<SEC-DOCUMENT>0001140361-23-052754.txt : 20231113
<SEC-HEADER>0001140361-23-052754.hdr.sgml : 20231113
<ACCEPTANCE-DATETIME>20231113092619
ACCESSION NUMBER:		0001140361-23-052754
CONFORMED SUBMISSION TYPE:	F-3
PUBLIC DOCUMENT COUNT:		9
FILED AS OF DATE:		20231113
DATE AS OF CHANGE:		20231113

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TORO CORP.
		CENTRAL INDEX KEY:			0001941131
		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:	333-275477
		FILM NUMBER:		231395793

	BUSINESS ADDRESS:	
		STREET 1:		223 CHRISTODOULOU CHATZIPAVLOU STREET
		STREET 2:		HAWAII ROYAL GARDENS
		CITY:			LIMASSOL
		STATE:			G4
		ZIP:			3036
		BUSINESS PHONE:		0035725357767

	MAIL ADDRESS:	
		STREET 1:		223 CHRISTODOULOU CHATZIPAVLOU STREET
		STREET 2:		HAWAII ROYAL GARDENS
		CITY:			LIMASSOL
		STATE:			G4
		ZIP:			3036

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TANKCO SHIPPING INC.
		DATE OF NAME CHANGE:	20220803
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-3
<SEQUENCE>1
<FILENAME>ny20014329x1_f3.htm
<DESCRIPTION>F-3
<TEXT>
<html><head>
    <title></title>
    <!-- Licensed to: Broadridge Finanicial Soultions, Inc.
         Document created using Broadridge PROfile 23.9.1.5178
         Copyright 1995 - 2023 Broadridge -->
  </head><body style="color: #000000;" bgcolor="#ffffff">
<!--Begin Page 1-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 540pt;"><a name="ny20014329x1_f3_100-regcov_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 540pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 25pt; text-align: center;">As filed with the Securities and Exchange Commission on November&#160;13, 2023 </div><div class="regno" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 1pt; text-align: right;">File Nos. 333-&#8195;&#8195;&#8195; </div></div></div><div class="block-frill" style="width: 540pt; margin-left: 0pt;"><div><div class="rule-full" style="height: 0pt; width: 100%; border-bottom: 2pt solid #000000; margin-top: 1pt; margin-bottom: 1pt; margin-left: auto; margin-right: auto;"> </div><div class="rule-full" style="height: 0pt; width: 100%; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-left: auto; margin-right: auto; margin-top: 4pt;"> </div></div></div><div class="block-main" style="width: 540pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 14pt; font-weight: bold; margin-top: 9.5pt; text-align: center;">UNITED STATES<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 14pt; font-weight: bold; margin-top: 0pt; text-align: center;">SECURITIES AND EXCHANGE COMMISSION<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 14pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-size: 10pt;">Washington, D.C. 20549</font></div><div><div class="rule-partial" style="height: 0pt; width: 96pt; border-bottom: 1pt solid #000000; margin-bottom: 2pt; margin-left: auto; margin-right: auto; margin-top: 7.25pt;"> </div></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 16pt; font-weight: bold; margin-top: 11.5pt; text-align: center;">FORM F-3<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 16pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-size: 10pt;">REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 </font></div><div><div class="rule-partial" style="height: 0pt; width: 96pt; border-bottom: 1pt solid #000000; margin-bottom: 2pt; margin-left: auto; margin-right: auto; margin-top: 7.25pt;"> </div></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 20pt; font-weight: bold; margin-top: 11.5pt; text-align: center;">TORO CORP. <br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 20pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-size: 9.5pt; font-style: italic; font-weight: normal;">(Exact name of registrant as specified in its charter)</font></div><div><div class="rule-partial" style="height: 0pt; width: 96pt; border-bottom: 1pt solid #000000; margin-bottom: 2pt; margin-left: auto; margin-right: auto; margin-top: 7.25pt;"> </div></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="txttab" style="border-collapse: collapse; width: 540pt; margin-left: auto; margin-right: auto;"><tr><td style="width: 48.89%; text-align: center; vertical-align: top; padding-top: 6pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.9pt; font-weight: bold; margin-top: 0pt; text-align: center;">The Republic of the Marshall Islands</div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 48.89%; text-align: center; vertical-align: bottom; padding-top: 6pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.9pt; font-weight: bold; margin-top: 0pt; text-align: center;">N/A</div></td></tr><tr><td style="width: 48.89%; text-align: center; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.9pt; margin-top: 0pt; text-align: center;">(State or other jurisdiction of incorporation or organization) </div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 48.89%; text-align: center; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.9pt; margin-top: 0pt; text-align: center;">(I.R.S. Employer Identification Number)</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="txttab" style="border-collapse: collapse; width: 540pt; margin-left: auto; margin-right: auto;"><tr><td style="width: 48.89%; text-align: center; vertical-align: top; padding-top: 6pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.9pt; font-weight: bold; margin-top: 0pt; text-align: center;">223 Christodoulou Chatzipavlou Street <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.9pt; font-weight: bold; margin-top: 0pt; text-align: center;">Hawaii Royal Gardens, <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.9pt; font-weight: bold; margin-top: 0pt; text-align: center;">3036 Limassol <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.9pt; font-weight: bold; margin-top: 0pt; text-align: center;">Cyprus <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.9pt; font-weight: bold; margin-top: 0pt; text-align: center;">+ 357 25 357 768</div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 48.89%; text-align: center; vertical-align: top; padding-top: 6pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.9pt; font-weight: bold; margin-top: 0pt; text-align: center;">Puglisi &amp; Associates <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.9pt; font-weight: bold; margin-top: 0pt; text-align: center;">850 Library Avenue <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.9pt; font-weight: bold; margin-top: 0pt; text-align: center;">Newark, Delaware 19711 <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.9pt; font-weight: bold; margin-top: 0pt; text-align: center;">Tel: +1 302 738 6680 </div></td></tr><tr><td style="width: 48.89%; text-align: center; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.9pt; margin-top: 0pt; text-align: center;">(Address and telephone number of Registrant&#8217;s principal executive offices)</div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 48.89%; text-align: center; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.9pt; margin-top: 0pt; text-align: center;">(Name, address and telephone number of agent for service)</div></td></tr></table><div><div class="rule-partial" style="height: 0pt; width: 96pt; border-bottom: 1pt solid #000000; margin-bottom: 2pt; margin-left: auto; margin-right: auto; margin-top: 7.25pt;"> </div></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.9pt; font-weight: bold; margin-top: 5.5pt; text-align: center;">Copies to:<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.9pt; font-weight: bold; margin-top: 0pt; text-align: center;">Nikolaos G. Andronikos<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.9pt; font-weight: bold; margin-top: 0pt; text-align: center;">Sullivan &amp; Cromwell LLP<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.9pt; font-weight: bold; margin-top: 0pt; text-align: center;">1 New Fetter Lane<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.9pt; font-weight: bold; margin-top: 0pt; text-align: center;">London EC4A 1AN, England<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.9pt; font-weight: bold; margin-top: 0pt; text-align: center;">Tel. No.: 011-44-20-7959-8900</div><div><div class="rule-partial" style="height: 0pt; width: 96pt; border-bottom: 1pt solid #000000; margin-bottom: 2pt; margin-left: auto; margin-right: auto; margin-top: 7.25pt;"> </div></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.9pt; font-weight: bold; margin-top: 3pt; margin-left: 0pt; text-align: left;">Approximate date of commencement of proposed sale to the public<font style="font-weight: normal;">: From time to time after the effective date of this </font><font style="font-weight: normal;">registration statement.</font></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.9pt; margin-top: 3pt; margin-left: 0pt; text-align: left;">If 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-size: 1pt;">&#8201;</font>&#x2610;</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.9pt; margin-top: 3pt; margin-left: 0pt; text-align: left;">If any of the securities being registered on this Form&#160;are to be offered on a delayed or continuous basis pursuant to Rule&#160;415 under the Securities Act of 1933, please check the following box. &#x2612;</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.9pt; margin-top: 3pt; margin-left: 0pt; text-align: left;">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-size: 1pt;">&#8201;</font>&#x2610;</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.9pt; margin-top: 3pt; margin-left: 0pt; text-align: left;">If this Form is a post-effective amendment filed 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. <font style="font-size: 1pt;">&#8201;</font>&#x2610;</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.9pt; margin-top: 3pt; margin-left: 0pt; text-align: left;">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&#160;462(e) under the Securities Act, check the following box. <font style="font-size: 1pt;">&#8201;</font>&#x2610;</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.9pt; margin-top: 3pt; margin-left: 0pt; text-align: left;">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&#160;413(b) under the Securities Act, check the following box. <font style="font-size: 1pt;">&#8201;</font>&#x2610;</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.9pt; margin-top: 3pt; margin-left: 0pt; text-align: left;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule&#160;405 of the Securities Act of 1933. Emerging growth company &#x2612;</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.9pt; margin-top: 3pt; margin-left: 0pt; text-align: left;">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. &#x2612; </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.9pt; margin-top: 3pt; margin-left: 0pt; text-align: left;">&#8224; The term &#8220;new or revised financial accounting standard&#8221; refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.9pt; font-weight: bold; margin-top: 3pt; margin-left: 0pt; text-align: left;">The Registrant hereby amends this registration statement 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&#160;8(a) of the Securities Act of 1933, as amended, or until the registration statement shall become effective on such date as the Commission, acting pursuant to said Section&#160;8(a), may determine.<font style="font-weight: normal;"> </font></div></div><div class="block-frill" style="width: 540pt; margin-top: 12pt; margin-left: 0pt;"><div><div class="rule-full" style="height: 0pt; width: 100%; border-bottom: 1pt solid #000000; margin-top: 1pt; margin-bottom: 1pt; margin-left: auto; margin-right: auto;"> </div><div class="rule-full" style="height: 0pt; width: 100%; border-bottom: 2pt solid #000000; margin-bottom: 1pt; margin-left: auto; margin-right: auto; margin-top: 4pt;"> </div></div></div></div>
<!--End Page 1-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 2-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 456pt;"><a name="ny20014329x1_f3_101-cov_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 456pt; margin-left: 0pt;"><div class="h1" style="color: #FC0014; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><div style="font-family: Arial, Helvetica, sans-serif; text-align: left; margin-bottom: 12pt;">The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission, in which this prospectus is included, is declared effective. This prospectus is not an offer to sell these securities and it is not soliciting offers to buy these securities in any jurisdiction where the offer or sale is not permitted. </div>PROSPECTUS (subject to completion, dated November&#160;13, 2023)<font style="color: #000000;"> </font></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 16pt; font-weight: bold; margin-top: 19.5pt; text-align: center;">$200,000,000 </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 13.25pt; text-align: center;"><img style="height: 120px; width: 277px;" src="logo_torov2.jpg"><br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">&#8201;</div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 18pt; font-weight: bold; margin-top: 20.5pt; text-align: center;">TORO CORP.<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 18pt; font-weight: bold; margin-top: 0pt; text-align: center;">&#8195; <br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 18pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-size: 14pt;">Common Shares</font><br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 18pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-size: 14pt;">(including associated Preferred Share Purchase Rights), Preferred Shares, </font><font style="font-size: 14pt;">Debt Securities, Warrants, Purchase Contracts, Rights and Units</font><font style="font-size: 14pt; font-weight: normal;"> </font></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 18pt; margin-left: 0pt; text-align: left;">We may use this prospectus to offer, from time to time in one or more offerings, of up to an aggregate amount of $200,000,000 common shares, par value $0.001 per share (including associated Preferred Share Purchase Rights under our Shareholder Protection Rights Agreement), preferred shares, debt securities, warrants, purchase contracts, rights or units. Such securities will be offered in amounts, at prices and on terms to be determined at the time of their offering and will be described in a supplement to this prospectus. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 18pt; margin-left: 0pt; text-align: left;">The securities described in this prospectus may be sold directly, on a continuous or delayed basis, through dealers or agents designated from time to time, to or through underwriters or through a combination of these methods. See &#8220;Plan of Distribution.&#8221; We may also describe the plan of distribution for any particular offering of the securities in any applicable prospectus supplement. The names of any underwriters, agents or dealers will be included in a supplement to this prospectus. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 18pt; margin-left: 0pt; text-align: left;">Our common shares are listed on the Nasdaq Capital Market (the &#8220;Nasdaq&#8221;) under the symbol &#8220;TORO&#8221;. On November&#160;6, 2023, the closing price for our common shares as reported on the Nasdaq was $4.05 per share. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">You should read this prospectus and any applicable prospectus supplement, as well as any documents<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">incorporated by reference into this prospectus or any prospectus supplement, carefully before you invest. This prospectus may not be used to sell securities unless accompanied by a prospectus supplement. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">Investing in these securities involves certain risks. See &#8220;Risk Factors&#8221; beginning on page <a href="#tRF">8</a>.<font style="font-style: normal; font-weight: normal;"> </font></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities, or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.<font style="font-weight: normal;"> </font></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 146.5pt; text-align: center;">Prospectus dated</div></div></div></div>
<!--End Page 2-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 3-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20014329x1_f3_102-toc_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;">TABLE OF CONTENTS </div><a name="TOC"><!--Anchor--></a><table cellspacing="0" cellpadding="0" class="fintab" style="margin-top: 4pt; border-collapse: collapse; width: 468pt; margin-left: auto; margin-right: auto;"><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 6pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tATP">ABOUT THIS PROSPECTUS<font style="padding-left: 4.33pt;"></font></a></div></td><td class="gutter" style="width: 2.78%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.78%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 2.14%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 6pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tATP"><font style="padding-left: 5pt;">1</font> </a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tFLS">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS<font style="padding-left: 0.2pt;"></font></a></div></td><td class="gutter" style="width: 2.78%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.78%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 2.14%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tFLS"><font style="padding-left: 5pt;">3</font> </a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tTOC">TORO CORP.<font style="padding-left: 1.63pt;"></font></a></div></td><td class="gutter" style="width: 2.78%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.78%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 2.14%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tTOC"><font style="padding-left: 5pt;">5</font> </a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tWYC">WHERE YOU CAN FIND MORE INFORMATION<font style="padding-left: 3.84pt;"></font></a></div></td><td class="gutter" style="width: 2.78%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.78%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 2.14%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tWYC"><font style="padding-left: 5pt;">6</font> </a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tINC">INCORPORATION BY REFERENCE<font style="padding-left: 1.57pt;"></font></a></div></td><td class="gutter" style="width: 2.78%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.78%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 2.14%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tINC"><font style="padding-left: 5pt;">7</font> </a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tRF">RISK FACTORS<font style="padding-left: 4.32pt;"></font></a></div></td><td class="gutter" style="width: 2.78%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.78%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 2.14%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tRF"><font style="padding-left: 5pt;">8</font> </a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tUOP">USE OF PROCEEDS<font style="padding-left: 0.07pt;"></font></a></div></td><td class="gutter" style="width: 2.78%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.78%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 2.14%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tUOP"><font style="padding-left: 5pt;">9</font> </a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tCAP">CAPITALIZATION<font style="padding-left: 3.66pt;"></font></a></div></td><td class="gutter" style="width: 2.78%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.78%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 2.14%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tCAP">10 </a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tSHARE">SHARE OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT<font style="padding-left: 2.3pt;"></font></a></div></td><td class="gutter" style="width: 2.78%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.78%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 2.14%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tSHARE"><font style="padding-left: 0.37pt;">11</font></a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tDOC">DESCRIPTION OF CAPITAL STOCK<font style="padding-left: 3.11pt;"></font></a></div></td><td class="gutter" style="width: 2.78%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.78%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 2.14%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tDOC">12 </a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tDOD">DESCRIPTION OF DEBT SECURITIES<font style="padding-left: 4.16pt;"></font></a></div></td><td class="gutter" style="width: 2.78%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.78%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 2.14%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tDOD">13 </a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tDOW">DESCRIPTION OF WARRANTS<font style="padding-left: 0.27pt;"></font></a></div></td><td class="gutter" style="width: 2.78%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.78%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 2.14%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tDOW">15 </a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tDOP">DESCRIPTION OF PURCHASE CONTRACTS<font style="padding-left: 0.1pt;"></font></a></div></td><td class="gutter" style="width: 2.78%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.78%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 2.14%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tDOP">16 </a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tDOR">DESCRIPTION OF RIGHTS<font style="padding-left: 3.98pt;"></font></a></div></td><td class="gutter" style="width: 2.78%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.78%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 2.14%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tDOR">17 </a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tDOU">DESCRIPTION OF UNITS<font style="padding-left: 0.64pt;"></font></a></div></td><td class="gutter" style="width: 2.78%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.78%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 2.14%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tDOU">18 </a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tPOD">PLAN OF DISTRIBUTION<font style="padding-left: 3.98pt;"></font></a></div></td><td class="gutter" style="width: 2.78%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.78%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 2.14%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tPOD">19 </a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tTC">TAX CONSIDERATIONS<font style="padding-left: 0.89pt;"></font></a></div></td><td class="gutter" style="width: 2.78%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.78%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 2.14%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tTC">23 </a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tEXP">EXPENSES<font style="padding-left: 0.06pt;"></font></a></div></td><td class="gutter" style="width: 2.78%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.78%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 2.14%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tEXP">24 </a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tVOS">VALIDITY OF SECURITIES<font style="padding-left: 2.31pt;"></font></a></div></td><td class="gutter" style="width: 2.78%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.78%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 2.14%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tVOS">25 </a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tEXPRTS">EXPERTS<font style="padding-left: 1.77pt;"></font></a></div></td><td class="gutter" style="width: 2.78%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.78%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 2.14%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tEXPRTS">25 </a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tEOC">ENFORCEABILITY OF CERTAIN CIVIL LIABILITIES<font style="padding-left: 2.82pt;"></font></a></div></td><td class="gutter" style="width: 2.78%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.78%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 2.14%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tEOC">26</a></div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">i<br></div></div></div>
<!--End Page 3-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 4-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20014329x1_f3_103-about_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tATP"><!--Anchor--></a>ABOUT THIS PROSPECTUS </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">This prospectus is part of a registration statement that we filed with the U.S. Securities and Exchange Commission (the &#8220;SEC&#8221;) utilizing a shelf registration process. Under this shelf process, we may sell from time to time any combination of the securities described in this prospectus in one or more offerings. This prospectus provides you with a general description of the securities we may offer. Each time we offer securities, we will provide a prospectus supplement that will contain specific information about the terms of those securities and their offering. The prospectus supplement may also add, update or change information contained in this prospectus and we may add, update or change information contained in this prospectus by incorporating by reference information that we file or furnish to the SEC. The particular terms of any security will be described in the related prospectus supplement. If there is any inconsistency between the information in this prospectus and any prospectus supplement, you should rely on the information in the prospectus supplement. You should read both this prospectus and any prospectus supplement together with the additional information described under the heading &#8220;Where You Can Find Additional Information.&#8221; </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">This prospectus and any prospectus supplement do not contain all of the information in the registration statement. Documents establishing the terms of the offered securities are filed as exhibits to the registration statement or will be filed with documents that we file or furnish to the SEC and incorporate by reference in this prospectus. Statements in this prospectus or any 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. For further information about us or the securities offered hereby, you should refer to the registration statement, which you can obtain as described below under &#8220;Where You Can Find Additional Information.&#8221; </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">We have not authorized anyone to provide any information or to make any representations other than as contained or incorporated by reference in this prospectus, any accompanying prospectus supplement or any free writing prospectus prepared by or on behalf of us. We take no responsibility for, and can provide no assurance as to the reliability of, any information that others may give you. The information contained or incorporated by reference in this prospectus and any prospectus supplement is accurate as of the dates of the applicable documents. Our business, financial condition, results of operations and prospects may have changed since the applicable dates. When this prospectus or a prospectus supplement are delivered or a sale pursuant to this prospectus or a prospectus supplement is made, we are not implying that the information is current as of the date of the delivery or sale. You should not consider any information in this prospectus, any prospectus supplement or in the documents incorporated by reference herein to be investment, financial, legal or tax advice. We encourage you to consult your own counsel, accountant and other advisors for legal, tax, business, financial and related advice regarding an investment in our securities. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">We are offering to sell, and seeking offers to buy, securities only in jurisdictions where offers and sales are permitted. The distribution of this prospectus and the offering of securities in certain jurisdictions may be restricted by law. Persons outside the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, the offering of the securities and the distribution of this prospectus outside the United States. This prospectus does not constitute, and may not be used in connection with, an offer to sell, or a solicitation of an offer to buy, any securities offered by this prospectus by any person in any jurisdiction in which it is unlawful for such person to make such an offer or solicitation. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">Unless the context otherwise requires, as used in this prospectus, the terms &#8220;Company&#8221;, &#8220;we&#8221;, &#8220;us&#8221; and &#8220;our&#8221; refer to Toro Corp. and all of its subsidiaries, and &#8220;Toro&#8221; refers only to Toro Corp. and not to its subsidiaries. The common shares, par value $0.001 per share (including associated Preferred Share Purchase Rights under our Shareholder Protection Rights Agreement), preferred shares, debt securities, warrants, purchase contracts, rights and units that may be offered using this prospectus are referred to collectively as the &#8220;securities&#8221;. We use the term deadweight ton, or dwt, in describing the size of vessels. Dwt, expressed in metric tons each of which is equivalent to 1,000 kilograms, refers to the maximum weight of cargo and supplies that a vessel can carry. Unless otherwise indicated, all references to &#8220;dollars&#8221; and &#8220;$&#8221; in this prospectus are to, and amounts presented in this prospectus are in, United States dollars and financial information presented in this prospectus that is derived from financial statements incorporated by reference is prepared in accordance with accounting principles generally accepted in the United States. </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">1<br></div></div></div>
<!--End Page 4-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 5-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20014329x1_f3_103-about_pg2"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">NOTICE TO INVESTORS IN THE EEA </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">This prospectus (and any related prospectus supplement or addendum) is not a prospectus for the purposes of Regulation (EU) 2017/1129 (as amended, the &#8220;Prospectus Regulation&#8221;). This prospectus has been prepared, and any related prospectus supplement or addendum will be prepared, on the basis that any offer of the securities contemplated in this prospectus and any related prospectus supplement or addendum in any Member State of the European Economic Area (&#8220;EEA&#8221;) will be made pursuant to an exemption under the Prospectus Regulation from the requirement to publish a prospectus for offers of such securities. Accordingly any person making or intending to make an offer in that Member State of securities which are the subject of the offering contemplated in this offering circular and any related supplement or addendum may only do so in circumstances in which there is no obligation for a prospectus to be published pursuant to Article&#160;3 of the Prospectus Regulation in relation to such offer. The Selling Shareholder has not authorized, nor does it authorize, the making of any offer of such securities in circumstances in which an obligation arises for the Selling Shareholder or any dealer, agent, broker-dealer, or underwriter appointed by it in relation to such offer to publish a prospectus for such offer. </div><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">MIFID II Product Governance </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">Any prospectus supplement in respect of the securities contemplated in this prospectus may include a legend entitled &#8220;MiFID II Product Governance&#8221; which will outline the target market assessment in respect of such securities and which channels for distribution of such securities are appropriate. Any person subsequently offering, selling or recommending such securities (a &#8220;distributor&#8221;) should take into consideration the target market assessment; however, a distributor subject to Directive 2014/65/EU is responsible for undertaking its own target market assessment in respect of such securities (by either adopting or refining the target market assessment) and determining appropriate distribution channels. </div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">NOTICE TO INVESTORS IN THE UK </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">This prospectus (and any related prospectus supplement or addendum) is not a prospectus for the purposes of Regulation (EU) 2017/1129 as it forms part of domestic law of the UK by virtue of the European Union (Withdrawal) Act 2018 (the &#8220;UK Prospectus Regulation&#8221;). This prospectus has been prepared, and any related prospectus supplement or addendum will be prepared, on the basis that any offer of the securities contemplated in this prospectus or any related prospectus supplement or addendum in the UK will be made pursuant to an exemption under the UK Prospectus Regulation from the requirement to publish a prospectus for offers of such securities. Accordingly any person making or intending to make an offer in the UK of securities which are the subject of the offering contemplated in this offering circular and any related prospectus supplement or addendum may only do so in circumstances in which there is no obligation to publish a prospectus pursuant to Section&#160;85 of the Financial Services and Markets Act 2000, as amended (the &#8220;FSMA&#8221;) in relation to such offer. The Selling Shareholder has not authorized, nor does it authorize, the making of any offer of such securities in circumstances in which an obligation arises for the Selling Shareholder or any dealer, agent, broker-dealer, or underwriter appointed by it in relation to such offer to publish a prospectus for such offer. </div><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">UK MiFIR Product Governance </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">Any prospectus supplement in respect of the securities contemplated in this prospectus , may include a legend entitled &#8220;UK MiFIR Product Governance&#8221; which will outline the target market assessment in respect of such securities and which channels for distribution of such securities are appropriate. Any person subsequently offering, selling or recommending the securities (a &#8220;distributor&#8221;) should take into consideration the target market assessment; however, a distributor subject to the FCA Handbook Product Intervention and Product Governance Sourcebook (the &#8220;UK MiFIR Product Governance Rules&#8221;) is responsible for undertaking its own target market assessment in respect of the securities (by either adopting or refining the target market assessment) and determining appropriate distribution channels. </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">2<br></div></div></div>
<!--End Page 5-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 6-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20014329x1_f3_104-fls_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tFLS"><!--Anchor--></a>CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS </div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 19.5pt; margin-left: 0pt; text-align: left;">The forward-looking information in this prospectus may not accurately predict future results. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The disclosure and analysis set forth in this prospectus includes assumptions, expectations, projections, intentions and beliefs about future events in a number of places, particularly in relation to our operations, cash flows, financial position, plans, strategies, business prospects, changes and trends in our business and the markets in which we operate. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section&#160;27A of the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;) and Section&#160;21E of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;). Forward-looking statements include all matters that are not historical facts or matters of fact at the date of this prospectus and reflect our current views with respect to future events and financial performance. These forward-looking statements may generally, but not always, be identified by the use of works such as &#8220;anticipate&#8221;, &#8220;believe&#8221;, &#8220;targets&#8221;, &#8220;likely&#8221;, &#8220;will&#8221;, &#8220;would&#8221;, &#8220;could&#8221;, &#8220;should&#8221;, &#8220;seeks&#8221;, &#8220;continue&#8221;, &#8220;contemplate&#8221;, &#8220;possible&#8221;, &#8220;might&#8221;, &#8220;expect&#8221;, &#8220;intend&#8221;, &#8220;estimate&#8221;, &#8220;forecast&#8221;, &#8220;project&#8221;, &#8220;plan&#8221;, &#8220;objective&#8221;, &#8220;potential&#8221;, &#8220;may&#8221;, &#8220;anticipates&#8221; or similar expressions or phrases. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The forward-looking statements in this prospectus are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management&#8217;s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these forward-looking statements, including these expectations, beliefs or projections. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">In addition to these assumptions, important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include generally: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">our business strategy, expected capital spending and other plans and objectives for future operations, including our ability to expand our business as a new entrant to the tanker and liquid petroleum gas (&#8220;LPG&#8221;) shipping industries; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">tanker and LPG market conditions and trends, including volatility in charter rates (particularly for vessels employed in the spot voyage market or in commercial pools); </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">factors affecting supply and demand for vessels such as fluctuations in demand for and the price of crude oil and/or refined petroleum products as well as of petrochemical and liquefied petroleum gas products, opportunities for the profitable operations of tanker and/or LPG carriers and the strength of world economies; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the effects of our spin-off by Castor Maritime Inc.; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">our ability to realize the expected benefits from our vessel acquisitions, and the effects of our fleet&#8217;s size on our future financial condition, operating results, future revenues and expenses, future liquidity and the adequacy of cash flows from our operations; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the market value of our vessels, which, if it declines, could cause us to incur impairment charges and breach the covenants under our debt agreements; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">our relationships with our current and future service providers and customers, including the ongoing performance of their obligations, dependence on their expertise, compliance with applicable laws, and any impacts on our reputation due to our association with them; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">our ability to borrow under debt agreements or to refinance our debt on favorable terms and our ability to comply with the covenants contained therein, in particular due to economic, financial or operational reasons; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">competition in the tanker and LPG marine transportation industries; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">future LPG, crude oil and oil products prices and production; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the supply of petrochemical gases, including ethane and ethylene, available for seaborne transportation; </div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">3<br></div></div></div>
<!--End Page 6-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 7-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20014329x1_f3_104-fls_pg2"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">our continued ability to enter into time charters, voyage charters and pool arrangements with existing and new customers and pool operators, and to re-charter our vessels upon the expiry of the existing charters; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">changes in our operating and capitalized expenses, including bunker prices, dry-docking, insurance costs, costs associated with regulatory compliance and costs associated with climate change; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">our ability to fund future capital expenditures and investments in the acquisition and refurbishment of our vessels (including the amount and nature thereof and the timing of completion thereof, the delivery and commencement of operations dates, expected downtime and lost revenue); </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">instances of off-hire, including due to vessel upgrades and repairs; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">fluctuations in interest rates and currencies, including the value of the U.S. dollar relative to other currencies; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">future sales of our securities in the public market and our ability to maintain compliance with applicable listing standards; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">volatility in our share price, including due to high-volume transactions in our shares by retail investors; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">potential conflicts of interest involving members of our Board, senior management and certain of our service providers that are related parties; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">general domestic and international political conditions or events, including conflicts and wars, such as the ongoing armed conflicts affecting each of Ukraine and Middle East, international sanctions, &#8220;trade wars&#8221;, global public health threats and major outbreaks of disease; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">changes in seaborne and other transportation, including due to fluctuating demand for tanker carriers and/or LPG carriers and/or disruption of shipping routes due to accidents, political events, international sanctions, international hostilities and instability, piracy, war or acts of terrorism; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">changes in governmental rules and regulations or actions taken by regulatory authorities, including changes to environmental regulations applicable to the shipping industry; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">business disruptions due to natural disasters or other disasters outside our control; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">accidents or the occurrence of other events related to the operational risks associated with transporting crude oil and/or refined petroleum products and/ or liquefied petroleum products; and </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">any other factor described in this prospectus, or the documents incorporated by reference herein, or in our filings with the SEC, including Toro&#8217;s Annual Report on Form&#160;20-F for the year ended <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1941131/000114036123010601/brhc10049321_20f.htm">December&#160;31, 2022</a> (the &#8220;Annual Report&#8221;) and our Report on Form&#160;6-K filed with the SEC on <a href="https://www.sec.gov/Archives/edgar/data/1941131/000114036123052720/ef20014540_6k.htm">November 13, 2023</a> (the &#8220;LPG Report&#8221;), incorporated by reference herein. </div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The information set forth in this prospectus or the documents incorporated by reference into this prospectus speaks only as of the dates stated in these documents, and we disclaim any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication, except to the extent required by applicable law. New factors emerge from time to time, and it is not possible for us to predict all or any of these factors. Further, we cannot assess the impact of each such factor on our business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement. Please see our filings with the SEC for a more complete discussion of these foregoing and other risks and uncertainties. These factors and the other risk factors described in this prospectus and the documents incorporated by reference into 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. Given these uncertainties, prospective investors are cautioned not to place undue reliance on such forward-looking statements. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">You should carefully consider the cautionary statements contained or referred to in this section in connection with the forward looking statements contained in this prospectus or the documents incorporated by reference into this prospectus and any subsequent written or oral forward-looking statements that may be issued by us or persons acting on our behalf. </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">4<br></div></div></div>
<!--End Page 7-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 8-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20014329x1_f3_104-fls_pg3"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tTOC"><!--Anchor--></a>TORO CORP. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">We are a growth-oriented shipping company that acquires, owns, charters and operates oceangoing tanker vessels and LPG carrier vessels and provides worldwide energy seaborne transportation services. As of November&#160;13, 2023, we maintain a fleet of eight vessels, with an aggregate capacity of 0.3&#160;million dwt, consisting of one Aframax, one Aframax/LR2, two Handysize tankers and four 5,000 cbm LPG carriers. On September&#160;1, 2023 and September&#160;5, 2023, respectively, we agreed to sell a Handysize tanker, the <font style="font-style: italic;">M/T Wonder Formosa</font>, and an Aframax tanker, the <font style="font-style: italic;">M/T </font><font style="font-style: italic;">Wonder Vega</font>, with expected deliveries to their new owners during the fourth quarter of 2023. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">Our common shares trade on the Nasdaq Capital Market under the symbol &#8220;TORO&#8221;. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">Toro Corp. is incorporated in the Marshall Islands and has its principal executive offices at 223 Christodoulou Chatzipavlou Street, Hawaii Royal Gardens, 3036 Limassol, Cyprus, Tel: +357 25 357 768. Our website is www.torocorp.com. Information contained on our website or connected thereto is provided for textual reference only and does not constitute part of, and is not incorporated by reference into, this prospectus or the registration statement of which it forms a part. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">You can find a more detailed description of Toro&#8217;s business in the Annual Report, the LPG Report and other documents incorporated by reference into this prospectus. </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">5<br></div></div></div>
<!--End Page 8-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 9-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20014329x1_f3_105-info_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tWYC"><!--Anchor--></a>WHERE YOU CAN FIND MORE INFORMATION </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">We have filed with the SEC a registration statement on Form&#160;F-3 under the Securities Act. Under the registration statement, we may sell from time to time up to $200,000,000 of the securities described in this prospectus in one or more offerings. This prospectus, which is part of the registration statement, does not contain all of the information set forth in the registration statement and the exhibits and schedules to the registration statement. For further information, we refer you to the registration statement and the exhibits and schedules filed as part of the registration statement. If a document has been filed as an exhibit to the registration statement, we refer you to the copy of the document that has been filed. Each statement in this prospectus relating to a document filed as an exhibit is qualified in all respects by the filed exhibit. You may review a copy of the registration statement through the SEC&#8217;s website. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">We are subject to the informational requirements of the Exchange Act. In accordance with these requirements we file reports and other information with the SEC, including annual reports on Form&#160;20-F and periodic reports on Form&#160;6-K. The SEC maintains an Internet website that contains reports and other information about issuers, like us, that file electronically with the SEC. The address of that website is www.sec.gov. Our filings are also available on our website at www.torocorp.com. This web address is provided as an inactive textual reference only. Information contained on, or that can be accessed through, these websites, does not constitute part of, and is not incorporated into, this prospectus. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">As a foreign private issuer, we are exempt under the Exchange Act from, among other things, the rules prescribing the furnishing and content of proxy statements, and our executive officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section&#160;16 of the Exchange Act. In addition, we are not required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act. However, we furnish or make available to our shareholders annual reports containing our financial statements prepared in accordance with U.S. GAAP. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">You may also request a copy of our filings at no cost, excluding the exhibits to such filings, by writing or telephoning us at the following address:</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; text-align: center;">Toro Corp.<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">223 Christodoulou Chatzipavlou Street<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">Hawaii Royal Gardens<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">3036 Limassol, Cyprus<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">Tel: + 357 25 357 768 </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">6<br></div></div></div>
<!--End Page 9-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 10-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20014329x1_f3_106-incorp_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tINC"><!--Anchor--></a>INCORPORATION BY REFERENCE </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The SEC allows us to incorporate by reference in this prospectus information contained in documents that we file with it. This means that we can disclose important information to you by referring to these documents. The information that we incorporate by reference is an important part of this prospectus. We incorporate by reference in this prospectus the following documents and any future filings that we make with the SEC under Sections&#160;13(a), 13(c) and 15(d) of the Exchange Act until we complete the offerings using this prospectus: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Annual Report of Toro Corp. on Form&#160;20-F for the year ended <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1941131/000114036123010601/brhc10049321_20f.htm">December&#160;31, 2022</a>, filed on March&#160;8, 2023; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">The description of the Common Shares contained in <a href="https://www.sec.gov/Archives/edgar/data/1941131/000114036123010601/brhc10049321_ex2-2.htm">Exhibit&#160;2.2</a> to the Annual Report, including any amendment or report filed for the purpose of updating such description; and </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">The reports on Form&#160;6-K filed on <a href="https://www.sec.gov/Archives/edgar/data/1941131/000114036123018576/brhc20051512_6k.htm">April&#160;17, 2023</a>, <a href="https://www.sec.gov/Archives/edgar/data/1941131/000114036123020755/brhc20051880_6k.htm">April&#160;27, 2023</a>, <a href="https://www.sec.gov/Archives/edgar/data/1941131/000114036123022862/brhc20052488_6k.htm">May&#160;4, 2023</a>, <a href="https://www.sec.gov/Archives/edgar/data/1941131/000114036123025756/brhc20053001_6k.htm">May&#160;19, 2023</a>, <a href="https://www.sec.gov/Archives/edgar/data/1941131/000114036123026164/brhc20053368_6k.htm">May&#160;23, 2023</a> (only the filing with film number 23946737), <a href="https://www.sec.gov/Archives/edgar/data/1941131/000114036123027143/ny20009288x1_6k.htm">May&#160;30, 2023</a>, <a href="https://www.sec.gov/Archives/edgar/data/1941131/000114036123029979/brhc20054493_6k.htm">June&#160;15, 2023</a>, <a href="https://www.sec.gov/Archives/edgar/data/1941131/000114036123031615/brhc20054941_6k.htm">June&#160;27, 2023</a>, <a href="https://www.sec.gov/Archives/edgar/data/1941131/000114036123038466/brhc20057155_6k.htm">August&#160;8, 2023</a>, <a href="https://www.sec.gov/Archives/edgar/data/1941131/000114036123038695/brhc20057071_6k.htm">August&#160;9, 2023</a> (only the filling with film number 231153393), <a href="https://www.sec.gov/Archives/edgar/data/1941131/000114036123044548/ef20010924_6k.htm">September&#160;20, 2023</a>, <a href="https://www.sec.gov/Archives/edgar/data/1941131/000114036123052263/ef20014328_6k.htm">November 9, 2023</a> (only the filling with film number 231390329) and <a href="https://www.sec.gov/Archives/edgar/data/1941131/000114036123052720/ef20014540_6k.htm">November&#160;13, 2023</a>. </div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">In addition, all reports and other documents subsequently filed (but not furnished) by us pursuant to Sections&#160;13(a), 13(c), 14 and 15(d) of the Exchange Act (i) after the date of the initial registration statement on Form&#160;F-3 of which this prospectus forms a part and prior to the effectiveness of such registration statement and (ii) after the date of this prospectus and until the filing of a post-effective amendment to the registration statement of which this prospectus forms a part which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference in this prospectus and to be a part hereof from their respective dates of filing. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The information that Toro files with the SEC, including future filings, automatically updates and supersedes information in documents filed at earlier dates. All information appearing in this prospectus is qualified in its entirety by the information and financial statements, including the notes, contained in the documents that we incorporate by reference in this prospectus. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The Annual Report contains a summary description of our business and audited consolidated financial statements with a report by our independent registered public accounting firm. These financial statements are prepared in accordance with U.S. GAAP. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">We have not authorized anyone to provide any information or to make any representations other than as contained or incorporated by reference in this prospectus, any accompanying prospectus supplement or any free writing prospectus prepared by or on behalf of us. We take no responsibility for, and can provide no assurance as to the reliability of, any information that others may give you. We are not making an offer of these securities in any jurisdiction where the offer is not permitted. You should not assume that the information in this prospectus or any prospectus supplement is accurate as of any date other than the date on the front of those documents. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">You may obtain any of the documents incorporated by reference in this prospectus as specified in the section of this prospectus captioned &#8220;Where You Can Find More Information&#8221;. </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">7<br></div></div></div>
<!--End Page 10-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 11-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20014329x1_f3_107-risk_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tRF"><!--Anchor--></a>RISK FACTORS </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">Investing in the securities involves a high degree of risk. Before investing in our securities, you should carefully consider all of the information included or incorporated by reference into this prospectus and any prospectus supplement, including the risks described under the heading &#8220;<font style="font-style: italic;">Risk Factors</font>&#8221; in the Annual Report and the heading &#8220;<font style="font-style: italic;">Risks relating to our LPG Segment</font>&#8221; in the LPG Report, in each case as updated by annual and other reports and documents we file with or furnish to the SEC that are incorporated by reference herein. If any of these risks actually occur, our business, financial condition and results of operations could suffer, the trading price and liquidity of our securities could decline and you may lose all or part of your investment in such securities. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: left;">Additional risks, if any, specific to particular securities issued under this prospectus will be detailed in the applicable prospectus supplements.<font style="font-style: normal; font-weight: normal;"> </font></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">8<br></div></div></div>
<!--End Page 11-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 12-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20014329x1_f3_108-use_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tUOP"><!--Anchor--></a>USE OF PROCEEDS </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">Unless we specify otherwise in any prospectus supplement, we intend to use the net proceeds from the sale of the securities offered by this prospectus for capital expenditures, working capital, to make vessel, other asset or share acquisitions, to fund the construction of newbuild vessels or for other general corporate purposes, or a combination thereof. Vessel acquisitions may be structured as individual assets purchases, the acquisition of the equity interests of vessel owning entities or the acquisition of the equity interests of the direct or indirect owner of one or more vessels or shipping assets or the acquisition, in whole or in part, of private or listed entities that are engaged in maritime transportation services. </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">9<br></div></div></div>
<!--End Page 12-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 13-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20014329x1_f3_108-use_pg2"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tCAP"><!--Anchor--></a>CAPITALIZATION </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7.5pt; margin-left: 0pt; text-align: left;">The following table sets forth our capitalization as of September&#160;30, 2023. The table presents information: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">on an actual basis; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">on an as-adjusted basis, to give effect to events that have occurred between October&#160;1, 2023 and November&#160;13, 2023: </div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 40pt; text-align: left;">(1) scheduled principal repayments under our credit facilities of $0.3&#160;million; and</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 40pt; text-align: left;">(2) dividends on Series&#160;A Preferred Shares of $0.1&#160;million </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="fintab" style="border-collapse: collapse; width: 468pt; margin-left: auto; margin-right: auto;"><tr class="header"><td style="width: 66.67%; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;">(All figures in U.S. dollars)</div></td><td class="gutter" style="width: 2.46%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 2.46%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 11.75%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Actual</div></td><td class="gutter" style="width: 2.46%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 2.46%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 11.75%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">As <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Adjusted </div></td></tr><tr><td style="width: 66.67%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Debt:<br></div></td><td class="gutter" style="width: 2.46%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.46%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 11.75%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 2.46%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.46%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 11.75%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 66.67%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Long-term debt (including current portion) &#8212; Secured<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup><font style="padding-left: 1.95pt;"></font></div></td><td class="gutter" style="width: 2.46%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.46%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 11.75%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<font style="padding-left: 10pt;">&#8203;</font>5,593,600</div></td><td class="gutter" style="width: 2.46%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.46%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 11.75%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<font style="padding-left: 10pt;">&#8203;</font>5,257,200 </div></td></tr><tr><td style="width: 66.67%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total debt<font style="font-weight: normal; padding-left: 0.43pt;"></font></div></td><td class="gutter" style="width: 2.46%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.46%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 11.75%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<font style="padding-left: 10pt;">&#8203;</font>5,593,600</div></td><td class="gutter" style="width: 2.46%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.46%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 11.75%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<font style="padding-left: 10pt;">&#8203;</font>5,257,200 </div></td></tr><tr><td style="width: 66.67%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 2.46%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.46%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 11.75%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 2.46%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.46%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 11.75%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 66.67%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Mezzanine equity:<br></div></td><td class="gutter" style="width: 2.46%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.46%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 11.75%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 2.46%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.46%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 11.75%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 66.67%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Series&#160;A Preferred Shares<font style="padding-left: 0.11pt;"></font></div></td><td class="gutter" style="width: 2.46%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.46%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 11.75%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<font style="padding-left: 0.37pt;">118,848,806</font></div></td><td class="gutter" style="width: 2.46%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.46%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 11.75%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<font style="padding-left: 0.37pt;">118,848,806 </font></div></td></tr><tr><td style="width: 66.67%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 2.46%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.46%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 11.75%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 2.46%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.46%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 11.75%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 66.67%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Parent company equity/ Shareholders Equity:<br></div></td><td class="gutter" style="width: 2.46%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.46%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 11.75%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 2.46%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.46%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 11.75%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 66.67%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Capital Stock<font style="padding-left: 4.51pt;"></font></div></td><td class="gutter" style="width: 2.46%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.46%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 11.75%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<font style="padding-left: 22.5pt;">19,201</font></div></td><td class="gutter" style="width: 2.46%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.46%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 11.75%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<font style="padding-left: 22.5pt;">19,201 </font></div></td></tr><tr><td style="width: 66.67%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Series&#160;B Preferred Shares<font style="padding-left: 4.56pt;"></font></div></td><td class="gutter" style="width: 2.46%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.46%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 11.75%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<font style="padding-left: 40pt;">40</font></div></td><td class="gutter" style="width: 2.46%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.46%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 11.75%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<font style="padding-left: 40pt;">40 </font></div></td></tr><tr><td style="width: 66.67%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Additional paid-in capital<font style="padding-left: 0.09pt;"></font></div></td><td class="gutter" style="width: 2.46%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.46%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 11.75%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<font style="padding-left: 5pt;">56,834,671</font></div></td><td class="gutter" style="width: 2.46%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.46%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 11.75%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<font style="padding-left: 5pt;">56,834,671 </font></div></td></tr><tr><td style="width: 66.67%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Retained earnings<font style="padding-left: 1.75pt;"></font></div></td><td class="gutter" style="width: 2.46%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.46%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 11.75%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<font style="padding-left: 5pt;">92,585,421</font></div></td><td class="gutter" style="width: 2.46%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.46%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 11.75%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<font style="padding-left: 5pt;">92,542,643 </font></div></td></tr><tr><td style="width: 66.67%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total parent company equity/ Shareholders Equity<font style="font-weight: normal; padding-left: 4.16pt;"></font></div></td><td class="gutter" style="width: 2.46%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.46%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 11.75%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">$149,439,333</div></td><td class="gutter" style="width: 2.46%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.46%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 11.75%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">$149,396,555 </div></td></tr><tr><td style="width: 66.67%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total Capitalization<font style="font-weight: normal; padding-left: 3.77pt;"></font></div></td><td class="gutter" style="width: 2.46%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.46%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 11.75%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">$273,881,739</div></td><td class="gutter" style="width: 2.46%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.46%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 11.75%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">$273,502,561</div></td></tr></table><div><div class="rule-partial" style="height: 0pt; width: 72pt; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-right: auto; margin-left: 0pt; margin-top: 13.25pt;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">(1)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; text-align: left;">Long Term Debt is presented gross of deferred financing costs and the capitalization table does not take into account any amortization of deferred finance fees incurred between October&#160;1, 2023 and November&#160;13, 2023. </div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">10<br></div></div></div>
<!--End Page 13-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 14-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20014329x1_f3_108-use_pg3"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tSHARE"><!--Anchor--></a>SHARE OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The following table sets forth, based on information available to us as of November 13, 2023, including information contained in public filings, certain information regarding beneficial ownership of 5% or more of the Company&#8217;s common shares and share ownership by the Company&#8217;s directors and officers.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The percentage of beneficial ownership is based on 19,201,009 common shares outstanding as of November&#160;13, 2023. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="fintab" style="border-collapse: collapse; width: 468pt; margin-left: auto; margin-right: auto;"><tr class="header"><td style="width: 66.67%; text-align: left; vertical-align: bottom; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Name of Beneficial Owner</div></td><td class="gutter" style="width: 2%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 2%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 17.29%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">No. of Common Shares</div></td><td class="gutter" style="width: 2%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 2%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 8.04%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Percentage</div></td></tr><tr><td style="width: 66.67%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Pani Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup><font style="padding-left: 2.15pt;"></font></div></td><td class="gutter" style="width: 2%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 17.29%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.65pt; text-align: left;">9,611,240</div></td><td class="gutter" style="width: 2%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.06pt; text-align: left;">50.1%</div></td></tr><tr><td style="width: 66.67%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-indent: -10pt; text-align: left;">All executive officers and directors as a group (excluding Petros Panagiotidis)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup><font style="padding-left: 2.99pt;"></font></div></td><td class="gutter" style="width: 2%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 17.29%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.65pt; text-align: left;"><font style="padding-left: 29.63pt;">&#8212;</font></div></td><td class="gutter" style="width: 2%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 8.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.06pt; text-align: left;"><font style="padding-left: 7.5pt;">&#8212;%</font></div></td></tr></table><div><div class="rule-partial" style="height: 0pt; width: 72pt; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-right: auto; margin-left: 0pt; margin-top: 13.25pt;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">(1)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; text-align: left;">Pani Corp. is a corporation organized under the laws of the Republic of Liberia. Pani Corp. is controlled by the Company&#8217;s Chairman and Chief Executive Officer, Petros Panagiotidis. As of November&#160;13, 2023, Mr.&#160;Panagiotidis beneficially owns (i)&#160;the 8,500,000 common shares which were acquired by Pani Corp. in a private placement on April 17, 2023, (ii)&#160;11,240 common shares acquired by Pani Corp. from Thalassa Investment Co. S.A., an entity controlled by Mr. Panagiotidis, on April&#160;25, 2023 and transferred to Pani Corp. on April&#160;25, 2023, and (iii)&#160;1,100,000 restricted common shares, which were granted to Mr. Panagiotidis on September&#160;28, 2023 pursuant to the Company&#8217;s Equity Incentive Plan and transferred to Pani Corp. on October&#160;2, 2023. Under the Equity Incentive Plan, 500,000 restricted shares will vest on September&#160;28, 2024, 300,000 restricted shares will vest on September&#160;28, 2025 and the remaining 300,000 restricted shares will vest on September&#160;28, 2026. The aggregate 9,611,240 common shares beneficially owned by Mr.&#160;Panagiotidis represent 50.1% of the 19,201,009 common shares outstanding on November&#160;13, 2023. Mr.&#160;Panagiotidis also beneficially owns 40,000 of the Company&#8217;s Series&#160;B Preferred Shares, representing all such Series&#160;B Preferred Shares outstanding, each Series&#160;B Preferred Share having the voting power of 100,000 common shares. For further information regarding the Series&#160;B Preferred Shares, refer to &#8220;<font style="font-style: italic;">Item&#160;10. Additional Information&#8212;B. Memorandum and Articles of Association</font>&#8221; of the Company&#8217;s annual report on Form&#160;20-F filed with the U.S. Securities and Exchange Commission on March&#160;8, 2023. Mr.&#160;Panagiotidis therefore beneficially owns 50.2% of the Company&#8217;s total issued and outstanding share capital and controls 99.8% of the aggregate voting power of the Company&#8217;s total issued and outstanding share capital.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">(2)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; text-align: left;">Excluding Petros Panagiotidis, none of the directors and executive officers individually, nor taken as a group, hold more than 1% of the outstanding common shares. </div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">11<br></div></div></div>
<!--End Page 14-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 15-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20014329x1_f3_109-desc_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tDOC"><!--Anchor--></a>DESCRIPTION OF CAPITAL STOCK </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">A description of our common shares (including the associated Preferred Share Purchase Rights under our Shareholder Protection Rights Agreement) can be found under the heading &#8220;<font style="font-style: italic;">Additional Information</font>&#8221; in our Annual Report and in Exhibit&#160;2.2 to our Annual Report under the heading &#8220;<font style="font-style: italic;">Description of Securities Registered </font><font style="font-style: italic;">Under Section&#160;12 of the Securities Exchange Act of 1934 &#8211; Description of our Common Shares</font>&#8221; and &#8220;<font style="font-style: italic;">Description of Securities Registered Under Section&#160;12 of the Securities Exchange Act of 1934 &#8211; Description of </font><font style="font-style: italic;">the Rights under the Stockholders Rights Agreement</font>&#8221;, which descriptions are incorporated by reference herein. A&#160;description of our 1.00% Series&#160;A Fixed Rate Cumulative Perpetual Convertible Preferred Shares, Series&#160;B Preferred Shares and Series&#160;C Participating Preferred Shares can be found under the heading &#8220;<font style="font-style: italic;">Additional</font><font style="font-style: italic;"> </font><font style="font-style: italic;">Information</font>&#8221; in our Annual Report, which descriptions are incorporated by reference herein. </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">12<br></div></div></div>
<!--End Page 15-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 16-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20014329x1_f3_109-desc_pg2"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tDOD"><!--Anchor--></a>DESCRIPTION OF DEBT SECURITIES </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">We may offer and issue debt securities from time to time in one or more series, under one or more indentures, each dated as of a date on or prior to the issuance of the debt securities to which it relates, which will be specified in the applicable prospectus supplement. We may issue senior debt securities and subordinated debt securities pursuant to separate indentures, a senior indenture and a subordinated indenture, respectively, in each case between us and the trustee (to be named in a prospectus supplement), forms of which are filed as exhibits to the registration statement of which this prospectus forms a part. The senior indenture and the subordinated indenture, as amended or supplemented from time to time, are sometimes referred to individually as an &#8220;indenture&#8221; and collectively as the &#8220;indentures.&#8221; </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The following describes the general terms that will apply to any debt securities that we may offer pursuant to this prospectus. The terms and provisions of any debt securities that we offer may differ from the terms described below, and may not be subject to or contain any or all of the terms described below. The specific terms and provisions of the debt securities, and the extent to which the general terms of the debt securities described in this prospectus apply to those debt securities, will be set forth in the applicable prospectus supplement. This description will include, where applicable: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the designation, aggregate principal amount and authorized denominations of such debt securities; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the issue price, expressed as a percentage of the aggregate principal amount of such debt securities; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the maturity date or dates of such debt securities; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the interest rate per annum, if any of such debt securities; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">if the debt securities provide for interest payments, the date from which interest will accrue, the dates on which interest will be payable, the date on which payment of interest will commence and the regular record dates for interest payment dates; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">any optional or mandatory sinking fund provisions or exchangeability provisions; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the terms and conditions upon which conversion of any convertible debt securities may be effected, including the conversion price, the conversion period and other conversion provisions; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">whether the debt securities will be our senior or subordinated securities; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">whether the debt securities will be our secured or unsecured obligations; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the applicability and terms of any guarantees; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the date, if any, after which and the price or prices at which the debt securities may be optionally redeemed or must be mandatorily redeemed and any other terms and provisions of optional or mandatory redemptions; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the denominations in which the debt securities of the series will be issuable; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the portion of the principal amount of the debt securities of the series which will be payable upon acceleration or provable in bankruptcy; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">any events of default; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the currency or currencies, including composite currencies, in which principal, premium and interest will be payable, if other than the currency of the United States of America; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">if principal, premium or interest is payable, at our election or at the election of any holder, in a currency other than that in which the debt securities of the series are stated to be payable, the period or periods within which, and the terms and conditions upon which, the election may be made; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">whether interest will be payable in cash or additional securities at our or the holder&#8217;s option and the terms and conditions upon which the election may be made; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">if denominated in a currency or currencies other than the currency of the United States of America, the equivalent price in the currency of the United States of America for purposes of determining the voting rights of holders of those debt securities under the applicable indenture; </div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">13<br></div></div></div>
<!--End Page 16-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 17-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20014329x1_f3_109-desc_pg3"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">if the amount of payments of principal, premium or interest may be determined with reference to an index, formula or other method based on a coin or currency other than that in which the debt securities of the series are stated to be payable, the manner in which the amounts will be determined; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">any restrictive covenants or other material terms relating to the debt securities; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">whether the debt securities will be issued in the form of global securities or certificates in registered form; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">any listing on any securities exchange or quotation system; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">any agents for the debt securities, including trustees, depositaries, authenticating or paying agents, transfer agents or registrars; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">any applicable selling restrictions; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">additional provisions, if any, related to defeasance and discharge of the debt securities; and </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">any other special features of the debt securities. </div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">Each series of debt securities may be issued at various times with different maturity dates, may bear interest at different rates and may otherwise vary. We will provide you with information on any material Marshall Islands and U.S. federal income tax considerations and other special considerations applicable to any debt securities in the applicable prospectus supplement.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The description in the applicable prospectus supplement of any debt securities the Company offers will not necessarily be complete and will be qualified in its entirety by reference to the applicable indenture and any applicable supplemental indenture, which will be filed with the SEC if we offer any debt securities. You should read the applicable indenture, any applicable supplemental indenture and any applicable prospectus supplement in their entirety. </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">14<br></div></div></div>
<!--End Page 17-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 18-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20014329x1_f3_109-desc_pg4"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tDOW"><!--Anchor--></a>DESCRIPTION OF WARRANTS </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">We may offer and issue warrants to purchase any of our debt or equity securities, which will be specified in the applicable prospectus supplement. Warrants may be issued independently or together with any other securities and may be attached to, or separate from, such securities. The terms of any warrants to be issued and a description of the material provisions of any applicable warrant agreement will be set forth in the applicable prospectus supplement. We expect that such terms will include, among others: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the title of such warrants; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the aggregate number of such warrants; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the price or prices at which such warrants will be issued; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the number and type of our securities purchasable upon exercise of such warrants; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the price at which our securities purchasable upon exercise of such warrants may be purchased; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the date on which the right to exercise such warrants shall commence and the date on which such right shall expire; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">if applicable, the minimum or maximum amount of such warrants which may be exercised at any one time; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">if applicable, the designation and terms of the securities with which such warrants are issued and the number of such warrants issued with each such security; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">if applicable, the date on and after which such warrants and the related securities will be separately transferable; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">information with respect to book-entry procedures, if any; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the currency or currencies, in which the price of such warrants will be payable&#894; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">if applicable, a discussion of any material Marshall Islands and U.S. federal income tax considerations; and </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">any other terms of such warrants, including terms, procedures and limitations relating to the exchange and exercise of such warrants. </div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The description in the applicable prospectus supplement of any warrants we offer will not necessarily be complete and will be qualified in its entirety by reference to the applicable warrant agreement, which will be filed with the SEC if we offer warrants. You should read the applicable warrant agreement and any applicable prospectus supplement in their entirety. </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">15<br></div></div></div>
<!--End Page 18-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 19-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20014329x1_f3_109-desc_pg5"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tDOP"><!--Anchor--></a>DESCRIPTION OF PURCHASE CONTRACTS </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">We may offer and issue purchase contracts for the purchase or sale of any of our debt or equity securities issued by us, which will be specified in the applicable prospectus supplement.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">Each purchase contract will entitle the holder thereof to purchase or sell, and obligate us to sell or purchase, on specified dates, such securities at a specified purchase price, which may be based on a formula, all as set forth in the applicable prospectus supplement. The applicable prospectus supplement will also specify the methods by which the holders may purchase or sell such securities and any acceleration, cancellation or termination provisions, provisions relating to material Marshall Islands and U.S. federal income tax considerations, if any, or other provisions relating to the settlement of a purchase contract.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The purchase contracts may require us to make periodic payments to the holders thereof or vice versa, which payments may be deferred to the extent set forth in the applicable prospectus supplement, and those payments may be unsecured or pre-funded on some basis. The purchase contracts may require the holders thereof to secure their obligations in a specified manner to be described in the applicable prospectus supplement. Alternatively, purchase contracts may require holders to satisfy their obligations thereunder when the purchase contracts are issued. Our obligation to settle such pre-paid purchase contracts on the relevant settlement date may constitute indebtedness. Accordingly, pre-paid purchase contracts will be issued under either the senior indenture or the subordinated indenture.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The applicable prospectus supplement relating to any purchase contracts we offer will specify the material terms of the purchase contracts and whether they will be issued separately or as part of units. The description in the applicable prospectus supplement of any purchase contracts we offer will not necessarily be complete and will be qualified in its entirety by reference to the applicable purchase contract agreement, a form of which will be filed with the SEC if we offer purchase contracts. You should read the applicable purchase contract agreement and any applicable prospectus supplement in their entirety. </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">16<br></div></div></div>
<!--End Page 19-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 20-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20014329x1_f3_109-desc_pg6"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tDOR"><!--Anchor--></a>DESCRIPTION OF RIGHTS </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">We may issue rights to purchase our equity securities, which will be specified in the applicable prospectus supplement. These rights may be issued independently or together with any other security offered by this prospectus and may or may not be transferable by the shareholder receiving the rights in the rights offering. In connection with any rights offering, we may enter into a standby purchase or underwriting agreement with one or more purchasers or underwriters pursuant to which such persons will purchase any securities that remain unsubscribed for upon completion of the rights offering.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The applicable prospectus supplement relating to any rights will describe the terms of the offered rights, including, where applicable, the following: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the exercise price for the rights; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the number of rights issued to each shareholder; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the extent to which the rights are transferable; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">any other terms of the rights, including terms, procedures and limitations relating to the exchange and exercise of the rights; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the date on which the right to exercise the rights will commence and the date on which the right will expire; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the amount of rights outstanding; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the extent to which the rights include an over-subscription privilege with respect to unsubscribed securities; and </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the material terms of any standby underwriting arrangement entered into by us in connection with the rights offering. </div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The description in the applicable prospectus supplement of any rights we offer will not necessarily be complete and will be qualified in its entirety by reference to the applicable rights certificate or rights agreement, which will be filed with the SEC if we offer rights. You should read the applicable rights certificate, the applicable rights agreement and any applicable prospectus supplement in their entirety. </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">17<br></div></div></div>
<!--End Page 20-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 21-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20014329x1_f3_109-desc_pg7"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tDOU"><!--Anchor--></a>DESCRIPTION OF UNITS </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">We may issue units consisting of one or more rights, purchase contracts, warrants, debt securities, preferred shares, common shares or any combination of such securities, which will be specified in the applicable prospectus supplement. The applicable prospectus supplement will describe the terms of the offered units. We expect that such terms will include, among others: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the terms of the units and of the rights, purchase contracts, warrants, debt securities, preferred shares and common shares comprising the units, including whether and under what circumstances the securities comprising the units may be traded separately; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">a description of the terms of any unit agreement governing the units; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">if applicable, a discussion of any material Marshall Islands and U.S. federal income tax considerations; and </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">a description of the provisions for the payment, settlement, transfer or exchange of the units. </div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The description in the applicable prospectus supplement of any units we offer will not necessarily be complete and will be qualified in its entirety by reference to the applicable unit agreement, a form of which will be filed with the SEC if we offer units. You should read the applicable unit agreement and any applicable prospectus supplement in their entirety. </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">18<br></div></div></div>
<!--End Page 21-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 22-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20014329x1_f3_110-plan_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tPOD"><!--Anchor--></a>PLAN OF DISTRIBUTION </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">We may sell or distribute the securities included in this prospectus through underwriters, whether individually or through an underwriting syndicate led by one or more managing underwriters, through agents, to dealers and/or directly to one or more purchasers. We may sell the securities from time to time at fixed prices, market prices prevailing at the time of sale, prices related to the prevailing market prices, varying prices determined at the time of sale or negotiated prices. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">In addition, we may sell some or all of the securities included in this prospectus, in one or more transactions, through: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">a block trade in which a broker-dealer may resell a portion of the block, as principal, in order to facilitate the transaction; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">purchases by a broker-dealer, as principal, and resale by the broker-dealer for its account; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">ordinary brokerage transactions and transactions in which a broker solicits purchasers; or </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">trading plans entered into by us pursuant to Rule&#160;10b5-1 under the Exchange Act that are in place at the time of an offering pursuant to this prospectus and any applicable prospectus supplement that provide for periodic sales of our securities on the basis of parameters described in such trading plans. </div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">In addition, we may enter into options or other types of transactions that require us to deliver our securities to a broker-dealer, who will then resell or transfer the securities under this prospectus. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">We may enter into hedging transactions with respect to our securities. For example, we may: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">enter into transactions involving short sales of our common shares by broker-dealers; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">sell common shares short and deliver the shares to close out short positions; or </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">loan or pledge the common shares to a broker-dealer, who may sell the loaned shares or, in the event of default, sell the pledged shares. </div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">We may enter into derivative transactions with third parties, or sell securities not covered by this prospectus to third parties in privately negotiated transactions. If the applicable prospectus supplement indicates, in connection with those derivatives, the third parties may sell securities covered by this prospectus and the applicable prospectus supplement, including in short sale transactions. If so, the third party may use securities pledged by us, or borrowed from us to settle those sales or to close out any related open borrowings of stock and may use securities received from us in settlement of those derivatives to close out any related open borrowings of stock. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">Offers to purchase the securities being offered by this prospectus may be solicited directly. Agents may also be designated to solicit offers to purchase the securities from time to time. Any agent involved in the offer or sale of our securities will be identified in a prospectus supplement. We reserve the right to accept and, from time to time, to reject, in whole or in part, any proposed purchase of securities to be made directly or through agents. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">Underwriters or agents could make sales in privately negotiated transactions and/or any other method permitted by law, including sales deemed to be an at-the-market offering as defined in Rule&#160;415 promulgated under the Securities Act, which includes sales made directly on or through the Nasdaq, the existing trading market for our common shares, or sales made to or through a market maker other than on an exchange. Each time that we sell securities covered by this prospectus, we will provide a prospectus supplement or supplements that will describe the method of distribution and set forth the terms and conditions of the offering of such securities, including the offering price of the securities, the proceeds to us, any underwriting discounts or commissions and other items constituting underwriters&#8217; compensation. Unless otherwise set forth in an applicable prospectus supplement, the obligations of underwriters or dealers to purchase the securities will be subject to certain conditions precedent and the underwriters or dealers will be obligated to purchase all the securities if any are purchased. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">Any initial public offering price and any discounts or concessions allowed or re-allowed or paid to dealers may be changed from time to time. We may grant to the underwriters options to purchase additional offered securities to cover over-allotments, if any, at the public offering price, with additional underwriting discounts or commissions and on terms as may be set forth in the applicable prospectus supplement. Underwriters, dealers and agents that participate in the distribution of the securities may be underwriters as defined in the Securities Act, and any discounts or commissions received by them from us and any profit on the resale of the securities by them may be treated as underwriting discounts and commissions under the Securities Act. </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">19<br></div></div></div>
<!--End Page 22-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 23-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20014329x1_f3_110-plan_pg2"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">We may have agreements with underwriters, dealers and agents to indemnify them against some civil liabilities, including liabilities under the Securities Act, to contribute to payments which the underwriters, dealers or agents may be required to make or to reimburse those persons for certain expenses. The specific terms of any lock-up provisions in respect of any given offering will be described in the applicable prospectus supplement. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">Underwriters, dealers and agents may engage in transactions with, or perform services for, us or our subsidiaries in the ordinary course of their businesses. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">Any underwriters to whom securities are sold by us for public offering and sale may make a market in such securities, but such underwriters will not be obligated to do so and may discontinue any market making at any time without notice. No assurance can be given as to the liquidity of the trading market for any securities. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">Certain persons participating in any offering of securities may engage in transactions that stabilize, maintain or otherwise affect the price of the securities offered. In connection with any such offering, the underwriters or agents, as the case may be, may purchase and sell securities in the open market. These transactions may include over-allotment and stabilizing transactions and purchases to cover syndicate short positions created in connection with the offering. Stabilizing transactions consist of certain bids or purchases for the purpose of preventing or retarding a decline in the market price of the securities and syndicate short positions involve the sale by the underwriters or agents, as the case may be, of a greater number of securities than they are required to purchase from us in the offering. The underwriters may also impose a penalty bid, whereby selling concessions allowed to syndicate members or other broker-dealers for the securities sold for their account may be reclaimed by the syndicate if such securities are repurchased by the syndicate in stabilizing or covering transactions. These activities may stabilize, maintain or otherwise affect the market price of the securities, which may be higher than the price that might otherwise prevail in the open market, and if commenced, may be discontinued at any time. These transactions may be effected on the Nasdaq, in the over-the-counter market or otherwise. These activities will be described in more detail in the applicable prospectus supplement. </div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">Selling Restrictions </div><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 7.5pt; margin-left: 0pt; text-align: left;">Notice to Investors in the EEA </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">In relation to each Member State of the European Economic Area (each a &#8220;Relevant State&#8221;), no common shares or warrants, purchase contracts, units or rights in respect of such common shares (together, &#8220;Equity Securities&#8221; and each, an &#8220;Equity Security&#8221;) have been offered or will be offered pursuant to any offering using this prospectus to the public in that Relevant State prior to the publication of a prospectus in relation to the relevant Equity Security which has been approved by the competent authority in that Relevant State or, where appropriate, approved in another Relevant State and notified to the competent authority in that Relevant State, all in accordance with Regulation (EU) 2017/1129 (as amended, the &#8220;Prospectus Regulation&#8221;), except that such Equity Security may be offered to the public in that Relevant State at any time: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(a)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">to any legal entity which is a qualified investor as defined under Article&#160;2 of the Prospectus Regulation; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(b)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">to fewer than 150 natural or legal persons (other than qualified investors as defined under Article&#160;2 of the Prospectus Regulation); or </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(c)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">in any other circumstances falling within Article&#160;1(4) of the Prospectus Regulation, Provided that no such offer of the relevant Equity Security shall require the publication of a prospectus pursuant to Article&#160;3 of the Prospectus Regulation or a prospectus supplement pursuant to Article&#160;23 of the Prospectus Regulation. </div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">Each person in a Relevant State who initially acquires any Equity Securities or to whom any offer is made will be deemed to have represented, acknowledged and agreed that it is a &#8220;qualified investor&#8221; within the meaning of Article&#160;2(e) of the Prospectus Regulation. In the case of any Equity Securities being offered to a financial intermediary as that term is used in Article&#160;5(1) of the Prospectus Regulation, each such financial intermediary will be deemed to have represented, acknowledged and agreed that the shares acquired by it in the offer have not been acquired on a non-discretionary basis on behalf of, nor have they been acquired with a view to their offer or resale to, persons in circumstances which may give rise to an offer of any Equity Securities to the public other than their offer or resale in a Relevant State to qualified investors as so defined or in circumstances in which the </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">20<br></div></div></div>
<!--End Page 23-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 24-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20014329x1_f3_110-plan_pg3"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">prior consent of the representatives has been obtained to each such proposed offer or resale. We, the representatives and each of our and the representatives&#8217; affiliates will rely upon the truth and accuracy of the foregoing representations, acknowledgements and agreements. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">For the purposes of the foregoing provisions, the expression an &#8220;offer to the public&#8221; in relation to any of the Equity Securities in any Relevant State means the communication in any form and by any means of sufficient information on the terms of the offer and any Equity Security to be offered so as to enable an investor to decide to purchase or subscribe for such Equity Security. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">Unless the prospectus supplement in respect of any preferred shares or warrants, purchase contracts or units in respect of such preferred shares (together, &#8220;Preferred Share Securities&#8221; and each a &#8220;Preferred Share Security&#8221;) or debt securities or warrants, purchase contracts or units in respect of such debt securities (together, &#8220;Debt Securities&#8221; and each a &#8220;Debt Security&#8221;) specifies the &#8220;Prohibition of Sales to EEA Retail Investors&#8221; as &#8220;Not Applicable&#8221;, then in connection with any offering of Preferred Share Securities or Debt Securities using this prospectus, no Preferred Share Securities or Debt Securities which are the subject of such offering may be offered, sold or otherwise made available to any retail investor in the European Economic Area. For the purposes of this provision: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(a)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the expression &#8220;retail investor&#8221; means a person who is one (or more) of the following: (i) a retail client as defined in point (11) of Article&#160;4(1) of Directive 2014/65/EU (as amended, &#8220;MiFID II&#8221;); or (ii) a customer within the meaning of Directive (EU) 2016/97 (as amended, the &#8220;Insurance Distribution Directive&#8221;), where that customer would not qualify as a professional client as defined in point (10) of Article&#160;4(1) of MiFID II; or (iii) not a qualified investor as defined in the Prospectus Regulation; and </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(b)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">The expression an &#8220;offer&#8221; includes the communication in any form and by any means of sufficient information on the terms of the offer and the relevant Preferred Share Securities or Debt Securities to be offered so as to enable an investor to decide to purchase or subscribe for the Preferred Share Securities or Debt Securities. </div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">If the prospectus supplement in respect of any Preferred Share Security or Debt Security specifies the &#8220;Prohibition of Sales to EEA Retail Investors&#8221; as &#8220;Not Applicable&#8221;, then in relation to each Member State of the European Economic Area, no offering of Preferred Share Securities or Debt Securities which are the subject of such offering may be made to the public in that Member State, except that an offer of such Notes may be made to the public in that Member State: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(A)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">at any time to any legal entity which is a qualified investor as defined in the Prospectus Regulation; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(B)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">at any time to fewer than 150 natural or legal persons (other than qualified investors as defined in the Prospectus Regulation) in the United Kingdom subject to obtaining the prior consent of the relevant dealer, agent, broker-dealer, or underwriter (as applicable) nominated by the Issuer for any such offer; or </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(C)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">at any time in any other circumstances falling within Article&#160;1(4) of the Prospectus Regulation, provided that no such offer of Preferred Share Securities or Debt Securities referred to in (A) to (C)&#160;above shall require publication of a prospectus pursuant to Article&#160;3 of the Prospectus Regulation, or the supplementing of a prospectus pursuant to Article&#160;23 of the Prospectus Regulation. </div></td></tr></table><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 14pt; margin-left: 0pt; text-align: left;">Notice to Investors in the UK </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">No common shares or warrants, purchase contracts, units or rights in respect of such common shares (together, &#8220;Equity Securities&#8221; and each, an &#8220;Equity Security&#8221;) have been offered or will be offered pursuant to any offering using this prospectus to the public in the United Kingdom prior to the publication of a prospectus in relation to the relevant Equity Security which has been approved by the United Kingdom Financial Conduct Authority, except that such Equity Security may be offered to the public in the United Kingdom at any time: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(a)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">to any legal entity which is a qualified investor as defined under Article&#160;2 of the UK Prospectus Regulation; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(b)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">to fewer than 150 natural or legal persons (other than qualified investors as defined under Article&#160;2 of Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (the &#8220;EUWA&#8221;) (the &#8220;UK Prospectus Regulation&#8221;); or </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(c)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">in any other circumstances falling within Section&#160;86 of the FSMA, Provided that no such offer of the relevant Equity Security shall require the publication of a prospectus pursuant to Section&#160;85 of the FSMA or a prospectus supplement pursuant to Article&#160;23 of the UK Prospectus Regulation. </div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">21<br></div></div></div>
<!--End Page 24-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 25-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20014329x1_f3_110-plan_pg4"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">For the purposes of this provision, the expression an &#8220;offer to the public&#8221; in relation to any of the Equity Securities in the United Kingdom means the communication in any form and by any means of sufficient information on the terms of the offer and any Equity Security to be offered so as to enable an investor to decide to purchase or subscribe for such Equity Security. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">Unless the prospectus supplement in respect of any preferred shares or warrants, purchase contracts or units in respect of such preferred shares (together, &#8220;Preferred Share Securities&#8221; and each a &#8220;Preferred Share Security&#8221;) or debt securities or warrants, purchase contracts or units in respect of such debt securities (together, &#8220;Debt Securities&#8221; and each a &#8220;Debt Security&#8221;) specifies the &#8220;Prohibition of Sales to UK Retail Investors&#8221; as &#8220;Not Applicable&#8221;, then no Preferred Share Securities or Debt Securities which are the subject of such offering may be offered, sold or otherwise made available to any retail investor in the United Kingdom. For the purposes of this provision: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(a)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the expression &#8220;retail investor&#8221; means a person who is one (or more) of the following: (i) a retail client, as defined in point (8) of Article&#160;2 of Regulation (EU) No 2017/565 as it forms part of domestic law by virtue of the EUWA; or (ii) a customer within the meaning of the provisions of the FSMA and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8) of Article&#160;2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA; or (iii) not a qualified investor as defined in Article&#160;2 of the UK Prospectus Regulation; and </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(b)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">The expression an &#8220;offer&#8221; includes the communication in any form and by any means of sufficient information on the terms of the offer and the relevant Preferred Share Securities or Debt Securities to be offered so as to enable an investor to decide to purchase or subscribe for the Preferred Share Securities or Debt Securities. </div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">If the prospectus supplement in respect of any Preferred Share Security or Debt Security specifies &#8220;Prohibition of Sales to UK Retail Investors&#8221; as &#8220;Not Applicable&#8221;, then no offering of Preferred Share Securities or Debt Securities which are the subject of such offering may be made to the public in the United Kingdom, except that an offer of such Notes may be made to the public in the United Kingdom: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(A)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">at any time to any legal entity which is a qualified investor as defined in Article&#160;2 of the UK Prospectus Regulation; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(B)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">at any time to fewer than 150 natural or legal persons (other than qualified investors as defined in Article&#160;2 of the UK Prospectus Regulation) in the United Kingdom subject to obtaining the prior consent of the relevant dealer, agent, broker-dealer, or underwriter (as applicable) nominated by the Issuer for any such offer; or </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(C)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">at any time in any other circumstances falling within section 86 of the FSMA, provided that no such offer of Preferred Share Securities or Debt Securities referred to in (A) to (C) above shall require the publication of a prospectus pursuant to section 85 of the FSMA or the supplementing of a prospectus pursuant to Article&#160;23 of the UK Prospectus Regulation. </div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">For the purposes of this provision, the expression &#8220;an offer of Preferred Share Securities or Debt Securities to the public&#8221; in relation to any Preferred Share Securities or Debt Securities means the communication in any form and by any means of sufficient information on the terms of the offer and the Preferred Share Securities or Debt Securities to be offered so as to enable an investor to decide to purchase or subscribe for the Preferred Share Securities or Debt Securities. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">This prospectus and any accompanying prospectus supplement are only being distributed to and are only directed at: (i) persons who are outside the United Kingdom; or (ii) investment professionals falling within Article&#160;19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the &#8220;Order&#8221;); or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article&#160;49(2)(a) to (d) of the Order (all such persons together being referred to as &#8220;relevant persons&#8221;). The securities are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire the securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this prospectus and any accompanying prospectus supplement or any of their contents. </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">22<br></div></div></div>
<!--End Page 25-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 26-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20014329x1_f3_111-tax_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tTC"><!--Anchor--></a>TAX CONSIDERATIONS </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">You should carefully read the discussion of the material Marshall Islands and U.S. federal income tax considerations associated with our operations and the acquisition, ownership and disposition of our common shares set forth in the section entitled &#8220;<font style="font-style: italic;">Taxation</font>&#8221; of our Annual Report, incorporated by reference herein, as updated by annual and other reports and documents we file with the SEC after the date of this prospectus and that are incorporated by reference herein. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">We will provide you with information on any material Marshall Islands and U.S. federal income tax considerations applicable to any other securities in the applicable prospectus supplement. </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">23<br></div></div></div>
<!--End Page 26-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 27-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20014329x1_f3_111-tax_pg2"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tEXP"><!--Anchor--></a>EXPENSES </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The following are the estimated expenses, other than any underwriting discounts and commissions and expenses reimbursed by us, of the issuance and distribution of the securities being registered under the registration statement of which this prospectus forms a part, all of which have been or will be paid by us. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="fintab" style="border-collapse: collapse; width: 471pt; margin-left: auto; margin-right: auto;"><tr><td style="width: 89.17%; text-align: left; vertical-align: bottom; padding-top: 6pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">SEC registration fee<font style="padding-left: 4.76pt;"></font></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.55%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 6pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$29,520.00 </div></td></tr><tr><td style="width: 89.17%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">FINRA filing fee<font style="padding-left: 2.52pt;"></font></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.55%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<font style="padding-left: 40pt;">* </font></div></td></tr><tr><td style="width: 89.17%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Legal fees and expenses<font style="padding-left: 3.11pt;"></font></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.55%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<font style="padding-left: 40pt;">* </font></div></td></tr><tr><td style="width: 89.17%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Accounting fees and expenses<font style="padding-left: 4.22pt;"></font></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.55%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<font style="padding-left: 40pt;">* </font></div></td></tr><tr><td style="width: 89.17%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Miscellaneous<font style="padding-left: 4.74pt;"></font></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.55%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<font style="padding-left: 40pt;">* </font></div></td></tr><tr><td style="width: 89.17%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total<font style="padding-left: 2.09pt;"></font></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.55%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<font style="padding-left: 40pt;">*</font></div></td></tr></table><div><div class="rule-partial" style="height: 0pt; width: 72pt; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-right: auto; margin-left: 0pt; margin-top: 13.25pt;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">*<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; text-align: left;">To be provided in a prospectus supplement or as an exhibit to a report on Form&#160;6-K that is incorporated by reference. </div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">24<br></div></div></div>
<!--End Page 27-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 28-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20014329x1_f3_111-tax_pg3"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tVOS"><!--Anchor--></a>VALIDITY OF SECURITIES </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The validity of the securities offered by this prospectus will be passed upon for us by Sullivan &amp; Cromwell LLP with respect to matters of New York law, and by Seward &amp; Kissel LLP with respect to matters of Marshall Islands law. </div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20.5pt; text-align: center;"><a name="tEXPRTS"><!--Anchor--></a>EXPERTS </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The combined carve-out financial statements of Toro Corp. Predecessor as of December&#160;31, 2021 and 2022, and for the period from January&#160;13, 2021 to December&#160;31, 2021 and for the year ended December&#160;31, 2022, incorporated by reference in this prospectus by reference to Toro Corp.&#8217;s annual report on Form&#160;20-F for the fiscal year ended December&#160;31, 2022 have been audited by Deloitte Certified Public Accountants, S.A., an independent registered public accounting firm, as stated in their report. Such financial statements are incorporated by reference in reliance upon the report of such firm given upon their authority as experts in accounting and auditing. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The consolidated financial statements of Toro Corp. as of December&#160;31, 2022, and for the period July&#160;29, 2022 to December&#160;31, 2022, incorporated by reference in this prospectus by reference to Toro Corp.&#8217;s annual report on Form&#160;20-F for the fiscal year ended December&#160;31, 2022 have been audited by Deloitte Certified Public Accountants, S.A., an independent registered public accounting firm, as stated in their report. Such financial statements are incorporated by reference in reliance upon the report of such firm given upon their authority as experts in accounting and auditing. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The office of Deloitte Certified Public Accountants, S.A. is located at Fragoklissias 3a &amp; Granikou Street, Maroussi, Athens 151 25, Greece. </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">25<br></div></div></div>
<!--End Page 28-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 29-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20014329x1_f3_111-tax_pg4"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tEOC"><!--Anchor--></a>ENFORCEABILITY OF CERTAIN CIVIL LIABILITIES </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">We are incorporated under the laws of the Republic of the Marshall Islands, and substantially all of our assets are located outside of the United States. Our principal executive office is located in Cyprus. In addition, the majority of our directors and officers are non-residents of the United States, and substantially all of their assets are located outside the United States. As a result, it may be difficult or impossible for you to effect service of process within the United&#160;States upon such persons or to bring an action against us or against these individuals in the United States if you believe that your rights have been infringed under securities laws or otherwise. Even if you are successful in bringing an action of this kind, the laws of the Republic of the Marshall Islands and of other jurisdictions may prevent or restrict you from enforcing a judgment against our assets or our directors and officers. Although you may bring an original action against us or our affiliates in the courts of the Marshall Islands, and the courts of the Marshall Islands may impose civil liability, including monetary damages, against us or our affiliates for a cause of action arising under Marshall Islands law, it may be impracticable for you to do so. </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">26<br></div></div></div>
<!--End Page 29-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 30-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20014329x1_f3_112-part2_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;">PART II OF FORM F-3 <br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">&#8195;<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">INFORMATION NOT REQUIRED IN PROSPECTUS </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 45pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Item 8.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">Indemnification of Directors and Officers. </div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7.5pt; margin-left: 0pt; text-align: left;">Article&#160;VIII of the Bylaws of Toro Corp. (the &#8220;Registrant&#8221;) provides as follows: </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-align: left;">Any person who is or was a Director or officer of the Company, or is or was serving at the request of the Corporation as a director or officer of another, partnership, joint venture, trust or other enterprise shall be entitled to be indemnified by the Company upon the same terms, under the same conditions, and to the same extent as authorized by Section&#160;60 of the BCA, if he or she acted in good faith and in a manner he or she 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 or her conduct was unlawful. The Company shall have the power to pay in advance expenses a director or officer incurred while defending a civil or criminal proceeding, provided that the director or officer will repay the amount if it shall ultimately be determined that he or she is not entitled to indemnification under this section. Any repeal or modification of this Article&#160;VIII shall not adversely affect any rights to indemnification and to the advancement of expenses of a Director or officer of the Company existing at the time of such repeal or modification with respect to any acts or omissions occurring prior to such repeal or modification. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-align: left;">The Company shall have the power to purchase and maintain insurance on behalf of any person who is or was a Director or officer of the Company or is or was serving at the request of the Company as a director or officer against any liability asserted against such person and incurred by such person in such capacity whether or not the Company would have the power to indemnify such person against such liability by law or under the provisions of these Bylaws. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">Section&#160;60 of the Associations Law of the Republic of the Marshall Islands provides as follows: </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 20pt; text-align: left;">Actions not by or in right of the corporation.<font style="font-style: normal;"> A corporation shall have power to indemnify any person who </font><font style="font-style: normal;">was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or </font><font style="font-style: normal;">proceeding whether civil, criminal, administrative or investigative (other than an action by or in the right of </font><font style="font-style: normal;">the corporation) by reason of the fact that he is or was a director or officer of the corporation, or is or </font><font style="font-style: normal;">was&#160;serving at the request of the corporation as a director or officer of another corporation, partnership, joint </font><font style="font-style: normal;">venture, trust or other enterprise, against expenses (including attorneys' fees), judgments, fines and amounts </font><font style="font-style: normal;">paid in settlement actually and reasonably incurred by him in connection with such action, suit or </font><font style="font-style: normal;">proceeding if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the </font><font style="font-style: normal;">best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable </font><font style="font-style: normal;">cause to believe his conduct was unlawful. The termination of any action, suit or proceeding by judgment, </font><font style="font-style: normal;">order, settlement, conviction, or upon a plea of no contest, or its equivalent, shall not, of itself, create a </font><font style="font-style: normal;">presumption that the person did not act in good faith and in a manner which he reasonably believed to be in </font><font style="font-style: normal;">or not opposed to the bests interests of the corporation, and, with respect to any criminal action or </font><font style="font-style: normal;">proceedings, had reasonable cause to believe that his conduct was unlawful. </font></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 20pt; text-align: left;">Actions by or in right of the corporation<font style="font-style: normal;">. A corporation shall have the power to indemnify any person who </font><font style="font-style: normal;">was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit </font><font style="font-style: normal;">by or in the right of the corporation to procure a judgment in its favor by reason of the fact that he is or </font><font style="font-style: normal;">was a director or officer of the corporation, or is or was serving at the request of the corporation, or is or </font><font style="font-style: normal;">was serving at the request of the corporation as a director or officer of another corporation, partnership, </font><font style="font-style: normal;">joint&#160;venture, trust or other enterprise against expenses (including attorneys' fees) actually and reasonably </font><font style="font-style: normal;">incurred by him or in connection with the defense or settlement of such action or suit if he acted in good </font><font style="font-style: normal;">faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation </font><font style="font-style: normal;">and except that no indemnification shall be made in respect of any claims, issue or matter as to which such </font><font style="font-style: normal;">person shall have been adjudged to be liable for negligence or misconduct in the performance of his duty to </font><font style="font-style: normal;">the corporation unless and only to the extent that the court in which such action or suit was brought shall </font><font style="font-style: normal;">determine upon application that, despite the adjudication of liability but in view of all the circumstances of </font><font style="font-style: normal;">the case, such person is fairly and reasonably entitled to indemnity for such expenses which the court shall </font><font style="font-style: normal;">deem proper. </font></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">II-1<br></div></div></div>
<!--End Page 30-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 31-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20014329x1_f3_112-part2_pg2"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6.75pt; margin-left: 20pt; text-align: left;">When director or officer successful<font style="font-style: normal;">. To the extent that a director or officer of a corporation has been </font><font style="font-style: normal;">successful on the merits or otherwise in defense of any action, suit or proceeding referred to in subsections </font><font style="font-style: normal;">(1) or (2) of this section, or in the defense of a claim, issue or matter therein, he shall be indemnified </font><font style="font-style: normal;">against expenses (including attorneys' fees) actually and reasonably incurred by him in connection </font><font style="font-style: normal;">therewith. </font></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 20pt; text-align: left;">Payment of expenses in advance<font style="font-style: normal;">. Expenses incurred in defending a civil or criminal action, suit or </font><font style="font-style: normal;">proceeding may be paid in advance of the final disposition of such action, suit or proceeding as authorized </font><font style="font-style: normal;">by the Board in the specific case upon receipt of an undertaking by or on behalf of the director or officer to </font><font style="font-style: normal;">repay such amount if it shall ultimately be determined that he is not entitled to be indemnified by the </font><font style="font-style: normal;">corporation as authorized in this section. </font></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 20pt; text-align: left;">Indemnification pursuant to other rights<font style="font-style: normal;">. The indemnification and advancement of expenses provided by, or </font><font style="font-style: normal;">granted pursuant to, the other subsections of this section shall not be deemed exclusive of any other rights </font><font style="font-style: normal;">to which those seeking indemnification or advancement of expenses may be entitled under any bylaw, </font><font style="font-style: normal;">agreement, vote of shareholders or disinterested directors or otherwise, both as to action in his official </font><font style="font-style: normal;">capacity and as to action in another capacity while holding such office. </font></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 20pt; text-align: left;">Continuation of indemnification<font style="font-style: normal;">. The indemnification and advancement of expenses provided by, or granted </font><font style="font-style: normal;">pursuant to, this section shall, unless otherwise provided when authorized or ratified, continue as to a person </font><font style="font-style: normal;">who has ceased to be a director, officer, employee or agent and shall inure to the benefit of the heirs, </font><font style="font-style: normal;">executors and administrators of such a person. </font></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 20pt; text-align: left;">Insurance<font style="font-style: normal;">. A corporation shall have the power to purchase and maintain insurance on behalf of any person </font><font style="font-style: normal;">who is or was a director or officer of the corporation or is or was serving at the request of the corporation </font><font style="font-style: normal;">as a director or officer against any liability asserted against him and incurred by him in such capacity </font><font style="font-style: normal;">whether or not the corporation would have the power to indemnify him against such liability under the </font><font style="font-style: normal;">provisions of this section. </font></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 45pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Item 10.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">Undertakings </div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7.5pt; margin-left: 0pt; text-align: left;">Each of the undersigned registrants hereby undertakes: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(1)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">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 border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(i)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(ii)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the &#8220;Calculation of Registration Fee&#8221; table in the effective registration statement; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(iii)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">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; and </div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-align: left;">provided, however<font style="font-style: normal;">, that paragraphs (1)(i), (1)(ii) and (1)(iii) do not apply if the information required to be </font><font style="font-style: normal;">included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the </font><font style="font-style: normal;">Commission by the registrants pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 </font><font style="font-style: normal;">that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed </font><font style="font-style: normal;">pursuant to Rule 424(b) that is part of the registration statement. </font></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">II-2<br></div></div></div>
<!--End Page 31-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 32-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20014329x1_f3_112-part2_pg3"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(2)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">That, for the purpose of determining any liability under the Securities Act of 1933, 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 border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(3)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">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><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(4)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">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&#160;10(a)(3) of the Securities Act of 1933 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 (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, a post-effective amendment need not be filed to include financial statements and information required by Section&#160;10(a)(3) of the Securities Act of 1933 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 registration statement. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(5)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser: </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(i)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Each prospectus filed by a registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(ii)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">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&#160;430B relating to an offering made pursuant to Rule&#160;415(a)(1)(i), (vii) or (x) for the purpose of providing the information required by Section&#160;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&#160;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 the prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. <font style="font-style: italic;">Provided, however</font>, 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 border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(6)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">That, for the purpose of determining liability of a registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities, each undersigned registrant undertakes that in a primary offering of securities of an undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser: </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(i)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Any preliminary prospectus or prospectus of an undersigned registrant relating to the offering required to be filed pursuant to Rule&#160;424; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(ii)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Any free writing prospectus relating to the offering prepared by or on behalf of an undersigned registrant or used or referred to by an undersigned registrant; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(iii)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">The portion of any other free writing prospectus relating to the offering containing material information about an undersigned registrant or its securities provided by or on behalf of an undersigned registrant; and </div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">II-3<br></div></div></div>
<!--End Page 32-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 33-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20014329x1_f3_112-part2_pg4"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(iv)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Any other communication that is an offer in the offering made by an undersigned registrant to the purchaser. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(7)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">That, for purposes of determining any liability under the Securities Act of 1933, each filing of the Registrant&#8217;s annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan&#8217;s annual report pursuant to Section&#160;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><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(8)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">To file an application for the purpose of determining the eligibility of the trustee to act under subsection (a) of Section&#160;310 of the Trust Indenture Act in accordance with the rules and regulations prescribed by the Commission under Section 305(b)(2) of the Trust Indenture Act. </div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; 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 each registrant pursuant to the foregoing provisions, or otherwise, each 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 a registrant of expenses incurred or paid by a director, officer or controlling person of a 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, that 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></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">II-4<br></div></div></div>
<!--End Page 33-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 34-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20014329x1_f3_112-part2_pg5"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;">INDEX TO EXHIBITS </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="fintab" style="border-collapse: collapse; width: 468pt; margin-left: auto; margin-right: auto;"><tr class="header"><td style="width: 7.69%; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Exhibit<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Number</div></td><td class="gutter" style="width: 0.64%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 0.64%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 91.03%; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Description </div></td></tr><tr><td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">1.1</div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 91.03%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Form&#160;of Underwriting Agreement* </div></td></tr><tr><td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="https://www.sec.gov/Archives/edgar/data/1941131/000114036122047670/ny20004961x8_ex1-1.htm">3.1</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 91.03%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Amended &amp; Restated Articles of Incorporation of Toro Corp. (incorporated by reference to Exhibit&#160;1.1 to Toro&#8217;s registration statement on Form&#160;20-F filed with the SEC on February&#160;2, 2023). </div></td></tr><tr><td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="https://www.sec.gov/Archives/edgar/data/1941131/000114036122047670/ny20004961x8_ex1-2.htm">3.2</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 91.03%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Amended &amp; Restated Bylaws of Toro Corp. (incorporated by reference to Exhibit&#160;1.2 to Toro&#8217;s registration statement on Form&#160;20-F filed with the SEC on February&#160;2, 2023). </div></td></tr><tr><td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="https://www.sec.gov/Archives/edgar/data/1941131/000114036122047670/ny20004961x8_ex1-3.htm">3.3</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 91.03%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Statement of Designation of the Rights, Preferences and Privileges of the 1.00% Series&#160;A Fixed Rate Cumulative Perpetual Convertible Preferred Shares of Toro (incorporated by reference to Exhibit&#160;1.3 to Toro&#8217;s registration statement on Form&#160;20-F filed with the SEC on February&#160;2, 2023). </div></td></tr><tr><td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="https://www.sec.gov/Archives/edgar/data/1941131/000114036122041919/ny20004961x5_ex1-4.htm">3.4</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 91.03%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Statement of Designation of the Rights, Preferences and Privileges of the Series&#160;B Preferred Shares of Toro (incorporated by reference to Exhibit&#160;1.4 to Toro&#8217;s registration statement on Form&#160;20-F filed with the SEC on February&#160;2, 2023). </div></td></tr><tr><td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="https://www.sec.gov/Archives/edgar/data/1941131/000114036122041919/ny20004961x5_ex1-5.htm">3.5</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 91.03%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Statement of Designation of the Rights, Preferences and Privileges of the Series&#160;C Participating Preferred Shares of Toro (incorporated by reference to Exhibit&#160;1.5 to Toro&#8217;s registration statement on Form&#160;20-F filed with the SEC on February&#160;2, 2023). </div></td></tr><tr><td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="https://www.sec.gov/Archives/edgar/data/1941131/000114036122043948/ny20004961x7_ex4-1.htm">4.1</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 91.03%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Shareholder Protection Rights Agreement by and between Toro Corp. and Broadridge Corporate Issuer Solutions, Inc., as rights agent (incorporated by reference to Exhibit&#160;4.1 to Toro&#8217;s registration statement on Form&#160;20-F filed with the SEC on February&#160;2, 2023). </div></td></tr><tr><td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="ny20014329x1_ex4-2.htm">4.2</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 91.03%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Subscription Agreement by and between Toro Corp. and Pani Corp., dated as of April&#160;17, 2023. </div></td></tr><tr><td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">4.4</div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 91.03%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Form&#160;of Warrant Agreement* </div></td></tr><tr><td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">4.5</div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 91.03%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Form&#160;of Indenture for Debt Securities* </div></td></tr><tr><td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">4.6</div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 91.03%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Form&#160;of Purchase Agreement* </div></td></tr><tr><td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">4.7</div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 91.03%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Form&#160;of Unit Agreement* </div></td></tr><tr><td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">4.8</div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 91.03%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Form&#160;of Rights Agreement* </div></td></tr><tr><td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="ny20014329x1_ex5-1.htm">5.1</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 91.03%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Opinion of Sullivan &amp; Cromwell LLP, United States counsel to the Company. </div></td></tr><tr><td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="ny20014329x1_ex5-2.htm">5.2</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 91.03%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Opinion of Seward &amp; Kissel LLP, Marshall Islands counsel to the Company. </div></td></tr><tr><td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="ny20014329x1_ex8-1.htm">8.1</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 91.03%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Opinion of Sullivan &amp; Cromwell LLP with respect to certain U.S. tax matters. </div></td></tr><tr><td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="ny20014329x1_ex23-1.htm">23.1</a> </div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 91.03%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Consent of Independent Registered Public Accounting Firm (Deloitte Certified Public Accountants S.A.). relating to the combined carve-out financial statements of Toro Corp. Predecessor </div></td></tr><tr><td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="ny20014329x1_ex23-2.htm">23.2</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 91.03%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Consent of Independent Registered Public Accounting Firm (Deloitte Certified Public Accountants S.A.). relating to the consolidated financial statements of Toro Corp. </div></td></tr><tr><td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">23.3</div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 91.03%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Consent of Sullivan &amp; Cromwell LLP (included in Exhibits <a href="ny20014329x1_ex5-1.htm">5.1</a> and <a href="ny20014329x1_ex8-1.htm">8.1</a>). </div></td></tr><tr><td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">23.4</div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 91.03%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Consent of Seward &amp; Kissel LLP (included in Exhibit&#160;<a href="ny20014329x1_ex5-2.htm">5.2</a>). </div></td></tr><tr><td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tSIG">24.1</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 91.03%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Power of Attorney (included on signature page). </div></td></tr><tr><td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="ny20014329x1_ex107.htm">107</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 91.03%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Filing Fee Table.</div></td></tr></table><div><div class="rule-partial" style="height: 0pt; width: 72pt; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-right: auto; margin-left: 0pt; margin-top: 13.25pt;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">*<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; text-align: left;">To be filed by amendment or incorporated by reference to a subsequently filed Report on Form&#160;6-K. </div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">II-5<br></div></div></div>
<!--End Page 34-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 35-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20014329x1_f3_300-sig_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tSIG"><!--Anchor--></a>SIGNATURES </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">Pursuant to the requirements of the Securities Act of 1933, Toro Corp. 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 Limassol, country of Cyprus on November 13, 2023. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="txttab" style="border-collapse: collapse; width: 468pt; margin-left: auto; margin-right: auto;"><tr><td style="width: 46.15%; text-align: left; vertical-align: top; padding-top: 6pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3pt;">&#8203;</td><td colspan="4" style="width: 51.28%; text-align: left; vertical-align: bottom; padding-top: 6pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">TORO CORP.<font style="font-weight: normal;"> </font></div></td></tr><tr><td style="width: 46.15%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 5.13%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 43.59%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 46.15%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 5.13%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">By:</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 1.28%; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 43.59%; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">/s/ Petros Panagiotidis </div></td></tr><tr><td style="width: 46.15%; text-align: left; vertical-align: top; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 5.13%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Name:<font style="font-weight: normal;"> </font></div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 43.59%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Petros Panagiotidis </div></td></tr><tr><td style="width: 46.15%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 5.13%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Title:<font style="font-weight: normal;"> </font></div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 43.59%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Chairman and Chief Executive Officer</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below severally constitutes and appoints Petros Panagiotidis their true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him and in their name, place and stead, in any and all capacities to do any and all things and execute any and all instruments that such attorney may deem necessary or advisable under the Securities Act of 1933 (the &#8220;Securities Act&#8221;), and any rules, regulations and requirements of the Securities and Exchange Commission (the &#8220;Commission&#8221;) in connection with the registration under the Securities Act of the Securities and any securities or Blue Sky laws of any of the states of the United States of America in order to effect the registration or qualification (or exemption therefrom) of the said securities for issue, offer, sale or trade under the Blue Sky or other securities laws of any of such states and in connection therewith to execute, acknowledge, verify, deliver, file and cause to be published applications, reports, consents to service of process, appointments of attorneys to receive service of process and other papers and instruments which may be required under such laws, including specifically, but without limiting the generality of the foregoing, the power and authority to sign their name in their capacity as an Officer, Director or Authorized Representative in the United&#160;States or in any other capacity with respect to this Registration Statement (the &#8220;Registration Statement&#8221;) and/or such other form or forms as may be appropriate to be filed with the Commission or under or in connection with any Blue Sky laws or other securities laws of any state of the United States of America or with such other regulatory bodies and agencies as any of them may deem appropriate in respect of the Securities, and with respect to any and all amendments, including post-effective amendments, to this Registration Statement and to any and all instruments and documents filed as part of or in connection with this Registration Statement. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities indicated on November 13, 2023. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="txttab" style="border-collapse: collapse; width: 468pt; margin-left: auto; margin-right: auto;"><tr class="header"><td style="width: 48.72%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Signature</div></td><td class="gutter" style="width: 1.28%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 1.28%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 48.72%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Title </div></td></tr><tr><td style="width: 48.72%; text-align: center; vertical-align: top; border-bottom: 1pt solid #000000; padding-top: 4.25pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">/s/ Petros Pangiotidis</div></td><td class="gutter" style="width: 1.28%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" rowspan="2" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt;">&#8203;</td><td rowspan="2" style="width: 48.72%; text-align: center; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">Chairman, Chief Executive Officer and Director </div></td></tr><tr><td style="width: 48.72%; text-align: center; vertical-align: top; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">Petros Panagiotidis </div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td></tr><tr><td style="width: 48.72%; text-align: center; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 48.72%; text-align: center; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 48.72%; text-align: center; vertical-align: top; border-bottom: 1pt solid #000000; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">/s/ Ioannis E. Lazaridis</div></td><td class="gutter" style="width: 1.28%; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" rowspan="2" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td rowspan="2" style="width: 48.72%; text-align: center; vertical-align: bottom; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">Chief Financial Officer </div></td></tr><tr><td style="width: 48.72%; text-align: center; vertical-align: top; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">Ioannis E. Lazaridis </div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td></tr><tr><td style="width: 48.72%; text-align: center; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 48.72%; text-align: center; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 48.72%; text-align: center; vertical-align: top; border-bottom: 1pt solid #000000; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">/s/ Angelos Rounick Platanias</div></td><td class="gutter" style="width: 1.28%; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" rowspan="2" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td rowspan="2" style="width: 48.72%; text-align: center; vertical-align: bottom; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">Director </div></td></tr><tr><td style="width: 48.72%; text-align: center; vertical-align: top; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">Angelos Rounick Platanias </div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td></tr><tr><td style="width: 48.72%; text-align: center; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 48.72%; text-align: center; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 48.72%; text-align: center; vertical-align: top; border-bottom: 1pt solid #000000; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">/s/ Petros Zavakopoulos</div></td><td class="gutter" style="width: 1.28%; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" rowspan="2" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td rowspan="2" style="width: 48.72%; text-align: center; vertical-align: bottom; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">Director </div></td></tr><tr><td style="width: 48.72%; text-align: center; vertical-align: top; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">Petros Zavakopoulos</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">II-6<br></div></div></div>
<!--End Page 35-->
<div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;"><div id="DSPFPageBreak" style="page-break-after: always;"><hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px auto; width: 612pt; height: 2px; color: #000000; background-color: #000000;"></div></div>
<!--Begin Page 36-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20014329x1_f3_300-sig_pg2"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;">AUTHORIZED REPRESENTATIVE IN THE UNITED STATES </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">Pursuant to the requirements of the Securities Act, the undersigned, the duly authorized representative in the United States of the aforementioned Registrant, has signed this Registration Statement in the city of Newark, State of Delaware, on November 13, 2023. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="txttab" style="border-collapse: collapse; width: 468pt; margin-left: auto; margin-right: auto;"><tr><td style="width: 41.03%; text-align: left; vertical-align: top; padding-top: 6pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 2.56%; text-align: left; vertical-align: bottom; padding-top: 6pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3pt;">&#8203;</td><td colspan="4" style="width: 51.28%; text-align: left; vertical-align: bottom; padding-top: 6pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">PUGLISI &amp; ASSOCIATES </div></td></tr><tr><td style="width: 41.03%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 2.56%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 7.69%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 41.03%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 41.03%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 2.56%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">By:</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 1.28%; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td colspan="4" style="width: 51.28%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">/s/ Donald J. Puglisi </div></td></tr><tr><td style="width: 41.03%; text-align: left; vertical-align: top; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 2.56%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 7.69%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Name:</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 41.03%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Donald J. Puglisi </div></td></tr><tr><td style="width: 41.03%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 2.56%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 7.69%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Title:</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 41.03%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Managing Director</div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">II-7<br></div></div></div>
<!--End Page 36-->
</body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>2
<FILENAME>ny20014329x1_ex4-2.htm
<DESCRIPTION>EXHIBIT 4.2
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Broadridge Finanicial Soultions, Inc.
         Document created using Broadridge PROfile 23.9.1.5178
         Copyright 1995 - 2023 Broadridge -->
  </head>
<body style="font: 10pt Times New Roman, Times, Serif">
  <p style="margin: 0">&#160;</p>
  <p style="margin: 0; text-align: right"><b></b></p>
  <!-- Field: Rule-Page -->
  <div style="margin-top: 0pt; margin-bottom: 0pt" align="LEFT">
    <div style="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&#160;</div>
  </div>
  <!-- Field: /Rule-Page -->
  <p style="margin: 0; text-align: right"><b>Exhibit 4.2</b></p>
  <p style="margin: 0; text-align: right">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
  <!-- Field: Rule-Page -->
  <div style="margin-top: 3pt; margin-bottom: 3pt" align="LEFT">
    <div style="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 100%">&#160;</div>
  </div>
  <!-- Field: /Rule-Page -->
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SUBSCRIPTION AGREEMENT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">by and between</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TORO CORP.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PANI CORP.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated as of April 17, 2023</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>
  <!-- Field: Rule-Page -->
  <div style="margin-top: 3pt; margin-bottom: 3pt" align="LEFT">
    <div style="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 100%">&#160;</div>
  </div>
  <!-- Field: /Rule-Page -->
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal" class="BRPFPageNumber"></font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
  </div>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">TABLE OF CONTENTS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Page</u></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table style="width: 100%" cellpadding="0" cellspacing="0">

      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td colspan="2" style="text-align: center; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0in">
          <p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE I</font></p>
          <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
          <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">Definitions</font></p>
        </td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 90%; text-indent: -1.2in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.2in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 1.01.&#160;&#160;&#160;Definitions</font></td>
        <td style="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td colspan="2" style="text-align: center; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0in">
          <p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE II</font></p>
          <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
          <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">Purchase and Sale of the Purchased Shares</font></p>
        </td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td style="text-indent: -1.2in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.2in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 2.01.&#160;&#160;&#160;Purchase and Sale</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td style="text-indent: -1.2in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.2in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 2.02.&#160;&#160;&#160;Closing</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td style="text-indent: -1.2in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.2in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 2.03.&#160;&#160;&#160;Termination</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td colspan="2" style="text-align: center; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0in">
          <p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE III</font></p>
          <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
          <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">Representations and Warranties of the Company</font></p>
        </td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td style="text-indent: -1.2in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.2in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 3.01.&#160;&#160;&#160;Purchased Shares</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td style="text-indent: -1.2in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.2in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 3.02.&#160;&#160;&#160;Organization</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td style="text-indent: -1.2in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.2in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 3.03.&#160;&#160;&#160;Good Standing</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td style="text-indent: -1.2in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.2in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 3.04.&#160;&#160;&#160;Due Authorization</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td style="text-indent: -1.2in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.2in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 3.05.&#160;&#160;&#160;No Conflicts</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td style="text-indent: -1.2in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.2in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 3.06.&#160;&#160;&#160;No Consents Required</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td style="text-indent: -1.2in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.2in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 3.07.&#160;&#160;&#160;Private Placement</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td style="text-indent: -1.2in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.2in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 3.08.&#160;&#160;&#160;No Integration</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td style="text-indent: -1.2in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.2in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 3.09.&#160;&#160;&#160;Acknowledgment Regarding the Investor&#8217;s Purchase</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td style="text-indent: -1.2in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.2in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 3.10.&#160;&#160;&#160;Regulation M Compliance</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td style="text-indent: -1.2in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.2in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 3.11.&#160;&#160;&#160;No General Solicitation</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td colspan="2" style="text-align: center; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0in">
          <p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE IV</font></p>
          <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
          <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">Representations and Warranties of the Investor</font></p>
        </td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td style="text-indent: -1.2in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.2in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 4.01.&#160;&#160;&#160;Organization; Ownership</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td style="text-indent: -1.2in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.2in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 4.02.&#160;&#160;&#160;Due Authorization</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td style="text-indent: -1.2in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.2in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 4.03.&#160;&#160;&#160;No Conflicts</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td style="text-indent: -1.2in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.2in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 4.04.&#160;&#160;&#160;No Consents Required</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td style="text-indent: -1.2in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.2in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 4.05.&#160;&#160;&#160;Financial Capability</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td style="text-indent: -1.2in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.2in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 4.06.&#160;&#160;&#160;Purchaser Status</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td style="text-indent: -1.2in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.2in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 4.07.&#160;&#160;&#160;No Reliance</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td style="text-indent: -1.2in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.2in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 4.08.&#160;&#160;&#160;Private Placement Consideration</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td style="text-indent: -1.2in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.2in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 4.09.&#160;&#160;&#160;Compliance</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</font></td>
      </tr>

  </table>
  <p style="margin: 0">&#160;</p>
  <p style="margin: 0"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal" class="BRPFPageNumber"></font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
  </div>
  <p style="margin: 0">&#160;</p>
  <table style="width: 100%" cellpadding="0" cellspacing="0">

      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td colspan="2" style="text-align: center; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0in">
          <p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE V</font></p>
          <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
          <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">Additional Agreements</font></p>
        </td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td style="text-indent: -1.2in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.2in; width: 90%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 5.01.&#160;&#160;&#160;Share Listing</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; width: 10%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td style="text-indent: -1.2in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.2in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 5.02.&#160;&#160;&#160;Press Release</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td style="text-indent: -1.2in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.2in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 5.03.&#160;&#160;&#160;Expenses; Indemnification</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td style="text-indent: -1.2in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.2in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 5.04.&#160;&#160;&#160;Use of Proceeds</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td style="text-indent: -1.2in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.2in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 5.05.&#160;&#160;&#160;SEC Filings</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td style="text-indent: -1.2in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.2in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 5.06.&#160;&#160;&#160;Public Disclosure</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td style="text-indent: -1.2in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.2in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 5.07.&#160;&#160;&#160;Integration</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td style="text-indent: -1.2in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.2in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 5.08.&#160;&#160;&#160;Transfer Restrictions</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td style="text-indent: -1.2in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.2in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 5.09.&#160;&#160;&#160;Removal of Legends; Transfer</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td colspan="2" style="text-align: center; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0in">
          <p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE VI</font></p>
          <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
          <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">Conditions to Closing</font></p>
        </td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td style="text-indent: -1.2in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.2in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 6.01.&#160;&#160;&#160;Conditions to the Obligations of the Company</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td style="text-indent: -1.2in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.2in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 6.02.&#160;&#160;&#160;Conditions to the Obligations of the Investor</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td colspan="2" style="text-align: center; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0in">
          <p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE VII</font></p>
          <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
          <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">Registration Rights</font></p>
        </td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td style="text-indent: -1.2in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.2in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 7.01.&#160;&#160;&#160;Demand Registration</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td style="text-indent: -1.2in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.2in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 7.02.&#160;&#160;&#160;Company Registration</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td style="text-indent: -1.2in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.2in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 7.03.&#160;&#160;&#160;Underwriting Requirements</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td style="text-indent: -1.2in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.2in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 7.04.&#160;&#160;&#160;Obligations of the Company</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td style="text-indent: -1.2in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.2in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 7.05.&#160;&#160;&#160;Furnish Information</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td style="text-indent: -1.2in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.2in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 7.06.&#160;&#160;&#160;Expenses of Registration</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td style="text-indent: -1.2in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.2in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 7.07.&#160;&#160;&#160;Indemnification</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td style="text-indent: -1.2in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.2in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 7.08.&#160;&#160;&#160;Suspension of Registration</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td colspan="2" style="text-align: center; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0in">
          <p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE VIII</font></p>
          <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
          <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">Miscellaneous</font></p>
        </td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td style="text-indent: -1.2in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.2in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 8.01.&#160;&#160;&#160;No Other Representations or Warranties</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td style="text-indent: -1.2in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.2in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 8.02.&#160;&#160;&#160;Notices</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td style="text-indent: -1.2in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.2in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 8.03.&#160;&#160;&#160;Amendments; Waivers</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td style="text-indent: -1.2in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.2in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 8.04.&#160;&#160;&#160;Interpretation</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td style="text-indent: -1.2in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.2in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 8.05.&#160;&#160;&#160;Further Assurances</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td style="text-indent: -1.2in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.2in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 8.06.&#160;&#160;&#160;Assignment</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td style="text-indent: -1.2in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.2in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 8.07.&#160;&#160;&#160;Survival</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td style="text-indent: -1.2in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.2in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 8.08.&#160;&#160;&#160;Construction</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td style="text-indent: -1.2in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.2in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 8.09.&#160;&#160;&#160;Governing Law</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</font></td>
      </tr>

  </table>
  <p style="margin: 0">&#160;</p>
  <p style="margin: 0"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal" class="BRPFPageNumber"></font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
  </div>
  <p style="margin: 0">&#160;</p>
  <table style="width: 100%" cellpadding="0" cellspacing="0">

      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td style="text-indent: -1.2in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.2in; width: 90%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 8.10.&#160;&#160;&#160;Waiver of Jury Trial</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; width: 10%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td style="text-indent: -1.2in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.2in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 8.11.&#160;&#160;&#160;Consent to Jurisdiction; Enforcement</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td style="text-indent: -1.2in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.2in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 8.12.&#160;&#160;&#160;Entire Agreement; No Third-Party Beneficiaries</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td style="text-indent: -1.2in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.2in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 8.13.&#160;&#160;&#160;Severability</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td style="text-indent: -1.2in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.2in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 8.14.&#160;&#160;&#160;Counterparts</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</font></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal" class="BRPFPageNumber"></font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
  </div>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font: 10pt Times New Roman, Times, Serif">SUBSCRIPTION AGREEMENT, dated as of April 17, 2023 (this &#8220;<u>Agreement</u>&#8221;), by and between TORO CORP., a
      corporation organized under the laws of the Republic of the Marshall Islands (the &#8220;<u>Company</u>&#8221;), and PANI CORP., a corporation organized under the laws of the Republic of Liberia (the &#8220;<u>Investor</u>&#8221;).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS, pursuant to Section 4(a)(2) of the Securities Act and Regulation D promulgated
      thereunder, the Company desires to issue and sell to the Investor, and the Investor desires to purchase from the Company, common shares, par value $0.001 per share, of the Company (the &#8220;<u>Common Shares</u>&#8221;) on the terms and subject to the
      conditions set forth herein.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOW, THEREFORE, in consideration of the mutual covenants and agreements contained in this
      Agreement, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">ARTICLE I</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br>
      <br>
      <u>Definitions</u></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 1.01. <u>Definitions</u>. (a) As used in this Agreement (including the recitals
      hereto), the following terms shall have the following meanings:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<u>Affiliate</u>&#8221; means any Person that, directly or indirectly through one or more
      intermediaries, controls or is controlled by or is under common control with a Person as such terms are used in and construed under Rule 405 under the Securities Act.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<u>Articles of Incorporation</u>&#8221; means the Amended and Restated Articles of Incorporation of
      the Company, as further amended or amended and restated from time to time.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<u>BCA</u>&#8221; means the Business Corporations Act of the Republic of the Marshall Islands, as
      amended.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<u>Board</u>&#8221; means the board of directors of the Company, except where the context requires
      otherwise.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<u>Business Day</u>&#8221; means any day other than Saturday, Sunday or other day on which
      commercial banks in New York, New York, Cyprus, Germany, Greece or Switzerland are authorized or required by law to remain closed; <u>provided</u>, <u>however</u>, for clarification, commercial banks shall not be deemed to be authorized or required
      by law to remain closed due to &#8220;stay at home&#8221;, &#8220;shelter-in-place&#8221;, &#8220;non-essential employee&#8221; or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the
      electronic funds transfer systems (including for wire transfers) of such commercial banks are generally open for use by customers on such day.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<u>Bylaws</u>&#8221; means the Amended and Restated Bylaws of the Company, as further amended or
      amended and restated from time to time.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal" class="BRPFPageNumber"></font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
  </div>
  <!--PROfilePageNumberReset%Num%2%%%-->
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<u>Damages</u>&#8221; means any loss, damage, claim or liability (joint or several) to which a party
      hereto may become subject under the Securities Act, the Exchange Act or other Federal or state law, insofar as such loss, damage, claim or liability (or any action in respect thereof) arises out of or is based upon (a) any untrue statement or alleged
      untrue statement of a material fact contained in any registration statement of the Company filed pursuant to Article VII hereof, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto, (b)
      an omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading, or (c) any violation or alleged violation by the indemnifying party of the Securities Act, the
      Exchange Act, any state securities law or any rule or regulation promulgated under the Securities Act, the Exchange Act or any state securities law applicable to such indemnifying party.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<u>Exchange Act</u>&#8221; means the Securities Exchange Act of 1934, as amended, and the rules and
      regulations promulgated thereunder.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<u>Governmental Entity</u>&#8221; means any Federal, state or local, domestic or foreign
      governmental or regulatory authority, agency, commission, body, board, court or other legislative, executive or judicial governmental entity.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<u>Law</u>&#8221; means any Federal, state, local or foreign law (including the Foreign Corrupt
      Practices Act and the laws implemented by the Office of Foreign Assets Control, United States Department of Treasury), statute or ordinance, common law, or any rule, regulation, judgment, order, writ, injunction, decree, arbitration award, license or
      permit of any Governmental Entity.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<u>Material Disclosure Event</u>&#8221; means, as of any date of determination, any pending or
      imminent event relating to the Company or any of its subsidiaries that the Board reasonably determines in good faith, (i) would require disclosure of material, non-public information relating to such event in any registration statement under which
      Registrable Securities may be offered and sold in order that such registration statement would not be materially misleading and (ii) would not otherwise be required to be publicly disclosed by the Company at that time in a periodic report to be filed
      with or furnished to the SEC under the Exchange Act but for the filing of such registration statement; <u>provided</u> that the filing or furnishing of financial information for interim periods shall not be deemed a &#8220;Material Disclosure Event&#8221;
      hereunder.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<u>Nasdaq</u>&#8221; shall mean the Nasdaq Capital Market and its successors.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<u>Person</u>&#8221; means any individual, firm, corporation (including not-for-profit), general or
      limited partnership, limited liability company, joint venture, estate, trust, association, organization, Governmental Entity or other entity of any kind or nature.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<u>Purchased Shares</u>&#8221; means the 8,500,000 Common Shares acquired by the Investor pursuant
      to this Agreement.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<u>Registrable Securities</u>&#8221; means, as of any date of determination, (a) all Purchased
      Shares and (b) any securities issued or then issuable upon any stock split, dividend or other distribution, recapitalization or similar event with respect to the foregoing; <u>provided</u>, <u>however</u>, that any such securities shall cease to be
      Registrable Securities when (i) a registration statement with respect to the sale of such securities is declared effective by the SEC under the Securities Act and such securities have been disposed of by the Investor thereunder, (ii) such securities
      have been sold in accordance with Rule 144, (iii) such securities become eligible for sale pursuant to Rule 144 without volume or manner-of-sale restrictions or (iv) such securities cease to be outstanding.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0); font-style: normal;" class="BRPFPageNumber">2</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
  </div>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<u>Rule 144</u>&#8221; means Rule 144 promulgated by the SEC pursuant to the Securities Act, as such
      rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the SEC having substantially the same purpose and effect as such rule.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<u>SEC</u>&#8221; means the Securities and Exchange Commission.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<u>Securities Act</u>&#8221; means the Securities Act of 1933, as amended, and the rules and
      regulations promulgated thereunder.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<u>Selling Expenses</u>&#8221; means all underwriting discounts, selling commissions and stock
      transfer taxes applicable to the sale of Registrable Securities, and fees and disbursements of counsel and advisors for the Investor, except for the fees and disbursements of the Selling Holder Counsel borne and paid by the Company as provided in
      Section 7.06.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A &#8220;<u>subsidiary</u>&#8221; of any Person means another Person, an amount of the voting securities,
      other voting ownership or voting partnership interests of which is sufficient to elect at least a majority of its board of directors or other governing body (or, if there are no such voting interests, 50% or more of the equity interests of which) is
      owned directly or indirectly by such first Person.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<u>Trading Day</u>&#8221; means a day on which Nasdaq is open for trading.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<u>Transfer Agent</u>&#8221; means Broadridge Corporate Issuer Solutions, Inc., acting in its
      capacity as transfer agent of the Company.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In addition to the terms defined in Section 1.01(a), the following terms have the
      meanings assigned thereto in the Sections set forth below:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" cellpadding="0" cellspacing="0">

      <tr style="vertical-align: top">
        <td style="width: 87%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Term</u></font></td>
        <td style="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Section</u></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aggregate Purchase Price</font></td>
        <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.01</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agreement </font></td>
        <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preamble</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Closing </font></td>
        <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.02(a)</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Closing Date </font></td>
        <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.02(a)</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company </font></td>
        <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preamble</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common Shares</font></td>
        <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preamble</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company Material Adverse Effect </font></td>
        <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.03</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investor </font></td>
        <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preamble</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investor Indemnified Party </font></td>
        <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.03(b)</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investor Purchase </font></td>
        <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.01</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selling Holder Counsel</font></td>
        <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.06</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsidiaries </font></td>
        <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.03</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Suspension </font></td>
        <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.08</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0); font-style: normal;" class="BRPFPageNumber">3</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
  </div>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">ARTICLE II</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br>
      <br>
      <u>Purchase and Sale of the Purchased Shares</u></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 2.01. <u>Purchase and Sale</u>. On the terms of this Agreement and subject to the
      satisfaction of the conditions set forth in Sections 6.01 and 6.02, the Investor shall purchase from the Company, and the Company shall issue to the Investor, 8,500,000 Common Shares at a purchase price per share equal to $2.29. As used herein,
      references to the &#8220;<u>Aggregate Purchase Price</u>&#8221; mean the aggregate purchase price paid by the Investor for the Purchased Shares. The purchase of Common Shares by the Investor pursuant to this Section 2.01 is referred to as the &#8220;<u>Investor
        Purchase</u>&#8221;.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 2.02. <u>Closing</u>. (a) On the terms of this Agreement and subject to the
      conditions set forth in Sections 6.01 and 6.02, the closing of the Investor Purchase (the &#8220;<u>Closing</u>&#8221;) shall occur remotely via the electronic exchange of documents and signatures at 10:00 a.m., New York City time, on April 19, 2023, or at such
      other date, time or location as the Company and the Investor shall mutually agree (the date on which the Closing occurs, the &#8220;<u>Closing Date</u>&#8221;).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On or prior to the Closing Date, (i) the Company shall deliver or cause to be delivered to the Investor (A) this Agreement duly executed by the Company, (B) the Company&#8217;s wire instructions on Company letterhead and executed by
      the Company&#8217;s Chief Financial Officer, (C) (1) the certificates representing the Purchased Shares or (2) a copy of the instructions to the Transfer Agent instructing the Transfer Agent to deliver evidence of the issuance of the Purchased Shares as
      held in book-entry form by the Transfer Agent registered in the name of the Investor and (D) all other documents and certificates to satisfy the conditions set forth in Section 6.02 and (ii) the Investor shall (A) deliver or cause to be delivered to
      the Company this Agreement duly executed by the Investor and all other documents and certificates to satisfy the conditions set forth in Section 6.01 and (B) pay to the Company the Aggregate Purchase Price by wire transfer in immediately available
      U.S. federal funds to the account designated by the Company.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 2.03. <u>Termination</u>. (a) This Agreement may be terminated and the transactions
      contemplated hereby may be abandoned at any time prior to the Closing by the Company or the Investor giving written notice of such termination to the other party if the Closing Date has not occurred on or prior to the tenth Business Day following the
      date hereof; <u>provided</u>, <u>however</u>, that the party seeking termination pursuant to this Section 2.03(a) is not in breach in any material respect of any of its representations, warranties, covenants or other agreements contained in this
      Agreement.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0); font-style: normal;" class="BRPFPageNumber">4</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
  </div>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of such termination, this Agreement shall forthwith become wholly void and of no further force and effect without any liability or obligation on the part of the Company or the Investor, other than the provisions
      of this Section 2.03, Section 5.02, Section 5.03 and Article VIII (other than Section 8.05).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">ARTICLE III</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br>
      <br>
      <u>Representations and Warranties of the Company</u></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company represents and warrants to the Investor as of the date hereof and as of the Closing
      Date as follows:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 3.01. <u>Purchased Shares</u>. All of the issued and outstanding shares of capital
      stock of the Company have been, and the Purchased Shares will be when issued against payment of the Aggregate Purchase Price, duly authorized and validly issued, fully paid and non-assessable and issued in compliance with all applicable Federal and
      state securities laws, the BCA and Articles of Incorporation and Bylaws, and such shares were not, or will not be, issued in violation of any purchase option, call option, preemptive right, resale right, subscription right, right of first refusal or
      similar right.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 3.02. <u>Organization</u>. The Company has been duly incorporated and is validly
      existing as a corporation in good standing under the laws of the Republic of the Marshall Islands, with full corporate power and authority to own, lease and operate its properties and conduct its business and to execute and deliver this Agreement.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 3.03. <u>Good Standing</u>. The Company is duly qualified to do business as a
      foreign corporation and is in good standing in each jurisdiction where the ownership or leasing of its properties or the conduct of its business requires such qualification, except where the failure to be so qualified and in good standing would not,
      individually or in the aggregate, reasonably be expected to have a material adverse effect on the business, properties, financial condition, results of operations or prospects of the Company and the subsidiaries of the Company (the &#8220;<u>Subsidiaries</u>&#8221;)
      taken as a whole (a &#8220;<u>Company Material Adverse Effect</u>&#8221;).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 3.04. <u>Due Authorization</u>. The Company has all corporate power and authority to
      execute and deliver this Agreement and to perform its obligations under this Agreement. This Agreement has been duly authorized, executed and delivered by the Company. The execution, delivery and performance by the Company of this Agreement and the
      consummation of the transactions contemplated by this Agreement have been duly authorized by the Board, and this Agreement constitutes the valid and binding obligation of the Company, enforceable against the Company in accordance with its terms,
      except as such may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization or other similar Laws affecting creditors&#8217; rights generally and by general equitable principles and except as may be limited by applicable Law and public
      policy. No vote or other approval of the equityholders of the Company is required in connection with the execution, delivery or performance of this Agreement or to consummate the transactions contemplated by this Agreement in accordance with the
      terms hereof, whether by reason of applicable Law, the Articles of Incorporation or the Bylaws, the rules or requirements of any securities exchange or Nasdaq or otherwise. The transactions contemplated hereby are not subject to any anti-takeover
      provisions under the BCA.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0); font-style: normal;" class="BRPFPageNumber">5</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
  </div>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 3.05. <u>No Conflicts</u>. The execution, delivery and performance of this Agreement
      and the consummation of the transactions contemplated hereby will not conflict with, result in any breach or violation of or constitute a default under (or constitute any event which with notice, lapse of time or both would result in any breach or
      violation of or constitute a default under or give the holder of any indebtedness (or a Person acting on such holder&#8217;s behalf) the right to require the repurchase, redemption or repayment of all or a part of such indebtedness under) (or result in the
      termination of, or in the creation or imposition of a lien, charge or encumbrance on any property or assets of the Company or any Subsidiary pursuant to) (a) the Articles of Incorporation or the Bylaws or the articles of incorporation or bylaws or
      similar constitutional documents of any of the Subsidiaries, (b) any indenture, mortgage, deed of trust, bank loan or credit agreement or other evidence of indebtedness, or any license, lease, contract or other agreement or instrument, as such
      agreements or instruments are amended from time to time, to which the Company or any of the Subsidiaries is a party or by which any of them or any of their respective properties may be bound or affected, (c) any Federal, state, local or foreign law,
      regulation or rule applicable to the Company or any of its Subsidiaries or any of their respective properties, (d) any rule or regulation of any self-regulatory organization or other non-governmental regulatory authority (including the rules and
      regulations of Nasdaq) applicable to the Company or any of its Subsidiaries or any of their respective properties or (e) any decree, judgment or order applicable to the Company or any of the Subsidiaries or any of their respective properties, except
      in the case of the foregoing clauses (b), (c), (d) and (e) as would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 3.06. <u>No Consents Required</u>. The Company is not required to obtain any
      consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other Federal, state, local or other governmental authority or other Person in connection with the execution, delivery and
      performance by the Company of this Agreement or the consummation by the Company of the transactions contemplated hereby, other than (a) the filing required pursuant to Section 5.06, (b) the filing with the SEC of a registration statement pursuant to
      Article VII, (c) the application to Nasdaq pursuant to Section 5.01, (d) such filings as are required to be made under applicable state securities laws and (e) such consents, waivers, authorizations, orders, notices, filings or registrations that
      have been obtained or made and are in full force and effect.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 3.07. <u>Private Placement</u>. Assuming the accuracy of the Investor&#8217;s
      representations and warranties set forth herein, no registration under the Securities Act is required for the Investor Purchase.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 3.08. <u>No Integration</u>. Neither the Company nor any of its Affiliates has,
      directly or through any agent, sold, offered for sale, solicited offers to buy or otherwise negotiated in respect of any security that is or will be integrated with the sale of the Purchased Shares in a manner that would require registration of the
      Purchased Shares under the Securities Act.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0); font-style: normal;" class="BRPFPageNumber">6</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
  </div>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 3.09. <u>Acknowledgment Regarding the Investor&#8217;s Purchase</u>. The Company
      acknowledges that the Investor is not acting as a financial advisor or agent of the Company (or in any similar capacity) with respect to this Agreement and the transactions contemplated hereby and any advice given by the Investor or any of its
      representatives or agents in connection with this Agreement and the transactions contemplated hereby is merely incidental to the Investor&#8217;s purchase of the Purchased Shares. The Company&#8217;s decision to enter into this Agreement has been based solely on
      the independent evaluation of the transactions contemplated hereby by a special committee of the Board, the Company and their respective representatives.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 3.10. <u>Regulation M Compliance</u>. The Company has not, and to its knowledge no
      one acting on its behalf has, (a) taken, directly or indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of any of the Purchased
      Shares, (b) sold, bid for, purchased or paid any compensation for soliciting purchases of any of the Purchased Shares or (c) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 3.11. <u>No General Solicitation</u>. Neither the Company nor any Person acting on
      behalf of the Company has offered or sold any of the Purchased Shares by any form of general solicitation or general advertising in a manner that would require the registration under the Securities Act of the Investor Purchase. The Company offered
      the Purchased Shares for sale only to the Investor. For the avoidance of doubt, Investor acknowledges that the Company has filed a registration statement on Form F-1, which has not been declared effective, with respect to equity securities of the
      Company.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">ARTICLE IV</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br>
      <br>
      <u>Representations and Warranties of the Investor</u></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Investor represents and warrants to the Company as of the date hereof and as of the Closing
      Date as follows:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 4.01. <u>Organization; Ownership</u>. The Investor is an entity duly organized,
      validly existing and in good standing under the laws of the Republic of Liberia and is wholly owned by Petros Panagiotidis.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 4.02. <u>Due Authorization</u>. The Investor has all requisite right, power and
      authority, and has taken all actions necessary to execute and deliver this Agreement and to consummate the transactions contemplated hereby. This Agreement has been duly authorized, executed and delivered by the Investor. This Agreement is the legal,
      valid and binding obligation of the Investor, enforceable against the Investor in accordance with its terms, except as such may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization or other similar Laws affecting creditors&#8217;
      rights generally and by general equitable principles and except as may be limited by applicable Law and public policy.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0); font-style: normal;" class="BRPFPageNumber">7</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
  </div>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 4.03. <u>No Conflicts</u>. The execution, delivery and performance of this Agreement
      and the consummation of the transactions contemplated hereby will not conflict with, result in any breach or violation of or constitute a default under (or constitute any event which with notice, lapse of time or both would result in any breach or
      violation of or constitute a default under or give the holder of any indebtedness (or a Person acting on such holder&#8217;s behalf) the right to require the repurchase, redemption or repayment of all or a part of such indebtedness under) (or result in the
      termination of, or in the creation or imposition of a lien, charge or encumbrance on any property or assets of the Investor pursuant to) (a) the organizational or other governing documents of the Investor, (b) any indenture, mortgage, deed of trust,
      bank loan or credit agreement or other evidence of indebtedness, or any license, lease, contract or other agreement or instrument to which the Investor is a party or by which any of them or any of their respective properties may be bound or affected,
      (c) any Federal, state, local or foreign law, regulation or rule applicable to the Investor or (d) any decree, judgment or order applicable to the Investor or any of its properties, except in the case of the foregoing clauses (b), (c) and (d) as
      would not, individually or in the aggregate, materially and adversely affect the Investor&#8217;s ability to perform its obligations under this Agreement to which it is a party or consummate the transactions contemplated therein on a timely basis.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 4.04. <u>No Consents Required</u>. The Investor is not required to obtain any
      consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other Federal, state, local or other governmental or regulatory commission, board, body, authority or agency, or of or with any
      self-regulatory organization, other non-governmental regulatory authority, in connection with the execution, delivery and performance of this Agreement by the Investor or the consummation by the Investor of the transactions contemplated hereby,
      except for (a) any applicable reporting requirements of the Exchange Act and (b) such consents, waivers, authorizations, orders, notices, filings or registrations that have been obtained or made and are in full force and effect.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 4.05. <u>Financial Capability</u>. The Investor has available funds necessary to
      consummate the Closing and satisfy all of its obligations under this Agreement when required to do so pursuant to the terms hereof.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 4.06. <u>Purchaser Status</u>. The Investor is an &#8220;accredited investor&#8221; within the
      meaning of Rule 501(a) of Regulation D under the Securities Act. The Investor, either alone or together with its representatives, has such knowledge, sophistication and experience in business and financial matters so as to be capable of evaluating
      the merits and risks of the prospective investment in the Purchased Shares, and has so evaluated the merits and risks of such investment. The Investor is able to bear the economic risk of an investment in the Purchased Shares for an indefinite period
      of time and, at the present time, is able to afford a complete loss of such investment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0); font-style: normal;" class="BRPFPageNumber">8</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
  </div>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 4.07. <u>No Reliance</u>. The Investor is knowledgeable about the Company, its
      financial condition, results of operations, assets, liabilities, properties, operations and markets in which it operates. Without derogating from or limiting the representations and warranties of the Company in Article III, the Investor (a) is not
      relying on the Company for any legal, tax, investment, accounting or regulatory advice, (b) has consulted with its own advisors concerning such matters and (c) has conducted to its satisfaction an independent investigation and verification of the
      financial condition, results of operations, assets, liabilities, properties and operations of the <font style="color: black">Company</font>, and, in determining to proceed with the transactions contemplated by this <font style="color: black">Agreement</font>,
      has relied solely on the results of such independent investigation and verification and on the representations and warranties of the Company in Article III.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 4.08. <u>Private Placement Consideration</u>. The Investor is acquiring the
      Purchased Shares as principal for its own account for investment purposes and not with a view to, or for offer or sale in connection with, any distribution thereof and has no direct or indirect arrangement or understandings with any other Persons to
      distribute, offer or sell or regarding the distribution, offer or sale of such Purchased Shares (this representation and warranty not limiting the Investor&#8217;s right to sell the Purchased Shares in compliance with the transfer restrictions set forth
      herein and applicable Federal and state securities laws). The Investor understands and acknowledges that (a) the Purchased Shares are being sold to it pursuant to an exemption from registration under the Securities Act, (b) its representations and
      warranties contained herein are being relied upon by the Company as a basis for such exemption under the Securities Act and under the securities Laws of various other foreign and domestic jurisdictions, (c) no U.S. state or Federal agency has made
      any finding or determination as to the fairness of the terms of the sale of the Purchased Shares or any recommendation or endorsement thereof and (d) the Purchased Shares are &#8220;restricted securities&#8221; under the Securities Act inasmuch as they are being
      acquired from the Company in a transaction not involving a public offering and that, under applicable securities Laws, such Purchased Shares may be resold without registration under the Securities Act only in certain limited circumstances.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 4.09. <u>Compliance</u>. Neither the Investor nor any of its controlling or
      controlled Affiliates is the target of any sanctions administered or enforced by the U.S. government (including, without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State and
      including, without limitation, the designation as a &#8220;specially designated national&#8221; or &#8220;blocked person&#8221;), the United Nations Security Council, the European Union or His Majesty&#8217;s Treasury of the United Kingdom or other relevant sanctions authority
      with jurisdiction over such Person. The funds held by the Investor and used to purchase the Purchased Shares were legally derived.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company acknowledges and agrees that the representations contained in this Article IV
      shall not modify, amend or affect the Investor&#8217;s right to rely on the Company&#8217;s representations and warranties contained in this Agreement.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0); font-style: normal;" class="BRPFPageNumber">9</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
  </div>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">ARTICLE V</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br>
      <br>
      <u>Additional Agreements</u></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 5.01. <u>Share Listing</u>. Substantially concurrently with the Closing, the Company
      shall apply to cause the Purchased Shares to be approved for listing on Nasdaq.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 5.02. <u>Press Release</u>. The parties agree that the initial press release to be
      issued with respect to the transactions contemplated hereby shall be mutually agreed by the parties.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 5.03. <u>Expenses; Indemnification</u>. (a) Except as otherwise expressly provided
      herein (including in Sections 5.03(b) and 7.06), all costs and expenses, including fees and disbursements of financial advisors and accountants, incurred in connection with this Agreement and the transactions contemplated by this Agreement shall be
      paid by the party incurring such costs and expenses, whether or not the Closing shall have occurred; <u>provided</u> that, except if this Agreement is terminated pursuant to Section 2.03 upon a breach by the Investor of any of its representations,
      warranties, covenants or other agreements contained in this Agreement, the Company shall reimburse the Investor for all reasonable and documented out-of-pocket costs and expenses of Cravath, Swaine &amp; Moore LLP, Timagenis Law Firm and Cozen
      O&#8217;Connor incurred in connection with the Investor Purchase pursuant to this Agreement (but, for the avoidance of doubt, not the exercise of registration rights pursuant to Article VII, which shall be governed by Section 7.06). For the avoidance of
      doubt, the Company shall pay all Transfer Agent fees, stamp taxes and other taxes and duties levied, if any, in connection with the delivery of any Purchased Shares to the Investor.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Subject to the provisions of this Section 5.03(b), the Company shall pay in
      advance any expenses, including reasonable attorneys&#8217; fees, the Investor or any of its Affiliates (each, an &#8220;<u>Investor Indemnified Party</u>&#8221;) incurs while defending any action instituted against such Investor Indemnified Party by any shareholder
      of the Company who is not an Affiliate of the Investor and that arises out of or results from the execution, delivery, performance or enforcement of this Agreement; <u>provided </u>that if it is finally judicially determined (by an non-appealable
      judgment of a court of competent jurisdiction) that such Investor Indemnified Party acted in bad faith or in a manner that such Investor Indemnified Party did not reasonably believe to be consistent with any fiduciary duties it may owe pursuant to
      the BCA, such Investor Indemnified Party shall repay the amount of expenses so advanced. The indemnification required by this Section 5.03(b) shall be made by periodic payments of the amount thereof during the course of the investigation or defense,
      within 30 days after bills supporting the amounts incurred by any applicable Investor Indemnified Party are received by the Company. The indemnity agreements contained herein shall be in addition to any cause of action or similar right of the
      Investor or any of its Affiliates against the Company or others and any liabilities the Company may be subject to pursuant to law.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 5.04. <u>Use of Proceeds</u>. The Company shall use the net proceeds received by it
      from the sale of the Purchased Shares for capital expenditures, working capital, to make vessel or share acquisitions or for other general corporate purposes, or a combination thereof.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0); font-style: normal;" class="BRPFPageNumber">10</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
  </div>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 5.05. <u>SEC Filings</u>. Until the time that the Investor (or an Affiliate of the
      Investor) no longer owns any of the Purchased Shares, the Company covenants to timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof
      pursuant to the Exchange Act.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 5.06. <u>Public Disclosure</u>. No later than the fourth Business Day following the
      Closing Date, the Company shall file a Form 6-K with the SEC that discloses the material terms of the transactions contemplated hereby.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 5.07. <u>Integration</u>. The Company shall not sell, offer for sale or solicit
      offers to buy or otherwise negotiate in respect of any security (as defined in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Purchased Shares in a manner that would require the registration under the
      Securities Act of the sale of the Purchased Shares..</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 5.08. <u>Transfer Restrictions</u>. The Investor shall not, without the Company&#8217;s
      prior written consent, at any time beginning from the date hereof and continuing to and including the date 180 days after the Closing Date, directly or indirectly, (a) offer, sell, contract to sell, sell any option or contract to purchase, purchase
      any option or contract to sell, grant any option, right or warrant to purchase, make any short sale or otherwise transfer or dispose of, directly or indirectly, any Purchased Shares, or publicly disclose the intention to make any offer, sale, pledge
      or disposition, or (b) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of any Purchased Shares, whether any such transaction described in clauses (a) and (b) is to be settled
      by delivery of Common Shares or any other equity security of the Company, in cash or otherwise. For the avoidance of doubt, this Section 5.08 shall not restrict the Investor from pledging the Purchased Shares as contemplated in Section 5.09.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 5.09. <u>Removal of Legends; Transfer.</u></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Purchased Shares may only be disposed of in compliance with state and Federal securities laws. In connection with any transfer of Purchased Shares other than (i) pursuant to an effective registration statement, (ii) to the
      Company, (iii) to an Affiliate of the Investor or (iv) in connection with the grant by the Investor of a pledge as contemplated in Section 5.09(b), the Company may require the transferor thereof to provide to the Company an opinion of counsel
      selected by the transferor and reasonably acceptable to the Company, the form and substance of which opinion shall be reasonably satisfactory to the Company, to the effect that such transfer does not require registration of such transferred Purchased
      Shares under the Securities Act.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0); font-style: normal;" class="BRPFPageNumber">11</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
  </div>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Investor agrees to the placement, so long as is required by this Section 5.09, of a legend or book entry notation on or with respect to any of the Purchased Shares in substantially the following form:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">THIS SECURITY WAS ORIGINALLY ISSUED IN A TRANSACTION THAT WAS EXEMPT FROM REGISTRATION UNDER THE SECURITIES
      ACT OF 1933, AS AMENDED (THE &#8220;SECURITIES ACT&#8221;), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT
      TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER LOAN WITH A FINANCIAL
      INSTITUTION THAT IS AN &#8220;ACCREDITED INVESTOR&#8221; AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company acknowledges and agrees that the Investor may from time to time pledge pursuant to a bona fide margin
      agreement with a registered broker-dealer or grant a security interest in some or all of the Purchased Shares to a financial institution that is an &#8220;accredited investor&#8221; as defined in Rule 501(a) under the Securities Act and, if required under the
      terms of such arrangement, the Investor may transfer pledged or secured Purchased Shares to the pledgees or secured parties. Such a pledge or transfer would not be subject to approval of the Company and no legal opinion of legal counsel of the
      pledgee, secured party or pledgor shall be requested by the Company in connection therewith. Further, no notice to the Company shall be required of such pledge. At the Investor&#8217;s expense, the Company will execute and deliver such reasonable
      documentation as a pledgee or secured party of Purchased Shares may reasonably request in connection with a pledge or transfer of such Purchased Shares, including, if such Purchased Shares are subject to registration pursuant to Article VII, the
      preparation and filing of any required prospectus supplement under Rule 424(b)(3) under the Securities Act, or other applicable provision of the Securities Act, to appropriately amend the list of selling shareholders thereunder.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificates evidencing the Purchased Shares shall not contain the legend set forth in Section 5.09(b) (i) if transferred pursuant to a registration statement under the Securities Act or (ii) following any sale of such
      Purchased Shares pursuant to Rule 144.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Investor agrees with the Company that the Investor will sell any Purchased Shares pursuant to either the registration requirements of the Securities Act, including any applicable prospectus delivery requirements, or an
      exemption therefrom, and that if the Purchased Shares are sold pursuant to a registration statement, they will be sold in compliance with the plan of distribution set forth therein, and acknowledges that the removal of the restrictive legend from
      certificates or book entry statements representing or with respect to Purchased Shares as set forth in this Section 5.09 is predicated upon the Company&#8217;s reliance upon this understanding.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0); font-style: normal;" class="BRPFPageNumber">12</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
  </div>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">ARTICLE VI</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br>
      <br>
      <u>Conditions to Closing</u></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 6.01. <u>Conditions to the Obligations of the Company</u>. The obligations of the
      Company to effect the Closing shall be subject to the satisfaction or, to the extent permitted by applicable Law, waiver by the Company of the following conditions:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;all representations and warranties of the Investor in this Agreement shall be
      true and correct as of the Closing Date as though made on and as of such date and time;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the Investor shall have performed in all material respects all of its obligations
      hereunder required to be performed by it at or prior to the Closing;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the Investor shall have delivered or paid, as applicable, to the Company the
      items set forth in Section 2.02(b)(ii); and</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;no provision of any applicable Law and no permanent, preliminary or temporary
      judgment, injunction, order or decree that has the effect of preventing, prohibiting or making illegal the consummation of any of the transactions contemplated by this Agreement shall be in effect at the Closing, and no action, claim or proceeding
      seeking any such judgment, injunction, order or decree shall be threatened in writing or pending at the Closing.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 6.02. <u>Conditions to the Obligations of the Investor</u>. The obligations of the
      Investor to effect the Closing shall be subject to the satisfaction or, to the extent permitted by applicable Law, waiver by the Investor of the following conditions:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the representations and warranties of the Company in this Agreement shall be true
      and correct as of the Closing Date as though made on and as of such date and time;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the Company shall have performed in all material respects all of its obligations
      hereunder required to be performed by it at or prior to the Closing;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the Company shall have delivered to the Investor the items set forth in Section
      2.02(b)(i);</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;no provision of any applicable Law and no permanent, preliminary or temporary
      judgment, injunction, order or decree that has the effect of preventing, prohibiting or making illegal the consummation of any of the transactions contemplated by this Agreement shall be in effect at the Closing, and no action, claim or proceeding
      seeking any such judgment, injunction, order or decree shall be threatened in writing or pending at the Closing; and</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0); font-style: normal;" class="BRPFPageNumber">13</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
  </div>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the Company&#8217;s Marshall Islands counsel shall have issued a customary legal
      opinion reasonably acceptable to the Investor that includes opinions regarding the valid issuance of the Purchased Shares, the due authorization, execution and delivery of this Agreement by the Company and the absence of conflicts with the Articles
      of Incorporation and the Bylaws.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">ARTICLE VII</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br>
      <br>
      <u>Registration Rights</u></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 7.01. <u>Demand Registration.</u></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">So long as there continue to be Registrable Securities, if at any time after the date that is three months after the date of this Agreement, the Company receives a request from the Investor that the Company file a Form F-1
      registration statement with respect to the resale of any of the Registrable Securities then outstanding, then the Company shall as soon as practicable, and in any event within 60 days after the date such request is given by the Investor, file a Form
      F-1 registration statement under the Securities Act covering the resale by the Investor of all Registrable Securities that the Investor requested to be registered, subject to the limitations of Section 7.03; <font style="background-color: white"><u>provided</u>
        that the Company will not be required to effect such a demand registration unless the expected aggregate gross proceeds from the offering of the Registrable Securities to be registered in connection with such demand registration are at least the
        lower of $5,000,000 and 25% of the Purchased Shares and <u>provided</u>, <u>further</u>, that the Company shall not be required to effect more than one demand registration in any three-month period</font>.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following the date that is three months after the date of this Agreement and for so long as there continue to be Registrable Securities after such date, if at any time when it is eligible to use a Form F-3 registration
      statement, the Company receives a request from the Investor that the Company file a Form F-3 registration statement with respect to the resale of any of the Registrable Securities then outstanding, then the Company shall as soon as practicable, and
      in any event within 45 days after the date such request is given by the Investor, file a Form F-3 registration statement under the Securities Act covering the resale by the Investor of all Registrable Securities that the Investor requested to be
      registered, subject to the limitations of Section 7.03.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 7.02. <u>Company Registration</u>. So long as there continue to be Registrable
      Securities, if the Company proposes to file a registration statement (including for this purpose a registration effected by the Company for stockholders other than the Investor) under the Securities Act in connection with the public offering of its
      securities solely for cash (other than (i) a registration relating solely to the sale of securities to participants in a Company share plan or other employee benefit plan arrangement, (ii) a registration related to a transaction covered by Rule 145
      under the Securities Act or (iii) a registration in which the only shares being registered are Common Shares issuable upon conversion of debt securities which are also being registered), the Company shall, at such time, promptly give the Investor
      notice of such registration. Upon the request of the Investor given within 5 Business Days after such notice is given by the Company, the Company shall, subject to the provisions of Section 7.03, cause to be registered the resale by the Investor of
      all of the Registrable Securities that the Investor has requested to be included in such registration. The Company shall have the right to terminate or withdraw any registration initiated by it under this Section 7.02 before the effective date of
      such registration, whether or not the Investor has elected to include the resale of Registrable Securities in such registration. The expenses (other than Selling Expenses) of such withdrawn registration shall be borne by the Company in accordance
      with Section 7.06.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0); font-style: normal;" class="BRPFPageNumber">14</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
  </div>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 7.03. <u>Underwriting Requirements.</u></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If, pursuant to Section 7.01, the Investor intends to distribute the Registrable Securities covered by its request by means of an underwriting, it shall so advise the Company as a part of its request made pursuant to Section
      7.01; <font style="background-color: white"><u>provided </u>that the Company will not be required to facilitate such underwritten distribution unless the expected aggregate gross proceeds from such offering are at least the lower of $5,000,000 and
        25% of the Purchased Shares</font>. The underwriter(s) will be selected by the Investor, subject only to the approval of a special committee of the Board and/or of the disinterested independent directors of the Board. The Investor shall (together
      with the Company as provided in Section 7.04(e)) enter into an underwriting agreement in customary form with the underwriter(s) selected for such underwriting.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with any offering pursuant to Section 7.02, the Company shall not be required to include the resale of any of the Investor&#8217;s Registrable Securities in such underwriting unless the Investor accepts the terms of
      the underwriting as agreed upon between the Company and its underwriters (including any lock-up agreements). <font style="background-color: white">If the underwriters in such offering advise the Company that, in their sole discretion, the number of
        securities requested to be included in the offering exceeds the number which can be sold in such offering without being likely to have a significant adverse effect on the price, timing or distribution of the securities offered or the market for the
        securities offered, then the Registrable Securities of the Investor to be included in such offering shall be reduced to the extent necessary to reduce the total number of securities to be included in such offering to the number recommended by the
        underwriters</font>.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 7.04. <u>Obligations of the Company</u>. Whenever required under this Article VII to
      effect the registration of any resales of Registrable Securities by the Investor, the Company shall, as expeditiously as reasonably possible:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;prepare and file with the SEC a registration statement with respect to such
      resales of Registrable Securities by the Investor and use its commercially reasonable efforts to cause such registration statement to become effective and, upon the request of the Investor, keep such registration statement effective until the
      distribution contemplated in the registration statement has been completed;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0); font-style: normal;" class="BRPFPageNumber">15</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
  </div>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;prepare and file with the SEC such amendments and supplements to such
      registration statement, and the prospectus used in connection with such registration statement, as may be necessary to comply with the Securities Act in order to enable the disposition of all Registrable Securities covered by such registration
      statement;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;furnish to the Investor such numbers of copies of a prospectus, including a
      preliminary prospectus, as required by the Securities Act, and such other documents as the Investor may reasonably request in order to facilitate the disposition of its Registrable Securities;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;use its commercially reasonable efforts to register and qualify the resale of
      Registered Securities covered by such registration statement under such other securities or blue-sky laws of such jurisdictions as shall be reasonably requested by the Investor (<font style="background-color: white"><u>provided </u>that the Company
        will not be required to (i) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this subsection, (ii) subject itself to taxation in any such jurisdiction or (iii) consent to general
        service of process in any such jurisdiction)</font>;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;in the event of any underwritten public offering, enter into and perform its
      obligations under an underwriting agreement, in usual and customary form, with the underwriter(s) of such offering;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;use its commercially reasonable efforts to cause all such Registrable Securities
      covered by such registration statement to be listed on Nasdaq (or such securities exchange on which the Company then maintains its primary listing for the Registerable Securities) and each securities exchange and trading system (if any) on which
      similar securities issued by the Company are then listed;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;provide a transfer agent and registrar for all Registrable Securities registered
      pursuant to this Agreement and provide a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;promptly make available for inspection by the Investor, any underwriters
      participating in any disposition pursuant to such registration statement and any attorney or accountant or other agent retained by any such underwriter or selected by the Investor, all financial and other records, pertinent corporate documents and
      properties of the Company, and cause the Company&#8217;s officers, directors, employees and independent accountants to supply all information reasonably requested by the Investor or any such underwriter, attorney, accountant or agent, in each case, as
      necessary or advisable to verify the accuracy of the information in such registration statement and to conduct appropriate due diligence in connection therewith;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;notify the Investor, promptly after the Company receives notice thereof, of the
      time when such registration statement has been declared effective or a supplement to any prospectus forming a part of such registration statement has been filed; and</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0); font-style: normal;" class="BRPFPageNumber">16</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
  </div>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;after such registration statement becomes effective, notify the Investor of any
      request by the SEC that the Company amend or supplement such registration statement or prospectus.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 7.05. <u>Furnish Information</u>. It shall be a condition precedent to the
      obligations of the Company to take any action pursuant to this Article VII with respect to resales of the Registrable Securities of the Investor that the Investor shall furnish to the Company such information regarding itself, the Registrable
      Securities held by it and the intended method of disposition of such securities as is reasonably required to effect the registration of the resale of the Investor&#8217;s Registrable Securities.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 7.06. <u>Expenses of Registration</u>. All expenses (other than Selling Expenses)
      incurred in connection with registrations, filings or qualifications pursuant to this Article VII, including all registration, filing and qualification fees, printers&#8217; and accounting fees, fees and disbursements of counsel for the Company and the
      reasonable fees and disbursements of one counsel for the Investor (&#8220;<u>Selling Holder Counsel</u>&#8221;) shall be borne and paid by the Company. All Selling Expenses relating to resales of any Registrable Securities registered pursuant to this Article VII
      shall be borne and paid by the Investor. The Company shall have no obligation to pay Selling Expenses.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 7.07. <u>Indemnification</u>. If resales of any Registrable Securities are included
      in a registration statement under this Article VII:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To the extent permitted by law, the Company will indemnify and hold harmless any underwriter (as defined in the Securities Act) for the Investor and each Person, if any, who controls such underwriter within the meaning of the
      Securities Act or the Exchange Act, against any Damages, and the Company will pay to each such underwriter or controlling Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or
      proceeding from which Damages may result, as such expenses are incurred; <u>provided</u>, <u>however</u>, that the indemnity agreement contained in this Section 7.07(a) shall not apply to amounts paid in settlement of any such claim or proceeding
      if such settlement is effected without the consent of the Company, which consent shall not be unreasonably withheld, conditioned or delayed, nor shall the Company be liable for any Damages to the extent that they arise out of or are based upon
      actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of any such underwriter or controlling Person expressly for use in connection with such registration except to the extent such information
      has been corrected in a subsequent writing prior to the sale of Registrable Securities to the Person asserting the claim.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To the extent permitted by law, the Investor will indemnify and hold harmless the Company, and each of its directors, each of its officers who has signed the registration statement, each Person (if any) who controls the
      Company within the meaning of the Securities Act, legal counsel and accountants for the Company, any underwriter (as defined in the Securities Act) and any controlling Person of any such underwriter, against any Damages, in each case only to the
      extent that such Damages arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of the Investor expressly for use in connection with such registration and has not
      been corrected in a subsequent writing prior to the sale of Registrable Securities to the Person asserting the claim and the Investor will pay to the Company and each other aforementioned Person any legal or other expenses reasonably incurred thereby
      in connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; <u>provided</u>, <u>however</u>, that the indemnity agreement contained in this Section 7.07(b) shall not apply to
      amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Investor, which consent shall not be unreasonably withheld.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0); font-style: normal;" class="BRPFPageNumber">17</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
  </div>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Promptly after receipt by an indemnified party under this Section 7.07 of notice of the commencement of any action (including any governmental action) for which a party may be entitled to indemnification hereunder, such
      indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 7.07, give the indemnifying party written notice of the commencement thereof. The indemnifying party shall have the right to
      participate in such action and, to the extent the indemnifying party so desires, participate jointly with any other indemnifying party to which notice has been given, and to assume the defense thereof with counsel reasonably satisfactory to the
      parties; <u>provided</u>, <u>however</u>, that an indemnified party (together with all other indemnified parties that may be represented without conflict by one counsel) shall have the right to retain one separate counsel, with the fees and
      expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any
      other party represented by such counsel in such action. No indemnifying party shall, without the written consent of the indemnified party, effect the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or
      threatened action or claim in respect of which indemnification or contribution is sought hereunder (whether or not the indemnified party is an actual or potential party to such action or claim) unless such settlement, compromise or judgment (i)
      includes an unconditional release of the indemnified party from all liability arising out of such action or claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any
      indemnified party. The failure to give notice to the indemnifying party within a reasonable time of the commencement of any such action shall relieve such indemnifying party of any liability to the indemnified party under this Section 7.07 only to
      the extent that such failure materially prejudices the indemnifying party&#8217;s ability to defend such action. The failure to give notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise
      than under this Section 7.07.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the indemnification provided for in this Section 7.07 is held by a court of competent jurisdiction to be unavailable to an indemnified party under Section 7.07(a) or Section 7.07(b) in respect of any Damages, then the
      indemnifying party and the indemnified party will each contribute to the aggregate losses, claims, damages, liabilities or expenses to which they may be subject (after contribution from others) in such proportion as is appropriate to reflect the
      relative fault of each of the indemnifying party and the indemnified party in connection with the statements, omissions or other actions that resulted in such Damages, as well as to reflect any other relevant equitable considerations. The relative
      fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or allegedly untrue statement of a material fact, or the omission or alleged omission of a material fact, relates
      to information supplied by the indemnifying party or by the indemnified party and the parties&#8217; relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission; <u>provided, however</u>, that no
      Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0); font-style: normal;" class="BRPFPageNumber">18</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
  </div>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered into in connection with the underwritten public offering are in conflict with
      the foregoing provisions, the provisions in the underwriting agreement shall control; <u>provided</u>, <u>however</u>, that any matter expressly provided for or addressed by the foregoing provisions that is not expressly provided for or addressed
      by the underwriting agreement shall be controlled by the foregoing provisions.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless otherwise superseded by an underwriting agreement entered into in connection with the underwritten public offering, the obligations of the Company and the Investor under this Section 7.07 shall survive the completion of
      any offering of the resale of Registrable Securities in a registration under this Article VII, and otherwise shall survive the termination of this Agreement or any provisions of this Agreement.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 7.08. <u>Suspension of Registration</u>. <font style="background-color: white">In
        the event of a Material Disclosure Event at the time of the filing, initial effectiveness or continued use of a registration statement pursuant to this Article VII, the Company may, upon giving at least five days&#8217; prior written notice of such
        action to the Investor, delay the filing or initial effectiveness of, or suspend use of, such Registration Statement (a &#8220;<u>Suspension</u>&#8221;); <u>provided</u>, <u>however</u>, that, the Company shall not be permitted to exercise a Suspension (i)
        more than three times during any 12-month period or (ii) for a period exceeding 60 days on any one occasion. In the case of a Suspension, the Investor will suspend use of the applicable prospectus in connection with any sale or purchase of, or
        offer to sell or purchase, Registrable Securities, upon receipt of the notice referred to above. In connection with a demand registration pursuant Section 7.01 above, prior to the termination of any Suspension, the Investor will be entitled to
        withdraw its demand for registration (and such demand shall not count as a demand for purposes of this Article VII) and the Company shall cease all efforts to secure effectiveness of the applicable registration statement. The Company shall
        immediately notify the Investor upon the termination of any Suspension.</font></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0); font-style: normal;" class="BRPFPageNumber">19</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
  </div>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">ARTICLE VIII</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br>
      <br>
      <u>Miscellaneous</u></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 8.01. <u>No Other Representations or Warranties</u>. Each of the Investor and the
      Company acknowledges that, except for the representations and warranties expressly set forth in Article III and Article IV, none of the Investor, the Company or any other Person has made any express or implied representation or warranty, including
      with respect to the Investor, the Company, any of its Subsidiaries or their respective Affiliates or with respect to the accuracy or completeness of any other information provided, or made available, to the Investor, the Company or any of their
      respective Affiliates in connection with the Investor Purchase, and each of the Investor and the Company has not relied on any representation or warranty other than those expressly set forth in Article III or Article IV, as applicable.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 8.02. <u>Notices</u>. All notices and other communications required or permitted to
      be given under this Agreement shall be in writing and shall be deemed to have been duly given (i) on the date of delivery, if delivered personally or by e-mail prior to 5:00 p.m. in the place of delivery and such day is a Business Day; otherwise, the
      next Business Day, (ii) on the first Business Day following the date of dispatch if delivered express mail by a recognized overnight courier service or (iii) on the third Business Day following the date of mailing if delivered by registered or
      certified mail, return receipt requested, postage prepaid, to the parties to this Agreement at the following address or to such other address either party to this Agreement shall specify by notice given in accordance with this Section 8.02:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;if to the Company, to</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Toro Corp.&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">223 Christodoulou Chatzipavlou Street&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hawaii Royal Gardens&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3036 Limassol&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cyprus&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email: corporate@torocorp.com&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention: Ioannis Lazaridis</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">with a copy to:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sullivan &amp; Cromwell LLP&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1 New Fetter Lane&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">London EC4A 1AN&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">United Kingdom&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email: andronikosn@sullcrom.com&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention: Nikolaos G. Andronikos</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0); font-style: normal;" class="BRPFPageNumber">20</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
  </div>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ince&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parry Kahn and Partners Law Office&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Livanos Building&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">47-49 Akti Miaouli&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pireus 18536&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Greece&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email : [&#8226;]<br>
    </font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention : [&#8226;]<br>
    </font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;if to the Investor,</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pani Corp.&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80 Broad Street&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Monrovia&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liberia&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email: [&#8226;]<br>
    </font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention: [&#8226;]<br>
    </font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">with copies to:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cravath, Swaine &amp; Moore LLP&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CityPoint&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1 Ropemaker St&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">London EC2Y 9HR&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">United Kingdom&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email: [&#8226;]<br>
    </font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; [&#8226;]<br>
  </p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:&#160; [&#8226;]<br>
    </font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; [&#8226;]<br>
  </p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Timagenis Law Firm&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">136, Notara Str. &amp; 10, Filellinon Str.&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">185 36 Piraeus&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Greece&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email: [&#8226;]<br>
    </font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention: [&#8226;]<br>
    </font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 8.03. <u>Amendments; Waivers</u>. (a) No provision of this Agreement may be amended
      or waived unless such amendment or waiver is in writing and signed, in the case of an amendment, by each of the Company and the Investor, or in the case of a waiver, by the party against whom the waiver is to be effective.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0); font-style: normal;" class="BRPFPageNumber">21</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
  </div>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The failure of any party to this Agreement to assert any of its rights under this Agreement or otherwise shall not constitute a waiver of such rights nor shall any single or partial exercise by any party to this Agreement of
      any of its rights under this Agreement preclude any other or further exercise of such rights or any other rights under this Agreement. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by
      law or otherwise.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 8.04. <u>Interpretation</u>. When a reference is made in this Agreement to
      &#8220;Articles&#8221; or &#8220;Sections&#8221;, such reference shall be to an Article or Section of this Agreement unless otherwise indicated. The table of contents and headings contained in this Agreement are for reference purposes only and shall not affect in any way
      the meaning or interpretation of this Agreement. Whenever the words &#8220;include&#8221;, &#8220;includes&#8221; or &#8220;including&#8221; are used in this Agreement, they shall be deemed to be followed by the words &#8220;without limitation&#8221;. The words &#8220;hereof&#8221;, &#8220;herein&#8221; and &#8220;hereunder&#8221;
      and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The words &#8220;date hereof&#8221; shall refer to the date of this Agreement. The term &#8220;or&#8221; is not exclusive.
      The word &#8220;extent&#8221; in the phrase &#8220;to the extent&#8221; shall mean the degree to which a subject or other thing extends, and such phrase shall not mean simply &#8220;if&#8221;. All references to &#8220;$&#8221; or &#8220;dollars&#8221; mean the lawful currency of the United States of America.
      The terms defined in the singular have a comparable meaning when used in the plural, and vice versa. Any agreement or instrument defined or referred to herein or in any agreement or instrument that is referred to herein means such agreement or
      instrument as from time to time amended, modified or supplemented. Except as expressly stated in this Agreement, all references to any statute, rule or regulation are to the statute, rule or regulation as amended, modified, supplemented or replaced
      from time to time (and, in the case of statutes, include any rules and regulations promulgated under the statute) and to any section of any statute, rule or regulation include any successor to the section. References to a Person are also to its
      successors and permitted assigns.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 8.05. <u>Further Assurances</u>. Each party hereto shall do and perform or cause to
      be done and performed all further acts and shall execute and deliver all other agreements, certificates, instruments and documents (excluding, for the avoidance of doubt, legal opinions) as the other party hereto reasonably may request in order to
      carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 8.06. <u>Assignment</u>. Neither this Agreement nor any of the rights, interests or
      obligations under this Agreement shall be assigned, in whole or in part, by operation of Law or otherwise, by any of the parties without the prior written consent of the other party hereto. Any purported assignment without such prior written consent
      shall be void. Subject to the preceding sentences, this Agreement will be binding upon, inure to the benefit of, and be enforceable by, the parties and their respective successors and assigns.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 8.07. <u>Survival</u>. The representations and warranties contained herein shall
      survive the Closing and the delivery of the Purchased Shares for a period of one year from the Closing, <u>provided</u> that any representation and warranty in respect of which a claim has been brought by either party hereto before the expiration of
      such period shall survive until such claim is finally resolved.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0); font-style: normal;" class="BRPFPageNumber">22</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
  </div>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 8.08. <u>Construction</u>. The parties agree that each of them and their respective
      counsels have reviewed and had an opportunity to revise this Agreement and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of
      this Agreement. In addition, each and every reference to share prices and Common Shares in this Agreement shall be subject to adjustment for reverse and forward share splits, dividends, share combinations and other similar transactions of the Common
      Shares that occur after the date of this Agreement and prior to the Closing.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 8.09. <u>Governing Law</u>. Except to the extent specifically required by the BCA,
      this Agreement and any claim, counterclaim or dispute of any kind or nature whatsoever arising out of or in any way relating to this Agreement, or the negotiation, execution or performance of this Agreement (including any claim or cause of action
      based upon, arising out of or related to any representation or warranty made in or in connection with this Agreement or as an inducement to enter into this Agreement), directly or indirectly, shall be governed by, construed and enforced in accordance
      with the laws of the State of New York, including its statutes of limitations, regardless of the laws that might otherwise govern under applicable principles of conflicts of laws thereof. The parties declare that it is their intention that this
      Agreement shall be regarded as made under the laws of the State of New York and that the laws of the State of New York shall be applied in interpreting its provisions in all cases where legal interpretation shall be required, except to the extent the
      BCA is specifically required by such act to govern the interpretation of this Agreement.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 8.10. <u>Waiver of Jury Trial</u>. EACH PARTY HERETO HEREBY IRREVOCABLY AND
      UNCONDITIONALLY WAIVES TO THE FULLEST EXTENT PERMITTED BY LAW ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY HEREBY ACKNOWLEDGES AND
      CERTIFIES (I) THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF ANY ACTION, SEEK TO ENFORCE THE FOREGOING WAIVER, (II) IT UNDERSTANDS AND HAS
      CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (III) IT MAKES THIS WAIVER VOLUNTARILY AND (IV) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
      CONTAINED IN THIS SECTION 8.10.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 8.11. <u>Consent to Jurisdiction; Enforcement</u>. Each of the parties (a) consents
      to submit itself to the personal jurisdiction of the High Court of the Republic of the Marshall Islands, in the event any dispute arises out of this Agreement or any transaction contemplated hereby, (b) agrees that it will not attempt to deny or
      defeat such personal jurisdiction by motion or other request for leave from such court, (c) irrevocably and unconditionally waives (and agrees not to plead or claim) any objection to the laying of venue of any action, suit or proceeding arising out
      of this Agreement or any transaction contemplated hereby in such court and (d) agrees that it will not bring any action relating to this Agreement or any transaction contemplated hereby in any court other than as stated in clause (a) above.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0); font-style: normal;" class="BRPFPageNumber">23</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
  </div>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 8.12. <u>Entire Agreement; No Third-Party Beneficiaries</u>. This Agreement
      constitutes the entire agreement between the parties with respect to the subject matter of this Agreement and supersedes all prior agreements, understandings, representations and warranties, both written and oral, between the parties and/or their
      Affiliates with respect to the subject matter hereof. No provision of this Agreement shall confer upon any person other than the parties hereto any claim, cause of action, right or remedy hereunder.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 8.13. <u>Severability</u>. If one or more provisions of this Agreement are held to
      be unenforceable under applicable Law, such provision shall be deemed to be excluded from this Agreement and the balance of this Agreement shall be interpreted as if such provision were so excluded and shall be enforced in accordance with its terms
      to the maximum extent permitted by Law, so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is
      invalid, illegal or incapable of being enforced, the parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner to the end that the transactions
      contemplated hereby are fulfilled to the extent possible.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION 8.14. <u>Counterparts</u>. This Agreement may be executed in one or more
      counterparts, all of which shall be considered one and the same agreement and shall become effective when one or more such counterparts have been signed by each of the parties and delivered to the other parties, with the same effect as if the
      signatures were upon the same instrument. <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">I</sup>n the event that any signature is delivered by facsimile transmission or by e-mail delivery of a &#8220;.pdf&#8221; format data file,
      such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or &#8220;.pdf&#8221; signature page were an original thereof.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<i>Remainder of page intentionally left blank</i>]</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0); font-style: normal;" class="BRPFPageNumber">24</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
  </div>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">IN WITNESS WHEREOF, the parties hereto have executed this Subscription Agreement as of the day
      and year first above written.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse" cellpadding="0" cellspacing="0">

      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td colspan="2" style="text-transform: uppercase"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TORO CORP.</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td colspan="2" style="text-transform: uppercase">&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&#160;&#160;</font></td>
        <td style="padding-left: 0.125in; text-align: center">&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td style="width: 50%">&#160;</td>
        <td style="width: 5%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 45%; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </font></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <p style="margin-top: 0; margin-bottom: 0"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Page to Subscription Agreement]</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0; margin-bottom: 0"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal" class="BRPFPageNumber"></font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
  </div>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse" cellpadding="0" cellspacing="0">

      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td colspan="2" style="text-transform: uppercase"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PANI CORP.</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td colspan="2" style="text-transform: uppercase">&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&#160;&#160;</font></td>
        <td style="padding-left: 0.125in; text-align: center">&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td style="width: 50%">&#160;</td>
        <td style="width: 5%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 45%; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </font></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0"></p>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <p style="margin-top: 0; margin-bottom: 0"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Page to Subscription Agreement]</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0; margin-bottom: 0"></p>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <!-- Field: Rule-Page -->
  <div style="margin-top: 0pt; margin-bottom: 0pt" align="LEFT">
    <div style="font-size: 1pt; border-top: Black 2pt solid; width: 100%">&#160;</div>
  </div>
  <!-- Field: /Rule-Page -->
  <p style="margin-top: 0; margin-bottom: 0"></p>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>ny20014329x1_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Broadridge Finanicial Soultions, Inc.
         Document created using Broadridge PROfile 23.9.1.5178
         Copyright 1995 - 2023 Broadridge -->
  </head>
<body style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;" bgcolor="#ffffff">
  <div>
    <hr style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade">
    <div>
      <div style="text-align: right; font-weight: bold;">Exhibit 5.1</div>
      <div><br>
      </div>
      <div>November 13, 2023</div>
      <div><br>
      </div>
      <div>Toro Corp.,</div>
      <div style="text-indent: 36pt;">223 Christodoulou Chatzipavlou Street,</div>
      <div style="text-indent: 72pt;">Hawaii Royal Gardens,</div>
      <div style="text-indent: 108pt;">3036 Limassol, Cyprus.</div>
      <div><br>
      </div>
      <div>&#160;Ladies and Gentlemen:</div>
      <div><br>
      </div>
      <div style="text-indent: 72pt;">In connection with the registration under the Securities Act of 1933 (the &#8220;Act&#8221;) of $200,000,000 maximum aggregate offering price of (i) common shares, par value $0.001 per share, (ii) preferred share purchase rights,
        (iii) preferred shares, (iv) debt securities (the &#8220;Debt Securities&#8221;), (v) warrants (the &#8220;Warrants&#8221;), (vi) purchase contracts (the &#8220;Purchase Contracts&#8221;), (vii) rights (the &#8220;Rights&#8221;) and (viii) units (the &#8220;Units&#8221; and together with the Debt
        Securities, Warrants, Purchase Contracts and Rights, the &#8220;Securities&#8221;) which may be issued from time to time by Toro Corp., a corporation incorporated under the laws of the Republic of the Marshall Islands (the &#8220;Company&#8221;), we, as your United States
        counsel, have examined such corporate records, certificates and other documents, and such questions of law, as we have considered necessary or appropriate for the purposes of this opinion. Upon the basis of such examination, it is our opinion that:</div>
      <div><br>
      </div>
      <div style="text-indent: 72pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;When the Registration Statement on Form F-3 filed with the U.S. Securities and Exchange Commission on November 13, 2023 (the &#8220;Registration Statement&#8221;) has become effective under the Act, the applicable
        indenture relating to the Debt Securities has been duly authorized, executed and delivered by the parties thereto and duly qualified under the Trust Indenture Act of 1939, the terms of the Debt Securities and of their issuance and sale have been
        duly established in conformity with the applicable indenture so as not to violate any applicable law or result in a default under or breach of any agreement or instrument binding upon the Company and so as to comply with any requirement or
        restriction imposed by any court or governmental body having jurisdiction over the Company, and the Debt Securities have been duly executed and authenticated in accordance with the Indenture and issued and sold as contemplated in the Registration
        Statement, such Debt Securities will constitute valid and legally binding obligations of the Company, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or
        affecting creditors&#8217; rights and to general equity principles.</div>
      <div><br>
      </div>
      <div style="text-indent: 72pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;When the Registration Statement has become effective under the Act, when the terms of the applicable warrant agreement under which the Warrants are to be issued have been duly established and any
        applicable warrant agreement has been duly authorized, executed and delivered by the parties thereto, when the terms of the Warrants and of their issuance and sale have been duly established in conformity with the applicable warrant agreement so as
        not to violate any applicable law or result in a default under or breach of any agreement or instrument binding upon the Company and so as to comply with any requirement or restriction imposed by any court or governmental body having jurisdiction
        over the Company, and the Warrants have been duly executed and authenticated in accordance with the applicable warrant agreement and issued and sold as contemplated in the Registration Statement, such Warrants will constitute valid and legally
        binding obligations of the Company, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors&#8217; rights and to general equity principles.</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt; font-size: 9pt;" class="BRPFPageBreakArea">
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
        <div class="BRPFPageHeader" style="width: 100%;">
          <div>
            <table style="font-family: 'Times New Roman',Times,serif; font-size: 9pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" cellpadding="0" cellspacing="0">

                <tr>
                  <td style="width: 50.58%; vertical-align: top;">
                    <div>Toro Corp.</div>
                  </td>
                  <td style="width: 49.42%; vertical-align: top;">
                    <div style="text-align: right;">-<font class="BRPFPageNumber">2</font>-</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </div>
      <div style="text-indent: 72pt;">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;When the Registration Statement has become effective under the Act, when the terms of the governing instruments or agreements under which the Purchase Contracts are to be issued have been duly established
        and such governing instruments or agreements have been duly authorized, executed and delivered by the parties thereto, when the terms of such Purchase Contracts and of their issuance and sale have been established in conformity with the applicable
        governing instruments or agreements so as not to violate any applicable law or result in a default under or breach of any agreement or instrument binding upon the Company and so as to comply with any requirement or restriction imposed by any court
        or governmental body having jurisdiction over the Company, and the Purchase Contracts have been duly executed and authenticated in accordance with the applicable governing instruments or agreements and issued and sold as contemplated in the
        Registration Statement, such Purchase Contracts will constitute valid and legally binding obligations of the Company, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability
        relating to or affecting creditors&#8217; rights and to general equity principles.</div>
      <div><br>
      </div>
      <div style="text-indent: 72pt;">(4)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;When the Registration Statement has become effective under the Act, when the terms of the applicable rights agreement under which the Rights are to be issued have been duly established and the applicable
        rights agreement has been duly authorized, executed and delivered by the parties thereto, when the terms of such Rights and of their issuance and sale have been duly established in conformity with the applicable rights agreement so as not to
        violate any applicable law or result in a default under or breach of any agreement or instrument binding upon the Company and so as to comply with any requirement or restriction imposed by any court or governmental body having jurisdiction over the
        Company, and the Rights have been duly executed and authenticated in accordance with the applicable rights agreement and issued and delivered as contemplated in the Registration Statement, such Rights will constitute valid and legally binding
        obligations of the Company, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors&#8217; rights and to general equity principles.</div>
      <div><br>
      </div>
      <div style="text-indent: 72pt;">(5)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;When the Registration Statement has become effective under the Act, when the terms of the applicable unit agreement under which the Units are to be issued have been duly established and the applicable unit
        agreement has been duly authorized, executed and delivered by the parties thereto, when the terms of such Units and of their issuance and sale have been duly established in conformity with the applicable unit agreement so as not to violate any
        applicable law or result in a default under or breach of any agreement or instrument binding upon the Company and so as to comply with any requirement or restriction imposed by any court or governmental body having jurisdiction over the Company,
        and the Units have been duly executed and authenticated in accordance with the applicable unit agreement and issued and sold as contemplated in the Registration Statement, such Units will constitute valid and legally binding obligations of the
        Company, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors&#8217; rights and to general equity principles.</div>
      <div style="text-indent: 72pt;"> <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt; font-size: 9pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageFooter" style="width: 100%;"></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
        <div class="BRPFPageHeader" style="width: 100%;">
          <div>
            <table style="font-family: 'Times New Roman',Times,serif; font-size: 9pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" cellpadding="0" cellspacing="0">

                <tr>
                  <td style="width: 50.58%; vertical-align: top;">
                    <div>Toro Corp.</div>
                  </td>
                  <td style="width: 49.42%; vertical-align: top;">
                    <div style="text-align: right;">-<font class="BRPFPageNumber">3</font>-</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </div>
      <div style="text-indent: 72pt;">We note that, as of the date of this opinion, a judgment for money in an action based on a Security denominated in a foreign currency or currency unit in a Federal or state court in the United States ordinarily would
        be enforced in the United States only in United States dollars. The date used to determine the rate of conversion of the foreign currency or currency unit in which a particular Security is denominated into United States dollars will depend upon
        various factors, including which court renders the judgment. In the case of a Security denominated in a foreign currency, a state court in the State of New York rendering a judgment on such Security would be required under Section 27 of the New
        York Judiciary Law to render such judgment in the foreign currency in which the Security is denominated, and such judgment would be converted into United States dollars at the exchange rate prevailing on the date of entry of the judgment.</div>
      <div><br>
      </div>
      <div style="text-indent: 72pt;">The foregoing opinion is limited to the Federal laws of the United States and the laws of the State of New York, and we are expressing no opinion as to the effect of the laws of any other jurisdiction.&#160; For purposes of
        our opinion, we have assumed that (i) the Company has been duly incorporated and is an existing corporation under the laws of the Republic of the Marshall Islands, (ii) the Indenture or any applicable governing instrument or agreement under which
        any Securities are to be issued, will have been, prior to the issuance of any Securities thereunder, duly authorized, executed and delivered by the Company in accordance with the laws of the Republic of the Marshall Islands and (iii) at or prior to
        their issuance the Securities will have been duly authorized, executed and delivered in accordance with the laws of the Republic of the Marshall Islands. With respect to all matters of Marshall Islands law, we note that you have received an
        opinion, dated November 13, 2023, of Seward &amp; Kissel LLP.</div>
      <div><br>
      </div>
      <div style="text-indent: 72pt;">We have relied as to certain factual matters on information obtained from public officials, officers of the Company and other sources believed by us to be responsible.</div>
      <div><br>
      </div>
      <div style="text-indent: 72pt;">In rendering the foregoing opinion, we are not passing upon, and assume no responsibility for, any disclosure in any registration statement or any related prospectus or other offering material regarding the Company or
        the Securities or their offering and sale.</div>
      <div><br>
      </div>
      <div style="text-indent: 72pt;">We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the references to us under the heading &#8220;Validity of Securities&#8221; in the Prospectus.&#160; In giving such consent, we do not
        thereby admit that we are in the category of persons whose consent is required under Section 7 of the Act.</div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z853dbe12bdcc48d3b0ae07f0146ea7a2" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 33.33%; vertical-align: top;">&#160;</td>
            <td style="width: 33.33%; vertical-align: top;">
              <div style="text-align: justify;"><br>
              </div>
            </td>
            <td style="width: 33.33%; vertical-align: top;">&#160;Very truly yours,</td>
          </tr>
          <tr>
            <td style="width: 33.33%; vertical-align: top;">&#160;</td>
            <td style="width: 33.33%; vertical-align: top;">&#160;</td>
            <td style="width: 33.33%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 33.33%; vertical-align: top;">&#160;</td>
            <td style="width: 33.33%; vertical-align: top;">
              <div><br>
              </div>
            </td>
            <td style="width: 33.33%; vertical-align: top;">&#160;/s/ SULLIVAN &amp; CROMWELL LLP</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div>
        <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
      <div><br>
      </div>
      <div><br>
      </div>
    </div>
  </div>
  <div class="BRPFPageFooter" style="width: 100%;"></div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>4
<FILENAME>ny20014329x1_ex5-2.htm
<DESCRIPTION>EXHIBIT 5.2
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Broadridge Finanicial Soultions, Inc.
         Document created using Broadridge PROfile 23.9.1.5178
         Copyright 1995 - 2023 Broadridge -->
  </head>
<body style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;" bgcolor="#ffffff">
  <div>
    <hr style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade">
    <div>
      <div style="text-align: right; font-weight: bold;">Exhibit 5.2</div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zc5bc206e22124c099a34ffd3404d1e19" border="0" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 35%; vertical-align: top;">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="text-align: center; color: #000000; font-weight: bold;">Seward &amp; Kissel LLP</div>
              <div style="text-align: center; color: #000000;">ONE BATTERY PARK PLAZA</div>
              <div style="text-align: center; color: #000000;">NEW YORK, NEW YORK 10004</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 25%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 35%; vertical-align: top;">&#160;</td>
            <td style="width: 25%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 25%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 35%; vertical-align: top;">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">TELEPHONE: (212) 574-1200</div>
              <div style="text-align: center; color: #000000;">FACSIMILE: (212) 480-8421</div>
              <div style="text-align: center; color: #000000;">WWW.SEWKIS.COM</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 25%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">901 K STREET, NW</div>
              <div style="text-align: center; color: #000000;">WASHINGTON, D.C. 20001</div>
              <div style="text-align: center; color: #000000;">TELEPHONE: (202) 737-8833</div>
              <div style="text-align: center; color: #000000;">FACSIMILE: (202) 737-5184</div>
            </td>
          </tr>
          <tr>
            <td style="width: 35%; vertical-align: top;">&#160;</td>
            <td style="width: 25%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="width: 25%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 35%; vertical-align: top;">&#160;</td>
            <td style="width: 25%; vertical-align: top;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">November 13, 2023</div>
            </td>
            <td style="width: 25%; vertical-align: top;">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div>
        <div style="color: #000000;">Toro Corp.</div>
        <div style="color: #000000;">223 Christodoulou Chatzipavlou Street</div>
        <div style="color: #000000;">Hawaii Royal Gardens</div>
        <div style="color: #000000;">3036 Limassol, Cyprus</div>
        <div style="color: #000000;"> <br>
        </div>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z55c72d47b050462182fa8af7fbd9b813" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 3.56%; vertical-align: top;">&#160;</td>
            <td style="width: 96.44%; vertical-align: top;">
              <div style="text-align: justify; color: #000000; font-weight: bold;"><u>Re: Toro Corp.</u></div>
            </td>
          </tr>

      </table>
      <div>
        <div><br>
        </div>
      </div>
      <div style="color: #000000;">Ladies and Gentlemen:</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; color: #000000;">We have acted as Marshall Islands counsel to Toro Corp. (the &#8220;<u>Company</u>&#8221;) in connection with the Company&#8217;s registration statement on Form F-3 (such registration statement as
        amended or supplemented from time to time) (the &#8220;<u>Registration Statement</u>&#8221;) as filed on the date hereof with the U.S. Securities and Exchange Commission (the &#8220;<u>SEC</u>&#8221;), relating to the registration under the U.S. Securities Act of 1933, as
        amended (the &#8220;<u>Act</u>&#8221;) and offering by the Company in one or more public offerings (collectively, the &#8220;<u>Offering</u>&#8221;) of up to $200 million aggregate amount of securities consisting of (a) common shares, par value $0.001 per share, of the
        Company (including the related preferred share purchase rights issued under the Stockholder Rights Agreement dated as of November 20, 2017 by and between the Company and American Stock Transfer &amp; Trust Company, LLC) (the &#8220;<u>Common Shares</u>&#8221;),
        (b) preferred shares of the Company (the &#8220;<u>Preferred Shares</u>&#8221;), (c) the Company&#8217;s senior debt securities in one or more series (the &#8220;<u>Senior Debt Securities</u>&#8221;) and the Company&#8217;s subordinated debt securities in one or more series (the &#8220;<u>Subordinated
          Debt Securities</u>&#8221; and, together with the Senior Debt Securities, the &#8220;<u>Company Debt Securities</u>&#8221;), (d) the Company&#8217;s warrants (the &#8220;<u>Warrants</u>&#8221;) to purchase the Company&#8217;s equity securities, securities of third parties or certain
        other rights, or any combination of the foregoing, (e) the Company&#8217;s purchase contracts (the &#8220;<u>Purchase Contracts</u>&#8221;) for the purchase or sale of (i) the Company&#8217;s equity securities, securities of third parties, a basket of such securities, an
        index or indices of such securities or any combination of the foregoing or (ii) currencies, (f) rights (the &#8220;<u>Rights</u>&#8221;) to purchase the Company&#8217;s equity securities, and (g) units (the &#8220;<u>Units</u>&#8221;, and together with the Common Shares, the
        Preferred Stock Purchase Rights, the Preferred Shares, the Company Debt Securities, the Warrants, the Purchase Contracts and the Rights, the &#8220;<u>Securities</u>&#8221;), each consisting of one or more Rights, Purchase Contracts, Warrants, Preferred Stock,
        Common Stock or any combination of such Securities, each on the terms to be determined at the time of each offering.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; color: #000000;">We have examined originals or copies, certified or otherwise identified to our satisfaction, of: (i) the Registration Statement; (ii) the prospectus of the Company included in the
        Registration Statement (the &#8220;<u>Prospectus</u>&#8221;); and (iii) such corporate documents and records of the Company and such other instruments, certificates and documents as we have deemed necessary or appropriate as a basis for the opinions
        hereinafter expressed. In such examinations, we have assumed the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as copies or drafts of documents to be executed, the
        genuineness of all signatures and the legal competence or capacity of persons or entities to complete the execution of documents. As to various questions of fact that are material to the opinions hereinafter expressed, we have relied upon
        statements or certificates of public officials, directors of the Company and others.</div>
      <div style="text-align: justify; text-indent: 36pt; color: #000000;"> <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; color: #000000;">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:</div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd0a5c85a4d2d4da6bc703a1ae2df139b" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; color: #000000;">1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="color: #000000;">The Common Shares and the Preferred Shares have been duly authorized and when (i) the Company has taken all necessary action to approve the issuance of such Common Shares and Preferred Shares, including the
                  designation of the rights and preferences therein pursuant to a statement of designation duly filed with the Republic of the Marshall Islands, the terms of the offering thereof and related matters and (ii) the Common Shares and Preferred
                  Shares </font>have been duly established in conformity with the Company&#8217;s<font style="color: #000000;"> articles of incorporation and issued and delivered in accordance with the terms of the applicable definitive purchase agreement,
                  underwriting agreement or similar agreement approved by the Company and as contemplated in the Prospectus or applicable prospectus supplement related thereto, upon payment of the consideration thereof or provided for therein, and assuming
                  the total number of such issued Common Shares or Preferred Shares, together with such total number of Common Shares or Preferred Shares reserved for issuance upon the exercise, exchange or conversion, as the case may be, of any
                  exercisable, exchangeable or convertible security then outstanding, will not exceed the total number of such authorized Common Shares or Preferred Shares under the Company's Articles of Incorporation, as amended and then in effect, then
                  such Common Shares and Preferred Shares will be validly issued, fully paid and non-assessable.</font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1c9d66a6675a40e9b23babe861cfc5aa" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; color: #000000;">2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;">With respect to the Warrants, Rights and Purchase Contracts (together the &#8220;<u>Subscription Securities</u>&#8221;), when (i) the Company has taken all necessary action to approve the issuance and terms of such
                Subscription Securities, the terms of the offering and related matters and (ii) the Subscription Securities have been issued and delivered in accordance with the terms of the applicable warrant agreement, rights agreement, purchase
                contract, or similar agreement approved by the Company and as contemplated in the Prospectus or applicable prospectus supplement related thereto, and upon payment of the consideration therefor, if any, provided for therein and in any
                applicable definitive purchase, underwriting or similar agreement approved by the Company, then the Subscription Securities will constitute valid and legally binding obligations of the Company in accordance with their terms, except as the
                enforcement thereof (i) may be limited by any applicable bankruptcy, insolvency, reorganization, fraudulent conveyance, fraudulent transfer, fraudulent obligation, moratorium or other similar laws affecting generally the enforceability of
                creditors&#8217; rights and remedies or the collection of debtor&#8217;s obligations from time to time in effect, and (ii) is subject to general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or
                at law, including the application of principles of good faith, fair dealing, course of dealing, course of performance, commercial reasonableness, materiality, unconscionability and conflict with public policy and other similar principles;
                or other law relating to or affecting creditors&#8217; rights generally and general principles of equity.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zeff2676e06d84afab3f050d60bbfe37c" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; color: #000000;">3.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;">With respect to the Debt Securities, when the applicable indenture relating to such Debt Securities (the &#8220;<u>Indenture</u>&#8221;) has been duly authorized and qualified and the Company has taken all necessary action to
                approve the issuance and terms of the Debt Securities and the terms of the offering thereof and related matters and the Debt Securities have been duly executed, authenticated, issued and delivered in accordance with the provisions of the
                Indenture and the other applicable agreements approved by the Company and as contemplated in the Prospectus or prospectus supplement related thereto, and upon payment of the consideration thereof or provided for therein, the Debt Securities
                will be legally issued and will constitute valid and legally binding obligations of the Company, enforceable against the Company in accordance with their terms, except as the enforcement thereof (i) may be limited by any applicable
                bankruptcy, insolvency, reorganization, fraudulent conveyance, fraudulent transfer, fraudulent obligation, moratorium or other similar laws affecting generally the enforceability of creditors&#8217; rights and remedies or the collection of
                debtor&#8217;s obligations from time to time in effect, and (ii) is subject to general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law, including the application of principles of
                good faith, fair dealing, course of dealing, course of performance, commercial reasonableness, materiality, unconscionability and conflict with public policy and other similar principles; or other law relating to or affecting creditors&#8217;
                rights generally and general principles of equity.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcd82aac134b845469890a1f9fa3e9995" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; color: #000000;">4.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;">With respect to the Units, when the Company has taken all necessary action to approve the issuance of the Units, the terms of the offering thereof and related matters and the Units have been issued and delivered
                in accordance with the terms of the applicable agreement(s) approved by the Company, and as contemplated in the Prospectus or prospectus supplement related thereto, upon payment of the consideration thereof or provided for therein then the
                Units will be validly issued, fully paid, and non-assessable.</div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; color: #000000;">This opinion is limited to the laws of the Republic of the Marshall Islands as in effect on the date hereof.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; color: #000000;">We hereby consent to the filing of this opinion as an exhibit to the Registration Statement, and to each reference to us and the discussions of advice provided by us under the
        headings &#8220;Validity of Securities&#8221; in the Prospectus, without admitting we are &#8220;experts&#8221; 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><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z8a649320d2694948ad844d2e3fe50c54" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 32.57%; vertical-align: top;">&#160;</td>
            <td style="width: 34.82%; vertical-align: top;">
              <div style="color: #000000;"><br>
              </div>
            </td>
            <td style="width: 32.61%; vertical-align: top;">&#160;Very truly yours,</td>
          </tr>
          <tr>
            <td style="width: 32.57%; vertical-align: top;">&#160;</td>
            <td style="width: 34.82%; vertical-align: top;">&#160;</td>
            <td style="width: 32.61%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 32.57%; vertical-align: top;">&#160;</td>
            <td style="width: 34.82%; vertical-align: top;">
              <div style="text-align: justify; color: #000000;"><br>
              </div>
            </td>
            <td style="width: 32.61%; vertical-align: top;">&#160;/s/ Seward &amp; Kissel LLP</td>
          </tr>

      </table>
      <div><br>
      </div>
      <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"> </div>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>5
<FILENAME>ny20014329x1_ex8-1.htm
<DESCRIPTION>EXHIBIT 8.1
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Broadridge Finanicial Soultions, Inc.
         Document created using Broadridge PROfile 23.9.1.5178
         Copyright 1995 - 2023 Broadridge -->
  </head>
<body style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;" bgcolor="#ffffff">
  <div>
    <hr style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade">
    <div>
      <div>
        <div style="text-align: right; margin-left: 337.7pt; color: #000000; font-weight: bold;">Exhibit 8.1</div>
      </div>
      <div>
        <div><br>
        </div>
        <div style="margin-left: 337.7pt; color: #000000;">November 13, 2023</div>
        <div><br>
        </div>
      </div>
      <div>
        <div style="color: #000000;">Toro Corp.</div>
      </div>
      <div>
        <div style="text-indent: 24.5pt; color: #000000;">223 Christodoulou Chatzipavlou Street</div>
        <div style="text-indent: 36pt; color: #000000;">Hawaii Royal Gardens</div>
      </div>
      <div>
        <div style="text-indent: 48.95pt; color: #000000;">3036 Limassol, Cyprus.</div>
        <div><br>
        </div>
      </div>
      <div>
        <div style="color: #000000;">Ladies and Gentlemen:</div>
        <div><br>
        </div>
      </div>
      <div>
        <div style="text-indent: 24.5pt; color: #000000;">We have acted as your United States federal income tax counsel in connection with the filing of the Registration Statement on Form F-3 filed with the U.S. Securities and Exchange Commission under
          the Securities Act of 1933 (the &#8220;Act&#8221;) on November 13, 2023, relating to common shares, preferred shares, debt securities, warrants, purchase contracts, rights and units that may be offered for sale (the &#8220;Registration Statement&#8221;). Based on the
          facts as set forth in the Registration Statement and your annual report on Form 20-F for the fiscal year ended December 31, 2022 (the &#8220;Annual Report&#8221;), 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 section entitled &#8220;<font style="font-style: italic;">Taxation</font>&#8221;, we hereby confirm to you that, in our opinion, the statements of
          United States federal income tax law expressed in the Annual Report in the section entitled &#8220;<font style="font-style: italic;">Taxation</font>&#8221; and incorporated by reference into the Registration Statement, are accurate in all material respects,
          subject to the limitations set forth therein.</div>
        <div><br>
        </div>
        <div style="text-indent: 24.5pt; color: #000000;">We hereby consent to the filing of this opinion as an exhibit to the Registration Statement. In giving such consent, we do not thereby admit that we are in the category of persons whose consent is
          required under Section 7 of the Act.</div>
      </div>
      <div>
        <div><br>
        </div>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zd4d02be1a8bf407693ab838f8cdb6011" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 31.82%; vertical-align: top;">&#160;</td>
            <td style="width: 26.24%; vertical-align: top;">&#160;</td>
            <td style="width: 41.94%; vertical-align: top;">
              <div>
                <div style="color: #000000;">Very truly yours,</div>
              </div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 31.82%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 26.24%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 41.94%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 31.82%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 26.24%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 41.94%; vertical-align: top;">&#160;/s/ SULLIVAN &amp; CROMWELL LLP</td>
          </tr>

      </table>
      <div>
        <div><br>
        </div>
        <div>
          <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
      </div>
    </div>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>6
<FILENAME>ny20014329x1_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Broadridge Finanicial Soultions, Inc.
         Document created using Broadridge PROfile 23.9.1.5178
         Copyright 1995 - 2023 Broadridge -->
  </head>
<body style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;" bgcolor="#ffffff">
  <div>
    <div>
      <hr style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade">
      <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 23.1</font><br>
      </div>
      <div style="text-align: right;"><font style="font-weight: bold;"> <br>
        </font></div>
    </div>
    <div>
      <div style="margin: 0px 0px 0px; font-weight: bold;">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</div>
      <div style="margin-top: 12pt;">We consent to the incorporation by reference in this Registration Statement on Form F-3 of our report dated March 8, 2023, relating to the
        combined carve-out financial statements of Toro Corp. Predecessor, appearing in the
          Annual Report on Form 20-F of Toro Corp. for the fiscal year ended December 31, 2022. We also consent to the reference to us under the heading &#8220;Experts&#8221; in such Registration Statement.</div>
      <div style="margin-top: 12pt;">/s/ Deloitte Certified Public Accountants S.A.</div>
    </div>
    <div>
      <div><br>
      </div>
      <div style="margin-top: 6pt;">Athens, Greece</div>
      <div style="margin-top: 6pt;">November 13, 2023</div>
      <div style="margin-top: 6pt;">
        <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"> </div>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>7
<FILENAME>ny20014329x1_ex23-2.htm
<DESCRIPTION>EXHIBIT 23.2
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Broadridge Finanicial Soultions, Inc.
         Document created using Broadridge PROfile 23.9.1.5178
         Copyright 1995 - 2023 Broadridge -->
  </head>
<body style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;" bgcolor="#ffffff">
  <div>
    <div style="margin-bottom: 8pt;">
      <hr style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade">
      <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 23.2</font><br>
      </div>
    </div>
    <div>
      <div><br>
      </div>
      <div style="margin: 0px 0px 0px; font-weight: bold;">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</div>
    </div>
    <div>
      <div style="margin-top: 12pt;">We consent to the incorporation by reference in this Registration Statement on Form F-3 of our report dated March 8, 2023, relating to the
        consolidated financial statements of Toro Corp., appearing in the Annual Report on Form 20-F of Toro Corp. for the fiscal year ended December 31, 2022. We also consent to the reference to us under the heading "Experts" in such Registration
        Statement.</div>
    </div>
    <div><br>
    </div>
    <div>
      <div>/s/ Deloitte Certified Public Accountants S.A.</div>
      <div>Athens, Greece</div>
      <div>November 13, 2023
        <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
      <div><br>
      </div>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>8
<FILENAME>ny20014329x1_ex107.htm
<DESCRIPTION>FILING FEE TABLE
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Broadridge Finanicial Soultions, Inc.
         Document created using Broadridge PROfile 23.9.1.5178
         Copyright 1995 - 2023 Broadridge -->
  </head>
<body style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;" bgcolor="#ffffff">
  <div>
    <hr style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade">
    <div>
      <div>
        <div style="text-align: right; color: #000000; font-weight: bold;">Exhibit 107</div>
      </div>
      <div>
        <div><br>
        </div>
        <div style="text-align: center; color: #000000; font-weight: bold;">Calculation of Filing Fee Tables</div>
        <div><br>
        </div>
        <div style="text-align: center; color: #000000; font-weight: bold;">Form F-3</div>
        <div style="text-align: center; color: #000000;">(Form Type)</div>
        <div><br>
        </div>
        <div style="text-align: center; color: #000000; font-weight: bold;">Toro Corp.</div>
        <div style="text-align: center; color: #000000;">(Exact Name of Registrant as Specified in its Charter)</div>
        <div><br>
        </div>
        <div style="text-align: center; color: #000000; font-weight: bold;">Table 1: Newly Registered Securities</div>
        <div><br>
        </div>
      </div>
      <div>
        <div><br>
        </div>
        <div><br>
        </div>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z157d0c05a32c4192b9dd1e3d95cfeb31" border="0" cellpadding="0" cellspacing="0">

          <tr>
            <td style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; width: 12%;">
              <div style="text-align: center; color: #000000; font-weight: bold;">Security</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">Type</div>
            </td>
            <td style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; width: 15%;">
              <div style="text-align: center; color: #000000; font-weight: bold;">Security</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">Class Title</div>
            </td>
            <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 12.04%;">
              <div style="text-align: center; color: #000000; font-weight: bold;">Fee</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">Calculation</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">Rule</div>
            </td>
            <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 11.24%;">
              <div style="text-align: center; font-weight: bold;">Amount</div>
              <div style="text-align: center; font-weight: bold;">Registered</div>
            </td>
            <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 11.06%;">
              <div style="text-align: center; color: #000000; font-weight: bold;">Proposed</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">Maximum</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">Offering</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">Price Per</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">Unit</div>
            </td>
            <td style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; width: 16%;">
              <div style="text-align: center; color: #000000; font-weight: bold;">Maximum</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">Aggregate</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">Offering</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">Price</div>
            </td>
            <td style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; width: 11%;">
              <div style="text-align: center; color: #000000; font-weight: bold;">Fee Rate</div>
            </td>
            <td style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; width: 12%;">
              <div style="text-align: center; color: #000000; font-weight: bold;">Amount of</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">Registration</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">Fee</div>
            </td>
          </tr>
          <tr>
            <td rowspan="2" style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; width: 12%;">
              <div style="text-align: center; color: #000000;">Equity</div>
            </td>
            <td style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; width: 15%;">
              <div style="text-align: center; color: #000000;">Common Shares, par value $0.001 per share (&#8220;Common Shares&#8221;)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
            </td>
            <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 12.04%;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 11.24%;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 11.06%;">&#160;</td>
            <td style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; width: 16%;">&#160;</td>
            <td style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; width: 11%;">
              <div style="text-align: center;">0.00014760</div>
            </td>
            <td style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; width: 12%;">&#160;</td>
          </tr>
          <tr>
            <td style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; width: 15%;">
              <div style="text-align: center; color: #000000;">Preferred Shares</div>
            </td>
            <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 12.04%;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 11.24%;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 11.06%;">&#160;</td>
            <td style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; width: 16%;">&#160;</td>
            <td style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; width: 11%;">
              <div style="text-align: center;">0.00014760</div>
            </td>
            <td style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; width: 12%;">&#160;</td>
          </tr>
          <tr>
            <td style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; width: 12%;">
              <div style="text-align: center; color: #000000;">Debt</div>
            </td>
            <td style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; width: 15%;">
              <div style="text-align: center; color: #000000;">Debt Securities</div>
            </td>
            <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 12.04%;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 11.24%;">
              <div style="text-align: center; color: #000000;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
            </td>
            <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 11.06%;">&#160;</td>
            <td style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; width: 16%;">&#160;</td>
            <td style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; width: 11%;">
              <div style="text-align: center;">0.00014760</div>
            </td>
            <td style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; width: 12%;">&#160;</td>
          </tr>
          <tr>
            <td rowspan="4" style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; width: 12%;">
              <div style="text-align: center; color: #000000;">Other</div>
            </td>
            <td style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; width: 15%;">
              <div style="text-align: center; color: #000000;">Warrants</div>
            </td>
            <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 12.04%;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 11.24%;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 11.06%;">&#160;</td>
            <td style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; width: 16%;">&#160;</td>
            <td style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; width: 11%;">
              <div style="text-align: center;">0.00014760</div>
            </td>
            <td style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; width: 12%;">&#160;</td>
          </tr>
          <tr>
            <td style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; width: 15%;">
              <div style="text-align: center; color: #000000;">Purchase Contracts</div>
            </td>
            <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 12.04%;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 11.24%;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 11.06%;">&#160;</td>
            <td style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; width: 16%;">&#160;</td>
            <td style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; width: 11%;">
              <div style="text-align: center;">0.00014760</div>
            </td>
            <td style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; width: 12%;">&#160;</td>
          </tr>
          <tr>
            <td style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; width: 15%;">
              <div style="text-align: center; color: #000000;">Rights</div>
            </td>
            <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 12.04%;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 11.24%;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 11.06%;">&#160;</td>
            <td style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; width: 16%;">&#160;</td>
            <td style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; width: 11%;">
              <div style="text-align: center;">0.00014760</div>
            </td>
            <td style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; width: 12%;">&#160;</td>
          </tr>
          <tr>
            <td style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; width: 15%;">
              <div style="text-align: center; color: #000000;">Units</div>
            </td>
            <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 12.04%;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 11.24%;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 11.06%;">&#160;</td>
            <td style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; width: 16%;">&#160;</td>
            <td style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; width: 11%;">
              <div style="text-align: center;">0.00014760</div>
            </td>
            <td style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; width: 12%;">&#160;</td>
          </tr>
          <tr>
            <td style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; width: 12%;">
              <div style="text-align: center; color: #000000;">Unallocated</div>
              <div style="text-align: center; color: #000000;">(Universal)</div>
              <div style="text-align: center; color: #000000;">Shelf</div>
            </td>
            <td style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; width: 15%;">&#160;</td>
            <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 12.04%;">
              <div style="text-align: center; color: #000000;">457(o)</div>
            </td>
            <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 11.24%;">
              <div style="text-align: center; color: #000000;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
            </td>
            <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 11.06%;">
              <div style="text-align: center; color: #000000;">N/A</div>
            </td>
            <td style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; width: 16%;">
              <div style="text-align: center; color: #000000;">$200,000,000.00<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"></sup></div>
              <div style="text-align: center; color: #000000;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)(5)</sup></div>
            </td>
            <td style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; width: 11%;">
              <div style="text-align: center;">0.00014760</div>
            </td>
            <td style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; width: 12%;">
              <div style="text-align: center;">$29,520.00</div>
            </td>
          </tr>
          <tr>
            <td colspan="4" style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom;">
              <div style="text-align: center; color: #000000; font-weight: bold;">Total Offering Amounts</div>
            </td>
            <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 11.06%;">&#160;</td>
            <td style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; width: 16%;">
              <div style="text-align: center; color: #000000;">$200,000,000.00</div>
            </td>
            <td style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; width: 11%;">&#160;</td>
            <td style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; width: 12%;">
              <div style="text-align: center;">$29,520.00</div>
            </td>
          </tr>
          <tr>
            <td colspan="4" style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom;">
              <div style="text-align: center; color: #000000; font-weight: bold;">Total Fee Offsets</div>
            </td>
            <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 11.06%;">&#160;</td>
            <td style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; width: 16%;">&#160;</td>
            <td style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; width: 11%;">&#160;</td>
            <td style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; width: 12%;">
              <div style="text-align: center;">&#8212;</div>
            </td>
          </tr>
          <tr>
            <td colspan="4" style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom;">
              <div style="text-align: center; color: #000000; font-weight: bold;">Net Fee Due</div>
            </td>
            <td style="border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-right: 2px solid #000000; border-top: 2px solid #000000; vertical-align: bottom; width: 11.06%;">&#160;</td>
            <td style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; width: 16%;">&#160;</td>
            <td style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; width: 11%;">&#160;</td>
            <td style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: bottom; width: 12%;">
              <div style="text-align: center;">$29,520.00</div>
            </td>
          </tr>

      </table>
      <div>
        <div><br>
        </div>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zb147e42e85414e7d93fc51986395032a" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 6.84%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">(1)</div>
            </td>
            <td style="width: 93.16%; vertical-align: top;">
              <div>Each Common Share includes an associated preferred share purchase right arising under and subject to the terms set forth in the Shareholder
                Protection Rights Agreement <font style="color: #000000;">by and between the Registrant and Broadridge Corporate Issuer Solutions, Inc.</font>, as rights agent (the
                &#8220;Shareholder Protection Rights Agreement&#8221;). Until the occurrence of certain events described in the Shareholder Protection Rights Agreement, the rights are not exercisable and trade inseparably from the Common Shares.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 6.84%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">(2)</div>
            </td>
            <td style="width: 93.16%; vertical-align: middle;">
              <div>If the registrant issues any debt securities at an original issue discount, then the offering price of such debt securities shall be in such amount
                as shall result in an aggregate offering price not to exceed $200,000,000, less the aggregate dollar amount of all securities previously issued hereunder.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 6.84%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">(3)</div>
            </td>
            <td style="width: 93.16%; vertical-align: middle;">
              <div>The Registrant is registering an indeterminate principal amount or number of its Common Shares, preferred shares, debt securities, warrants,
                purchase contracts, rights or units which may be offered in primary offerings from time to time at indeterminate prices, with an aggregate offering price not to exceed $200,000,000. Pursuant to Rule 416 under the Securities Act of 1933, as
                amended (the &#8220;Securities Act&#8221;), this Registration Statement shall also cover any additional securities to be offered or issued from stock splits, stock dividends, recapitalizations or similar transactions.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 6.84%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">(4)</div>
            </td>
            <td style="width: 93.16%; vertical-align: middle;">
              <div>Estimated solely for the purposes of calculating the registration fee pursuant to Rule 457(o) under the Securities Act. The table does not specify
                by each class information as to the amount to be registered or the proposed maximum offering price per security. Any securities registered hereunder may be sold separately or in any combination with other securities registered hereunder.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 6.84%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">(5)</div>
            </td>
            <td style="width: 93.16%; vertical-align: middle;">
              <div>Also includes such indeterminate principal amount or number of securities as may be issued upon conversion of, or in exchange for, any class of
                securities registered hereunder that provide for conversion or exchange into one or more other classes of securities registered hereunder.</div>
            </td>
          </tr>

      </table>
      <div>
        <div><br>
        </div>
        <div>
          <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
      </div>
    </div>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>logo_torov2.jpg
<TEXT>
begin 644 logo_torov2.jpg
M_]C_X  02D9)1@ ! 0$ P #   #_[0 V4&AO=&]S:&]P(#,N,  X0DE- ^T*
M4F5S;VQU=&EO;@     0 ,     !  $ P     $  ?_B"^!)0T-?4%)/1DE,
M10 ! 0  "]!N;VYE @   &UN=')21T(@6%E:( ?4  < %0 3  L (6%C<W
M         $E%0R!S4D="     0            #VU@ !     -,M2% @(
M
M$&1E<V,   %$    =&)865H   &X    %&)44D,   ',   (#&1M9&0   G8
M    B&=865H   I@    %&=44D,   ',   (#&QU;6D   IT    %&UE87,
M  J(    )&)K<'0   JL    %')865H   K     %')44D,   ',   (#'1E
M8V@   K4    #'9U960   K@    AW=T<'0   MH    %&-P<G0   M\
M*&-H860   ND    +&1E<V,         &G-21T(@245#-C$Y-C8M,BTQ('=I
M=&A"4$,
M                                                    6%E:(
M     "2@   /A   ML]C=7)V        !      %  H #P 4 !D '@ C "@
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M;W5R(%-P86-E("T@<U)'0@
M
M      !865H@        8ID  +>%   8VEA96B            !0
M;65A<P         !                               "6%E:(
M  ,6   #,P   J1865H@        ;Z(  #CU   #D'-I9R      0U)4(&1E
M<V,         +5)E9F5R96YC92!6:65W:6YG($-O;F1I=&EO;B!I;B!)14,@
M-C$Y-C8M,BTQ
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MU=;7V-G:X>+CY.7FY^CIZO'R\_3U]O?X^?K_Q  ? 0 # 0$! 0$! 0$!
M     0(#! 4&!P@)"@O_Q "U$0 " 0($! ,$!P4$!  ! G<  0(#$00%(3$&
M$D%1!V%Q$R(R@0@40I&AL<$)(S-2\!5B<M$*%B0TX27Q%Q@9&B8G*"DJ-38W
M.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U=G=X>7J"@X2%AH>(B8J2
MDY25EI>8F9JBHZ2EIJ>HJ:JRL[2UMK>XN;K"P\3%QL?(R<K2T]35UM?8V=KB
MX^3EYN?HZ>KR\_3U]O?X^?K_V@ , P$  A$#$0 _ /[^**** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB
MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
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M%?O)_D\%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
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M-_P5%_:XU#7E\:_M->*?A_X+UQ9;8_#'X*_\6R\#V>F2DDZ6T6AR?\)%KMN
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MO88GR"R;TPQM-/9_+J4FFKK7]/5;KYGT/1113&%%?YI'_!S_ /M%_'OX<?\
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M\.(:A?@Y%]> CH1<S C\0]=1H7Q(^(7AB19?#GCGQ=H,BD%7TCQ%JVGLI!W
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MW_Q'SXH?_,U6<^GS_0F:;4;)O66ROORV^\^"**^]_P#AU=_P4M_Z,'_:]_\
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MFR=TGW_I_B?Y<7_!UG_REM\7_P#9$OA%_P"DFMU_-I7])?\ P=9_\I;?%_\
MV1+X1?\ I)K=?S:5C+=^K_,SJ?&_2/\ Z2@HHKO/AG\+?B3\9_&FC_#CX1^
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MR07FN7<7ES:WKLT O-0N\Y,=M%;P1?FS116#=]68-MN[_KR"BE )( !))
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MOV^+K]O?_@GG\/?$GB_4VU#XO_!JX;X-_%22; N;[4O#-I;GPWXBD)=GN/\
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M^#/QT^+/POU"(P7O@GQYXET!X?+"@6]GJ4_V&0*1E4EL'MIEP-@5\;C@&O\
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M /9>OA?_ .I;I=?[6-K_ ,>UO_UPA_\ 1:U_BG?L(?\ )Z/[*_\ V7KX7_\
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MVL).T:QDK6>EOQ_K_@F\7S)=TDK==$E>W;]?D?O52$@ DD  $DDX  Y))/
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M;?6--29SI>NZ:[J!/IVK67DWEK-&2K1R@9R*_P!MNOPX_P""S/\ P13^#_\
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MOXV\(VC,"6M[>PU9[?4H+=Y/FQ_:4K1@E(\* !_6312:3W0>6Z[-77W/T/\
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M</\ \08'AK_H][7/_#6V'_R]K^YBBIY8_P J^]_Y_P!7?E9679?<C^&?_B#
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M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
MHHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "B
MBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ***
M* "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
MHHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "B
IBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@#_]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
