        </td>
        <td nowrap="nowrap" style="width: 1.78%; vertical-align: bottom; background-color: #CCEEFF;">
          <div>%</div>
        </td>
        <td style="width: 0.68%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td style="width: 10.2%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: right;">2,100,000</div>
        </td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td style="width: 0.68%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td style="width: 1.42%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td style="width: 12.04%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: right;">0</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td style="width: 0.66%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td style="width: 1.26%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td style="width: 11.1%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: right;">0</div>
        </td>
        <td nowrap="nowrap" style="width: 1.78%; vertical-align: bottom; background-color: #CCEEFF;">
          <div>%</div>
        </td>
      </tr>
      <tr>
        <td style="width: 28.79%; vertical-align: bottom;">
          <div>Scorpio Bulkers Inc.</div>
        </td>
        <td style="width: 0.67%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.06%; vertical-align: bottom;">&#160;</td>
        <td style="width: 10.92%; vertical-align: bottom;">
          <div style="text-align: right;">3,000,000</div>
        </td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom;">&#160;</td>
        <td style="width: 0.68%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.26%; vertical-align: bottom;">&#160;</td>
        <td style="width: 11.1%; vertical-align: bottom;">
          <div style="text-align: right;">2.9</div>
        </td>
        <td nowrap="nowrap" style="width: 1.78%; vertical-align: bottom;">
          <div>%</div>
        </td>
        <td style="width: 0.68%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1%; vertical-align: bottom;">&#160;</td>
        <td style="width: 10.2%; vertical-align: bottom;">
          <div style="text-align: right;">3,000,000</div>
        </td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom;">&#160;</td>
        <td style="width: 0.68%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.42%; vertical-align: bottom;">&#160;</td>
        <td style="width: 12.04%; vertical-align: bottom;">
          <div style="text-align: right;">0</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">&#160;</td>
        <td style="width: 0.66%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.26%; vertical-align: bottom;">&#160;</td>
        <td style="width: 11.1%; vertical-align: bottom;">
          <div style="text-align: right;">0</div>
        </td>
        <td nowrap="nowrap" style="width: 1.78%; vertical-align: bottom;">
          <div>%</div>
        </td>
      </tr>

  </table>
  <div>
    <div><br>
    </div>
    <div style="margin-top: 3pt; margin-bottom: 3pt;">_________________________</div>
  </div>
  <div>
    <div><br>
    </div>
  </div>
  <table cellspacing="0" cellpadding="0" id="z2674dcff347144bfa720402727f5bd45" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 36pt; vertical-align: top; align: right;">(1)</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div>Beneficial ownership is determined in accordance with the Rule 13d-3(a) of the Exchange Act, and generally includes voting or investment power with respect to securities. Except as subject to community property laws or otherwise as described
            in the notes below, where applicable, the person named above has sole voting and investment power with respect to all common shares shown as beneficially owned by it.</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" id="z3e5128ac40134a9bbeac47e6a1ca573d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 36pt; vertical-align: top; align: right;">(2)</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div>
            <div style="text-align: left; font-family: 'Times New Roman', serif;">In computing the number of common shares beneficially owned by an entity and the percentage ownership of that entity, common shares issuable upon the exercise of the Warrant
              are deemed outstanding. As such, the percentage ownership of the entities are calculated on the basis of 102,239,716 common shares outstanding.</div>
          </div>
        </td>
      </tr>

  </table>
  <div>
    <div><br>
    </div>
    <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
    </div>
    <div><br>
    </div>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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  <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">DESCRIPTION OF CAPITAL STOCK</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The following description of the Company's common shares includes a summary of certain provisions of its Fourth Amended and Restated Articles of Incorporation and Third Amended and
    Restated Bylaws. The summary does not purport to be complete and is qualified in its entirety by reference to our Fourth Amended and Restated Articles of Incorporation and Third Amended and Restated Bylaws and the applicable provisions of Marshall
    Islands law.</div>
  <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Authorized Share Capital</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Under our Fourth Amended and Restated Articles of Incorporation, or our "Articles of Incorporation," 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 style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Common Shares</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">As of the date of this prospectus, we had 99,239,716 common shares issued and 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 "Board of Directors") 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 style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Share History</div>
  <div style="text-align: justify; margin-bottom: 12pt; font-style: italic; font-weight: bold;">Equity Offerings</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">On February 2, 2017, we completed a private placement of 6,310,272 common shares at a price of $8.15 per share. The aggregate proceeds to us, net of private placement agent's fees
    and expenses were approximately $50.4 million, raised for general corporate purposes.</div>
  <div style="text-align: justify; margin-bottom: 12pt; font-style: italic; font-weight: bold;">Equity Incentive Plans</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">On February 22, 2017, February 27, 2018, May 22, 2019 and May 25, 2020, our Board of Directors approved the 2017 Equity Incentive Plan (the "2017 Equity Incentive Plan"), the 2018
    Equity Incentive Plan (the "2018 Equity Incentive Plan"), the 2019 Equity Incentive Plan (the "2019 Equity Incentive Plan") and the 2020 Equity Incentive Plan (the "2020 Equity Incentive Plan") (collectively, the "Equity Incentive Plans"),
    respectively, under which our officers, key employees, directors, and consultants are eligible to receive options to acquire common shares, share appreciation rights, restricted shares and other share-based or share-denominated awards. We reserved a
    total of 950,000 common shares, 700,000 common shares, 900,000 common shares and 1,100,000 common shares for issuance under the respective 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 our Board of Directors as may be designated by the board. 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 style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Under the terms of the Equity Incentive Plans, share options and share appreciation rights granted under the Equity Incentive Plans will 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>
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  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The administrator of the Equity Incentive Plans may grant restricted common 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 style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">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 "change in
    control" (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 style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">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' 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 were adopted by the Board
    of Directors.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The terms and conditions of the Equity Incentive Plans are substantially similar to those of the previous plans.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">As of the date of this prospectus, there are 415,889 common shares unvested from the 2018, 2019 and 2020 Equity Incentive Plans.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">During the years 2017, 2018, 2019 and 2020 and up to the date of this prospectus, pursuant to the Equity Incentive Plans, we have granted to certain directors and officers the
    following securities:</div>
  <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;">&#8226;<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt">&#160;</font>On February 22, 2017, 544,000 restricted common shares were
    granted to certain of our directors and officers, all of which vested on August 22, 2017.</div>
  <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;">&#8226;<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt">&#160;</font>On February 27, 2018, 396,500 restricted common shares were
    granted to certain of our directors and officers, of which 253,500 restricted common shares vested on August 27, 2018, 71,500 restricted common shares vested on February 27, 2019 and the remaining 71,500 restricted common shares will vest on February
    27, 2021.</div>
  <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;">&#8226;<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt">&#160;</font>On May 22, 2019, 567,157 restricted common shares were granted to
    certain of the Company's directors and officers of which 367,620 restricted common shares vested in August 2019, 99,769 restricted common shares vested in August 2020 and the remaining 99,769 restricted common shares will vest in August 2022.</div>
  <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;">&#8226;<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt">&#160;</font>On May 25, 2020, 714,540 restricted common shares were granted to
    certain of the Company's directors and officers of which 469,920 restricted common shares vested in August 2020, 122,310 restricted common shares will vest in May 2021 and the remaining 122,310 restricted common shares will vest in May 2023.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">On January 7, 2019, our Board of Directors and Compensation Committee established an incentive program for key employees, pursuant to which an aggregate of four million (4,000,000)
    restricted share units (each, a "RSU"), comprising of 10 tranches of 400,000 RSU each, will be issued. Each RSU represents, upon vesting, a right for the relevant beneficiary to receive one common share of Star Bulk. 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 "Indices") during 2020 and 2021. The RSUs start to vest if the Company's fleet
    performs better than the Indices by at least $120.0 million, and vest in increasing amounts if and to the extent the performance of our fleet exceeds the performance that would have been derived based on the Indices by up to an aggregate of $300.0
    million. Subject to the vesting conditions being met on April 30, 2021 and April 30, 2022 (each, a "Vesting Date") two million RSUs will vest on each Vesting Date, on tranches based on the level of performance, and the relevant common shares of Star
    Bulk 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. As of December 31, 2019, we believed that only one tranche, which
    vests on April 30, 2022, had a likelihood of its vesting to meet the "more likely than not" threshold under US GAAP, and as a result amortization expense for these 400,000 RSUs of $1.2 million was recognized and included under "General and
    administrative expenses" in the consolidated statement of operations for the year ended December 31, 2019. As of June 30, 2020, the Company determined that the current likelihood of vesting for any of the 4,000,000 RSUs does not meet a "more likely
    than not" threshold under US GAAP. As a result, the previously recognized expense of $1.2 million was reversed during the six month period ended June 30, 2020.</div>
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  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">As of the date of this prospectus, 101,074 common shares are available under the Equity Incentive Plans.</div>
  <div style="text-align: justify; margin-bottom: 12pt; font-style: italic; font-weight: bold;">Share Repurchase Program</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">On November 29, 2018, our Board of Directors authorized a share repurchase program, or the Share Repurchase Program, 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 our 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; For the shares repurchased under the Share Repurchase Program please refer to 2019 20-F. No additional shares were repurchased up to the date of this prospectus.</div>
  <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Preferred Stock</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Under the terms of our Articles of Incorporation, 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 such shares of preferred stock.
    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 stockholders were offered a premium over the market value of their shares, might be viewed as being beneficial to our stockholders. 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 style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Directors</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our directors are elected by a majority of the votes cast by shareholders entitled to vote in an election. Our Articles of Incorporation provide that cumulative voting shall not be
    used to elect directors. Our Board of Directors must consist of at least three members. The exact number of directors is fixed by a vote of at least 66 2/3% of the entire Board of Directors. Our Articles of Incorporation provide for a staggered Board
    of Directors whereby directors shall be divided into three classes: Class A, Class B and Class C, which shall be as nearly equal in number as possible. Shareholders, acting as at a duly constituted meeting, or by unanimous written consent of all
    shareholders, initially designated directors as Class A, Class B or Class C with only one class of directors being elected in each year and following the initial term for each such class, each class will serve a three-year term. The terms of our Board
    of Directors are as follows: (i) the term of our Class A directors expires in 2023; (ii) the term of our Class B directors expires in 2021; and (iii) the term of our Class C directors expires in 2022. Each director serves his or her respective term of
    office until his or her successor has been elected and qualified, except in the event of his or her death, resignation, removal or the earlier termination of his or her 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 style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Interested Transactions</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our Third Amended and Restated Bylaws, or "Bylaws," 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 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>
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  <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Shareholder Meetings</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">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.
    Special meetings may be called at any time by the Board of Directors, or by the Chairman of the Board of Directors or by the President. No other person is permitted to call a special meeting and no business may be conducted at the special meeting other
    than business brought before the meeting by the Board of Directors, the Chairman of the Board of Directors or the President. Under the MIBCA, our Board of Directors may set a record date between 15 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 style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Dissenters' Rights of Appraisal and Payment</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Under the MIBCA, our shareholders have the right to dissent from various corporate actions, including any merger or consolidation, 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 for the
    shares of any class or series of stock, 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 Articles of
    Incorporation, a shareholder also has the right to dissent and receive payment for his or her 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 the High Court of the Republic of the Marshall Islands or
    in any appropriate court in any jurisdiction in which our shares are primarily traded on a local or national securities exchange.</div>
  <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Shareholders' Derivative Actions</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">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 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 style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Limitations on Liability and Indemnification of Officers and Directors</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">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' fiduciary duties. Our Articles of Incorporation 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 style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">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' fees and disbursements and court costs) to our directors and officers and carry directors' and officers' 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 style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The limitation of liability and indemnification provisions in our Articles of Incorporation 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 style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">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 style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">There is currently no pending material litigation or proceeding involving any of our directors, officers or employees for which indemnification is sought.</div>
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    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">20</font></div>
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  <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Anti-Takeover Effect of Certain Provisions of our Articles of Incorporation and Bylaws</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Several provisions of our Articles of Incorporation and our Bylaws 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 (1) 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 (2) the removal of incumbent officers and
    directors.</div>
  <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Classified Board of Directors</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our Articles of Incorporation provide for a Board of Directors serving staggered, three-year terms. Approximately one-third of our Board of Directors will be elected each year. The
    classified provision for the Board of Directors could discourage a third party from making a tender offer for our shares or attempting to obtain control of our Company. It could also delay shareholders who do not agree with the policies of the Board of
    Directors from removing a majority of the Board of Directors for two years.</div>
  <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Blank Check Preferred Stock</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Under the terms of our Articles of Incorporation, our Board of Directors has authority, without any further vote or action by our shareholders, to issue up to 25,000,000 shares of
    blank check preferred stock. Our Board of Directors may issue shares of preferred stock on terms calculated to discourage, delay or prevent a change of control of our Company or the removal of our management.</div>
  <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Business Combinations</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Although the MIBCA does not contain specific provisions regarding "business combinations" between corporations organized under the laws of the Republic of Marshall Islands and
    "interested shareholders," we have included these provisions in our Articles of Incorporation. Our Articles of Incorporation 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 style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;">&#8226;<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt">&#160;</font>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>
  <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;">&#8226;<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt">&#160;</font>upon consummation of the transaction that resulted in the
    shareholder becoming an interested shareholder, the interested shareholder owned at least 85% of the voting stock 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 stock 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>
  <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;">&#8226;<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt">&#160;</font>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 stock that is not owned by the interested shareholder; or</div>
  <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;">&#8226;<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt">&#160;</font>the shareholder became an interested shareholder prior to the
    consummation of the initial public offering of common shares under the Securities Act.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">For purposes of these provisions, a "business combination" includes mergers, consolidations, exchanges, asset sales, leases and other transactions resulting in a financial benefit
    to the interested shareholder and an "interested shareholder" is any person or entity that beneficially owns 20% or more of the shares of our outstanding voting stock and any person or entity affiliated with or controlling or controlled by that person
    or entity.</div>
  <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Election and Removal of Directors</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our Articles of Incorporation prohibit cumulative voting in the election of directors. Our Articles of Incorporation also require shareholders to give advance written notice of
    nominations for the election of directors. Our Articles of Incorporation further provide that our directors may be removed only for cause and only upon affirmative vote of the holders of at least 70% of our outstanding voting shares. These provisions
    may discourage, delay or prevent the removal of incumbent officers and directors.</div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">21</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>
  <div><br>
  </div>
  <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Limited Actions by Shareholders</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our Bylaws provide that if a quorum is present, and except as otherwise expressly provided by law, the affirmative vote of a majority of the common shares represented at the
    meeting shall be the act of the shareholders. Shareholders may act by way of written consent in accordance with the provisions of Section 67 of the MIBCA.</div>
  <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Supermajority Provisions</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">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's
    articles of incorporation, unless the articles of incorporation requires a greater percentage. Our Articles of Incorporation provide that the following provisions in the Articles of Incorporation 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 style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;">&#8226;<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt">&#160;</font>the Board of Directors shall be divided into three classes;</div>
  <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;">&#8226;<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt">&#160;</font>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>
  <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;">&#8226;<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt">&#160;</font>the directors are authorized to make, alter, amend, change or
    repeal our bylaws by vote not less than 66 2&#8725;3% of the entire Board of Directors;</div>
  <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;">&#8226;<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt">&#160;</font>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>
  <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;">&#8226;<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt">&#160;</font>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>
  <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;">&#8226;<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt">&#160;</font>we shall indemnify directors and officers to the full extent
    permitted by law, and we shall advance certain expenses (including attorneys' fees and disbursements and court costs) to the directors and officers. For purposes of these provisions, an "interested shareholder" is generally any person or entity that
    owns 20% or more of the shares of our outstanding voting stock or any person or entity affiliated with or controlling or controlled by that person or entity.</div>
  <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Advance Notice Requirements for Shareholders Proposals and Director Nominations</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our Articles of Incorporation 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'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 preceding year's annual meeting of shareholders. Our Articles of Incorporation also specify requirements as to the form and content of a shareholder's notice. These provisions may impede shareholders' ability to bring matters before
    an annual meeting of shareholders or make nominations for directors at an annual meeting of shareholders.</div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">22</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>
  <div style="margin-bottom: 10pt;"><br>
  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">EXPENSES</div>
  <div style="text-indent: 36pt; margin-bottom: 12pt;">The following are the estimated expenses of the issuance and distribution of the securities being registered under the registration statement of which this prospectus forms a part, all of which will be
    paid by us.</div>
  <table cellspacing="0" cellpadding="0" id="z9b122d0ca38b4744a4970498cb5fd22f" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

      <tr>
        <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
          <div>SEC registration fee</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div>$</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div>6,181.71</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: top; width: 88%;">
          <div>Legal fees and expenses</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div>$</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div>50,000.00</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
          <div>Accounting fees and expenses</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div>$</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div>25,000.00</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px;">
          <div>Miscellaneous</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
          <div>$</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
          <div>3,818.29</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
          <div>Total</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div>$</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div>85,000.00</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
      </tr>

  </table>
  <div>
    <div><br>
    </div>
  </div>
  <div>
    <div><br>
    </div>
    <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
    </div>
    <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
    </div>
    <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
    </div>
    <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-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">23</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>
  <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">LEGAL MATTERS</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The validity of the securities offered by this prospectus was passed upon for us by Seward &amp; Kissel LLP, New York, New York, with respect to matters of the law of the Republic
    of the Marshall Islands and with respect to matters of United States and New York law.</div>
  <div>
    <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
    </div>
    <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-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">24</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>
  <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">EXPERTS</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">The consolidated financial statements of Star Bulk Carriers Corp. as of December 31, 2019 and for each of the two years in the period then ended, incorporated in this prospectus by
    reference from the Company's Annual Report on Form 20-F for the year ended December 31, 2019, and the effectiveness of Star Bulk Carriers Corp.'s internal control over financial reporting as of December 31, 2019 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 style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">The consolidated financial statements of Star Bulk Carriers Corp. for the year ended December 31, 2017 appearing in Star Bulk Carriers Corp.'s Annual Report (Form 20-F as amended
    by Form 20-F/A) for the year ended December 31, 2019, 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 style="margin-bottom: 10pt;"> <br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">25</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>
  <div>
    <div><br>
    </div>
  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">WHERE YOU CAN FIND ADDITIONAL INFORMATION</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">As required by the Securities Act, 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 style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Government Filings</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We file annual and special reports with the Commission. You may read any document that we file on the Commission'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 style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">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's website.</div>
  <div>
    <div style="font-weight: bold;">Information Incorporated by Reference</div>
    <div><br>
    </div>
  </div>
  <div>
    <div style="text-align: justify; text-indent: 36pt;">The Commission allows us to "incorporate by reference" 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>
  <div>
    <div><br>
    </div>
  </div>
  <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 style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;">&#8226;<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt">&#160;</font>Annual Report on <a href="https://www.sec.gov/Archives/edgar/data/1386716/000114036120007197/form20f.htm">Form 20-F</a> (the "2019 20-F") for the year ended December 31, 2019, filed with the Commission on March 27, 2020, as amended by the <a href="https://www.sec.gov/Archives/edgar/data/1386716/000095014220000983/eh2000576_20fa1.htm">20-F/A</a> filed with the Commission on April 2, 2020, containing our audited consolidated financial statements for the most recent fiscal year for which
    those statements have been filed;</div>
  <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;">&#8226;<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt">&#160;</font>Report on <a href="https://www.sec.gov/Archives/edgar/data/1386716/000091957420003024/d8525891_6-k.htm">Form 6-K</a>, filed with the Commission on April 24, 2020; <br>
  </div>
  <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;">&#8226;<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt">&#160;</font>Report on <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1386716/000114036120021987/sblk-20200630.htm">Form 6-K</a>, filed with the Commission on September 30, 2020, containing our unaudited interim condensed consolidated financial statements for the
    six months ended June 30, 2019 and 2020, the "June 30, 2020 6-K"; and</div>
  <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;">
    <div><font style="font-family: 'Times New Roman',Times,serif;">&#8226;</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman',serif;">Report on <a href="https://www.sec.gov/Archives/edgar/data/1386716/000091957421000729/d8794784_6-k.htm">Form 6-K</a>,
        filed with the Commission on February 5, 2021, containing our unaudited financial and operating results for the third quarter and the nine months ended September 30, 2020 (excluding any statements made by management of the Company).</font></div>
  </div>
  <div>
    <div style="text-align: justify; 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>
  <div>
    <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-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">26</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>
  <div><br>
  </div>
  <div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">You should rely only on the information contained or incorporated by reference in this prospectus and any applicable prospectus supplement. Neither we, the Selling Shareholders
      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 Shareholders are 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>
  <div>
    <div style="text-align: justify; 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>
  <div>
    <div><br>
    </div>
    <div style="text-align: center; margin-top: 3pt; margin-bottom: 3pt; font-weight: bold;">Star Bulk Carriers Corp.</div>
    <div style="text-align: center; margin-top: 3pt; margin-bottom: 3pt; font-weight: bold;">c/o Star Bulk Management Inc.</div>
    <div style="text-align: center; margin-top: 3pt; margin-bottom: 3pt; font-weight: bold;">40 Agiou Konstantinou Str.</div>
    <div style="text-align: center; margin-top: 3pt; margin-bottom: 3pt; font-weight: bold;">Maroussi 15124, Athens, Greece</div>
    <div style="text-align: center; margin-top: 3pt; margin-bottom: 3pt; font-weight: bold;">011-30-210-617-8400 (telephone number)</div>
  </div>
  <div>
    <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
    </div>
    <div style="font-weight: bold;">Information provided by the Company</div>
    <div style="font-weight: bold;"> <br>
    </div>
  </div>
  <div>
    <div style="margin: 0px 0px 3pt; text-align: justify; 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 "foreign private issuer," we are exempt from the rules under the Exchange Act 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 "foreign private issuer," 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>
  <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-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">27</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>
  <!--PROfilePageNumberReset%Num%1%II-%%-->
  <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">Part II<br>
    Information Not Required in the Prospectus</div>
  <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Item 8.&#160; Indemnification of Directors and Officers.</div>
  <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Indemnification of Directors and Officers and Limitation of Liability</div>
  <table cellspacing="0" cellpadding="0" id="z250b7c2f12304b8da7dd9a791b79c9a9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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

  </table>
  <table cellspacing="0" cellpadding="0" id="z9537120156bc41e0aa714224d23fdb8a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">1.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <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' 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>
  <table cellspacing="0" cellpadding="0" id="zfd9eb2f7f2524a5ea2d68d19cecd6c5d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">2.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <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' 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>
  <table cellspacing="0" cellpadding="0" id="z41236e0f51644b0cab010f1874f3d0de" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">3.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <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' fees) actually and reasonably incurred by him or her in connection therewith.</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" id="zd8c1a96e95db471d858be0e89c35792c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">4.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <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>
  <table cellspacing="0" cellpadding="0" id="z26db5bd4ed85408991e27080663f4ce0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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        <td style="width: 72pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">a.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <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 id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; 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: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="zba329ccd12ff4698913cc4fba00d27c7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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        <td style="width: 72pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">b.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <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>
  <table cellspacing="0" cellpadding="0" id="zd71c9a3f0bd8410c90e1f94b2c930b9e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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

  </table>
  <table cellspacing="0" cellpadding="0" id="zf94503d55c9b4b9d8a3808a8dbddc14d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">5.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div>Expenses (including attorneys' 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>
  <table cellspacing="0" cellpadding="0" id="zc74e7f695e084312825c43ebd886fba1" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">6.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <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>
  <table cellspacing="0" cellpadding="0" id="z4cc462ee5aba4c418f39fb42823731fc" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">7.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <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>
  <table cellspacing="0" cellpadding="0" id="za78da6a6a4b347dab81a5e2a40ed3074" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">8.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div>For purposes of this Article VI, references to the "Company" 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>
  <table cellspacing="0" cellpadding="0" id="zae12dd4c3a7d418691d4ec5b799f3eba" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">9.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div>For purposes of this Article VI, references to "other enterprises" shall include employee benefit plans; references to "fines" shall include any excise taxes assessed on a person with respect to any employee benefit plan; and references to
            "serving at the request of the Company" 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 "not opposed to the best interests of the Company" as referred to in this Article VI.</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" id="z0d5a40b1ccea4dbf990f29dfa6b2ee04" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">10.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <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>
  <table cellspacing="0" cellpadding="0" id="z9a9baa7dbc2f47979bc15ef04057026c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">11.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <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's or the officer'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 id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; 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: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-bottom: 12pt;">There is currently no pending material litigation or proceeding involving any of the Registrant's directors, officers or employees for which indemnification is sought.</div>
  <div style="text-align: justify; margin-bottom: 12pt;">Section 60 of the Marshall Islands Business Corporations Act (the "<u>MIBCA</u>") provides as follows:</div>
  <div style="text-align: justify; margin-bottom: 12pt;">Indemnification of directors and officers:</div>
  <table cellspacing="0" cellpadding="0" id="zb1dadecdce6a4835bc4f9abc09756fd1" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">1.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <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' 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>
  <table cellspacing="0" cellpadding="0" id="zf068deac246242158440cf9f16eb7c1c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">2.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <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' 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>
  <table cellspacing="0" cellpadding="0" id="zd413fed16f9142338089b1dc842c526e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">3.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <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' fees) actually and reasonably incurred by him in connection therewith.</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" id="zf2689b0a8f4d4ed9b4ad08478406a1d5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">4.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <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>
  <table cellspacing="0" cellpadding="0" id="z2281a70004a742169f93b6cc3a0fa577" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">5.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <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 id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; 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: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z30c78ad3546a47a1b64bc9b064adce5e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">6.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <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>
  <table cellspacing="0" cellpadding="0" id="z6c2be5aa6ce74679be39305a6cb73403" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">7.</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <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 style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Item 9.&#160; Exhibits</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">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
    "<u>Exhibit Index</u>").</div>
  <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Item 10.&#160; Undertakings</div>
  <table cellspacing="0" cellpadding="0" id="zfe025f1fc6b840128d3b5e83f936db89" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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

  </table>
  <table cellspacing="0" cellpadding="0" id="z1607f43b27344af8a3aee31c199db409" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">(1)</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <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>
  <table cellspacing="0" cellpadding="0" id="z5de41a3790d84f3eb5f6b0f710d4048b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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

  </table>
  <table cellspacing="0" cellpadding="0" id="zb3bb1eafc9f94ad7a911907862336415" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 72pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <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 "Calculation of Registration Fee" table in the effective registration statement.</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" id="z65967eae9fd9413db04e6d1c0e5fcf3e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 72pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">(iii)</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <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 style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">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>
  <table cellspacing="0" cellpadding="0" id="z45805a7112de4b6a9d71e8d3f60bcc50" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">(2)</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <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>
  <table cellspacing="0" cellpadding="0" id="zfde22d54ff7b4ad781c3f4f9b267e9a0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">(3)</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <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 id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; 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: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z59a85f7c549c4b1ab4b50432c519f70f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">(4)</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <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>
  <table cellspacing="0" cellpadding="0" id="z90eb58b98b5d4f6e9b7708d8720aab0e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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

  </table>
  <table cellspacing="0" cellpadding="0" id="zc8b5cc2110f7431bb93bdeaaa0956f1d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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

  </table>
  <table cellspacing="0" cellpadding="0" id="z228a6a0e8fc34a37a70d307094a3f45a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 108pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">(A)</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <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>
  <table cellspacing="0" cellpadding="0" id="z9c1cbaa7e4434b049d94178bbb1dfeb5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 108pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">(B)</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <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>
  <table cellspacing="0" cellpadding="0" id="z875e7689be094f5d817f2cda8182a319" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div>The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant'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'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>
    <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right;">(h)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>
              <div style="text-align: left;">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>
            </div>
          </td>
        </tr>

    </table>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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

        </table>
      </div>
    </div>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; 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: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <!--PROfilePageNumberReset%Num%6%II-%%-->
  <div><br>
  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">EXHIBIT INDEX</div>
  <table cellspacing="0" cellpadding="0" border="0" id="z7404c456a91248a382fa5eb3ddebfc90" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

      <tr>
        <td style="width: 9.62%; vertical-align: bottom;">
          <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Exhibit</div>
          <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Number</div>
        </td>
        <td style="width: 1.12%; vertical-align: top;">&#160;</td>
        <td style="width: 89.26%; vertical-align: bottom;">
          <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Description</div>
        </td>
      </tr>
      <tr>
        <td style="width: 9.62%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">4.1</div>
        </td>
        <td style="width: 1.12%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
        <td style="width: 89.26%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"><a href="https://www.sec.gov/Archives/edgar/data/1386716/000156761915000448/s000840x1_ex2-1.htm">Form of Share Certificate (filed as Exhibit 2.1 of the Company's Form
              20-F for the year ended December 31, 2014, which was filed with the Commission on April 8, 2015)</a></div>
        </td>
      </tr>
      <tr>
        <td style="width: 9.62%; vertical-align: top;">
          <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">4.2</div>
        </td>
        <td style="width: 1.12%; vertical-align: top;">&#160;</td>
        <td style="width: 89.26%; vertical-align: top;">
          <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"><a href="d8788524_ex4-2.htm">Master Agreement dated December 17, 2020</a></div>
        </td>
      </tr>
      <tr>
        <td style="width: 9.62%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">4.3</div>
        </td>
        <td style="width: 1.12%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
        <td style="width: 89.26%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"><a href="d8788524_ex4-3.htm">Master Agreement dated February 2, 2021</a></div>
        </td>
      </tr>
      <tr>
        <td style="width: 9.62%; vertical-align: top;">
          <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">4.4</div>
        </td>
        <td style="width: 1.12%; vertical-align: top;">&#160;</td>
        <td style="width: 89.26%; vertical-align: top;">
          <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"><a href="d8723187_ex4-4.htm">Registration Rights Agreement dated February
              2, 2021</a></div>
        </td>
      </tr>
      <tr>
        <td style="width: 9.62%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">4.5</div>
        </td>
        <td style="width: 1.12%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
        <td style="width: 89.26%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"><a href="d8730141_ex4-5.htm">Warrant to Purchase Common Shares dated
              February 2, 2021</a></div>
        </td>
      </tr>
      <tr>
        <td style="width: 9.62%; vertical-align: top;">
          <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">5.1</div>
        </td>
        <td style="width: 1.12%; vertical-align: top;">&#160;</td>
        <td style="width: 89.26%; vertical-align: top;">
          <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"><a href="d8794307_ex5-1.htm">Opinion of Legality of Seward &amp; Kissel
              LLP counsel to the Company as to the validity of the common shares</a></div>
        </td>
      </tr>
      <tr>
        <td style="width: 9.62%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">8.1</div>
        </td>
        <td style="width: 1.12%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
        <td style="width: 89.26%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"><a href="d8794308_ex8-1.htm">Opinion of Seward &amp; Kissel LLP with
              respect to certain U.S. tax matters</a></div>
        </td>
      </tr>
      <tr>
        <td style="width: 9.62%; vertical-align: top;" rowspan="1">10.1 <br>
        </td>
        <td style="width: 1.12%; vertical-align: top;" rowspan="1">&#160;</td>
        <td style="width: 89.26%; vertical-align: top;" rowspan="1"><a href="d8788524_ex10-1.htm">2020 Equity Incentive Plan</a> <br>
        </td>
      </tr>
      <tr>
        <td style="width: 9.62%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">23.1</div>
        </td>
        <td style="width: 1.12%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
        <td style="width: 89.26%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"><a href="d8794307_ex5-1.htm">Consent of Seward &amp; Kissel LLP (included
              in Exhibit 5.1)</a></div>
        </td>
      </tr>
      <tr>
        <td style="width: 9.62%; vertical-align: top;">
          <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">23.2</div>
        </td>
        <td style="width: 1.12%; vertical-align: top;">&#160;</td>
        <td style="width: 89.26%; vertical-align: top;">
          <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"><a href="d8788524_ex23-2.htm">Consent of Independent Registered Public
              Accounting Firm Ernst &amp; Young (Hellas) Certified Auditors Accountants S.A.</a></div>
        </td>
      </tr>
      <tr>
        <td style="width: 9.62%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">23.3</div>
        </td>
        <td style="width: 1.12%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
        <td style="width: 89.26%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"><a href="d8788524_ex23-3.htm">Consent of Independent Registered Public
              Accounting Firm (Deloitte Certified Public Accountants S.A.)</a></div>
        </td>
      </tr>

  </table>
  <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
  </div>
  <br>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; 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: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div><br>
  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">SIGNATURE</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 24pt;">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 February 5, 2021.</div>
  <table cellspacing="0" cellpadding="0" id="zf11230cefbd04749ae24e731874033ad" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 49.26%; vertical-align: top;">&#160;</td>
        <td style="width: 50.74%; vertical-align: top;" colspan="2">
          <div style="text-align: justify; font-weight: bold;">STAR BULK CARRIERS CORP.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.26%; vertical-align: top;">&#160;</td>
        <td style="width: 7.5%; vertical-align: top;">&#160;</td>
        <td style="width: 43.24%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 49.26%; vertical-align: top;">&#160;</td>
        <td style="width: 7.5%; vertical-align: top;">
          <div style="text-align: justify;">By:</div>
        </td>
        <td style="width: 43.24%; vertical-align: top; border-bottom: 2px solid black;">
          <div style="text-align: justify;">/s/ Petros Pappas</div>
        </td>
      </tr>
      <tr>
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  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints each of <font style="background-color: rgb(255, 255, 255);">Georgia
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    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-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons on February 5, 2021 in the capacities
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          <div style="text-align: justify;">Class B Director of Star Bulk Carriers Corp.</div>
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  <div style="margin-top: 3pt;"><br>
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          <div style="text-align: justify;">/s/ Katherine Ralph</div>
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          <div style="text-align: justify;">Class A Director of Star Bulk Carriers Corp.</div>
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          <div style="text-align: justify;">Katherine Ralph</div>
        </td>
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        <td style="width: 78.64%; vertical-align: bottom;">&#160;</td>
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  <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">AUTHORIZED UNITED STATES REPRESENTATIVE</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">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 February 5, 2021.</div>
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          <div style="text-align: justify;">STAR BULK (USA) LLC</div>
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        <td style="width: 49.29%; vertical-align: bottom;">&#160;</td>
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        <td style="width: 6.58%; vertical-align: top;">&#160;</td>
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          <div style="text-align: justify;">By:</div>
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        <td style="width: 44.12%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div style="text-align: justify;">/s/ <font style="background-color: rgb(255, 255, 255);">Hamish Norton</font></div>
        </td>
        <td style="width: 49.29%; vertical-align: bottom;">&#160;</td>
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          <div style="text-align: justify;">Name:</div>
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          <div style="text-align: justify; background-color: rgb(255, 255, 255);">Hamish Norton</div>
        </td>
        <td style="width: 49.29%; vertical-align: bottom;">&#160;</td>
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        <td style="width: 49.29%; vertical-align: bottom;">&#160;</td>
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<DOCUMENT>
<TYPE>EX-4
<SEQUENCE>2
<FILENAME>d8788524_ex4-2.htm
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Seward & Kissel LLP
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         Copyright 1995 - 2021 Broadridge -->
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<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 4.2</font><br>
  </div>
  <div> <br>
  </div>
  <div>
    <div>
      <div style="text-align: center; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">MASTER AGREEMENT</div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">THIS AGREEMENT</font> is made as a deed Decemebr 17<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> , 2020</div>
      <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">AMONG</font>:</div>
      <div><br>
      </div>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zc729d865a4644259a08a5202f5968034" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">(1)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">STAR BULK CARRIERS CORP. </font>a corporation incorporated under the laws of the Marshall Islands whose registered office is at Trust
                Company Complex, Ajeltake Road, Ajeltake Island, Majuro MH 96960, Republic of Marshall Islands (&#8220;<font style="font-weight: bold;">SBLK</font>&#8221;); and</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="z01cd0e721673400288f0c920cd9aee3d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">(2)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">E.R. Capital Holding GmbH &amp; Cie. KG</font> a corporation incorporated under the laws of Germany&#160; whose registered office is at Alsterufer
                36,20354 Hamburg, Germany (<font style="font-weight: bold;">"ER</font>&#8221;),</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">each a &#8220;<font style="font-weight: bold;">Party</font>&#8221; and together the &#8220;<font style="font-weight: bold;">Parties</font>&#8221;.</div>
    </div>
    <div>
      <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">WHEREAS</font>:</div>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z53c60fdec96c4d6abc8fe00409fc309d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 35.45pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">(A)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">The Parties wish to enter into this Agreement to regulate their rights and responsibilities with respect to the outright sale and purchase of three vessels by members of the
                SBLK company group from members of the ER company group (&#160; the &#8220;<font style="font-weight: bold;">Transaction</font>&#8221;).</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">NOW IT IS HEREBY AGREED</font> as follows:</div>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zdbc33fa5fe774926a1f18b7ab6d6e9c3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">DEFINITIONS</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
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          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">1.1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">In this Agreement, capitalised terms shall have the same meaning given to them herein and in particular the following expressions shall have the following meanings:</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">&#8220;<font style="font-weight: bold;">Agreed Form MOA&#160; </font>&#8221; means the agreed form memorandum of agreement for&#160; the&#160;
        Vessels set out in <font style="font-weight: bold;">Appendix 1</font> to this Agreement;</div>
      <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">&#160;&#8220;<font style="font-weight: bold;">Buyer Entity</font>&#8221; means SBLK or a single purpose entity nominated by SBLK whose
        obligations under the relevant MOA are guaranteed by SBLK;</div>
      <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">&#160;&#8220;Cash Consideration&#8221; ,</font>means&#160; for each Vessel,&#160; 65% of the Purchase Price or USD&#160;
        thirteen&#160; million (13,000,000)</div>
      <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">&#8220;<font style="font-weight: bold;">Closing Date</font>&#8221; shall mean in respect of each Vessel the delivery date and time
        for that Vessel under the respective MOA;</div>
      <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">&#8220;Management Agreement&#8221;</font> is the new interim management agreement which shall be
        entered into with each of the Buyers and Zeaborn upon delivery of each Vessel.</div>
      <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">&#8220;<font style="font-weight: bold;">MOA</font>&#8221; means a binding memorandum of agreement between a Seller and a Buyer Entity
        for the sale and purchase of a Vessel;</div>
      <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">&#8220;<font style="font-weight: bold;">Purchase Price </font>&#8221; means US$20,000,000 for each Vessel payable by SBLK or a Buyer
        Entity to each&#160; Seller with Cash Consideration and&#160; Share Consideration</div>
      <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">&#8220;<font style="font-weight: bold;">SBLK Shares</font>&#8221; means the common shares, par value $0.01 per share, of SBLK, listed
        on Nasdaq Global Select Market, or any successor equity securities thereto;</div>
      <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">&#160;&#8220;<font style="font-weight: bold;">Seller</font>&#8221; means, in respect of a Vessel, the registered owner of that Vessel;</div>
      <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;"><a name="z_Hlk522613986"></a>&#8220;<font style="font-weight: bold;">Share Consideration</font>&#8221; means, for each Vessel, 35% of
        the Purchase Price or seven hundred thousand (700,000)&#160; SBLK shares&#160;&#160; by way of newly issued SBLK Shares;</div>
      <div><br>
      </div>
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    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">&#8220;<font style="font-weight: bold;">Vessel</font>&#8221; means&#160; mv ER Borneo, IMO Number 9507518, E.R BUENOS AIRES, IMO
        Number9507544, E.R. Bayonne IMO Number 9507520</div>
      <div><br>
      </div>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zb93da5568b7049549e960cde0688af4e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">1.2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">In this Agreement:</div>
            </td>
          </tr>

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      <table cellspacing="0" cellpadding="0" id="zb977c1f6276241aba311cbd72e056af0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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            <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">unless the context otherwise requires, references to this Agreement or to other agreements or deeds shall be construed as including references to this Agreement or to such
                agreements or deeds as amended and/or supplemented and/or varied and/or novated from time to time by agreement between the parties hereto or thereto, as the case may be;</div>
            </td>
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            <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">clause headings are for ease of reference only and, unless the context otherwise requires, words denoting the singular only shall include the plural and vice versa;</div>
            </td>
          </tr>

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      <table cellspacing="0" cellpadding="0" id="z8e6fdb7de41745ad8f77b0f6a5c7ca0f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">(c)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">references to "Clauses" and &#8220;Recitals&#8221; are, unless otherwise specified, references to the clauses and recitals to this Agreement;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="zf464ccd6b5d84869998feccc61bd8990" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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            <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">(d)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">each reference to one of the Parties to this Agreement shall include its successors and permitted assigns and permitted transferees; and</div>
            </td>
          </tr>

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      <table cellspacing="0" cellpadding="0" id="z4707808e30374f5581cf211236b7cbb4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">(e)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">all date and time indications in this Agreement and in the MOAs are to dates and times in Hamburg.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z536fa47e95b04e6083d6b66d34cf1882" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">SALE AND PURCHASE OF THE&#160; VESSELS</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z6d5d71fac6fe4d01bce93ed9232e832b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">2.1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">ER shall procure that within three days of the date of this Agreement each Seller of each&#160; Vessel enters into a memorandum of agreement with a Buyer Entity to sell the&#160; the
                Vessel owned by it to the Buyer Entity on substantially the terms set out in the respective Agreed Form MOA&#160;&#160; set out in <font style="font-weight: bold;">Appendix 1</font>.</div>
            </td>
          </tr>

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      <table cellspacing="0" cellpadding="0" id="z344a39fa4bc444829148e9d25397c1ab" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">2.2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">SBLK shall procure that within three days of the date of this Agreement a Buyer Entity enters into a memorandum of agreement with each Seller that owns a&#160;&#160; Vessel to purchase
                that&#160;&#160; Vessel from that Seller on substantially the terms set out in the respective Agreed Form MOA&#160;&#160; set out in <font style="font-weight: bold;">Appendix 1</font>.</div>
            </td>
          </tr>

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      <table cellspacing="0" cellpadding="0" id="za755bec5fe7348fe8eaf001abcd3e530" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">2.3.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">The Purchase Price (as defined in the relevant MOA) payable for each&#160; Vessel shall be:</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="z42e77d0c65974e238089f83614b3f7b5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">USD 20,000,000 for m.v. &#8220;E.R. Borneo&#8221;;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="z54f94b42a76845af9d5dbd91f22e9469" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">USD 20,000,000 for m.v. &#8220;E.R. Buenos Aires&#8221;;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="z00207cf677244810ab5609e49275fe1a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">(c)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">USD 20,000,000 for m.v. &#8220;E.R. Bayonne&#8221;,</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">in each case to be paid by the Buyer Entity in 65%&#160; in cash and, provided that the SBLK Shares are, at the time of the
        Closing&#160; Date for the respective&#160;&#160; Vessel, listed on the Nasdaq Global Select Market or a comparable securities exchange, the remaining 35%&#160; by Share Consideration, otherwise in cash. There shall be no right of set-off or deduction as between
        Vessel sales. In case of forfeiture of the deposit, in favour of the Seller of a&#160;&#160; Vessel, as per the respective MOA, there is no obligation for the respective Buyer Entity or SBLK to cause the issuance of the respective Share Consideration for
        that Vessel.</div>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zdb7eeaecabc84ba5b85cd22dc0c7c9f8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">2.4.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;"> Bunkers (where applicable)&#160; and lubricants ROB to be valued and acquired for cash consideration by the relevant Buyer Entity on the Closing Date of that vessel as per MOA
                terms.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
    </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><br>
      </div>
    </div>
    <div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="zb867ab9838a54c10bbd28deed80eea60" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">2.5.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Any cancellation or termination of a MOA for the sale of a Vessel shall have no effect on this Agreement or the MOA for the sale of any other Vessel.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="z407a9a8614464fbab15404d26b4075ed" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">2.6.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">As a condition precedent to a Seller&#8217;s obligation to sell&#160;&#160; a Vessel, the Chief Financial Officer of SBLK shall deliver to that Seller an officer&#8217;s certificate certifying, as
                of such Closing Date the number of SBLK Shares outstanding (without giving effect to the SBLK Shares issued as part of the Share Consideration for the Vessels). ER to terminate its own management agreement with Zeabone at each Closing Date
                and shall cause that&#160; the new Management Agreement to be executed between each Buyer and Zeaborne shall incorporate&#160; such terms whereby the Management Agreement can be terminated , with no termination fees, subject to a (30) thirty days
                termination notice , at each Buyers&#8217; option.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zea274b10a80541a99872646343b96882" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">2.7.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">ER shall procure that upon the termination of any existing charter party for Vessel the Seller shall not enter that Vessel into any new employment unless it is on terms that
                have been approved in advance in writing by SBLK, such approval not to be unreasonably withheld or delayed.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z0376873662cc470385abe912e93cc351" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">3.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">ISSUANCE OF SHARE CONSIDERATION</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zc591b40777a3453dacd65963643d030c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">3.1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">SBLK shall issue, as per this Clause 3, any and all Share Consideration payable in book entry form, with respect to each Seller (or its assignees), equal to the Share
                Consideration owed to that Seller (or its assignees) under the relevant MOA and this Agreement, upon the relevant Closing Date .</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="z10eb4ef50ae248aab300bcc220d5da37" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">3.2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">On each Closing Date, SBLK shall procure that an irrevocable Transfer Agent Instruction Letter, substantially in the form set out at <font style="font-weight: bold;">Appendix

                  2</font>, instructing the transfer agent AMSTOCK to issue the Share Consideration to that Seller (or its assignees) will be executed and tabled at the closing meeting and upon closing and delivery of that Vessel, SBLK shall cause its
                transfer agent to issue the relevant Share Consideration as soon as it is practicaly feasible. The Share Consideration will bear the following legend:</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">&#8220;THE SHARES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
        &#8220;SECURITIES ACT&#8221;) OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION.&#160; THE SHARES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (1) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OR (2) PURSUANT TO AN
        EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE STATE SECURITIES LAWS AND THE SECURITIES LAWS OF OTHER JURISDICTIONS, AND IN THE CASE OF A TRANSACTION EXEMPT FROM REGISTRATION, UNLESS THE
        COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT AND SUCH OTHER APPLICABLE LAWS.&#8221;</div>
      <div><br>
      </div>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z11ba94e4111943898ba0af578f59294f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">3.3.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">SBLK shall&#160; file not later than thirty (30) days following the delivery of the last of the&#160;&#160; Vessels a registration statement with the U.S. Securities and Exchange Commission
                (&#8220;<font style="font-weight: bold;">SEC</font>&#8221;) on Form F-3 covering&#160; the resale by the Sellers (or their respective assignees) of all of the SBLK Shares issued to the Sellers (or their respective assignees) as part of the Share
                Consideration for the&#160;&#160; Vessels<strike>&#160;</strike>and SBLK shall use its commercially reasonable best efforts to keep such registration statement effective until all of the SBLK Shares issued for the&#160;&#160; Vessels&#160; may be freely resold in
                reliance on Rule 144 promulgated by the SEC. Until such time that the registration statement is declared effective, ER shall procure that each Seller (and its assignees) understands and agrees that its Share Consideration acquired by it
                will bear a legend the same as or substantially similar to the legend set forth above.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
    </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><br>
      </div>
    </div>
    <div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z3c0678d53d3946c89982629a3600c37a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">4.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Due Diligence</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="z48c336b282714f27ab20ae615af73046" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">4.1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">From the date hereof until (in respect of each Vessel) the date that such Vessel is delivered to a Buyer Entity in accordance with an MOA, each Party shall procure or provide
                to the other Party any such information reasonably requested by the other Party in relation to that Vessel.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="z3859af4add0a44dfb192b7e3f2242b57" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">4.2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Without prejudice to any further inspection rights set out in any MOA, SBLK in accordance with clause 4(b) of each MOA shall have the right to physically inspect each Vessel
                and review its class records at any time between the date of this Agreement and 31/12/2020 provided such Vessel is available at a port or anchorage and such inspection does not impact the Vessel&#8217;s trading schedule. ER shall procure the
                relevant Seller provides such reasonable cooperation as may be required to conduct such inspection and review.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z844ae0e66e4f4347b22ffca6a94f99cf" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">5.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">WARRANTIES</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zae14fcda2cf04e24bd79602648178cc6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">5.1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Each Party hereby represents and warrants to the other that:</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="z6c83be48cb3f41d0b328748a950c564c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">It is duly organized, validly existing under the laws of the jurisdiction of its incorporation and has full corporate power to own its assets and to conduct its business as
                and where presently conducted;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="z85c09ca4de9f475cb45c427ec24e4ba6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;"> it has taken all necessary action and has all requisite power and authority to enter into and perform this Agreement in accordance with its terms and the other documents to
                be entered into pursuant to it;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="zcce824d98e5044d08340449baca6edd6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">(c)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">this Agreement and the other documents to be entered into pursuant to it constitute (or shall constitute when executed) valid, legal and binding obligations on it and the
                parties whom they are to procure entry into of such other documents on the terms of this Agreement and such other documents;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="z72ba815e9f954901acfad306d62eb459" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">(d)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">compliance with the terms of this Agreement and the documents referred to in it shall not breach or constitute a default under any of the following:</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zf7d598bc49b14214a9c7510a5cb987db" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">its constitutional documents (e.g. articles of incorporation and By-laws);</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="z311d79c1f7ce4ff2bd64a9ae8600904b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">(ii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">any agreement or instrument to which it is a party or is bound; or</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="zfd7850af18ce4f6bbbfef2de937fc64d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">(iii)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">any order, judgment, decree or other restriction or rules (including listing rules) applicable to it and</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z460a3b25f18e44df9f7ec26aff17a78b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">(e)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">each of its directors and executive officers is in material compliance with all laws, rules and regulations, applicable to them including without limitation applicable
                sanctions and anti-money-laundering laws, rules and regulations</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="z0744fd28e57b495fb50818f80a150c16" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">5.2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Without limiting the foregoing, SBLK represents and warrants to ER<a name="z_Hlk522638411"></a> and each Seller (and their respective assignees, that:</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="zc39ec29534784c688521c43b96e5a119" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">SBLK is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any governmental or regulatory
                authority or other person in connection with the execution, delivery and performance by SBLK of this Agreement or the transactions contemplated hereby (including the issuance of the SBLK Shares as part of the Share Consideration), other
                than (i) the filing with the SEC of one or more registration statements in accordance with the requirements of this Agreement, (ii) filings required by applicable state securities laws, or (iii) the filing of any requisite notices and/or
                application(s) to Nasdaq for the issuance of SBLK Shares issued to <a name="z_Hlk522638459"></a>the applicable Seller (or its assignees) as part of the Share Consideration, (iv) SBLK&#8217;s financing banks and (v) those that have been made or
                obtained prior to the date of this Agreement.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
    </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><br>
      </div>
    </div>
    <div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z25bb7de52e614d778188ce8a6e044545" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">The SBLK Shares to be issued pursuant to this Agreement have been duly and validly authorized and, when issued to the applicable Seller (or its assignees) in accordance with
                the terms of this Agreement will be validly issued, fully paid and nonassessable, and shall be free and clear of all liens, restrictions or encumbrances, except for restrictions on transfer imposed by applicable securities laws.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="zf967fc7de47647a8bdec8bfa5c641616" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">(c)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">All of the outstanding SBLK Shares are duly authorized, validly issued, fully paid and non-assessable, have been issued in compliance in all material respects with all
                applicable federal and state securities laws, and none of such outstanding SBLK Shares was issued in violation of any preemptive rights or similar rights to subscribe for or purchase of any SBLK Shares.&#160; <a name="z_Hlk522637661"></a>Except
                as specified in the SEC Reports: (i) no SBLK Shares are subject to preemptive rights or any other similar rights or any liens or encumbrances suffered or permitted by SBLK; ; (ii) there are no outstanding securities or instruments of SBLK
                or which contain any redemption or similar provisions, and there are no contracts, commitments, understandings or arrangements by which SBLK is or may become bound to redeem a security of SBLK; and (vi) there are no securities or
                instruments containing anti-dilution or similar provisions that will be triggered by the issuance of the SBLK Shares as part of the Share Consideration.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="z1f53c07333194763b18df604e514dbd5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">(d)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">SBLK has filed all reports, schedules, forms, statements and other documents required to be filed by it under the 1934 Act, including pursuant to Section 13(a) or 15(d)
                thereof, for the two years preceding the date hereof (or such shorter period as SBLK was required by law or regulation to file such material) (the foregoing materials, including the exhibits thereto and documents incorporated by reference
                therein, being collectively referred to herein as the &#8220;<font style="font-weight: bold;"><u>SEC Reports</u></font>&#8221;).&#160; All SEC Reports have been filed on a timely basis or SBLK&#160; has received a valid extension of such time of filing and has
                filed any such SEC Reports prior to the expiration of any such extension.&#160; As of their respective filing dates, or to the extent corrected by a subsequent restatement, the SEC Reports complied in all material respects with the requirements
                of the Securities Act and the 1934 Act and the rules and regulations of the SEC promulgated thereunder, and none of the SEC Reports, when filed, contained any untrue statement of a material fact or omitted to state a material fact required
                to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading, and the financial statements contained therein or filed as an Exhibit thereto were prepared
                in accordance with U.S. generally accepted accounting principles and fairly represent SBLK&#8217;s financial condition and the results of its operations as of the respective dates or the respective time periods set forth therein.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="z42160b8fbde3487aa19911cae3e82d99" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">(e)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">SBLK has taken no action designed to terminate the registration of the SBLK Shares under the Securities Exchange Act of 1934, as amended, nor has SBLK received any
                notification that the SEC is contemplating terminating such registration.&#160; SBLK has not, in the 12 months preceding the date hereof, received written notice from Nasdaq that SBLK is not in compliance with the listing or maintenance
                requirements of the Nasdaq Global Select Market.&#160; SBLK is in compliance in all material respects with all applicable securities laws and with the listing and maintenance requirements for continued trading of the SBLK Shares on the Nasdaq
                Global Select Market.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="z4cac59f934c443989150af8e0d83dce7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">5.3.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">The foregoing representations and warranties shall be deemed repeated by each Party throughout until all Vessels have been delivered in accordance with this Agreement and the
                relevant MOA, and each Seller (or its assignees) shall have received the entire Share Consideration payable to it for the&#160;&#160; Vessels.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="zbe0af406450c49978afada8a8dc04b08" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">5.4.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">The foregoing representations and warranties are also hereby deemed given by SBLK for the direct benefit of each relevant Seller (and their respective assignees) and by ER
                for the benefit of each relevant Buyer Entity.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
    </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><br>
      </div>
    </div>
    <div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; color: #000000;"> </font><br>
      </div>
      <div><br>
      </div>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z66f12e0bbfdf428ba3abeb99205b88a2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">6.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">CONFIDENTIALITY</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">Without prejudice to the terms of the mutual confidentiality and standstill agreement signed between the parties on May
        30, 2018 (which shall continue to apply), the terms of this Agreement, the Transaction and all related documents and the negotiations relating thereto are strictly confidential and no disclosure relating thereto shall be made or issued by or on
        behalf of any Party to any third party other than their professional advisers or as required by applicable law. This Clause shall survive termination of this Agreement.</div>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z801918bb15d3499dbb80f57f52c395ea" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">7.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">NOTICES</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z07d3aefdd0c64ae89cfb19a2911f89f1" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">7.1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Any notice or other communication under or in connection with this Agreement shall be in writing and shall be delivered personally, or by courier, post, fax or email, to the
                respective addresses or facsimile numbers or email address of the relevant Parties set out below unless such Party amends the same by written notice received by the other Party:</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">SBLK</div>
    </div>
    <div>
      <div style="margin-left: 36pt; color: #000000; font-family: 'Times New Roman', serif;"><font style="background-color: rgb(255, 255, 255);">Address:&#160; c/o STAR BULK MANAGEMENT INC</font><font style="background-color: rgb(255, 255, 255);"><br>
        </font> <font style="background-color: rgb(255, 255, 255);">40, Ag. Konstantinou Street</font><font style="background-color: rgb(255, 255, 255);"><br>
        </font> <font style="background-color: rgb(255, 255, 255);">Marousi 151 24</font><font style="background-color: rgb(255, 255, 255);"><br>
        </font> <font style="background-color: rgb(255, 255, 255);">Athens, Greece</font><font style="background-color: rgb(255, 255, 255);"><br>
        </font> <font style="background-color: rgb(255, 255, 255);">Attention Nikos Reskos/Georgia Mastagaki/Sofia Damigou/Aris Anastasopoulos</font><font style="background-color: rgb(255, 255, 255);"><br>
        </font> <font style="background-color: rgb(255, 255, 255);">nreskos@starbulk.com/gmastagaki@starbulk.com/sdamigou@starbulk.com/aanastasopoulos@starbulk.com/commercial @starbulk.com</font></div>
      <font style="background-color: rgb(255, 255, 255);"> </font></div>
    <font style="background-color: rgb(255, 255, 255);"> </font>
    <div><font style="background-color: rgb(255, 255, 255);"> </font>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">ER</font><br>
        Philipp Joerss</div>
    </div>
    <div>
      <div style="text-align: justify; margin-left: 36pt; color: #000000; font-family: 'Times New Roman', serif;">Address: Alsterufer 36, 20354 Hamburg</div>
      <div style="text-align: justify; margin-left: 36pt; color: #000000; font-family: 'Times New Roman', serif;">Email: Philipp.joerss@er-capital.com</div>
      <div><br>
      </div>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zc3a480959d48466d9d79cfc7a0052f39" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">7.2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">All notices or other communications under this Agreement shall be in the English language.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zd3d0b2669a984234bdedf5f1f84465a3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">8.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">MISCELLANEOUS</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z7f828dc36c5e47578b687ed01f0b665d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">8.1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Save as set out in this Agreement, each Party shall bear its own costs and expenses in the negotiation, execution and performance of this Agreement, each MOA and each other
                document to be entered into in relation to the Transaction.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="z8dc28c9c8dd64ef78c135ae92c7b5abc" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">8.2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">This Agreement may be executed in counterparts, each of which shall be deemed an original, and all of which counterparts signed by all of the Parties together shall
                constitute one and the same instrument.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="zc608763a611f486b981c3f2254db7624" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">8.3.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">If there is any conflict or discrepancy between the provisions of this Agreement (including any amendment thereto) and the provisions of an MOA, the provisions of this
                Agreement shall prevail. Words and expressions defined in the Master Agreement shall have the same meaning in the MOA unless otherwise stated therein.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="zdfa30f56ca8d44568364f7213fa29453" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">8.4.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">No waiver of any right, power, discretion or remedy under or pursuant to this Agreement shall be effective unless it is in writing and signed by the relevant Party agreeing
                to such waiver. No amendment or supplement to this Agreement may be made without the prior written agreement of all the Parties.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
    </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><br>
      </div>
    </div>
    <div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="zc705ff75370046e3a5aebfe3fdefce95" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;"><a name="z_Hlk522616493"></a><font style="font-family: 'Times New Roman', serif; font-weight: bold; color: #000000;">8.5.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">No Party may assign its rights under this Agreement without the prior written consent of all of the other Parties, provided, however, each Seller may assign any and all of
                its respective rights to receive SBLK Shares to one or more affiliates of ER or the Seller , without prior written consent of Buyer Entity , which assignments shall be effective upon notice to the Buyer Entity, subject always to SBLK and
                each Buyer Entity&#160; not assuming a greater liability under this Agreement and the applicable MOA than would have been the case absent such assignment.&#160; ER shall cause each such assignee of Seller to execute and deliver to SBLK and to&#160; the
                Buyer Entity, before the issuance of the Share Consideration, such representations and warranties (including the warranties set forth in Clause 10.1 above) which are reasonably necessary to assure the compliance of such assignment with
                applicable securities laws and rules having competent jurisdiction, and the rules of the Nasdaq Global Select Market and other securities exchange if applicable.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="zd753c0801b3840c191c472950c9f2e9f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">8.6.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">If any term or provision of this Agreement is, or becomes, invalid, unenforceable or illegal, in whole or in part, under the laws of any relevant jurisdiction, such term or
                provision or part shall to that extent be deemed not to form part of this Agreement, but the validity, enforceability or legality of the remaining provisions of this Agreement shall not be impaired.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="za62f9b7ce1a14725a4d67edd0e03b34b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">8.7.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Nothing in this Agreement shall create a partnership between the Parties or any of them.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="zc7761d39c99044429882dcdd1ce4b68d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">8.8.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Each Party acknowledges that it does not rely on, and it has not been induced to enter into this Agreement by, any warranty, representation, statement, agreement or
                undertaking of any nature whatsoever, other than as are expressly set out in this Agreement.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="ze2c714091fff43dc95819904609c5799" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">9.</td>
            <td style="width: auto; vertical-align: top;">
              <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">LAW AND JURISDICTION</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z5b67fc9b06e84ad994bf616b515a0d00" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">9.1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman', serif;">Clause 16(a) of the standard, unamended NSF 2012 shall apply to this Agreement as if fully set out herein.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
    </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 style="text-align: justify; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">THIS DEED </font>has been duly executed by or on behalf of the Parties and has, on the date stated at the
        beginning of this deed, been delivered as a Deed.</div>
      <div><br>
      </div>
    </div>
    <table cellspacing="0" cellpadding="0" id="z7cdc08e1fee84539aa00dffb5ae3f451" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 53.94%; vertical-align: top;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">EXECUTED AND DELIVERED AS A DEED</div>
          </td>
          <td style="width: 4%; vertical-align: top;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">)</div>
          </td>
          <td style="width: 17.06%; vertical-align: top;">&#160;</td>
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          <td style="width: 17.06%; vertical-align: top;">&#160;</td>
          <td style="width: 25.01%; vertical-align: top;">&#160;</td>
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          <td style="width: 53.94%; vertical-align: top;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">acting by Simos Spyrou - Co CFO<br>
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          <td style="width: 4%; vertical-align: top;">
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          <td style="width: 17.06%; vertical-align: top;">/s/ Simos Spyrou</td>
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          <td style="width: 53.94%; vertical-align: top;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">duly authorised in accordance with</div>
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          <td style="width: 4%; vertical-align: top;">
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          <td style="width: 17.06%; vertical-align: top;">&#160;</td>
          <td style="width: 25.01%; vertical-align: top;">&#160;</td>
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          <td style="width: 53.94%; vertical-align: top;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">the laws of Marshall Islands</div>
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          <td style="width: 4%; vertical-align: top;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">)</div>
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          <td style="width: 17.06%; vertical-align: top;">&#160;</td>
          <td style="width: 25.01%; vertical-align: top;">&#160;</td>
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          <td style="width: 53.94%; vertical-align: top;">&#160;</td>
          <td style="width: 4%; vertical-align: top;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">)</div>
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          <td style="width: 17.06%; vertical-align: top;">&#160;</td>
          <td style="width: 25.01%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 53.94%; vertical-align: top;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">such execution being witnessed by: Georgia Mastagaki<br>
            </div>
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          <td style="width: 4%; vertical-align: top;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">)</div>
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          <td style="width: 17.06%; vertical-align: top;">/s/ Georgia Mastagaki</td>
          <td style="width: 25.01%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 53.94%; vertical-align: top;">&#160;</td>
          <td style="width: 4%; vertical-align: top;">&#160;</td>
          <td style="width: 17.06%; vertical-align: top;">&#160;</td>
          <td style="width: 25.01%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 53.94%; vertical-align: top;">&#160;</td>
          <td style="width: 4%; vertical-align: top;">&#160;</td>
          <td style="width: 17.06%; vertical-align: top;">&#160;</td>
          <td style="width: 25.01%; vertical-align: top;">&#160;</td>
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          <td style="width: 53.94%; vertical-align: top;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">EXECUTED AND DELIVERED AS A DEED</div>
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          <td style="width: 4%; vertical-align: top;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">)</div>
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          <td style="width: 17.06%; vertical-align: top;">&#160;</td>
          <td style="width: 25.01%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 53.94%; vertical-align: top;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">By <font style="font-weight: bold;">E.R. Capital Holding GmbH &amp; Cie. KG</font></div>
          </td>
          <td style="width: 4%; vertical-align: top;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">)</div>
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          <td style="width: 17.06%; vertical-align: top;">&#160;</td>
          <td style="width: 25.01%; vertical-align: top;">&#160;</td>
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          <td style="width: 53.94%; vertical-align: top;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">acting by</div>
          </td>
          <td style="width: 4%; vertical-align: top;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">)</div>
          </td>
          <td style="width: 17.06%; vertical-align: top;">&#160;</td>
          <td style="width: 25.01%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 53.94%; vertical-align: top;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">duly authorised in accordance with</div>
          </td>
          <td style="width: 4%; vertical-align: top;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">)</div>
          </td>
          <td style="width: 17.06%; vertical-align: top;">&#160;</td>
          <td style="width: 25.01%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 53.94%; vertical-align: top;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">the laws of Germany</div>
          </td>
          <td style="width: 4%; vertical-align: top;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">)</div>
          </td>
          <td style="width: 17.06%; vertical-align: top;">&#160;</td>
          <td style="width: 25.01%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 53.94%; vertical-align: top;">&#160;</td>
          <td style="width: 4%; vertical-align: top;">&#160;</td>
          <td style="width: 17.06%; vertical-align: top;">/s/ Jochen Kl&#246;sges</td>
          <td style="width: 25.01%; vertical-align: top;">/s/ F. Lass-Hennemann</td>
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          <td style="width: 53.94%; vertical-align: top;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">such execution being witnessed by:&#160;&#160;</div>
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          <td style="width: 4%; vertical-align: top;">
            <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">)</div>
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          <td style="width: 17.06%; vertical-align: top;">Jochen Kl&#246;sges<br>
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          <td style="width: 25.01%; vertical-align: top;">F. Lass-Hennemann</td>
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      <div><br>
      </div>
      <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">APPENDIX 1 &#8211; AGREED FORM MOA</div>
      <div><br>
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      <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">&#160;APPENDIX 2&#160;&#160; &#8211; TRANSFER AGENT INSTRUCTION LETTER</div>
      <div><br>
      </div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Date:</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">American Stock Transfer &amp; Trust Company, LLC</div>
      <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">6201 15th Avenue</div>
      <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Brooklyn, New York 11219</div>
      <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Attn:</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Dear</div>
      <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">You are hereby authorized to issue &#8230;.. common shares (the &#8220;Common Shares&#8221;) of Star Bulk Carriers Corp. (the &#8220;Company&#8221;) in &#8220;book entry&#8221; form&#160;
        on&#160; &#8230;&#8230; to the holder of record&#160;&#160; as follows:</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Number of Common Shares:</div>
      <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Deliver To:</div>
      <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Contact</div>
      <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Legend</div>
      <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Yes as per exhibit A</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">which will be subject to the applicable legend as set forth on Exhibit A&#160; hereto.</div>
      <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">The Common Shares are being issued pursuant to the Master&#160; Agreement, dated as of&#160; December 17, 2020 , by and among Star Bulk Carriers Corp
        and E.R. Capital Holding GmBh and Cie KG and MOA dated&#160; December 17, 2020&#8230;..</div>
      <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">* * * * *</div>
      <div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif; font-weight: bold; color: #000000;"> </font><br>
      </div>
      <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Sincerely,</div>
      <div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif; font-weight: bold; color: #000000;"> </font><br>
      </div>
      <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">STAR BULK CARRIERS CORP.</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">By:</div>
      <div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif; font-weight: bold; color: #000000;">Name:</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 72pt">&#160;</font></div>
      <div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif; font-weight: bold; color: #000000;">Title:</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif; font-weight: bold; color: #000000;"> </font><br>
      </div>
      <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">EXHIBIT A</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">&#8220;THE SHARES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &#8220;SECURITIES ACT&#8221;) OR THE
        SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION.&#160; THE SHARES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (1) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OR (2) PURSUANT TO AN EFFECTIVE REGISTRATION
        STATEMENT UNDER THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE STATE SECURITIES LAWS AND THE SECURITIES LAWS OF OTHER JURISDICTIONS, AND IN THE CASE OF A TRANSACTION EXEMPT FROM REGISTRATION, UNLESS THE COMPANY HAS RECEIVED AN
        OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT AND SUCH OTHER APPLICABLE LAWS.&#8221;</div>
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<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>3
<FILENAME>d8788524_ex4-3.htm
<TEXT>
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  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 4.3</font><br>
  </div>
  <div><br>
  </div>
  <div>
    <div style="text-align: center; text-indent: 36pt; margin-left: 288pt; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">EXECUTION COPY</div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">MASTER AGREEMENT</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">This master agreement is executed as a deed (the "<font style="font-weight: bold;">Master Agreement</font>") and dated 2&#160; February&#160; &#160; &#160; &#160; &#160;&#160; 2021</div>
    <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">BETWEEN:</div>
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          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(A)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">Each of the "<font style="font-weight: bold;">Buyers</font>" as defined in<font style="font-weight: bold;">&#160;</font>Clause 1, each a corporation incorporated in the location set out against its name in Clause 1 and
              having its registered offices at the address set out against its name in Clause 1;</div>
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    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0afcb25ae43648a6b0b7ceef11e704ea">

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          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(B)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;"><font style="font-weight: bold;">Star Bulk Carriers Corp., </font>a corporation incorporated under the laws of the Marshall Islands and having its registered offices at Trust Company Complex, Ajeltake Road,
              Ajeltake Island, Majuro, Marshall Islands, 96960 (the "<font style="font-weight: bold;">Buyers' Guarantor</font>");</div>
          </td>
        </tr>

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          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(C)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">(i) <font style="font-weight: bold;">SBI Pegasus Shipping Company Limited</font>, (ii) <font style="font-weight: bold;">SBI Ursa Shipping Company Limited</font>, (iii) <font style="font-weight: bold;">SBI Subaru
                Shipping Company Limited</font>, (iv) <font style="font-weight: bold;">SBI Capoeira Shipping Company Limited</font>, (v) <font style="font-weight: bold;">SBI Carioca Shipping Company Limited</font>, (vi) <font style="font-weight: bold;">SBI
                Lambada Shipping Company Limited</font>; and (vii) <font style="font-weight: bold;">SBI Macarena Shipping Company Limited</font> each a corporation incorporated under the laws of the Marshall Islands and having their registered offices at
              Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, 96960 (each a "<font style="font-weight: bold;">Charterer</font>" and together the "<font style="font-weight: bold;">Charterers</font>"); and</div>
          </td>
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          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(D)</td>
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            <div style="font-size: 12pt;"><font style="font-weight: bold;">Scorpio Bulkers Inc.,</font> a corporation incorporated under the laws of the Marshall Islands and having its registered offices at Trust Company Complex, Ajeltake Road, Ajeltake
              Island, Majuro, Marshall Islands, 96960 (the "<font style="font-weight: bold;">Guarantor</font>"),</div>
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    <div style="text-align: justify; margin-left: 21.3pt; margin-bottom: 12pt; font-size: 12pt;">(each a "<font style="font-weight: bold;">Party</font>" and together, the "<font style="font-weight: bold;">Parties</font>").</div>
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          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt; font-weight: bold;">1.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt; font-weight: bold;">Interpretation</div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">In this Master Agreement, unless the context otherwise requires:</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">"<font style="font-weight: bold;">Ancillary Documentation</font>" means, if and as applicable: (i) any Novation TMA; and/or (ii) any Sub-Charter Novation;</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">"<font style="font-weight: bold;">Banking Day</font>" means any day (other than a Saturday or Sunday) on which banks are open for the transaction of normal banking business in each
      of Athens, Amsterdam, New York and Shanghai;</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">"<font style="font-weight: bold;">Bareboat Charterparties</font>" means the bareboat charters entered into by the applicable Charterers and applicable Lessors for the applicable
      Vessel each dated 15 May 2019 and each shall be a "<font style="font-weight: bold;">Bareboat Charterparty</font>";</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">"<font style="font-weight: bold;">Buyer</font>" means, in respect of each Vessel, the party receiving the novation of the Bareboat Charterparty for that Vessel pursuant to the
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            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">Vessel Name</div>
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            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">Buyer</div>
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            <div style="font-size: 12pt; font-weight: bold;">Jurisdiction of Incorporation</div>
          </td>
          <td style="width: 35.38%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">Address</div>
          </td>
        </tr>
        <tr>
          <td style="width: 18.46%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">SBI Pegasus</div>
          </td>
          <td style="width: 27.7%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">Star Zeus III LLC</div>
          </td>
          <td style="width: 18.46%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">Marshall Islands</div>
          </td>
          <td rowspan="5" style="width: 35.38%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, 96960</div>
          </td>
        </tr>
        <tr>
          <td style="width: 18.46%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">SBI Ursa</div>
          </td>
          <td style="width: 27.7%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">Star Zeus V LLC</div>
          </td>
          <td style="width: 18.46%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">Marshall Islands</div>
          </td>
        </tr>
        <tr>
          <td style="width: 18.46%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">SBI Subaru</div>
          </td>
          <td style="width: 27.7%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">Star Zeus IV LLC</div>
          </td>
          <td style="width: 18.46%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">Marshall Islands</div>
          </td>
        </tr>
        <tr>
          <td style="width: 18.46%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">SBI Capoeira</div>
          </td>
          <td style="width: 27.7%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">Star Zeus I LLC</div>
          </td>
          <td style="width: 18.46%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">Marshall Islands</div>
          </td>
        </tr>
        <tr>
          <td style="width: 18.46%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">SBI Carioca</div>
          </td>
          <td style="width: 27.7%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">Star Zeus II LLC</div>
          </td>
          <td style="width: 18.46%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">Marshall Islands</div>
          </td>
        </tr>
        <tr>
          <td style="width: 18.46%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">SBI Lambada</div>
          </td>
          <td style="width: 27.7%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">Star Zeus VI LLC</div>
          </td>
          <td style="width: 18.46%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">Liberia</div>
            <div>&#160;</div>
          </td>
          <td rowspan="2" style="width: 35.38%; vertical-align: middle; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">80 Broad Street, Monrovia, Liberia</div>
          </td>
        </tr>
        <tr>
          <td style="width: 18.46%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">SBI Macarena</div>
          </td>
          <td style="width: 27.7%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">Star Zeus VII LLC</div>
          </td>
          <td style="width: 18.46%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">Liberia</div>
            <div>&#160;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">and together, the "<font style="font-weight: bold;">Buyers</font>";</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">"<font style="font-weight: bold;">Cash Consideration</font>" means, in relation to each Vessel, the amount which shall be paid in cash from the Buyers' Guarantor to the relevant
      Charterer on the Delivery of such Vessel, which amount shall be the aggregate of: (i) the cash value of the bunkers, luboils and greases which are on board the Vessel and owned by the relevant Charterer at the time of Delivery as calculated in
      accordance with Clause 7; (ii) any additional items which the Buyer is to pay for as described in the Novation Agreements; (iii) any cash value difference between the Current Outstanding Costs Balance and Outstanding Costs Balance as at Delivery;&#160;
      (iv) any Pre-Paid Interest; and (v) in respect of SBI Subaru and SBI Ursa only, if these Vessels are delivered in the Atlantic, USD 425,000 per Vessel;</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">"<font style="font-weight: bold;">Current Outstanding Costs Balance</font>" shall be the amounts as set out in Schedule 1 attached hereto;</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">"<font style="font-weight: bold;">Delivery</font>" means, in respect of each Vessel, the date and time on which the rights and obligations under the Charterparty for that Vessel
      are transferred from the applicable Charterer to the applicable Buyer pursuant to a Novation Agreement as evidenced by a signed, dated and timed protocol of delivery and acceptance;</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">"<font style="font-weight: bold;">Delivery Date Range</font>" means, in relation to a Vessel, the period between the date of satisfaction of the Closing Conditions in relation to
      that Vessel and, in the Guarantors' option, either: (i) 16 March 2021; (ii) thirty (30) days after the Lessors' Consent for that Vessel has been granted; or (iii) as may be extended pursuant to this Master Agreement;</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">"<font style="font-weight: bold;">Delivery Range</font>" means worldwide excluding any location from which the relevant Vessel is restricted from trading under the relevant
      Bareboat Charterparty or any relevant Sub-Charter;</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">"<font style="font-weight: bold;">Effectiveness Deadline</font>" has the meaning given to it in Clause 3(b);</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="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">"<font style="font-weight: bold;">Environmental Claim</font>" means:</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zdd5387efec754d8cb821b448d239a2d7">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">any claim by any governmental, judicial or regulatory authority which arises out of an Environmental Incident or an alleged Environmental Incident or which relates to any Environmental Law; or</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd678604143be43d79ca65aecd3de8400">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">any claim by any other person which relates to an Environmental Incident or to an alleged Environmental Incident,</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">and a "<font style="font-weight: bold;">claim</font>" includes a claim for damages, compensation, fines, penalties or any other payment of any kind whether or not similar to the
      foregoing; an order or direction to take, or not to take, certain action or to desist from or suspend certain action; and any form of enforcement or regulatory action, including the arrest or attachment of any asset;</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">"<font style="font-weight: bold;">Environmental</font>&#160;<font style="font-weight: bold;">Incident</font>" means:</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z14c80fc4a7d44417b62622e7c102bea8">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">any release of Environmentally Sensitive Material from a Vessel; or</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf92a220dea3b4909905af5d0e8132a7a">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">any incident in which Environmentally Sensitive Material is released from a Vessel other than a Vessel and which involves a collision between a Vessel and such other vessel or some other incident of navigation or
              operation, in either case, in connection with which a Vessel is actually or potentially liable to be arrested, attached, detained or injuncted and/or a Vessel and/or any Charterer and/or any operator or manager of the Vessel is at fault or
              allegedly at fault or otherwise liable to any legal or administrative action; or</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z97767a0dd0e248fa96992416c98dad50">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">any other incident in which Environmentally Sensitive Material is released otherwise than from a Vessel and in connection with which a Vessel is actually or potentially liable to be arrested and/or where any
              Charterer and/or any operator or manager of a Vessel is at fault or allegedly at fault or otherwise liable to any legal or administrative action;</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">"<font style="font-weight: bold;">Environmental Law</font>" means any law relating to pollution or protection of the environment, to the carriage of Environmentally Sensitive
      Material or to actual or threatened releases of Environmentally Sensitive Material;</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">"<font style="font-weight: bold;">Environmentally Sensitive Material</font>" means oil, oil products and any other substance (including any chemical, gas or other hazardous or
      noxious substance) which is (or is capable of being or becoming) polluting, toxic or hazardous;</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">"<font style="font-weight: bold;">Excluded Items</font>" means the items set out in Schedule 6;</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">"<font style="font-weight: bold;">Free Cash</font>" means, in respect of a Vessel, the net charter revenue from that Vessel less: (a) the operating costs and management fees for
      that Vessel of USD4,900&#160; per day; and (b) interest payable under the respective Bareboat Charterparty;</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">"<font style="font-weight: bold;">Inspection</font>" has the meaning given to it in Clause 4(a);</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">"<font style="font-weight: bold;">Inspection Acceptance Notice</font>" has the meaning given to it in Clause 4(a);</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="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">"<font style="font-weight: bold;">Interim Charter</font>" means, in respect of any Sub-Charter which is being performed at delivery and in respect of which a Sub-Charter Novation
      is not possible, an interim charter between the Buyer (as owner) and the Charterer (as charterer)&#160; on substantially back to back terms to the Sub-Charter;</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">"<font style="font-weight: bold;">Lessors</font>" means (i) regarding SBI Pegasus: Sea 132 Leasing Co. Limited; (ii) regarding SBI Ursa: Sea 134 Leasing Co. Limited, (iii)
      regarding SBI Subaru: Sea 133 Leasing Co. Limited; (iv) regarding SBI Capoeira: Sea 128 Leasing Co. Limited; (v) regarding SBI Carioca: Sea 129 Leasing Co. Limited; (vi) for the SBI Lambada: Sea 130 Leasing Co. Limited; and (vii) regarding SBI
      Macarena: Sea 131 Leasing Co. Limited (each a "<font style="font-weight: bold;">Lessor</font>" and, together, the "<font style="font-weight: bold;">Lessors</font>");</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">"<font style="font-weight: bold;">Lessors Consent</font>" has the meaning given to it in Clause 2(b);</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">"<font style="font-weight: bold;">Major Casualty</font>" means, any casualty to a Vessel in respect of which the claim or the aggregate of the claims against all insurers, before
      adjustment for any relevant franchise or deductible, exceeds USD500,000 (or the equivalent in any other currency);</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">"<font style="font-weight: bold;">NOR</font>" means the notice of readiness for Delivery for a Vessel served by the relevant Charterer, which shall only be given within the
      Delivery Date Range for that Vessel and in accordance with Clause 6, once all of the Closing Conditions for that Vessel have been satisfied;</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">"<font style="font-weight: bold;">Novation Agreements</font>" means the agreements to be entered into between the applicable Charterer, the Guarantor, the applicable Lessor, each
      applicable Buyer and the Buyer Guarantor pursuant to which the applicable Charterer and Guarantor will novate their rights and obligations under&#160; the applicable Bareboat Charterparty to the applicable Buyer and Buyers' Guarantor, in consideration for
      the Novation Consideration;</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">"<font style="font-weight: bold;">Novation Consideration</font>" means in respect of each Vessel: (i) the Buyers' assumption of the Outstanding Cost Balance under the relevant
      Bareboat Charterparty as at Delivery; (ii) the Warrant Shares issued upon a valid exercise of the Warrant in respect of such Vessel; and (iii) the Cash Consideration for that Vessel;</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">"<font style="font-weight: bold;">Novation TMA</font>" means the novation agreement of the rights and obligations of the Charterer under the technical management agreement for the
      Vessel as at Delivery to Buyer substantially the form set out in Schedule 3;</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">"<font style="font-weight: bold;">Outstanding Costs Balance" </font>shall have the same meaning as that given in each of the Bareboat Charterparties and means the principal lease
      amount under each of the Bareboat Charterparties which shall be assumed by the relevant Buyer on Delivery in respect of which the Parties shall procure that the Lessors provide an approximate amount within one (1) week of each Vessel's Delivery and
      definite amounts one (1) day before each Delivery;</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">"<font style="font-weight: bold;">Pre-Paid Interest</font>" means, in the event that the relevant Charterer or the Guarantor has, under the relevant Bareboat Charterparty:</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7823d82da1e143d389370cf0d403ba7a">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">paid to the relevant Lessor the charterhire, comprising principal and interest, due on 24 February 2021 for the period ending on or around 23 May 2021 and Delivery takes place on or after 24 February 2021 but
              before 23 May 2021; or,</div>
          </td>
        </tr>

    </table>
    <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;">4</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc8cba7e676c34ffb867a745598e301e4">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">paid the charterhire comprising principal and interest, due on 24 May 2021 for the period ending on or around 23 August 2021 and Delivery takes place on or after 24 May 2021 but before 23 August 2021,</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">the amount of the interest that will be deemed earned by the relevant Lessor in the period between the Delivery of the relevant Vessel and the 23 May 2021 (in the case of (a)) or
      23 August 2021 (in the case of (b)) but at the date of Delivery has already been pre-paid by the relevant Charterer or the Guarantor, subject to the prepayment of such interest being evidenced by the invoices issued by the Lessors;</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">"<font style="font-weight: bold;">Prohibited Person</font>" means a person that is:</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z019de8ae42e6429cb7cd30f426b64369">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">listed on, or owned or controlled by a person listed on, a Sanctions List;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2013d9ffaa0b4a2a992a91197c4b7ded">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">located in, incorporated, organized or formed under the laws of, or owned or (directly or indirectly) controlled by, or acting on behalf of, a person located in or organized under the laws of a country or territory
              that is the target of country-wide or territory wide Sanctions ; or</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6e9fb7c3bf8c47a9b3930760e1faaad1">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">otherwise a subject of or target of, or owned or controlled by a person that is otherwise the subject of or target of, Sanctions;</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">"<font style="font-weight: bold;">Registration Rights Agreement</font>" means the agreement by and among the Buyers' Guarantor and the Guarantor dated as of the date hereof, a form
      of which is attached in Schedule 4 hereto;</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">"<font style="font-weight: bold;">Sanctions</font>" means any sanctions, embargoes, freezing provisions, prohibitions or other restrictions relating to trading, doing business,
      investment, exporting, financing or making assets available (or other activities similar to or connected with any of the foregoing):</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z14ff39e26ece44168ec4a95aa9a4e83d">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">imposed by law or regulation of the United Kingdom, the Council of the European Union, the United Nations or its Security Council or the United States of America or their respective governmental authorities or
              agencies including, without limitation:</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z281aed0a3c054b1bb1230babcc408cd2">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">the Office of Foreign Assets Control in the United States ("<font style="font-weight: bold;">OFAC</font>");</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7bc95b8cdfac4ae39f3e909d986b310a">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">the U.S. Department of State;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zdc6dfbbd83804b28a140f244f72debf9">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">the United Nations Security Council; and</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5bd2a65d7ded46288037ec83e289ae06">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(iv)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">Her Majesty's Treasury of the United Kingdom</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">(together, the "<font style="font-weight: bold;">Sanctions Authorities</font>"); or</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6dcb959f7c5841c08bab850e700515cf">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">otherwise imposed by any law or regulation binding on a Party or to which a Party is subject;</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">"<font style="font-weight: bold;">Sanctions List</font>" means:</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3f74f2a27fbb4ccd826a55d75e30ecb1">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">the "Specially Designated Nationals and Blocked Persons List" maintained by OFAC;</div>
          </td>
        </tr>

    </table>
    <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;">5</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zcc7bb1cdbc134aee83b97f92c00cbba5">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">the "Investment Ban List" maintained by Her Majesty's Treasury of the United Kingdom; or</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0421d4b745944e49929f1298134dcbf8">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">any similar list maintained by, or the public announcement of a Sanctions designation made by, a sanctions authority referred to in the definition of "Sanctions",</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">each as amended, supplemented or substituted from time to time;</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">"<font style="font-weight: bold;">SEC</font>" has the meaning given to it in Clause 3(a);</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">"<font style="font-weight: bold;">Securities Act</font>" has the meaning given to it in Clause 3(a);</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">"<font style="font-weight: bold;">Selling Shareholder Questionnaire</font>" means the questionnaire set forth in Schedule 5 hereto;</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">"<font style="font-weight: bold;">Sub-Charter</font>" means any sub-charter for a Vessel for which the Delivery for that Vessel is or may fall during its charter period (always
      excluding the Bareboat Charterparties) such term to always include any sub-charter for a Vessel entered into after the date of this Master Agreement and which is still being performed on Delivery of that Vessel;</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">"<font style="font-weight: bold;">Sub-Charter Novation</font>" means a novation of the rights and obligations of a Charterer under a Sub-Charter to the relevant Buyer, in a form to
      be agreed ;</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">"<font style="font-weight: bold;">Transactions</font>" means the transactions contemplated by this Master Agreement, the Novation Agreements and any Ancillary Documentation;</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">"<font style="font-weight: bold;">Vessels</font>" means:</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" id="zfbd4aa150ccd4a429e4ee72f13b4d390">

        <tr>
          <td style="width: 23.83%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">Vessel name</div>
          </td>
          <td style="width: 25.46%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">Type</div>
          </td>
          <td style="width: 24.42%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">Year of build</div>
          </td>
          <td style="width: 26.29%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">Shipyard</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.83%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">SBI Pegasus</div>
          </td>
          <td style="width: 25.46%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">Ultra</div>
          </td>
          <td style="width: 24.42%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">2015</div>
          </td>
          <td style="width: 26.29%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">Chengxi</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.83%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">SBI Ursa</div>
          </td>
          <td style="width: 25.46%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">Ultra</div>
          </td>
          <td style="width: 24.42%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">2015</div>
          </td>
          <td style="width: 26.29%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">DACKS</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.83%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">SBI Subaru</div>
          </td>
          <td style="width: 25.46%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">Ultra</div>
          </td>
          <td style="width: 24.42%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">2015</div>
          </td>
          <td style="width: 26.29%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">DACKS</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.83%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">SBI Capoeira</div>
          </td>
          <td style="width: 25.46%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">Kamsa</div>
          </td>
          <td style="width: 24.42%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">2015</div>
          </td>
          <td style="width: 26.29%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">Hudong</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.83%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">SBI Carioca</div>
          </td>
          <td style="width: 25.46%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">Kamsa</div>
          </td>
          <td style="width: 24.42%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">2015</div>
          </td>
          <td style="width: 26.29%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">Hudong</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.83%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">SBI Lambada</div>
          </td>
          <td style="width: 25.46%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">Kamsa</div>
          </td>
          <td style="width: 24.42%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">2016</div>
          </td>
          <td style="width: 26.29%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">Hudong</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.83%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">SBI Macarena</div>
          </td>
          <td style="width: 25.46%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">Kamsa</div>
          </td>
          <td style="width: 24.42%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">2016</div>
          </td>
          <td style="width: 26.29%; vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">Hudong</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 10pt;"><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-size: 12pt;">(each "<font style="font-weight: bold;">Vessel</font>" and together the "<font style="font-weight: bold;">Vessels</font>");</div>
    <div style="text-align: justify; text-indent: -7.1pt; margin-left: 7.1pt; margin-bottom: 12pt; font-size: 12pt;">"<font style="font-weight: bold;">Warrant</font>" means the warrant in the form attached in Schedule 2 hereto; and</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;">6</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">"<font style="font-weight: bold;">Warrant Shares</font>" means the shares of common stock of the Buyers' Guarantor underlying the Warrant and to be issued upon a valid exercise of
      the Warrant as set forth in Clause 3.</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z464e8be56b074dcea9502cb007dae8d9">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt; font-weight: bold;">2.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt; font-weight: bold;">Closing Conditions</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">The provisions of this Master Agreement are intended to create a binding and enforceable obligation on each Party.&#160; The obligations of the Parties under Clauses 3, 4(c), 4(d), 6,
      7, and 8 in respect of each Vessel shall be contingent upon the satisfaction of the following conditions in respect of that Vessel (together, the "<font style="font-weight: bold;">Closing Conditions</font>"):</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z24bc7401301746568faecee3c48bcb22">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">Buyers/Buyers' Guarantor, at their option, having carried out a physical inspection of the Vessel and its class records on or prior to 10 February 2021;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za45048538c7e40769652ce4ef5bbbafd">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">The relevant Lessor having provided their written consent to the Transactions (each a "<font style="font-weight: bold;">Lessor's Consent</font>") on or prior to 28 February 2021; and</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z82398764cae44c39ac461ccb3c1a081f">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">The execution of the relevant Novation Agreement prior to 16 March 2021 or such later date as the Parties may agree in writing.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z40f92563d98641559b43a3a9705cb082">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt; font-weight: bold;">3.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt; font-weight: bold;">Issuance of Warrant and Warrant Shares and Registration Rights</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6bc73dfad742441b9140a9b346b73822">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">Issuance of the Warrant and the Warrant Shares. Subject to the accuracy of and in reliance upon the representations and warranties of the Guarantor contained in the Warrant, the Buyers' Guarantor shall issue to the
              Guarantor or its nominee as of the date of this Master Agreement the Warrant in a transaction exempt from registration under Section 5 of the Securities Act of 1933, as amended (the "<font style="font-weight: bold;">Securities Act</font>").&#160;
              Upon the valid exercise of the Warrant in accordance with its terms, the Buyers' Guarantor shall issue the following number of Warrant Shares in respect of each Vessel Delivery:</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" id="z7132a9a8f8c648a0875b9d296c59d2af">

        <tr>
          <td style="width: 47.51%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; text-indent: -7.1pt; margin-left: 7.1pt; font-family: 'Times New Roman', Times, serif;">Vessel</div>
          </td>
          <td style="width: 52.49%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; text-indent: -7.1pt; margin-left: 7.1pt; font-family: 'Times New Roman', Times, serif;">Number of Warrant Shares</div>
          </td>
        </tr>
        <tr>
          <td style="width: 47.51%; vertical-align: top; background-color: rgb(219, 219, 219); border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; text-indent: -7.1pt; margin-left: 7.1pt; font-family: 'Times New Roman', Times, serif;">SBI Subaru</div>
          </td>
          <td style="width: 52.49%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; text-indent: -7.1pt; margin-left: 7.1pt; font-family: 'Times New Roman', Times, serif;">348,520</div>
          </td>
        </tr>
        <tr>
          <td style="width: 47.51%; vertical-align: top; background-color: rgb(219, 219, 219); border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; text-indent: -7.1pt; margin-left: 7.1pt; font-family: 'Times New Roman', Times, serif;">SBI Pegasus</div>
          </td>
          <td style="width: 52.49%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; text-indent: -7.1pt; margin-left: 7.1pt; font-family: 'Times New Roman', Times, serif;">350,797</div>
          </td>
        </tr>
        <tr>
          <td style="width: 47.51%; vertical-align: top; background-color: rgb(219, 219, 219); border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; text-indent: -7.1pt; margin-left: 7.1pt; font-family: 'Times New Roman', Times, serif;">SBI Ursa</div>
          </td>
          <td style="width: 52.49%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; text-indent: -7.1pt; margin-left: 7.1pt; font-family: 'Times New Roman', Times, serif;">348,519</div>
          </td>
        </tr>
        <tr>
          <td style="width: 47.51%; vertical-align: top; background-color: rgb(219, 219, 219); border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; text-indent: -7.1pt; margin-left: 7.1pt; font-family: 'Times New Roman', Times, serif;">SBI Capoeira</div>
          </td>
          <td style="width: 52.49%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; text-indent: -7.1pt; margin-left: 7.1pt; font-family: 'Times New Roman', Times, serif;">494,305</div>
          </td>
        </tr>
        <tr>
          <td style="width: 47.51%; vertical-align: top; background-color: rgb(219, 219, 219); border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; text-indent: -7.1pt; margin-left: 7.1pt; font-family: 'Times New Roman', Times, serif;">SBI Carioca</div>
          </td>
          <td style="width: 52.49%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; text-indent: -7.1pt; margin-left: 7.1pt; font-family: 'Times New Roman', Times, serif;">494,305</div>
          </td>
        </tr>
        <tr>
          <td style="width: 47.51%; vertical-align: top; background-color: rgb(219, 219, 219); border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; text-indent: -7.1pt; margin-left: 7.1pt; font-family: 'Times New Roman', Times, serif;">SBI Lambada</div>
          </td>
          <td style="width: 52.49%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; text-indent: -7.1pt; margin-left: 7.1pt; font-family: 'Times New Roman', Times, serif;">481,777</div>
          </td>
        </tr>
        <tr>
          <td style="width: 47.51%; vertical-align: top; background-color: rgb(219, 219, 219); border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: justify; text-indent: -7.1pt; margin-left: 7.1pt; font-family: 'Times New Roman', Times, serif;">SBI Macarena</div>
          </td>
          <td style="width: 52.49%; vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: justify; text-indent: -7.1pt; margin-left: 7.1pt; font-family: 'Times New Roman', Times, serif;">481,777</div>
          </td>
        </tr>

    </table>
    <div style="margin-top: 6pt;"><br>
    </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;">7</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-size: 12pt;">provided that, the Warrant Shares listed in the table above may only be issued to the Guarantor at such times when the Registration Statement covering the resale
      of the Warrant Shares is on file with and has been declared effective by the U.S. Securities and Exchange Commission (the "<font style="font-weight: bold;">SEC</font>"), in accordance with the rules and regulations under the Securities Act; provided
      further that the Warrant shall be non-transferable and the Warrant Shares shall be issued (upon a valid exercise of the Warrant) without a Securities Act legend.</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zcae9c5d90a90475393539b1e27cffb65">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;"><u>Registration</u><u> Rights</u>.&#160; No later than 10 February 2021&#160; (the "<font style="font-weight: bold;">Filing Deadline</font>"), the Buyers' Guarantor agrees to file with the SEC a new Registration Statement,
              as set forth in the Registration Rights Agreement, covering the resale of such Warrant Shares that are issuable in respect of each Vessel for which an Inspection Acceptance Notice has been given and/or any Vessel in repect of which the
              Buyers' Guarantor has waived in writing the right to carry out an Inspection, and shall use its commercially reasonable efforts to have the Registration Statement declared effective as soon as practicable after the Filing Deadline but in no
              event later than the earlier of (i)the 90th calendar day following the Filing Deadline if the SEC notifies the Buyers' Guarantor that it will "review" the Registration Statement) and (ii)&#160; the 5th business day after the date the Buyers'
              Guarantor is notified (orally or in writing, whichever is earlier) by the SEC that the Registration Statement will not be "reviewed" or will not be subject to further review; (the "<font style="font-weight: bold;">Effectiveness Deadline</font>")
              provided that reasonable and documented costs, not exceeding USD50,000 actually incured by the Guarantor directly as a result of failure to meet the Effectiveness Deadline shall be borne by the Buyers' Guarantor; provided further that the
              Guarantor or its nominee (as applicable) agrees to provide the Buyers' Guarantor with a completed Selling Shareholder Questionnaire no later than two (2) Business Days prior to the Filing Deadline.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd948d3bf359446d9a3a91ac2e3d9344e">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;"><u>Compliance with Securities Laws.</u>&#160; The Guarantor or its nominee (as applicable) agrees to comply with the U.S. securities laws in connection with any disposition of the Warrant Shares.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc01f3933524043b9a0342cda0694db2e">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;"><u>Effectiveness Deadline.</u> If the Registration Statement is not declared effective by the SEC by the Effectiveness Deadline then, save for Clauses 16, 19 and 21 which shall remain in force, the terms of this
              Master Agreement shall terminate immediately without further liability to any Party save as is set out in Clause 16. For the avoidance of doubt, Clause 6(e) shall not apply for any Vessels in respect of which the terms of this Master
              Agreement have been terminated in accordance with this Clause 3(d).</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za38c745675484ef28a4ce21b882f4b45">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;"><u>Extension of the Delivery Date Range.</u> Without prejudice to Clause 3(d), if the Buyers' Guarantor has filed the new Registration Statement in accordance with Clause 3(b) and the Registration Statement is not
              declared effective by the end of the original Delivery Date Range (prior to any extension under sub-Clause (ii) of the definition of Delivery Date Range in Clause 1), then the Delivery Date Range shall be deemed extended to expire on the
              earlier of (i) ten&#160; (10) Business Days immediately following the date that the Registration Statement is deemed effective or such later date as the&#160; Guarantor and the Buyers' Guarantor&#160; may agree in writing, such date to be extended to enable
              any notice provisions in the Novation Agreements to be complied with; and (ii) the Effectiveness Deadline.</div>
          </td>
        </tr>

    </table>
    <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;">8</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z191706cbcffb40daaa6896917c7f7b70">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt; font-weight: bold;">4.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt; font-weight: bold;">Inspections</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7413d143685d457b9cb5294d04e89d0d">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">The Buyers/Buyers' Guarantor shall have the right to inspect each Vessel (an "<font style="font-weight: bold;">Inspection</font>") and its classification records on or before 10 February 2021 and shall declare, in
              respect of each Vessel, whether the same are accepted or not within ten (10) Banking Days after the completion of the inspection and in all circumstances, no later than 10 February 2021 (each declaration of acceptance, an "<font style="font-weight: bold;">Inspection Acceptance Notice</font>"). If the Buyers/Buyers' Guarantor do not accept the findings of an inspection of a Vessel and its classification records within the aforementioned period, the provisions of
              this Master Agreement that relate to that Vessel shall automatically be null and void save for Clauses 16, 19 and 21.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z75789a8449b142d1a35c02f9af0d7cc8">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">The Charterers shall make each Vessel available for such inspection<font style="font-size: 10pt;">&#160;</font>and during the inspection, the Vessel's deck and engine log books shall be made available for examination by
              the Buyers/Buyers' Guarantor. The Buyers/Buyers' Guarantor shall ensure that the inspections shall not cause undue delay to the Vessels.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z14caaa4349754a3dabedcff00c7304e2">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">The Buyers/Buyers' Guarantor shall have the right at their cost and expense to arrange for an underwater inspection of each Vessel by a diver approved by that Vessel's Classification Society prior to the Delivery
              in respect of that Vessel. The Charterers at their cost and expense make the Vessel available for such inspection. This inspection shall be carried out without undue delay (and such underwater inspection shall not cause undue delay to the
              Vessels) and in the presence of a Classification Society surveyor arranged for by the Charterers and paid for by the Buyers/Buyers' Guarantor. The Buyers/Buyers' Guarantor representative(s) shall have the right to be present at the diver's
              inspection as observer only without interfering with the work or decisions of the Classification Society surveyor. The extent of the inspection and the conditions under which it is performed shall be to the satisfaction of the Vessel's
              Classification Society.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zfab361785eb4410590bbf8afb95a0f0c">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">If the rudder propeller, bottom or other underwater parts below the deepest load line are found broken, damaged or defective so as to affect a Vessel's class (by way of condition), then such defects shall be made
              good by the Charterers at their cost and expense to the satisfaction of the Classification Society without condition/recommendation prior to Delivery and the Charterers shall pay for the underwater inspection and the Classification Society's
              attendance. In the Buyers/Buyers' Guarantors' option, the Charterers shall not be required to make good such defects if the Charterers make a payment on Delivery to the Buyers Guarantor (or as the Buyers Guarantor directs) of an amount
              sufficient to cover the costs and expenses in connection with the required repairs (including but not limited to the cost of labour and materials), as may be determined by the Buyers, acting reasonably. Such payment may, in the Buyers'
              Guarantors' option, be netted off against the Cash Consideration payable for the Vessels.</div>
          </td>
        </tr>

    </table>
    <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;">9</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z89c6f9265a7746949f197e39c4c91766">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">The Buyers have the right to place up to two (2) representatives on board each Vessel, at the sole risk and expense of the Buyers and the relevant Charterer shall make all reasonable commercial efforts to ensure
              such representatives are able to board the Vessel after a strict quarantine/Covid-19 protocol to be agreed between the Guarantor and Buyers' Guarantor. These representatives are on board for the sole purpose of familiarisation and in the
              capacity of observers only, and they shall not interfere in any respect with the operation of the Vessel. The Buyers and the Buyers' representatives shall sign the Charterer's P&amp;I Club standard letter of indemnity prior to their
              embarkation. Any Buyers' representative coming on board prior to delivery of the Vessel shall take a PCR COVID-19 test 48 hours prior to boarding the Vessel.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z59b1ced7e40147dc8557ef12139ef737">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt; font-weight: bold;">5.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt; font-weight: bold;">Sub-Charters</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">The Charterers shall procure that so long as this Master Agreement is in force in respect of a Vessel:</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z202dfebf5bed45e683540cbe3ac33601">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">they shall use reasonable commercial endeavours to procure that all Sub-Charters entered into after the date of this Master Agreement for that Vessel include the following provision: "<font style="font-style: italic;">The Charterers hereby agree that the Owners shall be entitled to novate their rights and obligations under this agreement to [Name of Relevant Buyer] upon written notice to the Charterers. The Charterers shall promptly sign all
                such documents as may be necessary to give effect to such novation as the Owners may request, subject to such documents not increasing the obligations or liabilities of the Charterers hereunder."</font>;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4404bfd455a14ba6a856096a99f5ef07">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">entry into any Sub-Charter for that Vessel with a duration of more than thirty (30) days shall require the prior written consent of the relevant Buyer, such consent not to be unreasonably withheld or delayed; and</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3fc5dbce6b27420eab0e9b4389ed339e">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">any Sub-Charter in effect at the time of Delivery of the relevant Vessel shall be novated to the Buyer pursuant to a Sub-Charter Novation, or if the relevant sub-charterer does not agree to the Sub-Charter
              Novation, the relevant parties will discuss and agree the terms of an Interim Charter.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z821e74c2fc1e4831b4cfe2acb0beb10b">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt; font-weight: bold;">6.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt; font-weight: bold;">Delivery of Vessels</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zcedff3e2539c4522947f0ad5cf8b2600">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">The Vessel shall be delivered and taken over safely afloat at a safe location within the Delivery Range in the Charterers' option. If it is intended, at the time of Delivery, that the Vessel will be at sea or
              otherwise will not be in such a place that will allow the orderly handover of the crew or technical management of the Vessel, the relevant Buyer may require, in their option, notified in writing to the Guarantor prior to Delivery, that the
              Guarantor procure the entry into of a Novation TMA by the then current technical manager of the Vessel in respect of that Vessel.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf4a9d154046c49909f66d60129a3c493">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">NOR for each Vessel shall only be tendered within the relevant Delivery Date Range after the relevant notices have been given in accordance with Clause 6(c). NOR may only be given for a Vessel once the Closing
              Conditions for that Vessel have been met and the Registration Statement in respect of the relevant Warrant Shares is declared effective by the SEC.</div>
          </td>
        </tr>

    </table>
    <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;">10</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9f0cc5da32f04537a8a0887343e764de">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">The Charterers shall keep the Buyers well informed of each Vessel's itinerary and shall provide the Buyers with ten (10) and five (5) approximate days' notice, and three (3), two (2) and one (1) days' definite
              notice of the date the relevant Charterer will tender NOR and of the place of Delivery. When the Vessel is at the place of Delivery and physically ready for Delivery in accordance with this Master Agreement and the relevant Novation
              Agreement, the relevant Charterer shall give the relevant Buyer the NOR for that Vessel. If, on the date of expected tendering of NOR (as indicated by the aforementioned notices) the only fact preventing the Charterer issuing NOR is the fact
              that the Registration Statement in respect of the relevant Warrant Shares has not yet been declared effective by the SEC, then: (i) the Charterer shall continue keep the Buyers well informed of each Vessel's itinerary; (ii) the Buyers'
              Guarantor shall continue to keep the Guarantor informed of any material information regarding the efforts to have the Registration Statement declared effective; and (iii) without prejudice to the other terms of this Master Agreement, the
              Parties shall act reasonably in determining a new timeline and giving of notices by the Charterer for issuance of NOR which, at a minimum, will provide the relevant Buyer and the Buyers' Guarantor with sufficient notice to be able to meet
              their obligations and exercise their rights under the Novation Agreement and this Master Agreement and specifically, without limitation, those under Clauses 6(a) and 6(d).</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z04bad6a125ae4c999fb7cb36a744a78b">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">On Delivery of each Vessel and no later than three (3) Banking Days after the date that the relevant NOR has been given: (i) the Buyers' Guarantor shall pay (or procure payment) and issue (as applicable) to the
              Guarantor, the Novation Consideration for that Vessel;&#160; (ii) the Novation Agreements and any Ancillary Documentation must be effective and the novations contemplated thereunder (or delivery in the case of an Interim Charter) shall take place;
              and (iii) to the extent not already delivered, the Parties must exchange the documents set out in Clause 8.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0b4fbbc99f234fa492f98f90b80af247">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">Subject to Clause 3(d), should, following satisfaction of the Closing Conditions and the Registration Statement being declared effective, the relevant Charterer fails to serve NOR for a Vessel by the last day of
              the Delivery Date Range for that Vessel, then the relevant Buyer may, by written notice to the relevant Charterer either:</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb4ab3f78ffc04fc094dc8cb5d5605ef9">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">a.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">cancel the terms of this Master Agreement insofar as they relate to that Vessel whereupon the Guarantor shall make due compensation to the Buyers and Buyers' Guarantor for their respective losses and for all
              expenses incurred in respect of the Transactions that relate to that Vessel (including without limitation a proportional amount of any cost and expense that relates to the Transactions as a whole); or</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z97ab3dc008b246de90522f250b0f308c">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">b.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">without prejudice to the right of the relevant Buyer to at any time thereafter serve a notice to cancel the relevant terms of this Master Agreement that relate to that Vessel and demand compensation in accordance
              with Clause 6(e)a., extend the Delivery Date Range for up to ninety (90) days, whereupon the terms of Clause 6(g) shall apply.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z650cf624d5d84806b00abd1d574c56fb">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(f)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">Should the Buyer fail to be ready and/or fail to take delivery of the Vessel within three (3) Banking Days after the date that the relevant NOR has been given for a Vessel then the relevant Charterer may, by
              written notice to the relevant Buyer either:</div>
          </td>
        </tr>

    </table>
    <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;">11</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z72e74771c3694a24ae8f680ffdae38e2">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">a.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">cancel the terms of this Master Agreement insofar as they relate to that Vessel whereupon the Buyers' Guarantor shall make due compensation to the Charterers and Guarantor for their respective losses and for all
              expenses incurred in respect of the Transactions that relate to that Vessel (including without limitation a proportional amount of any cost and expense that relates to the Transactions as a whole); or</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc930ab661afc475caab6b0418bfe2c7d">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">b.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">without prejudice to the right of the relevant Charterer to at any time thereafter serve a notice to cancel the relevant terms of this Master Agreement that relate to that Vessel and demand compensation in
              accordance with Clause 6(f)a., extend the Delivery Date Range for up to ninety (90) days and for the avoidance of any doubt, any Free Cash shall be retained by the Charterer.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z423c4e73b44a4b94b67e75d321f45619">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(g)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">If the Delivery for a Vessel occurs within the extended period set out in Clause 6(e)b., the Cash Consideration for that Vessel shall be adjusted such that the Free Cash (if any) accrued from the expiry of the
              original Delivery Date Range to the date of actual Delivery (if any) shall be for the relevant Buyer. If this results in the Cash Consideration being a negative number, the relevant Charterer (or the Guarantor) shall pay the Buyers' Guarantor
              such amount in order to give effect to the spirit of this Clause 6(g).</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3e0272eaedc546c8ad69956a25a3d376">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt; font-weight: bold;">7.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt; font-weight: bold;">Bunkers and other items</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc77ddda0c2a5449d9d9ad5dc3d5db2b0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">&#160;Upon Delivery of a Vessel, the relevant Charterers shall deliver to the relevant Buyers everything belonging to that Vessel which is in the Charterers' possession or control (save for any Excluded Items), on board
              and on shore, including but not limited to depot spares that are compatible with the Vessels but are not assigned to a specific Vessel (on a pro rata basis across the Guarantor's fleet), any spare parts and spare equipment, spare tail end
              shaft(s) and/or spare propeller blade(s), used or unused, whether on board or not, and any such items owned by the Charterers shall become the relevant Buyers' property without additional payment. The Charterers are not required to replace
              spare parts including spare tail-end shaft(s) and spare propeller(s)/propeller blade(s) which are taken out of spare and used as replacement prior to delivery, but the replaced items shall be the property of the Buyers. The Charterers shall
              make reasonable efforts to remove all Excluded Items from the Vessel promptly after to Delivery. To the extent that Excluded Items are not removed from the Vessel at Delivery due to the Vessel not being in port at the time of Delivery and/or
              a Novation TMA, the Buyer shall make such Excluded Items available for collection by the Charterers at the first port after Delivery. Any additional cost incurred by the Buyer shall be for the account of the Charterer/Guarantor.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za7a4993b34514a188a0686e19b48de1c">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">The relevant Buyer shall take over remaining bunkers and unused lubricating and hydraulic oils and greases in storage tanks and unopened drums which are owned by the relevant Charterer at the time of Delivery (the
              "<font style="font-weight: bold;">Fuels</font>") and the value of the Fuels for the purpose of calculating the Cash Consideration shall be determined by multiplying the quantities determined pursuant to Clause 7(c) by the actual price paid
              for the same (excluding barging prices but including discounts) as evidenced by invoices and/or vouchers .</div>
          </td>
        </tr>

    </table>
    <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;">12</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc3f71dfacff44ce599aa1563e1a3c462">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">The quantities of Fuels as at Delivery will be measured by Verifuel, the cost of which will be shared by the Buyer and the Charterer. If the Vessel is to be delivered at sea, such&#160; measurement will take place in
              the last port prior to commencing the last voyage before Delivery and for the purposes of determining the Cash Consideration payable, the Parties shall take the surveyors measurement for the quantities and agree a reduction in such quantities
              to account for the estimated consumption between measurement and the time of Delivery. If the Vessel is to be delivered at a port, the measurement will take place in the delivery port and such measurement will be the basis for assessing the
              value of the Fuels.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze13e3466d07d4f298d8162b3ed985e11">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">The Charterers and Guarantor each undertake to each Buyer and the Buyers' Guarantor that for any Vessel not carrying cargo under a Sub-Charter at Delivery, the cargo holds of that Vessel shall be swept clean upon
              Delivery. Any failure to comply with the undertaking in this Clause 7(d) shall result in compensation of USD4,000 per Vessel in non-compliance which may be settled, in the Buyers' Guarantor's option, by deduction from the Cash Consideration
              for that Vessel.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z26bb5379ea484b7a8a941bca5e100cce">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt; font-weight: bold;">8.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt; font-weight: bold;">Delivery Documentation</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">Upon or before the Delivery of each Vessel, the relevant Charterer shall provide the relevant Buyer with the following delivery documents:</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za8091c494b0641928db6cc9534684448">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">Evidence acceptable to the Buyer (acting reasonably) that all necessary corporate action has been taken by the Charterer to authorise the execution, delivery and performance of this Master Agreement, the relevant
              Novation Agreement, any relevant Ancillary Documentation and all other documents to be provided or executed by the Charterers under any of them;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z27e6313535a34933bba9d722815a5b4c">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">a Certificate of Transcript of Registry issued by the competent authorities of the flag state no earlier than three (3) Banking Days prior to the Delivery evidencing the relevant Lessor's ownership of the Vessel
              and any registered mortgages;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0e698784505d464cadc357f6900fa119">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">a Declaration of Class or (depending on the Classification Society) a Class Maintenance Certificate issued no earlier than three (3) Banking Days prior to Delivery confirming that the Vessel is in Class free from
              condition/recommendation. In the event of a recommendation on Delivery,&#160; a compensation equivalent to the direct costs of repair, which shall be the average of quotes from two (2) reputable shipyards, in the vicinity of the delivery place,&#160;
              obtained from the relevant Charterer and the relevant Buyer, promptly, without delay, by way of deduction from the Cash Consideration for that Vessel;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7233c61abd674a7c9d99814ccfe548bb">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">a complete and accurate copy of any Sub-Charter in force for that Vessel as at Delivery;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z58923f734b7e4ec08647b01a7424d258">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">if required by the Buyer in accordance with Clause 6(a), a signed original of the relevant Novation TMA executed by the relevant technical manager;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb9981a852e9d4b1981b097e588100c18">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(f)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">the classification certificate(s) as well as all plans, drawings and manuals, which are on board the Vessel in the possession of the Charterers with other certificates which are on board the Vessel being handed
              over to the Buyer unless the Charterer is required to retain or does not have the power to provide the same, in which case the Charterer shall procure that the Buyer has the right to take copies; and</div>
          </td>
        </tr>

    </table>
    <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;">13</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2956b6c236e44fe0b1f375acf3d8112f">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(g)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">confirmation that they have satisfied (or will satisfy immediately after Delivery) all conditions precedent&#160; that they are required to satisfy under the relevant Novation Agreement unless such conditions precedent
              are waived in accordance with the terms of the Novation Agreement.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">Other technical documentation and records which are in the Charterers' possession in relation to the Vessel shall promptly after Delivery be forwarded to the Buyers at their
      expense save that the Charterers shall be entitled to retain copies thereof subject to Clause 19.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">Upon or before the Delivery of each Vessel, the relevant Buyer shall provide the relevant Charterer with:</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5fae97de46e84bbb8cbbbaa4de60d7c2">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">evidence acceptable to the Charterer (acting reasonably) that all necessary corporate action has been taken by the Buyer to authorise the execution, delivery and performance of this Master Agreement, the relevant
              Novation Agreement, any relevant Ancillary Documentation and all other documents to be provided or executed by the Buyer under any of them;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z63c6d631909c4fd983a55ea5215ca470">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">in respect of that Delivery, a confirmation that the relevant Registration Statement has been declared effective by the SEC and no stop order suspending the effectiveness of the Registration Statement shall have
              been issued; and</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4e352a9011f14950a174dbe55464e65e">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">confirmation that they have satisfied (or will satisfy immediately after Delivery) all conditions precedent&#160; that they are required to satisfy under the relevant Novation Agreement unless such conditions precedent
              are waived in accordance with the terms of the Novation Agreement.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">The Parties shall procure that upon Delivery of a Vessel, the relevant Charterer and the relevant Buyer shall sign and deliver to each other a protocol of delivery and acceptance
      confirming the date and time of Delivery for that Vessel.</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4ffd3f9084b3413eb3d23de6d236ea43">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt; font-weight: bold;">9.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt; font-weight: bold;">Total Loss and Major Casualty</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">Should a Vessel become an actual, constructive or compromised total loss before Delivery the provisions of this Master Agreement that relate to that Vessel shall automatically be
      null and void save for Clauses 16, 19 and 21.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">Should a Vessel suffer a Major Casualty before Delivery then the relevant Buyer may at their option:</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5a972097a15842d5b3416a66b19f748b">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">terminate the provisions of this Master Agreement that relate to that Vessel save for Clauses 16, 19 and 21; or</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zfa2fd6dcf13c464e966e4f87147bd36a">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">affirm that the provisions of this Master Agreement that relate to that Vessel shall remain in force subject to such conditions as the Buyer may reasonably impose (which may include a reduction in the Novation
              Consideration for that Vessel in an amount equal to the Major Casualty).</div>
          </td>
        </tr>

    </table>
    <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;">14</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd8dddc3072954227ac3ee2a891dd4228">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt; font-weight: bold;">10.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt; font-weight: bold;">Representations and Warranties</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 12pt;">10.1</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">Each of the
        Charterers and the Guarantor hereby represents and warrants to each of the Buyers and the Buyers' Guarantor as at the date hereof and as at each date of Delivery:</font></div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z8bf406736da64d8e8152e2c80e82a00c">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">each of the Charterers and the Guarantor has the requisite power and authority to enter into and perform this Master Agreement and the documents referred to in it (to which it is a party), and they constitute
              valid, legal and binding obligations on the Charterers and the Guarantor (as may be relevant) with their respective terms;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z09c8405d156648b383260f57c5b0b734">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">the execution and performance by the Charterers and the Guarantor of this Master Agreement and the documents referred to in it (to which it is a party) will not breach or constitute a default under their respective
              constitutional documents, or any agreement, instrument, order, judgement or other restriction which binds the them;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5da68d193ddf4984a39307870856c49c">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">no Termination Event has occurred and is continuing under any Bareboat Charterparty for which Delivery has not already occurred;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4a9ce857efd04eb989a3c850bfccd4f0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">to the best of their knowledge, there has been no breach by any party of any provision of any Bareboat Charterparty for which Delivery has not already occurred;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z573929d706da40f59b33119b4829cf59">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">the Buyers' Guarantor has been provided a full, true, accurate and complete copy of each Bareboat Charterparty;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zedf58ff43cbf493388eb47cb381fbb4e">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(f)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">neither the Charterers, nor any Vessel for which Delivery has not already occurred, nor (to the best of their knowledge) any Lessor is the subject of any Sanction or is a Prohibited Person;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z689c691202e34b249534c4add1bc71c9">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(g)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">no Vessel for which Delivery has not already occurred is the subject of, or since delivery under the relevant Bareboat Charter, has been the subject of any Environmental Incident or Environmental Claim; and</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb732d08f647349c390eb0e15434b9ab8">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(h)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">to the best of their knowledge no Vessel for which Delivery has not already occurred has grounded or touched bottom since her last dry-docking.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 12pt;">10.2</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">In respect
        of the Transactions for a particular Vessel, each of the relevant Charterer and the Guarantor hereby represents and warrants to each of the relevant Buyer and the Buyers' Guarantor that as at the date of Delivery of that Vessel:</font></div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc77a417394d84f1d9aa20fa88ba4b28e">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">the Vessel is free from all cargo (other than that being shipped under a Sub-Charter that has complied with the provisions of Clause 5) any charters (other than the relevant Bareboat Charterparty and any
              Sub-Charter that has complied with the provisions of Clause 5), encumbrances, mortgages, claims, maritime liens or any other debts whatsoever (other than those mentioned on the Transcript of Registry provided pursuant to Clause 8(b) or
              otherwise arising in the ordinary course of business), and is not subject to Port State or other administrative detentions;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z768a6d20e31e416dbed1f5bace932b4e">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">is in the condition as she was at the time of Inspection, fair wear and tear excepted; and</div>
          </td>
        </tr>

    </table>
    <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;">15</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z23bbf55a01b147f181c0f727e1417027">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">has her Class maintained without condition/recommendation, free of average damage affecting the Vessel's class and with her classification certificate and national certificates, as well as all other certificates
              the Vessel had at the time of inspection, valid and unextended without condition/recommendation by the Classification Society or the relevant authorities.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 12pt;">10.3</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">Each of the
        warranties and representations set out in this Master Agreement shall be construed as a separate and independent warranty and representation and, save as expressly provided otherwise, shall not be limited or restricted by reference to or inference
        from any other terms of this Master Agreement or any other warranty or representation.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 12pt;">10.4</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">Without
        limitation to the foregoing, the Guarantor shall indemnify the relevant Buyers and the Buyers' Guarantor against all losses, claims, expenses and other liabilities incurred as a result&#160; of the warranty set out in Clause 10.2(a) not being true when
        given.</font></div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z99a1b118afd548b8913608c8ca15d9b0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt; font-weight: bold;">11.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt; font-weight: bold;">Anti-Corruption and Sanctions</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zadde1b2feea14ae0ad0ef29c0c12c46a">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">Each Party represents, warrants and undertakes to each other Party that, at the date of entering into this Master Agreement and continuing until the last Delivery and thereafter if any violation of the terms of the
              present has any adverse, (actual, contingent or&#160; retroactive), consequences for any of the Parties:</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9dd1ede3b6c346529650b143a9b96bf7">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">a.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">neither they nor any person, entity or body who directly or indirectly owns or controls them: (1) appears on an Sanctions List, are a Prohibited Person or are otherwise the subject of Sanctions; (2) are directly or
              indirectly owned 50% or more by, or directly or indirectly controlled by, or directly or indirectly acting on behalf of, or to the benefit of, or are engaging in any sanctionable activities involving one or more persons, that appear on a
              Sanctions List, are a Prohibited Person or are otherwise the subject of Sanctions;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z42e905075038473da7edc384397b57c7">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">b.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">they shall comply with all applicable laws in relation to Sanctions, the US Foreign Corrupt Practices Art, the UK Bribery Act and/or other similar anti-corruption/anti laundering provisions of other applicable
              legal regimes; and</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7318da725b674e459b40eb12eb42e3b8">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">c.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">in connection with the performance of this Master Agreement, they will not pay, offer, promise, or authorize, directly or indirectly, any money or thing of value to any government official or employee or any
              political party or candidate for political office, or any employee or official of a public international organization, for the purpose of inducing or rewarding any favorable action or obtaining any improper advantage in any commercial
              transaction or in any governmental matter.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z08f2422c7cb54273b0403b05fe11064d">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">If at any time before the last Delivery, a Party breaches the aforementioned Clause 11(a), the Guarantor (in the case of a breach by a Buyer or the Buyers' Guarantor) or the Buyers' Guarantor (in the case of a
              breach by a Charterer or the Guarantor) may cancel this Master Agreement immediately by written notice to all of the other Parties.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1f1d665c1b4e4ccfb8bdeb890a523b09">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt;">The Guarantor shall indemnify each of the Buyers and the Buyers' Guarantor and the Buyers' Guarantor shall indemnify each of the Charterers and the Guarantor&#160; against any and all claims, losses or liability
              whatsoever (including but not limited to the reasonable costs and expenses connected with the entry into of this Master Agreement, the Novation Agreements, the Ancillary Documentation and the performance of their obligations under any of
              them) arising as a result of breach by the indemnifying party (or a Charterer or Buyer respectively) of the terms of this Clause 11, whether or not this Master Agreement is cancelled.</div>
          </td>
        </tr>

    </table>
    <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;">16</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z232cc8a47fd64440a75d5a2f7040c293">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt; font-weight: bold;">12.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt; font-weight: bold;">Closing Conditions Backstop Date</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">In the event that the Closing Conditions for a Vessel have not been satisfied prior to 18:00hrs (New York time) on 31 March 2021, the provisions of this Master Agreement that
      relate to that Vessel shall automatically be null and void save for Clauses 16, 19 and 21 and the Warrant shall automatically be null and void and shall expire worthless and no longer be exercisable at such time. In the event this Master Agreement
      becomes null and void each of the Parties shall be responsible for the fees and expenses as set out in Clause 16.</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zfcce271b369548c3801e8792943d1f9a">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt; font-weight: bold;">13.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt; font-weight: bold;">Entire Agreement</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">This Master Agreement together with the Novation Agreements and Ancillary Documentation constitute the entire understanding between the Parties in relation to the subject matter
      hereof and replaces and extinguishes all prior agreements, undertakings, arrangements or understandings (oral or written) made by the Parties with respect to such subject matter.</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z8dd42111854e412bbc2fc602471572a7">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt; font-weight: bold;">14.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt; font-weight: bold;">Counterparts</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">This Master Agreement may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument.</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z822970932b494b078e08af79b6720960">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt; font-weight: bold;">15.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt; font-weight: bold;">Binding Effect</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">This Master Agreement shall be binding upon the Parties and their respective successors and assigns.</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z958840c54e3a4a98bd1bd4ea168cdd68">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt; font-weight: bold;">16.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt; font-weight: bold;">Fees and Expenses</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">Each Party shall bear its own legal and other costs in connection with the preparation, negotiation and execution of this Master Agreement, Novation Agreements and Ancillary
      Documentation and the Buyers/Buyers' Guarantor shall also be responsible for the Lessors' reasonable and evidenced legal costs in connection with the preparation of the Novation Agreements.</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z29c174fb16c844e295ea388352d79e82">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt; font-weight: bold;">17.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt; font-weight: bold;">Variations, Waivers and Amendments</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">No variation or amendment of this Master Agreement shall be effective unless in writing and signed by or on behalf of a duly authorized representative of each Party.<font style="font-size: 10pt;">&#160;</font>No failure or delay on the part of any person in exercising any right or remedy provided by law or under this Master Agreement shall impair such right or remedy or operate as a waiver or variation of it or preclude
      its exercise at any subsequent time and no single or partial exercise of any such right or remedy shall preclude or restrict any other or further exercise of it or the exercise of any other right or remedy.<font style="font-size: 10pt;">&#160;</font>A
      waiver by any person of a breach of or default under this Master Agreement shall not constitute a waiver of any other breach or default, shall not affect the other terms of this Master Agreement and shall not prevent a person from subsequently
      requiring compliance with the waived obligation.<font style="font-size: 10pt;">&#160;</font>Any waiver (in whole or in part) of any right or remedy under this Master Agreement must be set out in writing, signed by or on behalf of the person granting the
      waiver and may be given subject to any conditions thought fit by the grantor and, unless otherwise expressly stated, any waiver shall be effective only in the instance and only for the purpose for, and in favour of the person to, which it is given.</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;">17</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4d74ebf6f2644745a7f59b3d3edc3f99">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt; font-weight: bold;">18.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt; font-weight: bold;">Contracts (Rights of Third Parties) Act 1999</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">No provision of this Master Agreement shall be enforceable under the Contracts (Rights of Third Parties) Act 1999 by any person who is not a party to this Master Agreement.</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3cc49e2087fe4f5f921a3f5573119055">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt; font-weight: bold;">19.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt; font-weight: bold;">Confidentiality</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">This Master Agreement and the transactions contemplated herein shall be treated as strictly private and confidential, unless: (i) all the Parties agree to disclose the same, or
      (ii) their existence or any of the terms are required to be disclosed by law or regulation or reported to any regulator or regulated exchange (including the NYSE and NASDAQ or in filings with the SEC ), provided always that the Parties shall be at
      liberty to disclose the Master Agreement and the Transactions to their legal advisors, lenders and financiers.</div>
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        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt; font-weight: bold;">20.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt; font-weight: bold;">Notices</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">Any notice under or in connection with this Master Agreement shall be in writing in the English language and may be served by leaving it at or sending it by pre-paid first-class
      post or recorded delivery (or registered airmail) or e-mail to the address of the relevant Party which is set out below or to such other address as that Party may have notified in writing from time to time to the Party serving the notice for the
      purposes of receiving notices under this Master Agreement:</div>
    <br>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">Any Buyer or the Buyers' Guarantor</div>
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        <tr>
          <td style="width: 13.88%; vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt;">Address:</div>
          </td>
          <td style="width: 86.12%; vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt;">C/O STAR BULK MANAGEMENT INC.</div>
            <div style="text-align: justify; font-size: 12pt;">40, Ag. Konstantinou&#160; Street</div>
            <div style="text-align: justify; font-size: 12pt;">Marousi&#160; 151 24 Greece</div>
          </td>
        </tr>
        <tr>
          <td style="width: 13.88%; vertical-align: top;">&#160;</td>
          <td style="width: 86.12%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 13.88%; vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt;">E-mail:</div>
          </td>
          <td style="width: 86.12%; vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt;">legal@starbulk.com</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">in each case marked for the attention of the<font style="font-size: 10pt;">&#160;</font>Co General Counsels</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">Any Charterer or the Guarantor</div>
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        <tr>
          <td style="width: 13.88%; vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt;">Address:</div>
          </td>
          <td style="width: 86.12%; vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt;">Scorpio Bulkers Inc. or c/o Scorpio Bulkers Inc.,</div>
            <div style="text-align: justify; font-size: 12pt;">Le Millenium, 9 Boulevard Charles III,</div>
            <div style="text-align: justify; font-size: 12pt;">98000, Monaco</div>
          </td>
        </tr>
        <tr>
          <td style="width: 13.88%; vertical-align: top;">&#160;</td>
          <td style="width: 86.12%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 13.88%; vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt;">E-mail:</div>
          </td>
          <td style="width: 86.12%; vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt;">legal@scorpiogroup.net</div>
          </td>
        </tr>

    </table>
    <div style="font-size: 12pt; text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">in each case marked for the attention of the Legal Department</div>
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        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt; font-weight: bold;">21.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 12pt; font-weight: bold;">Governing Law and Submission to Jurisdiction</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">This Master Agreement (including a dispute relating to its existence, validity or termination) and any non-contractual right or obligation or other matter arising out of or in
      connection with it shall be governed by and construed in accordance with English law.</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;">18</font></div>
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        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">Any dispute arising out of or in connection with this Master Agreement shall be referred to arbitration in London in accordance with the Arbitration Act 1996 or any statutory
      modification or re-enactment thereof save to the extent necessary to give effect to the provisions of this Clause. The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association Terms current at the time when the
      arbitration proceedings are commenced.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">In cases where neither the claim nor any counterclaim exceeds the sum of US$500,000 the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current at
      the time when the arbitration proceedings are commenced.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">If any provision of this Master Agreement is, or becomes, invalid, unenforceable or illegal, in whole or in part, under the laws of any jurisdiction, such provision or part shall
      to that extent be deemed not to form part of this Master Agreement, but the validity, enforceability or legality of the remaining provisions shall not be impaired.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">In the event of any conflict between the terms of this Master Agreement and the terms of any Novation Agreement or Ancillary Documentation then, as between the Parties, the terms
      of this Master Agreement shall prevail as to the extent of such conflict.</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;">19</font></div>
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;"><font style="font-weight: bold;">IN WITNESS WHEREOF</font> this Master Agreement has been executed by the Parties and delivered as a deed on the day and year first written above.</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="zc87fdacde0ad443db3abb9393b378399">

        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-size: 12pt; font-weight: bold;">Scorpio Bulkers Inc.</div>
            <div>&#160;</div>
            <div style="font-size: 12pt;"><u>/s/ Cameron Mackey</u><br>
            </div>
            <div style="font-size: 12pt;">Name: Cameron Mackey<br>
            </div>
            <div style="font-size: 12pt;">Title: Chief Operating Officer<br>
            </div>
            <div style="text-align: justify; font-size: 12pt;">in presence of: Laurice Oso<br>
            </div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt; font-weight: bold;">Star Bulk Carriers Corp.</div>
            <div>&#160;</div>
            <div style="font-size: 12pt;"><u>/s/ Simos Spyrou</u><br>
            </div>
            <div style="font-size: 12pt;">Name: Simos Spyrou<br>
            </div>
            <div style="font-size: 12pt;">Title: CO - CFO<br>
            </div>
            <div style="text-align: justify; font-size: 12pt;">in presence of: Emmanouil G. Metaxas<br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-size: 12pt; font-weight: bold;">SBI Pegasus Shipping Company Limited</div>
            <div>&#160;</div>
            <div style="font-size: 12pt;"><u>/s/ Cameron Mackey</u><br>
            </div>
            <div style="font-size: 12pt;">Name: Cameron Mackey<br>
            </div>
            <div style="font-size: 12pt;">Title: Director<br>
            </div>
            <div style="font-size: 12pt;">in presence of: Laurice Oso<br>
            </div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt; font-weight: bold;">SBI Ursa Shipping Company Limited</div>
            <div>&#160;</div>
            <div style="font-size: 12pt;"><u>/s/ Cameron Mackey</u><br>
            </div>
            <div style="font-size: 12pt;">Name: Cameron Mackey<br>
            </div>
            <div style="font-size: 12pt;">Title: Director<br>
            </div>
            <div style="font-size: 12pt;">in presence of: Laurice Oso</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-size: 12pt; font-weight: bold;">SBI Subaru Shipping Company Limited</div>
            <div>&#160;</div>
            <div style="font-size: 12pt;"><u>/s/ Cameron Mackey</u><br>
            </div>
            <div style="font-size: 12pt;">Name: Cameron Mackey<br>
            </div>
            <div style="font-size: 12pt;">Title: Director<br>
            </div>
            <div style="font-size: 12pt;">in presence of: Laurice Oso</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-size: 12pt; font-weight: bold;">SBI Capoeira Shipping Company Limited</div>
            <div>&#160;</div>
            <div style="font-size: 12pt;"><u>/s/ Cameron Mackey</u><br>
            </div>
            <div style="font-size: 12pt;">Name: Cameron Mackey<br>
            </div>
            <div style="font-size: 12pt;">Title: Director<br>
            </div>
            <div style="font-size: 12pt;">in presence of: Laurice Oso</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-size: 12pt; font-weight: bold;">SBI Carioca Shipping Company Limited</div>
            <div>&#160;</div>
            <div style="font-size: 12pt;"><u>/s/ Cameron Mackey</u><br>
            </div>
            <div style="font-size: 12pt;">Name: Cameron Mackey<br>
            </div>
            <div style="font-size: 12pt;">Title: Director<br>
            </div>
            <div style="font-size: 12pt;">in presence of: Laurice Oso</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-size: 12pt; font-weight: bold;">SBI Lambada Shipping Company Limited</div>
            <div>&#160;</div>
            <div style="font-size: 12pt;"><u>/s/ Cameron Mackey</u><br>
            </div>
            <div style="font-size: 12pt;">Name: Cameron Mackey<br>
            </div>
            <div style="font-size: 12pt;">Title: Director<br>
            </div>
            <div style="font-size: 12pt;">in presence of: Laurice Oso</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <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;">20</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 10pt;"><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="zeaf843ca1ffd40d8b3cc20b5a5214dbf">

        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-size: 12pt; font-weight: bold;">SBI Macarena Shipping Company Limited</div>
            <div>&#160;</div>
            <div style="font-size: 12pt;"><u>/s/ Cameron Mackey</u><br>
            </div>
            <div style="font-size: 12pt;">Name: Cameron Mackey<br>
            </div>
            <div style="font-size: 12pt;">Title: Director<br>
            </div>
            <div style="font-size: 12pt;">in presence of: Laurice Oso</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-size: 12pt; font-weight: bold;">Star Zeus III LLC</div>
            <div>&#160;</div>
            <div style="font-size: 12pt;"><u>/s/ Sofia Dauigou</u><br>
            </div>
            <div style="font-size: 12pt;">Name: Sofia Dauigou<br>
            </div>
            <div style="font-size: 12pt;">Title: President/Secretary<br>
            </div>
            <div style="font-size: 12pt;">in presence of: Eirini Katopodi<br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-size: 12pt; font-weight: bold;">Star Zeus V LLC</div>
            <div>&#160;
              <div style="font-size: 12pt;"><u>/s/ Sofia Dauigou</u><br>
              </div>
              <div style="font-size: 12pt;">Name: Sofia Dauigou<br>
              </div>
              <div style="font-size: 12pt;">Title: President/Secretary<br>
              </div>
              <div style="font-size: 12pt;">in presence of: Eirini Katopodi</div>
            </div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-size: 12pt; font-weight: bold;">Star Zeus IV LLC</div>
            <div>&#160;</div>
            <div style="font-size: 12pt;"><u>/s/ Sofia Dauigou</u><br>
            </div>
            <div style="font-size: 12pt;">Name: Sofia Dauigou<br>
            </div>
            <div style="font-size: 12pt;">Title: President/Secretary<br>
            </div>
            <div style="font-size: 12pt;">in presence of: Eirini Katopodi</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-size: 12pt; font-weight: bold;">Star Zeus I LLC</div>
            <div>&#160;</div>
            <div style="font-size: 12pt;"><u>/s/ Sofia Dauigou</u><br>
            </div>
            <div style="font-size: 12pt;">Name: Sofia Dauigou<br>
            </div>
            <div style="font-size: 12pt;">Title: President/Secretary<br>
            </div>
            <div style="font-size: 12pt;">in presence of: Eirini Katopodi</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-size: 12pt; font-weight: bold;">Star Zeus II LLC</div>
            <div>&#160;</div>
            <div style="font-size: 12pt;"><u>/s/ Sofia Dauigou</u><br>
            </div>
            <div style="font-size: 12pt;">Name: Sofia Dauigou<br>
            </div>
            <div style="font-size: 12pt;">Title: President/Secretary<br>
            </div>
            <div style="font-size: 12pt;">in presence of: Eirini Katopodi</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-size: 12pt; font-weight: bold;">Star Zeus VI LLC</div>
            <div>&#160;</div>
            <div style="font-size: 12pt;"><u>/s/ Sofia Dauigou</u><br>
            </div>
            <div style="font-size: 12pt;">Name: Sofia Dauigou<br>
            </div>
            <div style="font-size: 12pt;">Title: President/Secretary<br>
            </div>
            <div style="font-size: 12pt;">in presence of: Eirini Katopodi</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-size: 12pt; font-weight: bold;">Star Zeus VII LLC</div>
            <div>&#160;</div>
            <div style="font-size: 12pt;"><u>/s/ Sofia Dauigou</u><br>
            </div>
            <div style="font-size: 12pt;">Name: Sofia Dauigou<br>
            </div>
            <div style="font-size: 12pt;">Title: President/Secretary<br>
            </div>
            <div style="font-size: 12pt;">in presence of: Eirini Katopodi</div>
          </td>
        </tr>

    </table>
    <div style="margin-top: 6pt;"><br>
    </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;">21</font></div>
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    <div style="margin-bottom: 10pt;"><br>
    </div>
    <div style="text-align: center; margin-top: 6pt; font-size: 12pt; font-weight: bold;">SCHEDULE 1</div>
    <div style="text-align: center; margin-top: 6pt; font-size: 12pt; font-weight: bold;">CURRENT OUTSTANDING COSTS BALANCE</div>
    <div style="margin-top: 6pt;"><br>
    </div>
    <div style="margin-bottom: 10pt;"><font style="font-size: 12pt;"> </font><br>
    </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;">22</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 10pt;"><br>
    </div>
    <div style="text-align: center; margin-top: 6pt; font-size: 12pt; font-weight: bold;">SCHEDULE 2</div>
    <div style="text-align: center; margin-top: 6pt; font-size: 12pt; font-weight: bold;">AGREED FORM OF WARRANT DOCUMENTATION</div>
    <div style="margin-top: 6pt;"><br>
    </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;">23</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 10pt;"><br>
    </div>
    <div style="text-align: center; margin-top: 6pt; font-size: 12pt; font-weight: bold;">SCHEDULE3</div>
    <div style="text-align: center; margin-top: 6pt; font-size: 12pt; font-weight: bold;">AGREED FORM OF NOVATION TMA</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;">24</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="margin-top: 6pt;"><br>
    </div>
    <div style="text-align: center; margin-top: 6pt; font-size: 12pt; font-weight: bold;">SCHEDULE 4</div>
    <div style="text-align: center; margin-top: 6pt; font-size: 12pt; font-weight: bold;">AGREED FORM OF REGISTRATION RIGHTS AGREEMENT</div>
    <div style="margin-top: 6pt;"><br>
    </div>
    <div style="margin-top: 6pt;"><br>
    </div>
    <div style="margin-top: 6pt;"><br>
    </div>
    <div style="margin-top: 6pt;"><br>
    </div>
    <div style="margin-bottom: 6pt;"><br>
    </div>
    <div style="margin-bottom: 6pt;"><br>
    </div>
    <div style="margin-top: 6pt;"><br>
    </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;">25</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="text-align: center; margin-top: 6pt; font-size: 12pt; font-weight: bold;">SCHEDULE 5</div>
    <div style="text-align: center; margin-top: 6pt; font-size: 12pt; font-weight: bold;">SELLING SHAREHOLDER QUESTIONNAIRE</div>
    <div style="margin-top: 6pt;"><br>
    </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;">26</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; margin-top: 6pt; font-size: 12pt; font-weight: bold;">SCHEDULE 6</div>
    <div style="text-align: center; margin-top: 6pt; font-size: 12pt; font-weight: bold;">EXCLUDED ITEMS</div>
    <div style="margin-top: 6pt;"><br>
    </div>
    <div style="text-align: center; margin-top: 6pt; font-size: 12pt; font-weight: bold;">Library and forms exclusively for use in the Charterers' vessel(s) and captain's, officers' and crew's personal belongings including the slop chest are excluded from
      the transfer without compensation, as well as the following additional excluded items (including items onhire or owned by third parties):</div>
    <div style="margin-top: 6pt;"><br>
    </div>
    <div style="margin-top: 6pt;"><br>
    </div>
  </div>
  <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">27</font></div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.4
<SEQUENCE>4
<FILENAME>d8723187_ex4-4.htm
<TEXT>
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    <title></title>
    <!-- Licensed to: Seward & Kissel LLP
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  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 4.4</font> </div>
  <div style="text-align: right;"><font style="font-weight: bold; font-style: italic;"> <br>
    </font></div>
  <div style="text-align: right;"><font style="font-weight: bold; font-style: italic;">Execution Version</font><br>
  </div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div style="text-align: center; margin-top: 12pt; font-weight: bold;"><u>REGISTRATION RIGHTS AGREEMENT</u></div>
  <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt;">This Registration Rights Agreement (this "<font style="font-weight: bold;">Registration Rights Agreement</font>") is made and entered into February 2, 2021, by and among Star Bulk
    Carriers Corp., a Marshall Islands corporation (the "<font style="font-weight: bold;">Company</font>"), and Scorpio Bulkers Inc.,<font style="font-weight: bold;">&#160;</font>a Marshall Islands corporation ("<font style="font-weight: bold;">SALT</font>").</div>
  <div style="text-align: center; margin-top: 12pt; font-weight: bold;">RECITALS</div>
  <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt;">A.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-weight: bold;">WHEREAS</font>, the Company has entered into that certain Master Agreement dated February 2, 2021 between the Company, SALT and certain
    other parties thereto (the "<font style="font-weight: bold;">Master Agreement</font>").<font style="font-size: 12pt;">&#160;</font>For purposes of this Registration Rights Agreement, "<font style="font-weight: bold;">Common Stock</font>" shall refer to the
    Company's common stock, par value $0.01 per share.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt;">B.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-weight: bold;">WHEREAS</font>, pursuant to Clause 2 of the Master Agreement, the Company has committed to prepare and file a resale registration
    statement, registering offers and sales by SALT of up to 3,000,000 of the Company's shares of Common Stock (the <font style="font-weight: bold;">"Warrant Shares") </font>pursuant to Rule 415 under the Securities Act.</div>
  <div>
    <div style="text-align: justify;"> <br>
    </div>
  </div>
  <div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-weight: bold;">NOW, THEREFORE</font>, in consideration of the foregoing and the mutual promises, covenants and agreements of the parties hereto, and for other good and valuable
      consideration the receipt and sufficiency of which are hereby acknowledged, and subject to the satisfaction or waiver of the conditions hereof, the parties hereto agree as follows:</div>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-weight: bold;"><u>Definitions</u></font>. As used in this Registration Rights Agreement, the following terms shall have the following meanings:</div>
  <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt;">"<font style="font-weight: bold;">Advice</font>" shall have the meaning set forth in <u>Section 6(b)</u>.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt;">"<font style="font-weight: bold;">Affiliate</font>" means, with respect to any person, any other person that, directly or indirectly, through one or more intermediaries, controls, is
    controlled by or is under common control with, such person.&#160; For purposes of this definition "control" (including the terms "controlled by" and "under common control with") means the possession, directly or indirectly, of the power to direct or cause
    the direction of the management or policies of a person, whether through the ownership of securities or partnership or other ownership interests, as trustee or executor, by contract or otherwise.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt;">&#160;"<font style="font-weight: bold;">Business Day</font>" means any day except Saturday, Sunday and any day which shall be a federal legal holiday or a day on which banking institutions
    in Athens, Amsterdam, State of New York or Shanghai are authorized or required by law or other governmental action to close.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt;">"<font style="font-weight: bold;">Commission</font>"<font style="font-weight: bold;">&#160;</font>means the Securities and Exchange Commission.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt;">"<font style="font-weight: bold;">Common Stock</font>" shall have the meaning set forth in the recitals.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt;">"<font style="font-weight: bold;">Company</font>" shall have the meaning set forth in the preamble above.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt;">"<font style="font-weight: bold;">Effectiveness Period</font>" shall have the meaning set forth in <u>Section 2(a)</u>.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt;">"<font style="font-weight: bold;">Exchange Act</font>" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt;">"<font style="font-weight: bold;">Existing Registration Rights Agreement</font>" means the Amended and Restated Registration Rights Agreement dated July 11, 2014 (as the same may be
    amended, modified, or supplemented from time to time).</div>
  <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt;">"<font style="font-weight: bold;">Filing Deadline</font>" shall have the meaning set forth in <u>Section 2(a)</u>.</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="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt;">"<font style="font-weight: bold;">Holder</font>" or "<font style="font-weight: bold;">Holders</font>" means SALT and any permitted transferees or assignees under <u>Section 6(f)</u>
    of this Registration Rights Agreement that is an Affiliate of SALT.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt;">"<font style="font-weight: bold;">Indemnified Party</font>" shall have the meaning set forth in <u>Section 5(c)</u>.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt;">"<font style="font-weight: bold;">Indemnifying Party</font>" shall have the meaning set forth in <u>Section 5(c)</u>.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt;">"<font style="font-weight: bold;">Inspection Acceptance Notice</font>" shall have the meaning set forth in the Master Agreement.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt;">"<font style="font-weight: bold;">Losses</font>" shall have the meaning set forth in <u>Section 5(a)</u>.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt;">"<font style="font-weight: bold;">Master Agreement</font>" shall have the meaning set forth in the recitals.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt;">"<font style="font-weight: bold;">Plan of Distribution</font>" shall have the meaning set forth in <u>Section 2(a)</u>.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt;">"<font style="font-weight: bold;">Proceeding</font>" means an action, claim, suit, investigation or proceeding (including, without limitation, an investigation or partial proceeding,
    such as a deposition), whether commenced or threatened.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt;">"<font style="font-weight: bold;">Prospectus</font>" means the prospectus included in the Registration Statement (including, without limitation, a prospectus that includes any
    information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated under the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms
    of the offering of any portion of the SALT Registrable Securities covered by the Registration Statement, and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or
    deemed to be incorporated by reference in such Prospectus.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt;">"<font style="font-weight: bold;">Registration Rights Agreement</font>" shall have the meaning set forth in the preamble above.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt;">"<font style="font-weight: bold;">Registration Statement</font>" means each registration statement required to be filed hereunder, including the Prospectus, amendments and supplements
    to the registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material incorporated by reference or deemed to be incorporated by reference in the Registration Statement.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt;">"<font style="font-weight: bold;">Rule 415</font>" means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or any
    similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt;">"<font style="font-weight: bold;">Rule 424</font>" means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or any
    similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt;">"<font style="font-weight: bold;">SALT</font>" shall have the meaning set forth in the preamble above.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt;">"<font style="font-weight: bold;">SALT Registrable Securities</font>" means the Warrant Shares that are issuable in respect of each Vessel for which an Inspection Acceptance Notice
    has been delivered to or waived by the Company as of the Filing Deadline, together with any securities issued or issuable upon any exchange, stock split, dividend or other distribution, recapitalization or similar event with respect to the foregoing;
    provided that SALT Registrable Securities shall cease to be SALT Registrable Securities when such securities (i) are sold pursuant to an effective Registration Statement under the Securities Act, (ii) are sold pursuant to Rule 144 or another available
    safe-harbor or exemption from registration, (iii) when all such SALT Registrable Securities held by SALT may be sold, transferred or otherwise disposed of pursuant to Rule 144 under the Securities Act in a single transaction without regard to volume
    limitation or other restrictions on transfer thereunder or (iv) shall have ceased to be outstanding.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt;">"<font style="font-weight: bold;">Securities Act</font>" means the Securities Act of 1933, as amended.</div>
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      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt;">"<font style="font-weight: bold;">Suspension Certificate</font>" shall have the meaning set forth in <u>Section 6(d)</u>.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt;">"<font style="font-weight: bold;">Trading Market</font>" means the New York Stock Exchange, the NASDAQ Global Market or the NASDAQ Capital Market; and, with respect to any particular
    date, shall mean the Trading Market on which the Common Stock is listed or quoted for trading on such date.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt;">"<font style="font-weight: bold;">Vessel</font>" shall have the meaning set forth in the Master Agreement.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt;">"<font style="font-weight: bold;">Warrant Shares</font>" shall have the meaning set forth in the recitals.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt;">2.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;"><u>Registration</u></font>.&#160; (a) No
    later than February 10, 2021 (the "<font style="font-weight: bold;">Filing Deadline</font>"), the Company shall file with the Commission a Registration Statement (and/or a Prospectus as applicable) covering the offering and resale of all of the SALT
    Registrable Securities pursuant to Rule 415, or if Rule 415 is not available for offers or sales of the SALT Registrable Securities, for such other means of distribution of SALT Registrable Securities as the Holder may reasonably request. The
    Registration Statement required hereunder shall be on Form F-3 (except if the Company is not then eligible to register for resale the SALT Registrable Securities on Form F-3, in which case the Registration shall be on Form F-1 or another appropriate
    form as shall be selected by the Company upon advice of its counsel). The Registration Statement required hereunder shall contain a "<font style="font-weight: bold;">Plan of Distribution</font>" reasonably acceptable to the Holder and the Company. The
    Company shall use its commercially reasonable efforts to cause the Registration Statement to be declared effective under the Securities Act as soon as practicable after the Filing Deadline, but in no event later than the earlier of (i) the 90th
    calendar day following the Filing Deadline if the Commission notifies the Company that it will "review" the Registration Statement and (ii)the 5th business day after the date the Company is notified (orally or in writing, whichever is earlier) by the
    Commission that the Registration Statement will not be "reviewed" or will not be subject to further review. The Company shall use its commercially reasonable efforts to keep such Registration Statement continuously effective under the Securities Act
    (including the filing of any necessary amendments, post-effective amendments and supplements) with respect to such Holder until such Holder no longer owns SALT Registrable Securities&#160; (the "<font style="font-weight: bold;">Effectiveness Period</font>"),


    <u>provided</u>, <u>however</u>, that the Company's obligations to include the SALT Registrable Securities in the Registration Statement are contingent upon and subject to (i) the Holder furnishing a completed and executed selling shareholders
    questionnaire in the form contained in the Master Agreement to the Company that contains the information required by Commission rules for a Registration Statement regarding the Holder, the securities of the Company held by the Holder, and the intended
    method of disposition of the SALT Registrable Securities to effect the registration of the SALT Registrable Securities no later than two Business Days prior to the Filing Deadline, (ii) the terms and conditions contained in the Existing Registration
    Rights Agreement and (iii) the Holder executing such other documents in connection with such registration as the Company may reasonably request that are customary of a selling stockholder in similar situations.</div>
  <div style="text-align: justify; text-indent: 72pt; margin-top: 12pt;">(b)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Right to Piggyback</u>. To the extent the Company does not
    maintain an effective registration statement for any portion of the SALT Registrable Securities at any time during the Effectiveness Period, if the Company proposes to register any of its common equity securities under the Securities Act (other than a
    registration statement on Form S-8 or on Form F-4 or any similar successor forms thereto or in connection with (A) an employee stock option, stock purchase or compensation plan or securities issued or issuable pursuant to any such plan, (B) a dividend
    reinvestment plan or (C) a merger or the acquisition of the securities or substantially all the assets of another entity), whether for its own account or for the account of one or more shareholders of the Company, and the registration form to be used
    may be used for any registration of SALT Registrable Securities (a "<font style="font-weight: bold;">Piggyback Registration</font>"), the Company shall give prompt written notice to all Holders of its intention to effect such a registration and shall,
    subject to Sections 2(a)(ii) and 2(c), include in such registration all such SALT Registrable Securities with respect to which the Company has received written requests for inclusion therein within fifteen (15) Business Days after the delivery of the
    Company's notice. The Company may postpone or withdraw the filing or the effectiveness of a Piggyback Registration at any time in its sole discretion.</div>
  <div style="text-align: justify; text-indent: 72pt; margin-top: 12pt;">(c)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Priority on Primary Piggyback Registrations</u>.&#160; If, (i) as a
    result of applicable law or based upon comments received by the Commission, all of the securities to be included in the registration statement for any Piggyback Registration initiated as a primary registration on behalf of the Company, cannot be so
    included, or (ii) a Piggyback Registration is an underwritten primary registration on behalf of the Company, and the managing underwriters advise the Company in writing that in their opinion the number of securities requested to be included in</div>
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  <div style="text-align: justify; margin-top: 12pt;">such registration exceeds the number which can be sold in such offering without having an adverse effect on such offering, then the Company shall include in such registration statement (x) <u>first</u>,
    100% of the securities that the Company proposes to sell, (y) <u>second</u>, such number of SALT Registrable Securities requested to be included therein (allocated pro rata among the Holders based on the relative number of such SALT Registrable
    Securities then held by each such Holder or in such manner as they may otherwise agree) and (iii) <u>third</u>, and only if all of the SALT Registrable Securities referred to in clause (ii) have been included in such registration, any other securities
    eligible for inclusion in such registration.</div>
  <div style="text-align: justify; text-indent: 72pt; margin-top: 12pt;">(d)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Priority on Secondary Piggyback Registrations</u>. If, (i) as a
    result of applicable law or based upon comments received by the Commission, all of the securities to be included in the registration statement for any Piggyback Registration initiated as a secondary registration on behalf of a holder of the Company's
    securities other than SALT Registrable Securities, cannot be so included or (ii) a Piggyback Registration is an underwritten secondary registration on behalf of a holder of the Company's securities other than SALT Registrable Securities, and the
    managing underwriters advise the Company in writing that, in their opinion, the number of securities requested to be included in such registration statement exceeds the number which can be sold in such offering without having an adverse effect on such
    offering, the Company shall include in such registration (x) <u>first</u>, 100% of the securities that the Company proposes to sell, (y) <u>second</u>, such number of SALT Registrable Securities requested to be included therein (allocated pro rata
    among the Holders based on the relative number of such SALT Registrable Securities then held by each such Holder or in such manner as they may otherwise agree) and (iii) <u>third</u>, and only if all of the SALT Registrable Securities referred to in
    clause (ii) have been included in such registration, any other securities eligible for inclusion in such registration.</div>
  <div style="text-align: justify; text-indent: 72pt; margin-top: 12pt;">(e)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Other Registrations</u>. If the Company has previously filed a
    Registration Statement with respect to the SALT Registrable Securities, and if such previous registration has not been withdrawn or abandoned, the Company shall not be obligated to cause to become effective any other registration of any of its
    securities under the Securities Act, whether on its own behalf or at the request of any holder or holders of such securities.&#160; Notwithstanding any provision in this agreement, the rights, including the priority rights enumerated in this Registration
    Rights Agreement are subject, to the extent applicable, to the terms and conditions of the Existing Registration Rights Agreement.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt;">3.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;"><u>Registration Procedures</u></font>.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt;">In connection with the Company's registration obligations hereunder, the Company shall:</div>
  <div style="text-align: justify; text-indent: 72pt; margin-top: 12pt;">(a)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>Not less than two (2) Business Days prior to the filing of the
    Registration Statement or any related Prospectus or any amendment or supplement thereto, (i) furnish to the Holders copies of all such documents proposed to be filed (including documents incorporated or deemed incorporated by reference to the extent
    requested by such person and not already filed by the Company with the Commission) which documents will be subject to the review of such Holders, and (ii) cause its officers and directors, counsel and independent certified public accountants to respond
    to such inquiries as shall be necessary, in the reasonable opinion of respective legal counsel to conduct a reasonable investigation within the meaning of the Securities Act.&#160; The Company shall not file the Registration Statement or any such Prospectus
    or any amendments or supplements thereto to which the Holders of a majority of the SALT Registrable Securities shall reasonably object in good faith; provided, however, that any period of time which the Registration Statement is delayed due to a
    willful breach of this Registration Rights Agreement by the Company will be added to such filing date.</div>
  <div style="text-align: justify; text-indent: 72pt; margin-top: 12pt;">(b)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>(i) Prepare and file with the Commission such amendments, including
    post-effective amendments, to the Registration Statement and the Prospectus used in connection therewith as may be necessary to keep the Registration Statement continuously effective as to the SALT Registrable Securities for the Effectiveness Period;
    (ii) cause the related Prospectus to be amended or supplemented by any required Prospectus supplement, and as so supplemented or amended to be filed pursuant to Rule 424; (iii) consistent with Section 2(a) above, respond as promptly as reasonably
    possible to any comments received from the Commission with respect to the Registration Statement or any amendment thereto; and (iv) comply in all material respects with the provisions of the Securities Act and the Exchange Act with respect to the
    disposition of all SALT Registrable Securities covered by the Registration</div>
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  <div style="text-align: justify; margin-top: 12pt;">Statement in accordance with the intended methods of disposition by the Holders thereof set forth in the Registration Statement as so amended or in such Prospectus as so supplemented.</div>
  <div style="text-align: justify; text-indent: 72pt; margin-top: 12pt;">(c)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>Notify the Holders of SALT Registrable Securities to be sold as
    promptly as reasonably possible (and, in the case of (i)(A) below, not less than two (2) Business Days prior to such filing) and (if requested by any such person) confirm such notice in writing promptly following the day (i) (A) when a Prospectus or
    any Prospectus supplement or post-effective amendment to the Registration Statement is proposed to be filed; (B) when the Commission notifies the Company whether there will be a "review" of the Registration Statement and whenever the Commission
    comments in writing on the Registration Statement (the Company shall upon request provide true and complete copies thereof and all written responses thereto as promptly as reasonably possible to each of the Holders who so requests provided such
    requesting Holders agree to keep such information confidential until it is publicly disclosed); and (C) with respect to the Registration Statement or any post-effective amendment, when the same has become effective; (ii) of any request by the
    Commission or any other Federal or state governmental authority during the period of effectiveness of the Registration Statement for amendments or supplements to the Registration Statement or Prospectus or for additional information; (iii) of the
    issuance by the Commission or any other federal or state governmental authority of any stop order suspending the effectiveness of the Registration Statement covering any or all of the SALT Registrable Securities or the initiation of any Proceedings for
    that purpose; (iv) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the SALT Registrable Securities for sale in any jurisdiction, or the initiation or
    threatening of any Proceeding for such purpose, and (v) of the occurrence of any event or passage of time that makes the financial statements included in the Registration Statement ineligible for inclusion therein or any statement made in the
    Registration Statement or Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires any revisions to the Registration Statement, Prospectus or other documents so that, in
    the case of the Registration Statement or the Prospectus, as the case may be, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in
    light of the circumstances under which they were made, not misleading (provided that such Holder of SALT Registrable Securities agrees to keep such information confidential until it is publicly disclosed).</div>
  <div style="text-align: justify; text-indent: 72pt; margin-top: 12pt;">(d)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>Use its commercially reasonable efforts to avoid the issuance of,
    or, if issued, obtain the withdrawal of (i) any order suspending the effectiveness of the Registration Statement, or (ii) any suspension of the qualification (or exemption from qualification) of any of the SALT Registrable Securities for sale in any
    jurisdiction, at the earliest practicable moment.</div>
  <div style="text-align: justify; text-indent: 72pt; margin-top: 12pt;">(e)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>To the extent requested by such Holders, furnish to each Holder,
    without charge, at least one conformed copy of the Registration Statement and each amendment thereto, including financial statements and schedules promptly after the filing of such documents with the Commission.</div>
  <div style="text-align: justify; text-indent: 72pt; margin-top: 12pt;">(f)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>Promptly deliver to each Holder, without charge, as many copies of
    the Prospectus or Prospectuses (including each form of prospectus) and each amendment or supplement thereto as such persons may reasonably request in connection with resales by the Holder of SALT Registrable Securities. The Company hereby consents to
    the use of such Prospectus and each amendment or supplement thereto by each of the selling Holders in connection with the offering and sale of the SALT Registrable Securities covered by such Prospectus and any amendment or supplement thereto, except
    after the giving of any notice pursuant to <u>Section 3(c)</u>.</div>
  <div style="text-align: justify; text-indent: 72pt; margin-top: 12pt;">(g)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>Use its commercially reasonable efforts to register or qualify or
    cooperate with the selling Holders in connection with the registration or qualification (or exemption from the Registration or qualification) of such SALT Registrable Securities for the resale by the Holder under the securities or Blue Sky laws of such
    jurisdictions within the United States as any Holder reasonably requests in writing, to keep each of the registration or qualification (or exemption therefrom) effective during the Effectiveness Period and to do any and all other acts or things
    reasonably necessary to enable the disposition in such jurisdictions of the SALT Registrable Securities covered by the Registration Statement; provided, that the Company shall not be required to qualify generally to do business in any jurisdiction
    where it is not then so qualified, subject the Company to any material tax in any such jurisdiction where it is not then so subject or file a general consent to service of process in any such jurisdiction.</div>
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  <div style="text-align: justify; text-indent: 72pt; margin-top: 12pt;">(h)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>If requested by the Holders, cooperate with the Holders to
    facilitate the timely preparation and delivery of certificates representing SALT Registrable Securities to be delivered to a transferee that were validly sold pursuant to an effective Registration Statement, which certificates shall be free, of all
    restrictive legends, and to enable such SALT Registrable Securities to be in such denominations and registered in such names as any such Holders may request.</div>
  <div style="text-align: justify; text-indent: 72pt; margin-top: 12pt;">(i)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>Upon the occurrence of any event contemplated by <u>Section
      3(c)(v)</u>, as promptly as reasonably possible, prepare a supplement or amendment, including a post-effective amendment, to the Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be
    incorporated therein by reference, and file any other required document so that, as thereafter delivered, neither the Registration Statement nor such Prospectus will contain an untrue statement of a material fact or omit to state a material fact
    required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt;">The Company may require each selling Holder to furnish to the Company a certified statement as to the number of shares of Common Stock beneficially owned by such Holder and the person
    thereof that has voting and dispositive control over the Warrant Shares, for purposes of disclosure in the "Selling Stockholder" table in the Registration Statement.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt;">4.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;"><u>Registration Expenses</u></font>.
    All fees and expenses incident to the performance of or compliance with this Registration Rights Agreement by the Company shall be borne by the Company whether or not any SALT Registrable Securities are sold pursuant to the Registration Statement. The
    fees and expenses referred to in the foregoing sentence shall include, without limitation, (i) all registration and filing fees (including, without limitation, fees and expenses (A) with respect to filings required to be made with the Trading Market on
    which the Common Stock is then listed for trading, and (B) for compliance with applicable state securities or Blue Sky laws), (ii) printing expenses (including, without limitation, expenses of printing certificates for SALT Registrable Securities and
    of printing prospectuses if the printing of prospectuses is reasonably requested by the Holders of a majority of the SALT Registrable Securities included in the Registration Statement), (iii) messenger, telephone and delivery expenses and (iv) fees and
    disbursements of counsel for the Company, (v) Securities Act liability insurance, if the Company so desires such insurance, fees and expenses of all other persons retained by the Company in connection with the consummation of the transactions
    contemplated by this Registration Rights Agreement. In addition, the Company shall be responsible for all of its internal and accounting expenses incurred in connection with the consummation of the transactions contemplated by this Registration Rights
    Agreement (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties and all fees and expenses of the Company's certified public accountants), the expense of the preparation of all
    financial statements and any audit or review thereof by the Company's accountants, including in connection with their rendering a "cold comfort" letter to the underwriters, if requested. In no event shall the Company be responsible for any broker,
    underwriter or similar commissions or any taxes, legal fees or other costs of the Holders.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt;">5.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;"><u>Indemnification</u></font>.</div>
  <div style="text-align: justify; text-indent: 72pt; margin-top: 12pt;">(a)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Indemnification by the Company</u>. The Company shall indemnify
    and hold harmless each Holder, the officers, directors, agents and employees of each of them, each person who controls any such Holder (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act), and the officers,
    directors, agents and employees of each such controlling person, to the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, costs (including, without limitation, reasonable attorneys' fees) and
    expenses (collectively, "<font style="font-weight: bold;">Losses</font>"), as incurred, to the extent arising out of or relating to any untrue or alleged untrue statement of a material fact contained in the Registration Statement, any Prospectus or any
    form of prospectus or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements
    therein (in the case of any Prospectus or form of prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading, or any violation or alleged violation by the Company of the Securities Act, Exchange Act or
    any state securities law, or any rule or regulation thereunder, except to the extent, but only to the extent, that (1) such untrue statements or omissions are based upon information regarding such Holder furnished in writing to the Company by such
    Holder expressly for use therein, or to the extent that such information relates to such Holder or</div>
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  <div style="text-align: justify; margin-top: 12pt;">such Holder's proposed method of distribution of SALT Registrable Securities as set forth in the Plan of Distribution<font style="font-weight: bold;"><u>&#160;</u></font>approved by such Holder expressly for
    use in the Registration Statement, such Prospectus or such form of Prospectus or in any amendment or supplement thereto, or (2) such Holder used an outdated or defective Prospectus after the Company has notified such Holder in writing that the
    Prospectus is outdated or defective including after receipt by such Holder of the Advice contemplated in <u>Section 6(b) or the Suspension Certificate </u>contemplated in <u>Section 6(d)</u>.</div>
  <div style="text-align: justify; text-indent: 72pt; margin-top: 12pt;">(b)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Indemnification by Holders</u>. Each Holder shall, severally and
    not jointly, indemnify and hold harmless the Company, its officers, directors, agents and employees, each person who controls the Company (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act), and the officers,
    directors, agents and employees of each such controlling person, to the fullest extent permitted by applicable law, from and against any and all Losses, as incurred, to the extent arising out of or based upon: (1) such Holder's failure to comply with
    the prospectus delivery requirements of the Securities Act or (2) any untrue or alleged untrue statement of a material fact contained in the Registration Statement, any Prospectus or any form of prospectus or in any amendment or supplement thereto or
    in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or form of prospectus or
    supplement thereto, in light of the circumstances under which they were made) not misleading to the extent, but only to the extent, that such untrue statement or omission is contained in any information so furnished in writing by such Holder to the
    Company specifically for inclusion in the Registration Statement or such Prospectus expressly for use therein, or (3) the use by such Holder of an outdated or defective Prospectus; provided that such use by the Holder is after the Company has notified
    such Holder in writing that the Prospectus is outdated or defective including after receipt by such Holder of the Advice contemplated in <u>Section 6(b) or the Suspension Certificate </u>contemplated in <u>Section 6(d)</u>.</div>
  <div style="text-align: justify; text-indent: 72pt; margin-top: 12pt;">(c)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Conduct of Indemnification Proceedings</u>. If any Proceeding
    shall be brought or asserted against any person entitled to indemnity hereunder (an "<font style="font-weight: bold;">Indemnified Party</font>"), such Indemnified Party shall promptly notify the person from whom indemnity is sought (the "<font style="font-weight: bold;">Indemnifying Party</font>") in writing, and the Indemnifying Party shall have the right to assume the defense thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of
    all fees and expenses incurred in connection with defense thereof; provided, that the failure of any Indemnified Party to give such notice shall not relieve the Indemnifying Party of its obligations or liabilities pursuant to this Registration Rights
    Agreement, except (and only) to the extent that it shall be finally determined by a court of competent jurisdiction (which determination is not subject to appeal or further review) that such failure shall have prejudiced the Indemnifying Party.</div>
  <div style="text-align: justify; text-indent: 72pt; margin-top: 12pt;">An Indemnified Party shall have the right to employ separate counsel in any such Proceeding and to participate in the defense thereof, but the fees and expenses of such counsel shall
    be at the expense of such Indemnified Party or Parties unless: (1) the Indemnifying Party has agreed in writing to pay such fees and expenses; (2) the Indemnifying Party shall have failed promptly to assume the defense of such Proceeding and to employ
    counsel reasonably satisfactory to such Indemnified Party in any such Proceeding; or (3) the named parties to any such Proceeding (including any impleaded parties) include both such Indemnified Party and the Indemnifying Party, and such Indemnified
    Party shall have been advised by counsel that a conflict of interest is reasonably likely to exist if the same counsel were to represent such Indemnified Party and the Indemnifying Party (in which case, if such Indemnified Party notifies the
    Indemnifying Party in writing that it elects to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying Party shall not have the right to assume the defense thereof and the reasonable fees and expenses of no more than one
    separate counsel (the Indemnified Party's counsel who first notifies the Company of such obligation) shall be at the expense of the Indemnifying Party). The Indemnifying Party shall not be liable for any settlement of any such Proceeding effected
    without its written consent. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending Proceeding in respect of which any Indemnified Party is a party, unless such settlement includes
    an unconditional release of such Indemnified Party from all liability on claims that are the subject matter of such Proceeding.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt;">All reasonable fees and expenses of the Indemnified Party (including reasonable fees and expenses to the extent incurred in connection with investigating or preparing to defend such
    Proceeding in a manner not inconsistent with this Section) shall be paid to the Indemnified Party, as incurred, within ten (10) Business Days of written notice thereof to the Indemnifying Party; <u>provided</u>, that the Indemnified Party shall
    promptly reimburse the Indemnifying</div>
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  <div style="text-align: justify; margin-top: 12pt;">Party for that portion of such fees and expenses applicable to such actions for which such Indemnified Party is not entitled to indemnification hereunder, determined based upon the relative faults of
    the parties.</div>
  <div style="text-align: justify; text-indent: 72pt; margin-top: 12pt;">(d)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Contribution</u>. If a claim for indemnification under <u>Section


      5(a) or 5(b)</u> is unavailable to an Indemnified Party (by reason of public policy or otherwise), then each Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party
    as a result of such Losses, in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and Indemnified Party in connection with the actions, statements or omissions that resulted in such Losses as well as any other
    relevant equitable considerations. The relative fault of such Indemnifying Party and Indemnified Party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a
    material fact or omission or alleged omission of a material fact, has been taken or made by, or relates to information supplied by, such Indemnifying Party or Indemnified Party, and the parties' relative intent, knowledge, access to information and
    opportunity to correct or prevent such action, statement or omission. The amount paid or payable by a party as a result of any Losses shall be deemed to include, subject to the limitations set forth in <u>Section 5(c)</u>, any reasonable attorneys' or
    other reasonable fees or expenses incurred by such party in connection with any Proceeding to the extent such party would have been indemnified for such fees or expenses if the indemnification provided for in this Section was available to such party in
    accordance with its terms.</div>
  <div style="text-align: justify; text-indent: 72pt; margin-top: 12pt;">The parties hereto agree that it would not be just and equitable if contribution pursuant to this <u>Section 5(d)</u> were determined by pro rata allocation or by any other method of
    allocation that does not take into account the equitable considerations referred to in the immediately preceding paragraph. Notwithstanding the provisions of this <u>Section 5(d)</u>, no Holder shall be required to contribute, in the aggregate, any
    amount in excess of the amount by which the proceeds actually received by such Holder from the sale of the SALT Registrable Securities subject to the Proceeding exceeds the amount of any damages that such Holder has otherwise been required to pay by
    reason of such untrue or alleged untrue statement or omission or alleged omission, except in the case of fraud by such Holder. The indemnity and contribution agreements contained in this Section are in addition to any liability that the Indemnifying
    Parties may have to the Indemnified Parties.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt;">6.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;"><u>Miscellaneous</u></font>.</div>
  <div style="text-align: justify; text-indent: 72pt; margin-top: 12pt;">(a)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Compliance</u>. Each Holder covenants and agrees that it will
    comply with the prospectus delivery requirements of the Securities Act as applicable to it in connection with sales of SALT Registrable Securities pursuant to the Registration Statement.</div>
  <div style="text-align: justify; text-indent: 72pt; margin-top: 12pt;">(b)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Discontinued Disposition</u>. Each Holder agrees by its
    acquisition of such SALT Registrable Securities that, upon receipt of a notice from the Company of the occurrence of any event of the kind described in <u>Section 3(c)</u>, such Holder will forthwith discontinue disposition of such SALT Registrable
    Securities under the Registration Statement until such Holder's receipt of the copies of the supplemented Prospectus and/or amended Registration Statement or until it is advised in writing (the "<font style="font-weight: bold;">Advice</font>") by the
    Company that the use of the applicable Prospectus may be resumed, and, in either case, has received copies of any additional or supplemental filings that are incorporated or deemed to be incorporated by reference in such Prospectus or Registration
    Statement. In the event of a discontinued disposition under this <u>Section 6(b)</u>, the Company will use its commercially reasonable efforts to ensure that the use of the Prospectus may be resumed as promptly as is practicable and to provide copies
    of the supplemented Prospectus and/or amended Registration Statement or the Advice as soon as possible in order to enable each Holder to resume dispositions of the SALT Registrable Securities. The Company may provide appropriate stop orders to enforce
    the provisions of this paragraph.</div>
  <div style="text-align: justify; text-indent: 72pt; margin-top: 12pt;">(c)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Amendments in Writing</u>. No amendment, modification, waiver,
    termination or discharge of any provision of this Registration Rights Agreement, or any consent to any departure by the Company and any Holder of the then outstanding SALT Registrable Securities from any provision hereof, shall in any event be
    effective unless the same shall be in writing and signed by the Company and SALT, and each such amendment, modification, waiver, termination or discharge shall be effective only in the specific instance and for the specific purpose for which given. No
    provision of this Registration Rights Agreement shall be varied, contradicted or explained by any oral agreement, course of dealing or performance or any other matter not set forth in an agreement in writing and signed by the Company and SALT.</div>
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    <div style="page-break-after:always;" id="DSPFPageBreak">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 72pt; margin-top: 12pt;">(d)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Suspension of Trading</u>. At any time after the SALT
    Registrable Securities are covered by an effective Registration Statement, the Company may deliver to the Holders of such SALT Registrable Securities a certificate (the "<font style="font-weight: bold;">Suspension Certificate</font>") approved by the
    Chief Executive Officer, Chief Financial Officer or Chief Operating Officer of the Company and signed by an officer of the Company stating that the effectiveness of and sales of SALT Registrable Securities under the Registration Statement would:</div>
  <div style="text-align: justify; text-indent: 108pt; margin-top: 12pt;">(i)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>materially interfere with any transaction that would require the
    Company to prepare financial statements under the Securities Act that the Company would otherwise not be required to prepare in order to comply with its obligations under the Exchange Act, or</div>
  <div style="text-align: justify; text-indent: 108pt; margin-top: 12pt;">(ii)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>require public disclosure of any transaction of the type
    discussed in <u>Section 6(d)(i)</u> prior to the time such disclosure might otherwise be required.</div>
  <div style="text-align: justify; text-indent: 72pt; margin-top: 12pt;">After the delivery of a Suspension Certificate by Holders of SALT Registrable Securities, the Company may, in its discretion, require such Holders of SALT Registrable Securities to
    refrain from selling or otherwise transferring or disposing of any SALT Registrable Securities or other Company securities then held by such Holders for a specified period of time that is customary under the circumstances (not to exceed thirty (30)
    days. Notwithstanding the foregoing sentence, the Company shall be permitted to cause Holders of SALT Registrable Securities to so refrain from selling or otherwise transferring or disposing of any SALT Registrable Securities or other securities of the
    Company on only one occasion during the Effectiveness Period. The Company may impose stop transfer instructions to enforce any required agreement of the Holders under this <u>Section 6(d)</u>.</div>
  <div style="text-align: justify; text-indent: 72pt; margin-top: 12pt;">(e)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Notices</u>. All notices, requests, consents and other
    communications under this Registration Rights Agreement shall be in writing and shall be deemed delivered (i) on the date of transmission when delivered via facsimile prior to 5:00 p.m. (New York City time) on a Business Day, (ii) one Business Day
    after transmission when delivered via facsimile later than 5:00 p.m. (New York City time) on any date and earlier than 11:59 p.m. (New York City time) on such date, (iii) upon delivery when delivered personally, (iv) three (3) days after being sent by
    registered or certified mail, return receipt requested, postage prepaid, or (v) one (1) Business Day after being sent via a reputable nationwide overnight courier service guaranteeing next business day delivery, in each case to the intended recipient
    as set forth below:</div>
  <div style="text-align: justify; margin-left: 72pt; margin-top: 12pt;">If to the Company:</div>
  <div style="margin-left: 108pt;"><br>
    <br>
    Star Bulk Carriers Corp.</div>
  <div style="margin-left: 108pt;">c/o Star Bulk Management Inc.</div>
  <div style="margin-left: 108pt;">40 Agiou Konstantinou Str.</div>
  <div style="margin-left: 108pt;">Maroussi 15124</div>
  <div style="margin-left: 108pt;">Athens, Greece</div>
  <div style="margin-left: 108pt;">Attention: General Counsels</div>
  <div style="margin-left: 108pt;">Email: Compliance@starbulk.com</div>
  <div style="text-align: justify; margin-left: 72pt; margin-top: 12pt;">With a copy (which shall not constitute notice) to:</div>
  <div><br>
  </div>
  <div style="margin-left: 108pt;">Seward &amp; Kissel LLP<br>
    One Battery Park Plaza<br>
    New York, NY 10004<br>
    Attention: Keith J. Billotti, Esq.<br>
    Email: billotti@sewkis.com</div>
  <div style="text-align: justify; margin-left: 72pt; margin-top: 12pt;">If to SALT, to:</div>
  <div><br>
  </div>
  <div style="margin-left: 108pt;">Scorpio Bulkers Inc.<br>
    150 E. 58th Street<br>
    New York, New York 10022</div>
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  </div>
  <div><br>
  </div>
  <div style="margin-left: 108pt;">Attention: Hugh Baker<br>
    Email: HBaker@scorpiogroup.net</div>
  <div style="text-align: justify; margin-left: 72pt; margin-top: 12pt;">With a copy to:</div>
  <div><br>
  </div>
  <div style="margin-left: 108pt;">Seward &amp; Kissel LLP<br>
    One Battery Park Plaza<br>
    New York, NY 10004<br>
    Attention: Edward Horton, Esq.<br>
    Email: Horton@sewkis.com</div>
  <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt;">Any party may change the address to which notices, requests, consents or other communications hereunder are to be delivered by giving the other parties notice in the manner set forth
    in this Section.</div>
  <div style="text-align: justify; text-indent: 72pt; margin-top: 12pt;">(f)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Successors and Assigns</u>. This Registration Rights Agreement
    shall be binding upon, shall inure to the benefit of and shall be enforceable by the parties hereto and their respective successors and assigns. The Company may not assign its rights or obligations hereunder without the prior written consent of all of
    the Holders of the then-outstanding SALT Registrable Securities, provided a sale of the Company shall not be deemed an assignment. SALT may assign its rights hereunder to a purchaser or transferee of SALT Registrable Securities; <u>provided</u>, that
    (i) the Company is furnished a written notice of the name and address of such transferee or assignee and the SALT Registrable Securities with respect to which such registration rights are being assigned; (ii) such purchaser or transferee shall, as a
    condition to the effectiveness of such assignment, be required to execute a counterpart to this Registration Rights Agreement agreeing to be treated as a Holder whereupon such purchaser or transferee shall have the benefits of, and shall be subject to
    the restrictions contained in, this Registration Rights Agreement as if such purchaser or transferee was originally included in the definition of an Holder herein and had originally been a party hereto; and (iii) the transferee is an Affiliate of SALT
    at the time of transfer.</div>
  <div style="text-align: justify; text-indent: 72pt; margin-top: 12pt;">(g)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Execution in Counterparts; Facsimile Signatures</u>. This
    Registration Rights Agreement and any amendment, waiver or consent hereto may be executed by the parties hereto in separate counterparts, each of which, when so executed and delivered, shall be an original, but all such counterparts shall together
    constitute one and the same instrument. All such counterparts may be delivered among the parties hereto by facsimile or other electronic transmission, which shall not affect the validity thereof.</div>
  <div style="text-align: justify; text-indent: 72pt; margin-top: 12pt;">(h)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Governing Law; Jurisdiction</u>. This Registration Rights
    Agreement shall be governed by and construed under the laws of the State of New York without regard to conflicts of laws principles. Any action or proceeding seeking to enforce any provision of, or based on any right arising out of, this Registration
    Rights Agreement shall be brought against the parties hereto or thereto in the courts of the State of New York, County of New York, or, if it has or can acquire jurisdiction, in the United States District Court for the Southern District of New York,
    and each of the parties consents to the exclusive jurisdiction of such courts (and of the appropriate appellate courts) in any such action or proceeding and waives any objection to venue laid therein. The parties hereby expressly waive all rights to
    trial by jury in any suit, action or proceeding arising under this Registration Rights Agreement.</div>
  <div style="text-align: justify; text-indent: 72pt; margin-top: 12pt;">(i)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Cumulative Remedies</u>. All remedies, either under this
    Registration Rights Agreement or by law, afforded to the parties hereto, shall be cumulative and not alternative.</div>
  <div style="text-align: justify; text-indent: 72pt; margin-top: 12pt;">(j)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Severability</u>. Any provision of this Registration Rights
    Agreement, which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting the validity or
    enforceability of such provision in any other jurisdiction.</div>
  <div style="text-align: justify; text-indent: 72pt; margin-top: 12pt;">(k)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Section Headings and References</u>. The section headings are
    for the convenience of the parties and in no way alter, modify, amend, limit or restrict the contractual obligations of the parties. Any reference in this Registration Rights Agreement to a particular section or subsection shall refer to a section or
    subsection of this Registration Rights Agreement, unless specified otherwise.</div>
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  </div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 72pt; margin-top: 12pt;">(l)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Termination</u>.&#160; This Registration Rights Agreement shall
    terminate automatically and be null and void upon the termination of the Master Agreement pursuant to the terms thereof and upon the expiration of the Effectiveness Period.</div>
  <div style="text-align: center; margin-top: 12pt; font-style: italic;">[Remainder of page intentionally left blank; Signature pages follow]</div>
  <div style="margin-top: 12pt;"><br>
  </div>
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  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt;"><font style="font-weight: bold;">IN WITNESS WHEREOF</font>, the parties hereto have executed this Registration Rights Agreement on the date first written above.</div>
  <div style="margin-top: 12pt;"><br>
  </div>
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      <tr>
        <td style="width: 48.8%; vertical-align: top;">&#160;</td>
        <td colspan="3" style="width: 51.2%; vertical-align: top;">
          <div style="text-align: justify; font-style: italic; font-weight: bold;">THE COMPANY:</div>
          <div style="text-align: justify;"><font style="font-weight: bold; font-style: italic;"> </font>&#160;</div>
        </td>
      </tr>
      <tr>
        <td style="width: 48.8%; vertical-align: top;">&#160;</td>
        <td colspan="3" style="width: 51.2%; vertical-align: top;">
          <div style="text-align: justify; font-weight: bold;">STAR BULK CARRIERS CORP.</div>
          <div style="text-align: justify;"><font style="font-weight: bold;"> </font>&#160;</div>
        </td>
      </tr>
      <tr>
        <td style="width: 48.8%; vertical-align: top;">&#160;</td>
        <td style="width: 3.51%; vertical-align: top;">
          <div style="text-align: justify;">By:</div>
        </td>
        <td style="width: 38.08%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;/s/ Simos Spyrou<br>
        </td>
        <td style="width: 9.6%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 48.8%; vertical-align: top;">&#160;</td>
        <td style="width: 3.51%; vertical-align: top;">&#160;</td>
        <td colspan="2" style="width: 47.68%; vertical-align: top;">
          <div style="text-align: justify;">Name: Simos Spyrou<br>
          </div>
        </td>
      </tr>
      <tr>
        <td style="width: 48.8%; vertical-align: top;">&#160;</td>
        <td style="width: 3.51%; vertical-align: top;">&#160;</td>
        <td colspan="2" style="width: 47.68%; vertical-align: top;">
          <div style="text-align: justify;">Title: Co CFO<br>
          </div>
        </td>
      </tr>

  </table>
  <div style="text-align: center; margin-top: 12pt; font-style: italic;">[SALT Signature page follows]</div>
  <div style="margin-top: 6pt; margin-bottom: 6pt;"><br>
  </div>
  <div><br>
  </div>
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  </div>
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      <tr>
        <td style="width: 48.76%; vertical-align: top;">&#160;</td>
        <td colspan="3" style="width: 51.24%; vertical-align: top;">
          <div style="text-align: justify; font-weight: bold;">SCORPIO BULKERS INC.</div>
          <div style="text-align: justify;"><font style="font-weight: bold;"> </font>&#160;</div>
        </td>
      </tr>
      <tr>
        <td style="width: 48.76%; vertical-align: top;">&#160;</td>
        <td style="width: 3.96%; vertical-align: top;">
          <div style="text-align: justify;">By:</div>
        </td>
        <td style="width: 35.74%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div style="text-align: justify;">/s/ Cameron K. Mackey</div>
        </td>
        <td style="width: 11.54%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 48.76%; vertical-align: top;">&#160;</td>
        <td style="width: 3.96%; vertical-align: top;">&#160;</td>
        <td colspan="2" style="width: 47.28%; vertical-align: top;">
          <div style="text-align: justify;">Name: Cameron K. Mackey</div>
        </td>
      </tr>
      <tr>
        <td style="width: 48.76%; vertical-align: top;">&#160;</td>
        <td style="width: 3.96%; vertical-align: top;">&#160;</td>
        <td colspan="2" style="width: 47.28%; vertical-align: top;">
          <div style="text-align: justify;">Title: Chief Operating Officer</div>
        </td>
      </tr>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.5
<SEQUENCE>5
<FILENAME>d8730141_ex4-5.htm
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Seward & Kissel LLP
         Document created using EDGARfilings PROfile 7.3.2.0
         Copyright 1995 - 2021 Broadridge -->
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<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <div style="text-align: right; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Exhibit 4.5</div>
    <div style="text-align: center; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;"><u>WARRANT</u></div>
    <div style="margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR QUALIFIED UNDER
      ANY STATE OR FOREIGN SECURITIES LAWS AND THE WARRANT MAY NOT BE OFFERED FOR SALE, SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED OR ASSIGNED.</div>
    <div style="margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">Warrant Certificate No.: 1</div>
    <div style="margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">Original Issue Date: February 2, 2021</div>
    <div style="margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">FOR VALUE RECEIVED, Star Bulk Carriers Corp., a Marshall Islands company (the &#8220;<font style="font-weight: bold;">Company</font>&#8221;), hereby certifies that Scorpio
      Bulkers Inc., a Marshall Islands company (the &#8220;<font style="font-weight: bold;">Holder</font>&#8221;) is entitled to purchase from the Company up to an aggregate of 3,000,000 duly authorized, validly issued, fully paid and nonassessable shares of Common
      Stock at a purchase price per share of $0.01 (the &#8220;<font style="font-weight: bold;">Exercise Price</font>&#8221;), all subject to the terms, conditions and adjustments set forth below in this Warrant. Certain capitalized terms used herein are defined in
      Section 1 hereof.</div>
    <div style="margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">This Warrant has been issued pursuant to the terms of the Master Agreement, dated as of February 2, 2021 (the &#8220;<font style="font-weight: bold;">Master Agreement</font>&#8221;),
      between the Company and the Holder.</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; color: #000000;">1.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; color: #000000;"><u>Definitions</u>.&#160; As used in this
        Warrant, the following terms have the respective meanings set forth below:</font></div>
    <div style="text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">&#8220;<font style="font-weight: bold;">Additional Shares</font>&#8221; means such number of shares equal to (A) the Aggregate Exercise
      Price divided by (B) the NASDAQ closing price of the Common Stock on the Business Day immediately preceding the Exercise Date rounded down to the nearest whole share.</div>
    <div style="text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">&#8220;<font style="font-weight: bold;">Aggregate Warrant Shares</font>&#8221; means the aggregate shares of Common Stock purchasable
      upon exercise of this Warrant in accordance with the terms of this Warrant, which amount shall not exceed an aggregate of 3,000,000 shares of Common Stock (subject to adjustment as provided herein).</div>
    <div style="text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">&#8220;<font style="font-weight: bold;">Applicable</font>&#160;<font style="font-weight: bold;">Delivery Date</font>&#8221; means the Date of
      the Delivery (as such term is used in the Master Agreement) of such Vessel.</div>
    <div style="text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">&#8220;<font style="font-weight: bold;">Applicable Vessel Delivery Shares</font>&#8221; means (i) with respect to the Applicable Delivery
      Date of the SBI Subaru to SBI Subaru Shipping Company Limited, three hundred and forty eight thousand, five hundred and twenty (348,520) shares of Common Stock, (ii) with respect to the Applicable Delivery Date of the SBI Pegasus to SBI Pegasus
      Shipping Company Limited , three hundred and fifty thousand, seven hundred and ninety seven (350,797) shares of Common Stock, (iii) with respect to the Applicable Delivery Date of the SBI Ursa to SBI Ursa&#160; Shipping Company Limited , three hundred and
      forty eight thousand, five hundred and nineteen (348,519) shares of Common Stock, (iv) with respect to the Applicable Delivery Date of the SBI Capoeira to</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">SBI Capoeira Shipping Company Limited , four hundred and ninety four thousand, three hundred and five (494,305) shares of Common Stock, (v) with
      respect to the Applicable Delivery Date of the SBI Carioca to SBI Carioca Shipping Company Limited , four hundred and ninety four thousand, three hundred and five (494,305) shares of Common Stock, (vi) with respect to the Applicable Delivery Date of
      the SBI Lambada to SBI Lambada Shipping Company Limited, four hundred and eighty one thousand, seven hundred and seventy seven (481,777) shares of Common Stock, and (vii) with respect to the Applicable Delivery Date of the SBI Macarena to SBI
      Macarena&#160; Shipping Company Limited, four hundred and eighty one thousand, seven hundred and seventy seven (481,777) shares of Common Stock (each of the SBI Subaru, SBI Pegasus, SBI Ursa, SBI Capoeira, SBI Carioca, SBI Lambada and SBI Macarena (each a
      &#8220;Vessel&#8221; and collectively, the &#8220;Scorpio Vessels&#8221;).</div>
    <div style="text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">&#8220;<font style="font-weight: bold;">Aggregate Exercise Price</font>&#8221; means the product of (i) $0.01 multiplied by (ii)&#160; the
      number of Applicable Vessel Delivery Shares.</div>
    <div style="text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">&#8220;<font style="font-weight: bold;">Board</font>&#8221; means the board of directors of the Company.</div>
    <div style="text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">&#8220;<font style="font-weight: bold;">Business Day</font>&#8221; means any day, except a Saturday, Sunday or legal holiday, on which
      banking institutions in the city of New York are authorized or obligated by law or executive order to close.</div>
    <div style="text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">&#160;&#8220;<font style="font-weight: bold;">Common Stock</font>&#8221; means the common stock, par value $0.01 per share, of the Company,
      and any capital stock into which such Common Stock shall have been converted, exchanged or reclassified following the date hereof.</div>
    <div style="text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">&#8220;<font style="font-weight: bold;">Company</font>&#8221; has the meaning set forth in the preamble.</div>
    <div style="text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">&#8220;<font style="font-weight: bold;">Exercise Date</font>&#8221; means, for any given exercise of this Warrant, the date on which the
      conditions to such exercise as set forth in Section 3 shall have been satisfied at or prior to 5:00 p.m., New York time, on a Business Day.</div>
    <div style="text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">&#8220;<font style="font-weight: bold;">Exercise Notice</font>&#8221; has the meaning set forth in Section 3(a)(i).</div>
    <div style="text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">&#8220;<font style="font-weight: bold;">Exercise Price</font>&#8221; has the meaning set forth in the preamble.</div>
    <div style="text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">&#8220;<font style="font-weight: bold;">Holder</font>&#8221; has the meaning set forth in the preamble.</div>
    <div style="text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">&#8220;<font style="font-weight: bold;">Original Issue Date</font>&#8221; means, the date on which the Warrant was issued by the Company
      pursuant to the Master Agreement.</div>
    <div style="text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">&#8220;<font style="font-weight: bold;">NASDAQ</font>&#8221; means the NASD<font style="font-family: 'Times New Roman', Times, serif;">&#913;</font>Q
      Stock Exchange.</div>
    <div style="text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">&#8220;<font style="font-weight: bold;">Person</font>&#8221; means any individual, sole proprietorship, partnership, limited liability
      company, corporation, joint venture, trust, incorporated organization or government or department or agency thereof.</div>
    <div style="text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">&#8220;<font style="font-weight: bold;">Securities Act</font>&#8221; means the U.S. Securities Act of 1933, as amended.</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-weight: normal; font-style: normal;">2</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">&#8220;<font style="font-weight: bold;">Stock Event</font>&#8221; has the meaning set forth in Section 6.</div>
    <div style="text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">&#8220;<font style="font-weight: bold;">Master Agreement</font>&#8221; has the meaning set forth in the preamble.</div>
    <div style="text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">&#8220;<font style="font-weight: bold;">Warrant</font>&#8221; means this Warrant and all warrants issued upon division or combination of,
      or in substitution for, this Warrant.</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; color: #000000;">2.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; color: #000000;"><u>Term of Warrant</u>.&#160; Subject to the
        terms and conditions hereof, the Holder of this Warrant shall exercise this Warrant for the Applicable Vessel Delivery Shares purchasable hereunder, on each of the Applicable Delivery Dates or, if such day is not a Business Day, on the next
        Business Day, provided that Holder shall only exercise this Warrant on seven (7) separate occasions for the Applicable Vessel Delivery Shares issuable on such Exercise Date.&#160; This Warrant shall expire and shall no longer be exercisable upon the
        earlier of the (i) seventh Applicable Delivery Date and (ii) termination of the Master Agreement in respect of all undelivered Vessels in accordance with its terms.</font></div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; color: #000000;">3.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; color: #000000;"><u>Exercise of Warrant</u>.&#160;</font></div>
    <div style="text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; color: #000000;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; color: #000000;"><u>Exercise Procedure</u>.
        This Warrant shall be exercised on each Applicable Delivery Date or, if such day is not a Business Day, on the next Business Day, and in each case for the Applicable Vessel Delivery Shares; provided that the total number of shares of Common Stock
        issuable hereunder shall not exceed the Aggregate Warrant Shares, upon:</font></div>
    <div style="text-indent: 36pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; color: #000000;">(i)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; color: #000000;">an exercise notice, in
        the form attached hereto (the &#8220;<font style="font-weight: bold;"><u>Exercise Notice</u></font>&#8221;), completed and duly signed, and</font></div>
    <div style="text-indent: 36pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; color: #000000;">(ii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; color: #000000;">payment to the
        Company of the Aggregate Exercise Price in accordance with Section 3(b).</font></div>
    <div style="text-indent: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">A separate Exercise Notice shall be delivered in connection with the delivery of each Scorpio Vessel; provided that more than one Exercise
      Notice may be delivered to the Company on any single date in accordance with the terms of this Warrant.&#160; The Exercise Notice does not need to be an ink-original, notarized or contain a medallion guarantee or any other guarantee of any nature. The
      Holder shall not be required to deliver the original Warrant in order to effect an exercise hereunder. Execution and delivery of the Exercise Notice shall have the same effect as cancellation of the original Warrant and issuance of a new Warrant
      evidencing the right to purchase the remaining number of Warrant Shares.</div>
    <div style="text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; color: #000000;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; color: #000000;"><u>Payment of the
          Aggregate Exercise Price</u>. The Company is obligated to issue to the Holder the Additional Shares at the same time the Applicable Vessel Delivery Shares are issued to the Holder pursuant to a valid Exercise Notice; provided that payment of the
        Aggregate Exercise Price shall be made by instructing the Company to withhold the Additional Shares.</font></div>
    <div style="text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; color: #000000;">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; color: #000000;"><u>Delivery of Stock
          Certificates</u>.&#160; Upon delivery of an Exercise Notice for the exercise of the Warrant for the Applicable Vessel Delivery Shares and payment of the Aggregate Exercise Price (in accordance with Section 3(a) and (b) hereof), the Company</font></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-weight: normal; font-style: normal;">3</font></div>
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">shall deliver (or cause to be delivered) to its transfer agent (the &#8220;Transfer Agent&#8221;) irrevocable instructions (the &#8220;Irrevocable Instruction
      Letter&#8221;) to issue the Applicable Vessel Delivery Shares, effective as of the Exercise Date; provided that if the Company receives the Exercise Notice at or after 4:00 p.m. (local time in New York City) the Irrevocable Instruction Letter may be
      delivered to the Transfer Agent on the following Business Day. The stock certificate or book-entry position so delivered shall be, to the extent possible, in such denomination or denominations as the exercising Holder shall reasonably request and
      shall be registered in the name of the Holder.&#160; This Warrant shall be deemed to have been exercised and such certificate or book entry position representing the Applicable Vessel Delivery Shares shall be deemed to have been issued, and the Holder
      shall be deemed to have become a holder of record of such Applicable Vessel Delivery Shares for all purposes, as of the Exercise Date, subject to the policies and procedures of the Transfer Agent.</div>
    <div style="text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; color: #000000;">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; color: #000000;"><u>Fractional Shares</u>.
        The Company shall not be required to issue a fractional share of Common Stock upon exercise of any Warrant.</font></div>
    <div style="text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; color: #000000;">(e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; color: #000000;"><u>Valid Issuance of
          Warrant and Aggregate Warrant Shares</u>. Subject to the terms and conditions of the Master Agreement, including the accuracy of the representations and warranties of the Holder contained therein, with respect to the exercise of this Warrant the
        Company hereby represents, covenants and agrees:</font></div>
    <div style="text-indent: 36pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; color: #000000;">(i)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; color: #000000;">This Warrant is, and
        any Warrant issued in substitution for or replacement of this Warrant shall be, upon issuance, duly authorized and validly issued and a valid and binding obligation of the Company.</font></div>
    <div style="text-indent: 36pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; color: #000000;">(ii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; color: #000000;">The Aggregate Warrant
        Shares issuable upon the exercise of this Warrant pursuant to the terms hereof shall be, upon issuance, and the Company shall take all such actions as may be necessary or appropriate in order that such Aggregate Warrant Shares are, validly issued,
        fully paid and non-assessable, issued without violation of any preemptive or similar rights of any stockholder of the Company and free and clear of all taxes, liens and charges and registered for resale under the Securities Act at the time such
        Aggregate Warrant Shares are issuable hereunder.</font></div>
    <div style="text-indent: 36pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; color: #000000;">(iii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; color: #000000;">The Company shall
        take all such actions as may be necessary to ensure that the Aggregate Warrant Shares are issued without violation by the Company of any applicable law or governmental regulation or any requirements of any domestic securities exchange upon which
        shares of Common Stock may be listed at the time of such exercise (except for official notice of issuance which shall be immediately delivered by the Company upon each such issuance).</font></div>
    <div style="text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; color: #000000;">(f)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; color: #000000;"><u>Payment of Taxes.</u>
        Issuance and delivery of certificates or book entry positions for shares of Common Stock upon exercise of this Warrant shall be made without charge to the Holder for any transfer agent fee or issue tax or transfer tax&#160; or withholding tax or other
        incidental tax or expense imposed by the Marshall Islands in respect of the issuance of such certificates, all such taxes and expenses shall be paid by</font></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-weight: normal; font-style: normal;">4</font></div>
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    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">the Company; <font style="font-style: italic;">provided, however</font>, that the Company shall not be required to pay any tax that may be
      payable in respect of any transfer involved in the registration of any certificates for Warrant Shares or Warrants in a name other than that of the Holder or in the event the Holder elects to change its domicile or jurisdiction of formation
      subsequent to the original issue date of the Warrant. The Holder shall be responsible for all other tax liability that may arise as a result of holding or transferring this Warrant or receiving Warrant Shares upon exercise hereof.</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; color: #000000;">4.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; color: #000000;"><u>Transfer of Warrant</u>.&#160; This Warrant
        and all rights hereunder are non-transferable, in whole or in part, by the Holder.&#160; Any such transfer will be null and void.</font></div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; color: #000000;">5.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; color: #000000;"><u>Holder Not Deemed a Stockholder;
          Limitations on Liability</u>.&#160; Except as otherwise specifically provided herein, prior to the issuance to the Holder of shares of Common Stock to which the Holder is then entitled to receive upon the due exercise of this Warrant, the Holder shall
        not be entitled to vote or&#160; receive dividends or be deemed the holder of shares of capital stock of the Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, as such, any of the rights of a
        stockholder of the Company or any right to vote, give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation, merger, conveyance or otherwise), receive notice of meetings,
        receive dividends or subscription rights, or otherwise. In addition, nothing contained in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a
        stockholder of the Company, whether such liabilities are asserted by the Company or by creditors of the Company.</font></div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; color: #000000;">6.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; color: #000000;"><u>Adjustments for Stock Event</u>. If at
        any time there shall occur any stock split, stock dividend, reverse stock split or other subdivision, reclassification or similar event involving the Company&#8217;s Common Stock (the &#8220;Stock Event&#8221;), then the number of shares of Common Stock remaining
        issuable upon exercise of this Warrant shall be appropriately adjusted such that the proportion of the number of shares issuable hereunder to the total number of shares of the Company (on a fully diluted basis) prior to such Stock Event is equal to
        the proportion of the number of shares issuable hereunder after such Stock Event to the total number of shares of the Company (on a fully-diluted basis) after such Stock Event.</font></div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; color: #000000;">7.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; color: #000000;"><u>Replacement on Loss</u>.&#160; Upon receipt
        of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and upon delivery of an indemnity reasonably satisfactory to it (it being understood that a written indemnification agreement or
        affidavit of loss of the Holder shall be a sufficient indemnity) and, in case of mutilation, upon surrender of such Warrant for cancellation to the Company, the Company at its own expense shall execute and deliver to the Holder, in lieu hereof, a
        new Warrant of like tenor and exercisable for an equivalent number of Aggregate Warrant Shares as the Warrant so lost, stolen, mutilated or destroyed; <font style="font-style: italic;">provided</font>, that, in the case of mutilation, no indemnity
        shall be required if this Warrant in identifiable form is surrendered to the Company for cancellation.</font></div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; color: #000000;">8.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; color: #000000;"><u>Compliance with the Securities Act</u>.</font></div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">
      <div style="text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; color: #000000;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; color: #000000;"><u>Agreement to
            comply with the Securities Act; Legend</u>. The Holder, by acceptance of this Warrant, agrees to comply in all respects with the provisions of this Section 8</font></div>
    </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-weight: normal; font-style: normal;">5</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-right: 36pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">and the restrictive legend requirements set forth on the face of this Warrant and further agrees that such Holder shall not
      offer, sell or otherwise dispose of this Warrant or any Aggregate Warrant Shares to be issued upon exercise hereof except under circumstances that will not result in a violation of the Securities Act.&#160; This Warrant shall be stamped or imprinted with
      a legend in substantially the following form:</div>
    <div style="margin-right: 36pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">&#8220;THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
      1933, AS AMENDED, OR QUALIFIED UNDER ANY STATE OR FOREIGN SECURITIES LAWS AND THE WARRANT MAY NOT BE OFFERED FOR SALE, SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED OR ASSIGNED.&#8221;</div>
    <div style="text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; color: #000000;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; color: #000000;"><u>Representations of
          the Holder</u>. In connection with the issuance of this Warrant, the Holder specifically represents, as of the date hereof, to the Company by acceptance of this Warrant, as follows:</font></div>
    <div style="text-indent: 36pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; color: #000000;">(i)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; color: #000000;">The Holder is an
        &#8220;accredited investor&#8221; as defined in Rule 501(a) of Regulation D promulgated under the Securities Act. The Holder is acquiring this Warrant and the Aggregate Warrant Shares to be issued upon exercise hereof for investment for its own account and not
        with a view towards, or for resale in connection with, the public sale or distribution of this Warrant or the Aggregate Warrant Shares, except pursuant to resales registered or exempted under the Securities Act.</font></div>
    <div style="text-indent: 36pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; color: #000000;">(ii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; color: #000000;">The Holder
        understands and acknowledges that this Warrant and the Aggregate Warrant Shares to be issued upon exercise hereof are &#8220;restricted securities&#8221; under the federal securities laws inasmuch as they are being acquired from the Company in a transaction
        not involving a public offering and that, under such laws and applicable regulations, such securities may be resold without registration under the Securities Act only in certain limited circumstances.&#160; In addition, the Holder represents that it is
        familiar with Rule 144 under the Securities Act, as presently in effect, and understands the resale limitations imposed thereby and by the Securities Act.</font></div>
    <div style="text-indent: 36pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; color: #000000;">(iii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; color: #000000;">The Holder
        acknowledges that it can bear the economic and financial risk of its investment for an indefinite period, and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment
        in the Warrant and the Aggregate Warrant Shares. The Holder has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of the Warrant and the Aggregate Warrant Shares and the
        business, properties, prospects and financial condition of the Company.</font></div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; color: #000000;">9.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; color: #000000;"><u>Warrant Register</u>. The Company shall
        keep and properly maintain at its principal executive offices books for the registration of the Warrant.&#160; The Company may deem and treat the Person in whose name the Warrant is registered on such register as the Holder thereof for all purposes, and
        the Company shall not be affected by any notice to the contrary.</font></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-weight: normal; font-style: normal;">6</font></div>
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    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; color: #000000;">10.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; color: #000000;"><u>Notices</u>. All notices, requests,
        consents, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed to have been given: (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent by a
        nationally recognized overnight courier (receipt requested); (c) on the date sent by e-mail of a PDF document (with confirmation of transmission) if sent during normal business hours of the recipient, and on the next Business Day if sent after
        normal business hours of the recipient; or (d) on the third day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid. Such communications must be sent to the respective parties at the addresses indicated
        below (or at such other address for a party as shall be specified in a notice given in accordance with this Section 10).</font></div>
    <div style="text-indent: 72pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z430f74f4fd0f41b48b4b2a6d018a7973">

        <tr>
          <td style="width: 44.44%; vertical-align: top;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">If to the Company:</div>
          </td>
          <td style="width: 55.56%; vertical-align: top;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">E-mail:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; legal@starbulk.com</div>
            <div><font style="font-family: 'Times New Roman', serif; color: #000000;">Attention:</font>&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', serif; color: #000000;">Co General Counsels</font></div>
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 44.44%; vertical-align: top;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">with a copy to:</div>
          </td>
          <td style="width: 55.56%; vertical-align: top;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Seward &amp; Kissel LLP</div>
            <div style="text-indent: -70.7pt; margin-left: 70.7pt;"><font style="font-family: 'Times New Roman', serif; color: #000000;">E-mail:</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #000000; font-family: 'Times New Roman', serif;"><u>billotti@sewkis.com</u></font></div>
            <div><font style="font-family: 'Times New Roman', serif; color: #000000;">Attention:</font>&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', serif; color: #000000;">Keith Billotti</font></div>
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">If to the Holder:</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">E-mail:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; HBaker@Scorpiogroup.net</div>
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Attention:&#160;&#160;&#160;&#160; Hugh Baker</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">with a copy to:</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">Seward &amp; Kissel LLP</div>
            <div style="color: #000000; font-family: 'Times New Roman', serif;">E-mail:&#160; &#160; &#160; &#160; &#160; horton@sewkis.com</div>
            <div><font style="font-family: 'Times New Roman', serif; color: #000000;">Attention:</font>&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', serif; color: #000000;">Edward Horton, Esq.</font></div>
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    <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; color: #000000;">11.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; color: #000000;"><u>Cumulative Remedies</u>. The rights
        and remedies provided in this Warrant are cumulative and are not exclusive of, and are in addition to and not in substitution for, any other rights or remedies available at law, in equity or otherwise.</font></div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; color: #000000;">12.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; color: #000000;"><u>Equitable Relief</u>. Each of the
        Company and the Holder acknowledges that a breach or threatened breach by such party of any of its obligations under this Warrant would give rise to irreparable harm to the other party hereto for which monetary damages would not be an adequate
        remedy and hereby agrees that in the event of a breach or a threatened breach by such party of any such obligations, the other party hereto shall, in addition to any and all other rights and remedies that may be available to it in respect of such
        breach, be entitled to equitable relief,</font></div>
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    <div style="margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">including a restraining order, an injunction, specific performance and any other relief that may be available from a court of competent jurisdiction.</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; color: #000000;">13.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; color: #000000;"><u>Entire Agreement</u>. This Warrant,
        together with the Master Agreement and the Registration Rights Agreement, constitutes the sole and entire agreement of the parties to this Warrant with respect to the subject matter contained herein, and supersedes all prior and contemporaneous
        understandings and agreements, both written and oral, with respect to such subject matter.</font></div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; color: #000000;">14.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; color: #000000;"><u>Successor and Assigns</u>. This
        Warrant and the rights evidenced hereby shall be binding upon and shall inure to the benefit of the parties hereto and the successors of the Company and the successors of the Holder. Such successors of the Holder shall be deemed to be a Holder for
        all purposes hereunder.</font></div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; color: #000000;">15.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; color: #000000;"><u>No Third-Party Beneficiaries</u>. This
        Warrant is for the sole benefit of the Company and the Holder and their respective successors and, in the case of the Holder, permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other Person any legal
        or equitable right, benefit or remedy of any nature whatsoever, under or by reason of this Warrant.</font></div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; color: #000000;">16.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; color: #000000;"><u>Headings</u>. The headings in this
        Warrant are for reference only and shall not affect the interpretation of this Warrant.</font></div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; color: #000000;">17.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; color: #000000;"><u>Amendment and Modification; Waiver</u>.
        Except as otherwise provided herein, this Warrant may only be amended, modified or supplemented by an agreement in writing signed by each party hereto. No waiver by the Company or the Holder of any of the provisions hereof shall be effective unless
        explicitly set forth in writing and signed by the party so waiving. No waiver by any party shall operate or be construed as a waiver in respect of any failure, breach or default not expressly identified by such written waiver, whether of a similar
        or different character, and whether occurring before or after that waiver. No failure to exercise, or delay in exercising, any rights, remedy, power or privilege arising from this Warrant shall operate or be construed as a waiver thereof; nor shall
        any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.</font></div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; color: #000000;">18.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; color: #000000;"><u>Severability</u>. If any term or
        provision of this Warrant is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Warrant or invalidate or render unenforceable such term or
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    <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; color: #000000;">19.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; color: #000000;"><u>Governing Law</u>. This Warrant shall
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    <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; color: #000000;">20.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; color: #000000;"><u>Submission to Jurisdiction</u>. Any
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    <div style="margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">located in the city of New York and County of Manhattan, and each party irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action
      or proceeding. Service of process, summons, notice or other document by certified or registered mail to such party&#8217;s address set forth herein shall be effective service of process for any suit, action or other proceeding brought in any such court.
      The parties irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or any proceeding in such courts and irrevocably waive and agree not to plead or claim in any such court that any such suit, action or
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    <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; color: #000000;">22.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; color: #000000;"><u>Counterparts</u>. This Warrant may be
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        shall be deemed to have the same legal effect as delivery of an original signed copy of this Warrant.</font></div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; color: #000000;">23.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', serif; color: #000000;"><u>No Strict Construction</u>. This
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    <div style="margin-top: 6pt; color: #000000; font-family: 'Times New Roman', serif;">IN WITNESS WHEREOF, the Company has duly executed this Warrant on the Original Issue Date.</div>
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            <div style="color: #000000; font-family: 'Times New Roman', serif;">By: ___<u>/s/ Simos Spyrou</u>_________</div>
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Name:&#160; Simos Spyrou</div>
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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>6
<FILENAME>d8794307_ex5-1.htm
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  <div style="text-align: right; font-family: 'Times New Roman', serif; font-weight: bold;">Exhibit 5.1</div>
  <div><br>
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          <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 14pt; font-variant: small-caps;">Seward &amp; Kissel llp</div>
          <div style="text-align: center; font-family: 'Times New Roman', serif;">ONE BATTERY PARK PLAZA</div>
          <div style="text-align: center; font-family: 'Times New Roman', serif;">NEW YORK, NEW YORK&#160; 10004</div>
          <div>&#160;</div>
        </td>
        <td style="width: 25%; vertical-align: top;">&#160;</td>
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          <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
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          <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
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          <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 9pt;">TELEPHONE:&#160; (212)&#160; 574-1200</div>
          <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 9pt;">FACSIMILE:&#160; (212) 480-8421</div>
          <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 9pt;">WWW.SEWKIS.COM</div>
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          <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 9pt;">901 K STREET, NW</div>
          <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 9pt;">WASHINGTON, D.C. 20001</div>
          <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 9pt;">TELEPHONE:&#160; (202) 737-8833</div>
          <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 9pt;">FACSIMILE:&#160; (202) 737-5184</div>
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          <div style="text-align: justify; font-family: 'Times New Roman', serif;">February 5, 2021</div>
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    <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Bulk Carriers Corp.</div>
    <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">c/o Star Bulk Management Inc.</div>
    <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">40 Agiou Konstantinou Str.</div>
    <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Maroussi, 15124 Athens, Greece</div>
  </div>
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  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Re:&#160; <u>Star Bulk Carriers Corp.</u></div>
  <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Ladies and Gentlemen:</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We have acted as counsel to Star Bulk Carriers Corp. (the "<u>Company</u>"), a Marshall Islands corporation, in connection with the Company's
    registration statement on Form&#160;F-3, including the prospectus contained therein (File No. 333-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;), as filed with the U.S. Securities and Exchange Commission (the "<u>Commission</u>"), and as thereafter amended or supplemented (the "<u>Registration

      Statement</u>"), relating to the registration under the U.S. Securities Act of 1933, as amended (the "<u>Securities Act</u>"), of the resale of up to an aggregate of 5,100,000 shares of common stock, $0.01 per share, of the Company, to be offered by
    certain selling shareholders, including (i) up to an aggregate of 2,100,000 shares of common stock, $0.01 per share, of the Company (the "<u>E.R. Shares</u>"), by E.R. Schiffahrt GmbH &amp; Cie. KG and (ii) up to an aggregate of 3,000,000&#160; shares of
    common stock, $0.01 per share, of the Company (the "<u>Warrant Shares</u>"), by Scorpio Bulkers Inc. (&#8220;Scorpio").&#160; The Warrant Shares are issuable to the Selling Shareholder upon exercise of a warrant dated February 3, 2021 (the "<u>Warrant</u>")
    issued by the Company to Scorpio in a private placement.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We have examined originals or copies, certified or otherwise identified to our satisfaction, of (i) the Registration Statement and the
    prospectus contained therein, (ii) the Warrant, (iii) the Master Agreement dated February 3, 2021 by and between the Company and the Selling Shareholder, (iv) the Master Agreement dated December 17, 2020 by and between the Company and E.R. Capital
    Holding GmbH &amp; Cie. KG, (v) the Registration Rights Agreement dated February 3, 2021 by and between the Company and the Selling Shareholder, and (vi) 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.&#160; 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.&#160; As to various questions of fact that are
    material to the opinions hereinafter expressed, we have relied upon statements or certificates of public officials, directors and officers of the Company and others.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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 under the laws of the Republic of the Marshall Islands, (i) the E.R. Shares have been duly authorized, validly issued and are fully paid for and non-assessable and (ii) the Warrant Shares have been duly authorized and, when issued against payment
    therefor in accordance with the terms of the Warrant, will be validly issued, fully paid and non-assessable.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We hereby consent to the filing of this opinion as an exhibit to the Registration Statement, and to the reference to us under the heading
    "Legal Matters," without admitting we are "experts" within the meaning of the Securities Act or the rules and regulations of the Commission promulgated thereunder with respect to any part of the Registration Statement.</div>
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          <div style="text-align: justify; font-family: 'Times New Roman', serif;">Very truly yours,</div>
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          <div style="text-align: justify; font-family: 'Times New Roman', serif;">/s/ Seward &amp; Kissel LLP</div>
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<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>7
<FILENAME>d8794308_ex8-1.htm
<TEXT>
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      <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Exhibit 8.1</div>
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            <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 14pt; font-variant: small-caps;">Seward &amp; Kissel llp</div>
            <div style="text-align: center; font-family: 'Times New Roman', serif;">ONE BATTERY PARK PLAZA</div>
            <div style="text-align: center; font-family: 'Times New Roman', serif;">NEW YORK, NEW YORK&#160; 10004</div>
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            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
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            <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 9pt;">&#160;</div>
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            <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 9pt;">TELEPHONE:&#160; (212)&#160; 574-1200</div>
            <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 9pt;">FACSIMILE:&#160; (212) 480-8421</div>
            <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 9pt;">WWW.SEWKIS.COM</div>
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            <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 9pt;">901 K STREET, NW</div>
            <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 9pt;">WASHINGTON, D.C. 20001</div>
            <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 9pt;">TELEPHONE:&#160; (202) 737-8833</div>
            <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 9pt;">FACSIMILE:&#160; (202) 737-5184</div>
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            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
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            <div style="text-align: justify; font-family: 'Times New Roman', serif;">February 5, 2021</div>
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      <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Star Bulk Carriers Corp.</div>
      <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">c/o Star Bulk Management Inc.</div>
      <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">40 Agiou Konstantinou Str.</div>
      <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Maroussi, 15124 Athens, Greece</div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Re:&#160;&#160;<u>Star Bulk Carriers Corp.</u></div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Ladies and Gentlemen:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We have acted as counsel to Star Bulk Carriers Corp. (the "<u>Company</u>"), a Marshall Islands corporation, in connection with the
      Company's registration statement on Form&#160;F-3, including the prospectus contained therein (File No. 333-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;), as filed with the U.S. Securities and Exchange Commission (the "<u>Commission</u>"), and as thereafter amended or supplemented (the "<u>Registration

        Statement</u>"), relating to the registration under the U.S. Securities Act of 1933, as amended (the "<u>Securities Act</u>"), of the resale of an aggregate of 5,100,000 shares of common stock, $0.01 per share, of the Company, to be offered by
      certain selling shareholders named therein.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">In formulating our opinion, we have examined such documents as we have deemed appropriate, including the Registration Statement and the
      prospectus contained therein. We have also obtained such additional information as we have deemed relevant and necessary from representatives of the Company.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Based on the facts as set forth in the Registration Statement and the Company's annual report on Form 20-F for the fiscal year ended
      December 31, 2019 (the "<u>Annual Report</u>"), which is incorporated by reference into the Registration Statement, and in particular, on the representations, covenants, assumptions, conditions and qualifications described in the Annual Report in the
      sections entitled "Item 3. Key Information&#8212;D. Risk Factors" and "Item 10. Additional Information&#8212;E. Taxation", we hereby confirm that the opinions of Seward &amp; Kissel LLP with respect to United States federal income tax matters and Marshall
      Islands tax matters expressed in the Annual Report in the section entitled "Item 10. Additional Information&#8212;E. Taxation" are our opinions and accurately state are our views as to the tax matters discussed therein.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Our opinions are based on the current provisions of the U.S. Internal Revenue Code of 1986, as amended, the Treasury Regulations
      promulgated thereunder, published pronouncements of the Internal Revenue Service, which may be cited or used as precedents, and case law, any of which may be changed at any time with retroactive effect. No opinion is expressed on any matters other
      than those specifically referred to above by reference to the Annual Report.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">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 in the Registration Statement, including by reference to the Company's Annual Report, without admitting we are "experts" within the meaning of the Securities Act or the rules and regulations of the Commission
      promulgated thereunder with respect to any part of the Registration Statement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"> <br>
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            <div style="text-align: justify; font-family: 'Times New Roman', serif;">Very truly yours,</div>
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          </td>
          <td style="width: 38.82%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">/s/ Seward &amp; Kissel LLP</div>
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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>8
<FILENAME>d8788524_ex10-1.htm
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Seward & Kissel LLP
         Document created using EDGARfilings PROfile 7.3.2.0
         Copyright 1995 - 2021 Broadridge -->
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  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 10.1</font><br>
  </div>
  <br>
  <div style="margin-left: 385.25pt; margin-bottom: 2.75pt;"><font style="font-family: 'Times New Roman', serif; color: #000000;"> </font><br>
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  <div style="text-align: center; text-indent: -0.5pt; margin-right: 0.15pt; margin-left: 36.3pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">STAR BULK CARRIERS CORP.</div>
  <div style="text-align: center; text-indent: -0.5pt; margin-right: 0.15pt; margin-left: 36.3pt; margin-bottom: 22.5pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">2020&#160; EQUITY INCENTIVE PLAN</div>
  <div style="text-align: center; text-indent: -0.5pt; margin-right: 0.2pt; margin-left: 36.3pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">ARTICLE I.</div>
  <div style="text-align: center; text-indent: -0.5pt; margin-right: 0.1pt; margin-left: 36.3pt; margin-bottom: 10.65pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">General</div>
  <div style="text-align: justify; text-indent: 0.25pt; margin-right: 0.3pt; margin-left: 35.75pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">1.1.&#160; <font style="font-family: Arial, sans-serif;">&#160;</font>Purpose</div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">The Star Bulk Carriers Corp. 2020 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 style="text-align: justify; text-indent: 0.25pt; margin-right: 0.3pt; margin-left: 35.75pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">1.2.&#160; <font style="font-family: Arial, sans-serif;">&#160;</font>Administration</div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(a)<font style="font-family: Arial, sans-serif;">&#160;</font><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="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">1</font></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="margin-bottom: 8pt;"><br>
  </div>
  <div style="margin-bottom: 12pt;"><br>
  </div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(b)&#160; &#160;&#160; <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.</div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(c)&#160; &#160;&#160; <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 "Covered Person") shall be liable for any action taken or omitted to be taken or any determination made in good faith with respect to the Plan or any Award hereunder.&#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' fees) that may be imposed upon or incurred by such Covered Person in connection with or resulting from any action, suit or
    proceeding to which such Covered Person may be a party or in which such Covered Person may be involved by reason of any action taken or omitted to be taken under the Plan or any Award Agreement and (ii) any and all amounts paid by such Covered Person,
    with the Company's approval, in settlement thereof, or paid by such Covered Person in satisfaction of any judgment in any such action, suit or proceeding against such Covered Person; <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'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's bad faith, fraud or willful criminal act or omission or that such right of indemnification is otherwise prohibited by law or by the Company's Articles of
    Incorporation or Bylaws.&#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'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.</div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 35.25pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(d)&#160; &#160;&#160; <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.</div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 35.25pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(e)&#160; &#160;&#160; <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.</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-weight: normal; font-style: normal;">2</font></div>
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  </div>
  <div style="margin-bottom: 8pt;"><br>
  </div>
  <div style="margin-bottom: 12pt;"><br>
  </div>
  <div style="text-align: justify; text-indent: 0.25pt; margin-right: 0.3pt; margin-left: 35.75pt; margin-bottom: 11.25pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">1.3.&#160; <font style="font-family: Arial, sans-serif;">&#160;</font>Persons
    Eligible for Awards</div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 36pt; margin-bottom: 11.7pt; color: #000000; font-family: 'Times New Roman', serif;">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 style="text-align: justify; text-indent: 0.25pt; margin-right: 0.3pt; margin-left: 35.75pt; margin-bottom: 11.25pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">1.4.&#160; <font style="font-family: Arial, sans-serif;">&#160;</font>Types
    of Awards</div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 36pt; margin-bottom: 11.7pt; color: #000000; font-family: 'Times New Roman', serif;">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 style="text-align: justify; text-indent: 0.25pt; margin-right: 0.3pt; margin-left: 35.75pt; margin-bottom: 11.25pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">1.5.&#160; <font style="font-family: Arial, sans-serif;">&#160;</font>Shares
    Available for Awards; Adjustments for Changes in Capitalization</div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 36pt; margin-bottom: 11.7pt; color: #000000; font-family: 'Times New Roman', serif;">(a)&#160; &#160;&#160; <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 1,100,000. 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.</div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 36pt; margin-bottom: 11.7pt; color: #000000; font-family: 'Times New Roman', serif;">(b)&#160; &#160;&#160; <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.</div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 36pt; margin-bottom: 11.7pt; color: #000000; font-family: 'Times New Roman', serif;">(c)&#160; &#160;&#160; <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.</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-weight: normal; font-style: normal;">3</font></div>
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  </div>
  <div style="margin-bottom: 11.7pt;"><br>
  </div>
  <div style="text-align: justify; text-indent: 108pt; margin-right: 0.1pt; margin-left: 36pt; margin-bottom: 12.1pt; color: #000000; font-family: 'Times New Roman', serif;">(ii)&#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 style="text-align: justify; text-indent: 108pt; margin-right: 0.1pt; margin-left: 36pt; margin-bottom: 12.1pt; color: #000000; font-family: 'Times New Roman', serif;">(iii)&#160; &#160;&#160; In the event of (A) a dissolution or liquidation of the&#160; 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 style="text-align: justify; text-indent: 36.75pt; margin-right: 0.1pt; margin-left: 36pt; margin-bottom: 12.1pt; color: #000000; font-family: 'Times New Roman', serif;">(1)&#160; &#160;&#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 style="text-align: justify; text-indent: 36.75pt; margin-right: 0.1pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(2)&#160; &#160;&#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>
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    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">4</font></div>
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  </div>
  <div style="margin-bottom: 12pt;"><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(3)&#160; &#160;&#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 style="text-align: justify; text-indent: 108pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">&#160;(iv)&#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 style="text-align: justify; text-indent: 35.55pt; margin-left: 144pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">&#160;(A)&#160; &#160;&#160; 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</div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 144pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(B)&#160; &#160;&#160; 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.</div>
  <div style="text-align: justify; text-indent: 0.25pt; margin-right: 0.3pt; margin-left: 35.75pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">1.6.&#160; <font style="font-family: Arial, sans-serif;">&#160;</font>Definitions
    of Certain Terms</div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(a)&#160; &#160;&#160; 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.</div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(b)&#160; &#160;&#160; 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:</div>
  <div style="text-align: justify; text-indent: 108pt; margin-right: 0.2pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(i)&#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 style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">5</font></div>
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  </div>
  <div style="margin-bottom: 8pt;"><br>
  </div>
  <div style="margin-bottom: 12pt;"><br>
  </div>
  <div style="text-align: justify; text-indent: 108pt; margin-right: 0.2pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(ii)&#160; &#160;&#160; if the preceding clause (i) is not applicable to the grantee, for purposes
    of the Plan, the term "for Cause" shall mean any of the following:</div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(A)&#160; &#160;&#160; any failure by the grantee substantially to perform the grantee&#8217;s employment or
    consultancy/service or Board membership duties;</div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(B)&#160; &#160;&#160; any excessive unauthorized absenteeism by the grantee;</div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(C)&#160; &#160;&#160; any refusal by the grantee to obey the lawful orders of the Board or any other Person to whom
    the grantee reports;</div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(D)&#160; &#160;&#160; 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;</div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(E)&#160; &#160;&#160; any act by the grantee that is inconsistent with the best interests of the Company or any of
    its Affiliates;</div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(F)&#160; &#160;&#160; the grantee&#8217;s gross negligence that is injurious to the Company</div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">or any of its Affiliates, whether monetarily, reputationally or otherwise;</div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(G)&#160; &#160;&#160; 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;</div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(H)&#160; &#160;&#160; the grantee&#8217;s material breach of his or her employment or service contract with the Company or
    any of its Affiliates;</div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(I)&#160; &#160;&#160; 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;</div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(J)&#160; &#160;&#160; 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</div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(K)&#160; &#160;&#160; the grantee&#8217;s commission of any act involving dishonesty or fraud.</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-weight: normal; font-style: normal;">6</font></div>
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  </div>
  <div style="margin-bottom: 8pt;"><br>
  </div>
  <div style="margin-bottom: 12pt;"><br>
  </div>
  <div style="text-align: justify; margin-left: 35.25pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">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 style="text-align: justify; text-indent: 35.5pt; margin-right: 0.1pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(c)&#160; &#160;&#160; &#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.</div>
  <div style="text-align: justify; text-indent: 35.5pt; margin-right: 0.1pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(d)&#160; &#160;&#160; &#8220;Subsidiary&#8221; shall mean any entity in which the Company, directly or
    indirectly, has a 50% or more equity interest.</div>
  <div style="text-align: justify; text-indent: 35.5pt; margin-right: 0.1pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(e)&#160; &#160;&#160; &#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.</div>
  <div style="text-align: justify; text-indent: 35.5pt; margin-right: 0.1pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(f)&#160; &#160;&#160; &#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.</div>
  <div style="text-align: justify; text-indent: 35.5pt; margin-right: 0.1pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(g)&#160; &#160;&#160; "Person" shall mean any individual, firm, corporation, partnership, limited
    liability company, trust, incorporated or unincorporated association, joint venture, joint stock company, governmental body or other entity of any kind.</div>
  <div style="text-align: justify; text-indent: 35.5pt; margin-right: 0.1pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(h)&#160; &#160;&#160; &#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.</div>
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    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">7</font></div>
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  <div style="text-align: center; text-indent: -0.5pt; margin-right: 0.1pt; margin-left: 36.3pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">ARTICLE II.</div>
  <div style="text-align: center; text-indent: -0.5pt; margin-right: 0.2pt; margin-left: 36.3pt; margin-bottom: 10.65pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Awards Under The Plan</div>
  <div style="text-align: justify; text-indent: 0.25pt; margin-right: 0.3pt; margin-left: 35.75pt; margin-bottom: 11.25pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">2.1.&#160; <font style="font-family: Arial, sans-serif;">&#160;</font>Agreements
    Evidencing Awards</div>
  <div style="text-align: justify; text-indent: 36pt; margin-right: 0.2pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">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="text-align: justify; text-indent: 0.25pt; margin-right: 0.3pt; margin-left: 35.75pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">2.2.&#160; <font style="font-family: Arial, sans-serif;">&#160;</font>Grant
    of Stock Options and Stock Appreciation Rights</div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(a)&#160; &#160;&#160; <u>Stock Option Grants</u>.&#160; The Administrator may grant stock options (&#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>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(b)&#160; &#160;&#160; <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.</div>
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  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(c)&#160; &#160;&#160; <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.</div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(d)&#160; &#160;&#160; <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.</div>
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  <div style="text-align: justify; text-indent: 0.25pt; margin-right: 0.3pt; margin-left: 35.75pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">2.3.&#160; </font><font style="font-family: Arial, sans-serif; font-weight: bold;">&#160;</font><font style="font-weight: bold;">Exercise of Options and Stock Appreciation Rights</font></div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">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-align: justify; text-indent: 35.55pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(a)&#160; &#160;&#160; <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.</div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(b)&#160; &#160;&#160; <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.</div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(c)&#160; &#160;&#160; <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.</div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(d)&#160; &#160;&#160; <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.</div>
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  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(e)&#160; &#160;&#160; <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.</div>
  <div style="text-align: justify; text-indent: 0.25pt; margin-right: 0.3pt; margin-left: 35.75pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">2.4.&#160; <font style="font-family: Arial, sans-serif;">&#160;</font>Termination
    of Employment; Death Subsequent to a Termination of Employment</div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(a)&#160; &#160;&#160; <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.</div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(b)&#160; &#160;&#160; <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.</div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(c)&#160; &#160;&#160; <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).</div>
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  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(d)&#160; &#160;&#160; <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.</div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(e)&#160; &#160;&#160; <u>Death</u>.</div>
  <div style="text-align: justify; text-indent: 108pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(i)&#160; &#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 style="text-align: justify; text-indent: 108pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(ii)&#160; &#160;&#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 style="text-align: justify; text-indent: 35.55pt; margin-left: 35.25pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(f)&#160; &#160;&#160; <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.</div>
  <div style="text-align: justify; text-indent: 0.25pt; margin-right: 0.3pt; margin-left: 35.75pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">2.5.&#160; <font style="font-family: Arial, sans-serif;">&#160;</font>Transferability
    of Options and Stock Appreciation Rights</div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">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>
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  <div style="text-align: justify; text-indent: 0.25pt; margin-right: 0.3pt; margin-left: 35.75pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">2.6.&#160; <font style="font-family: Arial, sans-serif;">&#160;</font>Grant
    of Restricted Stock</div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(a)&#160; &#160;&#160; <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).</div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(b)&#160; &#160;&#160; <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.</div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(c)&#160; &#160;&#160; <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.</div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(d)&#160; &#160;&#160; <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.</div>
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  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(e)&#160; &#160;&#160; <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).</div>
  <div style="text-align: justify; text-indent: 0.25pt; margin-right: 0.3pt; margin-left: 35.75pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">2.7.&#160; <font style="font-family: Arial, sans-serif;">&#160;</font>Grant
    of Restricted Stock Units</div>
  <div style="text-align: justify; text-indent: 35.5pt; margin-right: 0.1pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(a)<font style="font-family: Arial, sans-serif;">&#160; &#160; &#160; </font><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 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; text-indent: 35.5pt; margin-right: 0.1pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(b)&#160; &#160;&#160; <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.</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-weight: normal; font-style: normal;">14</font></div>
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  <div style="margin-bottom: 12pt;"><br>
  </div>
  <div style="text-align: justify; text-indent: 35.5pt; margin-right: 0.1pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(c)&#160; &#160;&#160; <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).</div>
  <div style="text-align: justify; text-indent: 35.5pt; margin-right: 0.1pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(d)&#160; &#160;&#160; <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.</div>
  <div style="text-align: justify; text-indent: 35.5pt; margin-right: 0.1pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(e)&#160; &#160;&#160; <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 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 style="text-align: justify; text-indent: 35.55pt; margin-right: 0.3pt; margin-left: 35.75pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">2.8.&#160; <font style="font-family: Arial, sans-serif;">&#160;</font>Grant
    of Unrestricted Stock</div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">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 style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">15</font></div>
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  <div style="text-align: center; text-indent: -0.5pt; margin-left: 36.3pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">ARTICLE III.</div>
  <div style="text-align: center; text-indent: -0.5pt; margin-right: 0.1pt; margin-left: 36.3pt; margin-bottom: 10.65pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Miscellaneous</div>
  <div style="text-align: justify; text-indent: 0.25pt; margin-right: 0.3pt; margin-left: 35.75pt; margin-bottom: 11.25pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">3.1.&#160; <font style="font-family: Arial, sans-serif;">&#160;</font>Amendment
    of the Plan; Modification of Awards</div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 36pt; margin-bottom: 11.7pt; color: #000000; font-family: 'Times New Roman', serif;">(a)&#160; &#160;&#160; <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.</div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 36pt; margin-bottom: 12.1pt; color: #000000; font-family: 'Times New Roman', serif;">(b)&#160; &#160;&#160; <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.</div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 36pt; margin-bottom: 11.7pt; color: #000000; font-family: 'Times New Roman', serif;">(c)&#160; &#160;&#160; <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.</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-weight: normal; font-style: normal;">16</font></div>
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  <div style="margin-bottom: 8pt;"><br>
  </div>
  <div style="margin-bottom: 11.7pt;"><br>
  </div>
  <div style="text-align: justify; text-indent: 0.25pt; margin-right: 0.3pt; margin-left: 35.75pt; margin-bottom: 11.25pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">3.2.&#160; <font style="font-family: Arial, sans-serif;">&#160;</font>Consent
    Requirement</div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 36pt; margin-bottom: 13.35pt; color: #000000; font-family: 'Times New Roman', serif;">(a)&#160; &#160;&#160; <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.</div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 36pt; margin-bottom: 11.7pt; color: #000000; font-family: 'Times New Roman', serif;">(b)&#160; &#160;&#160; <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.</div>
  <div style="text-align: justify; text-indent: 0.25pt; margin-right: 0.3pt; margin-left: 35.75pt; margin-bottom: 11.25pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">3.3.&#160; <font style="font-family: Arial, sans-serif;">&#160;</font>Nonassignability</div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 36pt; margin-bottom: 11.7pt; color: #000000; font-family: 'Times New Roman', serif;">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 style="text-align: justify; text-indent: 0.25pt; margin-right: 0.3pt; margin-left: 35.75pt; margin-bottom: 11.25pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">3.4.&#160; <font style="font-family: Arial, sans-serif;">&#160;</font>Taxes</div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 36pt; margin-bottom: 11.7pt; color: #000000; font-family: 'Times New Roman', serif;">(a)&#160; &#160;&#160; <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.</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-weight: normal; font-style: normal;">17</font></div>
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  <div style="margin-bottom: 11.7pt;"><br>
  </div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 36pt; margin-bottom: 11.7pt; color: #000000; font-family: 'Times New Roman', serif;">(b)&#160; &#160;&#160; <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
    "permissible distribution event" within the meaning of Section 409A of the Code or a distribution event that the participant elects in accordance with Section 409A of the Code.&#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.</div>
  <div style="text-align: justify; text-indent: 0.25pt; margin-right: 0.3pt; margin-left: 35.75pt; margin-bottom: 12.65pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">3.5.&#160; <font style="font-family: Arial, sans-serif;">&#160;</font>Change
    in Control</div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 36pt; margin-bottom: 12.75pt; color: #000000; font-family: 'Times New Roman', serif;">(a)<font style="font-family: Arial, sans-serif;">&#160; &#160; &#160; </font><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 style="text-align: justify; text-indent: 108pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(i)&#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 style="text-align: justify; text-indent: 108pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(ii)&#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>
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    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">18</font></div>
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  </div>
  <div style="margin-bottom: 12pt;"><br>
  </div>
  <div style="text-align: justify; text-indent: 108.75pt; margin-left: 35.25pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(iii)&#160; &#160;&#160; 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;</div>
  <div style="text-align: justify; text-indent: 108pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(iv)&#160; &#160;&#160; the approval by the Company&#8217;s stockholders of a plan of complete liquidation or dissolution of
    the Company; or</div>
  <div style="text-align: justify; text-indent: 108pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(v)&#160; &#160;&#160; during any period of 24 consecutive calendar months, individuals:</div>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z32a64a1d7400420ca5233baf257d22cc">

      <tr>
        <td style="width: 144pt;"></td>
        <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">(A)</td>
        <td style="width: auto; vertical-align: top;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">who were directors of the Company on the first day of such period, or</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9f23681f0c624e2bbcd28ff96dd8f5eb">

      <tr>
        <td style="width: 144pt;"></td>
        <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">(B)</td>
        <td style="width: auto; vertical-align: top;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">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 style="text-align: justify; margin-left: 144pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">shall cease to constitute a majority of the Board.</div>
  <div style="text-align: justify; margin-right: 0.1pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">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 style="text-align: justify; text-indent: 35.55pt; margin-left: 35.25pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(b)&#160; &#160;&#160; <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:</div>
  <div style="text-align: justify; text-indent: 108pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(i)&#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 style="text-align: justify; text-indent: 108pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(ii)&#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 style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">19</font></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="margin-bottom: 8pt;"><br>
  </div>
  <div style="margin-bottom: 12pt;"><br>
  </div>
  <div style="text-align: justify; text-indent: 108pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(iii)&#160; &#160;&#160; a grantee who&#160; &#160; &#160; 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 style="text-align: justify; text-indent: 35.55pt; margin-left: 35.25pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(c)&#160; &#160;&#160; <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.</div>
  <div style="text-align: justify; text-indent: 0.25pt; margin-right: 0.3pt; margin-left: 35.75pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">3.6.&#160; <font style="font-family: Arial, sans-serif;">&#160;</font>Operation
    and Conduct of Business</div>
  <div style="text-align: justify; text-indent: 35.5pt; margin-right: 0.1pt; margin-left: 35.25pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">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 style="text-align: justify; text-indent: 0.25pt; margin-right: 0.3pt; margin-left: 35.75pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">3.7.&#160; <font style="font-family: Arial, sans-serif;">&#160;</font>No
    Rights to Awards</div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 35.25pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">No Key Person or other Person shall have any claim to be granted any Award under the Plan.</div>
  <div style="text-align: justify; text-indent: 0.25pt; margin-right: 0.3pt; margin-left: 35.75pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">3.8.&#160; <font style="font-family: Arial, sans-serif;">&#160;</font>Right
    of Discharge Reserved</div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 35.25pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">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 style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">20</font></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="margin-bottom: 8pt;"><br>
  </div>
  <div style="margin-bottom: 12pt;"><br>
  </div>
  <div style="text-align: justify; text-indent: 0.25pt; margin-right: 0.3pt; margin-left: 35.75pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">3.9.&#160; <font style="font-family: Arial, sans-serif;">&#160;</font>Non-Uniform
    Determinations</div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 35.25pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">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 style="text-align: justify; text-indent: 0.25pt; margin-right: 0.3pt; margin-left: 35.75pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">3.10.&#160; <font style="font-family: Arial, sans-serif;">&#160;</font>Other
    Payments or Awards</div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 35.25pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">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 style="text-align: justify; text-indent: 0.25pt; margin-right: 0.3pt; margin-left: 35.75pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">3.11.&#160; <font style="font-family: Arial, sans-serif;">&#160;</font>Headings</div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 35.25pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">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 style="text-align: justify; text-indent: 0.25pt; margin-right: 0.3pt; margin-left: 35.75pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">3.12.&#160; <font style="font-family: Arial, sans-serif;">&#160;</font>Effective
    Date and Term of Plan</div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(a)&#160; &#160;&#160; <u>Adoption; Stockholder Approval</u>.&#160; The Plan was adopted by the Board on May 25, 2020.&#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.</div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">(b)&#160; &#160;&#160; <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.</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-weight: normal; font-style: normal;">21</font></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="margin-bottom: 8pt;"><br>
  </div>
  <div style="margin-bottom: 12pt;"><br>
  </div>
  <div style="text-align: justify; text-indent: 0.25pt; margin-right: 0.3pt; margin-left: 35.75pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">3.13.&#160; <font style="font-family: Arial, sans-serif;">&#160;</font>Restriction
    on Issuance of Stock Pursuant to Awards</div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">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 style="text-align: justify; text-indent: 0.25pt; margin-right: 0.3pt; margin-left: 35.75pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">3.14.&#160; <font style="font-family: Arial, sans-serif;">&#160;</font>Requirement
    of Notification of Election Under Section 83(b) of the Code</div>
  <div style="text-align: justify; text-indent: 35.5pt; margin-right: 0.1pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">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 style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">22</font></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="margin-bottom: 8pt;"><br>
  </div>
  <div style="margin-bottom: 12pt;"><br>
  </div>
  <div style="text-align: justify; text-indent: 0.25pt; margin-right: 0.3pt; margin-left: 35.75pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">3.15.&#160; </font><font style="font-family: Arial, sans-serif; font-weight: bold;">&#160;</font><font style="font-weight: bold;">Severability</font></div>
  <div style="text-align: justify; text-indent: 35.5pt; margin-right: 0.1pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">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 style="text-align: justify; text-indent: 0.25pt; margin-right: 0.3pt; margin-left: 35.75pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">3.16.&#160; <font style="font-family: Arial, sans-serif;">&#160;</font>Sections
    409A and 457A</div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">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 style="text-align: justify; text-indent: 0.25pt; margin-right: 0.3pt; margin-left: 35.75pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">3.17.&#160; <font style="font-family: Arial, sans-serif;">&#160;</font>Forfeiture;
    Clawback</div>
  <div style="text-indent: 35.5pt; margin-right: 0.1pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">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 style="text-align: justify; text-indent: 0.25pt; margin-right: 0.3pt; margin-left: 35.75pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">3.18.&#160; <font style="font-family: Arial, sans-serif;">&#160;</font>No
    Trust or Fund Created</div>
  <div style="text-align: justify; text-indent: 35.5pt; margin-right: 0.1pt; margin-left: 35.25pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">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 style="text-align: justify; text-indent: 0.25pt; margin-right: 0.3pt; margin-left: 35.75pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">3.19.&#160; <font style="font-family: Arial, sans-serif;">&#160;</font>No
    Fractional Shares</div>
  <div style="text-align: justify; text-indent: 35.5pt; margin-right: 0.1pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">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 style="text-align: justify; text-indent: 0.25pt; margin-right: 0.3pt; margin-left: 35.75pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">3.20.&#160; <font style="font-family: Arial, sans-serif;">&#160;</font>Governing
    Law</div>
  <div style="text-align: justify; text-indent: 35.55pt; margin-left: 36pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">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><font style="font-family: 'Times New Roman', serif; color: #000000;"> </font><br>
  </div>
  <div><br>
  </div>
  <br>
  <br>
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<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>9
<FILENAME>d8788524_ex23-2.htm
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Seward & Kissel LLP
         Document created using EDGARfilings PROfile 7.3.2.0
         Copyright 1995 - 2021 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 23.2</font><br>
  </div>
  <div><br>
  </div>
  <div>
    <div style="text-align: center; font-weight: bold;">Consent of Independent Registered Public Accounting Firm</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 28.35pt;">We consent to the reference to our firm under the caption "Experts" in the Registration Statement (Form F-3) and related Prospectus of Star Bulk Carriers Corp. for the registration of up to
      5,100,000 common shares and to the incorporation by reference therein of our report dated&#160;March 22, 2018 (except for the effects of the adoption of ASU 2016-18 described in Note 2 to the consolidated financial statements as of and for the year ended
      December 31, 2018, as to which the date is&#160;March 21, 2019), with respect to the consolidated financial statements of Star Bulk Carriers Corp. for the year ended December 31, 2017 included in its Annual Report (Form 20-F as amended by Form 20-F/A) for
      the year ended December 31, 2019, filed with the Securities and Exchange Commission.</div>
    <div><br>
    </div>
    <div>
      <div style="text-indent: 42.55pt;">/s/ Ernst &amp; Young (Hellas) Certified Auditors Accountants S.A.</div>
    </div>
    <div>
      <div><br>
      </div>
      <div>Athens, Greece</div>
    </div>
    <div>February 5, 2021</div>
  </div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.3
<SEQUENCE>10
<FILENAME>d8788524_ex23-3.htm
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Seward & Kissel LLP
         Document created using EDGARfilings PROfile 7.3.2.0
         Copyright 1995 - 2021 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div> <br>
  </div>
  <div>
    <div style="text-align: right; margin-bottom: 8pt; font-family: 'Times New Roman', serif; font-weight: bold;">Exhibit 23.3</div>
    <div style="text-align: right; margin-bottom: 8pt; font-family: 'Times New Roman', serif; font-weight: bold;"> <br>
    </div>
    <div style="margin-bottom: 8pt; font-family: 'Times New Roman', serif; font-weight: bold;">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</div>
    <div style="margin-bottom: 8pt; font-family: 'Times New Roman', serif;">We consent to the incorporation by reference in this Registration Statement on Form F-3 of our reports dated March 27, 2020, relating to the consolidated financial statements of
      Star Bulk Carriers Corp. and the effectiveness of Star Bulk Carriers Corp.&#8217;s internal control over financial reporting, appearing in the Annual Report on Form 20-F of Star Bulk Carriers Corp. for the year ended December 31, 2019. We also consent to
      the reference to us under the heading "Experts" in such Registration Statement.</div>
    <div style="margin-bottom: 8pt; font-family: 'Times New Roman', serif;"><font style="font-style: italic;">/s/ </font>Deloitte Certified Public Accountants S.A.</div>
    <div style="margin-bottom: 8pt; font-family: 'Times New Roman', serif;">Athens, Greece</div>
    <div style="margin-bottom: 8pt; font-family: 'Times New Roman', serif;">February 5, 2021</div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
  </div>
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>11
<FILENAME>image0.jpg
<TEXT>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
