<SEC-DOCUMENT>0001171843-21-007634.txt : 20211105
<SEC-HEADER>0001171843-21-007634.hdr.sgml : 20211105
<ACCEPTANCE-DATETIME>20211105170009
ACCESSION NUMBER:		0001171843-21-007634
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20211105
DATE AS OF CHANGE:		20211105
GROUP MEMBERS:		LAX TRUST

SUBJECT COMPANY:	

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

	FILING VALUES:
		FORM TYPE:		SC 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-79968
		FILM NUMBER:		211385376

	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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TOP TANKERS INC.
		DATE OF NAME CHANGE:	20040706

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Family Trading Inc.
		CENTRAL INDEX KEY:			0001786648
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			1T

	FILING VALUES:
		FORM TYPE:		SC 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		11 KANARI STREET
		CITY:			ATHENS
		STATE:			J3
		ZIP:			106 71
		BUSINESS PHONE:		011 (30) 210 364 003

	MAIL ADDRESS:	
		STREET 1:		11 KANARI STREET
		CITY:			ATHENS
		STATE:			J3
		ZIP:			106 71
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>sc13da_110521.htm
<DESCRIPTION>SCHEDULE 13D/A
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>WASHINGTON, DC 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>SCHEDULE 13D/A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Under the Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Amendment No. 5)*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: black 1.5pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>TOP SHIPS INC.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Name of Issuer)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Common Stock, par value $0.01 per share</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Title of Class of Securities)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Y8897Y180</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(CUSIP Number)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Dimosthenis Eleftheriadis</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">11 Kanari Street</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">106 71 Athens, Greece</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">011 (30) 210 364 0030</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name, Address and Telephone Number of Person Authorized
    to Receive</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Notices and Communications)</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">November 1, 2021</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Date of Event Which Requires Filing of This Statement)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of &sect;&sect; 240.13d-1(e), 240.13d&#45;1(f) or 240.13d-1(g), check the following box &#9744;.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0">&nbsp;&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; font-size: 10pt"><FONT STYLE="font-size: 10pt">CUSIP No.</FONT></TD>
    <TD STYLE="width: 18%; border-bottom: black 1.5pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 18%; border-bottom: black 1.5pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">Y8897Y180</FONT></TD>
    <TD STYLE="width: 46%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 8%; font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; font-size: 10pt"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD STYLE="width: 82%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">NAME OF REPORTING PERSONS</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Family Trading Inc.</P></TD>
    <TD STYLE="width: 10%; font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">2.</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 82%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 10pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="width: 5%; font-size: 10pt"><FONT STYLE="font-size: 10pt">[_]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">[_]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">3.</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">SEC USE ONLY</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; font-size: 10pt"><FONT STYLE="font-size: 10pt">4.</FONT></TD>
    <TD STYLE="width: 82%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">SOURCE OF FUNDS</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">OO</P></TD>
    <TD STYLE="width: 10%; font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; font-size: 10pt"><FONT STYLE="font-size: 10pt">5.</FONT></TD>
    <TD STYLE="width: 82%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
    2(d) OR 2(e)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">[_]</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; font-size: 10pt"><FONT STYLE="font-size: 10pt">6.</FONT></TD>
    <TD STYLE="width: 82%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">CITIZENSHIP OR PLACE OF ORGANIZATION</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Republic of the Marshall Islands</P></TD>
    <TD STYLE="width: 10%; font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 10pt"><FONT STYLE="font-size: 10pt">NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; font-size: 10pt"><FONT STYLE="font-size: 10pt">7.</FONT></TD>
    <TD STYLE="width: 82%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">SOLE VOTING POWER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">0</P></TD>
    <TD STYLE="width: 10%; font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; font-size: 10pt"><FONT STYLE="font-size: 10pt">8.</FONT></TD>
    <TD STYLE="width: 82%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">SHARED VOTING POWER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">12,690,566 (1)</P></TD>
    <TD STYLE="width: 10%; font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; font-size: 10pt"><FONT STYLE="font-size: 10pt">9.</FONT></TD>
    <TD STYLE="width: 82%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">SOLE DISPOSITIVE POWER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">0</P></TD>
    <TD STYLE="width: 10%; font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; font-size: 10pt"><FONT STYLE="font-size: 10pt">10.</FONT></TD>
    <TD STYLE="width: 82%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">SHARED DISPOSITIVE POWER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">12,690,566 (1)</P></TD>
    <TD STYLE="width: 10%; font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; font-size: 10pt"><FONT STYLE="font-size: 10pt">11.</FONT></TD>
    <TD STYLE="width: 82%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">12,690,566 (1)</P></TD>
    <TD STYLE="width: 10%; font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; font-size: 10pt"><FONT STYLE="font-size: 10pt">12.</FONT></TD>
    <TD STYLE="width: 82%; font-size: 10pt"><FONT STYLE="font-size: 10pt">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES</FONT></TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">[_]</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; font-size: 10pt"><FONT STYLE="font-size: 10pt">13.</FONT></TD>
    <TD STYLE="width: 82%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">24.2% (2)</P></TD>
    <TD STYLE="width: 10%; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">14.</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">TYPE OF REPORTING PERSON</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">CO</P></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">____________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(1) Represents the number of Common Shares issuable
upon the conversion of 13,452 Series E Perpetual Convertible Preferred Stock (the &#8220;Series E Preferred Shares&#8221;) held by Family
Trading Inc., assuming conversion at a conversion price of $1.06, calculated as described in Item 6 below as of November 5, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(2) See Item 5(a)</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 13%; font-size: 10pt"><FONT STYLE="font-size: 10pt">CUSIP No.</FONT></TD>
    <TD STYLE="width: 23%; border-bottom: black 1.5pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">Y8897Y180</FONT></TD>
    <TD STYLE="width: 55%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 9%; font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; font-size: 10pt"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD STYLE="width: 82%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">NAME OF REPORTING PERSONS</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The Lax Trust</P></TD>
    <TD STYLE="width: 10%; font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">2.</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 82%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 10pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="width: 5%; font-size: 10pt"><FONT STYLE="font-size: 10pt">[_]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">[_]</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%"><FONT STYLE="font-size: 10pt">3.</FONT></TD>
    <TD STYLE="width: 82%"><FONT STYLE="font-size: 10pt">SEC USE ONLY</FONT></TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%"><FONT STYLE="font-size: 10pt">4.</FONT></TD>
    <TD STYLE="width: 82%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">SOURCE OF FUNDS</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">OO</P></TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 8%"><FONT STYLE="font-size: 10pt">5.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 82%"><FONT STYLE="font-size: 10pt">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)</FONT></TD>
    <TD STYLE="vertical-align: top; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 5%"><FONT STYLE="font-size: 10pt">[_]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%"><FONT STYLE="font-size: 10pt">6.</FONT></TD>
    <TD STYLE="width: 82%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">CITIZENSHIP OR PLACE OF ORGANIZATION</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">New Zealand</P></TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%"><FONT STYLE="font-size: 10pt">NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%"><FONT STYLE="font-size: 10pt">7.</FONT></TD>
    <TD STYLE="width: 82%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">SOLE VOTING POWER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">0</P></TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%"><FONT STYLE="font-size: 10pt">8.</FONT></TD>
    <TD STYLE="width: 82%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">SHARED VOTING POWER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">12,790,566 (1)(2)</P></TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; font-size: 10pt"><FONT STYLE="font-size: 10pt">9.</FONT></TD>
    <TD STYLE="width: 82%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">SOLE DISPOSITIVE POWER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">0</P></TD>
    <TD STYLE="width: 10%; font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%"><FONT STYLE="font-size: 10pt">10.</FONT></TD>
    <TD STYLE="width: 82%"><FONT STYLE="font-size: 10pt">SHARED DISPOSITIVE POWER</FONT></TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">12,790,566 (1)(2)</FONT></TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%"><FONT STYLE="font-size: 10pt">11.</FONT></TD>
    <TD STYLE="width: 82%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">12,790,566 (1)(2)</P></TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%"><FONT STYLE="font-size: 10pt">12.</FONT></TD>
    <TD STYLE="width: 82%"><FONT STYLE="font-size: 10pt">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES</FONT></TD>
    <TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;[_]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%"><FONT STYLE="font-size: 10pt">13.</FONT></TD>
    <TD STYLE="width: 82%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">24.4% (3)</P></TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%"><FONT STYLE="font-size: 10pt">14.</FONT></TD>
    <TD STYLE="width: 82%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">TYPE OF REPORTING PERSON</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">OO</P></TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">____________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(1) The Lax Trust is an irrevocable trust established for the benefit
of certain family members of Evangelos Pistiolis, the President, Chief Executive Officer and Director of the Issuer. The Lax Trust is
the sole shareholder of Family Trading Inc., a Marshall Islands corporation and may be deemed to beneficially own all of the Common Shares
beneficially owned by Family Trading, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(2) Includes <FONT STYLE="background-color: white">12,690,566 </FONT>Common
Shares issuable upon the conversion of 13,452 Series E Preferred Shares held by Family Trading Inc., assuming conversion at a conversion
price of $1.06, calculated as described in Item 6 below as of November 5, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(3) See Item 5(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Explanatory Note</B>:&nbsp; This Amendment
No. 5 (this &quot;<U>Amendment No. 5</U>&quot;)&nbsp;<FONT STYLE="background-color: white">amends and supplements the Schedule 13D filed
with the U.S. Securities and Exchange Commission (the &quot;</FONT><U>Commission</U><FONT STYLE="background-color: white">&quot;) by
Family Trading Inc. (&quot;</FONT><U>Family Trading</U><FONT STYLE="background-color: white">&quot;) and the Lax Trust (the &quot;</FONT><U>Trust</U><FONT STYLE="background-color: white">&quot;)
on August 24, 2021 (as amended, the &quot;</FONT><U>Schedule 13D</U><FONT STYLE="background-color: white">&quot;). This Amendment No.
5 is being filed on behalf of Family Trading and the Trust (collectively, the &#8220;</FONT><U>Reporting Persons</U><FONT STYLE="background-color: white">&#8221;).
This Amendment No. 5 is being filed to reflect the increase in the beneficial ownership of shares of common stock, par value $0.01 per
share (the &#8220;<U>Common Shares</U>&#8221;) of TOP Ships Inc., a corporation incorporated in the Marshall Islands (the &#8220;<U>Issuer</U>&#8221;),
resulting from a decrease in the applicable conversion price, </FONT>calculated as described in Item 6 below, of the Series E Preferred
Shares beneficially owned by the Reporting Persons<FONT STYLE="background-color: white">.</FONT> &nbsp; Capitalized terms used herein
but not otherwise defined shall have the meaning set forth in the Schedule 13D filed with the Commission&nbsp;<FONT STYLE="background-color: white">on
August 24, 2021</FONT>. <B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>




<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 10pt"><B>Item 1.</B></FONT></TD>
    <TD STYLE="width: 90%"><B>Security and Issuer</B></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">This Amendment
No. 5 is being filed with respect to the </FONT>Common Shares of the Issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The address of the principal executive offices of the Issuer is:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">1 Vasilisis Sofias and Megalou
Alexandrou Str</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">15124 Maroussi</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Greece</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 10pt"><B>Item 2.</B></FONT></TD>
    <TD STYLE="width: 90%"><FONT STYLE="font-size: 10pt"><B>Identity and Background.</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(d. and e.) To the best of the Reporting Persons'
knowledge, none of the persons listed in Item 2, including the Trustee, have, during the last five years been (i) convicted in a criminal
proceeding (excluding traffic violations or similar misdemeanors) or (ii) a party to a civil proceeding of a judicial or administrative
body of competent jurisdiction and as result of such proceeding was or is subject to a judgment, decree or final order enjoining future
violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violations with respect
to such laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To the best of the Reporting Persons' knowledge and
except as described in this Amendment No. 5, <FONT STYLE="background-color: white">there are no material changes to this Item 2 from the
Schedule 13D/A filed by the Reporting Persons with the Commission on October 25, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 10pt"><B>Item 3.</B></FONT></TD>
    <TD STYLE="width: 90%"><FONT STYLE="font-size: 10pt"><B>Source and Amount of Funds or Other Consideration.</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="background-color: white">This
Amendment No. 5 is being filed to reflect the increase in the beneficial ownership of Common Shares resulting from a decrease in the applicable
conversion price, </FONT>calculated as described in Item 6 below, of the Series E Preferred Shares beneficially owned by the Reporting
Persons<FONT STYLE="background-color: white">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="background-color: white">Except
as set forth above, there are no material changes to this Item 3 from the Schedule 13D/A filed by the Reporting Persons with the Commission
on October 25, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 10pt"><B>Item 4.</B></FONT></TD>
    <TD STYLE="width: 90%"><FONT STYLE="font-size: 10pt"><B>Purpose of Transaction</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="background-color: white">There
are no material changes to this Item 4 from the Schedule 13D/A filed by the Reporting Persons with the Commission on October 25, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 10pt"><B>Item 5.</B></FONT></TD>
    <TD STYLE="width: 90%"><FONT STYLE="font-size: 10pt"><B>Interest in Securities of the Issuer.</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Item 5 is hereby amended and restated in its entirety
to read as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(a. and b.) According to information received from
the Issuer, as of November 5, 2021, there were 39,831,972 Common Shares issued and outstanding.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Based on the foregoing, the Reporting Persons report
beneficial ownership of the following Common Shares:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Family Trading may be deemed to beneficially own <FONT STYLE="background-color: white">12,690,566
</FONT>Common Shares, representing approximately 24.2% of the outstanding Common Shares. This percentage ownership is based on 52,522,538
Common Shares outstanding, which is calculated for this purpose by taking the sum of (i)&nbsp;39,831,972 Common Shares issued and outstanding
and (ii) <FONT STYLE="background-color: white">12,690,566 </FONT>Common Shares, the number of Common Shares issuable upon the conversion
of 13,452 Series E Preferred Shares held by Family Trading Inc., assuming conversion at a conversion price of $1.06, calculated as described
in Item 6 below as of November 5, 2021. Family Trading has the sole power to vote or direct the vote of 0&nbsp;Common Shares and the shared
power to vote or direct the vote of <FONT STYLE="background-color: white">12,690,566 </FONT>Common Shares. Family Trading has the sole
power to dispose or direct the disposition of 0 Common Shares and the shared power to dispose or direct the disposition of <FONT STYLE="background-color: white">12,690,566
</FONT>Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Trust may be deemed to beneficially own <FONT STYLE="background-color: white">12,790,566
</FONT>Common Shares, representing approximately 24.4% of the outstanding Common Shares. This percentage ownership is based on 52,522,538
Common Shares outstanding, which is calculated for this purpose by taking the sum of (i) 39,831,972 Common Shares issued and outstanding
and (ii) <FONT STYLE="background-color: white">12,690,566 </FONT>Common Shares, the number of Common Shares issuable upon the conversion
of 13,452 Series E Preferred Shares held by Family Trading Inc., assuming conversion at a conversion price of $1.06, calculated as described
in Item 6 below as of November 5, 2021. Family Trading has the sole power to vote or direct the vote of 0 Common Shares and the shared
power to vote or direct the vote of <FONT STYLE="background-color: white">12,790,566 </FONT>Common Shares. Family Trading has the sole
power to dispose or direct the disposition of 0 Common Shares and the shared power to dispose or direct the disposition of <FONT STYLE="background-color: white">12,790,566</FONT>
Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Voting and disposition of the Common Shares held by
the Trust requires the approval of the Trustee of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Except as described above, to the best knowledge of
the Reporting Persons, no Common Shares are beneficially owned by the persons named in response to Item 2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 151pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(c.) Except for those transactions described herein
(see Item 3 and Item 6), to the best knowledge of the Reporting Persons, no other transactions in the Common Shares were effected by the
persons named in response to Item 2 during the past 60 days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(d.) No other person is known to have the right to
receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, any of the Common Shares beneficially
owned by the Reporting Persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(e.) Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 10pt"><B>Item 6.</B></FONT></TD>
    <TD STYLE="width: 90%"><FONT STYLE="font-size: 10pt"><B>Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">Item 6 is hereby amended and restated in its entirety
to read as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><I>Series E Perpetual Convertible Preferred Stock</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">On March 29, 2019, the Issuer entered into a
Stock Purchase Agreement with Family Trading for the sale of 27,129 newly issued Series E Preferred Shares at a price of $1,000 per
share, in exchange for the full and final settlement of the loan facility between our Company and Family Trading dated December 23,
2015, as amended. On June 30, 2019, the Issuer issued 1,029 Series E Preferred Shares for the payment of dividends accumulated since
the original issuance of the Series E Preferred Shares through June 30, 2019. From July 25, 2019 to March 19, 2020, the Issuer
redeemed 33,798 of Series E Preferred Shares pursuant to their terms for an aggregate purchase price of $38.9 million. On February
17, 2020, the Issuer issued 16,004 Series E Preferred Shares to Family Trading, as settlement of the consideration outstanding for
the purchase of the M/T Eco City of Angels and M/T Eco Los Angeles from parties affiliated with Mr. Pistiolis, and for dividends
payable to Family Trading Inc. under already-outstanding Series E Preferred Shares. On June 30, 2020, we issued 900 Series E
Preferred Shares to Family Trading, as settlement for dividends payable to Family Trading under already-outstanding Series E
Preferred Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">On August 20, 2020, the Issuer and Family Trading
entered into a Standstill Agreement, pursuant to which Family Trading agreed not to convert any of its Series E Preferred Shares into
Common Shares until August 20, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">On September 8, 2021, pursuant to a Sale and Purchase
Agreement between the Issuer and Zizzy Charter Co. dated September 8, 2021, the Issuer issued 2,188 Series E Preferred Shares to Family
Trading as partial settlement of the consideration outstanding for the purchase of an additional 65% ownership interest in each of Julius
Caesar Inc. and Legio X Inc., each a party to shipbuilding contracts for VLCC Julius Caesar and VLCC Legio X Equestris, respectively,
from a party affiliated with Mr. Pistiolis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">The following description of the Series E Preferred
Shares is subject to and qualified in its entirety by reference to the Statement of Designations of the Series E Preferred Shares, which
is incorporated by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The Series E Preferred Shares
have the following characteristics:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B>Conversion.</B> Each holder
of Series E Preferred Shares, at any time and from time to time, has the right, subject to certain conditions, to convert all or any portion
of the Series E Preferred Shares then held by such holder into the Issuer&#8217;s Common Shares at the conversion rate then in effect.
Each Series E Preferred Share is convertible into the number of the Issuer&#8217;s Common Shares equal to the quotient of $1,000 plus
any accrued and unpaid dividends divided by the lesser of the following four prices (the &#8220;<U>Series E Conversion Price</U>&#8221;):
(i) $500.00, (ii) 80% of the lowest daily VWAP of the Issuer's Common Shares over the twenty consecutive trading days expiring on the
trading day immediately prior to the date of delivery of a conversion notice, (iii) the conversion price or exercise price per share of
any of the Issuer&#8217;s then outstanding convertible shares or warrants, (iv) the lowest issuance price of the Issuer&#8217;s Common
Shares in any transaction from the date of the issuance the Series E Perpetual Preferred Stock onwards, but in no event will the Series
E Conversion Price be less than $0.60 (the &#8220;<U>Floor Price</U>&#8221;). The Floor Price is adjusted (decreased) in case of splits
or subdivisions of our outstanding shares and is not adjusted in case of reverse stock splits or combinations of our outstanding shares.
The Series E Conversion Price is subject to appropriate adjustment in the event of certain dividends and distributions, stock splits,
stock combinations, reclassifications or similar events affecting the Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B>Limitations of Conversion.</B>
Holders of the shares of Series E Preferred Shares shall be entitled to convert the Series E Preferred Shares in full, regardless of the
beneficial ownership percentage of the holder after giving effect to such conversion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B>Voting.</B>&nbsp; The
holders of each Series E Preferred Share are entitled to the voting power of one thousand (1,000) Common Shares of the Issuer.&nbsp; The
holders of Series E Preferred Shares and the holders of the Issuer&#8217;s Common Shares shall vote together as one class on all matters
submitted to a vote of shareholders of the Issuer. The holders of Series E Preferred Shares have no special voting rights and their consent
shall not be required for taking any corporate action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B>Distributions.</B> The
holders of Series E Preferred Shares are entitled to receive certain dividends and distributions paid to holders of Common Shares on an
as-converted basis. Upon any liquidation, dissolution or winding up of the Issuer, the holders of Series E Preferred Shares shall be entitled
to receive the net assets of the Issuer pari passu with the Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B>Redemption.</B>&nbsp;
The Issuer at its option shall have the right to redeem a portion or all of the outstanding Series E Preferred Shares. The Issuer
shall pay an amount equal to one thousand dollars ($1,000) per each Series E Preferred Share (the &#8220;<U>Liquidation
Amount</U>&#8221;), plus a redemption premium equal to fifteen percent (15%) of the Liquidation Amount being redeemed if that
redemption takes place up to and including March 29, 2020 and twenty percent (20%) of the Liquidation Amount being redeemed if that
redemption takes place after March 29, 2020, plus an amount equal to any accrued and unpaid dividends on such Preferred Shares
(collectively referred to as the &quot;<U>Redemption Amount</U>&quot;). In order to make a redemption, the Issuer shall first
provide one business day advance written notice to the holders of his intention to make a redemption (the &#8220;<U>Redemption
Notice</U>&#8221;), setting forth the amount it desires to redeem. After receipt of the Redemption Notice, the holders shall have
the right to elect to convert all or any portion of their Series E Preferred Shares. Upon the expiration of the one business day
period, the Issuer shall deliver to each holder the Redemption Amount with respect to the amount redeemed after giving effect to
conversions effected during the notice period. The Series E Preferred Shares shall not be subject to redemption in cash at the
option of the holders thereof under any circumstance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B>Dividends.</B> The holders
of outstanding Series E Preferred Shares shall be entitled to receive out of funds legally available for the purpose, semi-annual dividends
payable in cash on the last day of June and December in each year (each such date being referred to herein as a &quot;<U>Semi Annual Dividend
Payment Date</U>&quot;), commencing on the first Semi Annual Dividend Payment Date in an amount per share (rounded to the nearest cent)
equal to fifteen percent (15%) per year of the liquidation amount of the then outstanding Series E Preferred Shares computed on the basis
of a 365-day year and the actual days elapsed. Accrued but unpaid dividends shall bear interest at fifteen percent (15%). Dividends paid
on the Series E Preferred Shares in an amount less than the total amount of such dividends at the time accrued and payable on such shares
shall be allocated pro rata on a share-by-share basis among all such shares at the time outstanding. The Issuer&#8217;s Board of Directors
may fix a record date for the determination of holders of Series E Preferred Shares entitled to receive payment of a dividend or distribution
declared thereon, which record date shall be no more than 30 days prior to the date fixed for the payment thereof. Dividends will not
be payable in cash, if such payment violates any provision of any senior secured facility that the Issuer has entered or (as the case
may be) will enter into, or any senior secured facility for which the Issuer has provided or (as the case may be) will provide a guarantee,
for as long as such provisions, if any, remain in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B>Ranking.</B> All Series
E Preferred Shares shall rank pari passu with all classes of the Issuer&#8217;s Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">As of November 5, 2021, the
13,452 Series E Preferred Shares beneficially owned by the Reporting Persons are convertible into <FONT STYLE="background-color: white">12,690,566
</FONT>Common Shares, assuming conversion at the Series E Conversion Price of $1.06, calculated as described above as of such date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Series D Preferred Stock</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On May 8, 2017, the Issuer <FONT STYLE="background-color: white">issued
100,000 shares of Series D Preferred Stock</FONT> to Tankers Family Inc. a corporation all of whose outstanding common shares are owned
by the Trust. One share of Series D Preferred Stock has the voting power of 1,000 Common Shares. On December 1 and December 10, 2020,
the Issuer sold and leased back M/T Eco Beverly Hills and M/T Eco Bel Air, respectively, to a third non-affiliated party (the &#8220;<U>Navigare
Lease</U>&#8221;). As a prerequisite for the Navigare Lease, Mr. Evangelos J. Pistiolis personally guaranteed the performance of the bareboat
charters entered in connection with the lease, under certain circumstances, and in exchange, the Issuer amended the Certificate of Designations
governing the terms of the Series D Preferred Shares, to adjust the voting rights per share of Series D Preferred Shares such that during
the term of the Navigare Lease, the combined voting power controlled by Mr. Evangelos J. Pistiolis and the Lax Trust does not fall below
a majority of the total voting power of the outstanding voting shares of the Issuer, irrespective of any new common or preferred stock
issuances, and thereby complying with a relevant covenant of the bareboat charters entered in connection with the Navigare Lease. The
voting power of each share of Series D Preferred Stock and the number of shares of Series D Preferred Stock outstanding are not otherwise
subject to adjustment, including in the event of a stock dividend payable on the Issuer&#8217;s Common Shares or a subdivision or combination
of the Issuer&#8217;s outstanding Common Shares. Shares of the Series D Preferred Stock are not convertible into Common Shares and have
no dividend or other economic rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 10pt"><B>Item 7.</B></FONT></TD>
    <TD STYLE="width: 90%"><FONT STYLE="font-size: 10pt"><B>Material to be Filed as Exhibits.</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 10pt">Exhibit A</FONT></TD>
    <TD STYLE="width: 90%"><FONT STYLE="font-size: 10pt">Joint Filing Undertaking.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 90%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Exhibit B</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Certificate of Designation of Rights, Preferences
    and Privileges of Series D Preferred Stock (i<FONT STYLE="background-color: white">ncorporated by reference to Exhibit 4.1 of the Issuer's
    Current Report on Form 6-K, filed with the Commission on May 8, 2017).</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Exhibit C</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Certificate of Amendment to Certificate of Designation of Rights, Preferences and Privileges of Series D Preferred Stock (incorporated by reference to Exhibit 3.1 of the Issuer&#8217;s Current Report on Form 6-K, filed on December 4, 2020).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Exhibit D</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Stock Purchase Agreement dated March 29, 2019 (i<FONT STYLE="background-color: white">ncorporated by reference to Exhibit 99.1 of the Issuer's Current Report on Form 6-K, filed with the Commission on April 1, 2019).</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Exhibit E</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Certificate of Designation of Series E Perpetual Convertible Preferred Stock dated March 29, 2019 (i<FONT STYLE="background-color: white">ncorporated by reference to Exhibit 99.2 of the Issuer's Current Report on Form 6-K, filed with the Commission on April 1, 2019).</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Exhibit F</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Standstill Agreement dated August 20, 2020 (i<FONT STYLE="background-color: white">ncorporated by reference to Exhibit 4.28 of the Issuer's Annual Report on Form 20-F, filed with the Commission on April 23, 2021).</FONT></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 10pt">Exhibit G</FONT></TD>
    <TD STYLE="width: 90%; text-align: justify"><FONT STYLE="font-size: 10pt">Sale and Purchase Agreement between Top Ships Inc. and Zizzy Charter Co. dated September 8, 2021 (incorporated by reference to Exhibit G of the <FONT STYLE="background-color: white">Schedule 13D/A filed by the Reporting Persons with the Commission on September 24, 2021)</FONT>.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">After reasonable inquiry and to
the best of our knowledge and belief, the undersigned certify that the information set forth in this statement is true, complete and correct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Dated: November 5, 2021</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>FAMILY TRADING INC.</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 58%">&nbsp;</TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 29%; border-bottom: black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ Dimosthenis Eleftheriadis</FONT></TD>
    <TD STYLE="width: 7%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Dimosthenis Eleftheriadis</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">President/Director</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>THE LAX TRUST</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">NEW ZEALAND TRUST CORPORATION LIMITED, as Trustee</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ Karen Marshall</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Karen Marshall</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Attention: Intentional misstatements or omissions of fact constitute Federal
criminal violations (See 18 U.S.C. 1001).</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>EXHIBIT A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>JOINT FILING UNDERTAKING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt; background-color: white">The undersigned,
being duly authorized thereunto, hereby executes this agreement as an exhibit to this Schedule 13D/A with respect to the shares of common
stock of TOP Ships Inc. to evidence the agreement of the below-named parties, in accordance with the rules promulgated pursuant to the
Securities Exchange Act of 1934, as amended, to file this Schedule 13D/A, and any amendments hereto, jointly on behalf of each such party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Dated: November 5, 2021</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>FAMILY TRADING INC.</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 58%">&nbsp;</TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 29%; border-bottom: black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ Dimosthenis Eleftheriadis</FONT></TD>
    <TD STYLE="width: 7%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Dimosthenis Eleftheriadis</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">President / Director</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>THE LAX TRUST</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">NEW ZEALAND TRUST CORPORATION LIMITED, as Trustee</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ Karen Marshall</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Karen Marshall</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
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