<SEC-DOCUMENT>0000919574-21-001946.txt : 20210224
<SEC-HEADER>0000919574-21-001946.hdr.sgml : 20210224
<ACCEPTANCE-DATETIME>20210224160709
ACCESSION NUMBER:		0000919574-21-001946
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20210228
FILED AS OF DATE:		20210224
DATE AS OF CHANGE:		20210224

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Pyxis Tankers Inc.
		CENTRAL INDEX KEY:			0001640043
		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:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37611
		FILM NUMBER:		21673092

	BUSINESS ADDRESS:	
		STREET 1:		59 K. KARAMANLI STREET
		STREET 2:		151 25 MAROUSSI
		CITY:			ATHENS
		STATE:			J3
		ZIP:			15125
		BUSINESS PHONE:		2106560590

	MAIL ADDRESS:	
		STREET 1:		59 K. KARAMANLI STREET
		STREET 2:		151 25 MAROUSSI
		CITY:			ATHENS
		STATE:			J3
		ZIP:			15125
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>d8807183_6-k.htm
<TEXT>
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    <div style="text-align: center; margin-top: 4.5pt; font-family: 'Times New Roman', serif; font-size: 16pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 16pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; margin-top: 0.25pt; font-family: 'Times New Roman', serif; font-size: 10.5pt; font-weight: bold;">Washington, D.C. 20549</div>
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    <div style="text-align: center; font-family: 'Times New Roman', serif;">__________________________</div>
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    <div style="text-align: center; margin-top: 9.2pt; font-family: 'Times New Roman', serif; font-size: 16pt; font-weight: bold;">FORM 6-K</div>
    <div style="text-align: center; margin-top: 11.6pt; font-family: 'Times New Roman', serif; font-size: 8.5pt; font-weight: bold;">REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934</div>
    <div><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8.5pt; font-weight: bold;">For the month of: February 2021 </div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8.5pt; font-weight: bold;">Commission File Number: 1-37611</div>
    <div><br>
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    <div style="text-align: center; font-family: 'Times New Roman', serif;">__________________________</div>
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    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 16pt; font-weight: bold;">Pyxis Tankers Inc.</div>
    <div style="text-align: center; margin-top: 11.55pt; font-family: 'Times New Roman', serif; font-weight: bold;">59 K. Karamanli Street Maroussi 15125 Greece</div>
    <div style="text-align: center; margin-top: 0.1pt; font-family: 'Times New Roman', serif; font-weight: bold;">+30 210 638 0200</div>
    <div style="text-align: center; margin-top: 1pt; font-family: 'Times New Roman', serif;">(Address of registrant&#8217;s principal executive offices)</div>
    <div style="margin-top: 0.35pt;"><br>
    </div>
    <div style="font-family: 'Times New Roman', serif;">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt">&#160;</font>[X]<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt">&#160;</font>Form 40-F<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt">&#160;</font>[ ]</div>
    <div style="font-family: 'Times New Roman', serif;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____</div>
    <div style="margin-top: 0.05pt;"><br>
    </div>
    <div style="margin-top: 4.85pt; font-family: 'Times New Roman', serif;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ___</div>
    <div style="margin-top: 0.5pt;"><br>
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    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; text-indent: 32.4pt; font-family: 'Times New Roman', serif;">On February 17, 2021, Pyxis Tankers Inc. (the &#8220;Company&#8221;) entered into a Securities Purchase Agreement (the &#8220;Purchase Agreement&#8221;) with certain accredited
      investors (the &#8220;Investors&#8221;), pursuant to which the Company, in a private placement, agreed to issue and sell to the Investors an aggregate of 14,285,715 shares of common stock (&#8220;Common Stock&#8221;) of the Company, par value $0.001, at a price per share of
      $1.75 (the &#8220;Private Placement&#8221;).&#160; As of February 24, 2021, there were 36,792,055 issued and outstanding shares of the Company&#8217;s common stock following closing of this transaction.<br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 32.4pt; font-family: 'Times New Roman', serif;">As a condition of the Purchase Agreement, the Company, each of the Company&#8217;s directors and executive officers entered into lock-up agreements (the &#8220;Lock Up
      Agreements&#8221;) pursuant to which they may not (subject to certain limited exceptions), among other things, offer or sell Common Stock until 60 days after Effective Date (as defined therein).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 32.4pt; font-family: 'Times New Roman', serif;">In connection with the Private Placement, the Company also entered into a Registration Rights Agreement, dated February 17, 2021 (the &#8220;Registration Rights
      Agreement&#8221;) with the Investors. Pursuant to the terms of the Registration Rights Agreement, the Company is obligated to prepare and file with the Securities and Exchange Commission a registration statement to register for resale the Registrable
      Securities (as defined therein).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 32.4pt; font-family: 'Times New Roman', serif;">The foregoing descriptions of the material terms of the Purchase Agreement, Lock Up Agreements and Registration Rights Agreement are qualified in their
      entirety by reference to the full text of the Purchase Agreement, Form of Lock Up Agreement and Registration Rights Agreement, which are filed as Exhibits 10.1, 10.2 and 10.3, respectively, to this Report of Foreign Private Issuer on Form 6-K and
      incorporated herein by reference.&#160; </div>
    <div style="text-align: justify; text-indent: 32.4pt; font-family: 'Times New Roman', serif;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 32.4pt; font-family: 'Times New Roman', serif;">On February 24, 2021, the Company issued a press release, a copy of which is attached hereto as Exhibit 99.1 to this Report of Foreign Private Issuer on Form
      6-K and incorporated herein by reference. <br>
    </div>
    <div style="text-align: justify; text-indent: 32.4pt; font-family: 'Times New Roman', serif;"> <br>
    </div>
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    <table cellspacing="0" cellpadding="0" id="zcb8d697323ee4659afd44176088188c7" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
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            <div style="font-family: 'Times New Roman', serif;"><u>Exhibit Number</u></div>
          </td>
          <td style="width: 81.71%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;"><u>Document</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 18.29%; vertical-align: top;">&#160;</td>
          <td style="width: 81.71%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 18.29%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">10.1</div>
          </td>
          <td style="width: 81.71%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; background-color: rgb(255, 255, 255); font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;">Securities Purchase Agreement, dated February 17,
              2021, among Pyxis Tankers Inc. and the purchasers identified on the signature pages thereto</div>
          </td>
        </tr>
        <tr>
          <td style="width: 18.29%; vertical-align: top;">&#160;</td>
          <td style="width: 81.71%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 18.29%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">10.2</div>
          </td>
          <td style="width: 81.71%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; background-color: rgb(255, 255, 255); font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;">Form of Lock Up Agreement</div>
          </td>
        </tr>
        <tr>
          <td style="width: 18.29%; vertical-align: top;">&#160;</td>
          <td style="width: 81.71%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 18.29%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">10.3</div>
          </td>
          <td style="width: 81.71%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; background-color: rgb(255, 255, 255); font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;">Registration Rights Agreement, dated February 17,
              2021, among Pyxis Tankers Inc. and the purchasers identified on the signature pages thereto</div>
          </td>
        </tr>
        <tr>
          <td style="width: 18.29%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 81.71%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 18.29%; vertical-align: top;" rowspan="1">99.1 <br>
          </td>
          <td style="width: 81.71%; vertical-align: top;" rowspan="1">Press Release, dated February 24, 2021</td>
        </tr>

    </table>
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    <div style="text-align: center; margin-top: 3.5pt; font-family: 'Times New Roman', serif; font-weight: bold;">SIGNATURES</div>
    <div style="margin-top: 0.35pt;"><br>
    </div>
    <div style="text-indent: 32.4pt; font-family: 'Times New Roman', serif;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
      authorized.</div>
    <div style="text-indent: 32.4pt; font-family: 'Times New Roman', serif;"> <br>
    </div>
    <div style="margin-top: 0.55pt;"><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="z24d18f2edb784bbaa3bb0b483aa9f30e" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 49.85%; vertical-align: top;">&#160;</td>
          <td style="vertical-align: top;" colspan="2">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">PYXIS TANKERS INC.</div>
          </td>
          <td style="width: 15%; vertical-align: top;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 49.85%; vertical-align: top;">&#160;</td>
          <td style="vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 15%; vertical-align: top;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 49.85%; vertical-align: top;">&#160;</td>
          <td style="vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 15%; vertical-align: top;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 49.85%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
            <div style="font-family: 'Times New Roman', serif;">By:</div>
          </td>
          <td style="width: 30%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman', serif; font-style: italic;">/s/ Henry Williams</div>
          </td>
          <td style="width: 15%; vertical-align: top; padding-bottom: 2px;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 49.85%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Name:</div>
          </td>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Henry Williams</div>
          </td>
          <td style="width: 15%; vertical-align: top;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 49.85%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Title:</div>
          </td>
          <td style="width: 30%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Chief Financial Officer</div>
          </td>
          <td style="width: 15%; vertical-align: top;" colspan="1">&#160;</td>
        </tr>

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    <div style="margin-top: 0.35pt;"><br>
    </div>
    <div style="font-family: 'Times New Roman', serif;">Date: February 24, 2021</div>
    <div><br>
    </div>
    <div style="margin-top: 0.35pt;"><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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    </div>
    <div style="text-align: center; margin-top: 3.5pt; font-family: 'Times New Roman', serif; font-weight: bold;"><u>Exhibit Index</u></div>
    <div style="margin-top: 0.05pt;"><br>
    </div>
    <div style="margin-top: 0.05pt;"><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z0ad39a72e5a34bc8936b82f92dca9bf8" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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            <div style="font-family: 'Times New Roman', serif;">Exhibit Number</div>
          </td>
          <td style="width: 81.71%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Document</div>
          </td>
        </tr>
        <tr>
          <td style="width: 18.29%; vertical-align: top;">&#160;</td>
          <td style="width: 81.71%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 18.29%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">10.1</div>
          </td>
          <td style="width: 81.71%; vertical-align: top; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div><a href="d8807183_ex10-1.htm">Securities Purchase Agreement, dated February 17, 2021, among Pyxis Tankers Inc. and the purchasers identified on
                the signature pages thereto</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 18.29%; vertical-align: top;">&#160;</td>
          <td style="width: 81.71%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 18.29%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">10.2</div>
          </td>
          <td style="width: 81.71%; vertical-align: top; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div><a href="d8807183_ex10-2.htm">Form of Lock Up Agreement</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 18.29%; vertical-align: top;">&#160;</td>
          <td style="width: 81.71%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 18.29%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">10.3</div>
          </td>
          <td style="width: 81.71%; vertical-align: top; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div><a href="d8807183_ex10-3.htm">Registration Rights Agreement, dated February 17, 2021, among Pyxis Tankers Inc. and the purchasers identified on
                the signature pages thereto</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 18.29%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 81.71%; vertical-align: top; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-style: normal; font-variant: normal; text-transform: none;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 18.29%; vertical-align: top;" rowspan="1">99.1 <br>
          </td>
          <td style="width: 81.71%; vertical-align: top; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-style: normal; font-variant: normal; text-transform: none;" rowspan="1"><a href="d8807183_ex99-1.htm">Press Release, dated February 24, 2021</a><br>
          </td>
        </tr>

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    </div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>d8807183_ex10-1.htm
<TEXT>
<html>
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  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 10.1</font><br>
  </div>
  <div><br>
  </div>
  <div><br>
  </div>
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    <div><br>
    </div>
    <div><br>
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    <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">SECURITIES PURCHASE AGREEMENT</div>
    <div style="text-align: center;"><font style="font-family: 'Times New Roman', serif; font-weight: bold;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">This Securities Purchase Agreement (this &#8220;<u>Agreement</u>&#8221;) is dated as of February 17, 2021, between Pyxis Tankers Inc., a corporation organized under the
      laws of the Marshall Islands (the&#8221; <u>Company</u>&#8221;), and each purchaser identified on the signature pages hereto (each, including its successors and assigns, a &#8220;<u>Purchaser</u>&#8221; and collectively, the &#8220;<u>Purchasers</u>&#8221;).</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">WHEREAS, subject to the terms and conditions set forth in this Agreement and pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (the &#8220;<u>Securities
        Act</u>&#8221;), and/or Rule 506 promulgated thereunder, the Company desires to issue and sell to each Purchaser, and each Purchaser, severally and not jointly, desires to purchase from the Company, securities of the Company as more fully described in
      this Agreement.</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration, the receipt and adequacy of
      which are hereby acknowledged, the Company and each Purchaser agree as follows:</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">ARTICLE I.</font><br>
      <font style="font-weight: bold;">DEFINITIONS</font></div>
    <div style="text-align: center;"><font style="font-family: 'Times New Roman', serif; font-weight: bold;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">1.1 <u>Definitions</u>. In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following terms have the meanings
      set forth in this Section 1.1:</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Acquiring Person</u>&#8221; shall have the meaning ascribed to such term in Section 4.5.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Action</u>&#8221; shall have the meaning ascribed to such term in Section 3.1(j).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#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.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Board of Directors</u>&#8221; means the board of directors of the Company.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Business Day</u>&#8221; means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day
      on which banking institutions in the State of New York are authorized or required by law or other governmental action to close.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Closing</u>&#8221; means the closing of the purchase and sale of the Securities pursuant to Section 2.1.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Closing Date</u>&#8221; means the Trading Day on which all of the Transaction Documents have been executed and delivered by the applicable
      parties thereto, and all conditions precedent to (i) the Purchasers&#8217; obligations to pay the Subscription Amount and (ii) the Company&#8217;s obligations to deliver the Securities, in each case, have been satisfied or waived.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#160;<a name="eolPage7"></a></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Closing Statement</u>&#8221; means the Closing Statement in the form on <u>Annex A</u> attached hereto.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Commission</u>&#8221; means the United States Securities and Exchange Commission.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Common Stock</u>&#8221; means the common stock of the Company, par value $0.001 per share, and any other class of securities into which such
      securities may hereafter be reclassified or changed.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Common Stock Equivalents</u>&#8221; means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire
      at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to
      receive, Common Stock.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Company U.S. Counsel</u>&#8221; means Seward &amp; Kissel LLP, with offices located at One Battery Park Plaza, New York, New York 10004.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">1</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;Company Malta Counsel&#8221; Dingli &amp; Dingli, with offices located at 18/@, South Street, Valetta, VLT 1102, Malta</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Company Marshall Islands Counsel</u>&#8221; means Seward &amp; Kissel LLP, with offices located at One Battery Park Plaza, New York, NY 10004.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Disclosure Schedules</u>&#8221; shall have the meaning ascribed to such term in Section 3.1.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Effective Date</u>&#8221; means the earliest of the date that (a) one or more Registration Statements have been declared effective by the
      Commission registering all of the Shares for resale, (b) all of the Shares have been sold pursuant to Rule 144 or may be sold pursuant to Rule 144 without the requirement for the Company to be in compliance with the current public information
      required under Rule 144 and without volume or manner-of-sale restrictions, (c) following the one year anniversary of the Closing Date provided that a holder of Shares is not an Affiliate of the Company, or (d) all of the Shares may be sold pursuant
      to an exemption from registration under Section 4(a)(1) of the Securities Act and Company Counsel has delivered to such holders a standing written unqualified opinion that resales may then be made by such holders of the Shares pursuant to such
      exemption which opinion shall be in form and substance reasonably acceptable to such holders.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Environmental Laws</u>&#8221; shall have the meaning ascribed to such term in Section 3.1(m).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Escrow Agent</u>&#8221; means Wilmington Trust, N.A., with its principal corporate trust office at 1100 North Market Street, Wilmington,
      Delaware 19890.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Escrow Agreement</u>&#8221; means the escrow agreement, if one is required, by and among the Company, the Escrow Agent and the Placement Agent
      pursuant to which the Purchasers shall deposit Subscription Amounts with the Escrow Agent to be applied to the transactions contemplated hereunder.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Evaluation Date</u>&#8221; shall have the meaning ascribed to such term in Section 3.1(r).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#160;<a name="eolPage8"></a></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Exchange Act</u>&#8221; means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Exempt Issuance</u>&#8221; means the issuance of (a) shares of Common Stock or options to employees, officers or directors of the Company
      pursuant to any stock or option plan duly adopted for such purpose, by a majority of the non-employee members of the Board of Directors or a majority of the members of a committee of non-employee directors established for such purpose for services
      rendered to the Company and, (b) securities upon the exercise or exchange of or conversion of securities exercisable or exchangeable for or convertible into shares of Common Stock issued and outstanding on the date of this Agreement, provided that
      such securities have not been amended since the date of this Agreement to increase the number of such securities or to decrease the exercise price, exchange price or conversion price of such securities (other than in connection with stock splits or
      combinations) or to extend the term of such securities.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>FCPA</u>&#8221; means the Foreign Corrupt Practices Act of 1977, as amended.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>GAAP</u>&#8221; shall have the meaning ascribed to such term in Section 3.1(h).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Governmental Authorizations</u>&#8221; means, with respect to any Person, all licenses, permits (including construction permits), certificates,
      waivers, consents, franchises, exemptions, variances, expirations and terminations of any waiting period requirements and other authorizations and approvals issued to such Person by or obtained by such Person from any governmental authority, or of
      which such Person has the benefit under any applicable law.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;Hazardous Materials&#8221; shall have the meaning ascribed to such term in Section 3.1(m).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Indebtedness</u>&#8221; shall have the meaning ascribed to such term in Section 3.1(aa).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Legend Removal Date</u>&#8221; shall have the meaning ascribed to such term in Section 4.1(c).</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">2</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Liens</u>&#8221; means a lien, charge pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Lock-Up Agreements</u>&#8221; means each Lock-Up Agreement, dated as of the date hereof, by and between the Company and each of the directors,
      executive officers, and 10% shareholders of the Company, in the form of <u>Exhibit B</u> attached hereto.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Material Adverse Effect</u>&#8221; shall have the meaning assigned to such term in Section 3.1(b).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Material Permits</u>&#8221; shall have the meaning ascribed to such term in Section 3.1(n).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Maritime Guidelines</u>&#8221; means any United States, international or non-United States (including the Republic of the Marshall Islands)
      rule, code of practice, convention, protocol, guideline or similar requirement or restriction concerning or relating to a vessel, and to which a vessel is subject and required to comply with, imposed, published or promulgated by any relevant
      governmental authority, the International Maritime Organization, such vessel&#8217;s classification society or the insurer(s) of such vessel.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Owned Vessels</u>&#8221; shall have the meaning ascribed to such term in Section 3.1(ss).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Per Share Purchase Price</u>&#8221; equals $1.75, subject to adjustment for reverse and forward stock splits, stock dividends, stock
      combinations and other similar transactions of the Common Stock that occur after the date of this Agreement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Person</u>&#8221; means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited
      liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Placement Agent</u>&#8221; means <a name="eolPage9"></a>ThinkEquity, a division of Fordham Financial Management, Inc.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Proceeding</u>&#8221; means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or
      partial proceeding, such as a deposition), whether commenced or threatened.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Public Information Failure</u>&#8221; shall have the meaning ascribed to such term in Section 4.2(b).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Public Information Failure Payments</u>&#8221; shall have the meaning ascribed to such term in Section 4.2(b).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Purchaser Party</u>&#8221; shall have the meaning ascribed to such term in Section 4.8.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Registration Rights Agreement</u>&#8221; means the Registration Rights Agreement, dated the date hereof, among the Company and the Purchasers,
      in the form of <u>Exhibit A</u> attached hereto.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Registration Statement</u>&#8221; means a registration statement meeting the requirements set forth in the Registration Rights Agreement and
      covering the resale by the Purchasers of the Shares.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Required Approvals</u>&#8221; shall have the meaning ascribed to such term in Section 3.1(e).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Rule 144</u>&#8221; means Rule 144 promulgated by the Commission 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 Commission having substantially the same purpose and effect as such Rule.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Rule 424</u>&#8221; means Rule 424 promulgated by the Commission 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 Commission having substantially the same purpose and effect as such Rule.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>SEC Reports</u>&#8221; shall have the meaning ascribed to such term in Section 3.1(h).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">3</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Securities</u>&#8221; means the Shares.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Securities Act</u>&#8221; means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Shares</u>&#8221; means the shares of Common Stock issued or issuable to each Purchaser pursuant to this Agreement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Short Sales</u>&#8221; means all &#8220;short sales&#8221; as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall not be deemed to
      include locating and/or borrowing shares of Common Stock).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"><a name="eolPage10"></a></font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Subscription Amount</u>&#8221; means, as to each Purchaser, the aggregate amount to be paid for Shares purchased hereunder as specified below
      such Purchaser&#8217;s name on the signature page of this Agreement and next to the heading &#8220;Subscription Amount,&#8221; in United States dollars and in immediately available funds.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Subsidiary</u>&#8221; means any subsidiary of the Company as set forth on <u>Schedule 3.1(a)</u> and shall, where applicable, also include any
      direct or indirect material subsidiary of the Company formed or acquired after the date hereof.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Trading Day</u>&#8221; means a day on which the principal Trading Market is open for trading.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Trading Market</u>&#8221; means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date
      in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Transaction Documents</u>&#8221; means this Agreement, the Registration Rights Agreement, the Lock-Up Agreement, all exhibits and schedules
      thereto and hereto and any other documents or agreements executed in connection with the transactions contemplated hereunder.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Transfer Agent</u>&#8221; means VStock Transfer, LLC, the current transfer agent of the Company, with a mailing address of 18 Lafayette Place,
      Woodmere, N.Y. 11598 and a facsimile number of 646-536-3179, and any successor transfer agent of the Company.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">ARTICLE II.</font><br>
      <font style="font-weight: bold;">PURCHASE AND SALE</font></div>
    <div style="text-align: center;"><font style="font-family: 'Times New Roman', serif; font-weight: bold;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">2.1 <u>Closing</u>. On the Closing Date, upon the terms and subject to the conditions set forth herein, substantially concurrent with the execution and
      delivery of this Agreement by the parties hereto, the Company agrees to sell, and the Purchasers, severally and not jointly, agree to purchase, up to an aggregate of&#160; 14, 285,715 Shares at a price per share equal to the Per Share Purchase Price, as
      defined below. Each Purchaser shall deliver to the Escrow Agent, the Placement Agent or another entity agreed to by the Company and each Purchaser, via wire transfer, immediately available funds equal to such Purchaser&#8217;s Subscription Amount as set
      forth on the signature page hereto executed by such Purchaser. At the Closing, following the release of the Subscription Amounts from escrow to the Company, the Company shall deliver to each Purchaser its respective Shares, as determined pursuant to
      Section 2.2(a), and the Company and each Purchaser shall deliver the other items set forth in Section 2.2 deliverable at the Closing. Upon satisfaction of the covenants and conditions set forth in Sections 2.2 and 2.3, the Closing shall occur at the
      offices of Gracin &amp; Marlow, LLP (&#8220;G&amp;M&#8221;) or such other location as the parties shall mutually agree.</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-indent: 36pt; font-family: 'Times New Roman', serif;">2.2 <u>Deliveries</u>.</div>
    <div style="text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(a) On or prior to the Closing Date, the Company shall deliver or cause to be delivered to each Purchaser the following:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"><a name="eolPage11"></a></font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; font-family: 'Times New Roman', serif;">(i) this Agreement duly executed by the Company;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; font-family: 'Times New Roman', serif;">(ii) a legal opinion of Company U.S. Counsel, in form and substance reasonably acceptable to such Purchaser;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">4</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; font-family: 'Times New Roman', serif;">(iii) a legal opinion of Company Marshall Islands Counsel, in form and substance reasonably acceptable to such Purchaser;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; font-family: 'Times New Roman', serif;">(iv) a legal opinion of Company Malta Counsel, in form and substance reasonably acceptable to such Purchaser;</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; font-family: 'Times New Roman', serif;">(v)&#160;&#160; a copy of the irrevocable instructions to the Transfer Agent instructing the Transfer Agent to deliver, in book entry form, a number of
      Shares equal to such Purchaser&#8217;s Subscription Amount divided by the Per Share Purchase Price, registered in the name of such Purchaser;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; font-family: 'Times New Roman', serif;">(vi) the Lock-Up Agreements; and</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; font-family: 'Times New Roman', serif;">(vii) the Registration Rights Agreement duly executed by the Company.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(b) On or prior to the Closing Date, each Purchaser shall deliver or cause to be delivered to the Company or the Escrow Agent, as applicable,
      the following:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; font-family: 'Times New Roman', serif;">(i) this Agreement duly executed by such Purchaser;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; font-family: 'Times New Roman', serif;">(ii)to the Escrow Agent, such Purchaser&#8217;s Subscription Amount by wire transfer to the account specified in writing by the Company in the
      Escrow Agreement, unless the Company and the Purchasers agree to wire transfer to a separate account specified in writing between the parties; and</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; font-family: 'Times New Roman', serif;">(iii) the Registration Rights Agreement duly executed by such Purchaser.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-indent: 36pt; font-family: 'Times New Roman', serif;">2.3 <u>Closing Conditions</u>.</div>
    <div style="text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(a) The obligations of the Company hereunder in connection with the Closing are subject to the following conditions being met:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; font-family: 'Times New Roman', serif;">(i) the accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse
      Effect, in all respects) on the Closing Date of the representations and warranties of the Purchasers contained herein (unless as of a specific date therein in which case they shall be accurate as of such date);</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; font-family: 'Times New Roman', serif;">(ii) all obligations, covenants and agreements of each Purchaser required to be performed at or prior to the Closing Date shall have been
      performed; and</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; font-family: 'Times New Roman', serif;">(iii) the delivery by each Purchaser of the items set forth in Section 2.2(b) of this Agreement.<a name="eolPage12"></a></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(b) The respective obligations of the Purchasers hereunder in connection with the Closing are subject to the following conditions being met:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; font-family: 'Times New Roman', serif;">(i) the accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse
      Effect, in all respects) when made and on the Closing Date of the representations and warranties of the Company contained herein (unless as of a specific date therein in which case they shall be accurate as of such date);</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; font-family: 'Times New Roman', serif;">(ii) all obligations, covenants and agreements of the Company required to be performed at or prior to the Closing Date shall have been
      performed;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; font-family: 'Times New Roman', serif;">(iii) the delivery by the Company of the items set forth in Section 2.2(a) of this Agreement;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; font-family: 'Times New Roman', serif;">(iv) there shall have been no Material Adverse Effect with respect to the Company since the date hereof; and</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">5</font></div>
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    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; font-family: 'Times New Roman', serif;">(v) from the date hereof to the Closing Date, trading in the Common Stock shall not have been suspended by the Commission or the Company&#8217;s
      principal Trading Market, and, at any time prior to the Closing Date, trading in securities generally as reported by Bloomberg L.P. shall not have been suspended or limited, or minimum prices shall not have been established on securities whose trades
      are reported by such service, or on any Trading Market, nor shall a banking moratorium have been declared either by the United States or New York State authorities nor shall there have occurred any material outbreak or escalation of hostilities or
      other national or international calamity of such magnitude in its effect on, or any material adverse change in, any financial market which, in each case, in the reasonable judgment of such Purchaser, makes it impracticable or inadvisable to purchase
      the Securities at the Closing.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">ARTICLE III.</font><br>
      <font style="font-weight: bold;">REPRESENTATIONS AND WARRANTIES</font></div>
    <div style="text-align: center;"><font style="font-family: 'Times New Roman', serif; font-weight: bold;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">3.1 <u>Representations and Warranties of the Company</u>. Except as set forth in the Disclosure Schedules, which Disclosure Schedules shall be deemed a part
      hereof and shall qualify any representation or otherwise made herein to the extent of the disclosure contained in the corresponding section of the Disclosure Schedules, the Company hereby makes the following representations and warranties to each
      Purchaser:</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(a) <u>Subsidiaries</u>. All of the material direct and indirect subsidiaries of the Company are set forth on <u>Schedule 3.1(a)</u>. The
      Company owns, directly or indirectly, all of the capital stock or other equity interests of each Subsidiary free and clear of any Liens, and all of the issued and outstanding shares of capital stock of each Subsidiary are validly issued and are fully
      paid, non-assessable and free of preemptive and similar rights to subscribe for or purchase securities. If the Company has no subsidiaries, all other references to the Subsidiaries or any of them in the Transaction Documents shall be disregarded.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"><a name="eolPage13"></a></font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(b) <u>Organization and Qualification</u>. The Company and each of the Subsidiaries is an entity duly incorporated or otherwise organized,
      validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization, with the requisite power and authority to own and use its properties and assets and to carry on its business as currently conducted.
      Neither the Company nor any Subsidiary is in violation or default of any of the provisions of its respective certificate or articles of incorporation, bylaws or other organizational or charter documents. Each of the Company and the Subsidiaries is
      duly qualified to conduct business and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary, except where the
      failure to be so qualified or in good standing, as the case may be, could not have or reasonably be expected to result in: (i) a material adverse effect on the legality, validity or enforceability of any Transaction Document, (ii) a material adverse
      effect on the results of operations, assets, business, prospects or condition (financial or otherwise) of the Company and the Subsidiaries, taken as a whole, or (iii) a material adverse effect on the Company&#8217;s ability to perform in any material
      respect on a timely basis its obligations under any Transaction Document (any of (i), (ii) or (iii), a &#8220;<u>Material Adverse Effect</u>&#8221;) and no Proceeding has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to
      revoke, limit or curtail such power and authority or qualification.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(c) <u>Authorization; Enforcement</u>. The Company has the requisite corporate power and authority to enter into and to consummate the
      transactions contemplated by this Agreement and each of the other Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of each of this Agreement and the other Transaction Documents by
      the Company and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of the Company and no further action is required by the Company, the Board of Directors or the
      Company&#8217;s shareholders in connection herewith or therewith other than in connection with the Required Approvals. This Agreement and each other Transaction Document to which it is a party has been (or upon delivery will have been) duly executed by the
      Company and, when delivered in accordance with the terms hereof and thereof, will constitute the valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except: (i) as limited by general equitable
      principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors&#8217; rights generally, (ii) as limited by laws relating to the availability of specific performance,
      injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">6</font></div>
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    </div>
    <div style="margin-bottom: 8pt;"><a name="eolPage14"></a><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(d) <u>No Conflicts</u>. The execution, delivery and performance by the Company of this Agreement and the other Transaction Documents to
      which it is a party, the issuance and sale of the Securities and the consummation by it of the transactions contemplated hereby and thereby do not and will not: (i) conflict with or violate any provision of the Company&#8217;s or any Subsidiary&#8217;s
      certificate or articles of incorporation, bylaws or other organizational or charter documents, (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, result in the creation of
      any Lien upon any of the properties or assets of the Company or any Subsidiary, or give to others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, credit facility,
      debt or other instrument (evidencing a Company or Subsidiary debt or otherwise) or other understanding to which the Company or any Subsidiary is a party or by which any property or asset of the Company or any Subsidiary is bound or affected, or (iii)
      subject to the Required Approvals, conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to which the Company or a Subsidiary is subject
      (including federal and state securities laws and regulations), or by which any property or asset of the Company or a Subsidiary is bound or affected; except in the case of each of clauses (ii) and (iii), such as could not have or reasonably be
      expected to result in a Material Adverse Effect.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(e) <u>Filings, Consents and Approvals</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 the Transaction Documents, other
      than: (i) the filings required pursuant to Section 4.4 of this Agreement, (ii) the filing with the Commission pursuant to the Registration Rights Agreement, (iii) the notice and/or application(s) to each applicable Trading Market for the issuance and
      sale of the Securities and the listing of the Shares for trading thereon in the time and manner required thereby, and (iv) the filing of Form D with the Commission and such filings as are required to be made under applicable state securities laws
      (collectively, the &#8220;<u>Required Approvals</u>&#8221;).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(f) <u>Issuance of the Securities</u>. The Securities are duly authorized and, when issued and paid for in accordance with the applicable
      Transaction Documents, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the Company other than restrictions on transfer provided for in the Transaction Documents.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#160;<a name="eolPage15"></a></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(g) <u>Capitalization</u>. Except as set forth on <u>Schedule 3.1(g)</u>, there have been no material changes to the capitalization of the
      Company since its most recently filed periodic report under the Exchange Act.&#160; As of February 16, 2021, the Company had an aggregate of 22,091,482 shares of Common Stock issued and outstanding.&#160; The Company has not issued any capital stock since its
      most recently filed periodic report under the Exchange Act, other than pursuant to the exercise of stock options under the Company&#8217;s equity incentive plans, the issuance of shares of Common Stock to eligible participants under the Company&#8217;s employee
      stock purchase plans and pursuant to the conversion and/or exercise of Common Stock Equivalents outstanding as of the date of the most recently filed periodic report under the Exchange Act. No Person has any right of first refusal, preemptive right,
      right of participation, or any similar right to participate in the transactions contemplated by the Transaction Documents. Except as a result of the purchase and sale of the Securities, pursuant to stock options outstanding pursuant to the Company&#8217;s
      equity incentive plans or as otherwise disclosed in the SEC Reports, there are no outstanding options, warrants, scrip rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations
      convertible into or exercisable or exchangeable for, or giving any Person any right to subscribe for or acquire any shares of Common Stock or the capital stock of any Subsidiary, or contracts, commitments, understandings or arrangements by which the
      Company or any Subsidiary is or may become bound to issue additional shares of Common Stock or Common Stock Equivalents or capital stock of any Subsidiary. The issuance and sale of the Securities will not obligate the Company or any Subsidiary to
      issue shares of Common Stock or other securities to any Person (other than the Purchasers) and will not result in a right of any holder of Company securities to adjust the exercise, conversion, exchange or reset price under any of such securities.
      There are no outstanding securities or instruments of the Company or any Subsidiary that contain any redemption or similar provisions, and there are no contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is
      or may become bound to redeem a security of the Company or such Subsidiary. The Company does not have any stock appreciation rights or &#8220;phantom stock&#8221; plans or any similar plan or agreement. All of the outstanding shares of capital stock of the
      Company are duly authorized, validly issued, fully paid and nonassessable, have been issued in compliance with all federal and state securities laws, and none of such outstanding shares was issued in violation of any preemptive rights or similar
      rights to subscribe for or purchase securities. No further approval or authorization of any shareholder, the Board of Directors or others is required for the issuance and sale of the Securities. Except as disclosed in the SEC Reports, there are no
      shareholders agreements, voting agreements or other similar agreements with respect to the Company&#8217;s capital stock to which the Company is a party or, to the knowledge of the Company, between or among any of the Company&#8217;s shareholders.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">7</font></div>
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    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#160;(h) <u>SEC Reports; Financial Statements</u>. The Company has filed all reports, schedules, forms, statements and other documents required
      to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the two years preceding the date hereof (or such shorter period as the Company was required by law or regulation to
      file such material) (the foregoing materials, including the exhibits thereto and documents incorporated by reference therein, being collectively referred to herein as the &#8220;<u>SEC Reports</u>&#8221;) on a timely basis or has received a valid extension of
      such time of filing and has filed any such SEC Reports prior to the expiration of any such extension. As of their respective dates, the SEC Reports complied in all material respects with the requirements of the Securities Act and the Exchange Act, as
      applicable, and none of the SEC Reports, when filed, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the
      circumstances under which they were made, not misleading. The Company has never been an issuer subject to Rule 144(i) under the Securities Act. The financial statements of the Company included in the SEC Reports comply in all material respects with
      applicable accounting requirements and the rules and regulations of the Commission with respect thereto as in effect at the time of filing. Such financial statements have been prepared in accordance with United States generally accepted accounting
      principles applied on a consistent basis during the periods involved (&#8220;<u>GAAP</u>&#8221;), except as may be otherwise specified in such financial statements or the notes thereto and except that unaudited financial statements may not contain all footnotes
      required by GAAP, and fairly present in all material respects the financial position of the Company and its consolidated Subsidiaries as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in
      the case of unaudited statements, to normal, immaterial, year-end audit adjustments.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#160;<a name="eolPage16"></a></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(i) <u>Material Changes; Undisclosed Events, Liabilities or Developments</u>. Since the date of the latest audited financial statements
      included within the SEC Reports, except as set forth on <u>Schedule 3.1(i)</u> : (i) there has been no event, occurrence or development that has had or that could reasonably be expected to result in a Material Adverse Effect, (ii) the Company has
      not incurred any liabilities (contingent or otherwise) other than (A) trade payables and accrued expenses incurred in the ordinary course of business consistent with past practice and (B) liabilities not required to be reflected in the Company&#8217;s
      financial statements pursuant to GAAP or disclosed in filings made with the Commission, (iii) the Company has not altered its method of accounting, (iv) the Company has not declared or made any dividend or distribution of cash or other property to
      its shareholders or purchased, redeemed or made any agreements to purchase or redeem any shares of its capital stock and (v) the Company has not issued any equity securities to any officer, director or Affiliate, except pursuant to existing Company
      equity incentive plans. The Company does not have pending before the Commission any request for confidential treatment of information. Except for the issuance of the Securities contemplated by this Agreement or as set forth on <u>Schedule 3.1(i)</u>
      , no event, liability, fact, circumstance, occurrence or development has occurred or exists, or is reasonably expected to occur or exist, with respect to the Company or its Subsidiaries or their respective businesses, properties, operations, assets
      or financial condition, that would be required to be disclosed by the Company under applicable securities laws at the time this representation is made or deemed made that has not been publicly disclosed at least 1 Trading Day prior to the date that
      this representation is made.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(j) <u>Litigation</u>. Except as set forth on <u>Schedule 3.1(j)</u>, there is no action, suit, inquiry, notice of violation, proceeding or
      investigation pending or, to the knowledge of the Company, threatened against or affecting the Company, any Subsidiary or any of their respective properties before or by any court, arbitrator, governmental or administrative agency or regulatory
      authority (federal, state, county, local or foreign) (collectively, an &#8220;<u>Action</u>&#8221; ).&#160; None of the Actions set forth on <u>Schedule 3.1(j)</u>, (i) adversely affects or challenges the legality, validity or enforceability of any of the
      Transaction Documents or the Securities or (ii) could, if there were an unfavorable decision, have or reasonably be expected to result in a Material Adverse Effect. Neither the Company nor any Subsidiary, nor any director or officer thereof, is or
      has been the subject of any Action involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty. There has not been, and to the knowledge of the Company, there is not pending or
      contemplated, any investigation by the Commission involving the Company or any current or former director or officer of the Company. The Commission has not issued any stop order or other order suspending the effectiveness of any registration
      statement filed by the Company or any Subsidiary under the Exchange Act or the Securities Act.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"><a name="eolPage17"></a></font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(k) <u>Labor Relations</u>. No labor dispute exists or, to the knowledge of the Company, is imminent with respect to any of the employees of
      the Company, which could reasonably be expected to result in a Material Adverse Effect. None of the Company&#8217;s or its Subsidiaries&#8217; employees is a member of a union that relates to such employee&#8217;s relationship with the Company or such Subsidiary, and
      neither the Company nor any of its Subsidiaries is a party to a collective bargaining agreement, and the Company and its Subsidiaries believe that their relationships with their employees are good. To the knowledge of the Company, no executive
      officer of the Company or any Subsidiary is, or is now expected to be, in violation of any material term of any employment contract, confidentiality, disclosure or proprietary information agreement or non-competition agreement, or any other contract
      or agreement or any restrictive covenant in favor of any third party, and the continued employment of each such executive officer does not subject the Company or any of its Subsidiaries to any liability with respect to any of the foregoing matters.
      The Company and its Subsidiaries are in compliance with all U.S. federal, state, local and foreign laws and regulations relating to employment and employment practices, terms and conditions of employment and wages and hours, except where the failure
      to be in compliance could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">8</font></div>
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    <div><br>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(l) <u>Compliance with laws; Governmental Authorizations</u>.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif; font-weight: bold;"> </font><br>
    </div>
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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(A)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">Neither the Company nor any Subsidiary: (i) is in default under or in violation of (and no event has occurred that has not been waived that, with notice or lapse of time or both, would result
              in a default by the Company or any Subsidiary under), nor has the Company or any Subsidiary received notice of a claim that it is in default under or that it is in violation of, any indenture, loan or credit agreement or any other agreement
              or instrument to which it is a party or by which it or any of its properties is bound (whether or not such default or violation has been waived), (ii) is in violation of any judgment, decree, or order of any court, arbitrator or other
              governmental authority or (iii) is or has been in violation of any statute, rule, ordinance or regulation of any governmental authority, including without limitation all foreign, federal, state and local laws relating to taxes, environmental
              protection, occupational health and safety, Maritime Guidelines, product quality and safety and employment and labor matters, except in each case as could not have or reasonably be expected to result in a Material Adverse Effect. Each of the
              Owned Vessels is operated in compliance with the. Maritime Guidelines and all applicable international, national, state and local conventions, laws, regulations, orders, governmental licenses and other requirements (including, without
              limitation, all Environmental Laws), in each case as in effect on the date hereof, except where such failure to be in compliance is not resulting or would not reasonably be expected to result in a Material Adverse Effect.</div>
          </td>
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    </table>
    <div><br>
    </div>
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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(B)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', serif;">The Company owns, holds, possesses or lawfully uses in the operation of its business all Governmental Authorizations (including those required by Maritime Guidelines) that are necessary or
              required to conduct its business as now conducted, except where the failure to own, hold, possess or lawfully use such Governmental Authorization would not have a Material Adverse Effect. The Company and each applicable Subsidiary are
              qualified to own or lease, as the case may be, and operate such Owned Vessels under all applicable international, national, state and local conventions, laws, regulations, orders, governmental licenses and other requirements (including,
              without limitation, all Environmental Laws) and Maritime Guidelines, including the laws, regulations and orders of each such vessel&#8217;s flag state, in each case as in effect on the date hereof, except where such failure to be so qualified is
              not resulting or would not reasonably be expect to result in a Material Adverse Effect.</div>
          </td>
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    </table>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif; font-weight: bold;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(m) <u>Environmental Laws</u>. The Company and its Subsidiaries (i) are in compliance with all federal, state, local and foreign laws
      relating to pollution or protection of human health or the environment (including ambient air, surface water, groundwater, land surface or subsurface strata), including laws relating to emissions, discharges, releases or threatened releases of
      chemicals, pollutants, contaminants, or toxic or hazardous substances or wastes (collectively, &#8220;<u>Hazardous Materials</u>&#8221;) into the environment, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal,
      transport or handling of Hazardous Materials, as well as all authorizations, codes, decrees, demands, or demand letters, injunctions, judgments, licenses, notices or notice letters, orders, permits, plans or regulations, issued, entered, promulgated
      or approved thereunder (&#8220;<u>Environmental Laws</u>&#8221;); (ii) have received all permits licenses or other approvals required of them under applicable Environmental Laws to conduct their respective businesses; and (iii) are in compliance with all terms
      and conditions of any such permit, license or approval where in each clause (i), (ii) and (iii), the failure to so comply could be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#160;<a name="eolPage18"></a></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(n) <u>Regulatory Permits</u>. The Company and the Subsidiaries possess all certificates, authorizations and permits issued by the
      appropriate federal, state, local or foreign regulatory authorities necessary to conduct their respective businesses as described in the SEC Reports, except where the failure to possess such permits could not reasonably be expected to result in a
      Material Adverse Effect (&#8220;<u>Material Permits</u>&#8221;), and neither the Company nor any Subsidiary has received any notice of proceedings relating to the revocation or modification of any Material Permit.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">9</font></div>
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    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(o) <u>Title to Assets</u>. The Company and the Subsidiaries have good and marketable title in fee simple to all real property owned by them
      and good and marketable title in all personal property owned by them that is material to the business of the Company and the Subsidiaries, in each case free and clear of all Liens, except (i) for Liens that do not materially affect the value of such
      property and do not materially interfere with the use made and proposed to be made of such property by the Company and the Subsidiaries, (ii) Liens for the payment of federal, state or other taxes, for which appropriate reserves have been made
      therefor in accordance with GAAP and the payment of which is neither delinquent nor subject to penalties and (iii) Liens as disclosed in the SEC Reports. Any real property and facilities held under lease by the Company and the Subsidiaries are held
      by them under valid, subsisting and enforceable leases with which the Company and the Subsidiaries are in compliance.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(p) <u>Insurance</u>. The Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such losses
      and risks and in such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries are engaged, including, but not limited to, directors and officers insurance coverage at least equal to the aggregate Subscription
      Amount. Neither the Company nor any Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to
      continue its business without a significant increase in cost.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(q) <u>Transactions With Affiliates and Employees</u>. Except as set forth on Schedule 3.1(q), none of the officers or directors of the
      Company or any Subsidiary and, to the knowledge of the Company, none of the employees of the Company or any Subsidiary is presently a party to any transaction with the Company or any Subsidiary (other than for services as employees, officers and
      directors), including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or personal property to or from, providing for the borrowing of money from or lending of money to or
      otherwise requiring payments to or from any officer, director or such employee or, to the knowledge of the Company, any entity in which any officer, director, or any such employee has a substantial interest or is an officer, director, trustee,
      shareholder, member or partner, in each case in excess of $120,000 other than for: (i) payment of salary or consulting fees for services rendered, (ii) reimbursement for expenses incurred on behalf of the Company and (iii) other employee benefits,
      including stock option agreements under any stock option plan of the Company.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"><a name="eolPage19"></a></font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(r) <u>Sarbanes-Oxley; Internal Accounting Controls</u>. The Company and the Subsidiaries are in compliance with any and all applicable
      requirements of the Sarbanes-Oxley Act of 2002 that are effective and applicable to the Company as of the date hereof, and any and all applicable rules and regulations promulgated by the Commission thereunder that are effective as of the date hereof
      and as of the Closing Date. The Company and the Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance that: (i) transactions are executed in accordance with management&#8217;s general or specific
      authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management&#8217;s general
      or specific authorization, and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. The Company and the Subsidiaries have established
      disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company and the Subsidiaries and designed such disclosure controls and procedures to ensure that information required to be disclosed by the Company
      in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission&#8217;s rules and forms. The Company&#8217;s certifying officers have evaluated the effectiveness of
      the disclosure controls and procedures of the Company and the Subsidiaries as of the end of the period covered by the most recently filed periodic report under the Exchange Act (such date, the &#8220;<u>Evaluation Date</u>&#8221;). The Company presented in its
      most recently filed periodic report under the Exchange Act the conclusions of the certifying officers about the effectiveness of the disclosure controls and procedures based on their evaluations as of the Evaluation Date. Since the Evaluation Date,
      there have been no changes in the internal control over financial reporting (as such term is defined in the Exchange Act) of the Company and its Subsidiaries that have materially affected, or is reasonably likely to materially affect, the internal
      control over financial reporting of the Company or its Subsidiaries.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">10</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(s) <u>Certain Fees</u>. No brokerage or finder&#8217;s fees or commissions are or will be payable by the Company or any Subsidiary to any broker,
      financial advisor or consultant, finder, placement agent (other than the Placement Agent), investment banker, bank or other Person with respect to the transactions contemplated by the Transaction Documents. The Purchasers shall have no obligation
      with respect to any fees or with respect to any claims made by or on behalf of other Persons for fees of a type contemplated in this Section that may be due in connection with the transactions contemplated by the Transaction Documents.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#160;<a name="eolPage20"></a></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(t) <u>Private Placement</u>. Assuming the accuracy of the Purchasers&#8217; representations and warranties set forth in <u>Section 3.2</u> , no
      registration under the Securities Act is required for the offer and sale of the Securities by the Company to the Purchasers as contemplated hereby. The issuance and sale of the Securities hereunder does not contravene the rules and regulations of the
      Trading Market.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(u) <u>Investment Company</u>. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Securities,
      will not be or be an Affiliate of, an &#8220;investment company&#8221; within the meaning of the Investment Company Act of 1940, as amended. The Company shall conduct its business in a manner so that it will not become an &#8220;investment company&#8221; subject to
      registration under the Investment Company Act of 1940, as amended.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(v) <u>Registration Rights</u>. Other than each of the Purchasers, no Person has any right to cause the Company to effect the registration
      under the Securities Act of any securities of the Company or any Subsidiary.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(w) <u>Listing and Maintenance Requirements</u>. The Common Stock is registered pursuant to Section 12(b) or 12(g) of the Exchange Act, and
      the Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration of the Common Stock under the Exchange Act nor has the Company received any notification that the Commission is
      contemplating terminating such registration. Except as set forth on Schedule 3.1(w) The Company has not, in the 12 months preceding the date hereof, received notice from any Trading Market on which the Common Stock is or has been listed or quoted to
      the effect that the Company is not in compliance with the listing or maintenance requirements of such Trading Market. The Company is, and has no reason to believe that it will not in the foreseeable future continue to be, in compliance with all such
      listing and maintenance requirements. The Common Stock is currently eligible for electronic transfer through the Depository Trust Company or another established clearing corporation and the Company is current in payment of the fees to the Depository
      Trust Company (or such other established clearing corporation) in connection with such electronic transfer.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(x) <u>Application of Takeover Protections</u>. The Company and the Board of Directors have taken all necessary action, if any, in order to
      render inapplicable any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or other similar anti-takeover provision under the Company&#8217;s certificate of incorporation (or similar charter
      documents) or the laws of its state of incorporation that is or could become applicable to the Purchasers as a result of the Purchasers and the Company fulfilling their obligations or exercising their rights under the Transaction Documents, including
      without limitation as a result of the Company&#8217;s issuance of the Securities and the Purchasers&#8217; ownership of the Securities.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><a name="eolPage21"></a><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(y) <u>Disclosure</u>. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction
      Documents, the Company confirms that neither it nor any other Person acting on its behalf has provided any of the Purchasers or their agents or counsel with any information that it believes constitutes or might constitute material, non-public
      information. The Company understands and confirms that the Purchasers will rely on the foregoing representation in effecting transactions in securities of the Company. All of the disclosure furnished by or on behalf of the Company to the Purchasers
      regarding the Company and its Subsidiaries, their respective businesses and the transactions contemplated hereby, including the Disclosure Schedules to this Agreement, is true and correct and does not contain any untrue statement of a material fact
      or omit to state any material fact necessary in order to make the statements made therein, in light of the circumstances under which they were made, not misleading.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(z) <u>No Integrated Offering</u>. Assuming the accuracy of the Purchasers&#8217; representations and warranties set forth in Section 3.2, neither
      the Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause this offering
      of the Securities to be integrated with prior offerings by the Company for purposes of (i) the Securities Act which would require the registration of any such securities under the Securities Act, or (ii) any applicable shareholder approval provisions
      of any Trading Market on which any of the securities of the Company are listed or designated.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">11</font></div>
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(aa) <u>Solvency</u>. Based on the consolidated financial condition of the Company as of the Closing Date, after giving effect to the
      receipt by the Company of the proceeds from the sale of the Securities hereunder: (i) the fair saleable value of the Company&#8217;s assets exceeds the amount that will be required to be paid on or in respect of the Company&#8217;s existing debts and other
      liabilities (including known contingent liabilities) as they mature, (ii) the Company&#8217;s assets do not constitute unreasonably small capital to carry on its business as now conducted and as proposed to be conducted including its capital needs taking
      into account the particular capital requirements of the business conducted by the Company, consolidated and projected capital requirements and capital availability thereof, and (iii) the current cash flow of the Company, together with the proceeds
      the Company would receive, were it to liquidate all of its assets, after taking into account all anticipated uses of the cash, would be sufficient to pay all amounts on or in respect of its liabilities when such amounts are required to be paid. The
      Company does not intend to incur debts beyond its ability to pay such debts as they mature (taking into account the timing and amounts of cash to be payable on or in respect of its debt). The Company has no knowledge of any facts or circumstances
      which lead it to believe that it will file for reorganization or liquidation under the bankruptcy or reorganization laws of any jurisdiction within one year from the Closing Date. <u>Schedule 3.1(aa)</u> sets forth as of the date hereof all
      outstanding secured and unsecured Indebtedness of the Company or any Subsidiary, or for which the Company or any Subsidiary has commitments. For the purposes of this Agreement, &#8220;<u>Indebtedness</u>&#8221; means (x) any liabilities for borrowed money or
      amounts owed in excess of $50,000 (other than trade accounts payable incurred in the ordinary course of business), (y) all guaranties, endorsements and other contingent obligations in respect of indebtedness of others, whether or not the same are or
      should be reflected in the Company&#8217;s consolidated balance sheet (or the notes thereto), except guaranties by endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business; and (z) the
      present value of any lease payments in excess of $50,000 due under leases required to be capitalized in accordance with GAAP.&#160; Neither the Company nor any Subsidiary is in default with respect to any Indebtedness.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#160;<a name="eolPage22"></a></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(bb) <u>Tax Status</u>. Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result in a
      Material Adverse Effect, the Company and its Subsidiaries each (i) has made or filed all United States federal, state and local income and all foreign income and franchise tax returns, reports and declarations required by any jurisdiction to which it
      is subject, (ii) has paid all taxes and other governmental assessments and charges that are material in amount, shown or determined to be due on such returns, reports and declarations and (iii) has set aside on its books provision reasonably adequate
      for the payment of all material taxes for periods subsequent to the periods to which such returns, reports or declarations apply. There are no unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and the
      officers of the Company or of any Subsidiary know of no basis for any such claim. The Company is not operated in such a manner as to qualify as a passive foreign investment company, as defined in Section 1297 of the U.S. Internal Revenue Code of
      1986, as amended.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(cc) <u>No General Solicitation</u>. Neither the Company nor any Person acting on behalf of the Company has offered or sold any of the
      Securities by any form of general solicitation or general advertising. The Company has offered the Securities for sale only to the Purchasers and certain other &#8220;accredited investors&#8221; within the meaning of Rule 501 under the Securities Act.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(dd) <u>Foreign Corrupt Practices.</u> Neither the Company nor any Subsidiary, nor to the knowledge of the Company or any Subsidiary, any
      agent or other person acting on behalf of the Company or any Subsidiary, has: (i) directly or indirectly, used any funds for unlawful contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic political activity,
      (ii) made any unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic political parties or campaigns from corporate funds, (iii) failed to disclose fully any contribution made by the Company or any
      Subsidiary (or made by any person acting on its behalf of which the Company is aware) which is in violation of law or (iv) violated in any material respect any provision of FCPA.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(ee) <u>Accountants</u>. The Company&#8217;s accounting firm is set forth on <u>Schedule 3.1(ee)</u> of the Disclosure Schedules. To the
      knowledge and belief of the Company, such accounting firm: (i) is a registered public accounting firm as required by the Exchange Act and (ii) shall express its opinion with respect to the financial statements to be included in the Company&#8217;s Annual
      Report for the fiscal year ending December 31, 2020.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(ff) <u>No Disagreements with Accountants and Lawyers.</u> There are no disagreements of any kind presently existing, or reasonably
      anticipated by the Company to arise, between the Company and the accountants and lawyers formerly or presently employed by the Company and the Company is current with respect to any fees owed to its accountants and lawyers which could affect the
      Company&#8217;s ability to perform any of its obligations under any of the Transaction Documents.</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">12</font></div>
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;"><a name="eolPage23"></a>(gg) <u>Acknowledgment Regarding Purchasers&#8217; Purchase of Securities</u>. The Company acknowledges and agrees that
      each of the Purchasers is acting solely in the capacity of an arm&#8217;s length purchaser with respect to the Transaction Documents and the transactions contemplated thereby. The Company further acknowledges that no Purchaser is acting as a financial
      advisor or fiduciary of the Company (or in any similar capacity) with respect to the Transaction Documents and the transactions contemplated thereby and any advice given by any Purchaser or any of their respective representatives or agents in
      connection with the Transaction Documents and the transactions contemplated thereby is merely incidental to the Purchasers&#8217; purchase of the Securities. The Company further represents to each Purchaser that the Company&#8217;s decision to enter into this
      Agreement and the other Transaction Documents has been based solely on the independent evaluation of the transactions contemplated hereby by the Company and its representatives.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(hh) <u>Acknowledgment Regarding Purchaser&#8217;s Trading Activity.</u>&#160; Anything in this Agreement or elsewhere herein to the contrary
      notwithstanding (except for Sections 3.2[(g) and 4.14 hereof), it is understood and acknowledged by the Company that: (i) none of the Purchasers has been asked by the Company to agree, nor has any Purchaser agreed, to desist from purchasing or
      selling, long and/or short, securities of the Company, or &#8220;derivative&#8221; securities based on securities issued by the Company or to hold the Securities for any specified term, (ii) past or future open market or other transactions by any Purchaser,
      specifically including, without limitation, Short Sales or &#8220;derivative&#8221; transactions, before or after the closing of this or future private placement transactions, may negatively impact the market price of the Company&#8217;s publicly-traded securities,
      (iii) any Purchaser, and counter-parties in &#8220;derivative&#8221; transactions to which any such Purchaser is a party, directly or indirectly, presently may have a &#8220;short&#8221; position in the Common Stock and (iv) each Purchaser shall not be deemed to have any
      affiliation with or control over any arm&#8217;s length counter-party in any &#8220;derivative&#8221; transaction.&#160; The Company further understands and acknowledges that (y) one or more Purchasers may engage in hedging activities at various times during the period
      that the Securities are outstanding, and (z) such hedging activities (if any) could reduce the value of the existing stockholders' equity interests in the Company at and after the time that the hedging activities are being conducted.&#160; The Company
      acknowledges that such aforementioned hedging activities do not constitute a breach of any of the Transaction Documents<u>.</u></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(ii) <u>Regulation M Compliance.</u> The Company has not, and to its knowledge no one acting on its behalf has, (i) 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 Securities, (ii) sold, bid for, purchased, or paid any compensation
      for soliciting purchases of, any of the Securities, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company, other than, in the case of clauses (ii) and (iii), compensation
      paid to the Company&#8217;s placement agent in connection with the placement of the Securities.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(jj) <u>Form F-3 Eligibility</u>. The Company is eligible to register the resale of the Securities for resale by the Purchaser on Form F-3
      promulgated under the Securities Act.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(kk) <u>Equity Incentive Plans</u>. Each stock option granted by the Company under the Company&#8217;s equity incentive plans was granted (i) in
      accordance with the terms of the Company&#8217;s equity incentive plan and (ii) with an exercise price at least equal to the fair market value of the Common Stock on the date such stock option would be considered granted under GAAP and applicable law. No
      stock option granted under the Company&#8217;s equity incentive plan has been backdated. The Company has not knowingly granted, and there is no and has been no Company policy or practice to knowingly grant, stock options prior to, or otherwise knowingly
      coordinate the grant of stock options with, the release or other public announcement of material information regarding the Company or its Subsidiaries or their financial results or prospects.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(ll) <u>Office of Foreign Assets Control</u>. Neither the Company nor any Subsidiary nor, to the Company&#8217;s knowledge, any director, officer,
      agent, employee or affiliate of the Company or any Subsidiary is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (&#8220;<u>OFAC</u>&#8221;).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#160;<a name="eolPage24"></a></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(mm) <u>U.S. Real Property Holding Corporation</u>. The Company is not and has never been a U.S. real property holding corporation within
      the meaning of Section 897 of the Internal Revenue Code of 1986, as amended, and the Company shall so certify upon Purchaser&#8217;s request.</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">13</font></div>
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    </div>
    <div><br>
    </div>
    <div style="text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(nn) <u>Bank Holding Company Act</u>. Neither the Company nor any of its Subsidiaries or Affiliates is subject to the Bank Holding Company
      Act of 1956, as amended (the &#8220;<u>BHCA</u>&#8221;) and to regulation by the Board of Governors of the Federal Reserve System (the &#8220;<u>Federal Reserve</u>&#8221;). Neither the Company nor any of its Subsidiaries or Affiliates owns or controls, directly or
      indirectly, five percent (5%) or more of the outstanding shares of any class of voting securities or twenty-five percent or more of the total equity of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve. Neither
      the Company nor any of its Subsidiaries or Affiliates exercises a controlling influence over the management or policies of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(oo) <u>Money Laundering</u>. The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance with
      applicable financial record-keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, applicable money laundering statutes and applicable rules and regulations thereunder (collectively, the &#8220;<u>Money
        Laundering Laws</u>&#8221;), and no Action or Proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any Subsidiary with respect to the Money Laundering Laws is pending or, to the knowledge
      of the Company or any Subsidiary, threatened.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(pp) <u>No Disqualification Events</u>. With respect to the Securities to be offered and sold hereunder in reliance on Rule 506 under the
      Securities Act, none of the Company, any of its predecessors, any affiliated issuer, any director, executive officer, other officer of the Company participating in the offering hereunder, any beneficial owner of 20% or more of the Company&#8217;s
      outstanding voting equity securities, calculated on the basis of voting power, nor any promoter (as that term is defined in Rule 405 under the Securities Act) connected with the Company in any capacity at the time of sale (each, an &#8220;<u>Issuer Covered
        Person</u>&#8221; and, together, &#8220;<u>Issuer Covered Persons</u>&#8221;) is subject to any of the &#8220;Bad Actor&#8221; disqualifications described in Rule 506(d)(1)(i) to (viii) under the Securities Act (a &#8220;<u>Disqualification Event</u>&#8221;), except for a Disqualification
      Event covered by Rule 506(d)(2) or (d)(3). The Company has complied, to the extent applicable, with its disclosure obligations under Rule 506(e), and has furnished to the Purchasers a copy of any disclosures provided thereunder.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(qq) <u>Other Covered Persons</u>. Other than the Placement Agent, the Company is not aware of any person (other than any Issuer Covered
      Person) that has been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection with the sale of any Securities.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#160;<a name="eolPage25"></a></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(rr) <u>Notice of Disqualification Events</u>. The Company will notify the Purchasers and the Placement Agent in writing, prior to the
      Closing Date of (i) any Disqualification Event relating to any Issuer Covered Person of which the Company becomes aware, and (ii) any event of which the Company becomes aware that would, with the passage of time, become a Disqualification Event
      relating to any Issuer Covered Person.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;">(ss)</font>&#160; <font style="font-family: 'Times New Roman', serif;"><u>Vessels</u>.&#160; Each of the vessels described in the SEC
        Reports as being owned by the Company or any Subsidiary as described therein or listed on <u>Schedule 3.1(ss)</u> hereto (&#8220;<u>Owned Vessels</u>&#8221;) has been duly and validly registered in the name of a Subsidiary under the laws and regulations and
        flag of the nation of its registration; no other action is necessary to establish and perfect such entity&#8217;s title to and interest in any of the Owned Vessels as against any third party; and each Owned Vessel is owned directly by the Company or such
        Subsidiary free and clear of all liens, claims, security interests or other encumbrances, except such as are described in or contemplated by the SEC Reports. Each such Subsidiary has good title to the applicable Owned Vessel, free and clear of all
        mortgages, pledges, liens, security interests and claims and all defects of the title of record except for maritime liens incurred in the ordinary course and those liens arising under Credit Facilities, each as disclosed in the SEC Reports.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;">(tt)</font>&#160; <font style="font-family: 'Times New Roman', serif;"><u>Owned Vessels</u>. Each of the Owned Vessels is in good
        standing with respect to the payment of past and current taxes, fees and other amounts payable under the laws of the jurisdiction in which it is registered, except for any failure which would not result in a Material Adverse Effect.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;">(uu)</font>&#160; <font style="font-family: 'Times New Roman', serif;"><u>Vessel Classification</u>.&#160; Each of the Owned Vessels is
        classed by a classification society which is a full member of the International Association of Classification Societies and such Owned Vessels are in class with valid class and trading certificates, without overdue recommendations, in each case
        based on the classification and certification requirements in effect on the date hereof.</font></div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">14</font></div>
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    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;">(vv)</font>&#160; <font style="font-family: 'Times New Roman', serif;"><u>Vessel Memorandum of Agreement; Ship Building Contracts</u>.
        Neither the Company nor any Subsidiary is a party to any agreement (memorandum of agreement or otherwise) pursuant to which it has contracted to build any shipping vessels.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;">(ww)</font>&#160; <font style="font-family: 'Times New Roman', serif;"><u>Foreign Private Issuer Status</u>. The Company is a
        &#8220;foreign private issuer&#8221; as defined in Rule 405 of the Securities Act.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;">(xx)</font>&#160; <font style="font-family: 'Times New Roman', serif;"><u>PFIC Status</u>. The Company did not qualify as a
        &#8220;passive foreign investment company&#8221; within the meaning of Section 1297 of the United States Internal Revenue Code of 1986, as amended, for its most recently completed taxable year, if any.</font></div>
    <div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">3.2 <u>Representations and Warranties of the Purchasers</u>. Each Purchaser, for itself and for no other Purchaser, hereby represents and warrants as of the
      date hereof and as of the Closing Date to the Company as follows (unless as of a specific date therein, in which case they shall be accurate as of such date):</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(a) <u>Organization; Authority</u>. Such Purchaser is either an individual or an entity duly incorporated or formed, validly existing and in
      good standing under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership, limited liability company or similar power and authority to enter into and to consummate the transactions contemplated by the
      Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of the Transaction Documents and performance by such Purchaser of the transactions contemplated by the Transaction Documents have
      been duly authorized by all necessary corporate, partnership, limited liability company or similar action, as applicable, on the part of such Purchaser. Each Transaction Document to which it is a party has been duly executed by such Purchaser, and
      when delivered by such Purchaser in accordance with the terms hereof, will constitute the valid and legally binding obligation of such Purchaser, enforceable against it in accordance with its terms, except: (i) as limited by general equitable
      principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors&#8217; rights generally, (ii) as limited by laws relating to the availability of specific performance,
      injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#160;(b) <u>Own Account</u>. Such Purchaser understands that the Securities are &#8220;restricted securities&#8221; and have not been registered under the
      Securities Act or any applicable state securities law and is acquiring the Securities as principal for its own account and not with a view to or for distributing or reselling such Securities or any part thereof in violation of the Securities Act or
      any applicable state securities law, has no present intention of distributing any of such Securities in violation of the Securities Act or any applicable state securities law and has no direct or indirect arrangement or understandings with any other
      persons to distribute or regarding the distribution of such Securities in violation of the Securities Act or any applicable state securities law (this representation and warranty not limiting such Purchaser&#8217;s right to sell the Securities pursuant to
      the Registration Statement or otherwise in compliance with applicable federal and state securities laws). Such Purchaser is acquiring the Securities hereunder in the ordinary course of its business.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#160;<a name="eolPage26"></a></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(c) <u>Purchaser Status</u>. At the time such Purchaser was offered the Securities, it was, and as of the date hereof it is either: (i) an
      &#8220;accredited investor&#8221; as defined in Rule 501(a)(1), (a)(2), (a)(3), or (a)(7)&#160; under the Securities Act or (ii) a &#8220;qualified institutional buyer&#8221; as defined in Rule 144A(a) under the Securities Act.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(d) <u>Experience of Such Purchaser</u>. Such Purchaser, 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 Securities, and has so evaluated the merits and risks of such investment. Such Purchaser is
      able to bear the economic risk of an investment in the Securities and, at the present time, is able to afford a complete loss of such investment.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(e) <u>General Solicitation</u>. Such Purchaser is not, to such Purchaser&#8217;s knowledge, purchasing the Securities as a result of any
      advertisement, article, notice or other communication regarding the Securities published in any newspaper, magazine or similar media or broadcast over television or radio or presented at any seminar or, to the knowledge of such Purchaser, any other
      general solicitation or general advertisement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">15</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(f) <u>Access to Information</u>. Such Purchaser acknowledges that it has had the opportunity to review the Transaction Documents (including
      all exhibits and schedules thereto) and the SEC Reports and has been afforded (i) the opportunity to ask such questions as it has deemed necessary of, and to receive answers from, representatives of the Company concerning the terms and conditions of
      the offering of the Shares and the merits and risks of investing in the Shares; (ii) access to information about the Company and its financial condition, results of operations, business, properties, management and prospects sufficient to enable it to
      evaluate its investment; and (iii) the opportunity to obtain such additional information that the Company possesses or can acquire without unreasonable effort or expense that is necessary to make an informed investment decision with respect to the
      investment. Such Purchaser acknowledges and agrees that neither the Placement Agent nor any Affiliate of the Placement Agent has provided such Purchaser with any information or advice with respect to the Securities nor is such information or advice
      necessary or desired. Neither the Placement Agent nor any Affiliate has made or makes any representation as to the Company or the quality of the Securities and the Placement Agent and any Affiliate may have acquired non-public information with
      respect to the Company which such Purchaser agrees need not be provided to it. In connection with the issuance of the Securities to such Purchaser, neither the Placement Agent nor any of its Affiliates has acted as a financial advisor or fiduciary to
      such Purchaser.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(g) <u>Certain Transactions and Confidentiality</u>. Other than consummating the transactions contemplated hereunder, such Purchaser has not
      directly or indirectly, nor has any Person acting on behalf of or pursuant to any understanding with such Purchaser, executed any purchases or sales, including Short Sales, of the securities of the Company during the period commencing as of the time
      that such Purchaser first received a term sheet (written or oral) from the Company or any other Person representing the Company setting forth the material terms of the transactions contemplated hereunder and ending immediately prior to the execution
      hereof. Notwithstanding the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Purchaser&#8217;s assets and the portfolio managers have no direct knowledge
      of the investment decisions made by the portfolio managers managing other portions of such Purchaser&#8217;s assets, the representation set forth above shall only apply with respect to the portion of assets managed by the portfolio manager that made the
      investment decision to purchase the Securities covered by this Agreement. Other than to other Persons party to this Agreement or to such Purchaser&#8217;s representatives, including, without limitation, its officers, directors, partners, legal and other
      advisors, agents and Affiliates, such Purchaser has maintained the confidentiality of all disclosures made to it in connection with this transaction (including the existence and terms of this transaction).<font style="font-family: Calibri, sans-serif;">&#160;</font>Notwithstanding the foregoing, for the avoidance of doubt, nothing contained herein shall constitute a representation or warranty, or preclude any actions, with respect to locating or borrowing shares in order to effect Short
      Sales or similar transactions in the future.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;"><a name="eolPage27"></a>(h) <u>Passive Foreign Investment Company.</u> The Company shall conduct its business and shall cause its
      Subsidiaries to conduct their respective businesses in such a manner as will ensure that the Company will not be deemed to constitute a passive foreign investment company within the meaning of Section 1297 of the U.S. Internal Revenue Code of 1986,
      as amended.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif;">The Company acknowledges and agrees that the representations contained in this Section 3.2 shall not modify, amend or affect such Purchaser&#8217;s right to rely on the Company&#8217;s
      representations and warranties contained in this Agreement or any representations and warranties contained in any other Transaction Document or any other document or instrument executed and/or delivered in connection with this Agreement or the
      consummation of the transactions contemplated hereby. Notwithstanding the foregoing, for the avoidance of doubt, nothing contained herein shall constitute a representation or warranty, or preclude any actions, with respect to locating or borrowing
      shares in order to effect Short Sales or similar transactions in the future.</div>
    <div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">16</font></div>
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    <div style="text-align: center; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">ARTICLE IV.</font><br>
      <font style="font-weight: bold;">OTHER AGREEMENTS OF THE PARTIES</font></div>
    <div style="text-align: center;"><font style="font-family: 'Times New Roman', serif; font-weight: bold;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">4.1 <u>Transfer Restrictions</u>.</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(a) The Securities may only be disposed of in compliance with state and federal securities laws. In connection with any transfer of
      Securities other than pursuant to an effective registration statement or Rule 144, to the Company or to an Affiliate of a Purchaser or in connection with a pledge as contemplated in Section 4.1(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 Securities under the Securities Act. As a condition of transfer, any such transferee shall agree in writing to be bound by the terms of this Agreement and the Registration Rights Agreement and shall have the
      rights and obligations of a Purchaser under this Agreement and the Registration Rights Agreement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;"><a name="eolPage28"></a>(b) The Purchasers agree to the placement, so long as is required by this Section 4.1, of a legend or book entry
      notation on or with respect to any of the Securities in the following form:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; font-family: 'Times New Roman', serif;">THIS SECURITY HAS NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM
      REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE&#8221; 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&#8221; ACCREDITED INVESTOR&#8221;AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES.</div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">The Company acknowledges and agrees that a Purchaser 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 Securities 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, such
      Purchaser may transfer pledged or secured Securities 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
      required in connection therewith. Further, no notice shall be required of such pledge. At the appropriate Purchaser&#8217;s expense and after receipt of such Purchaser&#8217;s payment, the Company will execute and deliver such reasonable documentation as a
      pledgee or secured party of Securities may reasonably request in connection with a pledge or transfer of the Securities, including, if the Securities are subject to registration pursuant to the Registration Rights Agreement, 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 (as defined in the Registration Rights Agreement)
      thereunder.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#160;<a name="eolPage29"></a></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(c) Certificates evidencing the Shares shall not contain any legend (including the legend set forth in Section 4.1(b) hereof), (i) while a
      registration statement (including the Registration Statement) covering the resale of such security is effective under the Securities Act, (ii) following any sale of such Shares pursuant to Rule 144, (iii) if such Shares are eligible for sale under
      Rule 144, without the requirement for the Company to be in compliance with the current public information required under Rule 144 as to such Shares and without volume or manner-of-sale restrictions, or (iv) if such legend is not required under
      applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the Commission). The Company shall cause its counsel to issue a legal opinion to the Transfer Agent and/or any Purchaser
      promptly after the Effective Date if required by the Transfer Agent to effect the removal of the legend hereunder or if requested by any such Purchaser, respectively, the fees of such counsel to be payable by the Company. If such Shares may be sold
      under Rule 144 and the Company is then in compliance with the current public information required under Rule 144, or if the Shares may be sold under Rule 144 without the requirement for the Company to be in compliance with the current public
      information required under Rule 144 as to such Shares or if such legend is not otherwise required under applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the Commission) then
      such Shares shall be issued free of all legends. The Company agrees that following the Effective Date or at such time as such legend is no longer required under this Section 4.1(c), it will, no later than the earlier of (i) two (2) Trading Days and
      (ii) the number of Trading Days comprising the Standard Settlement Period (as defined below) following the delivery by a Purchaser to the Company or the Transfer Agent of a certificate representing Shares, as the case may be, issued with a
      restrictive legend (such earlier date, the&#8221; <u>Legend Removal Date</u>&#8221; ), deliver or cause to be delivered to such Purchaser a certificate representing such shares that is free from all restrictive and other legends. The Company may not make any
      notation on its records or give instructions to the Transfer Agent that enlarge the restrictions on transfer set forth in this Section 4. Certificates for Securities subject to legend removal hereunder shall be transmitted by the Transfer Agent to
      the Purchaser by crediting the account of the Purchaser&#8217;s prime broker with the Depository Trust Company System as directed by such Purchaser. As used herein,&#8221; <u>Standard Settlement Period</u>&#8221; means the standard settlement period, expressed in a
      number of Trading Days, on the Company&#8217;s primary Trading Market with respect to the Common Stock as in effect on the date of delivery of a certificate representing Shares, as the case may be, issued with a restrictive legend.</div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">17</font></div>
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(d) In addition to such Purchaser&#8217;s other available remedies, the Company shall pay to a Purchaser, in cash, (i) as partial liquidated
      damages and not as a penalty, for each $1,000 of Shares (based on the average of the high and low sales prices of the Common Stock on the date such Securities are submitted to the Transfer Agent) for which removal of the restrictive legend was
      requested and subject to Section 4.1(c), $10 per Trading Day (increasing to $20 per Trading Day five (5) Trading Days after such damages have begun to accrue) for each Trading Day after the Legend Removal Date until such certificate is delivered
      without a legend and (ii) if the Company fails to (a) issue and deliver (or cause to be delivered) to a Purchaser by the Legend Removal Date a certificate (or book entry notation) representing the Securities so delivered to the Company by such
      Purchaser that is free from all restrictive and other legends and (b) if after the Legend Removal Date such Purchaser purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by such Purchaser
      of all or any portion of the number of shares of Common Stock, or a sale of a number of shares of Common Stock equal to all or any portion of the number of shares of Common Stock that such Purchaser anticipated receiving from the Company without any
      restrictive legend, then, an amount equal to the excess of such Purchaser&#8217;s total purchase price (including brokerage commissions and other out-of-pocket expenses, if any) for the shares of Common Stock so purchased (including brokerage commissions
      and other out-of-pocket expenses, if any) (the&#8221; <u>Buy-In Price</u>&#8221;) over the product of (A) such number of Shares for which legend removal was requested by the Legend Removal Date multiplied by (B) the average of the high and low sales prices of
      the Common Stock on the date on which the legend removal was requested.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#160;<a name="eolPage30"></a></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(e) Each Purchaser, severally and not jointly with the other Purchasers, agrees with the Company that such Purchaser will sell any Securities
      pursuant to either the registration requirements of the Securities Act, including any applicable prospectus delivery requirements, or an exemption therefrom, and that if Securities 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 representing Securities as set forth in this Section 4.1 is predicated upon the Company&#8217;s reliance upon this
      understanding.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">4.2 <u>Furnishing of Information; Public Information</u>.</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(a) If the Common Stock is not registered under Section 12(b) or 12(g) of the Exchange Act on the date hereof, the Company agrees to cause
      the Common Stock to be registered under Section 12(g) of the Exchange Act on or before the 60<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> calendar day following the date hereof. Until the time that no Purchaser owns Securities, the Company covenants to maintain the registration of
      the Common Stock under Section 12(b) or 12(g) of the Exchange Act and 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 even if the Company is not then subject to the reporting requirements of the Exchange Act.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(b) At any time during the period commencing from the six (6) month anniversary of the date hereof and ending at such time that all of the
      Securities may be sold without the requirement for the Company to be in compliance with Rule 144(c)(1) and otherwise without restriction or limitation pursuant to Rule 144, if the Company (i) shall fail for any reason to satisfy the current public
      information requirement under Rule 144(c) or (ii) has ever been an issuer described in Rule 144(i)(1)(i) or becomes an issuer in the future, and the Company shall fail to satisfy any condition set forth in Rule 144(i)(2) (a &#8220;<u>Public Information
        Failure</u>&#8221;) then, in addition to such Purchaser&#8217;s other available remedies, the Company shall pay to a Purchaser, in cash, as partial liquidated damages and not as a penalty, by reason of any such delay in or reduction of its ability to sell the
      Securities, an amount in cash equal to one percent (1.0%) of the aggregate Subscription Amount of such Purchaser&#8217;s Securities on the day of a Public Information Failure and on every thirtieth (30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) day (pro rated for periods totaling less
      than thirty days) thereafter until the earlier of (a) the date such Public Information Failure is cured and (b) such time that such public information is no longer required for the Purchasers to transfer the Shares pursuant to Rule 144. The payments
      to which a Purchaser shall be entitled pursuant to this Section 4.2(b) are referred to herein as &#8220;<u>Public Information Failure Payments</u>.&#8221;&#160; Public Information Failure Payments shall be paid on the earlier of (i) the last day of the calendar month
      during which such Public Information Failure Payments are incurred and (ii) the third (3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup>) Business Day after the event or failure giving rise to the Public Information Failure Payments is cured. In the event the Company fails to make
      Public Information Failure Payments in a timely manner, such Public Information Failure Payments shall bear interest at the rate of 1.0% per month (prorated for partial months) until paid in full. Nothing herein shall limit such Purchaser&#8217;s right to
      pursue actual damages for the Public Information Failure, and such Purchaser shall have the right to pursue all remedies available to it at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">18</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif;"><a name="eolPage31"></a></font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">4.3 <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 Securities in a manner that would require the registration under the Securities Act of the sale of the Securities or that would be integrated with the offer or
      sale of the Securities for purposes of the rules and regulations of any Trading Market such that it would require shareholder approval prior to the closing of such other transaction unless shareholder approval is obtained before the closing of such
      subsequent transaction.</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">4.4 <u>Securities Laws Disclosure; Publicity</u>. The Company shall (a) by 9:30 a.m. (New York City time) on the Trading Day immediately following the date
      hereof, issue a press release disclosing the material terms of the transactions contemplated hereby, and (b) file a Current Report on Form 6-K, including the Transaction Documents as exhibits thereto, with the Commission within the time required by
      the Exchange Act. From and after the issuance of such press release, the Company represents to the Purchasers that it shall have publicly disclosed all material, non-public information delivered to any of the Purchasers by the Company or any of its
      Subsidiaries, or any of their respective officers, directors, employees or agents in connection with the transactions contemplated by the Transaction Documents. In addition, effective upon the issuance of such press release, the Company acknowledges
      and agrees that any and all confidentiality or similar obligations under any agreement, whether written or oral, between the Company, any of its Subsidiaries or any of their respective officers, directors, agents, employees or Affiliates on the one
      hand, and any of the Purchasers or any of their Affiliates on the other hand, shall terminate. The Company and each Purchaser shall consult with each other in issuing any other press releases with respect to the transactions contemplated hereby, and
      neither the Company nor any Purchaser shall issue any such press release nor otherwise make any such public statement without the prior consent of the Company, with respect to any press release of any Purchaser, or without the prior consent of each
      Purchaser, with respect to any press release of the Company, which consent shall not unreasonably be withheld or delayed, except if such disclosure is required by law, in which case the disclosing party shall promptly provide the other party with
      prior notice of such public statement or communication. Notwithstanding the foregoing, the Company shall not publicly disclose the name of any Purchaser, or include the name of any Purchaser in any filing with the Commission or any regulatory agency
      or Trading Market, without the prior written consent of such Purchaser, except: (a) as required by federal securities law in connection with (i) any registration statement contemplated by the Registration Rights Agreement and (ii) the filing of final
      Transaction Documents with the Commission and (b) to the extent such disclosure is required by law or Trading Market regulations, in which case the Company shall provide the Purchasers with prior notice of such disclosure permitted under this clause
      (b).</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;"><a name="eolPage32"></a>4.5 <u>Shareholder Rights Plan</u>. No claim will be made or enforced by the Company or, with the consent of the Company, any other
      Person, that any Purchaser is an &#8220;<u>Acquiring Person</u>&#8221; under any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or similar anti-takeover plan or arrangement in effect or
      hereafter adopted by the Company, or that any Purchaser could be deemed to trigger the provisions of any such plan or arrangement, by virtue of receiving Securities under the Transaction Documents or under any other agreement between the Company and
      the Purchasers.</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">4.6 <u>Non-Public Information</u>. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents,
      which shall be disclosed pursuant to Section 4.4, the Company covenants and agrees that neither it, nor any other Person acting on its behalf will provide any Purchaser or its agents or counsel with any information that constitutes, or the Company
      reasonably believes constitutes, material non-public information, unless prior thereto such Purchaser shall have consented to the receipt of such information and agreed with the Company to keep such information confidential. The Company understands
      and confirms that each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company. To the extent that the Company delivers any material, non-public information to a Purchaser without such Purchaser&#8217;s
      consent, the Company hereby covenants and agrees that such Purchaser shall not have any duty of confidentiality to Company, any of its Subsidiaries, or any of their respective officers, directors, agents, employees or Affiliates, or a duty to the
      Company, and of its Subsidiaries or any of their respective officers, directors, agents, employees or Affiliates not to trade on the basis of, such material, non-public information, provided that the Purchaser shall remain subject to applicable law.
      To the extent that any notice provided pursuant to any Transaction Document constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously file such notice with the Commission
      pursuant to a Report of Foreign Issuer on Form 6-K. The Company understands and confirms that each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company.</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">19</font></div>
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    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">4.7 <u>Use of Proceeds</u>. Except as set forth on <u>Schedule 4.7</u> attached hereto, the Company shall use the net proceeds from the sale of the Securities
      hereunder for general corporate purposes and shall not use such proceeds: (a) for the redemption of any Common Stock or Common Stock Equivalents, (b) for the settlement of any outstanding litigation or (c) in violation of FCPA or OFAC regulations.</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif; font-weight: bold;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">4.8 <u>Indemnification of Purchasers</u>. Subject to the provisions of this Section 4.8, the Company will indemnify and hold each Purchaser and its directors,
      officers, shareholders, members, partners, employees and agents (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title), each Person who controls such
      Purchaser (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, shareholders, agents, members, partners or employees (and any other Persons with a functionally equivalent role of a
      Person holding such titles notwithstanding a lack of such title or any other title) of such controlling persons (each, a &#8220;<u>Purchaser Party</u>&#8221;) harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and
      expenses, including all judgments, amounts paid in settlements, court costs and reasonable attorneys&#8217; fees and costs of investigation that any such Purchaser Party may suffer or incur as a result of or relating to (a) any breach of any of the
      representations, warranties, covenants or agreements made by the Company in this Agreement or in the other Transaction Documents or (b) any action instituted against the Purchaser Parties in any capacity, or any of them or their respective
      Affiliates, by any shareholder of the Company who is not an Affiliate of such Purchaser Parties, with respect to any of the transactions contemplated by the Transaction Documents (unless such action is based upon a breach of such Purchaser Party&#8217;s
      representations, warranties or covenants under the Transaction Documents or any agreements or understandings such Purchaser Parties may have with any such shareholder or any violations by such Purchaser Parties of state or federal securities laws or
      any conduct by such Purchaser Parties which is finally judicially determined to constitute fraud, gross negligence, willful misconduct or malfeasance). If any action shall be brought against any Purchaser Party in respect of which indemnity may be
      sought pursuant to this Agreement, such Purchaser Party shall promptly notify the Company in writing, and the Company shall have the right to assume the defense thereof with counsel of its own choosing reasonably acceptable to the Purchaser Party.
      Any Purchaser Party shall have the right to employ separate counsel in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Purchaser Party except to the extent that (i) the
      employment thereof has been specifically authorized by the Company in writing, (ii) the Company has failed after a reasonable period of time to assume such defense and to employ counsel or (iii) in such action there is, in the reasonable opinion of
      counsel, a material conflict on any material issue between the position of the Company and the position of such Purchaser Party, in which case the Company shall be responsible for the reasonable fees and expenses of no more than one such separate
      counsel. The Company will not be liable to any Purchaser Party under this Agreement (y) for any settlement by a Purchaser Party effected without the Company&#8217;s prior written consent, which shall not be unreasonably withheld or delayed; or (z) to the
      extent, but only to the extent that a loss, claim, damage or liability is attributable to any Purchaser Party&#8217;s breach of any of the representations, warranties, covenants or agreements made by such Purchaser Party in this Agreement or in the other
      Transaction Documents. The indemnification required by this Section 4.8 shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or are incurred. The indemnity
      agreements contained herein shall be in addition to any cause of action or similar right of any Purchaser Party against the Company or others and any liabilities the Company may be subject to pursuant to law.</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">&#160;<a name="eolPage33"></a></div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">4.9 <u>Reservation of Common Stock</u>. As of the date hereof, the Company has reserved and the Company shall continue to reserve and keep available at all
      times, free of preemptive rights, a sufficient number of shares of Common Stock for the purpose of enabling the Company to issue Shares pursuant to this Agreement.</div>
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    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">4.10 <u>Listing of Common Stock</u>. The Company hereby agrees to use its reasonable best efforts to maintain the listing or quotation of the Common Stock on
      the Trading Market on which it is currently listed, and concurrently with the Closing, the Company shall apply to list or quote all of the Shares on such Trading Market and promptly secure the listing of all of the Shares on such Trading Market. The
      Company further agrees, if the Company applies to have the Common Stock traded on any other Trading Market, it will then include in such application all of the Shares, and will take such other action as is necessary to cause all of the Shares to be
      listed or quoted on such other Trading Market as promptly as possible. The Company will then take all action reasonably necessary to continue the listing or quotation and trading of its Common Stock on a Trading Market and will comply in all respects
      with the Company&#8217;s reporting, filing and other obligations under the bylaws or rules of the Trading Market. The Company agrees to maintain the eligibility of the Common Stock for electronic transfer through the Depository Trust Company or another
      established clearing corporation, including, without limitation, by timely payment of fees to the Depository Trust Company or such other established clearing corporation in connection with such electronic transfer.</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">&#160;<a name="eolPage34"></a></div>
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    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">4.11 <u>Subsequent Equity Sales</u>. From the date hereof until sixty (60) days after the Effective Date, neither the Company nor any Subsidiary shall (i)
      issue, enter into any agreement to issue or announce the issuance or proposed issuance of any shares of Common Stock or Common Stock Equivalents or (ii) file any registration statement or any amendment or supplement thereto, except as required to be
      filed pursuant to the Registration Rights Agreement or a registration statement on Form S-8.&#160; Notwithstanding the foregoing, this Section 4.11 shall not apply (i) in respect of an Exempt Issuance and (ii) from and after the Effective Date at such
      time that the VWAP of the Common Stock exceeds $5.00 per share (subject to adjustment for forward and reverse stock splits, recapitalizations, stock dividends and the like after the date hereof) for a period of five consecutive Trading Days.&#160; As used
      herein, &#8220;<u>VWAP</u>&#8221; means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for
      such date (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)&#160; if OTCQB
      or OTCQX is not a Trading Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX
      and if prices for the Common Stock are then reported on The Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all
      other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Purchasers of a majority in interest of the Shares then outstanding and reasonably acceptable to the Company, the
      fees and expenses of which shall be paid by the Company.</div>
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    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">4.12 <u>Equal Treatment of Purchasers</u>. No consideration (including any modification of any Transaction Document) shall be offered or paid to any Person to
      amend or consent to a waiver or modification of any provision of the Transaction Documents unless the same consideration is also offered to all of the parties to the Transaction Documents. For clarification purposes, this provision constitutes a
      separate right granted to each Purchaser by the Company and negotiated separately by each Purchaser, and is intended for the Company to treat the Purchasers as a class and shall not in any way be construed as the Purchasers acting in concert or as a
      group with respect to the purchase, disposition or voting of Securities or otherwise.</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">4.13 <u>Certain Transactions and Confidentiality</u>. Each Purchaser, severally and not jointly with the other Purchasers, covenants that neither it, nor any
      Affiliate acting on its behalf or pursuant to any understanding with it will execute any purchases or sales, including Short Sales, of any of the Company&#8217;s securities during the period commencing with the execution of this Agreement and ending at
      such time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.4. Each Purchaser, severally and not jointly with the other Purchasers, covenants that until
      such time as the transactions contemplated by this Agreement are publicly disclosed by the Company pursuant to the initial press release as described in Section 4.4, such Purchaser will maintain the confidentiality of the existence and terms of this
      transaction and the information included in the Transaction Documents and the Disclosure Schedules. Notwithstanding the foregoing, and notwithstanding anything contained in this Agreement to the contrary, the Company expressly acknowledges and agrees
      that (i) no Purchaser makes any representation, warranty or covenant hereby that it will not engage in effecting transactions in any securities of the Company after the time that the transactions contemplated by this Agreement are first publicly
      announced pursuant to the initial press release as described in Section 4.4, (ii) no Purchaser shall be restricted or prohibited from effecting any transactions in any securities of the Company in accordance with applicable securities laws from and
      after the time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.4 and (iii) no Purchaser shall have any duty of confidentiality or duty not to trade in
      the securities of the Company to the Company or its Subsidiaries after the issuance of the initial press release as described in Section 4.4. Notwithstanding the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby
      separate portfolio managers manage separate portions of such Purchaser&#8217;s assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing other portions of such Purchaser&#8217;s assets, the
      covenant set forth above shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase the Securities covered by this Agreement.</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif;"><a name="eolPage35"></a></font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">4.14 <u>Form D; Blue Sky Filings</u>. The Company agrees to timely file a Form D with respect to the Securities if and as required under Regulation D and to
      provide a copy thereof, promptly upon request of any Purchaser. The Company shall take such action as the Company shall reasonably determine is necessary in order to obtain an exemption for, or to qualify the Securities for, sale to the Purchasers at
      the Closing under applicable securities or &#8220;Blue Sky&#8221; laws of the states of the United States, and shall provide evidence of such actions promptly upon request of any Purchaser.</div>
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    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">4.15 <u>Capital Changes</u>. Until the sixtieth (60<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) day following the Effective Date or, if earlier, the date on which all of the Shares have
      been sold pursuant to Rule 144, the Company shall not undertake a reverse or forward stock split or reclassification of the Common Stock without the prior written consent of the Purchasers then holding a majority in interest of the Shares.</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 2pt;"><font style="font-family: 'Times New Roman', serif;">4.16</font><u>&#160; </u><font style="font-family: 'Times New Roman', serif;"><u>Participation in Future Financing</u>.</font></div>
    <font style="font-family: 'Times New Roman', serif;"> <br>
    </font>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(a)&#160; From the date hereof until the date that is the eighteen month anniversary of the Effective Date, upon any issuance by the Company or
      any of its Subsidiaries of Common Stock or Common Stock Equivalents for cash consideration, Indebtedness other than Indebtedness that is not convertible into Common Stock or a combination of units thereof (a &#8220;<u>Subsequent Financing</u>&#8221;), each
      Purchaser shall have the right to participate in up to an amount of the Subsequent Financing equal to 35% of the Subsequent Financing (the &#8220;<u>Participation Maximum</u>&#8221;) on the same terms, conditions and price provided for in the Subsequent
      Financing.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(b)&#160; Between the time period of 4:00 pm (New York City time) and 6:00 pm (New York City time) on the Trading Day immediately prior to the
      Trading Day of the expected announcement of the Subsequent Financing (or, if the Trading Day of the expected announcement of the Subsequent Financing is the first Trading Day following a holiday or a weekend (including a holiday weekend), between the
      time period of 4:00 pm (New York City time) on the Trading Day immediately prior to such holiday or weekend and 2:00 pm (New York City time) on the day immediately prior to the Trading Day of the expected announcement of the Subsequent Financing),
      the Company shall deliver to each Purchaser a written notice of the Company&#8217;s intention to effect a Subsequent Financing (a &#8220;<u>Subsequent Financing Notice</u>&#8221;), which notice shall describe in reasonable detail the proposed terms of such Subsequent
      Financing, the amount of proceeds intended to be raised thereunder and the Person or Persons through or with whom such Subsequent Financing is proposed to be effected and shall include a term sheet and transaction documents relating thereto as an
      attachment.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(c)&#160; Any Purchaser desiring to participate in such Subsequent Financing must provide written notice to the Company by 6:30 am (New York City
      time) on the Trading Day following the date on which the Subsequent Financing Notice is delivered to such Purchaser (the &#8220;<u>Notice Termination Time</u>&#8221;) that such Purchaser is willing to participate in the Subsequent Financing, the amount of such
      Purchaser&#8217;s participation, and representing and warranting that such Purchaser has such funds ready, willing, and available for investment on the terms set forth in the Subsequent Financing Notice.&#160; If the Company receives no such notice from a
      Purchaser as of such Notice Termination Time, such Purchaser shall be deemed to have notified the Company that it does not elect to participate in such Subsequent Financing.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(d)&#160; If, by the Notice Termination Time, notifications by the Purchasers of their willingness to participate in the Subsequent Financing (or
      to cause their designees to participate) is, in the aggregate, less than the total amount of the Subsequent Financing, then the Company may effect the remaining portion of such Subsequent Financing on the terms and with the Persons set forth in the
      Subsequent Financing Notice.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(e)&#160; If, by the Notice Termination Time, the Company receives responses to a Subsequent Financing Notice from Purchasers seeking to purchase
      more than the aggregate amount of the Participation Maximum, each such Purchaser shall have the right to purchase its Pro Rata Portion (as defined below) of the Participation Maximum.&#160; &#8220;<u>Pro Rata Portion</u>&#8221; means the ratio of (x) the Subscription
      Amount of Securities purchased on the Closing Date by a Purchaser participating under this Section 4.16 and (y) the sum of the aggregate Subscription Amounts of Securities purchased on the Closing Date by all Purchasers participating under this
      Section 4.16.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(f)&#160; The Company must provide the Purchasers with a second Subsequent Financing Notice, and the Purchasers will again have the right of
      participation set forth above in this Section 4.16, if the definitive agreement related to the initial Subsequent Financing Notice is not entered into for any reason on the terms set forth in such Subsequent Financing Notice within two (2) Trading
      Days after the date of delivery of the initial Subsequent Financing Notice.</div>
    <font style="font-family: 'Times New Roman', serif;"> </font></div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">22</font></div>
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    <div style="margin-bottom: 8pt;">
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(g)&#160; The Company and each Purchaser agree that, if any Purchaser elects to participate in the Subsequent Financing, the transaction
        documents related to the Subsequent Financing shall not include any term or provision that, directly or indirectly, will, or is intended to, exclude one or more of the Purchasers from participating in a Subsequent Financing, including, but not
        limited to, provisions whereby such Purchaser shall be required to agree to any restrictions on trading as to any securities of the Company or be required to consent to any amendment to or termination of, or grant any waiver, release or the like
        under or in connection with, this Agreement, without the prior written consent of such Purchaser.&#160; In addition, the Company and each Purchaser agree that, in connection with a Subsequent Financing, the transaction documents related to the
        Subsequent Financing shall include a requirement for the Company to issue a widely disseminated press release by 9:30 am (New York City time) on the Trading Day of execution of the transaction documents in such Subsequent Financing (or, if the date
        of execution is not a Trading Day, on the immediately following Trading Day) that discloses the material terms of the transactions contemplated by the transaction documents in such Subsequent Financing.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(h)&#160; Notwithstanding anything to the contrary in this Section 4.16 and unless otherwise agreed to by such Purchaser, the Company shall
        either confirm in writing to such Purchaser that the transaction with respect to the Subsequent Financing has been abandoned or shall publicly disclose its intention to issue the securities in the Subsequent Financing, in either case in such a
        manner such that such Purchaser will not be in possession of any material, non-public information, by 9:30 am (New York City time) on the second (2nd) Trading Day following date of delivery of the Subsequent Financing Notice.&#160; If by 9:30 am (New
        York City time) on such second (2nd) Trading Day, no public disclosure regarding a transaction with respect to the Subsequent Financing has been made, and no notice regarding the abandonment of such transaction has been received by such Purchaser,
        such transaction shall be deemed to have been abandoned and such Purchaser shall not be deemed to be in possession of any material, non-public information with respect to the Company or any of its Subsidiaries.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(i)&#160; Notwithstanding the foregoing, this Section 4.16 shall not apply in respect of an Exempt Issuance or sales under any at-the-market
        facility effected through a registered broker dealer sales agent; provided, however that this Section 4.16 shall apply to equity lines.</div>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">4.17 <u>Lock-Up</u>. The Company shall not amend, modify, waive or terminate any provision of any of the Lock-Up Agreements except to extend the term of the
      lock-up period and shall enforce the provisions of each Lock-Up Agreement in accordance with its terms. If any officer or director that is a party to a Lock-Up Agreement breaches any provision of a Lock-Up Agreement, the Company shall promptly use
      its best efforts to seek specific performance of the terms of such Lock-Up Agreement.</div>
    <div style="text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">ARTICLE V.</font><br>
      <font style="font-weight: bold;">MISCELLANEOUS</font></div>
    <div style="text-align: center;"><font style="font-family: 'Times New Roman', serif; font-weight: bold;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">5.1 <u>Termination</u>. This Agreement may be terminated by any Purchaser, as to such Purchaser&#8217;s obligations hereunder only and without any effect whatsoever
      on the obligations between the Company and the other Purchasers, by written notice to the other parties, if the Closing has not been consummated on or before February 22,2021; <u>provided</u> , <u>however</u> , that such termination will not affect
      the right of any party to sue for any breach by any other party (or parties).</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">5.2 <u>Fees and Expenses</u>. The Company shall deliver to each Purchaser, prior to the Closing, a completed and executed copy of the Closing Statement,
      attached hereto as <u>Annex A</u>. Except as expressly set forth in the Transaction Documents to the contrary, each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses
      incurred by such party incident to the negotiation, preparation, execution, delivery and performance of this Agreement. The Company shall pay all Transfer Agent fees (including, without limitation, any fees required for same-day processing of any
      instruction letter delivered by the Company and any exercise notice delivered by a Purchaser), stamp taxes and other taxes and duties levied in connection with the delivery of any Securities to the Purchasers.</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">&#160;<a name="eolPage36"></a></div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">5.3 <u>Entire Agreement</u>. The Transaction Documents, together with the exhibits and schedules thereto, contain the entire understanding of the parties with
      respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">23</font></div>
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    <div><br>
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    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">5.4 <u>Notices</u>. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be
      deemed given and effective on the earliest of: (a) the time of transmission, if such notice or communication is delivered via facsimile at the facsimile number or email attachment as set forth on the signature pages attached hereto at or prior to
      5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number or email attachment as set forth on the signature pages
      attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (c) the second (2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>) Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier
      service or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications shall be as set forth on the signature pages attached hereto. To the extent that any notice provided pursuant
      to any Transaction Document constitutes, or contains material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 6-K.</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">5.5 <u>Amendments; Waivers</u>. No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument signed, in the
      case of an amendment, by the Company and Purchasers holding at least 67% in interest of the Shares based on the initial Subscription Amounts hereunder (or, prior to the Closing, by the Company and each Purchaser) or, in the case of a waiver, by the
      party against whom enforcement of any such waived provision is sought, provided that if any amendment, modification or waiver disproportionately and adversely impacts a Purchaser (or group of Purchasers), the consent of such disproportionately
      impacted Purchaser (or group of Purchasers) shall also be required. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any
      subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right. Any proposed amendment or waiver
      that disproportionately, materially and adversely affects the rights and obligations of any Purchaser relative to the comparable rights and obligations of the other Purchasers shall require the prior written consent of such adversely affected
      Purchaser, Any amendment effected in accordance with accordance with this Section 5.5 shall be binding upon each Purchaser and holder of Securities and the Company.</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">5.6 <u>Headings</u>. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any of
      the provisions hereof.</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">5.7 <u>Successors and Assigns</u>. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns. The
      Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of each Purchaser (other than by merger). Any Purchaser may assign any or all of its rights under this Agreement to any Person to whom such
      Purchaser assigns or transfers any Securities, provided that such transferee agrees in writing to be bound, with respect to the transferred Securities, by the provisions of the Transaction Documents that apply to the &#8220;Purchasers.&#8221;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;"><a name="eolPage37"></a>5.8 <u>No Third-Party Beneficiaries</u>. The Placement Agent shall be the third party beneficiary of the representations and warranties
      of the Company in Section 3.1 and the representations and warranties of the Purchasers in Section 3.2. This Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns and is not for the benefit
      of, nor may any provision hereof be enforced by, any other Person, except as otherwise set forth in Section 4.8 and this Section 5.8.</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">5.9 <u>Governing Law</u>. All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents shall be governed by
      and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all legal Proceedings concerning the interpretations, enforcement and
      defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto or its respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be
      commenced exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the
      adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees
      not to assert in any Action or Proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such Action or Proceeding is improper or is an inconvenient venue for such Proceeding. Each party hereby irrevocably
      waives personal service of process and consents to process being served in any such Action or Proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in
      effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any
      other manner permitted by law. If any party hereto shall commence an Action or Proceeding to enforce any provisions of the Transaction Documents, then, in addition to the obligations of the Company under Section 4.8, the prevailing party in such
      Action or Proceeding shall be reimbursed by the non-prevailing party for its reasonable attorneys&#8217; fees and other costs and expenses incurred with the investigation, preparation and prosecution of such Action or Proceeding.</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">24</font></div>
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    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">5.10 <u>Survival</u>. The representations and warranties contained herein shall survive the Closing and the delivery of the Securities.</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">5.11 <u>Execution</u>. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same
      agreement and shall become effective when counterparts have been signed by each party and delivered to each other party, it being understood that the parties need not sign the same counterpart. In the event that any signature is delivered by
      facsimile transmission or by e-mail delivery of a &#8220;.pdf&#8221; 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.</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif;"><a name="eolPage38"></a></font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">5.12 <u>Severability</u>. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid,
      illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their
      commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the
      intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable.</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">5.13 <u>Rescission and Withdrawal Right</u>. Notwithstanding anything to the contrary contained in (and without limiting any similar provisions of) any of the
      other Transaction Documents, whenever any Purchaser exercises a right, election, demand or option under a Transaction Document and the Company does not timely perform its related obligations within the periods therein provided, then such Purchaser
      may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant notice, demand or election in whole or in part without prejudice to its future actions and rights.</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">5.14 <u>Replacement of Securities</u>. If any certificate or instrument evidencing any Securities is mutilated, lost, stolen or destroyed, the Company shall
      issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation), or in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably
      satisfactory to the Company of such loss, theft or destruction. The applicant for a new certificate or instrument under such circumstances shall also pay any reasonable third-party costs (including customary indemnity) associated with the issuance of
      such replacement Securities.</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">5.15 <u>Remedies</u>. In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, each of the
      Purchasers and the Company will be entitled to specific performance under the Transaction Documents. The parties agree that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations contained in
      the Transaction Documents and hereby agree to waive and not to assert in any Action for specific performance of any such obligation the defense that a remedy at law would be adequate.</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">5.16 <u>Payment Set Aside; Currency</u>. To the extent that the Company makes a payment or payments to any Purchaser pursuant to any Transaction Document or a
      Purchaser enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered
      from, disgorged by or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other Person under any law (including, without limitation, any bankruptcy law, state or federal law, common law or equitable
      cause of action), then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff
      had not occurred. Unless otherwise expressly indicated, all dollar amounts referred to in this Agreement and the other Transaction Documents are in United States Dollars (&#8220;U.S. Dollars&#8221;), and all amounts owing under this Agreement and all other
      Transaction Documents shall be paid in U.S. Dollars. All amounts denominated in other currencies (if any) shall be converted into the U.S. Dollar equivalent amount in accordance with the Exchange Rate on the date of calculation. &#8220;<u>Exchange Rate</u>&#8221;
      means, in relation to any amount of currency to be converted into U.S. Dollars pursuant to this Agreement, the U.S. Dollar exchange rate as published in the Wall Street Journal on the relevant date of calculation.</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif;"><a name="eolPage39"></a></font><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">25</font></div>
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    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">5.17 <u>Independent Nature of Purchasers&#8217; Obligations and Rights</u>. The obligations of each Purchaser under any Transaction Document are several and not
      joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance or non-performance of the obligations of any other Purchaser under any Transaction Document. Nothing contained herein or in any
      other Transaction Document, and no action taken by any Purchaser pursuant hereof or thereto, shall be deemed to constitute the Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the
      Purchasers are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by the Transaction Documents. Each Purchaser shall be entitled to independently protect and enforce its rights, including,
      without limitation, the rights arising out of this Agreement or out of the other Transaction Documents, and it shall not be necessary for any other Purchaser to be joined as an additional party in any proceeding for such purpose. Each Purchaser has
      been represented by its own separate legal counsel in its review and negotiation of the Transaction Documents. For reasons of administrative convenience only, each Purchaser and its respective counsel have chosen to communicate with the Company
      through G&amp;M. G&amp;M does not represent any of the Purchasers and only represents the Placement Agent. The Company has elected to provide all Purchasers with the same terms and Transaction Documents for the convenience of the Company and not
      because it was required or requested to do so by any of the Purchasers.</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">5.18 <u>Liquidated Damages</u>. The Company&#8217;s obligations to pay any partial liquidated damages or other amounts owing under the Transaction Documents is a
      continuing obligation of the Company and shall not terminate until all unpaid partial liquidated damages and other amounts have been paid notwithstanding the fact that the instrument or security pursuant to which such partial liquidated damages or
      other amounts are due and payable shall have been canceled.</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">5.19 <u>Saturdays, Sundays, Holidays, etc.</u> If the last or appointed day for the taking of any action or the expiration of any right required or granted
      herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business Day.</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">5.20 <u>Construction</u>. The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity to revise the Transaction
      Documents 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 the Transaction Documents or any amendments thereto. In
      addition, each and every reference to share prices and shares of Common Stock in any Transaction Document shall be subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and other similar transactions of the
      Common Stock that occur after the date of this Agreement.</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">&#160;<a name="eolPage40"></a></div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">5.21 <u>Judgment Currency</u>. (a) If for the purpose of obtaining or enforcing judgment against the Company in any court in any jurisdiction it becomes
      necessary to convert into any other currency (such other currency being hereinafter in this Section 5.21 referred to as the &#8220;<u>Judgment Currency</u>&#8221;) an amount due in U.S. Dollars under this Agreement or any other Transaction Document, the
      conversion shall be made at the Exchange Rate prevailing on the Trading Day immediately preceding: (A) the date actual payment of the amount due, in the case of any proceeding in the courts of New York or in the courts of any other jurisdiction that
      will give effect to such conversion being made on such date or (B) the date on which the foreign court determines, in the case of any proceeding in the courts of any other jurisdiction (the date as of which such conversion is made pursuant to this
      Section 9(q)(i) being hereinafter referred to as the &#8220;<u>Judgment Conversion Date</u>&#8221;).</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman', serif;">(b) If in the case of any proceeding in the court of any jurisdiction referred to in Section 5.21(a) above, there is a change in the Exchange Rate prevailing
      between the Judgment Conversion Date and the date of actual payment of the amount due, the applicable party shall pay such adjusted amount as may be necessary to ensure that the amount paid in the Judgment Currency, when converted at the Exchange
      Rate prevailing on the date of payment, will produce the amount of U.S. Dollars which could have been purchased with the amount of Judgment Currency stipulated in the judgment or judicial order at the Exchange Rate prevailing on the Judgment
      Conversion Date.</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman', serif;">(c) Any amount due from the Company under this provision shall be due as a separate debt and shall not be affected by judgment being obtained for any other
      amounts due under or in respect of this Agreement or any other Transaction Document.</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">5.22 <font style="font-weight: bold;"><u>WAIVER OF JURY TRIAL</u></font><font style="font-weight: bold;">. </font><font style="font-weight: bold;"><u>IN ANY
          ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY AND
          EXPRESSLY WAIVES FOREVER TRIAL BY JURY.</u></font></div>
    <div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-style: italic;">(Signature Pages Follow)</div>
    <div style="text-align: center;"><font style="font-family: 'Times New Roman', serif; font-style: italic;"> </font><br>
    </div>
    <div style="text-align: center;"><font style="font-family: 'Times New Roman', serif; font-style: italic;"> </font><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">26</font></div>
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    <div style="text-align: center;"><font style="font-family: 'Times New Roman', serif; font-style: italic;"> </font><br>
    </div>
    <div><font style="font-family: 'Times New Roman', serif;"><a name="eolPage41"></a></font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the
      date first indicated above.</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z609081ef50fa45ae9487db2c8d570b10">

        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif; font-weight: bold;">PYXIS TANKERS INC.</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;"><u>Address for Notice</u>:</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">K. Karamanli</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">Maroussi 15125</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">Greece</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">Fax: +30 210 653 7715</div>
          </td>
        </tr>

    </table>
    <div><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z666703f5665c42c2a1cface415def290">

        <tr>
          <td style="width: 6.05%; vertical-align: top; padding-bottom: 1.5pt;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">By:</div>
          </td>
          <td style="width: 22.28%; vertical-align: top; border-bottom: 1.5pt solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 22.28%; vertical-align: top; padding-bottom: 1.5pt;">&#160;</td>
          <td style="width: 49.4%; vertical-align: top; padding-bottom: 1.5pt;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 6.05%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">Name:</div>
          </td>
          <td colspan="2" style="width: 44.56%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">Henry Williams</div>
          </td>
          <td style="width: 49.4%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 6.05%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">Title:</div>
          </td>
          <td colspan="2" style="width: 44.56%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">Chief Financial Officer</div>
          </td>
          <td style="width: 49.4%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="font-family: 'Times New Roman', serif;">With a copy to (which shall not constitute notice):</div>
    <div>
      <div style="text-align: justify; margin-bottom: 3pt; font-family: 'Times New Roman', serif;">Seward &amp; Kissel LLP</div>
      <div style="text-align: justify; margin-bottom: 3pt; font-family: 'Times New Roman', serif;">One Battery Park Plaza</div>
      <div style="text-align: justify; margin-bottom: 3pt; font-family: 'Times New Roman', serif;">New York, New York 10004</div>
      <div style="text-align: justify; margin-bottom: 3pt; font-family: 'Times New Roman', serif;">Attention: Keith Billotti, Esq.</div>
      <div style="text-align: justify; margin-bottom: 3pt; font-family: 'Times New Roman', serif;">E-mail address: <u>billotti@sewkis.com</u></div>
      <div><br>
      </div>
    </div>
    <div><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman', serif;">[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif;">SIGNATURE PAGE FOR PURCHASER FOLLOWS]</div>
    <div style="text-align: center;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div><font style="font-family: 'Times New Roman', serif;"><a name="eolPage42"></a></font><br>
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    </div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman', serif;">[PURCHASER SIGNATURE PAGES TO PYXIS TANKERS INC.</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif;">SECURITIES PURCHASE AGREEMENT]</div>
    <div><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">IN WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date
      first indicated above.</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
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    <div style="font-family: 'Times New Roman', serif;">Name of Purchaser: </div>
    <div><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="font-family: 'Times New Roman', serif;">By: </div>
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    <div style="text-align: justify; font-family: 'Times New Roman', serif;"><font style="font-style: italic;">Signature of Authorized Signatory of Purchaser</font> : _____________________________________ </div>
    <div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
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    <div style="text-align: justify; font-family: 'Times New Roman', serif;">Name of Authorized Signatory: _____________________________________ </div>
    <div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
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    <div style="text-align: justify; font-family: 'Times New Roman', serif;">Title of Authorized Signatory ________________________________ </div>
    <div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
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    <div style="text-align: justify; font-family: 'Times New Roman', serif;">Email Address of Authorized Signatory: _____________________________<br>
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    <div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
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    <div style="font-family: 'Times New Roman', serif;">Facsimile Number of Authorized Signatory: ___________________________<br>
    </div>
    <div><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="font-family: 'Times New Roman', serif;">Address for Notice to Purchaser: ___________________________<br>
    </div>
    <div><font style="font-family: 'Times New Roman', serif;"> </font><br>
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    <div style="font-family: 'Times New Roman', serif;">Address for Delivery of Securities to Purchaser (if not same as address for notice): _______________________<br>
    </div>
    <div><font style="font-family: 'Times New Roman', serif;"> </font><br>
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    <div style="font-family: 'Times New Roman', serif;">Subscription Amount: $ ________________________<br>
    </div>
    <div><font style="font-family: 'Times New Roman', serif;"> </font><br>
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    <div style="font-family: 'Times New Roman', serif;">Shares:________________________________</div>
    <div><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="font-family: 'Times New Roman', serif;">EIN Number: _______________________</div>
    <div><font style="font-family: 'Times New Roman', serif;"> </font><br>
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    <div style="text-align: center;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
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    <div style="text-align: right; font-family: 'Times New Roman', serif; font-weight: bold;"><a name="eolPage43"></a><a name="eolPage47"></a>Annex A</div>
    <div style="text-align: right;"><font style="font-family: 'Times New Roman', serif; font-weight: bold;"> </font><br>
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    <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">CLOSING STATEMENT</div>
    <div style="text-align: center;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif;">Pursuant to the attached Securities Purchase Agreement, dated as of the date hereto, the purchasers shall purchase up to $[___________] of Common Stock from [__________], a
      [_________] corporation (the &#8220;<u>Company</u>&#8221; ). All funds will be wired into an account maintained by the Company. All funds will be disbursed in accordance with this Closing Statement.</div>
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    <div style="text-align: justify; text-indent: -89.7pt; margin-left: 89.7pt; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Disbursement Date:</font> [________ ___, _____]</div>
    <div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
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            <div style="text-align: justify; margin-right: 0.8pt; font-family: 'Times New Roman', serif; font-weight: bold;">I. PURCHASE PRICE</div>
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            <div style="text-align: center; margin-right: 0.8pt; font-family: 'Times New Roman', serif; font-weight: bold;">Gross Proceeds to be Received</div>
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            <div style="text-align: justify; margin-right: 0.8pt; font-family: 'Times New Roman', serif;">$</div>
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            <div style="text-align: justify; margin-right: 0.8pt; font-family: 'Times New Roman', serif; font-weight: bold;">II. DISBURSEMENTS</div>
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            <div style="text-align: justify; margin-right: 0.8pt; font-family: 'Times New Roman', serif;">$</div>
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            <div style="text-align: justify; margin-right: 0.8pt; font-family: 'Times New Roman', serif;">$</div>
          </td>
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            <div style="text-align: justify; margin-right: 0.8pt; font-family: 'Times New Roman', serif;">$</div>
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            <div style="text-align: justify; margin-right: 0.8pt; font-family: 'Times New Roman', serif;">$</div>
          </td>
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            <div style="text-align: justify; margin-right: 0.8pt; font-family: 'Times New Roman', serif; font-weight: bold;">Total Amount Disbursed:</div>
          </td>
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            <div style="text-align: justify; margin-right: 0.8pt; font-family: 'Times New Roman', serif; font-weight: bold;">$</div>
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            <div style="text-align: justify; margin-right: 0.8pt; font-family: 'Times New Roman', serif; font-weight: bold;">WIRE INSTRUCTIONS :</div>
          </td>
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            <div style="text-align: justify; margin-right: 0.8pt; font-family: 'Times New Roman', serif;">To:</div>
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            <div style="text-align: justify; margin-right: 0.8pt; font-family: 'Times New Roman', serif;">To:</div>
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    <div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
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    <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Exhibit A</div>
    <div><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Form of Registration Rights Agreement</div>
    <div><br>
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    <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Exhibit B</div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-family: 'Times New Roman', serif; font-weight: bold;">Form of Lock-Up Agreement<br>
      </font><br>
    </div>
    <div style="text-align: right; text-indent: 36pt; font-family: 'Times New Roman', serif;">February ___, 2021</div>
    <div style="font-family: 'Times New Roman', serif;">Pyxis Tankers Inc.<br>
      59 K. Karamanli Street</div>
    <div style="font-family: 'Times New Roman', serif;">Maroussi 15125 Greece</div>
    <div><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif;">Ladies and Gentlemen:</div>
    <div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">This Lock-Up Agreement is being delivered to you in connection with the Securities Purchase Agreement (the &#8220;<font style="font-weight: bold;">Purchase Agreement</font>&#8221;),
      dated as of February 17, 2021, by and among Pyxis Tankers (the &#8220;<font style="font-weight: bold;">Company</font>&#8221;) and the investors party thereto (the &#8220;<font style="font-weight: bold;">Buyers</font>&#8221;) with respect to the issuance of shares of the
      Company&#8217;s common stock, $0.001 par value (the &#8220;<font style="font-weight: bold;">Common Shares</font>&#8221;). Capitalized terms used herein and not otherwise defined herein shall have the respective meanings set forth in the Purchase Agreement.</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">In order to induce the Buyers to enter into the Purchase Agreement, the undersigned agrees that, commencing on the date hereof and ending on the earliest to
      occur of the (i) 60-day anniversary following the Effective Date (the &#8220;<font style="font-weight: bold;">Lock-Up Period</font>&#8221;) and (ii) disposition by the Buyers of all Common Shares the Buyers received in the issuance, confirmed by all of the
      Buyers, the undersigned will not, and will cause all affiliates (as defined in Rule 144 promulgated under the 1933 Act) of the undersigned or any person in privity with the undersigned or any affiliate of the undersigned not to, (i) sell, offer to
      sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase, make any short sale or otherwise dispose of or agree to dispose of, directly or indirectly, any Common Shares or Common Stock Equivalents, or establish a put
      equivalent position within the meaning of Section 16 of the Securities and Exchange Act of 1934, as amended and the rules and regulations of the Securities and Exchange Commission promulgated thereunder with respect to any Common Shares or Common
      Stock Equivalents owned directly by the undersigned (including holding as a custodian) or with respect to which the undersigned has beneficial ownership within the rules and regulations of the Securities and Exchange Commission (collectively, the &#8220;<font style="font-weight: bold;">Undersigned&#8217;s Shares</font>&#8221;), or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any of the Undersigned&#8217;s Shares, whether any
      such transaction described in clause (i) or (ii) above is to be settled by delivery of Common Shares or other securities, in cash or otherwise, (iii) make any demand for or exercise any right or cause to be filed a registration statement, including
      any amendments thereto, with respect to the registration of any Common Shares or Common Stock Equivalents or (iv) publicly disclose the intention to do any of the foregoing.</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">The foregoing restriction is expressly agreed to preclude the undersigned, and any affiliate of the undersigned and any person in privity with the undersigned
      or any affiliate of the undersigned, from engaging in any hedging or other transaction which is designed to, or which reasonably could be expected to lead to, or result in a sale or disposition of the Undersigned&#8217;s Shares even if the Undersigned&#8217;s
      Shares would be disposed of by someone other than the undersigned. Such prohibited hedging or other transactions would include, without limitation, any short sale or any purchase, sale or grant of any right (including, without limitation, any put or
      call option) with respect to any of the Undersigned&#8217;s Shares or with respect to any security that includes, relates to, or derives any significant part of its value from the Undersigned&#8217;s Shares.</div>
    <div><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">Notwithstanding the foregoing, the undersigned may transfer the Undersigned&#8217;s Shares (i) as a <font style="font-style: italic;">bona fide</font> gift or gifts,
      provided that the donee or donees thereof agree to be bound in writing by the restrictions set forth herein and such transfer shall not require the Company or the undersigned to make any public disclosure with respect thereto, including any filing
      with the Commission or (ii) to any trust for the direct or indirect benefit of the undersigned or the immediate family of the undersigned, provided that the trustee of the trust agrees to be bound in writing by the restrictions set forth herein and
      such transfer shall not require the Company or the undersigned to make any public disclosure with respect thereto, including any filing with the Commission, and provided further that any such transfer shall not involve a disposition for value. For
      purposes of this Lock-Up Agreement, &#8220;immediate family&#8221; shall mean any relationship by blood, marriage or adoption, not more remote than first cousin. The undersigned now has, and, except as contemplated by the immediately preceding sentence, for the
      duration of this Lock-Up Agreement will have, good and marketable title to the Undersigned&#8217;s Shares, free and clear of all liens, encumbrances, and claims whatsoever. The undersigned also agrees and consents to the entry of stop transfer instructions
      with the Company&#8217;s transfer agent (the &#8220;<font style="font-weight: bold;">Transfer Agent</font>&#8221;) and registrar against the transfer of the Undersigned&#8217;s Shares except in compliance with the foregoing restrictions.</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
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    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">In order to enforce this covenant, the Company shall impose irrevocable stop-transfer instructions preventing the Transfer Agent from effecting any actions in
      violation of this Lock-Up Agreement.</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman', serif;">The undersigned acknowledges that the execution, delivery and performance of this Lock-Up Agreement is a material inducement to each Buyer to complete the
      transactions contemplated by the Purchase Agreement and that the Company shall be entitled to specific performance of the undersigned&#8217;s obligations hereunder. The undersigned hereby represents that the undersigned has the power and authority to
      execute, deliver and perform this Lock-Up Agreement, that the undersigned has received adequate consideration therefor and that the undersigned will indirectly benefit from the closing of the transactions contemplated by the Purchase Agreement. The
      undersigned understands and agrees that this Lock-Up Agreement is irrevocable and shall be binding upon the undersigned&#8217;s heirs, legal representatives, successors, and assigns, unless the Buyers provide written notice of an early termination of this
      Lock-Up Agreement.</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">This Lock-Up Agreement may be executed in two counterparts, each of which shall be deemed an original but both of which shall be considered one and the same
      instrument.</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">This Lock-Up Agreement will be governed by and construed in accordance with the laws of the State of New York.</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman', serif;"> </font><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-style: italic;">[Remainder of page intentionally left blank]</div>
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            <div style="margin-right: 1.8pt; font-family: 'Times New Roman', serif;">Very truly yours,</div>
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            <div style="margin-right: 1.8pt; font-family: 'Times New Roman', serif;">(Name - Please Print)</div>
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<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>d8807183_ex10-2.htm
<TEXT>
<html>
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    <title></title>
    <!-- Licensed to: Seward & Kissel
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  <div><br>
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  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 10.2</font><br>
  </div>
  <div> <br>
  </div>
  <div>
    <div style="text-align: center;"><font style="font-family: 'Times New Roman', serif; font-weight: bold;">Form of Lock-Up Agreement<br>
      </font><br>
    </div>
    <div style="text-align: right; text-indent: 36pt; font-family: 'Times New Roman', serif;">February ___, 2021</div>
    <div style="font-family: 'Times New Roman', serif;">Pyxis Tankers Inc.<br>
      59 K. Karamanli Street</div>
    <div style="font-family: 'Times New Roman', serif;">Maroussi 15125 Greece</div>
    <div style="font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif;">Ladies and Gentlemen:</div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">This Lock-Up Agreement is being delivered to you in connection with the Securities Purchase Agreement (the &#8220;<font style="font-weight: bold;">Purchase Agreement</font>&#8221;),
      dated as of February 17, 2021, by and among Pyxis Tankers (the &#8220;<font style="font-weight: bold;">Company</font>&#8221;) and the investors party thereto (the &#8220;<font style="font-weight: bold;">Buyers</font>&#8221;) with respect to the issuance of shares of the
      Company&#8217;s common stock, $0.001 par value (the &#8220;<font style="font-weight: bold;">Common Shares</font>&#8221;). Capitalized terms used herein and not otherwise defined herein shall have the respective meanings set forth in the Purchase Agreement.</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">In order to induce the Buyers to enter into the Purchase Agreement, the undersigned agrees that, commencing on the date hereof and ending on the earliest to
      occur of the (i) 60-day anniversary following the Effective Date (the &#8220;<font style="font-weight: bold;">Lock-Up Period</font>&#8221;) and (ii) disposition by the Buyers of all Common Shares the Buyers received in the issuance, confirmed by all of the
      Buyers, the undersigned will not, and will cause all affiliates (as defined in Rule 144 promulgated under the 1933 Act) of the undersigned or any person in privity with the undersigned or any affiliate of the undersigned not to, (i) sell, offer to
      sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase, make any short sale or otherwise dispose of or agree to dispose of, directly or indirectly, any Common Shares or Common Stock Equivalents, or establish a put
      equivalent position within the meaning of Section 16 of the Securities and Exchange Act of 1934, as amended and the rules and regulations of the Securities and Exchange Commission promulgated thereunder with respect to any Common Shares or Common
      Stock Equivalents owned directly by the undersigned (including holding as a custodian) or with respect to which the undersigned has beneficial ownership within the rules and regulations of the Securities and Exchange Commission (collectively, the &#8220;<font style="font-weight: bold;">Undersigned&#8217;s Shares</font>&#8221;), or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any of the Undersigned&#8217;s Shares, whether any
      such transaction described in clause (i) or (ii) above is to be settled by delivery of Common Shares or other securities, in cash or otherwise, (iii) make any demand for or exercise any right or cause to be filed a registration statement, including
      any amendments thereto, with respect to the registration of any Common Shares or Common Stock Equivalents or (iv) publicly disclose the intention to do any of the foregoing.</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">The foregoing restriction is expressly agreed to preclude the undersigned, and any affiliate of the undersigned and any person in privity with the undersigned
      or any affiliate of the undersigned, from engaging in any hedging or other transaction which is designed to, or which reasonably could be expected to lead to, or result in a sale or disposition of the Undersigned&#8217;s Shares even if the Undersigned&#8217;s
      Shares would be disposed of by someone other than the undersigned. Such prohibited hedging or other transactions would include, without limitation, any short sale or any purchase, sale or grant of any right (including, without limitation, any put or
      call option) with respect to any of the Undersigned&#8217;s Shares or with respect to any security that includes, relates to, or derives any significant part of its value from the Undersigned&#8217;s Shares.</div>
    <div style="font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">Notwithstanding the foregoing, the undersigned may transfer the Undersigned&#8217;s Shares (i) as a <font style="font-style: italic;">bona fide</font> gift or gifts,
      provided that the donee or donees thereof agree to be bound in writing by the restrictions set forth herein and such transfer shall not require the Company or the undersigned to make any public disclosure with respect thereto, including any filing
      with the Commission or (ii) to any trust for the direct or indirect benefit of the undersigned or the immediate family of the undersigned, provided that the trustee of the trust agrees to be bound in writing by the restrictions set forth herein and
      such transfer shall not require the Company or the undersigned to make any public disclosure with respect thereto, including any filing with the Commission, and provided further that any such transfer shall not involve a disposition for value. For
      purposes of this Lock-Up Agreement, &#8220;immediate family&#8221; shall mean any relationship by blood, marriage or adoption, not more remote than first cousin. The undersigned now has, and, except as contemplated by the immediately preceding sentence, for the
      duration of this Lock-Up Agreement will have, good and marketable title to the Undersigned&#8217;s Shares, free and clear of all liens, encumbrances, and claims whatsoever. The undersigned also agrees and consents to the entry of stop transfer instructions
      with the Company&#8217;s transfer agent (the &#8220;<font style="font-weight: bold;">Transfer Agent</font>&#8221;) and registrar against the transfer of the Undersigned&#8217;s Shares except in compliance with the foregoing restrictions.</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">&#160;</div>
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    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">In order to enforce this covenant, the Company shall impose irrevocable stop-transfer instructions preventing the Transfer Agent from effecting any actions in
      violation of this Lock-Up Agreement.</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman', serif;">The undersigned acknowledges that the execution, delivery and performance of this Lock-Up Agreement is a material inducement to each Buyer to complete the
      transactions contemplated by the Purchase Agreement and that the Company shall be entitled to specific performance of the undersigned&#8217;s obligations hereunder. The undersigned hereby represents that the undersigned has the power and authority to
      execute, deliver and perform this Lock-Up Agreement, that the undersigned has received adequate consideration therefor and that the undersigned will indirectly benefit from the closing of the transactions contemplated by the Purchase Agreement. The
      undersigned understands and agrees that this Lock-Up Agreement is irrevocable and shall be binding upon the undersigned&#8217;s heirs, legal representatives, successors, and assigns, unless the Buyers provide written notice of an early termination of this
      Lock-Up Agreement.</div>
    <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">This Lock-Up Agreement may be executed in two counterparts, each of which shall be deemed an original but both of which shall be considered one and the same
      instrument.</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">This Lock-Up Agreement will be governed by and construed in accordance with the laws of the State of New York.</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">&#160;</div>
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<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>d8807183_ex10-3.htm
<TEXT>
<html>
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  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 10.3</font><br>
  </div>
  <div><br>
  </div>
  <div>
    <div><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">REGISTRATION RIGHTS AGREEMENT</div>
    <div style="font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">This Registration Rights Agreement (this &#8220;<u>Agreement</u>&#8221;) is
      made and entered into as of February 17, 2021, between Pyxis Tankers Inc., a Marshall Islands corporation (the &#8220;<u>Company</u>&#8221;), and each of the several purchasers
      signatory hereto (each such purchaser, a &#8220;<u>Purchaser</u>&#8221; and, collectively, the &#8220;<u>Purchasers</u>&#8221;).</div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">This Agreement is made pursuant to the Securities Purchase Agreement, dated as of the date hereof, between the Company and each Purchaser (the
      &#8220;<u>Purchase Agreement</u>&#8221;).</div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">The Company and each Purchaser hereby agrees as follows:</div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">1. <u>Definitions</u>.</div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Capitalized terms used and not otherwise defined
        herein that are defined in the Purchase Agreement shall have the meanings given such terms in the Purchase Agreement.</font> As used in this Agreement, the following terms shall have the following meanings:</div>
    <div style="text-align: justify; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; margin-left: 72pt; font-family: 'Times New Roman', serif;">&#8220;<u>Advice</u>&#8221; shall have the meaning set forth in Section 6(d).</div>
    <div style="text-align: justify; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Effectiveness Date</u>&#8221; means, with respect
      to the Initial Registration Statement required to be filed hereunder, the 60<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> calendar day following the date hereof (or, in the event of a &#8220;review&#8221; by the Commission, the 75<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> calendar day following the date hereof), and with
      respect to any additional Registration Statements which may be required pursuant to Section 2(c) or Section 3(c), the 50th calendar day following the date on which an additional Registration Statement is required to be filed hereunder (or, in the
      event of a &#8220;review&#8221; by the Commission, the 60<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> calendar day following the date on which an additional Registration Statement is required to be filed hereunder); <u>provided</u>
      , <u>however</u> , that in the event the Company is notified by the Commission that one or more of the above Registration Statements will not be reviewed or is no longer
      subject to further review and comments, the Effectiveness Date as to such Registration Statement shall be the fifth Trading Day following the date on which the Company is so notified if such date precedes the dates otherwise required above, provided,
      further, if such Effectiveness Date falls on a day that is not a Trading Day, then the Effectiveness Date shall be the next succeeding Trading Day.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Effectiveness Period</u>&#8221; shall have the
      meaning set forth in Section 2(a).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Event</u>&#8221; shall have the meaning set forth
      in Section 2(d).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Event Date</u>&#8221; shall have the meaning set
      forth in Section 2(d).</div>
    <div><br>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Filing Date</u>&#8221; means, with respect to the
      Initial Registration Statement required hereunder, the 10<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> calendar day following the date hereof and, with respect to any additional Registration Statements which may be required pursuant to Section 2(c) or Section 3(c), the earliest
      practical date on which the Company is permitted by SEC Guidance to file such additional Registration Statement related to the Registrable Securities.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Holder</u>&#8221; or &#8220;<u>Holders</u>&#8221; means the holder or holders, as the case may be, from time to time of Registrable Securities.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Indemnified Party</u>&#8221; shall have the
      meaning set forth in Section 5(c).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Indemnifying Party</u>&#8221; shall have the
      meaning set forth in Section 5(c).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Initial Registration Statement</u>&#8221; means
      the initial Registration Statement filed pursuant to this Agreement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Losses</u>&#8221; shall have the meaning set
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Plan of Distribution</u>&#8221; shall have the
      meaning set forth in Section 2(a).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Prospectus</u>&#8221; means the prospectus
      included in a Registration Statement (including, without limitation, a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated by the
      Commission pursuant to the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by a Registration Statement, and all other amendments
      and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Registrable Securities</u>&#8221; means, as of
      any date of determination, (a) all Shares then issued and outstanding 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, however</u> , that any such Registrable Securities shall cease to be Registrable Securities (and the Company shall not be required to maintain the effectiveness of
      any, or file another, Registration Statement hereunder with respect thereto) for so long as (a) a Registration Statement with respect to the sale of such Registrable Securities is declared effective by the Commission under the Securities Act and such
      Registrable Securities have been disposed of by the Holder in accordance with such effective Registration Statement, (b) such Registrable Securities have been previously sold in accordance with Rule 144, or (c) such securities become eligible for
      resale without volume or manner-of-sale restrictions and without current public information pursuant to Rule 144.<a name="eolPage55"></a></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;"><u>&#8220;Registration Statement</u>&#8221; means any
      registration statement required to be filed hereunder pursuant to Section 2(a) and any additional registration statements contemplated by Section 2(c) or Section 3(c), including (in each case) the Prospectus, amendments and supplements to any such
      registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material incorporated by reference or deemed to be incorporated by reference in any such registration statement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Rule 415</u>&#8221; means Rule 415 promulgated by
      the Commission 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 Commission having substantially the same purpose and effect as such Rule.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Rule 424</u>&#8221; means Rule 424 promulgated by
      the Commission 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 Commission having substantially the same purpose and effect as such Rule.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>Selling Shareholder Questionnaire</u>&#8221;
      shall have the meaning set forth in Section 3(a).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#8220;<u>SEC Guidance</u>&#8221; means (i) any
      publicly-available written or oral guidance of the Commission staff, or any comments, requirements or requests of the Commission staff and (ii) the Securities Act.</div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">2. <u>Shelf Registration</u>.</div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(a) On or prior to each Filing Date, the Company shall prepare and file with the Commission a Registration Statement
      covering the resale of all of the Registrable Securities that are not then registered on an effective Registration Statement for an offering to be made on a continuous basis pursuant to Rule 415. Each Registration Statement filed hereunder shall be
      on Form F-3 (except if the Company is not then eligible to register for resale the Registrable Securities on Form F-3, in which case such registration shall be on another appropriate form in accordance herewith, subject to the provisions of Section
      2(e)) and shall contain (unless otherwise directed by at least 85% in interest of the Holders) substantially the &#8220;<u>Plan of Distribution</u>&#8221; attached hereto as <u>Annex A</u> and substantially the &#8220;<u>Selling Shareholder</u>&#8221; section attached hereto as <u>Annex B</u>, with any changes required by SEC guidance; <u>provided</u> , <u>however</u> , that no Holder shall be required to be named as an &#8220;underwriter&#8221; without such Holder&#8217;s express prior written consent. Subject to the terms of this Agreement,
      the Company shall use its reasonable best efforts to cause a Registration Statement filed under this Agreement (including, without limitation, under Section 3(c)) to be declared effective under the Securities Act as promptly as possible after the
      filing thereof, but in any event no later than the applicable Effectiveness Date, and shall use its reasonable best efforts to keep such Registration Statement continuously effective under the Securities Act until the date that all Registrable
      Securities covered by such Registration Statement (i) have been sold, thereunder or pursuant to Rule 144, or (ii) may be sold without volume or manner-of-sale restrictions pursuant to Rule 144 and without the requirement for the Company to be in
      compliance with the current public information requirement under Rule 144 (the &#8220;<u>Effectiveness Period</u>&#8221;). The Company shall telephonically request effectiveness of a
      Registration Statement as of 5:00 p.m. Eastern Time on a Trading Day. The Company shall immediately notify the Holders via facsimile or by e-mail of the effectiveness of a Registration Statement on the same Trading Day that the Company telephonically
      confirms effectiveness with the Commission, which shall be the date requested for effectiveness of such Registration Statement. The Company shall, by 9:30 a.m. Eastern Time on the Trading Day after the effective date of such Registration Statement,
      file a final Prospectus with the Commission as required by Rule 424. Failure to file a final Prospectus as foresaid shall be deemed an Event under Section 2(d).</div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;"><a name="eolPage56"></a>(b) Notwithstanding the registration obligations set forth in Section 2(a), if the Commission
      informs the Company that all of the Registrable Securities cannot, as a result of the application of Rule 415, be registered for resale as a secondary offering on a single registration statement, the Company agrees to promptly inform each of the
      Holders thereof and use its reasonable efforts to file amendments to the Initial Registration Statement as required by the Commission, covering the maximum number of Registrable Securities permitted to be registered by the Commission, on Form F-3 or
      such other form available to register for resale the Registrable Securities as a secondary offering, subject to the provisions of Section 2(e); with respect to filing on Form F-3 or other appropriate form, and subject to the provisions of Section
      2(d) with respect to the payment of liquidated damages; <u>provided</u> , <u>however</u> ,
      that prior to filing such amendment, the Company shall be obligated to use diligent efforts to advocate with the Commission for the registration of all of the Registrable Securities in accordance with the SEC Guidance, including without limitation,
      Compliance and Disclosure Interpretation 612.09.</div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(c) Notwithstanding any other provision of this Agreement and subject to the payment of liquidated damages pursuant to
      Section 2(d), if the Commission or any SEC Guidance sets forth a limitation on the number of Registrable Securities permitted to be registered on a particular Registration Statement as a secondary offering (and notwithstanding that the Company used
      diligent efforts to advocate with the Commission for the registration of all or a greater portion of Registrable Securities), unless otherwise directed in writing by a Holder as to its Registrable Securities, the number of Registrable Securities to
      be registered on such Registration Statement will be reduced to eliminate any securities to be included other than Registrable Securities.<a name="eolPage57"></a>&#160; In the event the Company amends the Initial Registration Statement in accordance with
      the foregoing, the Company will use its reasonable best efforts to file with the Commission, as promptly as allowed by Commission or SEC Guidance provided to the Company or to registrants of securities in general, one or more registration statements
      on Form F-3 or such other form available to register for resale those Registrable Securities that were not registered for resale on the Initial Registration Statement, as amended.</div>
    <div style="text-align: justify; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(d) If: (i) the Initial Registration Statement is not filed on or prior to its Filing Date (if the Company files the Initial
      Registration Statement without affording the Holders the opportunity to review and comment on the same as required by Section 3(a) herein, the Company shall be deemed to have not satisfied this clause (i)), or (ii) the Company fails to file with the
      Commission a request for acceleration of a Registration Statement in accordance with Rule 461 promulgated by the Commission pursuant to the Securities Act, within five (5) Trading Days of the date that the Company is notified (orally or in writing,
      whichever is earlier) by the Commission that such Registration Statement will not be &#8220;reviewed&#8221; or will not be subject to further review, or (iii) prior to the effective date of a Registration Statement, the Company fails to file a pre-effective
      amendment and otherwise respond in writing to comments made by the Commission in respect of such Registration Statement within fourteen (14) calendar days after the receipt of comments by or notice from the Commission that such amendment is required
      in order for such Registration Statement to be declared effective, or (iv) a Registration Statement registering for resale all of the Registrable Securities is not declared effective by the Commission by the Effectiveness Date of the Initial
      Registration Statement, or (v) after the effective date of a Registration Statement, such Registration Statement ceases for any reason to remain continuously effective as to all Registrable Securities included in such Registration Statement, or the
      Holders are otherwise not permitted to utilize the Prospectus therein to resell such Registrable Securities, for more than twenty (20) consecutive calendar days or more than an aggregate of forty (40) calendar days (which need not be consecutive
      calendar days) during any 12-month period (any such failure or breach being referred to as an &#8220;<u>Event</u>&#8221;, and for purposes of clauses (i) and (iv), the date on which
      such Event occurs, and for purpose of clause (ii) the date on which such five (5) Trading Day period is exceeded, and for purpose of clause (iii) the date which such 14 (14) calendar day period is exceeded, and for purpose of clause (v) the date on
      which such twenty (20) or forty (40) calendar day period, as applicable, is exceeded being referred to as &#8220;<u>Event Date</u>&#8221;), then, in addition to any other rights the
      Holders may have hereunder or under applicable law, on each such Event Date and on each monthly anniversary of each such Event Date (if the applicable Event shall not have been cured by such date) until the applicable Event is cured, the Company
      shall pay to each Holder an amount in cash, as partial liquidated damages and not as a penalty, equal to the product of 1.0% multiplied by the aggregate Subscription Amount paid by such Holder pursuant to the Purchase Agreement. The parties agree
      that the maximum aggregate liquidated damages payable to a Holder under this Agreement shall be 10% of the aggregate Subscription Amount paid by such Holder pursuant to the Purchase Agreement. If the Company fails to pay any partial liquidated
      damages pursuant to this Section in full within seven days after the date payable, the Company will pay interest thereon at a rate of 12% per annum (or such lesser maximum amount that is permitted to be paid by applicable law) to the Holder, accruing
      daily from the date such partial liquidated damages are due until such amounts, plus all such interest thereon, are paid in full. The partial liquidated damages pursuant to the terms hereof shall apply on a daily pro rata basis for any portion of a
      month prior to the cure of an Event.<a name="eolPage58"></a></div>
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    </div>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(e) If Form F-3 is not available for the registration of the resale of Registrable Securities hereunder, the Company shall
      (i) register the resale of the Registrable Securities on another appropriate form and (ii) undertake to register the Registrable Securities on Form F-3 as soon as such form is available, provided that the Company shall maintain the effectiveness of
      the Registration Statement then in effect until such time as a Registration Statement on Form F-3 covering the Registrable Securities has been declared effective by the Commission.</div>
    <div style="margin-left: 36pt; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(f) Notwithstanding anything to the contrary contained herein, in no event shall the Company be permitted to name any Holder
      or affiliate of a Holder as any Underwriter without the prior written consent of such Holder.</div>
    <div style="text-align: justify; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-family: 'Times New Roman', serif;">3. <u>Registration Procedures</u>.</div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; margin-left: 54pt; font-family: 'Times New Roman', serif;">In connection with the Company&#8217;s registration obligations hereunder, the Company shall:</div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(a) Not less than five (5) Trading Days prior to the filing of each Registration Statement and not less than one (1) Trading
      Day prior to the filing of any related Prospectus or any amendment or supplement thereto (including any document that would be incorporated or deemed to be incorporated therein by reference), the Company shall (i) furnish to each Holder copies of all
      such documents proposed to be filed, which documents (other than those incorporated or deemed to be incorporated by reference) will be subject to the review of such Holders, and (ii) cause its officers and directors, counsel and independent
      registered public accountants to respond to such inquiries as shall be necessary, in the reasonable opinion of respective counsel to each Holder, to conduct a reasonable investigation within the meaning of the Securities Act. The Company shall not
      file a Registration Statement or any such Prospectus or any amendments or supplements thereto to which the Holders of a majority of the Registrable Securities shall reasonably object in good faith, provided that, the Company is notified of such
      objection in writing no later than five (5) Trading Days after the Holders have been so furnished copies of a Registration Statement or one (1) Trading Day after the Holders have been so furnished copies of any related Prospectus or amendments or
      supplements thereto. Each Holder agrees to furnish to the Company a completed questionnaire in the form attached to this Agreement as <u>Annex B</u> (a &#8220;<u>Selling Shareholder Questionnaire</u>&#8221;) on a date that is not less than two (2) Trading Days prior to the Filing Date or by the end of the fourth (4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> ) Trading
      Day following the date on which such Holder receives draft materials in accordance with this Section.</div>
    <div style="text-align: justify; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#160;<a name="eolPage59"></a>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(b) (i) Prepare and file with the Commission such amendments, including post-effective amendments, to a Registration
      Statement and the Prospectus used in connection therewith as may be necessary to keep a Registration Statement continuously effective as to the applicable Registrable Securities for the Effectiveness Period and prepare and file with the Commission
      such additional Registration Statements in order to register for resale under the Securities Act all of the Registrable Securities, (ii) cause the related Prospectus to be amended or supplemented by any required Prospectus supplement (subject to the
      terms of this Agreement), and, as so supplemented or amended, to be filed pursuant to Rule 424, (iii) respond as promptly as reasonably possible to any comments received from the Commission with respect to a Registration Statement or any amendment
      thereto and provide as promptly as reasonably possible to the Holders true and complete copies of all correspondence from and to the Commission relating to a Registration Statement (provided that, the Company shall excise any information contained
      therein which would constitute material non-public information regarding the Company or any of its Subsidiaries), and (iv) comply in all material respects with the applicable provisions of the Securities Act and the Exchange Act with respect to the
      disposition of all Registrable Securities covered by a Registration Statement during the applicable period in accordance (subject to the terms of this Agreement) with the intended methods of disposition by the Holders thereof set forth in such
      Registration Statement as so amended or in such Prospectus as so supplemented.</div>
    <div style="text-align: justify; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(c) If during the Effectiveness Period, the number of Registrable Securities at any time exceeds 100% of the number of
      shares of Common Stock then registered in a Registration Statement, then the Company shall file as soon as reasonably practicable, but in any case prior to the applicable Filing Date, an additional Registration Statement covering the resale by the
      Holders of not less than the number of such Registrable Securities.<a name="eolPage60"></a></div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(d) Notify the Holders of Registrable Securities to be sold (which notice shall, pursuant to clauses (iii) through (vi)
      hereof, be accompanied by an instruction to suspend the use of the Prospectus until the requisite changes have been made) as promptly as reasonably possible (and, in the case of (i)(A) below, not less than one (1) Trading Day prior to such filing)
      and (if requested by any such Person) confirm such notice in writing no later than one (1) Trading Day following the day (i)(A) when a Prospectus or any Prospectus supplement or post-effective amendment to a Registration Statement is proposed to be
      filed, (B) when the Commission notifies the Company whether there will be a &#8220;review&#8221; of such Registration Statement and whenever the Commission comments in writing on such Registration Statement, and (C) with respect to a Registration Statement or
      any post-effective amendment, when the same has become effective, (ii) of any request by the Commission or any other federal or state governmental authority for amendments or supplements to a Registration Statement or Prospectus or for additional
      information, (iii) of the issuance by the Commission or any other federal or state governmental authority of any stop order suspending the effectiveness of a Registration Statement covering any or all of the Registrable Securities or the initiation
      of any Proceedings for that purpose, (iv) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction, or the
      initiation or threatening of any Proceeding for such purpose, (v) of the occurrence of any event or passage of time that makes the financial statements included in a Registration Statement ineligible for inclusion therein or any statement made in a
      Registration Statement or Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires any revisions to a Registration Statement, Prospectus or other documents so that, in
      the case of a Registration Statement or the Prospectus, as the case may be, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in
      light of the circumstances under which they were made, not misleading, and (vi) of the occurrence or existence of any pending corporate development with respect to the Company that the Company believes may be material and that, in the determination
      of the Company, makes it not in the best interest of the Company to allow continued availability of a Registration Statement or Prospectus, <u>provided</u> , <u>however</u> , in no event shall any such notice contain any information which would constitute material, non-public information regarding the Company or any of its
      Subsidiaries.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(e) Use its reasonable best efforts to avoid the issuance of, or, if issued, obtain the withdrawal of (i) any order stopping
      or suspending the effectiveness of a Registration Statement, or (ii) any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction, at the earliest practicable moment.</div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(f) Furnish to each Holder, without charge, at least one conformed copy of each such Registration Statement and each
      amendment thereto, including financial statements and schedules, all documents incorporated or deemed to be incorporated therein by reference to the extent requested by such Person, and all exhibits to the extent requested by such Person (including
      those previously furnished or incorporated by reference) promptly after the filing of such documents with the Commission; provided, that any such item which is available on the EDGAR system (or successor thereto) need not be furnished in physical
      form.<a name="eolPage61"></a></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(g) Subject to the terms of this Agreement, the Company hereby consents to the use of such Prospectus and each amendment or
      supplement thereto by each of the selling Holders in connection with the offering and sale of the Registrable Securities covered by such Prospectus and any amendment or supplement thereto, except after the giving of any notice pursuant to Section
      3(d).</div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(h) Prior to any resale of Registrable Securities by a Holder, use its commercially reasonable efforts to register or
      qualify or cooperate with the selling Holders in connection with the registration or qualification (or exemption from the Registration or qualification) of such Registrable Securities for the resale by the Holder under the securities or Blue Sky laws
      of such jurisdictions within the United States as any Holder reasonably requests in writing, to keep each registration or qualification (or exemption therefrom) effective during the Effectiveness Period and to do any and all other acts or things
      reasonably necessary to enable the disposition in such jurisdictions of the Registrable Securities covered by each Registration Statement; provided, that, the Company shall not be required to qualify generally to do business in any jurisdiction where
      it is not then so qualified, subject the Company to any material tax in any such jurisdiction where it is not then so subject or file a general consent to service of process in any such jurisdiction.</div>
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    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(i) If requested by a Holder, cooperate with such Holder to facilitate the timely preparation and delivery of certificates
      representing Registrable Securities to be delivered to a transferee pursuant to a Registration Statement, which certificates shall be free, to the extent permitted by the Purchase Agreement, of all restrictive legends, and to enable such Registrable
      Securities to be in such denominations and registered in such names as any such Holder may request.</div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(j) Upon the occurrence of any event contemplated by Section 3(d), as promptly as reasonably possible under the
      circumstances taking into account the Company&#8217;s good faith assessment of any adverse consequences to the Company and its shareholders of the premature disclosure of such event, prepare a supplement or amendment, including a post-effective amendment,
      to a Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, and file any other required document so that, as thereafter delivered, neither a Registration
      Statement nor such Prospectus will contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made,
      not misleading. If the Company notifies the Holders in accordance with clauses (iii) through (vi) of Section 3(d) above to suspend the use of any Prospectus until the requisite changes to such Prospectus have been made, then the Holders shall suspend
      use of such Prospectus. The Company will use its reasonable best efforts to ensure that the use of the Prospectus may be resumed as promptly as is practicable. The Company shall be entitled to exercise its right under this Section 3(j) to suspend the
      availability of a Registration Statement and Prospectus, subject to the payment of partial liquidated damages otherwise required pursuant to Section 2(d), for a period not to exceed 60 calendar days (which need not be consecutive days) in any
      12-month period.<a name="eolPage62"></a></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(k) Otherwise use reasonable efforts to comply with all applicable rules and regulations of the Commission under the
      Securities Act and the Exchange Act, including, without limitation, Rule 172 under the Securities Act, file any final Prospectus, including any supplement or amendment thereof, with the Commission pursuant to Rule 424 under the Securities Act,
      promptly inform the Holders in writing if, at any time during the Effectiveness Period, the Company does not satisfy the conditions specified in Rule 172 and, as a result thereof, the Holders are required to deliver a Prospectus in connection with
      any disposition of Registrable Securities and take such other actions as may be reasonably necessary to facilitate the registration of the Registrable Securities hereunder.</div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(l) The Company shall use its reasonable best efforts to maintain eligibility for use of Form F-3 (or any successor form
      thereto) for the registration of the resale of Registrable Securities.</div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(m) The Company may require each selling Holder to furnish to the Company a certified statement as to the number of shares
      of Common Stock beneficially owned by such Holder and, if required by the Commission, the natural persons thereof that have voting and dispositive control over the shares. During any periods that the Company is unable to meet its obligations
      hereunder with respect to the registration of the Registrable Securities solely because any Holder fails to furnish such information within three Trading Days of the Company&#8217;s request, any liquidated damages that are accruing at such time as to such
      Holder only shall be tolled and any Event that may otherwise occur solely because of such delay shall be suspended as to such Holder only, until such information is delivered to the Company.</div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">4. <u>Registration Expenses</u>. All fees and expenses incident
      to the performance of or compliance with, this Agreement by the Company shall be borne by the Company whether or not any Registrable Securities are sold pursuant to a Registration Statement. The fees and expenses referred to in the foregoing sentence
      shall include, without limitation, (i) all registration and filing fees (including, without limitation, fees and expenses of the Company&#8217;s counsel and independent registered public accountants) (A) with respect to filings made with the Commission,
      (B) with respect to filings required to be made with any Trading Market on which the Common Stock is then listed for trading, and (C) in compliance with applicable state securities or Blue Sky laws reasonably agreed to by the Company in writing
      (including, without limitation, fees and disbursements of counsel for the Company in connection with Blue Sky qualifications or exemptions of the Registrable Securities), (ii) printing expenses (including, without limitation, expenses of printing
      certificates for Registrable Securities), (iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of counsel for the Company, (v) Securities Act liability insurance, if the Company so desires such insurance, and (vi) fees and
      expenses of all other Persons retained by the Company in connection with the consummation of the transactions contemplated by this Agreement. In addition, the Company shall be responsible for all of its internal expenses incurred in connection with
      the consummation of the transactions contemplated by this Agreement (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any annual audit and the fees and
      expenses incurred in connection with the listing of the Registrable Securities on any securities exchange as required hereunder. In no event shall the Company be responsible for any broker or similar commissions of any Holder or, except to the extent
      provided for in the Transaction Documents, any legal fees or other costs of the Holders.<a name="eolPage63"></a></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">5. <u>Indemnification</u>.</div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(a) <u>Indemnification by the Company</u>. The
      Company shall, notwithstanding any termination of this Agreement, indemnify and hold harmless each Holder, the officers, directors, members, partners, agents, investment advisors and employees (and any other Persons with a functionally equivalent
      role of a Person holding such titles, notwithstanding a lack of such title or any other title) of each of them, each Person who controls any such Holder (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) and
      the officers, directors, members, shareholders, partners, agents and employees (and any other Persons with a functionally equivalent role of a Person holding such titles, notwithstanding a lack of such title or any other title) of each such
      controlling Person, to the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, costs (including, without limitation, reasonable attorneys&#8217; fees) and expenses (collectively, &#8220;<u>Losses</u> &#8221;), as incurred, arising out of or relating to (1) any untrue or alleged untrue statement of a material fact contained in a Registration Statement, any Prospectus
      or any form of prospectus or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary to make the
      statements therein (in the case of any Prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading or (2) any violation or alleged violation by the Company of the Securities Act, the Exchange Act or any
      state securities law, or any rule or regulation thereunder, in connection with the performance of its obligations under this Agreement, except to the extent, but only to the extent, that (i) such untrue statements or omissions are based solely upon
      information regarding such Holder furnished in writing to the Company by such Holder expressly for use therein, or to the extent that such information relates to such Holder or such Holder&#8217;s proposed method of distribution of Registrable Securities
      and was reviewed and expressly approved in writing by such Holder expressly for use in a Registration Statement, such Prospectus or in any amendment or supplement thereto (it being understood that the Holder has approved Annex A hereto for this
      purpose) or (ii) in the case of an occurrence of an event of the type specified in Section 3(d)(iii)-(vi), the use by such Holder of an outdated, defective or otherwise unavailable Prospectus after the Company has notified such Holder in writing that
      the Prospectus is outdated, defective or otherwise unavailable for use by such Holder and prior to the receipt by such Holder of the Advice contemplated in Section 6(d). The Company shall notify the Holders promptly of the institution, threat or
      assertion of any Proceeding arising from or in connection with the transactions contemplated by this Agreement of which the Company is aware. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of
      such indemnified person and shall survive the transfer of any Registrable Securities by any of the Holders in accordance with Section 6(h).<a name="eolPage64"></a></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(b) <u>Indemnification by Holders</u>. Each
      Holder shall, severally and not jointly, indemnify and hold harmless the Company, its officers, directors, members, partners, agents and employees (and any other Persons with a functionally equivalent role of a Person holding such titles,
      notwithstanding a lack of such title or any other title) of each of them, each Person who controls the Company (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) and the officers, directors, members,
      shareholders, partners and employees (and any other Persons with a functionally equivalent role of a Person holding such titles, notwithstanding a lack of such title or any other title) of each such controlling Person, to the fullest extent permitted
      by applicable law, from and against all Losses, as incurred, to the extent arising out of or based solely upon: any untrue or alleged untrue statement of a material fact contained in any Registration Statement, any Prospectus, or in any amendment or
      supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or
      supplement thereto, in light of the circumstances under which they were made) not misleading (i) to the extent, but only to the extent, that such untrue statement or omission is contained in any information so furnished in writing by such Holder to
      the Company expressly for inclusion in such Registration Statement or such Prospectus or (ii) to the extent, but only to the extent, that such information relates to such Holder&#8217;s information provided in the Selling Shareholder Questionnaire or the
      proposed method of distribution of Registrable Securities and was reviewed and expressly approved in writing by such Holder expressly for use in a Registration Statement (it being understood that the Holder has approved Annex A hereto for this
      purpose), such Prospectus or in any amendment or supplement thereto. In no event shall the liability of a selling Holder be greater in amount than the dollar amount of the proceeds (net of all expenses paid by such Holder in connection with any claim
      relating to this Section 5 and the amount of any damages such Holder has otherwise been required to pay by reason of such untrue statement or omission) received by such Holder upon the sale of the Registrable Securities included in the Registration
      Statement giving rise to such indemnification obligation.<a name="eolPage65"></a></div>
    <div><br>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(c) <u>Conduct of Indemnification Proceedings</u>.
      If any Proceeding shall be brought or asserted against any Person entitled to indemnity hereunder (an &#8220;<u>Indemnified Party</u>&#8221;), such Indemnified Party shall promptly
      notify the Person from whom indemnity is sought (the &#8220;<u>Indemnifying Party</u>&#8221;) in writing, and the Indemnifying Party shall have the right to assume the defense thereof,
      including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all reasonable fees and expenses incurred in connection with defense thereof; provided, that, the failure of any Indemnified Party to give such
      notice shall not relieve the Indemnifying Party of its obligations or liabilities pursuant to this Agreement, except (and only) to the extent that it shall be finally determined by a court of competent jurisdiction (which determination is not subject
      to appeal or further review) that such failure shall have materially and adversely prejudiced the Indemnifying Party.</div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">An Indemnified Party shall have the right to employ separate counsel in any such Proceeding and to participate in the
      defense thereof, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party or Parties unless: (1) the Indemnifying Party has agreed in writing to pay such fees and expenses, (2) the Indemnifying Party shall have
      failed promptly to assume the defense of such Proceeding and to employ counsel reasonably satisfactory to such Indemnified Party in any such Proceeding, or (3) the named parties to any such Proceeding (including any impleaded parties) include both
      such Indemnified Party and the Indemnifying Party, and counsel to the Indemnified Party shall reasonably believe that a material conflict of interest is likely to exist if the same counsel were to represent such Indemnified Party and the Indemnifying
      Party (in which case, if such Indemnified Party notifies the Indemnifying Party in writing that it elects to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying Party shall not have the right to assume the defense
      thereof and the reasonable fees and expenses of no more than one separate counsel shall be at the expense of the Indemnifying Party). The Indemnifying Party shall not be liable for any settlement of any such Proceeding effected without its written
      consent, which consent shall not be unreasonably withheld or delayed. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending Proceeding in respect of which any Indemnified Party
      is a party, unless such settlement includes an unconditional release of such Indemnified Party from all liability on claims that are the subject matter of such Proceeding.</div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
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    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div><br>
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    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">Subject to the terms of this Agreement, all reasonable fees and expenses of the Indemnified Party (including reasonable fees
      and expenses to the extent incurred in connection with investigating or preparing to defend such Proceeding in a manner not inconsistent with this Section) shall be paid to the Indemnified Party, as incurred, within ten Trading Days of written notice
      thereof to the Indemnifying Party; provided, that, the Indemnified Party shall promptly reimburse the Indemnifying Party for that portion of such fees and expenses applicable to such actions for which such Indemnified Party is finally determined by a
      court of competent jurisdiction (which determination is not subject to appeal or further review) not to be entitled to indemnification hereunder.<a name="eolPage66"></a></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">(d) <u>Contribution</u>. If the
      indemnification under Section 5(a) or 5(b) is unavailable to an Indemnified Party or insufficient to hold an Indemnified Party harmless for any Losses, then each Indemnifying Party shall contribute to the amount paid or payable by such Indemnified
      Party, in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and Indemnified Party in connection with the actions, statements or omissions that resulted in such Losses as well as any other relevant equitable
      considerations. The relative fault of such Indemnifying Party and Indemnified Party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or
      omission or alleged omission of a material fact, has been taken or made by, or relates to information supplied by, such Indemnifying Party or Indemnified Party, and the parties&#8217; relative intent, knowledge, access to information and opportunity to
      correct or prevent such action, statement or omission. The amount paid or payable by a party as a result of any Losses shall be deemed to include, subject to the limitations set forth in this Agreement, any reasonable attorneys&#8217; or other fees or
      expenses incurred by such party in connection with any Proceeding to the extent such party would have been indemnified for such fees or expenses if the indemnification provided for in this Section was available to such party in accordance with its
      terms.</div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 5(d) were
      determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to in the immediately preceding paragraph. In no event shall the contribution obligation of a Holder of
      Registrable Securities be greater in amount than the dollar amount of the proceeds (net of all expenses paid by such Holder in connection with any claim relating to this Section 5 and the amount of any damages such Holder has otherwise been required
      to pay by reason of such untrue or alleged untrue statement or omission or alleged omission) received by it upon the sale of the Registrable Securities giving rise to such contribution obligation.</div>
    <div style="text-align: justify; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', serif;">The indemnity and contribution agreements contained in this Section are in addition to any liability that the Indemnifying
      Parties may have to the Indemnified Parties.</div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">6. <u>Miscellaneous</u>.</div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">(a) <u>Remedies</u>. In the event of a breach by the Company or
      by a Holder of any of their respective obligations under this Agreement, each Holder or the Company, as the case may be, in addition to being entitled to exercise all rights granted by law and under this Agreement, including recovery of damages,
      shall be entitled to specific performance of its rights under this Agreement. Each of the Company and each Holder agrees that monetary damages would not provide adequate compensation for any losses incurred by reason of a breach by it of any of the
      provisions of this Agreement and hereby further agrees that, in the event of any action for specific performance in respect of such breach, it shall not assert or shall waive the defense that a remedy at law would be adequate.<a name="eolPage67"></a></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">(b) <u>No Piggyback on Registrations; Prohibition on Filing Other
          Registration Statements</u>. Neither the Company nor any of its security holders (other than the Holders in such capacity pursuant hereto) may include securities of the Company in any Registration Statements other than the Registrable
      Securities. The Company shall not file any other registration statements until sixty (60) days following the date that all Registrable Securities are registered pursuant to a Registration Statement that is declared effective by the Commission.</div>
    <div style="text-align: justify; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">(c) <u>[Reserved]</u></div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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    </div>
    <div><br>
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    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">(d) <u>Discontinued Disposition</u>. By its acquisition of
      Registrable Securities, each Holder agrees that, upon receipt of a notice from the Company of the occurrence of any event of the kind described in Section 3(d)(iii) through (vi), such Holder will forthwith discontinue disposition of such Registrable
      Securities under a Registration Statement until it is advised in writing (the &#8220;<u>Advice</u>&#8221;) by the Company that the use of the applicable Prospectus (as it may have been
      supplemented or amended) may be resumed. The Company will use its reasonable best efforts to ensure that the use of the Prospectus may be resumed as promptly as is practicable. The Company agrees and acknowledges that any periods during which the
      Holder is required to discontinue the disposition of the Registrable Securities hereunder shall be subject to the provisions of Section 2(d).</div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">(e) <u>Piggy-Back Registrations</u>. If, at any time during the
      Effectiveness Period, there is not an effective Registration Statement covering all of the Registrable Securities and the Company shall determine to prepare and file with the Commission a registration statement relating to an offering for its own
      account or the account of others under the Securities Act of any of its equity securities, other than on Form F-4 or Form S-8 (each as promulgated under the Securities Act) or their then equivalents relating to equity securities to be issued solely
      in connection with any acquisition of any entity or business or equity securities issuable in connection with the Company&#8217;s stock option or other employee benefit plans, then the Company shall deliver to each Holder a written notice of such
      determination and, if within fifteen days after the date of the delivery of such notice, any such Holder shall so request in writing, the Company shall include in such registration statement all or any part of such Registrable Securities such Holder
      requests to be registered; <u>provided</u> , <u>however</u> , that the Company shall not be
      required to register any Registrable Securities pursuant to this Section 6(e) that are eligible for resale pursuant to Rule 144 (without volume restrictions or current public information requirements) promulgated by the Commission pursuant to the
      Securities Act or that are the subject of a then effective Registration Statement that is available for resales or other dispositions by such Holder.<a name="eolPage68"></a></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">(f) <u>Amendments and Waivers</u>. The provisions of this
      Agreement, including the provisions of this sentence, may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the same shall be in writing and signed by the Company and
      the Holders of 67% or more of the then outstanding Registrable Securities (for purposes of clarification, this includes any Registrable Securities issuable upon exercise or conversion of any Security), provided that, if any amendment, modification or
      waiver disproportionately and adversely impacts a Holder (or group of Holders), the consent of such disproportionately impacted Holder (or group of Holders) shall be required. If a Registration Statement does not register all of the Registrable
      Securities pursuant to a waiver or amendment done in compliance with the previous sentence, then the number of Registrable Securities to be registered for each Holder shall be reduced pro rata among all Holders and each Holder shall have the right to
      designate which of its Registrable Securities shall be omitted from such Registration Statement. Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights
      of a Holder or some Holders and that does not directly or indirectly affect the rights of other Holders may be given only by such Holder or Holders of all of the Registrable Securities to which such waiver or consent relates; <u>provided</u> , <u>however</u> , that the provisions of this sentence may not be amended,
      modified, or supplemented except in accordance with the provisions of the first sentence of this Section 6(f). No consideration shall be offered or paid to any Person to amend or consent to a waiver or modification of any provision of this Agreement
      unless the same consideration also is offered to all of the parties to this Agreement.</div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">(g) <u>Notices</u>. Any and all notices or other communications
      or deliveries required or permitted to be provided hereunder shall be delivered as set forth in the Purchase Agreement.</div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">(h) <u>Successors and Assigns</u>. This Agreement shall inure to
      the benefit of and be binding upon the successors and permitted assigns of each of the parties and shall inure to the benefit of each Holder. The Company may not assign (except by merger) its rights or obligations hereunder without the prior written
      consent of all of the Holders of the then outstanding Registrable Securities. Each Holder may assign their respective rights hereunder in the manner and to the Persons as permitted under Section 5.8 of the Purchase Agreement.</div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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    <div><br>
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    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">(i) <u>No Inconsistent Agreements</u>. Neither the Company nor
      any of its Subsidiaries has entered, as of the date hereof, nor shall the Company or any of its Subsidiaries, on or after the date of this Agreement, enter into any agreement with respect to its securities, that would have the effect of impairing the
      rights granted to the Holders in this Agreement or otherwise conflicts with the provisions hereof. Except as set forth on <u>Schedule 6(i)</u>, neither the Company nor any
      of its Subsidiaries has previously entered into any agreement granting any registration rights with respect to any of its securities to any Person that have not been satisfied in full.<a name="eolPage69"></a></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">(j) <u>Execution and Counterparts</u>. This Agreement may be
      executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood
      that both parties need not sign the same counterpart. In 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.</div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">(k) <u>Governing Law</u>. This agreement will be governed by and
      construed in accordance with the laws of the State of New York.</div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">(l) <u>Cumulative Remedies</u>. The remedies provided herein are
      cumulative and not exclusive of any other remedies provided by law.</div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">(m) <u>Severability</u>. If any term, provision, covenant or
      restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and
      shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such
      term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be
      hereafter declared invalid, illegal, void or unenforceable.</div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">(n) <u>Headings</u>. The headings in this Agreement are for
      convenience only, do not constitute a part of the Agreement and shall not be deemed to limit or affect any of the provisions hereof.</div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">(o) <u>Independent Nature of Holders&#8217; Obligations and Rights</u>.
      The obligations of each Holder hereunder are several and not joint with the obligations of any other Holder hereunder, and no Holder shall be responsible in any way for the performance of the obligations of any other Holder hereunder. Nothing
      contained herein or in any other agreement or document delivered at any closing, and no action taken by any Holder pursuant hereto or thereto, shall be deemed to constitute the Holders as a partnership, an association, a joint venture or any other
      kind of group or entity, or create a presumption that the Holders are in any way acting in concert or as a group or entity with respect to such obligations or the transactions contemplated by this Agreement or any other matters, and the Company
      acknowledges that the Holders are not acting in concert or as a group, and the Company shall not assert any such claim, with respect to such obligations or transactions. Each Holder shall be entitled to protect and enforce its rights, including
      without limitation the rights arising out of this Agreement, and it shall not be necessary for any other Holder to be joined as an additional party in any proceeding for such purpose. The use of a single agreement with respect to the obligations of
      the Company contained was solely in the control of the Company, not the action or decision of any Holder, and was done solely for the convenience of the Company and not because it was required or requested to do so by any Holder. It is expressly
      understood and agreed that each provision contained in this Agreement is between the Company and a Holder, solely, and not between the Company and the Holders collectively and not between and among Holders.</div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif;">********************</div>
    <div style="font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-style: italic;">(Signature Pages Follow)</div>
    <div style="font-family: 'Times New Roman', serif;">&#160;</div>
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    <div style="text-indent: 36pt; font-family: 'Times New Roman', serif;"><a name="eolPage70"></a>IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date first written above.</div>
    <div style="font-family: 'Times New Roman', serif;">&#160;</div>
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            <div style="margin-right: 1.8pt; font-family: 'Times New Roman', serif; font-weight: bold;">PYXIS TANKERS INC.</div>
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          <td style="width: 2.6%; vertical-align: top;">&#160;</td>
          <td style="width: 56.92%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 9.72%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">By:</div>
          </td>
          <td style="width: 30.76%; vertical-align: top; border-bottom: #000000 1.50pt solid;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 2.6%; vertical-align: top;">&#160;</td>
          <td style="width: 56.92%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 9.72%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">Name:</div>
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            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">Henry Williams</div>
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        </tr>
        <tr>
          <td style="width: 2.6%; vertical-align: top;">&#160;</td>
          <td style="width: 56.92%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 9.72%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">Title:</div>
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          <td style="width: 30.76%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">Chief Financial Officer</div>
          </td>
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    </table>
    <div style="text-align: center; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif;">[SIGNATURE PAGE OF HOLDERS FOLLOWS]</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif;">&#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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    <div style="font-family: 'Times New Roman', serif;"><a name="eolPage71"></a>&#160;</div>
    <div style="font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif;">[SIGNATURE PAGE OF HOLDERS TO PYXIS TANKERS INC. REGISTRATION RIGHTS AGREEMENT]</div>
    <div style="font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="margin-left: 60pt; font-family: 'Times New Roman', serif;">Name of Holder: ______________________</div>
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    <div style="margin-left: 60pt; font-family: 'Times New Roman', serif;"><font style="font-style: italic;">Signature of Authorized Signatory of Holder</font> : <u>___________________</u></div>
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    <div style="margin-left: 60pt; font-family: 'Times New Roman', serif;">Name of Authorized Signatory: ___________________</div>
    <div style="font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="margin-left: 60pt; font-family: 'Times New Roman', serif;">Title of Authorized Signatory: ______________________</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: center;"><a name="eolPage72"></a><br>
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    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;"><u>Annex A</u></div>
    <div style="text-align: center; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif;"><u>Plan of Distribution</u></div>
    <div style="text-align: center; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">Each Selling Shareholder (the &#8220; <u>Selling Shareholders</u> &#8221;) of
      the securities and any of their pledgees, assignees and successors-in-interest may, from time to time, sell any or all of their securities covered hereby on the principal Trading Market or any other stock exchange, market or trading facility on which
      the securities are traded or in private transactions. These sales may be at fixed or negotiated prices. A Selling Shareholder may use any one or more of the following methods when selling securities:</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">&#160;</div>
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        <tr>
          <td style="width: 9.54%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 3.3%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#9679;</div>
          </td>
          <td style="width: 87.16%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 0.8pt; font-family: 'Times New Roman', serif;">ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9.54%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 3.3%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 87.16%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9.54%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 3.3%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#9679;</div>
          </td>
          <td style="width: 87.16%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 0.8pt; font-family: 'Times New Roman', serif;">block trades in which the broker-dealer will attempt to sell the securities as agent but may position and resell a portion of the
              block as principal to facilitate the transaction;</div>
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        </tr>
        <tr>
          <td style="width: 9.54%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 3.3%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 87.16%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9.54%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 3.3%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#9679;</div>
          </td>
          <td style="width: 87.16%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 0.8pt; font-family: 'Times New Roman', serif;">purchases by a broker-dealer as principal and resale by the broker-dealer for its account;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9.54%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 3.3%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 87.16%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9.54%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 3.3%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#9679;</div>
          </td>
          <td style="width: 87.16%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 0.8pt; font-family: 'Times New Roman', serif;">an exchange distribution in accordance with the rules of the applicable exchange;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9.54%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 3.3%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 87.16%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9.54%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 3.3%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#9679;</div>
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          <td style="width: 87.16%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 0.8pt; font-family: 'Times New Roman', serif;">privately negotiated transactions;</div>
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        <tr>
          <td style="width: 9.54%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 3.3%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 87.16%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9.54%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 3.3%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#9679;</div>
          </td>
          <td style="width: 87.16%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 0.8pt; font-family: 'Times New Roman', serif;">settlement of short sales;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9.54%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 3.3%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 87.16%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9.54%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 3.3%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#9679;</div>
          </td>
          <td style="width: 87.16%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 0.8pt; font-family: 'Times New Roman', serif;">in transactions through broker-dealers that agree with the Selling Shareholders to sell a specifiednumber of such securities at a
              stipulated price per security;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9.54%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 3.3%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 87.16%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9.54%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 3.3%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#9679;</div>
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            <div style="text-align: justify; margin-right: 0.8pt; font-family: 'Times New Roman', serif;">through the writing or settlement of options or other hedging transactions, whether through anoptions exchange or otherwise;</div>
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        </tr>
        <tr>
          <td style="width: 9.54%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 3.3%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 87.16%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9.54%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 3.3%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#9679;</div>
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            <div style="text-align: justify; margin-right: 0.8pt; font-family: 'Times New Roman', serif;">a combination of any such methods of sale; or</div>
          </td>
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        <tr>
          <td style="width: 9.54%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 3.3%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 87.16%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9.54%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 3.3%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#9679;</div>
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            <div style="text-align: justify; margin-right: 0.8pt; font-family: 'Times New Roman', serif;">any other method permitted pursuant to applicable law.</div>
          </td>
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    </table>
    <div style="text-indent: -18pt; margin-left: 72pt; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">The Selling Shareholders may also sell securities under Rule 144 or any other exemption from registration under the Securities Act of 1933, as
      amended (the &#8220;<u>Securities Act</u>&#8221;), if available, rather than under this prospectus.<a name="eolPage77"></a></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">Broker-dealers engaged by the Selling Shareholders may arrange for other brokers-dealers to participate in sales. Broker-dealers may receive
      commissions or discounts from the Selling Shareholders (or, if any broker-dealer acts as agent for the purchaser of securities, from the purchaser) in amounts to be negotiated, but, except as set forth in a supplement to this Prospectus, in the case
      of an agency transaction not in excess of a customary brokerage commission in compliance with FINRA Rule 2121; and in the case of a principal transaction a markup or markdown in compliance with FINRA IM-2121.</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">In connection with the sale of the securities or interests therein, the Selling Shareholders may enter into hedging transactions with
      broker-dealers or other financial institutions, which may in turn engage in short sales of the securities in the course of hedging the positions they assume. The Selling Shareholders may also sell securities short and deliver these securities to
      close out their short positions, or loan or pledge the securities to broker-dealers that in turn may sell these securities. The Selling Shareholders may also enter into option or other transactions with broker-dealers or other financial institutions
      or create one or more derivative securities which require the delivery to such broker-dealer or other financial institution of securities offered by this prospectus, which securities such broker-dealer or other financial institution may resell
      pursuant to this prospectus (as supplemented or amended to reflect such transaction).</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">&#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">The Selling Shareholders and any broker-dealers or agents that are involved in selling the securities may be deemed to be &#8220;underwriters&#8221; within
      the meaning of the Securities Act in connection with such sales. In such event, any commissions received by such broker-dealers or agents and any profit on the resale of the securities purchased by them may be deemed to be underwriting commissions or
      discounts under the Securities Act. Each Selling Shareholder has informed the Company that it does not have any written or oral agreement or understanding, directly or indirectly, with any person to distribute the securities.</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">The Company is required to pay certain fees and expenses incurred by the Company incident to the registration of the securities. The Company
      has agreed to indemnify the Selling Shareholders against certain losses, claims, damages and liabilities, including liabilities under the Securities Act. The Company shall not be responsible for any of the Selling Shareholders&#8217; selling costs incurred
      pursuant to any available method provided hereunder for selling securities.</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">We agreed to keep this prospectus effective until the earlier of (i) the date on which the securities may be resold by the Selling Shareholders
      without registration and without regard to any volume or manner-of-sale limitations by reason of Rule 144, without the requirement for the Company to be in compliance with the current public information under Rule 144 under the Securities Act or any
      other rule of similar effect or (ii) all of the securities have been sold pursuant to this prospectus or Rule 144 under the Securities Act or any other rule of similar effect. The resale securities will be sold only through registered or licensed
      brokers or dealers if required under applicable state securities laws. In addition, in certain states, the resale securities covered hereby may not be sold unless they have been registered or qualified for sale in the applicable state or an exemption
      from the registration or qualification requirement is available and is complied with.<a name="eolPage78"></a></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">Under applicable rules and regulations under the Exchange Act, any person engaged in the distribution of the resale securities may not
      simultaneously engage in market making activities with respect to the common stock for the applicable restricted period, as defined in Regulation M, prior to the commencement of the distribution. In addition, the Selling Shareholders will be subject
      to applicable provisions of the Exchange Act and the rules and regulations thereunder, including Regulation M, which may limit the timing of purchases and sales of the common stock by the Selling Shareholders or any other person. We will make copies
      of this prospectus available to the Selling Shareholders and have informed them of the need to deliver a copy of this prospectus to each purchaser at or prior to the time of the sale (including by compliance with Rule 172 under the Securities Act).<a name="eolPage79"></a></div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif;">&#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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    <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">SELLING SHAREHOLDERS</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">The common stock being offered by the selling shareholders are those previously issued to the selling shareholders. For additional information
      regarding the issuances of those shares of common stock, see &#8220;Private Placement of Common Shares&#8221; above. We are registering the shares of common stock in order to permit the selling shareholders to offer the shares for resale from time to time.
      Except for the ownership of the shares of common stock, the selling shareholders have not had any material relationship with us within the past three years.</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">The table below lists the selling shareholders and other information regarding the beneficial ownership of the shares of common stock by each
      of the selling shareholders. The second column lists the number of shares of common stock beneficially owned by each selling shareholder, based on its ownership of the shares of common stock, as of ________, 202__.</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">The third column lists the shares of common stock being offered by this prospectus by the selling shareholders.</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">In accordance with the terms of a registration rights agreement with the selling shareholders, this prospectus generally covers the resale of
      the shares of common stock issued to the selling shareholders in the Stock Purchase Agreement, dated February [&#160; ], 2021 between Pyxis Tankers Inc. and each purchase identified on the signature page thereto. The fourth column assumes the sale of all
      of the shares offered by the selling shareholders pursuant to this prospectus. The selling shareholders may actually sell all, some or none of their shares in this offering. See &#8220;Plan of Distribution&#8221;.</div>
    <div style="text-indent: 36pt; font-family: 'Times New Roman', serif;">&#160;<a name="FIS_UNIDENTIFIED_TABLE_2"></a></div>
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              <br>
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              Name of Selling Shareholder</div>
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            <div style="text-align: center; margin-right: 0.8pt; font-family: 'Times New Roman', serif; font-weight: bold;">Maximum Number of shares of Common Stock to be Sold Pursuant to this Prospectus</div>
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          <td style="width: 20.03%; vertical-align: top;">&#160;</td>
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          <td style="width: 26.35%; vertical-align: top;">&#160;</td>
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    <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">&#160;</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;"><a name="eolPage80"></a>&#160;</div>
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    <div style="margin-bottom: 8pt;"><br>
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    <div style="text-align: right; text-indent: 36pt; font-family: 'Times New Roman', serif; font-weight: bold;">Annex C</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">&#160;</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">PYXIS TANKERS INC.</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">&#160;</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Selling Shareholder Notice and Questionnaire</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">The undersigned beneficial owner of common stock (the &#8220;<u>Registrable
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      filed or intends to file with the Securities and Exchange Commission (the &#8220;<u>Commission</u>&#8221;) a registration statement (the &#8220;<u>Registration Statement</u>&#8221;) for the registration and resale under Rule 415 of the Securities Act of 1933, as amended (the &#8220;<u>Securities Act</u>&#8221;),
      of the Registrable Securities, in accordance with the terms of the Registration Rights Agreement (the &#8220;<u>Registration Rights Agreement</u>&#8221;) to which this document is
      annexed. A copy of the Registration Rights Agreement is available from the Company upon request at the address set forth below. All capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Registration Rights
      Agreement.</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">Certain legal consequences arise from being named as a selling shareholder in the Registration Statement and the related prospectus.
      Accordingly, holders and beneficial owners of Registrable Securities are advised to consult their own securities law counsel regarding the consequences of being named or not being named as a selling shareholder in the Registration Statement and the
      related prospectus.</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif;">NOTICE</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">The undersigned beneficial owner (the &#8220;<u>Selling Shareholder</u>&#8221;)
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    <div style="text-align: justify; font-family: 'Times New Roman', serif;">The undersigned hereby provides the following information to the Company and represents and warrants that such information is accurate:</div>
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    <div style="text-align: center; font-family: 'Times New Roman', serif;">QUESTIONNAIRE</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif;">&#160;</div>
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    <div style="text-align: justify; text-indent: -72pt; margin-left: 72pt; font-family: 'Times New Roman', serif;">&#160;</div>
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    <div style="text-align: justify; text-indent: -72pt; margin-left: 72pt; font-family: 'Times New Roman', serif;">&#160;</div>
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        <tr>
          <td style="width: 12.68%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 87.32%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
            <div style="text-align: justify; margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z7532f53c2c1b46c185c156a6f5c82ad3" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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            <div style="text-align: justify; margin-right: 0.8pt; font-family: 'Times New Roman', serif;">Full Legal Name of Registered Holder (if not the same as (a) above) through which Registrable Securities are held:</div>
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    <div style="text-align: justify; text-indent: -72pt; margin-left: 72pt; font-family: 'Times New Roman', serif;">&#160;</div>
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            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 87.32%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
            <div style="text-align: justify; margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
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    <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
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            <div style="text-align: justify; margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
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            <div style="text-align: justify; margin-right: 0.8pt; font-family: 'Times New Roman', serif;">(c)</div>
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            <div style="text-align: justify; margin-right: 0.8pt; font-family: 'Times New Roman', serif;">Full Legal Name of Natural Control Person (which means a natural person who directly or indirectly alone or with others has power to
              vote or dispose of the securities covered by this Questionnaire):</div>
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    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
    <div><br>
    </div>
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            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 87.32%; vertical-align: top; border-bottom: #000000 1.50pt solid;">
            <div style="text-align: justify; margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
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    <div style="text-align: justify; text-indent: -72pt; margin-left: 72pt; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-indent: -72pt; margin-left: 72pt; font-family: 'Times New Roman', serif; font-weight: bold;">2. Address for Notices to Selling Shareholder:</div>
    <div style="text-indent: -72pt; margin-left: 72pt; font-family: 'Times New Roman', serif; font-weight: bold;">&#160;</div>
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          </td>
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            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
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            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
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    <div><br>
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          <td style="width: 87.5%; vertical-align: top; border-bottom: #000000 1.50pt solid;">&#160;</td>
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            <div style="margin-right: 0.8pt; font-family: 'Times New Roman', serif;">Fax:</div>
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          <td style="width: 88.46%; vertical-align: top; border-bottom: #000000 1.50pt solid;">&#160;</td>
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          <td style="width: 87.96%; vertical-align: top; border-bottom: #000000 1.50pt solid;">&#160;</td>
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    <div style="text-align: center; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-indent: -72pt; margin-left: 72pt; font-family: 'Times New Roman', serif; font-weight: bold;">3. Broker-Dealer Status:</div>
    <div style="text-indent: -72pt; margin-left: 72pt; font-family: 'Times New Roman', serif; font-weight: bold;">&#160;</div>
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            <div style="text-align: justify; margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#160;</div>
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            <div style="text-align: justify; margin-right: 0.8pt; font-family: 'Times New Roman', serif;">(a)</div>
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            <div style="text-align: justify; margin-right: 0.8pt; font-family: 'Times New Roman', serif;">Are you a broker-dealer?</div>
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    <div style="text-align: justify; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif;">Yes [&#160;&#160;]&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; No [&#160;&#160;]</div>
    <div style="text-align: justify; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#160;</div>
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            <div style="text-align: justify; margin-right: 0.8pt; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 6.42%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 0.8pt; font-family: 'Times New Roman', serif;">(b)</div>
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          <td style="width: 87.16%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 0.8pt; font-family: 'Times New Roman', serif;">If &#8220;yes&#8221; to Section 3(a), did you receive your Registrable Securities as compensation for investment banking services to the Company?</div>
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    <div style="text-align: justify; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif;">Yes [&#160;&#160;]&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; No [&#160;&#160;]</div>
    <div style="text-align: justify; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#160;</div>
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            <div style="text-align: justify; margin-right: 0.8pt; font-family: 'Times New Roman', serif;">If &#8220;no&#8221; to Section 3(b), the Commission&#8217;s staff has indicated that you should be identified as an underwriter in the Registration
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            <div style="text-align: justify; margin-right: 0.8pt; font-family: 'Times New Roman', serif;"> <br>
            </div>
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    <div style="text-align: center; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif;">Yes [&#160;&#160;]&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; No [&#160;&#160;]</div>
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            <div style="text-align: justify; margin-right: 0.8pt; font-family: 'Times New Roman', serif;">If you are an affiliate of a broker-dealer, do you certify that you purchased the Registrable Securities in the ordinary course of
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    <div style="text-align: justify; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif;">Yes [&#160;&#160;]&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; No [&#160;&#160;]</div>
    <div style="text-align: justify; margin-left: 36pt; font-family: 'Times New Roman', serif;">&#160;</div>
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          <td style="width: 6.42%; vertical-align: top;">
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          </td>
          <td style="width: 6.42%; vertical-align: top;">
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          </td>
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            <div style="text-align: justify; margin-right: 0.8pt; font-family: 'Times New Roman', serif;">If &#8220;no&#8221; to Section 3(d), the Commission&#8217;s staff has indicated that you should be identified as an underwriter in the Registration
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          </td>
        </tr>

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    <div style="text-align: justify; text-indent: -72pt; margin-left: 72pt; font-family: 'Times New Roman', serif;">&#160;</div>
    <div style="text-indent: -72pt; margin-left: 72pt; font-family: 'Times New Roman', serif; font-weight: bold;">4. Beneficial Ownership of Securities of the Company Owned by the Selling Shareholder.</div>
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    <div style="text-align: justify; margin-left: 36pt; font-family: 'Times New Roman', serif; font-style: italic;">Except as set forth below in this Item 4, the undersigned is not the beneficial or registered owner of any securities of
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    <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
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    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">The undersigned agrees to promptly notify the Company of any material inaccuracies or changes in the information provided herein that may occur
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    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-weight: bold;">PLEASE FAX A COPY (OR EMAIL A .PDF COPY) OF THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE TO:</div>
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<html>
  <head>
    <title></title>
    <!-- Licensed to: Seward & Kissel
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         Copyright 1995 - 2021 Broadridge -->
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  <div>
    <div style="text-align: right; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Exhibit 99.1</div>
    <div style="text-align: justify; margin-bottom: 12pt;"><img width="105" height="77" src="image0.jpg"></div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Pyxis Tankers Announces Closing of $25.0 Million&#160;Private Placement of Common Stock</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">MAROUSSI,&#160;GREECE,&#160;February 24, 2021&#160;-&#160;Pyxis Tankers Inc.&#160;(NASDAQ: PXS), (the &#8220;Company&#8221; or &#8220;Pyxis Tankers&#8221;), an emerging growth pure play product tanker
      company, today announced that it has closed its previously announced definitive securities purchase agreements with a group of investors, which resulted in gross proceeds to&#160;Pyxis Tankers&#160;of&#160;$25.0 million, before deducting placement offering
      expenses.&#160; Pyxis Tankers&#160;has issued 14,285,715 shares of common stock at a price of&#160;$1.75&#160;per share. Pyxis Tankers&#160;will use the net proceeds from the transaction for general corporate purposes, which may include the repayment of outstanding
      indebtedness and potential vessel acquisitions.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">ThinkEquity, a division of Fordham Financial Management, Inc., acted as sole placement agent for the offering.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The securities offered and sold by&#160;Pyxis Tankers&#160;in the private placement have not been registered under the Securities Act of 1933, as amended (the
      &#8220;Securities Act&#8221;), or state securities laws and may not be offered or sold in&#160;the United States&#160;absent registration with the&#160;Securities and Exchange Commission&#160;(the &#8220;SEC&#8221;) or an applicable exemption from such registration requirements.&#160;Pyxis
      Tankers&#160;has agreed to file a registration statement with the&#160;SEC&#160;covering the resale of the shares of common stock issued in the private placement. Any resale of&#160;Pyxis Tankers&#8217;&#160;shares under such resale registration statement will be made only by
      means of a prospectus.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these
      securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">About&#160;Pyxis Tankers Inc.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We own a modern fleet of five tankers engaged in seaborne transportation of refined petroleum products and other bulk liquids. We are focused on growing our
      fleet of medium range product tankers, which provide operational flexibility and enhanced earnings potential due to their &#8220;eco&#8221; features and modifications. We are positioned to opportunistically expand and maximize our fleet due to competitive cost
      structure, strong customer relationships and an experienced management team, whose interests are aligned with those of our shareholders. For more information, visit: <font style="color: #0000FF;"><u>http://www.pyxistankers.com</u></font></div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Cautionary Statement Regarding Forward Looking Statements</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">This press release includes &#8220;forward-looking statements&#8221; intended to qualify for the safe harbor from liability established by the Private Securities
      Litigation Reform Act of 1995. These statements include statements about the Company&#8217;s plans, strategies, financial performance, prospects or future events, including the intended terms of the offering, closing of the offering and the use of any
      proceeds from the offering, and involve known and unknown risks that are difficult to predict. As a result, the Company&#8217;s actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking
      statements. In some cases, you can identify forward-looking statements by the use of words such as &#8220;may,&#8221; &#8220;could,&#8221; &#8220;expect,&#8221; &#8220;seek,&#8221; &#8220;predict,&#8221; &#8220;schedule,&#8221; &#8220;project,&#8221; &#8220;intend,&#8221; &#8220;plan,&#8221; &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;estimate,&#8221; &#8220;potential,&#8221; &#8220;outlook,&#8221;
      &#8220;continue,&#8221; &#8220;likely,&#8221; &#8220;will,&#8221; &#8220;would&#8221; and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while
      considered reasonable by the Company and its management team, are inherently uncertain. A more complete description of these risks and uncertainties can be found in the Company&#8217;s filings with the&#160;U.S. Securities and Exchange Commission, including
      under the caption &#8220;Risk Factors&#8221; in the Company&#8217;s Annual Report on Form 20-F for the fiscal year ended&#160;December 31, 2019. The Company cautions you not to place undue reliance on any forward-looking statements, which are made as of the date of this
      press release. The Company undertakes no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking
      statements, except to the extent required by applicable laws.</div>
    <div style="margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">For more information:</font><br>
        Pyxis Tankers Inc.<br>
        59 K. Karamanli Street<br>
        Maroussi 15125 Greece<br>
        <font style="color: #0000FF;"><u>info@pyxistankers.com</u></font><br>
      </font><br>
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    <div style="margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Company Contact:<br>
      Henry Williams<br>
      Chief Financial Officer<br>
      Tel: +30 (210) 638 0200 / +1 (516) 455-0106<br>
      Email:&#160;<font style="color: #0000FF;"><u>hwilliams@pyxistankers.com</u></font></div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif;">Source: Pyxis Tankers Inc.</div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
