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<SEC-DOCUMENT>0000919574-07-005800.txt : 20071212
<SEC-HEADER>0000919574-07-005800.hdr.sgml : 20071212
<ACCEPTANCE-DATETIME>20071212171623
ACCESSION NUMBER:		0000919574-07-005800
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20071231
FILED AS OF DATE:		20071212
DATE AS OF CHANGE:		20071212

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TOP TANKERS INC.
		CENTRAL INDEX KEY:			0001296484
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-50859
		FILM NUMBER:		071302543

	BUSINESS ADDRESS:	
		STREET 1:		1, VASSILISSIS SOFIAS STR. & MEG.
		STREET 2:		ALEXANDROU STR.
		CITY:			151 24, MAROUSSI
		STATE:			J3
		ZIP:			00000
		BUSINESS PHONE:		011-30-210-81-28-107

	MAIL ADDRESS:	
		STREET 1:		1, VASSILISSIS SOFIAS STR. & MEG.
		STREET 2:		ALEXANDROU STR.
		CITY:			151 24, MAROUSSI
		STATE:			J3
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>d838039_6-k.htm
<TEXT>
<html>

  <head>
    <title>d838039_6-k.htm</title>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;"><strong>FORM
      6-K</strong></font></div>
    <div><br></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">SECURITIES
      AND EXCHANGE COMMISSION</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">Washington,
      D.C. 20549</font></div>
    <div><br></div>
    <div><br></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;"><strong>Report
      of Foreign Private Issuer</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;"><strong>Pursuant
      to Rule 13a-16 or 15d-16 of</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;"><strong>the
      Securities Exchange Act of 1934</strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;"><strong>For
      the month of December 2007</strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">Commission
      File Number</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 15pt; FONT-FAMILY: Times New Roman;"><strong>TOP
      TANKERS INC.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(Translation
      of registrant&#8217;s name into English)</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">1
      VAS. SOFIAS &amp; MEG.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">ALEXANDROU
      STREET</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">151
      24, MAROUSSI</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">ATHENS,
      GREECE</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(Address
      of principal executive offices)</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; 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.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">Form
      20-F [&#160;X&#160;]&#160;&#160;&#160;&#160;&#160;Form 40-F
      [&#160;&#160;]</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; 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): ___</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; 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: ___</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">Indicate
      by check mark whether the registrant by furnishing the information contained
      in
      this Form is also thereby furnishing the information to the Commission pursuant
      to Rule 12g3-2(b) under the Securities Exchange Act of 1934.&#160;&#160;Yes
      [&#160;&#160;&#160;]&#160;&#160;&#160;No [&#160;X&#160;]</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">If
      &#8220;Yes&#8221; is marked, indicate below the file number assigned to the registrant in
      connection with Rule 12g3-2(b): ________.</font></div>
    <div><br></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        </div>
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        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;"><strong>INFORMATION
      CONTAINED IN THIS FORM 6-K REPORT</strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;"><strong>Attached
      to this report on Form 6-K as Exhibit 1.1 is the underwriting agreement dated
      December 5, 2007 (the &#8220;Underwriting Agreement&#8221;), between Top Tankers Inc. (the
&#8220;Company&#8221;) and Deutsche Bank Securities Inc. (&#8220;Deutsche
      Bank&#8221;).&#160;&#160;Pursuant to the Underwriting Agreement, Deutsche Bank acts as
      representative for an underwriting syndicate consisting of itself, DVB Capital
      Markets LLC, Cantor Fitzgerald &amp; Co. and Oppenheimer &amp; Co. Inc., in
      connection with the Company&#8217;s public offering of 24,150,000 shares of its common
      stock.&#160;&#160;The information contained in this filing is hereby
      incorporated by reference as Exhibit&#160;1.1 to the Company&#8217;s registration
      statement filed on Form F-3 on August 1, 2005 (File No.
      333-127086).</strong></font></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
      </div>
      <div id="HDR">
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        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman Bold, serif;"><strong><u>EXHIBIT
      1.1</u></strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;"><strong>TOP
      Tankers, Inc.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">21,000,000
      shares of Common Stock</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">($0.01
      Par Value)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;"><u>UNDERWRITING
      AGREEMENT</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">December
      5, 2007</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">Ladies
      and Gentlemen:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">TOP
      Tankers, Inc., a Marshall Islands corporation (the &#8220;<u>Company</u>&#8221;), proposes
      to sell to the several underwriters (the &#8220;<u>Underwriters</u>&#8221;) named in
      Schedule I hereto for whom you are acting as representative (the
&#8220;<u>Representative</u>&#8221;) an aggregate of 21,000,000 shares (the &#8220;<u>Firm
      Shares</u>&#8221;) of the Company&#8217;s common stock, $0.01 par value (the &#8220;<u>Common
      Stock</u>&#8221;).&#160;&#160;The respective amounts of the Firm Shares to be so
      purchased by the several Underwriters are set forth opposite their names in
      Schedule I hereto.&#160;&#160;The Company also proposes to sell at the
      Underwriters&#8217; option an aggregate of up to 3,150,000 additional shares of the
      Company&#8217;s Common Stock (the &#8220;<u>Option Shares</u>&#8221;) as set forth on Schedule II
      hereto.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">As
      the Representative, you have advised the Company (a) that you are authorized
      to
      enter into this Agreement on behalf of the several Underwriters, and (b) that
      the several Underwriters are willing, acting severally and not jointly, to
      purchase the numbers of Firm Shares set forth opposite their respective names
      in
      Schedule I, plus their pro rata portion of the Option Shares set forth on
      Schedule II if you elect to exercise the over-allotment option in whole or
      in
      part for the accounts of the several Underwriters.&#160;&#160;The Firm Shares
      and the Option Shares (to the extent the aforementioned option is exercised)
      are
      herein collectively called the &#8220;<u>Shares</u>.&#8221;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">In
      consideration of the mutual agreements contained herein and of the interests
      of
      the parties in the transactions contemplated hereby, the parties hereto agree
      as
      follows:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      &#160;<u>Representations and Warranties of the Company</u>.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;A
      registration statement on Form F-3 (File No. 333-127086) with respect to the
      Shares has been prepared by the Company in conformity with the requirements
      of
      the Securities Act of 1933, as amended (the &#8220;<u>Act</u>&#8221;), and the rules and
      regulations (the &#8220;<u>Rules and Regulations</u>&#8221;) of the Securities and Exchange
      Commission (the &#8220;<u>Commission</u>&#8221;) thereunder and has been filed with the
      Commission. The Company and the transactions contemplated by this Agreement
      meet
      the requirements and comply with the conditions for the use of Form
      F-3.&#160;&#160;Copies of such registration statement, including any amendments
      thereto, the preliminary prospectuses (meeting the requirements of the Rules
      and
      Regulations) contained therein and the exhibits, financial statements and
      schedules, as finally amended and revised, have heretofore been delivered by
      the
      Company to you.&#160;&#160;Such registration statement, together with any
      registration statement filed by the Company pursuant to Rule 462(b) under the
      Act, is herein referred to as the &#8220;Registration Statement,&#8221; which shall be
      deemed to include all information omitted therefrom in reliance upon Rules
      430A,
      430B or</font></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">1</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">430C
      under the Act and contained in the Prospectus referred to below, has become
      effective under the Act and no post-effective amendment to the Registration
      Statement has been filed as of the date of this
      Agreement.&#160;&#160;&#8220;Prospectus&#8221; means the form of prospectus first filed with
      the Commission pursuant to and within the time limits described in Rule 424(b)
      under the Act. Each preliminary prospectus included in the Registration
      Statement prior to the time it becomes effective is herein referred to as a
      &#8220;Preliminary Prospectus.&#8221; Any reference herein to the Registration Statement,
      any Preliminary Prospectus or to the Prospectus or to any amendment or
      supplement to any of the foregoing documents shall be deemed to refer to and
      include any documents incorporated by reference therein, and, in the case of
      any
      reference herein to the Prospectus, also shall be deemed to include any
      documents incorporated by reference therein, and any supplements or amendments
      thereto, filed with the Commission after the date of filing of the Prospectus
      under Rule 424(b) under the Act, and prior to the termination of the offering
      of
      the Shares by the Underwriters.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;As
      of the Applicable Time (as defined below) and as of the Closing Date or the
      Option Closing Date, as the case may be, neither (i) the General Use Free
      Writing Prospectus(es) (as defined below) issued at or prior to the Applicable
      Time, the Statutory Prospectus (as defined below) and the information included
      on Schedule III hereto, all considered together (collectively, the &#8220;General
      Disclosure Package&#8221;), nor (ii) any individual Limited Use Free Writing
      Prospectus (as defined below), when considered together with the General
      Disclosure Package, included or will include any untrue statement of a material
      fact or omitted or will omit to state a material fact necessary in order to
      make
      the statements therein, in the light of the circumstances under which they
      were
      made, not misleading provided, however, that the Company makes no
      representations or warranties as to information contained in or omitted from
      any
      Issuer Free Writing Prospectus, in reliance upon, and in conformity with,
      written information furnished to the Company by or on behalf of any Underwriter
      through the Representative, specifically for use therein, it being understood
      and agreed that the only such information is that described in Section 13
      herein.&#160;&#160;As used in this subsection and elsewhere in this
      Agreement:</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>&#8220;Applicable
      Time&#8221; means 9:30 am (New
      York time) on the date of this Agreement or such other time as agreed to by
      the
      Company and the Representative.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>&#8220;Statutory
      Prospectus&#8221; as of any time
      means the Preliminary Prospectus relating to the Shares that is included in
      the
      Registration Statement immediately prior to that time, including any document
      incorporated by reference therein.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>&#8220;Issuer
      Free Writing Prospectus&#8221; means
      any &#8220;issuer free writing prospectus,&#8221; as defined in Rule 433 under the Act,
      relating to the Shares<strong>&#160;</strong>in the form filed or required to be
      filed with the Commission or, if not required to be filed, in the form retained
      in the Company&#8217;s records pursuant to Rule 433(g) under the Act.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>&#8220;General
      Use Free Writing Prospectus&#8221;
means any Issuer Free Writing Prospectus that is identified on Schedule IV
      to
      this Agreement.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>&#8220;Limited
      Use Free Writing Prospectus&#8221;
means any Issuer Free Writing Prospectus that is not a General Use Free Writing
      Prospectus.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
      Company has been duly organized and is validly existing as a corporation in
      good
      standing under the laws of the Republic of the Marshall Islands, with corporate
      power and authority to own or lease its properties and conduct its business
      as
      described in the Registration Statement, the General Disclosure Package and
      the
      Prospectus.&#160;&#160;Each of the subsidiaries of the Company as listed in
      Exhibit A hereto (collectively, the &#8220;Subsidiaries&#8221;) has been duly organized and
      is validly existing as a corporation in good standing under the laws of the
      jurisdiction of its incorporation, with corporate power and authority to own
      or
      lease its properties and conduct its business as described in the Registration
      Statement, the General</font></div><br>
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      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">Disclosure
      Package and the Prospectus. The Subsidiaries are the only subsidiaries, direct
      or indirect, of the Company.&#160;&#160;The Company and each of the Subsidiaries
      are duly qualified to transact business in all jurisdictions in which the
      conduct of their business requires such qualification.&#160;&#160;The
      outstanding shares of capital stock of each of the Subsidiaries have been duly
      authorized and validly issued, are fully paid and non-assessable are owned
      by
      the Company or another Subsidiary free and clear of all liens, encumbrances
      and
      equities and claims (other than any liens, encumbrances, and equities and claims
      described in the Registration Statement, the&#160;&#160;General Disclosure
      Package and the Prospectus; and no options, warrants or other rights to
      purchase, agreements or other obligations to issue or other rights to convert
      any obligations into shares of capital stock or ownership interests in the
      Subsidiaries are outstanding.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
      outstanding shares of Common Stock of the Company have been duly authorized
      and
      validly issued and are fully paid and non-assessable; the Shares to be issued
      and sold by the Company have been duly authorized and when issued and paid
      for
      as contemplated herein will be validly issued, fully paid and non-assessable;
      and no preemptive rights of stockholders exist with respect to any of the Shares
      or the issue and sale thereof.&#160;&#160;Neither the filing of the Registration
      Statement nor the offering or sale of the Shares as contemplated by this
      Agreement gives rise to any rights, other than those which have been waived
      or
      satisfied, for or relating to the registration of any shares of Common
      Stock.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
      information set forth under the caption &#8220;Capitalization&#8221; in the Registration
      Statement and the Prospectus (and any similar section or information contained
      in the General Disclosure Package) is true and correct or, to the extent that
      it
      is based upon assumptions or projections, is based upon assumptions or
      projections that the Company has determined in good
      faith.&#160;&#160;&#160;&#160;All of the Shares conform to the description
      thereof contained in the Registration Statement, the General Disclosure Package
      and the Prospectus.&#160;&#160;The&#160;&#160;form of certificates for the
      Shares conforms to the corporate law of the jurisdiction of the Company&#8217;s
      incorporation.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
      Commission has not issued an order preventing or suspending the use of any
      Preliminary Prospectus, any Issuer Free Writing Prospectus or the Prospectus
      relating to the proposed offering of the Shares, and no proceeding for that
      purpose or pursuant to Section 8A of the Act has been instituted or, to the
      Company&#8217;s knowledge, threatened by the Commission. The Registration Statement
      contains, and the Prospectus and any amendments or supplements thereto will
      contain, all statements which are required to be stated therein by, and will
      conform to, the requirements of the Act and the Rules and
      Regulations.&#160;&#160;The documents incorporated, or to be incorporated, by
      reference in the Prospectus, at the time filed with the Commission conformed
      or
      will conform, in all respects to the requirements of the Securities Exchange
      Act
      of 1934 (&#8220;<u>Exchange Act</u>&#8221;) or the Act, as applicable, and the rules and
      regulations of the Commission thereunder.&#160;&#160;The Registration Statement
      and any amendment thereto do not contain, and will not contain, any untrue
      statement of a material fact and do not omit, and will not omit, to state a
      material fact required to be stated therein or necessary to make the statements
      therein not misleading.&#160;&#160;The Prospectus and any amendments and
      supplements thereto do not contain, and will not contain, any untrue statement
      of a material fact; and do not omit, and will not omit, to state a material
      fact
      necessary in order to make the statements therein, in the light of the
      circumstances under which they were made, not misleading; provided, however,
      that the Company makes no representations or warranties as to information
      contained in or omitted from the Registration Statement or the Prospectus,
      or
      any such amendment or supplement, in reliance upon, and in conformity with,
      written information furnished to the Company by or on behalf of any Underwriter
      through the Representative, specifically for use therein, it being understood
      and agreed that the only such information is that described in Section 13
      herein.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Each
      Issuer Free Writing Prospectus, as of its issue date and at all subsequent
      times
      through the completion of the public offer and sale of the Shares or until
      any
      earlier date that the Company notified or notifies the Representative as
      described in the next sentence, did not, does not and will not include any
      information that conflicted, conflicts or will conflict with the information
      contained in the Registration</font></div><br>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
      </div>
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        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">Statement
      or the Prospectus, including any document incorporated by reference therein
      that
      has not been superseded or modified.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
      Company has not, directly or indirectly, distributed and will not distribute
      any
      offering material in connection with the offering and sale of the Shares other
      than any Preliminary Prospectus, the Prospectus and other materials, if any,
      permitted under the Act and consistent with Section 4(b) below. The Company
      will
      file with the Commission all Issuer Free Writing Prospectuses in the time
      required under Rule 433(d) under the Act.&#160;&#160;The Company has satisfied
      or will satisfy the conditions in Rule 433 under the Act to avoid a requirement
      to file with the Commission any electronic road show.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;At
      the time of filing the Registration Statement and (ii) as of the date hereof
      (with such date being used as the determination date for purposes of this
      clause(ii)), the Company was not and is not an &#8220;ineligible issuer&#8221; (as defined
      in Rule 405 under the Act, without taking into account any determination by
      the
      Commission pursuant to Rule 405 under the Act that it is not necessary that
      the
      Company be considered an ineligible issuer), including, without limitation,
      for
      purposes of Rules 164 and 433 under the Act with respect to the offering of
      the
      Shares as contemplated by the Registration Statement.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
      consolidated financial statements of the Company and the Subsidiaries, together
      with related notes and schedules as set forth or incorporated by reference
      in
      the Registration Statement, the General Disclosure Package and the Prospectus,
      present fairly the financial position and the results of operations and cash
      flows of the Company and the consolidated Subsidiaries, at the indicated dates
      and for the indicated periods.&#160;&#160;Such financial statements and related
      schedules have been prepared in accordance with generally accepted principles
      of
      accounting (&#8220;<u>GAAP</u>&#8221;), consistently applied throughout the periods
      involved, except as disclosed therein, and all adjustments necessary for a
      fair
      presentation of results for such periods have been made.&#160;&#160;The summary
      and selected consolidated financial and statistical data included or
      incorporated by reference in the Registration Statement, the General Disclosure
      Package and the Prospectus presents fairly the information shown therein and
      such data has been compiled on a basis consistent with the financial statements
      presented therein and the books and records of the Company.&#160;&#160;All
      disclosures contained in the Registration Statement, the General Disclosure
      Package and the Prospectus regarding &#8220;non-GAAP financial measures&#8221; (as such term
      is defined by the Rules and Regulations) comply with Regulation G of the
      Exchange Act and Item 10 of Regulation S-K under the Act, to the extent
      applicable.&#160;&#160;The Company and the Subsidiaries do not have any material
      liabilities or obligations, direct or contingent (including any off-balance
      sheet obligations or any &#8220;variable interest entities&#8221; within the meaning of
      Financial Accounting Standards Board Interpretation No. 46), not disclosed
      in
      the Registration Statement, the General Disclosure Package and the
      Prospectus.&#160;&#160;There are no financial statements (historical or pro
      forma) that are required to be included in the Registration Statement, the
      General Disclosure Package or the Prospectus that are not included as
      required.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(k)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Each
      of Deloitte, Hadjipavlou, Sofianos &amp; Cambanis S.A. and Ernst &amp; Young
      (Hellas), who have certified certain of the financial statements filed with
      the
      Commission as part of, or incorporated by reference in, the Registration
      Statement, the General Disclosure Package and the Prospectus, is an independent
      registered public accounting firm with respect to the Company and the
      Subsidiaries within the meaning of the Act and the applicable Rules and
      Regulations and the Public Company Accounting Oversight Board (United States)
      (the &#8220;<u>PCAOB</u>&#8221;).</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Except
      as disclosed in the Registration Statement, the General Disclosure Package
      and
      the Prospectus, neither the Company nor any of the Subsidiaries is aware of
      (i)
      any material weakness in its internal control over financial reporting or (ii)
      change in internal control over financial reporting that has materially
      affected, or is reasonably likely to materially affect, the Company&#8217;s internal
      control over financial reporting.</font></div><br>
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    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(m)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Solely
      to the extent that the Sarbanes-Oxley Act of 2002, as amended, and the rules
      and
      regulations promulgated by the Commission and the Nasdaq Global Market
      thereunder (the &#8220;<u>Sarbanes-Oxley Act</u>&#8221;) has been applicable to the Company,
      there is and has been no failure on the part of the Company to comply in all
      material respects with any provision of the Sarbanes-Oxley Act.&#160;&#160;The
      Company has taken all necessary actions to ensure that it is in compliance
      with
      all provisions of the Sarbanes-Oxley Act that are in effect and with which
      the
      Company is required to comply and is actively taking steps to ensure that it
      will be in compliance with other provisions of the Sarbanes-Oxley Act not
      currently in effect or which will become applicable to the Company.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(n)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;There
      is no action, suit, claim or proceeding pending or, to the knowledge of the
      Company, threatened against the Company or any of the Subsidiaries before any
      court or administrative agency or otherwise which if determined adversely to
      the
      Company or any of the Subsidiaries would either (i) have, individually or in
      the
      aggregate, a material adverse effect on the earnings, business, management,
      properties, assets, rights, operations, condition (financial or otherwise)
      or
      prospects of the Company and of the Subsidiaries taken as a whole or (ii)
      prevent the consummation of the transactions contemplated hereby (the occurrence
      of any such effect or any such prevention described in the foregoing clauses
      (i)
      and (ii) being referred to as a &#8220;Material Adverse Effect&#8221;), except as set forth
      in the Registration Statement, the General Disclosure Package and the
      Prospectus.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(o)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
      Company and the Subsidiaries have good and marketable title to all of the
      properties and assets reflected in the consolidated financial statements
      hereinabove described or described in the Registration Statement, the General
      Disclosure Package and the Prospectus, subject to no lien, mortgage, pledge,
      charge or encumbrance of any kind except those reflected in such financial
      statements or described in the Registration Statement, the General Disclosure
      Package and the Prospectus or which are not material in amount.&#160;&#160;The
      Company and the Subsidiaries occupy their leased properties under valid and
      binding leases.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(p)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
      Company and the Subsidiaries have filed all federal, state, local and foreign
      tax returns which have been required to be filed and have paid all taxes
      indicated by such returns and all assessments received by them or any of them
      to
      the extent that such taxes have become due and are not being contested in good
      faith and for which an adequate reserve for accrual has been established in
      accordance with GAAP.&#160;&#160;All tax liabilities have been adequately
      provided for in the financial statements of the Company, and the Company does
      not know of any actual or proposed additional material tax
      assessments.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(q)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Since
      the respective dates as of which information is given in the Registration
      Statement, the General Disclosure Package and the Prospectus, as each may be
      amended or supplemented, there has not been any material adverse change or
      any
      development involving a prospective material adverse change in or affecting
      the
      earnings, business, management, properties, assets, rights, operations,
      condition (financial or otherwise), or prospects of the Company and the
      Subsidiaries taken as a whole, whether or not occurring in the ordinary course
      of business, and there has not been any material transaction entered into or
      any
      material transaction that is probable of being entered into by the Company
      or
      the Subsidiaries, other than transactions in the ordinary course of business
      and
      changes and transactions described in the Registration Statement, the General
      Disclosure Package and the Prospectus, as each may be amended or
      supplemented.&#160;&#160;The Company and the Subsidiaries have no material
      contingent obligations which are not disclosed in the Company&#8217;s financial
      statements which are included in the Registration Statement, the General
      Disclosure Package and the Prospectus.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(r)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Neither
      the Company nor any of the Subsidiaries is or with the giving of notice or
      lapse
      of time or both, will be, (i) in violation of its certificate or articles of
      incorporation, by-laws, certificate of formation, limited liability agreement,
      partnership agreement or other organizational documents or (ii) in violation
      of
      or in default under any agreement, lease, contract, indenture or other
      instrument or obligation to which it is a party or by which it, or any of its
      properties, is bound and, solely with respect to this clause
      (ii),</font></div><br>
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        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">which
      violation or default would have a Material Adverse Effect.&#160;&#160;The
      execution and delivery of this Agreement and the consummation of the
      transactions herein contemplated and the fulfillment of the terms hereof will
      not conflict with or result in a breach of any of the terms or provisions of,
      or
      constitute a default under, any indenture, mortgage, deed of trust or other
      agreement or instrument to which the Company or any Subsidiary is a party or
      by
      which the Company or any Subsidiary or any of their respective properties is
      bound, or of the certificate or articles of incorporation or by-laws of the
      Company or any law, order, rule or regulation judgment, order, writ or decree
      applicable to the Company or any Subsidiary of any court or of any government,
      regulatory body or administrative agency or other governmental body having
      jurisdiction.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(s)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
      execution and delivery of, and the performance by the Company of its obligations
      under, this Agreement has been duly and validly authorized by all necessary
      corporate action on the part of the Company, and this Agreement has been duly
      executed and delivered by the Company.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(t)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Each
      approval, consent, order, authorization, designation, declaration or filing
      by
      or with any regulatory, administrative or other governmental body necessary
      in
      connection with the execution and delivery by the Company of this Agreement
      and
      the consummation of the transactions herein contemplated (except such additional
      steps as may be required by the Commission, the Financial Industry Regulatory
      Authority (&#8220;<u>FINRA</u>&#8221;) or such additional steps as may be necessary to
      qualify the Shares for public offering by the Underwriters under state
      securities or Blue Sky laws) has been obtained or made and is in full force
      and
      effect.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(u)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
      Company and each of the Subsidiaries hold all material licenses, certificates
      and permits from governmental authorities which are necessary to the conduct
      of
      their businesses; the Company and the Subsidiaries each own or possess the
      right
      to use all patents, patent rights, trademarks, trade names, service marks,
      service names, copyrights, license rights, know-how (including trade secrets
      and
      other unpatented and unpatentable proprietary or confidential information,
      systems or procedures) and other intellectual property rights (&#8220;<u>Intellectual
      Property</u>&#8221;) necessary to carry on their business in all material respects;
      neither the Company nor any of the Subsidiaries has infringed, and none of
      the
      Company or the Subsidiaries have received notice of conflict with, any
      Intellectual Property of any other person or entity.&#160;&#160;The Company has
      taken all reasonable steps necessary to secure interests in such Intellectual
      Property from its contractors.&#160;&#160;There are no outstanding options,
      licenses or agreements of any kind relating to the Intellectual Property of
      the
      Company that are required to be described in the Registration Statement, the
      General Disclosure Package and the Prospectus and are not described in all
      material respects.&#160;&#160;The Company is not a party to or bound by any
      options, licenses or agreements with respect to the Intellectual Property of
      any
      other person or entity that are required to be set forth in the Prospectus
      and
      are not described in all material respects.&#160;&#160;None of the technology
      employed by the Company has been obtained or is being used by the Company in
      violation of any contractual obligation binding on the Company or any of its
      officers, directors or employees or otherwise in violation of the rights of
      any
      persons; the Company has not received any written or oral communications
      alleging that the company has violated, infringe or conflicted with, or, by
      conducting its business as set forth in the Registration Statement, the General
      Disclosure Package and the Prospectus, would violate, infringe or conflict
      with,
      any of the Intellectual Property of any other person or entity.&#160;&#160;The
      Company knows of no infringement by others of Intellectual Property owned by
      or
      licensed to the Company.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Neither
      the Company nor any Subsidiary is or, after giving effect to the offering and
      sale of the Shares contemplated hereunder and the application of the net
      proceeds from such sale as described in the Properties, will be an &#8220;investment
      company&#8221; within the meaning of such term under the Investment Company Act of
      1940 as amended (the &#8220;<u>1940 Act</u>&#8221;), and the rules and regulations of the
      Commission thereunder.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: TimesNewRoman, Times New Roman, serif;">(w)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
      Company and each of the Subsidiaries maintains a system of internal accounting
      controls sufficient to provide reasonable assurances that (i) transactions
      are
      executed in accordance with</font></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">6</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: TimesNewRoman, Times New Roman, serif;">management&#8217;s
      general or specific authorization; (ii) transactions are recorded as necessary
      to permit preparation of financial statements in conformity with GAAP and to
      maintain accountability for assets; (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 existing assets at
      reasonable intervals and appropriate action is taken with respect to any
      differences.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(x)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
      Company has established and maintains &#8220;disclosure controls and procedures&#8221; (as
      defined in Rules 13a-14(c) and 15d-14(c) under the Exchange Act); the Company&#8217;s
&#8220;disclosure controls and procedures&#8221; are reasonably designed to ensure that all
      information (both financial and non-financial) required to be disclosed by
      the
      Company in the reports that it files or submits under the Exchange Act is
      recorded, processed, summarized and reported within the time periods specified
      in the rules and regulations of the Exchange Act, and that all such information
      is accumulated and communicated to the Company&#8217;s management as appropriate to
      allow untimely decisions regarding required disclosure and to make the
      certifications of the Chief Executive Officer and Chief Financial Officer of
      the
      Company required under the Exchange Act with respect to such
      reports.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(y)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
      statistical, industry-related and market-related data included pr incorporated
      by reference in the Registration Statement, the General Disclosure Package
      and
      the Prospectus are based on or derived from sources which the Company reasonably
      and in good faith believes are reliable and accurate, and such data agree with
      the sources from which they are derived.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(z)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Neither
      the Company nor, to the Company&#8217;s knowledge, any director, officer, agent,
      employee or affiliate of the Company 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;); and the Company will not directly or indirectly use
      the proceeds of the offering, or lend, contribute or otherwise make available
      such proceeds to any subsidiary, joint venture partner or other person or
      entity, for the purpose of financing the activities of any person currently
      subject to any U.S. sanctions administered by OFAC.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(aa)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
      Company and each of the Subsidiaries carry, or are covered by, insurance in
      such
      amounts and covering such risks as is adequate for the conduct of their
      respective businesses and the value of their respective properties and as is
      customary for companies engaged in similar businesses.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(bb)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;To
      the Company&#8217;s knowledge, there are no affiliations or associations between any
      member of FINRA and any of the Company&#8217;s officers, directors or 5% or greater
      securityholders, except as set forth in the Registration Statement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(cc)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Neither
      the Company nor any of the Subsidiaries is in violation of any statute, rule,
      regulation, decision or order of any governmental agency or body or any court,
      domestic or foreign, relating to the use, disposal or release of hazardous
      or
      toxic substances or relating to the protection or restoration of the environment
      or human exposure to hazardous or toxic substances (collectively, &#8220;environmental
      laws&#8221;), owns or operates any real property contaminated with any substance that
      is subject to environmental laws, is liable for any off-site disposal or
      contamination pursuant to any environmental laws, or is subject to any claim
      relating to any environmental laws, which violation, contamination, liability
      or
      claim would, individually or in the aggregate, have a Material Adverse Effect;
      and the Company is not aware of any pending investigation which might lead
      to
      such a claim.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(dd)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
      Shares have been approved for listing subject to notice of issuance on the
      Nasdaq Global Market.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(ee)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;There
      are no relationships or related-party transactions involving the Company or
      any
      of the Subsidiaries or any other person required to be described in the
      Prospectus which have not been described as required.</font></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        </div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">7</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(ff)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Neither
      the Company nor any of the Subsidiaries has made any contribution or other
      payment to any official of, or candidate for, any federal, state or foreign
      office in violation of any law which violation is required to be disclosed
      in
      the Prospectus.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(gg)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
      minute books of the Company and each of its Subsidiaries have been made
      available to the Underwriters and counsel for the Underwriters, and such books
      (A) contain a complete summary of all meetings and actions of the board of
      directors (including each board committee) and stockholders (or analogous
      governing bodies and interest holders, as applicable) of the Company and each
      of
      its Subsidiaries since the time of its respective incorporation through the
      date
      of the latest meeting and action, and (B) accurately reflect in all material
      respects all transactions referred to in such minutes.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(hh)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Each
      of the vessels described in the Registration Statement, the Preliminary
      Prospectus, any Issuer Free Writing Prospectus and the Prospectus as owned
      by
      certain of the Company&#8217;s Subsidiaries has been duly registered in the name of
      the entity that owns it under the laws and regulations and flag of the nation
      of
      its registration and no other action is necessary to establish and perfect
      such
      entity&#8217;s title to and interest in any of the vessels as against any charterer or
      third party and all of the vessels described in the Registration Statement,
      the
      Preliminary Prospectus, any Issuer Free Writing Prospectus and the Prospectus
      as
      owned by a Subsidiary of the Company are owned directly by such Subsidiary
      of
      the Company free and clear of all liens, claims, security interests or other
      encumbrances, except such as are described in or contemplated by the
      Registration Statement, the Preliminary Prospectus, any Issuer Free Writing
      Prospectus and the Prospectus.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Except
      as set forth in the Registration Statement, the Preliminary Prospectus, any
      Issuer Free Writing Prospectus and the Prospectus, the Company is not
      prohibited, directly or indirectly, from paying any dividends, from making
      any
      other distribution, from repaying any loans or advances or from transferring
      any
      of its property or assets.&#160;&#160;All dividends and other distributions
      declared and payable on the shares of capital stock of the Company may, under
      the current laws and regulations of the Republic of the Marshall Islands and
      any
      political subdivisions thereof, be paid in United States dollars and may be
      freely transferred out of the Republic of the Marshall Islands, and all such
      dividends and other distributions will not be subject to withholding or other
      taxes under the laws and regulations of the Republic of the Marshall Islands
      and
      are otherwise free and clear of any other tax, withholding or deduction and
      without the necessity of obtaining any consents, approvals, authorizations,
      orders, licenses, registrations, clearances and qualifications of or with any
      court or governmental agency or body in the Republic of the Marshall
      Islands.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(jj)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;No
      Subsidiary of the Company is currently prohibited, directly or indirectly,
      from
      paying any dividends to the Company, from making any other distribution on
      such
      Subsidiary&#8217;s capital stock, from repaying to the Company any loans or advances
      to such Subsidiary from the Company or from transferring any of such
      Subsidiary&#8217;s property or assets to the Company or any other Subsidiary of the
      Company, except as described in the in the Registration Statement, the
      Preliminary Prospectus, any Issuer Free Writing Prospectus and the Prospectus
      or
      as provided by the laws of its jurisdiction of organization with respect to
      permissible sources of funds from which dividends may be paid.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(kk)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;There
      are no restrictions on subsequent transfers of the Shares under the laws of
      the
      Republic of the Marshall Islands.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(ll)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;No
      forward-looking statement (within the meaning of Section 27A of the 1933 Act
      and
      Section 21E of the Exchange Act) contained in the Registration Statement, the
      Preliminary Prospectus, any Issuer Free Writing Prospectus or the Prospectus
      has
      been made or reaffirmed without a reasonable basis or has been disclosed other
      than in good faith.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        </div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">8</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(mm)&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
      Company is not a passive foreign investment company (&#8220;<u>PFIC</u>&#8221;) within the
      meaning of Section 1297(a) of the United States Internal Revenue Code of 1986,
      as amended, and will not take any action that is likely to result in it becoming
      a PFIC.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(nn)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Neither
      the Company nor, to the knowledge of the Company, any director, officer, agent,
      employee, affiliate or other person acting on behalf of the Company is aware
      of
      or has taken any action, directly or indirectly, that would result in a
      violation by such persons of the Foreign Corrupt Practices Act of 1977, as
      amended, and the rules and regulations thereunder (the &#8220;<u>FCPA</u>&#8221;),
      including, without limitation, making use of the mails or any means or
      instrumentality of interstate commerce corruptly in furtherance of an offer,
      payment, promise to pay or authorization of the payment of any money, or other
      property, gift, promise to give, or authorization of the giving of anything
      of
      value to any &#8220;foreign official&#8221; (as such term is defined in the FCPA) or any
      foreign political party or official thereof or any candidate for foreign
      political office, in contravention of the FCPA and the Company and, to the
      knowledge of the Company, its affiliates have conducted their businesses in
      compliance with the FCPA and have instituted and maintain policies and
      procedures designed to ensure, and which are reasonably expected to continue
      to
      ensure, continued compliance therewith.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(oo)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
      Company has taken all necessary actions to ensure that it is in compliance
      with
      all applicable corporate governance requirements of the Nasdaq Global Market
      that are, or will be, applicable to the Company, except for such requirements
      that have been waived and disclosed in the Registration Statement, the
      Preliminary Prospectus, any Issuer Free Writing Prospectus or the Prospectus,
      and is actively taking steps to ensure that it will be in compliance with other
      applicable corporate governance requirements of the Nasdaq Global Market not
      currently in effect upon and all times after the effectiveness of such
      requirements and when such provisions become applicable to the
      Company.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(pp)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;No
      relationship, direct or indirect, exists between or among any of the Company
      or
      its Subsidiaries, on the one hand, and any director, officer, stockholder,
      customer or supplier of the Company, or its Subsidiaries or any affiliate of
      the
      Company, on the other hand, which is required to be described in the
      Registration Statement, the Preliminary Prospectus, any Issuer Free Writing
      Prospectus or the Prospectus which is not so described as required.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(qq)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;There
      are no outstanding loans, advances (except normal advances for business expense
      in the ordinary course of business) or guarantees or indebtedness by the
      Company, directly or indirectly, including through a Subsidiary, to or for
      the
      benefit of any of the officers or directors of the Company, except as disclosed
      in the Registration Statement, the Preliminary Prospectus, any Issuer Free
      Writing Prospectus and the Prospectus.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(rr)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Except
      as described in the Preliminary Prospectus and the Prospectus, no holders of
      any
      securities of the Company or of any options, warrants or other convertible
      or
      exchangeable securities of the Company have the right to include any securities
      issued by the Company in the Registration Statement or any registration
      statement to be filed by the Company or to require the Company to file a
      registration statement under the 1933 Act, other than those holders who have
      waived such rights.&#160;&#160;Except as described in the Preliminary
      Prospectus, any Issuer Free Writing Prospectus and the Prospectus, no holder
      of
      any securities of the Company or any other person has the right, contractual
      or
      otherwise, which has not been satisfied or effectively waived, to cause the
      Company to sell or otherwise issue to them, or permit them to underwrite the
      sale of, any of the Shares.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(ss)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;There
      are no documentary, stamp or other issuance or transfer taxes or duties or
      similar fees or charges under U.S. federal law or the laws of any U.S. state,
      the Republic of the Marshall Islands, Cyprus, Greece or Liberia or, or any
      political subdivision of any thereof, required to be paid in connection with
      the
      execution and delivery of this Agreement or the issuance by the Company of
      the
      Shares, or the</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">9</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">sale
      and delivery by the Company of the Shares to or for the respective accounts
      of
      the Underwriters or the sale and delivery by the Underwriters of the Shares
      to
      the initial purchasers thereof.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(tt)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Neither
      the Company nor to the Company&#8217;s knowledge, any of its stockholders, has taken
      or may take, directly or indirectly, any action designed to cause or result
      in,
      or which has constituted or which might be reasonably expected to constitute,
      the stabilization or manipulation of the prices of the Shares to facilitate
      the
      sale or resale of the Shares.&#160;&#160;The Company acknowledges that the
      Underwriters may engage in passive market making transactions in the Shares
      on
      the Nasdaq Global Market in accordance with Regulation M under the Exchange
      Act.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(uu)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
      Company is a &#8220;foreign private issuer&#8221; as defined in Rule&#160;405 of the 1933
      Act.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      &#160;<u>Purchase, Sale and Delivery of the Firm Shares</u>.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 75pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">&#160;&#160;
      (a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;On the
      basis of the representations, warranties and covenants herein contained, and
      subject to the conditions herein set forth, the Company agrees to sell to the
      Underwriters and each Underwriter agrees, severally and not jointly, to
      purchase, at a price of $&#160;&#160;$2.8794 per share, the number of Firm
      Shares set forth opposite the name of each Underwriter in Schedule I hereof,
      subject to adjustments in accordance with Section 9 hereof.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 75pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">&#160;&#160;
      (b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Payment for
      the Firm Shares to be sold hereunder is to be made in federal (same day) funds
      against delivery of certificates therefor to the Representative for the several
      accounts of the Underwriters.&#160;&#160;Such payment and delivery are to be
      made through the facilities of The Depository Trust Company, New York, New
      York
      at 10:00 a.m., New York time, on the third business day after the date of this
      Agreement or at such other time and date not later than five business days
      thereafter as you and the Company shall agree upon, such time and date being
      herein referred to as the &#8220;<u>Closing Date</u>.&#8221;&#160;&#160;(As used herein,
&#8220;<u>business day</u>&#8221; means a day on which the New York Stock Exchange is open
      for trading and on which banks in New York are open for business and are not
      permitted by law or executive order to be closed.)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 75pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">&#160;&#160;
      (c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In
      addition, on the basis of the representations and warranties herein contained
      and subject to the terms and conditions herein set forth, the Company hereby
      grants an option to the several Underwriters to purchase the Option Shares
      at
      the price per share as set forth in the first paragraph of this Section
      2.&#160;&#160;The option granted hereby may be exercised in whole or in part by
      giving written notice (i) at any time before the Closing Date and (ii) only
      once
      thereafter within 30 days after the date of this Agreement, by you, as
      Representative of the several Underwriters, to the Company setting forth the
      number of Option Shares as to which the several Underwriters are exercising
      the
      option and the time and date at which such certificates are to be
      delivered.&#160;&#160;The time and date at which certificates for Option Shares
      are to be delivered shall be determined by the Representative but shall not
      be
      earlier than three nor later than 10 full business days after the exercise
      of
      such option, nor in any event prior to the Closing Date (such time and date
      being herein referred to as the &#8220;<u>Option Closing Date</u>&#8221;).&#160;&#160;If the
      date of exercise of the option is three or more days before the Closing Date,
      the notice of exercise shall set the Closing Date as the Option Closing
      Date.&#160;&#160;The number of Option Shares to be purchased by each Underwriter
      shall be in the same proportion to the total number of Option Shares being
      purchased as the number of Firm Shares being purchased by such Underwriter
      bears
      to the total number of Firm Shares, adjusted by you in such manner as to avoid
      fractional shares.&#160;&#160;The option with respect to the Option Shares
      granted hereunder may be exercised only to cover over-allotments in the sale
      of
      the Firm Shares by the Underwriters.&#160;&#160;You, as Representative of the
      several Underwriters, may cancel such option at any time prior to its expiration
      by giving written notice of such cancellation to the Company.&#160;&#160;To the
      extent, if any, that the option is exercised, payment for the Option Shares
      shall be made on the Option Closing Date in</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
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        </div>
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    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">federal
      (same day funds) through the facilities of The Depository Trust Company in
      New
      York, New York drawn to the order of the Company.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      &#160;<u>Offering by the Underwriters</u>.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 75pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">&#160;&#160;
      It is understood that the several Underwriters are to make a public offering
      of
      the Firm Shares as soon as the Representative deems it advisable to do
      so.&#160;&#160;The Firm Shares are to be initially offered to the public at the
      initial public offering price set forth in the Prospectus.&#160;&#160;The
      Representative may from time to time thereafter change the public offering
      price
      and other selling terms.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 75pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">&#160;&#160;
      It further understood that you will act as the Representative for the
      Underwriters in the offering and sale of the Shares in accordance with a Master
      Agreement Among Underwriters entered into by you and the several other
      Underwriters.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 75pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">&#160;&#160;
      The Company hereby confirms its engagement of the Representative as, and the
      Representative hereby confirms its agreement with the Company to render services
      as, a &#8220;qualified independent underwriter&#8221; within the meaning of Rule 2720 of the
      Conduct Rules of FINRA with respect to the offering and sale of the Shares
      and,
      in acting as such &#8220;qualified independent underwriter,&#8221; the Representative
      represents and agrees, solely for the benefit of the Underwriters and not for
      the benefit of the Company, that it meets the requirements set forth in Conduct
      Rule 2720(b)(15) for serving as &#8220;qualified independent
      underwriter&#8221;.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      &#160;&#160;<u>Covenants of the Company</u>.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 75pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">&#160;&#160;
      The Company covenants and agrees with the several Underwriters
      that:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
      Company will (A) prepare and timely file with the Commission under Rule 424(b)
      under the Act a Prospectus in a form approved by the Representative containing
      information previously omitted at the time of effectiveness of the Registration
      Statement in reliance on Rules 430A, 430B or 430C under the Act and (B) not
      file
      any amendment to the Registration Statement or distribute an amendment or
      supplement to the General Disclosure Package or the Prospectus or document
      incorporated by reference therein of which the Representative shall not
      previously have been advised and furnished with a copy or to which the
      Representative shall have reasonably objected in writing or which is not in
      compliance with the Rules and Regulations and (C) file on a timely basis all
      reports and any definitive proxy or information statements required to be filed
      by the Company with the Commission subsequent to the date of the Prospectus
      and
      prior to the termination of the offering of the Shares by the
      Underwriters.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
      Company will (i) not make any offer relating to the Shares that would constitute
      an Issuer Free Writing Prospectus or that would otherwise constitute a &#8220;free
      writing prospectus&#8221; (as defined in Rule 405 under the Act) required to be filed
      by the Company with the Commission under Rule 433 under the Act unless the
      Representative approves its use in writing prior to first use (each, a
&#8220;Permitted Free Writing Prospectus&#8221;); provided that the prior written consent of
      the Representative hereto shall be deemed to have been given in respect of
      the
      Issuer Free Writing Prospectus(es) included in Schedule IV hereto,
      (ii)&#160;&#160;treat each Permitted Free Writing Prospectus as an Issuer Free
      Writing Prospectus, (iii) comply with the requirements of Rules 164 and 433
      under the Act applicable to any Issuer Free Writing Prospectus, including the
      requirements relating to timely filing with the Commission, legending and record
      keeping and (iv) not take any action that would result in an Underwriter or
      the
      Company being required to file with the Commission pursuant to Rule 433(d)
      under
      the Act a free writing prospectus prepared by or on behalf of such Underwriter
      that such Underwriter otherwise would not have been required to file
      thereunder.&#160;&#160;The Company will satisfy the conditions in Rule 433 under
      the Act to avoid a requirement to file with the Commission any electronic road
      show.</font></div><br>
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        </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Unless
      otherwise agreed between the Company and the Representative, the Company will
      prepare a final term sheet (the &#8220;<u>Final Term Sheet</u>&#8221;) reflecting the final
      terms of the Shares, in form and substance satisfactory to the Representative,
      and shall file such Final Term Sheet as an Issuer Free Writing Prospectus
      pursuant to Rule 433 under the Act prior to the close of business two business
      days after the date hereof; provided that the Company shall provide the
      Representative with copies of any such Final Term Sheet a reasonable amount
      of
      time prior to such proposed filing and will not use or file any such document
      to
      which the Representative or counsel to the Underwriters shall reasonably
      object.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
      Company will advise the Representative promptly (A) when the Registration
      Statement or any post-effective amendment thereto shall have become effective,
      (B) of receipt of any comments from the Commission, (C) of any request of the
      Commission for amendment of the Registration Statement or for supplement to
      the
      General Disclosure Package or the Prospectus or for any additional information,
      and (D) of the issuance by the Commission of any stop order suspending the
      effectiveness of the Registration Statement or any order preventing or
      suspending the use of any Preliminary Prospectus, any Issuer Free Writing
      Prospectus or the Prospectus, or of the institution of any proceedings for
      that
      purpose or pursuant to Section 8A of the Act.&#160;&#160;The Company will use
      its best efforts to prevent the issuance of any such order and to obtain as
      soon
      as possible the lifting thereof, if issued.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
      Company will cooperate with the Representative in endeavoring to qualify the
      Shares for sale under the securities laws of such jurisdictions as the
      Representative may reasonably have designated in writing and will make such
      applications, file such documents, and furnish such information as may be
      reasonably required for that purpose, provided the Company shall not be required
      to qualify as a foreign corporation or to file a general consent to service
      of
      process in any jurisdiction where it is not now so qualified or required to
      file
      such a consent.&#160;&#160;The Company will, from time to time, prepare and file
      such statements, reports, and other documents, as are or may be required to
      continue such qualifications in effect for so long a period as the
      Representative may reasonably request for distribution of the
      Shares.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
      Company will deliver to, or upon the order of, the Representative, from time
      to
      time, as many copies of any Preliminary Prospectus as the Representative may
      reasonably request.&#160;&#160;The Company will deliver to, or upon the order
      of, the Representative, from time to time, as many copies of any Issuer Free
      Writing Prospectus<strong>&#160;</strong>as the Representative may reasonably
      request. The Company will deliver to, or upon the order of, the Representative
      during the period when delivery of a Prospectus (or, in lieu thereof, the notice
      referred to under Rule 173(a) under the Act) is required under the Act, as
      many
      copies of the Prospectus in final form, or as thereafter amended or
      supplemented, as the Representative may reasonably request.&#160;&#160;The
      Company will deliver to the Representative at or before the Closing Date, four
      signed copies of the Registration Statement and all amendments thereto including
      all exhibits filed therewith, and will deliver to the Representative such number
      of copies of the Registration Statement (including such number of copies of
      the
      exhibits filed therewith that may reasonably be requested), including documents
      incorporated by reference therein, and of all amendments thereto, as the
      Representative may reasonably request.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
      Company will comply with the Act and the Rules and Regulations, and the Exchange
      Act, and the rules and regulations of the Commission thereunder, so as to permit
      the completion of the distribution of the Shares as contemplated in this
      Agreement and the Prospectus.&#160;&#160;If during the period in which a
      prospectus (or, in lieu thereof, the notice referred to under Rule 173(a) under
      the Act) is required by law to be delivered by an Underwriter or dealer, any
      event shall occur as a result of which, in the judgment of the Company or in
      the
      reasonable opinion of the Underwriters, it becomes necessary to amend or
      supplement the Prospectus in order to make the statements therein, in the light
      of the circumstances existing at the time the Prospectus is delivered to a
      purchaser, not misleading, or, if it is necessary at any time to amend or
      supplement the Prospectus to comply with any law, the Company promptly will
      either (i) prepare and file with the Commission an appropriate amendment to
      the
      Registration Statement or supplement to the</font></div><br>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
      </div>
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        </div>
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    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">Prospectus
      or (ii) prepare and file with the Commission an appropriate filing under the
      Exchange Act which shall be incorporated by reference in the Prospectus so
      that
      the Prospectus as so amended or supplemented will not, in the light of the
      circumstances when it is so delivered, be misleading, or so that the Prospectus
      will comply with the law.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;If
      the General Disclosure Package is being used to solicit offers to buy the Shares
      at a time when the Prospectus is not yet available to prospective purchasers
      and
      any event shall occur as a result of which, in the judgment of the Company
      or in
      the reasonable opinion of the Underwriters, it becomes necessary to amend or
      supplement the General Disclosure Package in order to make the statements
      therein, in the light of the circumstances, not misleading, or to make the
      statements therein not conflict with the information contained in the
      Registration Statement then on file, or if it is necessary at any time to amend
      or supplement the General Disclosure Package to comply with any law, the Company
      promptly will either (i)prepare, file with the Commission (if required) and
      furnish to the Underwriters and any dealers an appropriate amendment or
      supplement to the General Disclosure Package or (ii) prepare and file with
      the
      Commission an appropriate filing under the Exchange Act which shall be
      incorporated by reference in the General Disclosure Package so that the General
      Disclosure Package as so amended or supplemented will not, in the light of
      the
      circumstances, be misleading or conflict with the Registration Statement then
      on
      file, or so that the General Disclosure Package will comply with
      law.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      &#160;&#160;The Company will make generally available to its security holders,
      as soon as it is practicable to do so, but in any event not later than 15 months
      after the effective date of the Registration Statement, an earnings statement
      (which need not be audited) in reasonable detail, covering a period of at least
      12 consecutive months beginning after the effective date of the Registration
      Statement, which earnings statement shall satisfy the requirements of Section
      11(a) of the Act and Rule 158 under the Act and will advise you in writing
      when
      such statement has been so made available.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      Prior to the Closing Date, the Company will furnish to the Underwriters, as
      soon
      as they have been prepared by or are available to the Company, a copy of any
      unaudited interim financial statements of the Company for any period subsequent
      to the period covered by the most recent financial statements appearing in
      the
      Registration Statement and the Prospectus.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(k)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;No
      offering, sale, short sale or other disposition of any shares of Common Stock
      of
      the Company or other securities convertible into or exchangeable or exercisable
      for shares of&#160;&#160;Common Stock&#160;&#160;or derivative of Common
      Stock&#160;&#160;(or agreement for such) will be made for a period of 60 days
      after the date of the Prospectus, directly or indirectly, by the Company
      otherwise than hereunder or with the prior written consent of the
      Representative.&#160;&#160;Notwithstanding the foregoing, if (1) during the last
      17 days of the 60-day restricted period, the Company issues an earnings release
      or material news or a material event relating to the Company occurs; or (2)
      prior to the expiration of the 60-day restricted period, the Company announces
      that it will release earnings results during the 15-day period following the
      last day of the 60-day restricted period, then in each case the restrictions
      imposed by this Agreement shall continue to apply until the expiration of the
      18-day period beginning on the date of the release of the earnings results
      or
      the occurrence of material news or a material event relating to the Company,
      as
      the case may be, unless the Representative waives, in writing, such
      extension.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      &#160;The Company will use its best efforts to list the Shares, subject to
      notice of issuance, on the Nasdaq Global Market.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(m)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
      Company has caused each officer and director of the Company, Kingdom Holdings
      Inc. and Sovereign Holdings Inc. to furnish to you, on or prior to the date
      of
      this agreement, a letter or letters, substantially in the form attached hereto
      as Exhibit B (the &#8220;<u>Lockup Agreement</u>&#8221;).</font></div><br>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
      </div>
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        </div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(n)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
      Company shall apply the net proceeds of its sale of the Shares as set forth
      in
      the Registration Statement, General Disclosure Package and the
      Prospectus.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(o)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
      Company shall not invest, or otherwise use the proceeds received by the Company
      from its sale of the Shares in such a manner as would require the Company or
      any
      of the Subsidiaries to register as an investment company under the 1940
      Act.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(p)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
      Company will maintain a transfer agent and, if necessary under the jurisdiction
      of incorporation of the Company, a registrar for the
      Common&#160;&#160;Stock.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(q)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
      Company will not take, directly or indirectly, any action designed to cause
      or
      result in, or that has constituted or might reasonably be expected to
      constitute, the stabilization or manipulation of the price of any securities
      of
      the Company.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      &#160;&#160;&#160;<u>Costs and Expenses</u>.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 75pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">&#160;
      The Company will pay all costs, expenses and fees incident to the performance
      of
      the obligations of the Company under this Agreement, including, without limiting
      the generality of the foregoing, the following: accounting fees of the Company;
      the fees and disbursements of counsel for the Company; the cost of printing
      and
      delivering to, or as requested by, you copies of the Registration Statement,
      Preliminary Prospectus, any Issuer Free Writing Prospectus, the Prospectus,
      this
      Agreement, any Blue Sky surveys and any supplements or amendments thereto;
      the
      filing fees of the Commission; the filing fees and expenses (including legal
      fees up to $15,000 and disbursements) incident to securing any required review
      by FINRA of the terms of the sale of the Shares; the costs and expenses
      (including without limitation any damages or other amounts payable in connection
      with legal or contractual liability) associated with the reforming of any
      contracts for sale of the Shares made by you caused by a breach of the
      representation in Section 1(c)); and the expenses, including the fees and
      disbursements of counsel for you, incurred in connection with the qualification
      of the Shares under state securities or Blue Sky laws.&#160;&#160;The Company
      shall not, however, be required to pay for any of your expenses (other than
      those related to qualification under FINRA regulation and state securities
      or
      Blue Sky laws) except that, if this Agreement shall not be consummated because
      the conditions in Section 6 hereof are not satisfied, or because this Agreement
      is terminated by you pursuant to Section 11 hereof, or by reason of any failure,
      refusal or inability on the part of the Company to perform any undertaking
      or
      satisfy any condition of this Agreement or to comply with any of the terms
      hereof on its part to be performed, unless such failure, refusal or inability
      is
      due primarily to the default or omission of you, the Company shall reimburse
      you
      for reasonable out-of-pocket expenses, including fees and disbursements of
      counsel, reasonably incurred in connection with investigating, marketing and
      proposing to market the Shares or in contemplation of performing their
      obligations hereunder; but the Company shall not in any event be liable to
      you
      for damages on account of loss of anticipated profits from the sale by them
      of
      the Shares.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      &#160;&#160;&#160;<u>Conditions of Obligations of the
      Underwriters</u>.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 75pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">&#160;&#160;
      The several obligations of the Underwriters to purchase the Firm Shares on
      the
      Closing Date and the Option Shares, if any, on the Option Closing Date are
      subject to the accuracy, as of the Applicable Time, the Closing Date or the
      Option Closing Date, as the case may be, of the representations and warranties
      of the Company contained herein, and to the performance by the Company of its
      covenants and obligations hereunder and to the following additional
      conditions:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 75pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">&#160;&#160;&#160;
      (a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
      Registration Statement and all post-effective amendments thereto shall have
      become effective and the Prospectus and each Issuer Free Writing Prospectus
      required shall have been filed as required by Rules 424, 430A, 430B, 430C or
      433
      under the Act, as applicable, within the time period</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">prescribed
      by, and in compliance with, the Rules and Regulations, and any request of the
      Commission for additional information (to be included in the Registration
      Statement or otherwise) shall have been disclosed to the Representative and
      complied with to its reasonable satisfaction.&#160;&#160;No stop order
      suspending the effectiveness of the Registration Statement, as amended from
      time
      to time, shall have been issued and no proceedings for that purpose or pursuant
      to Section 8A under the Act shall have been taken or, to the knowledge of the
      Company, shall be contemplated or threatened by the Commission and no
      injunction, restraining order or order of any nature by a Federal or state
      court
      of competent jurisdiction shall have been issued as of the Closing Date which
      would prevent the issuance of the Shares.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 75pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">&#160;&#160;
      (b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
      Representative shall have received on the Closing Date or the Option Closing
      Date, as the case may be, the favorable opinions dated the Closing Date or
      the
      Option Date, in form and substance satisfactory to Morgan Lewis &amp; Bockius
      LLP (&#8220;<u>Underwriters&#8217; Counsel</u>&#8221;) addressed to each of the Underwriters
      (including the Representative) and stating that such opinions may be relied
      upon
      by Underwriters&#8217; Counsel, of each of the following counsel:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 110pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Seward
      &amp; Kissel LLP, U.S. counsel for the Company, with respect to matters of U.S.
      law, to the effect set forth in <u>Exhibit&#160;C-I</u> hereto and to such
      further effect as Underwriters&#8217; Counsel may reasonably request;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 110pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Seward
      &amp; Kissel LLP, special counsel for the Company with respect to matters of
      Marshall Islands law, to the effect set forth in <u>Exhibit&#160;C-II</u> hereto
      and to such further effect as Underwriters&#8217; Counsel may reasonably
      request;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 110pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Chrysses
      Demetriades &amp; Co., special counsel to the Company with respect to matters of
      Cypriot law, to the effect set forth in <u>Exhibit&#160;C-III</u> hereto and to
      such further effect as Underwriters&#8217; Counsel may reasonably
      request;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 110pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;G.C.
      Economou &amp; Associates, special counsel to the Company with respect to
      matters of Greek law, to the effect set forth in <u>Exhibit&#160;C-IV</u> hereto
      and to such further effect as Underwriters&#8217; Counsel may reasonably request;
      and</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 110pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Seward
      &amp; Kissel LLP, special counsel to the Company with respect to matters of
      Liberia law, to the effect set forth in <u>Exhibit&#160;C-V</u> hereto and to
      such further effect as Underwriters&#8217; Counsel may reasonably
      request.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 75pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">&#160;&#160;
      (c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
      Representative shall have received from Morgan, Lewis &amp; Bockius LLP, counsel
      for the Underwriters, an opinion dated the Closing Date or the Option Closing
      Date, as the case may be, substantially to the effect specified in subparagraphs
      (iv) and (x) of Paragraph (b) of this Section 6.&#160;&#160;In addition to the
      matters set forth above, such opinion shall also include a statement to the
      effect that nothing has come to the attention of such counsel which leads them
      to believe that (i) the Registration Statement, or any amendment thereto, as
      of
      the time it became effective under the Act (including the information deemed
      to
      be a part of the Registration Statement at the time it became effective pursuant
      to Rules 430A, 430B or 430C under the Act) as of the Closing Date or the Option
      Closing Date, as the case may be, contained or contains an untrue statement
      of a
      material fact or omitted or omits to state a material fact required to be stated
      therein or necessary to make the statements therein not misleading, (ii) the
      General Disclosure Package, as of the Applicable Time, contained an untrue
      statement of a material fact or omitted to state a material fact necessary
      in
      order to make the statements therein, in the light of the circumstances under
      which they were made, not misleading and (iii) the Prospectus, or any supplement
      thereto, on the date it was filed pursuant to the Rules and Regulations and
      as
      of the Closing Date or the Option Closing Date, as the case may be, contained
      or
      contains an untrue statement of a material fact or omitted or omits to state
      a
      material fact, necessary in order to make the statements therein, in the light
      of</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">the
      circumstances under which they were made, not misleading (except that such
      counsel need express no view as to financial statements and schedules and other
      financial data therein).&#160;&#160;With respect to such statement, Morgan,
      Lewis &amp; Bockius LLP may state that their belief upon the procedures set
      forth therein, but is without independent check and verification.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 75pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">&#160;&#160;
      (d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;You shall
      have received, on each of the date hereof, the Closing Date and, if applicable,
      the Option Closing Date, a letter dated the date hereof, the Closing Date or
      the
      Option Closing Date, as the case may be, in form and substance satisfactory
      to
      you, of each of Deloitte, Hadjipavlou, Sofianos &amp; Cambanis S.A. and Ernst
&amp; Young (Hellas) confirming that they are an independent registered public
      accounting firm with respect to the Company and the Subsidiaries within the
      meaning of the Act and the applicable Rules and Regulations and the PCAOB and
      stating that in their opinion the financial statements and schedules examined
      by
      them and included or incorporated by reference in the Registration Statement,
      the General Disclosure Package and the Prospectus comply in form in all material
      respects with the applicable accounting requirements of the Act and the related
      Rules and Regulations; and containing such other statements and information
      as
      is ordinarily included in accountants&#8217; &#8220;comfort letters&#8221; to Underwriters with
      respect to the financial statements and certain financial and statistical
      information contained in the Registration Statement, the General Disclosure
      Package and the Prospectus.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 75pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">&#160;&#160;
      (e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
      Representative shall have received on the Closing Date and, if applicable,
      the
      Option Closing Date, as the case may be, a certificate or certificates of the
      Chief Executive Officer and the Chief Financial Officer of the Company to the
      effect that, as of the Closing Date or the Option Closing Date, as the case
      may
      be, each of them severally represents as follows:</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 110pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
      Registration Statement has become effective under the Act and no stop order
      suspending the effectiveness of the Registration Statement or no order
      preventing or suspending the use of any Preliminary Prospectus, any Issuer
      Free
      Writing Prospectus or the Prospectus has been issued, and no proceedings for
      such purpose or pursuant to Section 8A of the Act have been taken or are, to
      his
      or her knowledge, contemplated or threatened by the Commission;</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 110pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
      representations and warranties of the Company contained in Section 1 hereof
      are
      true and correct as of the Closing Date or the Option Closing Date, as the
      case
      may be;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 110pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;All
      filings required to have been made pursuant to Rules 424, 430A, 430B or 430C
      under the Act have been made as and when required by such rules;</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 110pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;He
      has carefully examined the General Disclosure Package and any individual Limited
      Use Free Writing Prospectus and, in his opinion, as of the Applicable Time,
      the
      statements contained in the General Disclosure Package and any individual
      Limited Use Free Writing Prospectus did not contain any untrue statement of
      a
      material fact, and such General Disclosure Package and any individual Limited
      User Free Writing Prospectus, when considered together with the General
      Disclosure Package, did not omit to state a material fact necessary in order
      to
      make the statements therein, in the light of the circumstances under which
      they
      were made, not misleading;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 110pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;He
      has carefully examined the Registration Statement and, in his opinion, as of
      the
      effective date of the Registration Statement, the Registration Statement and
      any
      amendments thereto did not contain any untrue statement of a material fact
      and
      did not omit to state a material fact necessary in order to make the statements
      therein not misleading, and since the effective date of the Registration
      Statement, no event has occurred which should have been set forth in a
      supplement to or an amendment of the Prospectus which has not been so set forth
      in such supplement or amendment;</font></div>
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        </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">16</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
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        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
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    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 110pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(vi)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;He
      has carefully examined the Prospectus and, in his opinion, as of its date and
      the Closing Date or the Option Closing Date, as the case may be, the Prospectus
      and any amendments and supplements thereto did not contain any untrue statement
      of a material fact and did not omit to state a material fact necessary in order
      to make the statements therein, in the light of the circumstances under which
      they were made, not misleading; and</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 110pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(vii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Since
      the respective dates as of which information is given in the Registration
      Statement, the General Disclosure Package and Prospectus, there has not been
      any
      material adverse change or any development involving a prospective material
      adverse change in or affecting the business, management, properties, assets,
      rights, operations, condition (financial or otherwise) or prospects of the
      Company and the Subsidiaries taken as a whole, whether or not arising in the
      ordinary course of business.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 75pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">&#160;&#160;
      (f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Shares
      have been approved for quotation subject to notice of issuance on the Nasdaq
      Global Market.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 75pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">&#160;&#160;
      (g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Lockup
      Agreements described in Section 4(m) are in full force and effect.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 75pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">&#160;&#160;
      The opinions and certificates mentioned in this Agreement shall be deemed to
      be
      in compliance with the provisions hereof only if they are in all material
      respects satisfactory to the Representative and to Underwriters&#8217;
Counsel.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 75pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">&#160;&#160;&#160;
      If any of the conditions hereinabove provided for in this Section 6 shall not
      have been fulfilled when and as required by this Agreement to be fulfilled,
      the
      obligations of the Underwriters hereunder may be terminated by the
      Representative by notifying the Company of such termination in writing by
      facsimile at or prior to the Closing Date or the Option Closing Date, as the
      case may be.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 75pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">&#160;&#160;&#160;In
      such event, the Company and the Underwriters shall not be under any obligation
      to each other (except to the extent provided in Sections 5 and 8
      hereof).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      &#160;&#160;&#160;<u>Conditions of the Obligations of the Company
</u>.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 75pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">The
      obligations of the Company to sell and deliver the portion of the Shares
      required to be delivered as and when specified in this Agreement are subject
      to
      the conditions that at the Closing Date or the Option Closing Date, as the
      case
      may be, no stop order suspending the effectiveness of the Registration Statement
      shall have been issued and in effect or proceedings therefor initiated or
      threatened.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">8.&#160;&#160;&#160;&#160;&#160;&#160;
      &#160;&#160;&#160;&#160;&#160;<u>Indemnification</u>.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 75pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">&#160;&#160;
      (a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company
      agrees:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 110pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;to
      indemnify and hold harmless each Underwriter and each person, if any, who
      controls any Underwriter within the meaning of either Section 15 of the Act
      or
      Section 20 of the Exchange Act, against any losses, claims, damages or
      liabilities to which such Underwriter or any such controlling person may become
      subject under the Act or otherwise, insofar as such losses, claims, damages
      or
      liabilities (or actions or proceedings in respect thereof) arise out of or
      are
      based upon&#160;&#160;(i) any untrue statement or alleged untrue statement of
      any material fact contained in the Registration Statement, any Preliminary
      Prospectus, any Issuer Free Writing Prospectus, the Prospectus or any amendment
      or supplement thereto or (ii) the omission or alleged omission to state therein
      a material fact required to be stated therein or necessary to make the
      statements therein not misleading in the light of the circumstances under which
      they were made; provided, however, that the Company will not be liable in any
      such case to</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">17</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
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        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">the
      extent that any such loss, claim, damage or liability arises out of or is based
      upon an untrue statement or alleged untrue statement, or omission or alleged
      omission made in the Registration Statement, any Preliminary Prospectus, any
      Issuer Free Writing Prospectus, the Prospectus, or such amendment or supplement,
      in reliance upon and in conformity with written information furnished to the
      Company by or through the Representative specifically for use therein, it being
      understood and agreed that the only such information furnished by any
      Underwriter consists of the information described as such in Section 13
      herein.&#160;&#160;The Company also agrees to indemnify and hold harmless the
      Representative and each person, if any, who controls the Representative within
      the meaning of either Section 15 of the Act or Section 20 of the Exchange Act,
      from and against any and all losses, claims, damages, liabilities and judgments
      incurred as a result of the Representative&#8217;s participation as a &#8220;qualified
      independent underwriter&#8221; within the meaning of Rule 2720 of FINRA&#8217;s Conduct
      Rules in connection with the offering of the Shares, except for any losses,
      claims, damages, liabilities and judgments resulting from the Representative
      or
      such controlling person&#8217;s willful misconduct; and</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 110pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;to
      reimburse each Underwriter and each such controlling person upon demand for
      any
      legal or other out-of-pocket expenses reasonably incurred by such Underwriter
      or
      such controlling person in connection with investigating or defending any such
      loss, claim, damage or liability, action or proceeding or in responding to
      a
      subpoena or governmental inquiry related to the offering of the Shares, whether
      or not such Underwriter or controlling person is a party to any action or
      proceeding.&#160;&#160;In the event that it is finally judicially determined
      that the Underwriters were not entitled to receive payments for legal and other
      expenses pursuant to this subparagraph, the Underwriters will promptly return
      all sums that had been advanced pursuant hereto.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 75pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">&#160;&#160;
      (b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Each
      Underwriter severally and not jointly will indemnify and hold harmless the
      Company, each of its directors, each of its officers who have signed the
      Registration Statement and each person, if any, who controls the Company within
      the meaning of the Act, against any losses, claims, damages or liabilities
      to
      which the Company or any such director, officer, or controlling person may
      become subject under the Act or otherwise, insofar as such losses, claims,
      damages or liabilities (or actions or proceedings in respect thereof) arise
      out
      of or are based upon (i) any untrue statement or alleged untrue statement of
      any
      material fact contained in the Registration Statement, any Preliminary
      Prospectus, any Issuer Free Writing Prospectus, the Prospectus or any amendment
      or supplement thereto, or (ii) the omission or the alleged omission to state
      therein a material fact required to be stated therein or necessary to make
      the
      statements therein not misleading in the light of the circumstances under which
      they were made; and will reimburse any legal or other expenses reasonably
      incurred by the Company or any such director, officer, or controlling person
      in
      connection with investigating or defending any such loss, claim, damage,
      liability, action or proceeding; provided, however, that each Underwriter will
      be liable in each case to the extent, but only to the extent, that such untrue
      statement or alleged untrue statement or omission or alleged omission has been
      made in the Registration Statement, any Preliminary Prospectus, any Issuer
      Free
      Writing Prospectus<strong>, </strong>the Prospectus or such amendment or
      supplement, in reliance upon and in conformity with written information
      furnished to the Company by or through the Representative specifically for
      use
      therein, it being understood and agreed that the only such information furnished
      by any Underwriter consists of the information described as such in Section
      13
      herein.&#160;&#160;This indemnity agreement will be in addition to any liability
      which such Underwriter may otherwise have.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 75pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">&#160;&#160;
      (c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In case any
      proceeding (including any governmental investigation) shall be instituted
      involving any person in respect of which indemnity may be sought pursuant to
      this Section 8, such person (the &#8220;indemnified party&#8221;) shall promptly notify the
      person against whom such indemnity may be sought (the &#8220;indemnifying party&#8221;) in
      writing.&#160;&#160;No indemnification provided for in Section 8(a) or (b) shall
      be available to any party who shall fail to give notice as provided in this
      Section 8(c) if the party to whom notice was not given was unaware of the
      proceeding to which such notice would have related and was materially prejudiced
      by the failure to give such notice, but the failure to give such notice shall
      not</font></div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">18</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">relieve
      the indemnifying party or parties from any liability which it or they may have
      to the indemnified party for contribution or otherwise than on account of the
      provisions of Section 8(a) or (b).&#160;&#160;In case any such proceeding shall
      be brought against any indemnified party and it shall notify the indemnifying
      party of the commencement thereof, the indemnifying party shall be entitled
      to
      participate therein and, to the extent that it shall wish, jointly with any
      other indemnifying party similarly notified, to assume the defense thereof,
      with
      counsel satisfactory to such indemnified party and shall pay as incurred the
      fees and disbursements of such counsel related to such proceeding.&#160;&#160;In
      any such proceeding, any indemnified party shall have the right to retain its
      own counsel at its own expense.&#160;&#160;Notwithstanding the foregoing, the
      indemnifying party shall pay as incurred (or within 30 days of presentation)
      the
      fees and expenses of the counsel retained by the indemnified party in the event
      (i) the indemnifying party and the indemnified party shall have mutually agreed
      to the retention of such counsel, (ii) the named parties to any such proceeding
      (including any impleaded parties) include both the indemnifying party and the
      indemnified party and representation of both parties by the same counsel would
      be inappropriate due to actual or potential differing interests between them
      or
      (iii) the indemnifying party shall have failed to assume the defense and employ
      counsel acceptable to the indemnified party within a reasonable period of time
      after notice of commencement of the action.&#160;&#160;It is understood that the
      indemnifying party shall not, in connection with any proceeding or related
      proceedings in the same jurisdiction, be liable for the reasonable fees and
      expenses of more than one separate firm for all such indemnified
      parties.&#160;&#160;Such firm shall be designated in writing by you in the case
      of parties indemnified pursuant to Section 8(b) and by the Company in the case
      of parties indemnified pursuant to Section 8(a).&#160;&#160;The indemnifying
      party shall not be liable for any settlement of any proceeding effected without
      its written consent but if settled with such consent or if there be a final
      judgment for the plaintiff, the indemnifying party agrees to indemnify the
      indemnified party from and against any loss or liability by reason of such
      settlement or judgment.&#160;&#160;In addition, the indemnifying party will not,
      without the prior written consent of the indemnified party, settle or compromise
      or consent to the entry of any judgment in any pending or threatened claim,
      action or proceeding of which indemnification may be sought hereunder (whether
      or not any indemnified party is an actual or potential party to such claim,
      action or proceeding) unless such settlement, compromise or consent includes
      an
      unconditional release of each indemnified party from all liability arising
      out
      of such claim, action or proceeding.&#160;&#160;Notwithstanding anything
      contained herein to the contrary, if indemnity may be sought pursuant to Section
      8(a) hereof in respect of such action or proceeding, then in addition to such
      separate firm for the indemnified parties, the indemnifying party shall be
      liable for the reasonable fees and expenses of not more than one separate firm
      (in addition to any local counsel) for the Representative in its capacity as
      a
&#8220;qualified independent underwriter&#8221; and all persons, if any, who control the
      Representative within the meaning of either Section 15 of the Act or Section
      20
      of the Exchange Act.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 75pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">&#160;&#160;
      (d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;To the
      extent the indemnification provided for in this Section 8 is unavailable to
      or
      insufficient to hold harmless an indemnified party under Section 8(a) or (b)
      above in respect of any losses, claims, damages or liabilities (or actions
      or
      proceedings in respect thereof) referred to therein, then each indemnifying
      party shall contribute to the amount paid or payable by such indemnified party
      as a result of such losses, claims, damages or liabilities (or actions or
      proceedings in respect thereof) in such proportion as is appropriate to reflect
      the relative benefits received by the Company on the one hand and the
      Underwriters on the other from the offering of the Shares.&#160;&#160;If,
      however, the allocation provided by the immediately preceding sentence is not
      permitted by applicable law then each indemnifying party shall contribute to
      such amount paid or payable by such indemnified party in such proportion as
      is
      appropriate to reflect not only such relative benefits but also the relative
      fault of the Company on the one hand and the Underwriters on the other in
      connection with the statements or omissions which resulted in such losses,
      claims, damages or liabilities (or actions or proceedings in respect thereof),
      as well as any other relevant equitable considerations.&#160;&#160;The relative
      benefits received by the Company on the one hand and the Underwriters on the
      other shall be deemed to be in the same proportion as the total net proceeds
      from the offering (before deducting expenses) received by the Company bear
      to
      the total underwriting discounts and commissions received by the Underwriters,
      in each case as set forth in the table on the cover page of</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
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        </div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">19</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
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        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">the
      Prospectus.&#160;&#160;The relative fault shall be determined by reference to,
      among other things, whether the untrue or alleged untrue statement of a material
      fact or the omission or alleged omission to state a material fact relates to
      information supplied by the Company on the one hand or the Underwriters on
      the
      other and the parties&#8217; relative intent, knowledge, access to information and
      opportunity to correct or prevent such statement or omission.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 75pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">&#160;
      The Company and the Underwriters agree that it would not be just and equitable
      if contributions pursuant to this Section 8(d) were determined by pro rata
      allocation (even if the Underwriters were treated as one entity for such
      purpose) or by any other method of allocation which does not take account of
      the
      equitable considerations referred to above in this
      Section&#160;8(d).&#160;&#160;The amount paid or payable by an indemnified party
      as a result of the losses, claims, damages or liabilities (or actions or
      proceedings in respect thereof) referred to above in this Section 8(d) shall
      be
      deemed to include any legal or other expenses reasonably incurred by such
      indemnified party in connection with investigating or defending any such action
      or claim.&#160;&#160;Notwithstanding the provisions of this subsection (d), (i)
      no Underwriter shall be required to contribute any amount in excess of the
      underwriting discounts and commissions applicable to the Shares purchased by
      such Underwriter, and (ii) no person guilty of fraudulent misrepresentation
      (within the meaning of Section 11(f) of the Act) shall be entitled to
      contribution from any person who was not guilty of such fraudulent
      misrepresentation.&#160;&#160;The Underwriters&#8217; obligations in this Section 8(d)
      to contribute are several in proportion to their respective underwriting
      obligations and not joint.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 75pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">&#160;&#160;
      (e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In any
      proceeding relating to the Registration Statement, any Preliminary Prospectus,
      any Issuer Free Writing Prospectus,<strong>&#160;</strong>the Prospectus or any
      supplement or amendment thereto, each party against whom contribution may be
      sought under this Section 8 hereby consents to the jurisdiction of any court
      having jurisdiction over any other contributing party, agrees that process
      issuing from such court may be served upon it by any other contributing party
      and consents to the service of such process and agrees that any other
      contributing party may join it as an additional defendant in any such proceeding
      in which such other contributing party is a party.&#160;&#160;The agent for
      service of process to the Company is Seward &amp; Kissel LLP, New York, New York
      (the &#8220;<u>Authorized Agent</u>&#8221;).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 75pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">&#160;
      (f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Any losses,
      claims, damages, liabilities or expenses for which an indemnified party is
      entitled to indemnification or contribution under this Section 8 shall be paid
      by the indemnifying party to the indemnified party as such losses, claims,
      damages, liabilities or expenses are incurred.&#160;&#160;The indemnity and
      contribution agreements contained in this Section 8 and the representations
      and
      warranties of the Company set forth in this Agreement shall remain operative
      and
      in full force and effect, regardless of (i) any investigation made by or on
      behalf of any Underwriter or any person controlling any Underwriter, the
      Company, its directors or officers or any persons controlling the Company,
      (ii)
      acceptance of any Shares and payment therefor hereunder, and (iii) any
      termination of this Agreement.&#160;&#160;A successor to any Underwriter, or any
      person controlling any Underwriter, or to the Company, its directors or
      officers, or any person controlling the Company, shall be entitled to the
      benefits of the indemnity, contribution and reimbursement agreements contained
      in this Section 8.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">9.&#160;&#160;&#160;&#160;&#160;
      &#160;&#160;&#160;&#160;&#160;&#160;<u>Default by Underwriters</u>.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 75pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">&#160;&#160;
      If on the Closing Date or the Option Closing Date, as the case may be, any
      Underwriter shall fail to purchase and pay for the portion of the Shares which
      such Underwriter has agreed to purchase and pay for on such date (otherwise
      than
      by reason of any default on the part of the Company, you, as Representative
      of
      the Underwriters, shall use your reasonable efforts to procure within 36 hours
      thereafter one or more of the other Underwriters, or any others, to purchase
      from the Company such amounts as may be agreed upon and upon the terms set
      forth
      herein, the Shares which the defaulting Underwriter or Underwriters failed
      to
      purchase.&#160;&#160;If during such 36 hours you, as such Representative, shall
      not have</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
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        </div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">20</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
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        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">procured
      such other Underwriters, or any others, to purchase the Shares agreed to be
      purchased by the defaulting Underwriter or Underwriters, then&#160;&#160;(a) if
      the aggregate number of shares with respect to which such default shall occur
      does not exceed 10% of the Shares to be purchased on the Closing Date or the
      Option Closing date, as the case may be, the other Underwriters shall be
      obligated, severally, in proportion to the respective numbers of Shares which
      they are obligated to purchase hereunder, to purchase the Shares which such
      defaulting Underwriter or Underwriters failed to purchase, or (b) if the
      aggregate number of shares of Shares with respect to which such default shall
      occur exceeds 10% of the Shares to be purchased on the Closing Date or the
      Option Closing Date, as the case may be, the Company or you as the
      Representative of the Underwriters will have the right, by written notice given
      within the next 36-hour period to the parties to this Agreement, to terminate
      this Agreement without liability on the part of the non-defaulting Underwriters
      or of the Company except to the extent provided in Sections 5 and 8
      hereof.&#160;&#160;In the event of a default by any Underwriter or Underwriters,
      as set forth in this Section 9, the Closing Date or Option Closing Date, as
      the
      case may be, may be postponed for such period, not exceeding seven days, as
      you,
      as Representative, may determine in order that the required changes in the
      Registration Statement, the General Disclosure Package or in the Prospectus
      or
      in any other documents or arrangements may be effected.&#160;&#160;The term
&#8220;<u>Underwriter</u>&#8221; includes any person substituted for a defaulting
      Underwriter.&#160;&#160;Any action taken under this Section 9 shall not relieve
      any defaulting Underwriter from liability in respect of any default of such
      Underwriter under this Agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Notices</u>.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 75pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">&#160;&#160;
      All communications hereunder shall be in writing and, except as otherwise
      provided herein, will be mailed, delivered, telecopied or telegraphed and
      confirmed as follows:&#160;&#160;if to the Underwriters, to Deutsche Bank
      Securities Inc., 60 Wall Street, 4<font style="DISPLAY: inline; FONT-SIZE: 7pt;"><sup>th</sup></font> Floor, New
      York,
      New York 10005, Attention: Syndicate Manager, with copies to Deutsche Bank
      Securities Inc., 60 Wall Street, New York, New York 10005, Attention: General
      Counsel and Morgan, Lewis &amp; Bockius LLP, 101 Park Avenue, New York, New York
      10178, fax no. (212) 309-6001, Attention: Stephen P. Farrell, Esq.; or if to
      the
      Company, to 1 Vas. Sofias &amp; Meg. Alexandrou str., Maroussi 151 24, Athens,
      Greece (telefax: 011 30 210 6141 203); Attention: Chief Executive Officer,
      with
      a copy to Seward &amp; Kissel LLP, One Battery Park Plaza, New York, New York
      10004, fax no. (212) 480-8421, Attention: Gary J. Wolfe, Esq.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Termination</u>.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 75pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">&#160;&#160;
      This Agreement may be terminated by you by notice to the Company <font style="DISPLAY: inline; FONT-SIZE: 12pt;">a)</font> at any time prior to
      the
      Closing Date or any Option Closing Date (if different from the Closing Date
      and
      then only as to Option Shares) if any of the following has
      occurred:&#160;&#160;(i) since the respective dates as of which information is
      given in the Registration Statement, the General Disclosure Package and the
      Prospectus, any material adverse change or any development involving a
      prospective material adverse change in or affecting the earnings, business,
      management, properties, assets, rights, operations, condition (financial or
      otherwise) or prospects of the Company and the Subsidiaries taken as a whole,
      whether or not arising in the ordinary course of business, (ii) any outbreak
      or
      escalation of hostilities or declaration of war or national emergency or other
      national or international calamity or crisis or change in economic or political
      conditions if the effect of such outbreak, escalation, declaration, emergency,
      calamity, crisis or change on the financial markets of the United States would,
      in your judgment, make it impracticable or inadvisable to market the Shares
      or
      to enforce contracts for the sale of the Shares, or (iii)&#160;suspension of
      trading in securities generally on the New York Stock Exchange, the American
      Stock Exchange or the Nasdaq Global Market or limitation on prices (other than
      limitations on hours or numbers of days of trading) for securities on either
      such Exchange, (iv)&#160;the enactment, publication, decree or other
      promulgation of any statute, regulation, rule or order of any court or other
      governmental authority which in your opinion materially and adversely affects
      or
      may materially and adversely affect the business or operations of the Company,
      (v) the declaration of a banking moratorium by United States or New York State
      authorities,</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">21</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(vi)
      any downgrading, or placement on any watch list for possible downgrading, in
      the
      rating of any of the Company&#8217;s debt securities by any &#8220;nationally recognized
      statistical rating organization&#8221; (as defined for purposes of Rule 436(g) under
      the Exchange Act); (vii) the suspension of trading of the Company&#8217;s common stock
      by the Nasdaq Global Market, the Commission, or any other governmental authority
      or, (viii) the taking of any action by any governmental body or agency in
      respect of its monetary or fiscal affairs which in your reasonable opinion
      has a
      material adverse effect on the securities markets in the United States;
      or</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 75pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">&#160;&#160;
      (b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;as provided
      in Sections 6 and 9 of this Agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Successors</u>.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 75pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">&#160;&#160;
      This Agreement has been and is made solely for the benefit of the Underwriters
      and the Company and their respective successors, executors, administrators,
      heirs and assigns, and the officers, directors and controlling persons referred
      to herein, and no other person will have any right or obligation
      hereunder.&#160;&#160;No purchaser of any of the Shares from any Underwriter
      shall be deemed a successor or assign merely because of such
      purchase.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">13.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Information
      Provided by Underwriters</u>.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 75pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">&#160;&#160;
      The Company and the Underwriters acknowledge and agree that the only information
      furnished or to be furnished by any Underwriter to the Company for inclusion
      in
      the Registration Statement, any Preliminary Prospectus, any Issuer Free Writing
      Prospectus or the Prospectus consists of the information set forth in the last
      sentence on the cover page of the Prospectus and the second, fourth, ninth,
      tenth and thirteenth paragraphs under the caption &#8220;Underwriting&#8221; in the
      Prospectus.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">14.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Miscellaneous</u>.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 75pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">&#160;&#160;
      The reimbursement, indemnification and contribution agreements contained in
      this
      Agreement and the representations, warranties and covenants in this Agreement
      shall remain in full force and effect regardless of&#160;&#160;(a) any
      termination of this Agreement,&#160;&#160;(b) any investigation made by or on
      behalf of any Underwriter or controlling person thereof, or by or on behalf
      of
      the Company or its directors or officers, and (c) delivery of and payment for
      the Shares under this Agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 75pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">&#160;&#160;
      The Company acknowledges and agrees that each Underwriter in providing
      investment banking services to the Company in connection with the offering,
      including in acting pursuant to the terms of this Agreement, has acted and
      is
      acting as an independent contractor and not as a fiduciary and the Company
      does
      not intend such Underwriter to act in any capacity other than as an independent
      contractor, including as a fiduciary or in any other position of higher
      trust.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 75pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">&#160;&#160;
      This Agreement may be executed in two or more counterparts, each of which shall
      be deemed an original, but all of which together shall constitute one and the
      same instrument.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 75pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">&#160;&#160;
      This Agreement shall be governed by, and construed in accordance with, the
      internal laws of the State of New York without regard to the principles of
      conflicts of laws. Each of the parties hereto irrevocably (i) agrees that any
      legal suit, action or proceeding arising out of or based upon this Agreement
      or
      the transactions contemplated hereby may be instituted in any state or federal
      court located in the Borough of Manhattan, The City of New York, New York (each
      a &#8220;New York Court&#8221;), (ii) waives, to the fullest extent it may effectively do
      so, any objection which it may now or hereafter have to the laying of venue
      of
      any such proceeding and (iii) submits to the exclusive jurisdiction of such
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      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
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      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">23</font></div>
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      <div id="HDR">
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    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Number
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            <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">&#160;</font></td>
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            <td align="left" valign="bottom" width="85%">
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            <td align="left" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">&#160;</font></td>
            <td align="right" valign="bottom" width="9%">
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            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="85%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">DVB
                Capital Markets LLC</font></div>
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            <td align="left" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">&#160;</font></td>
            <td align="right" valign="bottom" width="9%">
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            </td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="85%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Cantor
                Fitzgerald &amp; Co.</font></div>
            </td>
            <td align="left" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">&#160;</font></td>
            <td align="right" valign="bottom" width="9%">
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            </td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="85%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Oppenheimer
                &amp; Co. Inc.</font></div>
            </td>
            <td align="left" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">&#160;</font></td>
            <td align="right" valign="bottom" width="9%">
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">2,100,000</font></div>
            </td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">&#160;</font></td>
          </tr>
          <tr>
            <td valign="bottom" width="85%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td valign="bottom" width="85%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td valign="bottom" width="85%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td valign="bottom" width="85%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td valign="bottom" width="85%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td valign="bottom" width="85%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td valign="bottom" width="85%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td valign="bottom" width="85%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td valign="bottom" width="85%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="bottom" width="4%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="85%" style="PADDING-BOTTOM: 2px">
              <div style="DISPLAY: block; MARGIN-LEFT: 110pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Total</font></div>
            </td>
            <td valign="bottom" width="4%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">&#160;</font></td>
            <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">21,000,000</font></div>
              </div>
            </td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">&#160;</font></td>
          </tr>

      </table>
    </div>
    <div><br></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">24</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">&#160;SCHEDULE
      II</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">Schedule
      of Option Shares</font></div>
    <div><br></div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td valign="bottom" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Name
                  of Seller</font></div>
                <div>&#160;</div>
              </div>
            </td>
            <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">&#160;</font></td>
            <td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Maximum
                  Number</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">of
                  Option Shares</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">to
                  be Sold</font></div>
                <div>
                </div>
              </div>
            </td>
            <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">&#160;</font></td>
            <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">&#160;</font></td>
            <td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Percentage
                  of</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Total
                  Number of</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Option
                  Shares</font></div>
                <div>
                </div>
              </div>
            </td>
            <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="70%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Deutsche
                Bank Securities Inc.</font></div>
            </td>
            <td align="left" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">&#160;</font></td>
            <td align="right" valign="bottom" width="9%">
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">2,283,750</font></div>
            </td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">&#160;</font></td>
            <td align="left" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">&#160;</font></td>
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            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">%</font></td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="70%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">DVB
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            <td align="left" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">&#160;</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">10</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">%</font></td>
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          <tr>
            <td valign="bottom" width="70%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
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          <tr>
            <td valign="bottom" width="70%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
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          <tr>
            <td valign="bottom" width="70%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
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          <tr>
            <td valign="bottom" width="70%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
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          <tr>
            <td valign="bottom" width="70%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td valign="bottom" width="70%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td valign="bottom" width="70%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td valign="bottom" width="70%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="bottom" width="4%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="bottom" width="4%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="70%" style="PADDING-BOTTOM: 2px">
              <div style="DISPLAY: block; MARGIN-LEFT: 110pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Total</font></div>
            </td>
            <td valign="bottom" width="4%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
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            <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
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            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">%</font></td>
          </tr>

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    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">25</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">SCHEDULE
      III</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">26</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">SCHEDULE
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">Issuer
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">Issuer
      Free Writing Prospectus dated December 5, 2007, relating to Prospectus dated
      August 1, 2005, as supplemented by Preliminary Prospectus Supplement dated
      December 3, 2007 (Registration Statement No. 333-127086)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div><br></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">27</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">EXHIBIT
      A</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;"><u>SUBSIDIARIES
      OF TOP TANKERS, INC.</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="36%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;"><u>Name
                of Subsidiary</u></font></div>
            </td>
            <td align="left" valign="top" width="19%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;"><u>Country
                of Incorporation</u></font></div>
            </td>
            <td align="left" valign="top" width="21%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;"><u>Portion
                of Ownership<strong>&#160;</strong>Interest</u></font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="36%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="top" width="19%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="top" width="21%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="top" width="36%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Top
                Tanker Management Inc.</font></div>
            </td>
            <td align="left" valign="top" width="19%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Marshall
                Islands</font></div>
            </td>
            <td align="left" valign="top" width="21%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">100%</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="36%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Vermio
                Shipping Company Limited</font></div>
            </td>
            <td align="left" valign="top" width="19%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Marshall
                Islands</font></div>
            </td>
            <td align="left" valign="top" width="21%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">100%</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="36%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Rupel
                Shipping Company Inc.</font></div>
            </td>
            <td align="left" valign="top" width="19%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Marshall
                Islands</font></div>
            </td>
            <td align="left" valign="top" width="21%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">100%</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="36%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Gramos
                Shipping Company Inc.</font></div>
            </td>
            <td align="left" valign="top" width="19%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Marshall
                Islands</font></div>
            </td>
            <td align="left" valign="top" width="21%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">100%</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="36%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Olympos
                Shipping Company Limited</font></div>
            </td>
            <td align="left" valign="top" width="19%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Marshall
                Islands</font></div>
            </td>
            <td align="left" valign="top" width="21%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">100%</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="36%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Helidona
                Shipping Company Limited</font></div>
            </td>
            <td align="left" valign="top" width="19%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Marshall
                Islands</font></div>
            </td>
            <td align="left" valign="top" width="21%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">100%</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="36%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Kalidromo
                Shipping Company Limited</font></div>
            </td>
            <td align="left" valign="top" width="19%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Marshall
                Islands</font></div>
            </td>
            <td align="left" valign="top" width="21%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">100%</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="36%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Mytikas
                Shipping Company Limited</font></div>
            </td>
            <td align="left" valign="top" width="19%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Marshall
                Islands</font></div>
            </td>
            <td align="left" valign="top" width="21%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">100%</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="36%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Litochoro
                Shipping Company Limited</font></div>
            </td>
            <td align="left" valign="top" width="19%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Marshall
                Islands</font></div>
            </td>
            <td align="left" valign="top" width="21%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">100%</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="36%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Kisavos
                Shipping Company Limited</font></div>
            </td>
            <td align="left" valign="top" width="19%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Marshall
                Islands</font></div>
            </td>
            <td align="left" valign="top" width="21%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">100%</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="36%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Parnis
                Shipping Company Limited</font></div>
            </td>
            <td align="left" valign="top" width="19%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Marshall
                Islands</font></div>
            </td>
            <td align="left" valign="top" width="21%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">100%</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="36%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Imitos
                Shipping Company Limited</font></div>
            </td>
            <td align="left" valign="top" width="19%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Marshall
                Islands</font></div>
            </td>
            <td align="left" valign="top" width="21%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">100%</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="36%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Giona
                Shipping Company Limited</font></div>
            </td>
            <td align="left" valign="top" width="19%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Marshall
                Islands</font></div>
            </td>
            <td align="left" valign="top" width="21%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">100%</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="36%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Lefka
                Shipping Company Limited</font></div>
            </td>
            <td align="left" valign="top" width="19%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Marshall
                Islands</font></div>
            </td>
            <td align="left" valign="top" width="21%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">100%</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="36%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Agrafa
                Shipping Company Limited</font></div>
            </td>
            <td align="left" valign="top" width="19%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Marshall
                Islands</font></div>
            </td>
            <td align="left" valign="top" width="21%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">100%</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="36%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Agion
                Oros Shipping Company Limited</font></div>
            </td>
            <td align="left" valign="top" width="19%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Marshall
                Islands</font></div>
            </td>
            <td align="left" valign="top" width="21%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">100%</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="36%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Nedas
                Shipping Company Limited</font></div>
            </td>
            <td align="left" valign="top" width="19%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Marshall
                Islands</font></div>
            </td>
            <td align="left" valign="top" width="21%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">100%</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="36%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Ilisos
                Shipping Company Limited</font></div>
            </td>
            <td align="left" valign="top" width="19%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Marshall
                Islands</font></div>
            </td>
            <td align="left" valign="top" width="21%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">100%</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="36%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Sperhios
                Shipping Company Limited</font></div>
            </td>
            <td align="left" valign="top" width="19%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Marshall
                Islands</font></div>
            </td>
            <td align="left" valign="top" width="21%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">100%</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="36%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Ardas
                Shipping Company Limited</font></div>
            </td>
            <td align="left" valign="top" width="19%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Marshall
                Islands</font></div>
            </td>
            <td align="left" valign="top" width="21%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">100%</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="36%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Kifisos
                Shipping Company Limited</font></div>
            </td>
            <td align="left" valign="top" width="19%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Marshall
                Islands</font></div>
            </td>
            <td align="left" valign="top" width="21%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">100%</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="36%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Noir
                Shipping S.A.</font></div>
            </td>
            <td align="left" valign="top" width="19%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Marshall
                Islands</font></div>
            </td>
            <td valign="top" width="21%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">100%</font></font></td>
          </tr>
          <tr>
            <td align="left" valign="top" width="36%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Amalfi
                Shipping Company Limited</font></div>
            </td>
            <td align="left" valign="top" width="19%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Marshall
                Islands</font></div>
            </td>
            <td align="left" valign="top" width="21%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">100%</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="36%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Falakro
                Shipping Company Limited</font></div>
            </td>
            <td align="left" valign="top" width="19%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Liberia</font></div>
            </td>
            <td valign="top" width="21%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">100%</font>&#160;</div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="36%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Psiloritis
                Shipping Company Limited</font></div>
            </td>
            <td align="left" valign="top" width="19%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Liberia</font></div>
            </td>
            <td valign="top" width="21%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">100%</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="36%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Pylio
                Shipping Company Limited</font></div>
            </td>
            <td align="left" valign="top" width="19%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Liberia</font></div>
            </td>
            <td valign="top" width="21%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">100%</font>&#160;</div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="36%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Idi
                Shipping Company Limited</font></div>
            </td>
            <td align="left" valign="top" width="19%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Liberia</font></div>
            </td>
            <td valign="top" width="21%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">100%</font>&#160;</div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="36%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Taygetus
                Shipping Company Limited</font></div>
            </td>
            <td align="left" valign="top" width="19%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Liberia</font></div>
            </td>
            <td valign="top" width="21%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">100%&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="top" width="36%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Vitsi
                Shipping Company Limited</font></div>
            </td>
            <td align="left" valign="top" width="19%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Liberia</font></div>
            </td>
            <td valign="top" width="21%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">100%</font></td>
          </tr>
          <tr>
            <td align="left" valign="top" width="36%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Parnasos
                Shipping Company Limited</font></div>
            </td>
            <td align="left" valign="top" width="19%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Liberia</font></div>
            </td>
            <td valign="top" width="21%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">100%&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="top" width="36%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Jeke
                Shipping Company Limited</font></div>
            </td>
            <td align="left" valign="top" width="19%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Liberia</font></div>
            </td>
            <td valign="top" width="21%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">100%&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="top" width="36%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Japan
                I Shipping Company Limited</font></div>
            </td>
            <td align="left" valign="top" width="19%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Liberia</font></div>
            </td>
            <td valign="top" width="21%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">100%&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="top" width="36%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Japan
                II Shipping Company Limited</font></div>
            </td>
            <td align="left" valign="top" width="19%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Liberia</font></div>
            </td>
            <td valign="top" width="21%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">100%&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="top" width="36%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Japan
                III Shipping Company Limited</font></div>
            </td>
            <td align="left" valign="top" width="19%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Liberia</font></div>
            </td>
            <td valign="top" width="21%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">100%&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="top" width="36%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Pageon
                Shipping Company Limited</font></div>
            </td>
            <td align="left" valign="top" width="19%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Cyprus</font></div>
            </td>
            <td valign="top" width="21%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">100%&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="top" width="36%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Vardousia
                Shipping Company Limited</font></div>
            </td>
            <td align="left" valign="top" width="19%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Cyprus</font></div>
            </td>
            <td valign="top" width="21%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">100%&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="top" width="36%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Parnon
                Shipping Company Limited</font></div>
            </td>
            <td align="left" valign="top" width="19%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Cyprus</font></div>
            </td>
            <td valign="top" width="21%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">100%&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="top" width="36%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Menalo
                Shipping Company Limited</font></div>
            </td>
            <td align="left" valign="top" width="19%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Cyprus</font></div>
            </td>
            <td valign="top" width="21%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">100%&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="top" width="36%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Pintos
                Shipping Company Limited</font></div>
            </td>
            <td align="left" valign="top" width="19%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Cyprus</font></div>
            </td>
            <td valign="top" width="21%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">100%&#160;</font></td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">TOP
      TANKERS (U.K.) LIMITED is wholly (100%) owned by Top Tanker Management
      Inc.</font></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">28</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">EXHIBIT
      B</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;"><u>LOCK-UP
      AGREEMENT</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 445pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">December
      __, 2007</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">Deutsche
      Bank Securities Inc.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">As
      Representative of the</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">&#160;&#160;&#160;&#160;&#160;&#160;Several
      Underwriters</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">c/o
      Deutsche Bank Securities Inc.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">60
      Wall Street, 4<font style="DISPLAY: inline; FONT-SIZE: 7pt;"><sup>th</sup></font>
      Floor</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">New
      York, New York 10005</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">Ladies
      and Gentlemen:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">The
      undersigned understands that Deutsche Bank Securities Inc., as representative
      (the &#8220;<u>Representative</u>&#8221;) of the several underwriters (the
&#8220;<u>Underwriters</u>&#8221;), propose to enter into an Underwriting Agreement (the
&#8220;<u>Underwriting Agreement</u>&#8221;) with TOP Tankers, Inc. (the &#8220;<u>Company</u>&#8221;),
      providing for the public offering by the Underwriters, including the
      Representative, of common stock, par value $0.01 (the &#8220;<u>Common Stock</u>&#8221;), of
      the Company (the &#8220;<u>Public Offering</u>&#8221;).</font></div>
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      induce the Underwriters that may participate in the Public Offering to continue
      their efforts in connection with the Public Offering, the undersigned agrees
      that, without the prior written consent of the Representative, the undersigned
      will not, directly or indirectly, offer, sell, pledge, contract to sell
      (including any short sale), grant any option to purchase or otherwise dispose
      of
      any shares of Common Stock (including, without limitation, shares of Common
      Stock of the Company which may be deemed to be beneficially owned by the
      undersigned on the date hereof in accordance with the rules and regulations
      of
      the Securities and Exchange Commission, shares of Common Stock which may be
      issued upon exercise of a stock option or warrant and any other security
      convertible into or exchangeable for Common Stock) or enter into any Hedging
      Transaction (as defined below) relating to the Common Stock (each of the
      foregoing referred to as a &#8220;<u>Disposition</u>&#8221;) during the period specified in
      the following paragraph (the &#8220;<u>Lock-Up Period</u>&#8221;).&#160;&#160;The foregoing
      restriction is expressly intended to preclude the undersigned from engaging
      in
      any Hedging Transaction or other transaction which is designed to or reasonably
      expected to lead to or result in a Disposition during the Lock-Up Period even
      if
      the securities would be disposed of by someone other than the
      undersigned.&#160;&#160;&#8220;<u>Hedging Transaction</u>&#8221; means any short sale
      (whether or not against the box) or any purchase, sale or grant of any right
      (including, without limitation, any put or call option) with respect to any
      security (other than a broad-based market basket or index) that includes,
      relates to or derives any significant part of its value from the Common
      Stock.</font></div>
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      initial Lock-Up Period will commence on the date hereof and continue until,
      and
      include, the date that is 60 days after the date of the final prospectus
      relating to the Public Offering (the &#8220;<u>Initial Lock-Up Period</u>&#8221;);
<u>provided</u>, <u>however</u>, that if (1) during the last 17 days of the
      Initial Lock-Up Period, (A) the Company releases earnings results or (B)
      material news or a material event relating to the Company occurs, or (2) prior
      to the expiration of the Initial Lock-Up Period, the Company announces that
      it
      will release earnings results during the 16-day period following the last day
      of
      the Initial Lock-Up Period, then in each case the Lock-Up Period will be
      extended until the expiration of the 18-day period beginning on</font></div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">29</font></div>
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      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">the
      date of the release of the earnings results or the occurrence of material news
      or a material event relating to the Company, as the case may be, unless the
      Representative waives, in writing, such extension.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">Notwithstanding
      the foregoing, the undersigned may transfer (a) shares of Common Stock acquired
      in open market transactions by the undersigned after the completion of the
      Public Offering, and (b) any or all of the shares of Common Stock or other
      Company securities if the transfer is by (i) gift, will or intestacy, or (ii)
      distribution to partners, members or shareholders of the undersigned;
<u>provided</u>, <u>however</u>, that in the case of a transfer pursuant to
      clause (b) above, it shall be a condition to the transfer that the transferee
      execute an agreement stating that the transferee is receiving and holding the
      securities subject to the provisions of this Lock-Up Agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">The
      undersigned agrees that the Company may, and that the undersigned will, (i)
      with
      respect to any shares of Common Stock or other Company securities for which
      the
      undersigned is the record holder, cause the transfer agent for the Company
      to
      note stop transfer instructions with respect to such securities on the transfer
      books and records of the Company and (ii) with respect to any shares of Common
      Stock or other Company securities for which the undersigned is the beneficial
      holder but not the record holder, cause the record holder of such securities
      to
      cause the transfer agent for the Company to note stop transfer instructions
      with
      respect to such securities on the transfer books and records of the
      Company.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">In
      addition, the undersigned hereby waives any and all notice requirements and
      rights with respect to registration of securities pursuant to any agreement,
      understanding or otherwise setting forth the terms of any security of the
      Company held by the undersigned, including any registration rights agreement
      to
      which the undersigned and the Company may be party; <u>provided</u> that such
      waiver shall apply only to the proposed Public Offering, and any other action
      taken by the Company in connection with the proposed Public
      Offering.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">The
      undersigned hereby agrees that, to the extent that the terms of this Lock-Up
      Agreement conflict with or are in any way inconsistent with any registration
      rights agreement to which the undersigned and the Company may be a party, this
      Lock-Up Agreement supersedes such registration rights agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">The
      undersigned hereby represents and warrants that the undersigned has full power
      and authority to enter into this Lock-Up Agreement.&#160;&#160;All authority
      herein conferred or agreed to be conferred shall survive the death or incapacity
      of the undersigned and any obligations of the undersigned shall be binding
      upon
      the heirs, personal representatives, successors and assigns of the
      undersigned.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">Notwithstanding
      anything herein to the contrary, if the closing of the Public Offering has
      not
      occurred prior to December&#160;13, 2007 or if the Company has informed you that
      it has terminated the Public Offering, this agreement shall be of no further
      force or effect.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 240pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;"><br></font>
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            <tr>
              <td valign="top" width="28%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="left" valign="top" width="12%">
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              <td valign="top" width="34%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
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            <tr>
              <td valign="top" width="28%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="34%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="28%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="left" valign="top" width="12%">
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                  Name:</em></font></div>
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              <td valign="top" width="34%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="28%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="34%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
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      </div><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Number
                of shares owned</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">subject
                to warrants, options</font></div>
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                convertible securities:</font></div>
            </td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Certificate
                numbers:</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="top" width="65%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="top" width="65%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="top" width="65%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>

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    <div><br></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">30</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">EXHIBIT
      C-I</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman Bold, serif;"><strong><u>MATTERS
      TO BE COVERED BY U.S. COUNSEL OPINION</u></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">Seward
      &amp; Kissel LLP, as U.S. counsel to the Company, shall have furnished to the
      Underwriters their written opinion addressed to the Underwriters and dated
      as of
      the Closing Date, and if applicable, the Option Closing Date, in form and
      substance reasonably satisfactory to the Underwriters, to the effect
      that:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;To
      the extent governed by the laws of the State of New York, the Underwriting
      Agreement has been duly executed and delivered by the Company.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
      Registration Statement has been declared effective under the Securities Act
      of
      1933, as amended (the &#8220;<u>1933 Act</u>&#8221;), any required filing of the Prospectus
      pursuant to Rule&#160;424(b) has been made in the manner required by Rule
      424(b), without reference to Rule&#160;424(b)(8) and, to such counsel&#8217;s
      knowledge, no stop order suspending the effectiveness of the Registration
      Statement has been issued under the 1933 Act and no proceedings for that purpose
      have been instituted or are pending or threatened by the U.S. Securities and
      Exchange Commission (the &#8220;<u>Commission</u>&#8221;).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
      Registration Statement, the Preliminary Prospectus, any Issuer Free Writing
      Prospectus and the Prospectus and each amendment or supplement thereto as of
      their respective effective or issue dates (other than the financial statements
      and supporting schedules included therein or omitted therefrom as to which
      such
      counsel expresses no opinion), complied as to form in all material respects
      with
      the requirements of the 1933 Act and the regulations promulgated
      thereunder.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;To
      such counsel&#8217;s knowledge the descriptions in the Registration Statement, the
      Preliminary Prospectus, any Issuer Free Writing Prospectus and the Prospectus,
      including all documents incorporated by reference therein, of material contracts
      and other documents to which the Company or its Subsidiaries are a party are
      fair summaries of such material contracts and documents.&#160;&#160;To such
      counsel&#8217;s knowledge, there are no franchises, contracts, indentures, mortgages,
      loan agreements, notes, leases or other instruments required to be described
      or
      referred to in the Registration Statement, the Preliminary Prospectus, any
      Issuer Free Writing Prospectus and the Prospectus or to be filed as exhibits
      thereto, other than those described or referred to therein or filed as exhibits
      thereto.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Other
      than as set forth or contemplated in the Prospectus or the Preliminary
      Prospectus and insofar as matters of United States federal and New York state
      law are concerned, to such counsel&#8217;s knowledge, there are no legal or
      governmental investigations, actions, suits or proceedings pending or threatened
      against or affecting the Company or any of its Subsidiaries or any of their
      respective properties or to which the Company or any of its Subsidiaries is
      or
      may be a party or to which any property of the Company or its Subsidiaries
      is or
      may be the subject which, if determined adversely to the Company or any of
      its
      Subsidiaries, could individually or in the aggregate have, or reasonably be
      expected to have, a material adverse effect on the general affairs, business,
      management, financial position, shareholders&#8217; equity or results of operations of
      the Company and its Subsidiaries taken as a whole, or which would reasonably
      be
      expected to materially and adversely affect the consummation of the transactions
      contemplated in the Underwriting Agreement or the performance by the Company
      of
      its obligations thereunder; and to such counsel&#8217;s knowledge there are no
      statutes, regulations, contracts or other documents that are required to be
      described in the Registration Statement, the Preliminary Prospectus, any Issuer
      Free Writing Prospectus or the Prospectus or to be filed as exhibits to the
      Registration Statement that are not described or filed as required.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Under
      the laws of the State of New York relating to personal jurisdiction, the Company
      has, pursuant to Section 14 of the Underwriting Agreement, validly and
      irrevocably submitted to the personal jurisdiction of any New York Court in
      any
      action arising out of or relating to the Underwriting Agreement or the
      transactions contemplated thereby, has validly and irrevocably waived any
      objection to the venue of a proceeding in any such court, and has validly and
      irrevocably appointed the Authorized</font></div>
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        </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
      </div>
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        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">Agent
      as it authorized agent for the purpose described in Section 14 of the
      Underwriting Agreement; and service of process effected on such agent in the
      manner set forth in Section 14 of the Underwriting Agreement will be effective
      to confer valid personal jurisdiction over the Company;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
      information in the Prospectus under &#8220;Risk Factors,&#8221; &#8220;Management&#8221;, &#8220;Description
      of Capital Stock,&#8221; &#8220;Taxation &#8211; United States Federal Income Tax Considerations,&#8221;
and &#8220;Taxation &#8211; United States Federal Income Taxation of our Company&#8221; and in the
      Company&#8217;s most recent annual report on Form 20-F, under &#8220;Part I, Item 4 &#8211;
Environmental Regulation&#8221; and &#8220;Part 1, Item 7 &#8211; Major Shareholders and Related
      Party Transactions&#8221; to the extent that it constitutes matters of law, summaries
      of legal matters, legal proceedings, or legal conclusions, has been reviewed
      by
      us and is correct in all material respects.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;No
      consent, approval, authorization, order, license, registration or qualification
      of or with any United States federal or New York state court or governmental
      agency or body, which is in our experience customarily applicable to
      transactions of the type contemplated by the Underwriting Agreement, is required
      for the issue and sale of the Common Stock or the consummation of the
      transactions contemplated by the Underwriting Agreement, except such consents,
      approvals, authorizations, orders, licenses, registrations or qualifications
      (a)
      as have been obtained under the 1933 Act and regulations promulgated thereunder
      and under the Securities Exchange Act of 1934, as amended (the &#8220;<u>Exchange
      Act</u>&#8221;) and the regulations promulgated thereunder, (b) as may be required
      under state securities or blue sky laws in connection with the purchase and
      distribution of the Common Stock by the Underwriters (as to which such counsel
      expresses no opinion), (c) as may be required by the Financial Industry
      Regulatory Authority (&#8220;<u>FINRA</u>&#8221;) (as to which such counsel expresses no
      opinion), and (d) as may be required in connection with the acquisition of
      any
      vessel as contemplated in the Prospectus.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
      execution, delivery and performance of the Underwriting Agreement and the
      consummation of the transactions contemplated in the Underwriting Agreement
      and
      in the Registration Statement (including the issuance and sale of the Common
      Stock and the use of the proceeds from the sale of the Common Stock as described
      in the Prospectus under the caption &#8220;Use Of Proceeds&#8221;), and compliance by the
      Company with its obligations under the Underwriting Agreement do not and will
      not conflict with or result in any breach or violation of (a) any of the terms
      or provisions of, or constitute a default under, any agreement or instrument,
      known to us, to which the Company or any of its Subsidiaries is a party or
      by
      which the Company or any of its Subsidiaries is bound or to which any of the
      property or assets of the Company or any of its Subsidiaries is subject or
      (b)
      any provision of the applicable federal laws of the United States of America
      or
      of the laws of the State of New York (except that such counsel expresses no
      opinion as to any applicable blue sky laws).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Other
      than as set forth in the Prospectus, to such counsel&#8217;s knowledge, there are no
      persons with registration rights or other similar rights to have any securities
      registered pursuant to the Registration Statement or otherwise registered by
      the
      Company under the 1933 Act.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
      Company is not and, after giving effect to the offering and sale of the Common
      Stock, will not be an &#8220;investment company&#8221; or entity &#8220;controlled&#8221; by an
&#8220;investment company,&#8221; as such terms are defined in the Investment Company Act of
      1940, as amended.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
      Common Stock is duly listed, and admitted and authorized for trading, subject
      to
      official notice of issuance, on the Nasdaq Global Market.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">13.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
      Company is a &#8220;foreign private issuer&#8221; as defined in Rule&#160;405 of the 1933
      Act.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">In
      addition to the matters set forth above, such opinion shall also include a
      statement to the effect that nothing has come to the attention of such counsel
      which leads them to believe that (i) the Registration Statement, or any
      amendment thereto, as of the time it became effective under the Act (including
      the information deemed to be a part of the Registration Statement at the time
      it
      became effective pursuant to Rules 430A, 430B or 430C under the Act) as of
      the
      Closing Date or the Option Closing Date, as the case may</font></div><br>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">32</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
      </div>
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        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">be,
      contained or contains an untrue statement of a material fact or omitted or
      omits
      to state a material fact required to be stated therein or necessary to make
      the
      statements therein not misleading, (ii) the General Disclosure Package, as
      of
      the Applicable Time, contained an untrue statement of a material fact or omitted
      to state a material fact necessary in order to make the statements therein,
      in
      the light of the circumstances under which they were made, not misleading and
      (iii) the Prospectus, or any supplement thereto, on the date it was filed
      pursuant to the Rules and Regulations and as of the Closing Date or the Option
      Closing Date, as the case may be, contained or contains an untrue statement
      of a
      material fact or omitted or omits to state a material fact, necessary in order
      to make the statements therein, in the light of the circumstances under which
      they were made, not misleading (except that such counsel need express no view
      as
      to financial statements and schedules and other financial data
      therein).&#160;&#160;With respect to such statement, may state that their belief
      is based upon the procedures set forth therein, but is without independent
      check
      and verification.</font></div>
    <div><br></div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">The
      opinion described above shall be rendered to the Underwriters at the request
      of
      the Company and shall so state therein.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
      </div>
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        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">EXHIBIT
      C-II</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman Bold, serif;"><strong><u>MATTERS
      TO BE COVERED BY MARSHALL ISLANDS COUNSEL OPINION</u></strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Seward
&amp;
Kissel
      LLP, as Marshall
      Islands counsel to the Company, shall have furnished to the Underwriters their
      written opinion addressed to the Underwriters and dated as of the Closing Date,
      and if applicable, the Option Closing Date, in form and substance reasonably
      satisfactory to the Underwriters, to the effect that:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Each
      of the Company and its Marshall Islands subsidiaries, set forth in Exhibit
      A
      hereto (the &#8220;Marshall Islands Subsidiaries&#8221;) is duly incorporated and is validly
      existing as a corporation in good standing under the laws of the Marshall
      Islands.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
      Company has full corporate power and authority to own, lease and operate its
      properties and to conduct its business in all respects as described in the
      Registration Statement, the Preliminary Prospectus, any Issuer Free Writing
      Prospectus and the Prospectus and to enter into and perform its obligations
      under the Underwriting Agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
      Underwriting Agreement has been duly authorized, validly executed and delivered
      by the Company.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Each
      of the vessels set forth on Exhibit A hereto (being vessels owned by the
      Marshall Islands Subsidiaries) is duly and validly registered as a vessel in
      the
      sole ownership of its respective owner, as indicated on such schedule, under
      the
      laws of the Marshall Islands, free and clear of all liens, claims charges,
      debts, or encumbrances and defects of title of record, except as described
      in
      the Registration Statement, the Preliminary Prospectus, any Issuer Free Writing
      Prospectus and the Prospectus, and each such vessel is in good standing with
      respect to the payment of past and current taxes, fees and other amounts payable
      under the laws of the Marshall Islands as would affect its registry with the
      Office of the Maritime Administrator of the Marshall Islands.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
      Company&#8217;s authorized equity capitalization is as set forth in the Registration
      Statement, the Preliminary Prospectus, any Issuer Free Writing Prospectus and
      the Prospectus, the capital stock of the Company conforms in all material
      respects to the description thereof contained in the Registration Statement,
      the
      Preliminary Prospectus, any Issuer Free Writing Prospectus and the Prospectus,
      the outstanding Common Stock has been duly and validly authorized and issued
      and
      is fully paid and non-assessable, the Common Stock issued in the Offering has
      been duly and validly authorized, and, when delivered to and paid for by the
      Underwriters pursuant to the Underwriting Agreement, will conform in all
      material respects to the descriptions thereof contained in the Registration
      Statement, the Preliminary Prospectus, any Issuer Free Writing Prospectus and
      the Prospectus and will be validly issued, fully paid and non-assessable, the
      certificates for such Common Stock are in valid and sufficient form, the holders
      of outstanding shares of capital stock of the Company are not entitled to
      preemptive or other rights to subscribe for the Common Stock, and, except as
      set
      forth in the Registration Statement, the Preliminary Prospectus, any Issuer
      Free
      Writing Prospectus and the Prospectus, to such counsel&#8217;s knowledge, no options,
      warrants, or other rights to purchase, agreements or other obligations to issue,
      or rights to convert any obligations into or exchange any securities for, shares
      of capital stock of or ownership interests in the Company are
      outstanding.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;To
      such counsel&#8217;s knowledge, the authorized, issued and outstanding capital stock
      of the Company is as set forth in the Preliminary Prospectus and the Prospectus
      in the column entitled &#8220;Actual&#8221; under the caption &#8220;Capitalization&#8221; (except for
      subsequent issuances, if any, pursuant to the Underwriting
      Agreement).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
      Common Stock has been duly authorized for issuance and sale to the Underwriters
      pursuant to the Underwriting Agreement and, when issued and delivered by the
      Company pursuant to the</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
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        </div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
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        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">Underwriting
      Agreement against payment of the consideration set forth in the Underwriting
      Agreement, will be validly issued and fully paid and non-assessable and no
      holder of the Common Stock is or will be subject to personal liability by reason
      of being such a holder.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Other
      than as set forth or contemplated in the Registration Statement, the Preliminary
      Prospectus, any Issuer Free Writing Prospectus and the Prospectus and insofar
      as
      matters of Marshall Islands law are concerned, to such counsel&#8217;s knowledge there
      are no legal or governmental investigations, actions, suits or proceedings
      pending or threatened in the Marshall Islands against or affecting the Company
      or any of its properties or to which the Company is or may be a party or of
      which any of its properties is or may be the subject.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Neither
      the issue and sale of the Common Stock, the execution, delivery and performance
      of the Underwriting Agreement, nor the consummation of any other of the
      transactions contemplated in the Underwriting Agreement, nor the fulfillment
      of
      the terms therewith will conflict with, result in a breach or violation of,
      or
      imposition of any lien, charge or encumbrance under Marshall Islands law upon
      any property or assets of the Company or the Marshall Islands Subsidiaries
      pursuant to (i) the articles of incorporation or bylaws of the Company or (ii)
      any Marshall Islands statute, law, rule, order, regulation of general
      application to which the Company is subject.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;No
      licenses, permits, certificates, consents, orders, approvals or other
      authorizations of, or declarations or filings with, any governmental or
      regulatory authorities of the Marshall Islands is required for (a) the issuance
      and sale of the Common Stock by the Company or the consummation by the Company
      of the transactions contemplated by the Underwriting Agreement or (b) the
      Company to own or lease, as the case may be, or to operate, its properties
      and
      carry on its business as conducted as of the date hereof in the manner described
      in the Registration Statement, the Preliminary Prospectus, any Issuer Free
      Writing Prospectus and the Prospectus</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;No
      consent, approval, authorization, order, license, registration or qualification
      of or with any court or governmental agency or body of the Marshall Islands
      is
      required for the issuance and sale of the Common Stock by the Company or the
      consummation by the Company of the transactions contemplated by the Underwriting
      Agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
      information in the Prospectus under &#8220;Description of Capital Stock&#8221;, Marshall
      Islands legal matters, documents or proceedings referred to therein, and the
      statements in the Prospectus under &#8220;Taxation Considerations &#8211; Marshall Islands
      Tax Considerations,&#8221; insofar as such statements describe Marshall Islands tax
      law, has been reviewed by us and fairly present in all material respects the
      information called for with respect to such terms and legal matters under
      Marshall Islands law, documents or proceedings.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">13.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;No
      documentary stamp or other issuance or transfer taxes or duties and no capital
      gains, income, withholding or other taxes, are payable by or on behalf of the
      Underwriters to the Marshall Islands or to any political subdivision or taxing
      authority thereof or therein in connection with the sale and delivery by the
      Company of the Common Stock to the Underwriters.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">14.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Insofar
      as matters of Marshall Islands law are concerned, the Registration Statement
      and
      the filing of the Registration Statement with the Securities Exchange Commission
      have been duly authorized by and on behalf of the Company, and the Registration
      Statement has been duly executed pursuant to such authorization by and on behalf
      of the Company.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">15.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
      agreement of the Company to the choice of law provisions set forth in Section
      14
      of the Underwriting Agreement will be recognized by the courts of the Marshall
      Islands; the Company can sue and be sued in its own name under the laws of
      the
      Marshall Islands; the irrevocable submission of the Company to the exclusive
      jurisdiction of a New York Court, the waiver by the Company of any objection
      to
      the venue of a proceeding of a New York Court and the agreement of the Company
      that the</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
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        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">35</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">Underwriting
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of New York are legal, valid and binding; service of process effected
      in
      the manner set forth in Section 14 of the Underwriting Agreement will be
      effective, insofar as the laws of the Marshall Islands are concerned, to confer
      valid personal jurisdiction over the Company; and a final non-appealable
      judgment against the Company entered by a court in any United States or foreign
      jurisdiction in any suit, action or proceeding would be enforceable in the
      courts of the Republic of the Marshall Islands without a retrial of the merits
      of the matter, provided that: (a) the judgment was for a sum of money and was
      final in the jurisdiction granting the judgment; (b) the court granting the
      judgment had jurisdiction under the laws of the place where it sat and the
      judgment did not offend principles of the Republic of the Marshall Islands
      as to
      due process, propriety or public order; and (c) the defendant was actually
      present in person or by duly appointed representative, and the judgment did
      not
      constitute in effect a default judgment;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">16.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;All
      dividends and other distributions declared and payable on the shares of capital
      stock of the Company may under the current laws and regulations of the Marshall
      Islands be paid in United States dollars and may be freely transferred out
      of
      the Marshall Islands and will not be subject to withholding taxes under the
      laws
      and regulations of the Marshall Islands, and are otherwise free and clear of
      any
      other tax, withholding or deduction and without the necessity of obtaining
      any
      consents, approvals, authorizations, orders, licenses, registrations, clearances
      and qualifications of or with any court or governmental agency or body or any
      stock exchange authorities in the Marshall Islands.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">17.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Neither
      the Company nor any of its properties or assets has an immunity from suit,
      execution, attachment or legal process in any proceedings taken in the Marshall
      Islands in relation to the Underwriting Agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">The
      opinion described above shall be rendered to the Underwriters at the request
      of
      the Company and shall so state therein.</font></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">36</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">EXHIBIT
      C-III</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman Bold, serif;"><strong><u>MATTERS
      TO BE COVERED BY CYPRIOT COUNSEL OPINION</u></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">Chrysses
      Demetriades &amp; Co., as Cypriot counsel to the Company, shall have furnished
      to the Underwriters their written opinion addressed to the Underwriters and
      dated as of the Closing Date, and if applicable, the Option Closing Date, in
      form and substance reasonably satisfactory to the Underwriters, to the effect
      that:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Each
      of the Company&#8217;s Cyprus subsidiaries (each a &#8220;<u>Cyprus Subsidiary</u>&#8221; and
      collectively the &#8220;<u>Cyprus Subsidiaries</u>&#8221;) set forth on <u>Exhibit A</u>
      hereto, has been duly incorporated and is validly existing as a limited
      liability company under the laws of Cyprus, remains on the Registry, is duly
      qualified and authorized to do business and has all requisite power and
      authority necessary to own and operate its respective vessel and to conduct
      its
      business as described in the Registration Statement, the Preliminary Prospectus,
      any Issuer Free Writing Prospectus or the Prospectus; and all of the authorized
      share capital of each Cyprus Subsidiary has been duly and validly issued, is
      fully paid, and is owned directly or indirectly by the Company, free and clear
      of any registered liens or statutory pledge (such counsel being entitled to
      rely
      in respect of matters of fact upon certificates of officers of the Company
      or
      its Cyprus Subsidiaries, provided that such counsel shall state that they
      believe that the Underwriters and they are justified in relying upon such
      certificates).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Each
      of the vessels set forth on <u>Exhibit A</u> hereto to such opinion (being
      vessels owned by the Cyprus Subsidiaries) is duly and validly registered as
      a
      vessel in the sole ownership of the entity indicated as the &#8220;Owning Entity&#8221; of
      such vessel set forth on <u>Exhibit A</u> under the laws of Cyprus, each has
      good and marketable title thereto, free and clear of all registered liens,
      claims charges, debts, or encumbrances and defects of title of record, except
      as
      described in the Registration Statement, the Preliminary Prospectus, any Issuer
      Free Writing Prospectus and the Prospectus, and each such vessel is in good
      standing with respect to the payment of past and current taxes, fees and other
      amounts payable under the laws of the Cyprus as would affect its registry with
      the Cyprus Ships Registry.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Each
      ship management agreement under which Top Tanker Management Inc. has been
      appointed to act as the manager has been duly authorized, executed and delivered
      by the appropriate Cyprus Subsidiary in accordance with the laws of
      Cyprus.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;To
      the best knowledge of such counsel, there are no legal or governmental actions,
      suits, proceedings or investigations pending or threatened, against the Cyprus
      Subsidiaries, or as to which the business, assets, or property of such
      Subsidiaries would be subject or bound that are required to be described in
      the
      Registration Statement or Prospectus or to be filed as exhibits to the
      Registration Statement that are not described or filed as required.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;No
      consent, approval, authorization or order of, or filing with, any governmental
      agency or body or any court of the Republic of Cyprus is required for the
      consummation of the transactions contemplated by the Underwriting Agreement
      in
      connection with the issuance or sale of the Common Stock by the
      Company.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
      issuance and sales of the Common Stock by the Company pursuant to the
      Underwriting Agreement and the consummation of the transactions contemplated
      therein will not result in the violation by any Cyprus Subsidiary of its
      Memorandum and Articles of Association or any Cyprus statute, rule or regulation
      of any court or administrative or governmental agency or body known to such
      counsel to be applicable to any such Subsidiary.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Neither
      the Company nor any of its Subsidiaries nor any of its or their properties
      or
      assets has an immunity from suit, execution, attachment or legal process in
      any
      proceedings taken in Cyprus in relation to the Underwriting
      Agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">37</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;No
      stamp or other issuance or transfer taxes or duties and no capital gains,
      income, withholding or other taxes, are payable by or on behalf of the
      Underwriters to the Republic of Cyprus or to any political subdivision or taxing
      authority thereof or therein in connection with the sale and delivery by the
      Company of the Common Stock to the Underwriters thereof.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>The
      opinion described above shall be
      rendered to the Underwriters at the request of the Company and shall so state
      therein.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">38</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
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        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">EXHIBIT
      C-IV</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman Bold, serif;"><strong><u>MATTERS
      TO BE COVERED BY GREEK COUNSEL OPINION</u></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">G.C.
      Economou &amp; Associates, as Greek counsel to the Company, shall have furnished
      to the Underwriters their written opinion addressed to the Underwriters and
      dated as of the Closing Date, and if applicable, the Option Closing Date, in
      form and substance reasonably satisfactory to the Underwriters, to the effect
      that:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;No
      consent or other form of authorization is required from any court or
      governmental agency or body or any stock exchange authority in Greece in
      connection with the valid execution and delivery by the Company of the
      Underwriting Agreement or the sale of the Common Stock by the Company or the
      consummation by the Company of the transactions contemplated by the Underwriting
      Agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;All
      dividends and other distributions declared and payable on the shares of capital
      stock of the Company may under the current laws and regulations of Greece be
      paid in United States dollars and may be freely transferred out of Greece,
      and
      all such dividends and other distributions will not be subject to withholding
      or
      other taxes under the laws and regulations of Greece and are otherwise free
      and
      clear of any other tax, withholding or deduction in and without the necessity
      of
      obtaining any consents, approvals, authorizations, orders, licenses,
      registrations, clearances and qualifications of or with any court or
      governmental agency or body or any stock exchange authorities in
      Greece.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;To
      the best of such counsel&#8217;s knowledge, there are no legal or governmental
      proceedings pending or threatened in Greece to which the Company or any of
      the
      Company&#8217;s Subsidiaries is a party or to which any property of the Company or any
      of its Subsidiaries is the subject.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;To
      the best of such counsel&#8217;s knowledge, the compliance by the Company with all of
      the provisions of the Underwriting Agreement and the consummation of the
      transactions contemplated therein will not conflict in any material respect
      with
      any Greek law.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
      Company and its Subsidiaries are not required to file tax returns or pay any
      taxes in Greece.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;To
      the best of such counsel&#8217;s knowledge, the Company and its Subsidiaries has
      obtained any licenses and other forms of authorization from, and has made all
      declarations and filings with, any governmental authorities, self-regulatory
      organizations and any courts and other tribunals in Greece necessary to own
      or
      lease, as the case may be, and to operate the vessel owned by certain of its
      Subsidiaries and to carry on its business as conducted as of the date of the
      Prospectus, and neither the Company nor any such Subsidiary has received any
      actual notice of any proceedings relating to revocation or modification of
      any
      such license or other form of authorization, and the Company and its
      Subsidiaries is in compliance in all material respects with all laws and
      regulations in Greece relating to the ownership or lease, as the case may be,
      and the operation of the vessel owned by each of the Subsidiaries and the
      conduct of its business as conducted as of the date of the
      Prospectus.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;No
      documentary stamp or other issuance or transfer taxes or duties and no capital
      gains, income, withholding or other taxes, are payable by or on behalf of the
      Underwriters to Greece or to any political subdivision or taxing authority
      thereof or therein in connection with the sale and delivery by the Company
      of
      the Common Stock to the Underwriters thereof.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">The
      opinion described above shall be rendered to the Underwriters at the request
      of
      the Company and shall so state therein.</font></div><br>
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        </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">39</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">EXHIBIT
      C-V</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman Bold, serif;"><strong><u>MATTERS
      TO BE COVERED BY LIBERIAN COUNSEL OPINION</u></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">Seward
      &amp; Kissel LLP, as Liberian counsel to the Company, shall have furnished to
      the Underwriters their written opinion addressed to the Underwriters and dated
      as of the Closing Date, and if applicable, the Option Closing Date, in form and
      substance reasonably satisfactory to the Underwriters, to the effect
      that:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
      Liberian Subsidiaries are companies incorporated under the laws of the Republic
      of Liberia and have been duly incorporated and are validly existing as a
      companies under the laws of Liberia, is in good standing, are duly qualified
      and
      authorized to do business and have all requisite power and authority necessary
      to own and operate their vessel and to conduct their business as described
      in
      the Registration Statement, the Preliminary Prospectus, any Issuer Free Writing
      Prospectus or the Prospectus (except where the failure to so qualify would
      not,
      in the aggregate, have a material adverse effect on the Company and the
      Company&#8217;s Liberian Subsidiaries taken as a whole); and all of the authorized
      share capital of the Liberian Subsidiaries has been duly and validly issued,
      is
      fully paid, and is owned directly or indirectly by the Company, free and clear
      of any liens or statutory pledge, except as described in the Registration
      Statement, the Preliminary Prospectus and the Prospectus.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;To
      such counsel&#8217;s knowledge, there are no legal or governmental actions, suits,
      proceedings or investigations pending or threatened, against the Liberian
      Subsidiaries or as to which the business, assets, or property of such Subsidiary
      would be subject or bound that are required to be described in the Registration
      Statement, the Preliminary Prospectus, any Issuer Free Writing Prospectus or
      the
      Prospectus or to be filed as exhibits to the Registration Statement that are
      not
      described or filed as required.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;No
      consent, approval, authorization or order of, or filing with, any governmental
      agency or body or any court of Liberia is required for the consummation of
      the
      transactions contemplated by the Underwriting Agreement in connection with
      the
      issuance or sale of the Common Stock by the Company.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
      issuance and sales of the Common Stock by the Company pursuant to the
      Underwriting Agreement and the consummation of the transactions contemplated
      therein will not result in the violation by the Liberian Subsidiaries of their
      articles of incorporation or any Liberian statute, rule or regulation of any
      court or administrative or governmental agency or body known to us to be
      applicable to any such Subsidiary.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Neither
      the Company nor any of its properties or assets has an immunity from suit,
      execution, attachment or legal process in any proceedings taken in the Republic
      of Liberia in relation to the Underwriting Agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;No
      documentary stamp or other issuance or transfer taxes or duties and no capital
      gains, income, withholding or other taxes, are payable by or on behalf of the
      Underwriters to Liberia or to any political subdivision or taxing authority
      thereof or therein in connection with the sale and delivery by the Company
      of
      the Common Stock to the Underwriters thereof as a result of the Company being
      the parent of the Liberian Subsidiaries.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">The
      opinion described above shall be rendered to the Underwriters at the request
      of
      the Company and shall so state therein.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div><br></div>
    <div><br></div>
    <div><br></div><br>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">40</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
      </div>
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    <div><br></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;"><strong>SIGNATURES</strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 75pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; 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.</font></div>
    <div><br></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;"><strong>TOP
      TANKERS INC.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;">(registrant)</font></div>
    <div><br></div>
    <div><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="27%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Dated:&#160;&#160;December
                12, 2007</font></div>
            </td>
            <td valign="top" width="15%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">By:</font></div>
            </td>
            <td align="left" valign="top" width="25%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">/s/
                Evangelos J. Pistiolis</font></div>
            </td>
            <td valign="top" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td valign="top" width="27%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="top" width="15%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Evangelos
                J. Pistiolis</font></div>
            </td>
            <td valign="top" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td valign="top" width="27%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="top" width="15%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif;">Chief
                Executive Officer</font></div>
            </td>
            <td valign="top" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>

      </table>
    </div>
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    <div><br></div>
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      23116
      0001 838039</font></div><br>
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