<SEC-DOCUMENT>0000919574-21-007518.txt : 20211221
<SEC-HEADER>0000919574-21-007518.hdr.sgml : 20211221
<ACCEPTANCE-DATETIME>20211220174142
ACCESSION NUMBER:		0000919574-21-007518
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20211231
FILED AS OF DATE:		20211221
DATE AS OF CHANGE:		20211220

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Performance Shipping Inc.
		CENTRAL INDEX KEY:			0001481241
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			1T
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35025
		FILM NUMBER:		211506252

	BUSINESS ADDRESS:	
		STREET 1:		373 SYNGROU AVE.
		STREET 2:		17564 PALAIO FALIRO
		CITY:			ATHENS
		STATE:			J3
		ZIP:			00000
		BUSINESS PHONE:		302166002400

	MAIL ADDRESS:	
		STREET 1:		373 SYNGROU AVE.
		STREET 2:		17564 PALAIO FALIRO
		CITY:			ATHENS
		STATE:			J3
		ZIP:			00000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Diana Containerships Inc.
		DATE OF NAME CHANGE:	20100115
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>d9121840_6-k.htm
<TEXT>
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    <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Washington, D.C. 20549</div>
    <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">FORM 6-K</div>
    <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="text-align: center; margin-left: 9pt; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16</div>
    <div style="text-align: center; margin-left: 9pt; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">OF THE SECURITIES EXCHANGE ACT OF 1934</div>
    <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">For the month of December 2021</div>
    <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">Commission File Number: 001-35025</div>
    <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
    </div>
    <table cellspacing="0" cellpadding="0" id="za01b4e0be9fe429c89fc35a34b25a789" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Performance Shipping Inc.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">(Translation of registrant's name into English)</div>
          </td>
        </tr>
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          <td style="width: 100%; vertical-align: top;">&#160;</td>
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          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: center; line-height: 10.25pt; color: #333333; font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold;">373 Syngrou Avenue, 175 64 Palaio Faliro, Athens, Greece</div>
          </td>
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        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">(Address of principal executive office)</div>
            <div style="line-height: 11.4pt;"><font style="line-height: 11.4pt;">&#160;</font></div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 11.4pt; color: #000000; 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.</div>
    <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">Form 20-F [X] Form 40-F [ ]</div>
    <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ].</div>
    <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Note</font>: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted
      solely to provide an attached annual report to security holders.</div>
    <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ].</div>
    <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Note</font>: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to
      furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"),
      or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders,
      and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.</div>
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    </div>
    <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
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    </div>
    <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">INFORMATION CONTAINED IN THIS FORM 6-K REPORT</div>
    <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="text-indent: 36pt; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">This Form 6-K is furnished by Performance Shipping Inc. (the &#8220;<u>Company</u>&#8221;) in connection with entry into a Stockholders&#8217; Rights Agreement
      dated as of December 20, 2021, between the Company and Computershare Inc., as rights agent.</div>
    <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="line-height: 14.4pt;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">Effective December 20, 2021, the Board of Directors (the &#8220;<u>Board</u>&#8221;) of the Company authorized
        and declared a dividend distribution of one right (a &#8220;<u>Right</u>&#8221;) for each outstanding share of common stock, par value $0.01 per share (the &#8220;<u>Common Shares</u>&#8221;), of the Company to stockholders of record as of the close of business on
        December 30, 2021 (the &#8220;<u>Record Date</u>&#8221;). Each Right entitles the registered holder to purchase from the Company one one-thousandth of a share of Series A Participating Preferred Stock, par value $0.01 per share (the &#8220;<u>Preferred Shares</u>&#8221;),
        of the Company at an exercise price of $50.00 per one one-thousandth of a Preferred Share, subject to adjustment (the &#8220;<u>Exercise Price</u>&#8221;). The complete terms of the Rights are set forth in a Stockholders Rights Agreement (the &#8220;<u>Rights
          Agreement</u>&#8221;), dated as of December 20, 2021, between the Company and Computershare Inc., as rights agent.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">The Board adopted the Rights Agreement to protect stockholders from coercive or otherwise unfair
        takeover tactics. As a result, the overall effect of the Rights Agreement and the issuance of the Rights may be to render more difficult or discourage a merger, tender or exchange offer or other business combination involving the Company that is
        not approved by the Board. However, neither the Rights Agreement nor the Rights should interfere with any merger, tender or exchange offer or other business combination approved by the Board.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">The following is a summary of the terms of the Rights Agreement. The summary does not purport to be
        complete and is qualified in its entirety by reference to the Rights Agreement, a copy of which is attached as Exhibit 4.1 and incorporated herein by reference.</div>
      <div style="line-height: 0pt;"><br style="line-height: 0pt;">
      </div>
    </div>
    <div style="line-height: 14.4pt;">
      <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Distribution and Transfer of Rights; Rights Certificates</div>
      <div style="line-height: 0pt;"><br style="line-height: 0pt;">
      </div>
    </div>
    <div style="line-height: 14.4pt;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">The Board has declared a dividend of one Right for each outstanding Common Share. Prior to the
        Distribution Date referred to below:</div>
      <div style="line-height: 0pt;"><br style="line-height: 0pt;">
      </div>
    </div>
    <table cellspacing="0" cellpadding="0" id="zf3706f8b143544f6bace73d8cec6458e" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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          <td style="width: 9.08%; vertical-align: middle;">&#160;</td>
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            <div style="line-height: 11.4pt; color: #000000;">&#8226;</div>
          </td>
          <td style="width: 87.07%; vertical-align: top;">
            <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">the Rights will be evidenced by and trade with the certificates for the Common Shares (or, with respect to any uncertificated Common
              Shares registered in book entry form, by notation in book entry), and no separate rights certificates will be distributed;</div>
            <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;"> <br>
            </div>
          </td>
        </tr>
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          <td style="width: 9.08%; vertical-align: middle;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div style="line-height: 11.4pt; color: #000000;">&#8226;</div>
          </td>
          <td style="width: 87.07%; vertical-align: top;">
            <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">new Common Shares certificates issued after the Record Date will contain a legend incorporating the Rights Agreement by reference (for
              uncertificated Common Shares registered in book entry form, this legend will be contained in a notation in book entry); and</div>
            <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;"> <br>
            </div>
          </td>
        </tr>
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          <td style="width: 9.08%; vertical-align: middle;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div style="line-height: 11.4pt; color: #000000;">&#8226;</div>
          </td>
          <td style="width: 87.07%; vertical-align: top;">
            <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">the surrender for transfer of any certificates for Common Shares (or the surrender for transfer of any uncertificated Common Shares
              registered in book entry form) will also constitute the transfer of the Rights associated with such Common Shares.</div>
          </td>
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    </table>
    <div style="line-height: 14.4pt;">
      <div style="line-height: 0pt;"><br style="line-height: 0pt;">
      </div>
      <div style="line-height: 11.4pt; margin-top: 10pt;"><br style="line-height: 11.4pt;">
      </div>
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    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
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    </div>
    <div style="line-height: 14.4pt;">
      <div style="line-height: 0pt;"><br style="line-height: 0pt;">
      </div>
      <div style="line-height: 11.4pt; margin-top: 10pt;"><br style="line-height: 11.4pt;">
      </div>
    </div>
    <div style="line-height: 14.4pt;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">Rights will accompany any new Common Shares that are issued after the Record Date.</div>
      <div style="line-height: 0pt;"><br style="line-height: 0pt;">
      </div>
    </div>
    <div style="line-height: 14.4pt;">
      <div style="line-height: 11.4pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Distribution Date</div>
      <div style="line-height: 0pt;"><br style="line-height: 0pt;">
      </div>
    </div>
    <div style="line-height: 14.4pt;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">Subject to certain exceptions specified in the Rights Agreement, the Rights will separate from the
        Common Shares and become exercisable following the earlier of (i) the 10th calendar day (or such later date as may be determined by the Board) after the public announcement that a person or group of affiliated or associated persons (an &#8220;<u>Acquiring



          Person</u>&#8221;) has acquired beneficial ownership of 10% or more of the Common Shares; or (ii) the 10th business day (or such later date as may be determined by the Board) after a person or group announces a tender or exchange offer that would
        result in ownership by a person or group of 10% or more of the Common Shares. For purposes of the Rights Agreement, beneficial ownership is defined to include the ownership of derivative securities.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">The date on which the Rights separate from the Common Shares and become exercisable is referred to
        as the &#8220;<u>Distribution Date</u>.&#8221;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">After the Distribution Date, the Company will mail Rights certificates to the Company&#8217;s stockholders
        (and in the case of uncertificated shares, by notation in book entry accounts reflecting ownership) as of the close of business on the Distribution Date and the Rights will become transferable apart from the Common Shares. Thereafter, such Rights
        certificates alone will represent the Rights.</div>
      <div style="line-height: 0pt;"><br style="line-height: 0pt;">
      </div>
    </div>
    <div style="line-height: 14.4pt;">
      <div style="line-height: 11.4pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Preferred Shares Purchasable Upon Exercise of Rights</div>
      <div style="line-height: 0pt;"><br style="line-height: 0pt;">
      </div>
    </div>
    <div style="line-height: 14.4pt;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">After the Distribution Date, each Right will entitle the holder to purchase, for the Exercise Price,
        one one-thousandth of a Preferred Share having economic and other terms similar to that of one Common Share. This portion of a Preferred Share is intended to give the stockholder approximately the same dividend, voting and liquidation rights as
        would one Common Share, and should approximate the value of one Common Share.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">More specifically, each one one-thousandth of a Preferred Share, if issued, will, among other
        things:</div>
      <div style="line-height: 0pt;"><br style="line-height: 0pt;">
      </div>
    </div>
    <table cellspacing="0" cellpadding="0" id="zfe104d58fa7f403b85e8cb519b115c51" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 3.85%; vertical-align: middle;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div style="line-height: 11.4pt; color: #000000;">&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">not be redeemable;</div>
            <div style="line-height: 11.4pt;"><font style="line-height: 11.4pt;">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: middle;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div style="line-height: 11.4pt; color: #000000;">&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">entitle holders to quarterly dividend payments in an amount per share equal to 1,000 times the aggregate per share amount of all cash
              dividends, and 1,000 times the aggregate per share amount (payable in kind) of all non-cash dividends or other distributions other than a dividend payable in Common Shares or a subdivision of the outstanding Common Shares (by reclassification
              or otherwise), declared on the Common Shares since the immediately preceding quarterly dividend payment date; and</div>
            <div style="line-height: 11.4pt;"><font style="line-height: 11.4pt;">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.85%; vertical-align: middle;">&#160;</td>
          <td style="width: 3.85%; vertical-align: top;">
            <div style="line-height: 11.4pt; color: #000000;">&#8226;</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">entitle holders of Series A Participating Preferred Stock to 1,000 votes on all matters submitted to a vote of the stockholders of the
              Company.</div>
            <div style="line-height: 11.4pt;"><font style="line-height: 11.4pt;">&#160;</font></div>
          </td>
        </tr>

    </table>
    <div style="line-height: 14.4pt;">
      <div style="line-height: 11.4pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Flip-In Trigger</div>
      <div style="line-height: 0pt;"><br style="line-height: 0pt;">
      </div>
    </div>
    <div style="line-height: 14.4pt;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">If an Acquiring Person obtains beneficial ownership of 10% or more of the Common Shares, <font style="font-style: italic;">then</font> each Right will entitle the holder thereof to purchase, for the Exercise Price, a number of Common Shares (or, in certain circumstances, cash, property or other securities of the Company) having a
        then-current market value of twice the Exercise Price. However, the Rights are not exercisable following the occurrence of the foregoing event until such time as the Rights are no longer redeemable by the Company, as further described below.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">Following the occurrence of an event set forth in preceding paragraph, all Rights that are or, under
        certain circumstances specified in the Rights Agreement, were beneficially owned by an Acquiring Person or certain of its transferees will be null and void.</div>
      <div style="line-height: 0pt;"><br style="line-height: 0pt;">
      </div>
    </div>
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      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
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    </div>
    <div style="line-height: 14.4pt;">
      <div style="line-height: 11.4pt; margin-bottom: 12pt;"><br style="line-height: 11.4pt;">
      </div>
      <div style="line-height: 0pt;"><br style="line-height: 0pt;">
      </div>
    </div>
    <div style="line-height: 14.4pt;">
      <div style="line-height: 11.4pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Flip-Over Trigger</div>
      <div style="line-height: 0pt;"><br style="line-height: 0pt;">
      </div>
    </div>
    <div style="line-height: 14.4pt;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">If, after an Acquiring Person obtains 10% or more of the Common Shares, (i) the Company merges into
        another entity; (ii) an acquiring entity merges into the Company; or (iii) the Company sells or transfers 50% or more of its assets, cash flow or earning power, <font style="font-style: italic;">then</font> each Right (except for Rights that have
        previously been voided as set forth above) will entitle the holder thereof to purchase, for the Exercise Price, a number of shares of common stock of the person engaging in the transaction having a then-current market value of twice the Exercise
        Price.</div>
      <div style="line-height: 0pt;"><br style="line-height: 0pt;">
      </div>
    </div>
    <div style="line-height: 14.4pt;">
      <div style="line-height: 11.4pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Redemption of the Rights</div>
      <div style="line-height: 0pt;"><br style="line-height: 0pt;">
      </div>
    </div>
    <div style="line-height: 14.4pt;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">The Rights will be redeemable at the Company's option for $0.01 per Right (payable in cash, Common
        Shares or other consideration deemed appropriate by the Board) at any time on or prior to the 10th business day (or such later date as may be determined by the Board) after the public announcement that an Acquiring Person has acquired beneficial
        ownership of 10% or more of the Common Shares. Immediately upon the action of the Board ordering redemption, the Rights will terminate and the only right of the holders of the Rights will be to receive the $0.01 redemption price. The redemption
        price will be adjusted if the Company undertakes a stock dividend or a stock split.</div>
      <div style="line-height: 0pt;"><br style="line-height: 0pt;">
      </div>
    </div>
    <div style="line-height: 14.4pt;">
      <div style="line-height: 11.4pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Exchange Provision</div>
      <div style="line-height: 0pt;"><br style="line-height: 0pt;">
      </div>
    </div>
    <div style="line-height: 14.4pt;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">At any time after the date on which an Acquiring Person beneficially owns 10% or more of the Common
        Shares and prior to the acquisition by the Acquiring Person of 50% of the Common Shares, the Board may exchange the Rights (except for Rights that have previously been voided as set forth above), in whole or in part, for Common Shares at an
        exchange ratio of one Common Share per Right (subject to adjustment). In certain circumstances, the Company may elect to exchange the Rights for cash or other securities of the Company having a value approximately equal to one Common Share.</div>
      <div style="line-height: 0pt;"><br style="line-height: 0pt;">
      </div>
    </div>
    <div style="line-height: 14.4pt;">
      <div style="line-height: 11.4pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Expiration of the Rights</div>
      <div style="line-height: 0pt;"><br style="line-height: 0pt;">
      </div>
    </div>
    <div style="line-height: 14.4pt;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">The Rights expire on the earliest of (i) 5:00 p.m., New York City time, on December 20, 2031 (unless
        such date is extended); or (ii) the redemption or exchange of the Rights as described above.</div>
      <div style="line-height: 0pt;"><br style="line-height: 0pt;">
      </div>
    </div>
    <div style="line-height: 14.4pt;">
      <div style="line-height: 11.4pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Amendment of Terms of Rights Agreement and Rights</div>
      <div style="line-height: 0pt;"><br style="line-height: 0pt;">
      </div>
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    <div style="line-height: 14.4pt;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">The terms of the Rights and the Rights Agreement may be amended in any respect without the consent
        of the holders of the Rights on or prior to the Distribution Date. Thereafter, the terms of the Rights and the Rights Agreement may be amended without the consent of the holders of Rights in order to (i) cure any ambiguities; (ii) shorten or
        lengthen any time period pursuant to the Rights Agreement; or (iii) make changes that do not adversely affect the interests of holders of the Rights (other than an Acquiring Person or an affiliate or associate of an Acquiring Person).</div>
      <div style="line-height: 0pt;"><br style="line-height: 0pt;">
      </div>
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      <div style="line-height: 11.4pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Voting Rights; Other Stockholder Rights</div>
      <div style="line-height: 0pt;"><br style="line-height: 0pt;">
      </div>
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      <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">The Rights will not have any voting rights. Until a Right is exercised, the holder thereof, as such,
        will have no separate rights as stockholder of the Company.</div>
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      </div>
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      <div style="line-height: 11.4pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Anti-Dilution Provisions</div>
      <div style="line-height: 0pt;"><br style="line-height: 0pt;">
      </div>
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      <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">The Board may adjust the Exercise Price, the number of Preferred Shares issuable and the number of
        outstanding Rights to prevent dilution that may occur from a stock dividend, a stock split or a reclassification of the Preferred Shares or Common Shares.</div>
      <div style="line-height: 0pt;"><br style="line-height: 0pt;">
      </div>
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    <div style="line-height: 14.4pt;">
      <div style="line-height: 11.4pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Taxes</div>
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      <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif;">The distribution of Rights should not be taxable for federal income tax purposes. However, following
        an event that renders the Rights exercisable or upon redemption of the Rights, stockholders may recognize taxable income.</div>
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    <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">SIGNATURE</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be
      signed on its behalf by the undersigned, thereunto duly authorized.</div>
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    </div>
    <table cellspacing="0" cellpadding="0" id="z4c81090575b24506bd03fc5f045047a0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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          <td style="width: 51.89%; vertical-align: top;" colspan="2">
            <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">PERFORMANCE SHIPPING INC.</div>
            <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">(registrant)</div>
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            <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">Dated: December 20, 2021</div>
          </td>
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          <td style="width: 47.68%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 4.2%; vertical-align: top;">
            <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">By:</div>
          </td>
          <td style="width: 47.68%; vertical-align: top;">
            <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;"><u>/s/ Andreas Michalopoulos</u></div>
            <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">Andreas Michalopoulos</div>
            <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">Chief Executive Officer</div>
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    </div>
    <div style="text-align: center; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">EXHIBIT INDEX</div>
    <table cellspacing="0" cellpadding="0" id="z1f6917c080f44baab6ef5891a047ad4c" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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          <td style="width: 83.77%; vertical-align: middle;" colspan="2">&#160;</td>
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            <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Exhibit No.</div>
          </td>
          <td style="width: 1.8%; vertical-align: bottom;">&#160;</td>
          <td style="width: 81.96%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Description of Exhibit</div>
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            <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">3.1</div>
          </td>
          <td style="width: 1.8%; vertical-align: bottom;">&#160;</td>
          <td style="width: 81.96%; vertical-align: top;">
            <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;"><a href="https://www.sec.gov/Archives/edgar/data/1481241/000119312510230338/dex44.htm">Certificate of Designation of Rights, Preferences and Privileges of
                Series A Participating Preferred Stock of Performance Shipping Inc. (1)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 16.23%; vertical-align: middle;">&#160;</td>
          <td style="width: 83.77%; vertical-align: middle;" colspan="2">&#160;</td>
        </tr>
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          <td style="width: 16.23%; vertical-align: top;">
            <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">4.1</div>
          </td>
          <td style="width: 1.8%; vertical-align: bottom;">&#160;</td>
          <td style="width: 81.96%; vertical-align: top;">
            <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;"><a href="d9121840_ex4-1.htm">Stockholders Rights Agreement,
                dated as of December 20, 2021, by and between Performance Shipping Inc. and Computershare Inc., as Rights Agent.</a></div>
          </td>
        </tr>
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          <td style="width: 16.23%; vertical-align: middle;">&#160;</td>
          <td style="width: 83.77%; vertical-align: middle;" colspan="2">&#160;</td>
        </tr>
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          <td style="width: 16.23%; vertical-align: top;">
            <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">99.1</div>
          </td>
          <td style="width: 1.8%; vertical-align: bottom;">&#160;</td>
          <td style="width: 81.96%; vertical-align: top;">
            <div style="line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;"><a href="d9121840_ex99-1.htm">Press Release of Performance
                Shipping Inc. dated December 20, 2021.</a></div>
          </td>
        </tr>

    </table>
    <div style="line-height: 11.4pt; margin-top: 10pt; font-family: 'Times New Roman', serif;">_________________</div>
    <table cellspacing="0" cellpadding="0" id="zcd7c4069eb47459085f9ce4ccd1c2eaa" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-top: 10pt;">

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          <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(1)</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Incorporated by reference to Exhibit 4.4 to the Company&#8217;s Registration Statement on Form F-4, filed with the Commission on October 15, 2010.</div>
          </td>
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<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>2
<FILENAME>d9121840_ex4-1.htm
<TEXT>
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  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 4.1</font><br>
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      <div style="text-align: center; font-size: 12pt;">STOCKHOLDERS&#8217; RIGHTS AGREEMENT</div>
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      <div style="text-align: center; font-size: 12pt;">between</div>
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      <div style="text-align: center; font-size: 12pt;">PERFORMANCE SHIPPING INC.</div>
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      <div style="text-align: center; font-size: 12pt;">and</div>
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      <div style="text-align: center; font-size: 12pt;">COMPUTERSHARE INC.,</div>
      <div style="text-align: center; font-size: 12pt;">as Rights Agent</div>
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      <div style="text-align: center; font-size: 12pt;">Dated as of December 20, 2021</div>
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      <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt;"><u>Table of Contents</u></div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">Page</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z790503c1d7cb4b0295ce43c4d42deb15">

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            <td style="width: 7.78%; vertical-align: top;">
              <div style="font-size: 12pt;">1.</div>
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            <td style="width: 83.65%; vertical-align: top;">
              <div style="font-size: 12pt;">Certain Definitions</div>
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            <td style="width: 8.57%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">2</div>
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              <div style="font-size: 12pt;">2.</div>
            </td>
            <td style="width: 83.65%; vertical-align: top;">
              <div style="font-size: 12pt;">Appointment of Rights Agent</div>
            </td>
            <td style="width: 8.57%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">8</div>
            </td>
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            <td style="width: 7.78%; vertical-align: top;">
              <div style="font-size: 12pt;">3.</div>
            </td>
            <td style="width: 83.65%; vertical-align: top;">
              <div style="font-size: 12pt;">Issuance of Rights Certificates</div>
            </td>
            <td style="width: 8.57%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">9</div>
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              <div style="font-size: 12pt;">4.</div>
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            <td style="width: 83.65%; vertical-align: top;">
              <div style="font-size: 12pt;">Form of Rights Certificates</div>
            </td>
            <td style="width: 8.57%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">10</div>
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              <div style="font-size: 12pt;">5.</div>
            </td>
            <td style="width: 83.65%; vertical-align: top;">
              <div style="font-size: 12pt;">Countersignature and Registration</div>
            </td>
            <td style="width: 8.57%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">12</div>
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              <div style="font-size: 12pt;">6.</div>
            </td>
            <td style="width: 83.65%; vertical-align: top;">
              <div style="font-size: 12pt;">Transfer, Split Up, Combination and Exchange of Rights Certificates; Mutilated, Destroyed, Lost or Stolen Rights Certificates</div>
            </td>
            <td style="width: 8.57%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">12</div>
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              <div style="font-size: 12pt;">7.</div>
            </td>
            <td style="width: 83.65%; vertical-align: top;">
              <div style="font-size: 12pt;">Exercise of Rights; Exercise Price; Expiration Date of Rights</div>
            </td>
            <td style="width: 8.57%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">13</div>
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              <div style="font-size: 12pt;">8.</div>
            </td>
            <td style="width: 83.65%; vertical-align: top;">
              <div style="font-size: 12pt;">Cancellation and Destruction of Rights Certificates</div>
            </td>
            <td style="width: 8.57%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">15</div>
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              <div style="font-size: 12pt;">9.</div>
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              <div style="font-size: 12pt;">Reservation and Availability of Preferred Shares</div>
            </td>
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              <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">16</div>
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              <div style="font-size: 12pt;">10.</div>
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              <div style="font-size: 12pt;">Record Date</div>
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              <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">17</div>
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              <div style="font-size: 12pt;">11.</div>
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              <div style="font-size: 12pt;">Adjustment of Exercise Price, Number of Shares or Number of Rights</div>
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              <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">17</div>
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              <div style="font-size: 12pt;">12.</div>
            </td>
            <td style="width: 83.65%; vertical-align: top;">
              <div style="font-size: 12pt;">Certificate of Adjusted Exercise Price or Number of Shares</div>
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              <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">24</div>
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              <div style="font-size: 12pt;">13.</div>
            </td>
            <td style="width: 83.65%; vertical-align: top;">
              <div style="font-size: 12pt;">Consolidation, Merger or Sale or Transfer of Assets or Earning Power</div>
            </td>
            <td style="width: 8.57%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">25</div>
            </td>
          </tr>
          <tr>
            <td style="width: 7.78%; vertical-align: top;">
              <div style="font-size: 12pt;">14.</div>
            </td>
            <td style="width: 83.65%; vertical-align: top;">
              <div style="font-size: 12pt;">Fractional Rights and Fractional Shares</div>
            </td>
            <td style="width: 8.57%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">29</div>
            </td>
          </tr>
          <tr>
            <td style="width: 7.78%; vertical-align: top;">
              <div style="font-size: 12pt;">15.</div>
            </td>
            <td style="width: 83.65%; vertical-align: top;">
              <div style="font-size: 12pt;">Rights of Action</div>
            </td>
            <td style="width: 8.57%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">30</div>
            </td>
          </tr>
          <tr>
            <td style="width: 7.78%; vertical-align: top;">
              <div style="font-size: 12pt;">16.</div>
            </td>
            <td style="width: 83.65%; vertical-align: top;">
              <div style="font-size: 12pt;">Agreement of Rights Holders</div>
            </td>
            <td style="width: 8.57%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">31</div>
            </td>
          </tr>
          <tr>
            <td style="width: 7.78%; vertical-align: top;">
              <div style="font-size: 12pt;">17.</div>
            </td>
            <td style="width: 83.65%; vertical-align: top;">
              <div style="font-size: 12pt;">Rights Certificate Holder Not Deemed a Stockholder</div>
            </td>
            <td style="width: 8.57%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">31</div>
            </td>
          </tr>
          <tr>
            <td style="width: 7.78%; vertical-align: top;">
              <div style="font-size: 12pt;">18.</div>
            </td>
            <td style="width: 83.65%; vertical-align: top;">
              <div style="font-size: 12pt;">The Rights Agent</div>
            </td>
            <td style="width: 8.57%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">32</div>
            </td>
          </tr>
          <tr>
            <td style="width: 7.78%; vertical-align: top;">
              <div style="font-size: 12pt;">19.</div>
            </td>
            <td style="width: 83.65%; vertical-align: top;">
              <div style="font-size: 12pt;">Merger or Consolidation or Change of Name of Rights Agent</div>
            </td>
            <td style="width: 8.57%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">32</div>
            </td>
          </tr>
          <tr>
            <td style="width: 7.78%; vertical-align: top;">
              <div style="font-size: 12pt;">20.</div>
            </td>
            <td style="width: 83.65%; vertical-align: top;">
              <div style="font-size: 12pt;">Rights and Duties of Rights Agent</div>
            </td>
            <td style="width: 8.57%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">33</div>
            </td>
          </tr>
          <tr>
            <td style="width: 7.78%; vertical-align: top;">
              <div style="font-size: 12pt;">21.</div>
            </td>
            <td style="width: 83.65%; vertical-align: top;">
              <div style="font-size: 12pt;">Change of Rights Agent</div>
            </td>
            <td style="width: 8.57%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">35</div>
            </td>
          </tr>
          <tr>
            <td style="width: 7.78%; vertical-align: top;">
              <div style="font-size: 12pt;">22.</div>
            </td>
            <td style="width: 83.65%; vertical-align: top;">
              <div style="font-size: 12pt;">Issuance of New Rights Certificates</div>
            </td>
            <td style="width: 8.57%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">36</div>
            </td>
          </tr>
          <tr>
            <td style="width: 7.78%; vertical-align: top;">
              <div style="font-size: 12pt;">23.</div>
            </td>
            <td style="width: 83.65%; vertical-align: top;">
              <div style="font-size: 12pt;">Redemption</div>
            </td>
            <td style="width: 8.57%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">37</div>
            </td>
          </tr>
          <tr>
            <td style="width: 7.78%; vertical-align: top;">
              <div style="font-size: 12pt;">24.</div>
            </td>
            <td style="width: 83.65%; vertical-align: top;">
              <div style="font-size: 12pt;">Exchange</div>
            </td>
            <td style="width: 8.57%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">37</div>
            </td>
          </tr>
          <tr>
            <td style="width: 7.78%; vertical-align: top;">
              <div style="font-size: 12pt;">25.</div>
            </td>
            <td style="width: 83.65%; vertical-align: top;">
              <div style="font-size: 12pt;">Notice of Certain Events</div>
            </td>
            <td style="width: 8.57%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">39</div>
            </td>
          </tr>
          <tr>
            <td style="width: 7.78%; vertical-align: top;">
              <div style="font-size: 12pt;">26.</div>
            </td>
            <td style="width: 83.65%; vertical-align: top;">
              <div style="font-size: 12pt;">Notices</div>
            </td>
            <td style="width: 8.57%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">39</div>
            </td>
          </tr>
          <tr>
            <td style="width: 7.78%; vertical-align: top;">
              <div style="font-size: 12pt;">27.</div>
            </td>
            <td style="width: 83.65%; vertical-align: top;">
              <div style="font-size: 12pt;">Supplements and Amendments</div>
            </td>
            <td style="width: 8.57%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">40</div>
            </td>
          </tr>
          <tr>
            <td style="width: 7.78%; vertical-align: top;">
              <div style="font-size: 12pt;">28.</div>
            </td>
            <td style="width: 83.65%; vertical-align: top;">
              <div style="font-size: 12pt;">Successors</div>
            </td>
            <td style="width: 8.57%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">41</div>
            </td>
          </tr>
          <tr>
            <td style="width: 7.78%; vertical-align: top;">
              <div style="font-size: 12pt;">29.</div>
            </td>
            <td style="width: 83.65%; vertical-align: top;">
              <div style="font-size: 12pt;">Determinations and Actions by the Board, etc</div>
            </td>
            <td style="width: 8.57%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">41</div>
            </td>
          </tr>

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

          <tr>
            <td style="width: 7.78%; vertical-align: top;">
              <div style="font-size: 12pt;">30.</div>
            </td>
            <td style="width: 83.65%; vertical-align: top;">
              <div style="font-size: 12pt;">Benefits of this Rights Agreement</div>
            </td>
            <td style="width: 8.57%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">41</div>
            </td>
          </tr>
          <tr>
            <td style="width: 7.78%; vertical-align: top;">
              <div style="font-size: 12pt;">31.</div>
            </td>
            <td style="width: 83.65%; vertical-align: top;">
              <div style="font-size: 12pt;">Severability</div>
            </td>
            <td style="width: 8.57%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">41</div>
            </td>
          </tr>
          <tr>
            <td style="width: 7.78%; vertical-align: top;">
              <div style="font-size: 12pt;">32.</div>
            </td>
            <td style="width: 83.65%; vertical-align: top;">
              <div style="font-size: 12pt;">Governing Law</div>
            </td>
            <td style="width: 8.57%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">42</div>
            </td>
          </tr>
          <tr>
            <td style="width: 7.78%; vertical-align: top;">
              <div style="font-size: 12pt;">33.</div>
            </td>
            <td style="width: 83.65%; vertical-align: top;">
              <div style="font-size: 12pt;">Counterparts</div>
            </td>
            <td style="width: 8.57%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">42</div>
            </td>
          </tr>
          <tr>
            <td style="width: 7.78%; vertical-align: top;">
              <div style="font-size: 12pt;">34.</div>
            </td>
            <td style="width: 83.65%; vertical-align: top;">
              <div style="font-size: 12pt;">Descriptive Headings</div>
            </td>
            <td style="width: 8.57%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">42</div>
            </td>
          </tr>
          <tr>
            <td style="width: 7.78%; vertical-align: top;">
              <div style="font-size: 12pt;">35.</div>
            </td>
            <td style="width: 83.65%; vertical-align: top;">
              <div style="font-size: 12pt;">Force Majeure</div>
            </td>
            <td style="width: 8.57%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">42</div>
            </td>
          </tr>
          <tr>
            <td style="width: 7.78%; vertical-align: top;">
              <div style="font-size: 12pt;">36.</div>
            </td>
            <td style="width: 83.65%; vertical-align: top;">
              <div style="font-size: 12pt;">Miscellaneous</div>
            </td>
            <td style="width: 8.57%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">42</div>
            </td>
          </tr>

      </table>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">ii</font></div>
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      </div>
      <!--PROfilePageNumberReset%Num%2%%%-->
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">This Stockholders&#8217; Rights Agreement (this &#8220;<u>Rights Agreement</u>&#8221; or &#8220;<u>Agreement</u>&#8221;) is made and entered into as of December 20, 2021, by and between
        Performance Shipping Inc., a Marshall Islands corporation (the &#8220;<u>Company</u>&#8221;), and Computershare Inc., a Delaware corporation, as Rights Agent (the &#8220;<u>Rights Agent</u>&#8221;).</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">WHEREAS, the Board of Directors of the Company (the &#8220;<u>Board</u>&#8221;) has (a) authorized and declared a dividend of one right (the &#8220;<u>Right</u>&#8221;) for each share
        of the Company&#8217;s common stock, par value $0.01 per share (the &#8220;Common Stock&#8221;) held of record as of the Close of Business (as hereinafter defined) on December 30, 2021 (the &#8220;<u>Record Date</u>&#8221;) and (b) has further authorized the issuance of one
        Right in respect of each share of Common Stock that shall become outstanding (i) at any time between the Record Date and the earliest of the Distribution Date, the Redemption Date or the Final Expiration Date (as such terms are hereinafter defined)
        or (ii) upon the exercise or conversion, prior to the earlier of the Redemption Date or the Final Expiration Date, of any option or other security exercisable for or convertible into shares of Common Stock, which option or other such security is
        outstanding on the Distribution Date;</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">WHEREAS, each Right represents the right of the holder thereof to purchase one one-thousandth of a share of Series A Participating Preferred Stock (as such
        number may hereafter be adjusted pursuant to the provisions hereof), upon the terms and subject to the conditions set forth herein, having the rights, preferences and privileges set forth in the Certificate of Designations of Series A Participating
        Preferred Stock, attached hereto as <u>Exhibit A</u>; and</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">NOW THEREFORE, in consideration of the premises and the mutual agreements set forth herein, the parties hereto hereby agree as follows:</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">1.&#160; &#160;&#160; <u>Certain Definitions</u>.&#160; For purposes of this Rights Agreement, the following terms have the meanings indicated:</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Aliki Paliou Group</u>&#8221; shall mean Aliki Paliou and her immediate family members and any entities controlled by Aliki Paliou or such immediate family
        members.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Aliki Paliou Affiliates and Associates</u>&#8221; shall mean the Affiliates and Associates of Aliki Paliou.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Acquiring Person</u>&#8221; shall mean any Person (as hereinafter defined) who or which, together with all Affiliates and Associates (as such terms are
        hereinafter defined) of such Person, shall be the Beneficial Owner (as hereinafter defined) of 10% or more of the shares of Common Stock then outstanding, but shall not include the Company, any Subsidiary (as hereinafter defined) of the Company or
        any employee benefit plan of the Company or of any Subsidiary of the Company, or any Person holding shares of Common Stock for or pursuant to the terms of any such plan.&#160; Notwithstanding the foregoing, no Person shall be deemed to be an Acquiring
        Person if such Person shall become the Beneficial Owner of 10% or more of the shares of Common Stock then outstanding solely as a result of a grant under a Company equity incentive plan, a dividend or distribution paid or made by the Company on the
        outstanding shares of Common Stock in shares of Common Stock or pursuant to a split or subdivision of the outstanding shares of Common Stock; provided, however, that a Person who (i) becomes the Beneficial Owner of</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">2</font></div>
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      </div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">10% or more of the shares of Common Stock of the Company then outstanding by reason of a grant under a Company equity incentive plan, dividend or distribution paid or made by the
        Company on the outstanding shares of Common Stock in shares of Common Stock or pursuant to a split or subdivision of the outstanding shares of Common Stock and (ii) becomes the Beneficial Owner of any additional shares of Common Stock of the
        Company (other than pursuant to an additional grant under a Company equity incentive plan, dividend or distribution paid or made by the Company on the outstanding shares of Common Stock in shares of Common Stock or pursuant to a split or
        subdivision of the outstanding shares of Common Stock), shall be deemed to be an Acquiring Person unless upon becoming the Beneficial Owner of such additional shares of Common Stock of the Company such Person does not beneficially own 10% or more
        of the shares of Common Stock of the Company then outstanding.&#160; Notwithstanding the foregoing, no Person shall be deemed to be an Acquiring Person as the result of an acquisition of shares of Common Stock by the Company or any subsidiary of the
        Company or an employee benefit plan of the Company which, by reducing the number of shares outstanding, increases the proportionate number of shares beneficially owned by such Person to 10% or more of the shares of Common Stock of the Company then
        outstanding; provided, however, that a Person who (i) becomes the Beneficial Owner of 10% or more of the shares of Common Stock of the Company then outstanding by reason of share purchases by the Company or any Subsidiary of the Company or an
        employee benefit plan of the Company and (ii) after such share purchases, becomes the Beneficial Owner of any additional shares of Common Stock of the Company (other than pursuant to a grant under a Company equity incentive plan, a dividend or
        distribution paid or made by the Company on the outstanding shares of Common Stock in shares of Common Stock or pursuant to a split or subdivision of the outstanding shares of Common Stock), shall be deemed to be an Acquiring Person unless upon
        becoming the Beneficial Owner of such additional shares of Common Stock of the Company such Person does not beneficially own 10% or more of the shares of Common Stock of the Company then outstanding.&#160; Notwithstanding the foregoing, if the Board
        determines in good faith that a Person who would otherwise be an &#8220;Acquiring Person,&#8221; as defined pursuant to the foregoing provisions of this paragraph, has become such inadvertently (including, without limitation, because (A) such Person was
        unaware that it beneficially owned a percentage of the shares of Common Stock that would otherwise cause such Person to be an &#8220;Acquiring Person,&#8221; as defined pursuant to the foregoing provisions of this paragraph, or (B) such Person was aware of the
        extent of the shares of Common Stock it beneficially owned but had no actual knowledge of the consequences of such beneficial ownership under this Rights Agreement) and without any intention of changing or influencing control of the Company, and if
        such Person divested or divests as promptly as practicable a sufficient number of shares of Common Stock so that such Person would no longer be an Acquiring Person, as defined pursuant to the foregoing provisions of this paragraph, then such Person
        shall not be deemed to be or have ever been an Acquiring Person for any purposes of this Rights Agreement.&#160; Notwithstanding the foregoing, if, as of the date hereof, any Person is the Beneficial Owner of 10% or more of the shares of Common Stock
        outstanding, such Person shall not be or become an &#8220;Acquiring Person,&#8221; as defined herein, unless and until such time as such Person shall become the Beneficial Owner of additional shares of Common Stock in an amount in excess of 1% of the Company&#8217;s
        then outstanding common stock, (excluding shares acquired pursuant to a grant under a Company equity incentive plan, a dividend or distribution paid or made by the Company on the outstanding shares of Common Stock in shares of Common Stock</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">3</font></div>
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      </div>
      <div style="text-align: justify; font-size: 12pt;">or pursuant to a split or subdivision of the outstanding shares of Common Stock), unless upon becoming the Beneficial Owner of such additional shares of Common Stock, such Person is not then the
        beneficial owner of 10% or more of the shares of Common Stock then outstanding. Notwithstanding the foregoing, (i) none of the Aliki Paliou Group shall be considered an Acquiring Person, and (ii) none of the Aliki Paliou Affiliates and Associates
        shall be considered an Acquiring Person, except to the extent that such Aliki Paliou Affiliates and Associates would otherwise be deemed an Acquiring Person after excluding any Beneficial Ownership of Common Stock that is attributable to such Aliki
        Paliou Affiliates and Associates solely by virtue of their relationship as Affiliates and Associates of Aliki Paliou.</div>
      <div style="text-align: justify; font-size: 12pt;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Adjustment fraction</u>&#8221; shall have the meaning set forth in Section 11(a)(i) hereof.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Affiliate</u>&#8221; and &#8220;<u>Associate</u>&#8221; shall have the respective meanings ascribed to such terms in Rule 12b-2 of the General Rules and Regulations under
        the Exchange Act (as hereinafter defined), as in effect on the date of this Rights Agreement.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">A Person shall be deemed the &#8220;<u>Beneficial Owner</u>&#8221; of, and shall be deemed to &#8220;<u>Beneficially Own</u>,&#8221; any securities:</div>
      <div style="text-align: justify; text-indent: -36pt; margin-left: 144pt; font-size: 12pt;">&#160; (i)&#160; &#160;&#160; which such Person or any of such Person&#8217;s Affiliates or Associates beneficially owns, directly or indirectly, for purposes of Section 13(d) of the
        Exchange Act and Rule 13d-3 thereunder (or any comparable or successor law or regulation);</div>
      <div style="text-align: justify; text-indent: -36pt; margin-left: 144pt; font-size: 12pt;"> <br>
      </div>
      <div style="text-align: justify; text-indent: -36pt; margin-left: 144pt; font-size: 12pt;">(ii)&#160; &#160;&#160; which such Person or any of such Person&#8217;s Affiliates or Associates has (A) the right to acquire or direct the acquisition of (whether such right is
        exercisable immediately or only after the passage of time) pursuant to any agreement, arrangement or understanding (other than customary agreements with and between underwriters and selling group members with respect to a bona fide public offering
        of securities), or upon the exercise of conversion rights, exchange rights, rights (other than the Rights), warrants or options, or otherwise; <u>provided</u>, <u>however</u>, that a Person shall not be deemed pursuant to this subsection (ii)(A)
        to be the beneficial owner of, or to beneficially own, (1) securities tendered pursuant to a tender or exchange offer made by or on behalf of such Person or any of such Person&#8217;s Affiliates or Associates until such tendered securities are accepted
        for purchase or exchange, or (2) securities which a Person or any of such Person&#8217;s Affiliates or Associates may be deemed to have the right to acquire pursuant to any merger or other acquisition agreement between the Company and such Person (or one
        or more of its Affiliates or Associates) if such agreement has been approved by the Board prior to there being an Acquiring</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">4</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
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      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 12pt; margin-left: 144pt;">Person; or (B) the right to vote pursuant to any agreement, arrangement or understanding or otherwise; <font style="font-family: 'Times New Roman', Times, serif;"><u>provided</u></font>, <font style="font-family: 'Times New Roman', Times, serif;"><u>however</u></font>, that a Person shall not be deemed the beneficial owner of, or to beneficially own, any security under
        this subsection (ii)(B) if the agreement, arrangement or understanding to vote such security (1) arises solely from a revocable proxy or consent given to such Person in response to a public proxy or consent solicitation made pursuant to, and in
        accordance with, the applicable rules and regulations of the Exchange Act and (2) is not also then reportable on Schedule 13D under the Exchange Act (or any comparable or successor report); or</div>
      <div style="text-align: justify; font-size: 12pt;"> <br>
      </div>
      <div style="text-align: justify; text-indent: -36pt; margin-left: 144pt; margin-bottom: 12pt; font-size: 12pt;">(iii)&#160; &#160;&#160; which are beneficially owned, directly or indirectly, by any other Person (or any Affiliate or Associate thereof) with which
        such Person or any of such Person&#8217;s Affiliates or Associates has any agreement, arrangement or understanding, whether or not in writing (other than customary agreements with and between underwriters and selling group members with respect to a bona
        fide public offering of securities) for the purpose of acquiring, holding, voting (except to the extent contemplated by the proviso to subsection (ii)(B) above) or disposing of any securities of the Company; <u>provided</u>, <u>however</u>, that
        in no case shall an officer or director of the Company be deemed (x) the beneficial owner of any securities beneficially owned by another officer or director of the Company solely by reason of actions undertaken by such persons in their capacity as
        officers or directors of the Company or (y) the beneficial owner of securities held of record by the trustee of any employee benefit plan of the Company or any Subsidiary of the Company for the benefit of any employee of the Company or any
        Subsidiary of the Company, other than the officer or director, by reason of any influence that such officer or director may have over the voting of the securities held in the plan.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Book Entry Shares</u>&#8221; shall have the meaning set forth in Section 3 hereof.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Business Day</u>&#8221; shall mean any day other than a Saturday, a Sunday or a day on which banking institutions in New Jersey or New York are authorized or
        obligated by law or executive order to close.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Close of Business</u>&#8221; on any given date shall mean 5:00 P.M., New York time, on such date; <u>provided</u>, <u>however</u>, that if such date is not a
        Business Day it shall mean 5:00 P.M., New York time, on the next succeeding Business Day.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Common Stock</u>&#8221; shall have the meaning set forth in the preamble.&#160; Common Stock when used with reference to any Person other than the Company shall mean
        the capital stock (or equity interest) with the greatest voting power of such other Person or, if such other Person is a Subsidiary of another Person, the Person or Persons which ultimately control such first-mentioned Person.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">5</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Common Stock Equivalents</u>&#8221; shall have the meaning set forth in Section 11(a)(iii) hereof.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Company</u>&#8221; shall have the meaning set forth in the preamble, subject to the terms of Section 13(a)(iii)(C) hereof.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Current Per Share Market Price</u>&#8221; of any security (a &#8220;Security&#8221; for purposes of this definition), for all computations other than those made pursuant to
        Section 11(a)(iii) hereof, shall mean the average of the daily closing prices per share of such Security for the thirty (30) consecutive Trading Days immediately prior to but not including such date, and for purposes of computations made pursuant
        to Section 11(a)(iii) hereof, the Current Per Share Market Price of any Security on any date shall be deemed to be the average of the daily closing prices per share of such Security for the ten (10) consecutive Trading Days immediately prior to but
        not including such date; <u>provided</u>, <u>however</u>, that in the event that the Current Per Share Market Price of the Security is determined during a period following the announcement by the issuer of such Security of (i) a dividend or
        distribution on such Security payable in shares of such Security or securities convertible into such shares or (ii) any subdivision, combination or reclassification of such Security, and prior to the expiration of the applicable thirty (30) Trading
        Day or ten (10) Trading Day period, after the ex-dividend date for such dividend or distribution, or the record date for such subdivision, combination or reclassification, then, and in each such case, the Current Per Share Market Price shall be
        appropriately adjusted to reflect the current market price per share equivalent of such Security.&#160; The closing price for each day shall be the last sale price, regular way, or, in case no such sale takes place on such day, the average of the
        closing bid and asked prices, regular way, in either case as reported in the principal consolidated transaction reporting system with respect to securities listed or admitted to trading on the New York Stock Exchange or, if the Security is not
        listed or admitted to trading on the New York Stock Exchange, as reported in the principal consolidated transaction reporting system with respect to securities listed on the principal national securities exchange on which the Security is listed or
        admitted to trading or, if the Security is not listed or admitted to trading on any national securities exchange, the last sale price or, if such last sale price is not reported, the average of the high bid and low asked prices in the
        over-the-counter market, as reported by Nasdaq or such other system then in use, or, if on any such date the Security is not quoted by any such organization, the average of the closing bid and asked prices as furnished by a professional market
        maker making a market in the Security selected by the Board.&#160; If on any such date no market maker is making a market in the Security, the fair value of such shares on such date as determined in good faith by the Board shall be used.&#160; If the
        Preferred Shares are not publicly traded, the Current Per Share Market Price of the Preferred Shares shall be conclusively deemed to be the Current Per Share Market Price of the shares of Common Stock as determined pursuant to this definition, as
        appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring after the date hereof, multiplied by 1000.&#160; If the Security is not publicly held or so listed or traded, Current Per Share Market Price shall mean
        the fair value per share as determined in good faith by the Board, whose determination shall be described in a statement filed with the Rights Agent and shall be conclusive for all purposes.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Current Value</u>&#8221; shall have the meaning set forth in Section 11(a)(iii) hereof.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">6</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Distribution Date</u>&#8221; shall mean the earlier of (i) the Close of Business on the tenth calendar day after the Shares Acquisition Date (or, if the tenth
        calendar day after the Shares Acquisition Date occurs before the Record Date, the Close of Business on the Record Date) or (ii) the Close of Business on the tenth Business Day (or such later date as may be determined by action of the Board) after
        the date that a tender or exchange offer by any Person (other than the Company, any Subsidiary of the Company, any employee benefit plan of the Company or of any Subsidiary of the Company, or any Person or entity organized, appointed or established
        by the Company for or pursuant to the terms of any such plan) is first published or sent or given within the meaning of Rule 14d-2(a) of the General Rules and Regulations under the Exchange Act, if, assuming the successful consummation thereof,
        such Person would be an Acquiring Person.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Equivalent Shares</u>&#8221; shall mean Preferred Shares and any other class or series of capital stock of the Company which is entitled to the same rights,
        privileges and preferences as the Preferred Shares.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Exchange Act</u>&#8221; shall mean the Securities Exchange Act of 1934, as amended.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Exchange Ratio</u>&#8221; shall have the meaning set forth in Section 24(a) hereof.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Exercise Price</u>&#8221; shall have the meaning set forth in Section 4(a) hereof.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Expiration Date</u>&#8221; shall mean the earliest to occur of: (i) the Close of Business on the Final Expiration Date, (ii) the Redemption Date, or (iii) the
        time at which the Board orders the exchange of the Rights as provided in Section 24 hereof.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Final Expiration Date</u>&#8221; shall mean December 20, 2031.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Nasdaq</u>&#8221; shall mean the National Association of Securities Dealers, Inc. Automated Quotations System.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Person</u>&#8221; shall mean any individual, firm, corporation, limited liability company, partnership, trust or other entity, and shall include any successor
        (by merger or otherwise) thereof or thereto.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Post-Event Transferee</u>&#8221; shall have the meaning set forth in Section 7(e) hereof.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Preferred Shares</u>&#8221; shall mean shares of Series A Participating Preferred Stock, $0.01 par value, of the Company having the rights and preferences set
        forth in the Form of Certificate of Designation, Preferences and Rights included as Exhibit A to this Stockholders&#8217; Rights Plan.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Pre-Event Transferee</u>&#8221; shall have the meaning set forth in Section 7(e) hereof.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Principal Party</u>&#8221; shall have the meaning set forth in Section 13(b) hereof.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Record Date</u>&#8221; shall have the meaning set forth in the recitals at the beginning of this Rights Agreement.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">7</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Redemption Date</u>&#8221; shall have the meaning set forth in Section 23(a) hereof.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Redemption Price</u>&#8221; shall have the meaning set forth in Section 23(a) hereof.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Rights Agent</u>&#8221; shall mean Computershare Inc., or its successor or replacement as provided in Sections 19 and 21 hereof.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Rights Certificate</u>&#8221; shall mean a certificate substantially in the form attached hereto as <u>Exhibit B</u>.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Section 11(a)(ii) Trigger Date</u>&#8221; shall have the meaning set forth in Section 11(a)(iii) hereof.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Section 13 Event</u>&#8221; shall mean any event described in clause (i), (ii) or (iii) of Section 13(a) hereof.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>SEC&#8221;</u> shall mean the U.S. Securities and Exchange Commission or any successor thereto.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Securities Act</u>&#8221; shall mean the Securities Act of 1933, as amended.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Shares Acquisition Date</u>&#8221; shall mean the first date of public announcement (which, for purposes of this definition shall include, without limitation, a
        report filed pursuant to Section 13(d) under the Exchange Act) by the Company or an Acquiring Person that an Acquiring Person has become such; provided that, if such Person is determined not to have become an Acquiring Person as defined herein,
        then no Shares Acquisition Date shall be deemed to have occurred.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Spread</u>&#8221; shall have the meaning set forth in Section 11(a)(iii) hereof.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Subsidiary</u>&#8221; of any Person shall mean any corporation or other entity of which an amount of voting securities sufficient to elect a majority of the
        directors or Persons having similar authority of such corporation or other entity is Beneficially Owned, directly or indirectly, by such Person, or any corporation or other entity otherwise controlled by such Person.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Substitution Period</u>&#8221; shall have the meaning set forth in Section 11(a)(iii) hereof.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Summary of Rights</u>&#8221; shall mean a summary of this Rights Agreement substantially in the form attached hereto as <u>Exhibit C</u>.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Total Exercise Price</u>&#8221; shall have the meaning set forth in Section 4(a) hereof.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<u>Trading Day</u>&#8221; shall mean a day on which the principal national securities exchange on which a referenced security is listed or admitted to trading is
        open for the transaction of business or, if a referenced security is not listed or admitted to trading on any national securities exchange, a Business Day.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">8</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">A &#8220;<u>Triggering Event</u>&#8221; shall be deemed to have occurred upon any Person, becoming an Acquiring Person.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">2.&#160; &#160;&#160; <u>Appointment of Rights Agent</u>.&#160; The Company hereby appoints the Rights Agent to act as rights agent for the Company in accordance with the express
        terms and conditions hereof (and no implied terms and conditions), and the Rights Agent hereby accepts such appointment.&#160; The Company may from time to time appoint such co-Rights Agent as it may deem necessary or desirable, upon ten (10) days&#8217;
        prior written notice to the Rights Agent setting forth the respective duties of the Rights Agent and any co-Rights Agent.&#160; The Rights Agent shall have no duty to supervise, and in no event shall be liable for, the acts or omissions of any such
        co-Rights Agent appointed by the Company.</div>
      <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">3.&#160; &#160;&#160; <u>Issuance of Rights Certificates</u>.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(a)&#160; &#160;&#160; Until the Distribution Date, (i) the Rights will be evidenced (subject to the provisions of Sections 3(b) and 3(c) hereof) by the certificates for
        shares of Common Stock registered in the names of the holders thereof or, in the case of uncertificated Common Stock registered in book entry form (&#8220;<u>Book Entry Shares</u>&#8221;), by notation in book entry accounts reflecting the ownership of such
        Common Stock (which certificates and Book Entry Shares, as applicable, shall also be deemed to be Rights Certificates) and not by separate Rights Certificates and (ii) the right to receive Rights Certificates will be transferable only in connection
        with the transfer of shares of Common Stock.&#160; Until the earlier of the Distribution Date or the Expiration Date, the transfer of shares of Common Stock shall also constitute the transfer of the Rights associated with such shares of Common Stock.&#160;
        As soon as practicable after the Distribution Date, the Company will prepare and execute, the Rights Agent will countersign, and the Company will send or cause to be sent (or the Rights Agent will, if requested to do so by the Company and provided
        with all necessary information and documentation, in form and substance reasonably satisfactory to the Rights Agent, send) by first-class, postage-prepaid mail, to each record holder of shares of Common Stock as of the Close of Business on the
        Distribution Date, at the address of such holder shown on the records of the Company, or the transfer agent or registrar for the Common Stock, a Rights Certificate, in substantially the form of Exhibit B hereto, evidencing one Right for each share
        of Common Stock so held, subject to adjustment as provided herein.&#160; In the event that an adjustment in the number of Rights per share of Common Stock has been made pursuant to Section 11 hereof, then at the time of distribution of the Rights
        Certificates, the Company shall make the necessary and appropriate rounding adjustments (in accordance with Section 14(a) hereof) so that Rights Certificates representing only whole numbers of Rights are distributed and cash is paid in lieu of any
        fractional Rights.&#160; As of the Distribution Date, the Rights will be evidenced solely by such Rights Certificates and may be transferred by the transfer of the Rights Certificates as permitted hereby, separately and apart from any transfer of shares
        of Common Stock, and the holders of such Rights Certificates as listed in the records of the Company or any transfer agent or registrar for the Rights shall be the record holders thereof.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">The Company shall promptly notify the Rights Agent of the occurrence of the Distribution Date and, if such notification is given orally, the Company shall
        confirm same in writing on or prior to the next Business Day.&#160; Until such notice is received by the Rights Agent, whether written or oral, the Rights Agent may presume conclusively for all purposes that the Distribution Date has not occurred.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">9</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(b)&#160; &#160;&#160; On the Record Date or as soon as practicable thereafter, the Company will send a copy of the Summary of Rights by first-class, postage-prepaid mail, to
        each record holder of shares of Common Stock as of the Close of Business on the Record Date, at the address of such holder shown on the records of the Company or the transfer agent or registrar for the Common Stock.&#160; With respect to certificates
        for shares of Common Stock and Book Entry Shares, as applicable, outstanding as of the Record Date, until the Distribution Date, the Rights will be evidenced by such certificates or Book Entry Shares, registered in the names of the holders thereof
        together with the Summary of Rights.&#160; Until the Distribution Date (or, if earlier, the Expiration Date), the transfer of any shares of Common Stock outstanding on the Record Date, with or without a copy of the Summary of Rights, shall also
        constitute the transfer of the Rights associated with such shares of Common Stock.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(c)&#160; &#160;&#160; Unless the Board by resolution adopted at or before the time of the issuance of any shares of Common Stock specifies to the contrary, Rights shall be
        issued in respect of all shares of Common Stock that are issued after the Record Date but prior to the earlier of the Distribution Date or the Expiration Date or, in certain circumstances provided in Section 22 hereof, after the Distribution Date.&#160;
        Certificates and Book Entry Shares representing such shares of Common Stock shall also be deemed to be certificates for Rights, and shall bear a legend in substantially the following form:</div>
      <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-weight: bold;">THIS CERTIFICATE ALSO EVIDENCES AND ENTITLES THE HOLDER HEREOF TO CERTAIN RIGHTS AS SET FORTH IN THE STOCKHOLDERS&#8217; RIGHTS AGREEMENT BETWEEN PERFORMANCE
        SHIPPING INC. AND COMPUTERSHARE INC. (OR ANY SUCCESSOR RIGHTS AGENT), AS THE RIGHTS AGENT, DATED AS OF DECEMBER 20, 2021, AS THE SAME MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME (THE &#8220;RIGHTS AGREEMENT&#8221;), THE TERMS OF WHICH ARE HEREBY
        INCORPORATED HEREIN BY REFERENCE AND A COPY OF WHICH IS ON FILE AT THE PRINCIPAL EXECUTIVE OFFICES OF PERFORMANCE SHIPPING INC.&#160; UNDER CERTAIN CIRCUMSTANCES, AS SET FORTH IN THE RIGHTS AGREEMENT, SUCH RIGHTS WILL BE EVIDENCED BY SEPARATE
        CERTIFICATES AND WILL NO LONGER BE EVIDENCED BY THIS CERTIFICATE. PERFORMANCE SHIPPING INC. WILL MAIL TO THE HOLDER OF THIS CERTIFICATE A COPY OF THE RIGHTS AGREEMENT WITHOUT CHARGE AFTER RECEIPT OF A WRITTEN REQUEST THEREFOR.&#160; UNDER CERTAIN
        CIRCUMSTANCES SET FORTH IN THE RIGHTS AGREEMENT, RIGHTS ISSUED TO, OR HELD BY, ANY PERSON WHO IS, WAS OR BECOMES AN ACQUIRING PERSON OR ANY AFFILIATE OR ASSOCIATE THEREOF (AS SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT), WHETHER CURRENTLY HELD
        BY OR ON BEHALF OF SUCH PERSON OR BY ANY SUBSEQUENT HOLDER, MAY BECOME NULL AND VOID.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">With respect to such certificates or Book Entry Shares, as applicable, containing a legend in substantially the form as the foregoing legend, until the earlier of (i) the
        Distribution Date or (ii) the Expiration Date, the Rights associated with the shares of Common Stock represented by such certificates or Book Entry Shares, as applicable, shall be evidenced by such certificates or Book Entry Shares, as applicable,
        alone, and the transfer of any such certificate or Book Entry Shares, as applicable, shall also constitute the transfer of the Rights associated with the shares of Common Stock represented thereby.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(d)&#160; &#160;&#160; In the event that the Company purchases or acquires any shares of Common Stock after the Record Date but prior to the Distribution Date, any Rights
        associated with such shares of Common Stock shall be deemed canceled and retired so that the Company shall not be entitled to exercise any Rights associated with the shares of Common Stock which are no longer outstanding.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">10</font></div>
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      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(e)&#160; &#160;&#160; Notwithstanding the provisions of this section, neither the omission of a legend nor the failure to deliver the notice of such legend required hereby
        shall affect the enforceability of any part of this Agreement or the rights of any holder of Rights.</div>
      <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">4.&#160; &#160;&#160; <u>Form of Rights Certificates</u>.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(a)&#160; &#160;&#160; The Rights Certificates (and the forms of election to purchase shares of Series A Preferred Stock and of assignment to be printed on the reverse
        thereof) shall be substantially in the form of <u>Exhibit B</u> hereto and may have such marks of identification or designation and such legends, summaries or endorsements printed thereon as the Company may deem appropriate (but which do not
        affect the rights, duties, liabilities, protections or responsibilities of the Rights Agent hereunder) and as are not inconsistent with the provisions of this Rights Agreement, or as may be required to comply with any applicable law or with any
        rule or regulation made pursuant thereto or with any rule or regulation of any stock exchange or a national market system, on which the Rights may from time to time be listed or traded, or to conform to usage.&#160; Subject to the provisions of Section
        11 and Section 22 hereof, the Rights Certificates, whenever distributed, shall be dated as of the Record Date (or in the case of Rights issued with respect to shares of Common Stock issued by the Company after the Record Date, as of the date of
        issuance of such shares of Common Stock) and on their face shall entitle the holders thereof to purchase such number of one one-thousandth of a Preferred Share as shall be set forth therein at the price set forth therein (such exercise price per
        one one-thousandth of a Preferred Share being hereinafter referred to as the &#8220;<u>Exercise Price</u>&#8221; and the aggregate Exercise Price of all Preferred Shares issuable upon exercise of one Right being hereinafter referred to as the &#8220;<u>Total
          Exercise Price</u>&#8221;), but the number and type of securities purchasable upon the exercise of each Right and the Exercise Price shall be subject to adjustment as provided herein.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(b)&#160; &#160;&#160; Any Rights Certificate issued pursuant to Section 3(a) or Section 22 hereof that represents Rights beneficially owned by: (i) an Acquiring Person or
        any Associate or Affiliate of an Acquiring Person, (ii) a transferee of an Acquiring Person (or of any such Associate or Affiliate) who becomes a transferee after the Acquiring Person becomes such or (iii) a transferee of an Acquiring Person (or of
        any such Associate or Affiliate) who becomes a transferee prior to or concurrently with the Acquiring Person becoming such and receives such Rights pursuant to either (A) a transfer (whether or not for consideration) from the Acquiring Person to
        holders of equity interests in such Acquiring Person or to any Person with whom such Acquiring Person has any continuing agreement, arrangement or understanding regarding the transferred Rights or (B) a transfer which the Board has determined is
        part of a plan, arrangement or understanding which has as a primary purpose or effect avoidance of Section 7(e) hereof, and any Rights Certificate issued pursuant to Section 6 or Section 11 hereof upon transfer, exchange, replacement or adjustment
        of any other Rights Certificate referred to in this sentence, shall contain (to the extent the Rights Agent has received written notice thereof and to the extent feasible) a legend in substantially the following form:</div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">11</font></div>
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      <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-weight: bold;">THE RIGHTS REPRESENTED BY THIS RIGHTS CERTIFICATE ARE OR WERE BENEFICIALLY OWNED BY A PERSON WHO WAS OR BECAME AN ACQUIRING PERSON OR AN AFFILIATE OR
        ASSOCIATE OF AN ACQUIRING PERSON (AS SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT).&#160; ACCORDINGLY, THIS RIGHTS CERTIFICATE AND THE RIGHTS REPRESENTED HEREBY MAY BECOME NULL AND VOID IN THE CIRCUMSTANCES SPECIFIED IN SECTION 7(e) OF THE RIGHTS
        AGREEMENT</div>
      <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">5.&#160; &#160;&#160; <u>Countersignature and Registration</u>.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(a)&#160; &#160;&#160; The Rights Certificates shall be duly executed on behalf of the Company by its Chairman of the Board, its Chief Executive Officer, its Chief Financial
        Officer, its President or any Vice President, either manually or by facsimile signature, and by the Secretary or an Assistant Secretary of the Company, either manually or by facsimile signature, and shall have affixed thereto the Company&#8217;s seal (if
        any) or a facsimile thereof.&#160; The Rights Certificates shall be either manually or by facsimile signature countersigned by an authorized signatory of the Rights Agent and shall not be valid for any purpose unless countersigned.&#160; In case any officer
        of the Company who shall have signed any of the Rights Certificates shall cease to be such officer of the Company before countersignature by the Rights Agent and issuance and delivery by the Company, such Rights Certificates, nevertheless, may be
        countersigned by the Rights Agent and issued and delivered by the Company with the same force and effect as though the person who signed such Rights Certificates on behalf of the Company had not ceased to be such officer of the Company; and any
        Rights Certificate may be signed on behalf of the Company by any person who, at the actual date of the execution of such Rights Certificate, shall be a proper officer of the Company to sign such Rights Certificate, although at the date of the
        execution of this Rights Agreement any such person was not such an officer.&#160; In case any authorized signatory of the Rights Agent who has countersigned any Rights Certificate ceases to be an authorized signatory of the Rights Agent before issuance
        and delivery by the Company, such Rights Certificate, nevertheless, may be issued and delivered by the Company with the same force and effect as though the person who countersigned such Rights Certificate had not ceased to be an authorized
        signatory of the Rights Agent; and any Rights Certificate may be countersigned on behalf of the Rights Agent by any person who, at the actual date of the countersignature of such Rights Certificate, is properly authorized to countersign such Rights
        Certificate, although at the date of the execution of this Rights Agreement any such person was not so authorized.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(b)&#160; &#160;&#160; Following the Distribution Date, upon receipt by the Rights Agent of notice to that effect and all other relevant information and documents referred to
        in Section&#160;3(a), the Rights Agent will keep or cause to be kept, at its office designated for such purposes, books for registration and transfer of the Rights Certificates issued hereunder.&#160; Such books shall show the names and addresses of the
        respective holders of the Rights Certificates, the number of Rights evidenced on its face by each of the Rights Certificates and the date of each of the Rights Certificates.</div>
      <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">6.&#160; &#160;&#160; <u>Transfer, Split Up, Combination and Exchange of Rights Certificates; Mutilated, Destroyed, Lost or Stolen Rights Certificates</u>.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(a)&#160; &#160;&#160; Subject to the provisions of Sections 7(e), 14 and 24 hereof, at any time after the Close of Business on the Distribution Date, and at or prior to the
        Close of Business on the Expiration Date, any Rights Certificate or Rights Certificates may be transferred, split up,</div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">12</font></div>
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      <div style="text-align: justify; font-size: 12pt;">combined or exchanged for another Rights Certificate or Rights Certificates, entitling the registered holder to purchase a like number of one one-thousandth of a Preferred Share (or, following a
        Triggering Event, other securities, cash or other assets, as the case may be) as the Rights Certificate or Rights Certificates surrendered then entitled such holder to purchase.&#160; Any registered holder desiring to transfer, split up, combine or
        exchange any Rights Certificate or Rights Certificates shall make such request in writing delivered to the Rights Agent, and shall surrender the Rights Certificate or Rights Certificates to be transferred, split up, combined or exchanged at the
        office of the Rights Agent designated for such purpose, along with a signature guarantee (if required) and such other and further documentation as the Company or the Rights Agent may reasonably request.&#160; The Rights Certificates are transferable
        only on the registry books of the Rights Agent.&#160; Neither the Rights Agent nor the Company shall be obligated to take any action whatsoever with respect to the transfer of any such surrendered Rights Certificate or Rights Certificates until the
        registered holder shall have properly completed and duly signed the certificate contained in the form of assignment on the reverse side of such Rights Certificate and shall have provided such additional evidence of the identity of the Beneficial
        Owner (or former Beneficial Owner) thereof and of the Rights evidenced thereby and the Affiliates and Associates of such Beneficial Owner (or former Beneficial Owner) as the Company or the Rights Agent shall reasonably request.&#160; Thereupon the
        Rights Agent shall, subject to Sections 7(e), 14 and 24 hereof, countersign and deliver to the person entitled thereto a Rights Certificate or Rights Certificates, as the case may be, as so requested.&#160; The Company may require payment of a sum
        sufficient to cover any tax or charge that may be imposed in connection with any transfer, split up, combination or exchange of Rights Certificates as required by Section 9(e) hereof. If and to the extent the Company does require payment of any
        such taxes or charges, the Company shall give the Rights Agent prompt written notice thereof and the Rights Agent shall not deliver any Rights Certificate unless and until it is satisfied that all such payments have been made. The Rights Agent
        shall forward any such sum collected by it to the Company or to such Persons as the Company shall specify by written notice.&#160; The Rights Agent shall have no duty or obligation under any Section of this Agreement requiring the payment of taxes and
        charges, unless and until it is satisfied that all such taxes and/or charges have been paid.</div>
      <div style="text-align: justify; font-size: 12pt;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(b)&#160; &#160;&#160; Upon receipt by the Company and the Rights Agent of evidence satisfactory to them of the loss, theft, destruction or mutilation of a Rights
        Certificate, and, in case of loss, theft or destruction, of indemnity or security satisfactory to them, along with such other and further documentation as the Company or the Rights Agent may reasonably request and reimbursement to the Company and
        the Rights Agent of all reasonable expenses incidental thereto, and upon surrender to the Rights Agent and cancellation of the Rights Certificate if mutilated, the Company will make and deliver a new Rights Certificate of like tenor to the Rights
        Agent for countersignature and delivery to the registered holder in lieu of the Rights Certificate so lost, stolen, destroyed or mutilated.</div>
      <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">7.&#160; &#160;&#160; <u>Exercise of Rights; Exercise Price; Expiration Date of Rights</u>.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(a)&#160; &#160;&#160; Subject to Sections 7(e), 23(b) and 24(b) hereof, the registered holder of any Rights Certificate may exercise the Rights evidenced thereby (except as
        otherwise provided herein) in whole or in part at any time after the Distribution Date and prior to the Close of Business on the Expiration Date by surrender of the Rights Certificate, with the form of election to purchase and the certificate on
        the reverse side thereof properly completed and duly executed</div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">13</font></div>
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      <div style="text-align: justify; font-size: 12pt;">(with such signature duly guaranteed, if required), to the Rights Agent at the office of the Rights Agent designated for such purpose, together with payment of the Exercise Price for each one
        one-thousandth of a Preferred Share (or, following a Triggering Event, other securities, cash or other assets as the case may be) as to which the Rights are exercised, and an amount equal to any tax or charge required to be paid under Section 9(e)
        hereof, by certified check, cashier&#8217;s check, bank draft or money order payable to the order of the Company.&#160; Except for those provisions herein that expressly survive the termination of this Rights Agreement, this Rights Agreement shall terminate
        at such time as the Rights are no longer exercisable hereunder.</div>
      <div style="text-align: justify; font-size: 12pt;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(b)&#160; &#160;&#160; The Exercise Price for each one one-thousandth of a Preferred Share issuable pursuant to the exercise of a Right shall be fifty U.S. Dollars ($50.00),
        shall be subject to adjustment from time to time as provided in Sections 11 and 13 hereof and shall be payable in lawful money of the United States of America in accordance with paragraph (c) below.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(c)&#160; &#160;&#160; Upon receipt of a Rights Certificate representing exercisable Rights, with the form of election to purchase and the certificate on the reverse side
        thereof properly completed and duly executed, accompanied by payment of the Exercise Price for the number of one one-thousandth of a Preferred Share (or, following a Triggering Event, other securities, cash or other assets as the case may be) to be
        purchased and an amount equal to any applicable tax or charge required to be paid by the holder of such Rights Certificate in accordance with Section 9(e) hereof, the Rights Agent shall, subject to Section 20(k) hereof, thereupon promptly (i) (A)
        requisition from any transfer agent of the Preferred Shares (or make available, if the Rights Agent is the transfer agent for the Preferred Shares) a certificate or certificates for the number of one one-thousandth of a Preferred Share (or,
        following a Triggering Event, other securities, cash or other assets as the case may be) to be purchased and the Company hereby irrevocably authorizes its transfer agent to comply with all such requests or (B) if the Company shall have elected to
        deposit the total number of one one-thousandth of a Preferred Share (or, following a Triggering Event, other securities, cash or other assets as the case may be) issuable upon exercise of the Rights hereunder with a depositary agent, requisition
        from the depositary agent depositary receipts representing such number of one one-thousandth of a Preferred Share (or, following a Triggering Event, other securities, cash or other assets as the case may be) as are to be purchased (in which case
        certificates for the Preferred Shares (or, following a Triggering Event, other securities, cash or other assets as the case may be) represented by such receipts shall be deposited by the transfer agent with the depositary agent) and the Company
        hereby directs the depositary agent to comply with such request, (ii) when necessary to comply with this Rights Agreement, requisition from the Company the amount of cash to be paid in lieu of issuance of fractional shares in accordance with
        Section 14 hereof, (iii) after receipt of such certificates or depositary receipts, cause the same to be delivered to or upon the order of the registered holder of such Rights Certificate, registered in such name or names as may be designated by
        such holder and (iv) when necessary to comply with this Rights Agreement, after receipt thereof, deliver such cash to or upon the order of the registered holder of such Rights Certificate.&#160; The payment of the Exercise Price (as such amount may be
        reduced (including to zero) pursuant to Section 11(a)(iii) hereof) and an amount equal to any applicable tax or charge required to be paid by the holder of such Rights Certificate in accordance with Section 9(e) hereof, may be made in cash or by
        certified bank check, cashier&#8217;s check or bank draft payable to the order of the Company.&#160; In the event that the Company is obligated to issue securities of the Company other than Preferred Shares, pay cash and/or distribute other property pursuant
        to Section 11(a) hereof, the Company will make all arrangements necessary so that such other securities, cash and/or other property are available for distribution by the Rights Agent, if and when necessary to comply with this Rights Agreement, and
        until so received, the Rights Agent shall have no duties or obligations with respect to such securities, cash and/or property.</div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">14</font></div>
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      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(d)&#160; &#160;&#160; In case the registered holder of any Rights Certificate shall properly exercise less than all the Rights evidenced thereby, a new Rights Certificate
        evidencing Rights equivalent to the Rights remaining unexercised shall be issued by the Rights Agent to the registered holder of such Rights Certificate or to his or her duly authorized assigns, subject to the provisions of Section 14 hereof.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(e)&#160; &#160;&#160; Notwithstanding anything in this Rights Agreement to the contrary, from and after the first occurrence of a Triggering Event, any Rights beneficially
        owned by (i) an Acquiring Person or an Associate or Affiliate of an Acquiring Person, (ii) a transferee of an Acquiring Person (or of any such Associate or Affiliate) who becomes a transferee after the Acquiring Person becomes such (a &#8220;<u>Post-Event


          Transferee</u>&#8221;), (iii) a transferee of an Acquiring Person (or of any such Associate or Affiliate) who becomes a transferee prior to or concurrently with the Acquiring Person becoming such and receives such Rights pursuant to either (A) a
        transfer (whether or not for consideration) from the Acquiring Person to holders of equity interests in such Acquiring Person or to any Person with whom the Acquiring Person has any continuing agreement, arrangement or understanding regarding the
        transferred Rights or (B) a transfer which the Board has determined is part of a plan, arrangement or understanding which has as a primary purpose or effect the avoidance of this Section 7(e) (a &#8220;<u>Pre-Event Transferee</u>&#8221;) or (iv) any subsequent
        transferee receiving transferred Rights from a Post-Event Transferee or a Pre-Event Transferee, either directly or through one or more intermediate transferees, shall become null and void without any further action and no holder of such Rights
        shall have any rights whatsoever with respect to such Rights, whether under any provision of this Rights Agreement or otherwise.&#160; The Company shall use all reasonable efforts to ensure that the provisions of this Section 7(e) and Section 4(b)
        hereof are complied with, but neither the Company nor the Rights Agent shall have any liability to any holder of Rights Certificates or to any other Person as a result of the Company&#8217;s failure to make any determinations with respect to an Acquiring
        Person or any of such Acquiring Person&#8217;s Affiliates, Associates or transferees hereunder.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(f)&#160; &#160;&#160; Notwithstanding anything in this Rights Agreement to the contrary, neither the Rights Agent nor the Company shall be obligated to undertake any action
        with respect to a registered holder upon the occurrence of any purported exercise as set forth in this Section 7 unless such registered holder shall, in addition to having complied with the requirements of Section 7(a), have (i) properly completed
        and duly signed the certificate contained in the form of election to purchase set forth on the reverse side of the Rights Certificate surrendered for such exercise and (ii) provided such additional evidence of the identity of the Beneficial Owner
        (or former Beneficial Owner) thereof and of the Rights evidenced thereby or Affiliates and Associates of such Beneficial Owner (or former Beneficial Owner) as the Company or the Rights Agent shall reasonably request.</div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">15</font></div>
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      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">8.&#160; &#160;&#160; <u>Cancellation and Destruction of Rights Certificates</u>.&#160; All Rights Certificates surrendered for the purpose of exercise, transfer, split up,
        combination or exchange shall, if surrendered to the Company or to any of its agents, be delivered to the Rights Agent for cancellation or in canceled form, or, if surrendered to the Rights Agent, shall be canceled by it, and no Rights Certificates
        shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Rights Agreement.&#160; The Company shall deliver to the Rights Agent for cancellation and retirement, and the Rights Agent shall so cancel and retire, any
        Rights Certificate purchased or acquired by the Company otherwise than upon the exercise thereof.&#160; The Rights Agent shall deliver all canceled Rights Certificates to the Company, or shall, at the written request of the Company, destroy such
        canceled Rights Certificates, and in such case shall deliver a certificate of destruction thereof to the Company.</div>
      <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">9.&#160; &#160;&#160; <u>Reservation and Availability of Preferred Shares</u>.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(a)&#160; &#160;&#160; The Company covenants and agrees that it will use its best efforts to cause to be reserved and kept available out of its authorized and unissued
        Preferred Shares not reserved for another purpose (and, following the occurrence of a Triggering Event, out of its authorized and unissued shares of Common Stock and/or other securities), the number of Preferred Shares (and, following the
        occurrence of the Triggering Event, Common Stock and/or other securities) that will be sufficient to permit the exercise in full of all outstanding Rights.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(b)&#160; &#160;&#160; If the Company shall hereafter list any of its Preferred Shares on a national securities exchange, then so long as the Preferred Shares (and, following
        the occurrence of a Triggering Event, shares of Common Stock and/or other securities) issuable and deliverable upon exercise of the Rights may be listed on such exchange, the Company shall use its best efforts to cause, from and after such time as
        the Rights become exercisable (but only to the extent that it is reasonably likely that the Rights will be exercised), all shares reserved for such issuance to be listed on such exchange upon official notice of issuance upon such exercise.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(c)&#160; &#160;&#160; The Company shall use its best efforts to (i) file, as soon as practicable following the earliest date after the first occurrence of a Triggering Event
        in which the consideration to be delivered by the Company upon exercise of the Rights is described in Section 11(a)(ii) or Section 11(a)(iii) hereof, or as soon as is required by law following the Distribution Date, as the case may be, a
        registration statement under the Securities Act with respect to the securities purchasable upon exercise of the Rights on an appropriate form, (ii) cause such registration statement to become effective as soon as practicable after such filing and
        (iii) cause such registration statement to remain effective (with a prospectus at all times meeting the requirements of the Securities Act) until the earlier of (A) the date as of which the Rights are no longer exercisable for such securities and
        (B) the date of expiration of the Rights.&#160; The Company may temporarily suspend, for a period not to exceed ninety (90) days after the date set forth in clause (i) of the first sentence of this Section 9(c), the exercisability of the Rights in order
        to prepare and file such registration statement and permit it to become effective.&#160; Upon any such suspension, the Company shall issue a public announcement and notify the Rights Agent that the exercisability of the Rights has been temporarily
        suspended, as well as issue a public announcement and notification to the Rights Agent at such time as the suspension is no longer in effect.&#160; The Company will also take such action as may be appropriate under, or to ensure compliance with, the
        securities or &#8220;blue sky&#8221; laws of the various states in connection with the exercisability of the Rights.&#160; Notwithstanding any provision of this Rights Agreement to the contrary, the Rights shall not be exercisable in any jurisdiction, unless the
        requisite qualification in such jurisdiction shall have been obtained, or an exemption therefrom shall be available, and until a registration statement has been declared effective.</div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">16</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(d)&#160; &#160;&#160; The Company covenants and agrees that it will take all such action as may be necessary to ensure that all Preferred Shares (or other securities of the
        Company) delivered upon exercise of Rights shall, at the time of delivery of the certificates for such securities (subject to payment of the Exercise Price), be duly and validly authorized and issued and fully paid and non-assessable shares.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(e)&#160; &#160;&#160; The Company further covenants and agrees that it will pay when due and payable any and all federal and state taxes or charges which may be payable in
        respect of the original issuance or delivery of the Rights Certificates or of any Preferred Shares (or other securities of the Company) upon the exercise of Rights.&#160; The Company shall not, however, be required to pay any tax which may be payable in
        respect of any transfer or delivery of Rights Certificates to a person other than, or the issuance or delivery of certificates or depositary receipts for the Preferred Shares (or other securities of the Company) in a name other than that of, the
        registered holder of the Rights Certificate evidencing Rights surrendered for exercise or to issue or to deliver any certificates or depositary receipts for Preferred Shares (or other securities of the Company) upon the exercise of any Rights until
        any such tax or charge shall have been paid (any such tax or charge being payable by the holder of such Rights Certificate at the time of surrender) or until it has been established to the Company&#8217;s or the Rights Agent&#8217;s satisfaction that no such
        tax or charge is due.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">10.&#160; &#160;&#160; <u>Record Date</u>.&#160; Each Person in whose name any certificate for a number of one one-thousandth of a Preferred Share (or other securities of the
        Company) is issued upon the exercise of Rights shall for all purposes be deemed to have become the holder of record of Preferred Shares (or other securities of the Company) represented thereon, and such certificate shall be dated, the date upon
        which the Rights Certificate evidencing such Rights was duly surrendered and payment of the Total Exercise Price with respect to which the Rights have been exercised (and any applicable taxes) was made; <u>provided</u>, <u>however</u>, that if
        the date of such surrender and payment is a date upon which the transfer books of the Company are closed, such Person shall be deemed to have become the record holder of such shares on, and such certificate shall be dated, the next succeeding
        Business Day on which the transfer books of the Company are open.&#160; Prior to the exercise of the Rights evidenced thereby, the holder of a Rights Certificate shall not be entitled to any rights of a holder of Preferred Shares (or other securities of
        the Company) for which the Rights shall be exercisable, including, without limitation, the right to vote, to receive dividends or other distributions or to exercise any preemptive rights, and shall not be entitled to receive any notice of any
        proceedings of the Company, except as provided herein.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">11.&#160; &#160;&#160; <u>Adjustment of Exercise Price, Number of Shares or Number of Rights</u>.&#160; The Exercise Price, the number and kind of shares or other property
        covered by each Right and the number of Rights outstanding are subject to adjustment from time to time as provided in this Section 11.</div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt; font-size: 12pt;">(a)&#160; &#160;&#160; (i) Notwithstanding anything in this Rights Agreement to the contrary, in the event the Company shall at any time after the date of this Rights
        Agreement (A) declare a dividend on the Preferred Shares payable in Preferred Shares, (B) subdivide the outstanding Preferred Shares, (C) combine the outstanding Preferred Shares (by reverse stock split or otherwise) into a smaller number of</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">17</font></div>
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      <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 12pt; margin-left: 72pt;">Preferred Shares, or (D) issue any shares of its capital stock in a reclassification of the Preferred Shares (including any such
        reclassification in connection with a consolidation or merger in which the Company is the continuing or surviving corporation), then, in each such event, except as otherwise provided in this Section 11 and Section 7(e) hereof: (1) the Exercise
        Price in effect at the time of the record date for such dividend or of the effective date of such subdivision, combination or reclassification shall be adjusted so that the Exercise Price thereafter shall equal the result obtained by dividing the
        Exercise Price in effect immediately prior to such time by a fraction (the &#8220;<font style="font-family: 'Times New Roman', Times, serif;"><u>Adjustment Fraction</u></font>&#8221;), the numerator of which shall be the total number of Preferred Shares (or
        shares of capital stock issued in such reclassification of the Preferred Shares) outstanding immediately following such time and the denominator of which shall be the total number of Preferred Shares outstanding immediately prior to such time; <font style="font-family: 'Times New Roman', Times, serif;"><u>provided</u></font>, <font style="font-family: 'Times New Roman', Times, serif;"><u>however</u></font>, that in no event shall the consideration to be paid upon the exercise of one Right
        be less than the aggregate par value of the shares of capital stock of the Company issuable upon exercise of such Right; and (2) the number of one one-thousandth of a Preferred Share (or share of such other capital stock) issuable upon the exercise
        of each Right shall equal the number of one one-thousandth of a Preferred Share (or share of such other capital stock) as was issuable upon exercise of a Right immediately prior to the occurrence of the event described in clauses (A)-(D) of this
        Section 11(a)(i), multiplied by the Adjustment Fraction; <font style="font-family: 'Times New Roman', Times, serif;"><u>provided</u></font>, <font style="font-family: 'Times New Roman', Times, serif;"><u>however</u></font>, that, no such
        adjustment shall be made pursuant to this Section 11(a)(i) to the extent that there shall have simultaneously occurred an event described in clause (A), (B), (C) or (D) of Section 11(n) with a proportionate adjustment being made thereunder.&#160; Each
        share of Common Stock that shall become outstanding after an adjustment has been made pursuant to this Section 11(a)(i) shall have associated with it the number of Rights, exercisable at the Exercise Price and for the number of one one-thousandth
        of a Preferred Share (or shares of such other capital stock) as one share of Common Stock has associated with it immediately following the adjustment made pursuant to this Section 11(a)(i).</div>
      <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 12pt; margin-left: 72pt;"> <br>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt; font-size: 12pt;">(ii) Subject to Section 24 of this Rights Agreement, in the event a Triggering Event shall have occurred, then promptly following such Triggering Event each
        holder of a Right, except as provided in Section 7(e) hereof, shall thereafter have the right to receive for each Right, upon exercise thereof in accordance with the terms of this Rights Agreement and payment of the Exercise Price in effect
        immediately prior to the occurrence of the Triggering Event, in lieu of a number of one one-thousandth of a Preferred Share, such number of shares of Common Stock of the Company as shall equal the result obtained by multiplying the Exercise Price
        in effect immediately prior to the occurrence of the Triggering Event by the number of one one-thousandth of a Preferred Share for which a Right was exercisable (or would have been exercisable if the Distribution Date had occurred) immediately
        prior to the first occurrence of a Triggering Event, and dividing that product by 50% of the Current Per Share Market Price for shares of Common Stock on the date of occurrence of the Triggering Event; <u>provided</u>, <u>however</u>, that the
        Exercise Price and the number of shares of Common Stock of</div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">18</font></div>
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      <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 12pt; margin-left: 72pt;">the Company so receivable upon exercise of a Right shall be subject to further adjustment as appropriate in accordance with Section
        11(e) hereof to reflect any events occurring in respect of the shares of Common Stock of the Company after the occurrence of the Triggering Event.</div>
      <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 12pt; margin-left: 72pt;"> <br>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt; font-size: 12pt;">From and after the occurrence of such event, any Rights that are or were acquired or Beneficially Owned by any Acquiring Person (or any Associate or Affiliate
        of such Acquiring Person) shall be null and void without any further action and any holder of such Rights shall thereafter have no right whatsoever with respect to such Rights, under any provision of this Agreement or otherwise.&#160; No Rights
        Certificate shall be issued pursuant to Section 3 that represents Rights Beneficially Owned by an Acquiring Person whose Rights would be null and void pursuant to the preceding sentence or any Associate or Affiliate or nominee thereof; no Rights
        Certificate shall be issued at any time upon the transfer of any Rights to an Acquiring Person whose Rights would be null and void pursuant to the preceding sentence or any Associate or Affiliate thereof or to any nominee of such Acquiring Person,
        Associate or Affiliate; and any Rights Certificate delivered to the Rights Agent for transfer to an Acquiring Person whose Rights would be null and void pursuant to the preceding sentence or any Associate or Affiliate thereof or to any nominee of
        such Acquiring Person, Associate or Affiliate shall be cancelled.&#160; The Company shall give the Rights Agent written notice of the identity of any such Acquiring Person, Associate or Affiliate, or the nominee of any of the foregoing, and the Rights
        Agent may rely on such notice in carrying out its duties under this Agreement and shall be deemed not to have any knowledge of the identity of any such Acquiring Person, Associate or Affiliate, or the nominee of any of the foregoing unless and
        until it shall have received such notice.</div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt; font-size: 12pt;">(iii) In lieu of issuing shares of Common Stock in accordance with Section 11(a)(ii) hereof, the Company may, if the Board determines that such action is
        necessary or appropriate and not contrary to the interest of holders of Rights and, in the event that the number of shares of Common Stock which are authorized by the Company&#8217;s Certificate of Incorporation but not outstanding or reserved for
        issuance for purposes other than upon exercise of the Rights are not sufficient to permit the exercise in full of the Rights, or if any necessary regulatory approval for such issuance has not been obtained by the Company, the Company shall: (A)
        determine the excess of (1) the value of the shares of Common Stock issuable upon the exercise of a Right (the &#8220;<u>Current Value</u>&#8221;) over (2) the Exercise Price (such excess, the &#8220;<u>Spread</u>&#8221;) and (B) with respect to each Right, make adequate
        provision to substitute for such shares of Common Stock, upon exercise of the Rights, (1) cash, (2) a reduction in the Exercise Price, (3) other equity securities of the Company (including, without limitation, shares or units of shares of any
        series of preferred stock which the Board has deemed to have the same value as Common Stock (such shares or units of shares of preferred stock are herein called &#8220;<u>Common Stock Equivalents</u>&#8221;)), except to the extent that the Company has not</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">19</font></div>
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      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 12pt; margin-left: 72pt;">obtained any necessary stockholder or regulatory approval for such issuance, (4) debt securities of the Company, except to the extent
        that the Company has not obtained any necessary stockholder or regulatory approval for such issuance, (5) other assets or (6) any combination of the foregoing, having an aggregate value equal to the Current Value, where such aggregate value has
        been determined by the Board based upon the advice of a nationally recognized investment banking firm selected by the Board; <font style="font-family: 'Times New Roman', Times, serif;"><u>provided</u></font>, <font style="font-family: 'Times New Roman', Times, serif;"><u>however</u></font>, if the Company shall not have made adequate provision to deliver value pursuant to clause (B) above within thirty (30) days following the later of (x) the first occurrence of a Triggering Event and
        (y) the date on which the Company&#8217;s right of redemption pursuant to Section 23(a) expires (the later of (x) and (y) being referred to herein as the &#8220;<font style="font-family: 'Times New Roman', Times, serif;"><u>Section 11(a)(ii) Trigger Date</u></font>&#8221;),


        then the Company shall be obligated to deliver, upon the surrender for exercise of a Right and without requiring payment of the Exercise Price, Common Stock (to the extent available), except to the extent that the Company has not obtained any
        necessary stockholder or regulatory approval for such issuance, and then, if necessary, cash, which shares and/or cash have an aggregate value equal to the Spread.&#160; If the Board shall determine in good faith that it is likely that sufficient
        additional Common Stock could be authorized for issuance upon exercise in full of the Rights or that any necessary regulatory approval for such issuance will be obtained, the thirty (30) day period set forth above may be extended to the extent
        necessary, but not more than ninety (90) days after the Section 11(a)(ii) Trigger Date, in order that the Company may seek stockholder approval for the authorization of such additional shares or take action to obtain such regulatory approval (such
        period, as it may be extended, the &#8220;<font style="font-family: 'Times New Roman', Times, serif;"><u>Substitution Period</u></font>&#8221;).&#160; To the extent that the Company determines that some action need be taken pursuant to the first and/or second
        sentences of this Section 11(a)(iii), the Company (x) shall provide, subject to Section 7(e) hereof, that such action shall apply uniformly to all outstanding Rights and (y) may suspend the exercisability of the Rights until the expiration of the
        Substitution Period in order to seek any authorization of additional shares, to take any action to obtain any required regulatory approval and/or to decide the appropriate form of distribution to be made pursuant to such first sentence and to
        determine the value thereof.&#160; In the event of any such suspension, the Company shall issue a public announcement (and provide prompt written notice to the Rights Agent) stating that the exercisability of the Rights has been temporarily suspended,
        as well as a public announcement (and provide prompt written notice to the Rights Agent) at such time as the suspension is no longer in effect.&#160; For purposes of this Section 11(a)(iii), the value of the Common Stock shall be the Current Per Share
        Market Price of the Common Stock on the Section 11(a)(ii) Trigger Date and the value of any Common Stock Equivalent shall be deemed to have the same value as the Common Stock on such date.</div>
      <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 12pt; margin-left: 72pt;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(b)&#160; &#160;&#160; In case the Company shall, at any time after the date of this Rights Agreement, fix a record date for the issuance of rights, options or warrants to
        all holders of Preferred Shares entitling such holders (for a period expiring within forty-five (45) calendar days after such record date) to subscribe for or purchase Preferred Shares or Equivalent Shares or securities convertible into Preferred
        Shares or Equivalent Shares at a price per share (or having a conversion price per share, if a security convertible into Preferred Shares or Equivalent Shares) less than the then Current Per Share Market Price of the Preferred Shares or Equivalent
        Shares</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">20</font></div>
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      </div>
      <div style="text-align: justify; font-size: 12pt;">on such record date, then, in each such case, the Exercise Price to be in effect after such record date shall be determined by multiplying the Exercise Price in effect immediately prior to such
        record date by a fraction, the numerator of which shall be the number of Preferred Shares and Equivalent Shares (if any) outstanding on such record date, plus the number of Preferred Shares or Equivalent Shares, as the case may be, which the
        aggregate offering price of the total number of Preferred Shares or Equivalent Shares, as the case may be, to be offered or issued (and/or the aggregate initial conversion price of the convertible securities to be offered or issued) would purchase
        at such current market price, and the denominator of which shall be the number of Preferred Shares and Equivalent Shares (if any) outstanding on such record date, plus the number of additional Preferred Shares or Equivalent Shares, as the case may
        be, to be offered for subscription or purchase (or into which the convertible securities so to be offered are initially convertible); <u>provided</u>, <u>however</u>, that in no event shall the consideration to be paid upon the exercise of one
        Right be less than the aggregate par value of the shares of capital stock of the Company issuable upon exercise of one Right.&#160; In case such subscription price may be paid in a consideration part or all of which shall be in a form other than cash,
        the value of such consideration shall be as determined in good faith by the Board, whose determination shall be described in a statement filed with the Rights Agent and shall be binding on the Rights Agent and the holders of the Rights.&#160; Preferred
        Shares and Equivalent Shares owned by or held for the account of the Company shall not be deemed outstanding for the purpose of any such computation.&#160; Such adjustment shall be made successively whenever such a record date is fixed, and in the event
        that such rights, options or warrants are not so issued, the Exercise Price shall be adjusted to be the Exercise Price which would then be in effect if such record date had not been fixed.</div>
      <div style="text-align: justify; font-size: 12pt;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(c)&#160; &#160;&#160; In case the Company shall, at any time after the date of this Rights Agreement, fix a record date for the making of a distribution to all holders of
        the Preferred Shares or of any class or series of Equivalent Shares (including any such distribution made in connection with a consolidation or merger in which the Company is the continuing or surviving corporation) of evidences of indebtedness or
        assets (other than a regular quarterly cash dividend, if any, or a dividend payable in Preferred Shares) or subscription rights, options or warrants (excluding those referred to in Section 11(b)), then, in each such case, the Exercise Price to be
        in effect after such record date shall be determined by multiplying the Exercise Price in effect immediately prior to such record date by a fraction, the numerator of which shall be the Current Per Share Market Price of a Preferred Share or an
        Equivalent Share on such record date, less the fair market value per Preferred Share or Equivalent Share (as determined in good faith by the Board, whose determination shall be described in a statement filed with the Rights Agent) of the portion of
        the cash, assets or evidences of indebtedness so to be distributed or of such subscription rights or warrants applicable to a Preferred Share or Equivalent Share, as the case may be, and the denominator of which shall be such Current Per Share
        Market Price of a Preferred Share or Equivalent Share on such record date; <u>provided</u>, <u>however</u>, that in no event shall the consideration to be paid upon the exercise of one Right be less than the aggregate par value of the shares of
        capital stock of the Company issuable upon exercise of one Right.&#160; Such adjustments shall be made successively whenever such a record date is fixed, and in the event that such distribution is not so made, the Exercise Price shall be adjusted to be
        the Exercise Price which would have been in effect if such record date had not been fixed.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">21</font></div>
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      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(d)&#160; &#160;&#160; Notwithstanding anything to the contrary, no adjustment in the Exercise Price shall be required unless such adjustment would require an increase or
        decrease of at least 1% in the Exercise Price; <u>provided</u>, <u>however</u>, that any adjustments which by reason of this Section 11(d) are not required to be made shall be carried forward and taken into account in any subsequent adjustment.&#160;
        All calculations under this Section 11 shall be made to the nearest cent or to the nearest ten-thousandth of a share of Common Stock or other share or one hundred-thousandth of a Preferred Share, as the case may be.&#160; Notwithstanding the first
        sentence of this Section 11(d), any adjustment required by this Section 11 shall be made no later than the earlier of (i) three (3) years from the date of the transaction which requires such adjustment or (ii) the Expiration Date.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(e)&#160; &#160;&#160; If as a result of an adjustment made pursuant to Section 11(a) or 13(a) hereof, the holder of any Right thereafter exercised shall become entitled to
        receive any shares of capital stock of the Company other than Preferred Shares, thereafter the number of such other shares so receivable upon exercise of any Right and, if required, the Exercise Price thereof, shall be subject to adjustment from
        time to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to the Preferred Shares contained in Sections 11(a), 11(b), 11(c), 11(d), 11(g), 11(h), 11(i), 11(j), 11(k) and 11(l), and the provisions of
        Sections 7, 9, 10, 13 and 14 with respect to the Preferred Shares shall apply on like terms to any such other shares.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(f)&#160; &#160;&#160; All Rights originally issued by the Company subsequent to any adjustment made to the Exercise Price hereunder shall evidence the right to purchase, at
        the adjusted Exercise Price, the number of one one-thousandth of a Preferred Share purchasable from time to time hereunder upon exercise of the Rights, all subject to further adjustment as provided herein.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(g)&#160; &#160;&#160; Unless the Company shall have exercised its election as provided in Section 11(h), upon each adjustment of the Exercise Price as a result of the
        calculations made in Section 11(b) and (c), each Right outstanding immediately prior to the making of such adjustment shall thereafter evidence the right to purchase, at the adjusted Exercise Price, that number of Preferred Shares (calculated to
        the nearest one hundred-thousandth of a share) obtained by (i) multiplying (x) the number of Preferred Shares covered by a Right immediately prior to this adjustment, by (y) the Exercise Price in effect immediately prior to such adjustment of the
        Exercise Price, and (ii) dividing the product so obtained by the Exercise Price in effect immediately after such adjustment of the Exercise Price.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(h)&#160; &#160;&#160; The Company may elect on or after the date of any adjustment of the Exercise Price as a result of the calculations made in Section 11(b) or (c) to
        adjust the number of Rights, in substitution for any adjustment in the number of Preferred Shares purchasable upon the exercise of a Right.&#160; Each of the Rights outstanding after such adjustment of the number of Rights shall be exercisable for the
        number of one one-thousandth of a Preferred Share for which a Right was exercisable immediately prior to such adjustment.&#160; Each Right held of record prior to such adjustment of the number of Rights shall become that number of Rights (calculated to
        the nearest one hundred-thousandth) obtained by dividing the Exercise Price in effect immediately prior to adjustment of the Exercise Price by the Exercise Price in effect immediately after adjustment of the Exercise Price.&#160; The Company shall make
        a public announcement (with prompt</div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">22</font></div>
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      <div style="text-align: justify; font-size: 12pt;">written notice thereof to the Rights Agent) of its election to adjust the number of Rights, indicating the record date for the adjustment, and, if known at the time, the amount of the adjustment to
        be made.&#160; This record date may be the date on which the Exercise Price is adjusted or any day thereafter, but, if the Rights Certificates have been issued, shall be at least ten (10) days later than the date of the public announcement.&#160; If Rights
        Certificates have been issued, upon each adjustment of the number of Rights pursuant to this Section 11(h), the Company shall, as promptly as practicable, cause to be distributed to holders of record of Rights Certificates on such record date
        Rights Certificates evidencing, subject to Section 14 hereof, the additional Rights to which such holders shall be entitled as a result of such adjustment, or, at the option of the Company, shall cause to be distributed to such holders of record in
        substitution and replacement for the Rights Certificates held by such holders prior to the date of adjustment, and upon surrender thereof, if required by the Company, new Rights Certificates evidencing all the Rights to which such holders shall be
        entitled after such adjustment.&#160; Rights Certificates so to be distributed shall be issued, executed and delivered by the Company, and countersigned and delivered by the Rights Agent, in the manner provided for herein (and may bear, at the option of
        the Company, the adjusted Exercise Price) and shall be registered in the names of the holders of record of Rights Certificates on the record date specified in the public announcement.</div>
      <div style="text-align: justify; font-size: 12pt;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(i)&#160; &#160;&#160; Irrespective of any adjustment or change in the Exercise Price or the number of Preferred Shares issuable upon the exercise of the Rights, the Rights
        Certificates theretofore and thereafter issued may continue to express the Exercise Price per one one-thousandth of a Preferred Share and the number of one one-thousandth of a Preferred Share which were expressed in the initial Rights Certificates
        issued hereunder.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(j)&#160; &#160;&#160; Before taking any action that would cause an adjustment reducing the Exercise Price below the par or stated value, if any, of the number of one
        one-thousandth of a Preferred Share issuable upon exercise of the Rights, the Company shall take any corporate action which may, in the opinion of its counsel, be necessary in order that the Company may validly and legally issue as fully paid and
        nonassessable shares such number of one one-thousandth of a Preferred Share at such adjusted Exercise Price.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(k)&#160; &#160;&#160; In any case in which this Section 11 shall require that an adjustment in the Exercise Price be made effective as of a record date for a specified
        event, the Company may elect to defer (with prompt written notice thereof to the Rights Agent) until the occurrence of such event the issuing to the holder of any Right exercised after such record date of the number of one one-thousandth of a
        Preferred Share and other capital stock or securities of the Company, if any, issuable upon such exercise over and above the number of one one-thousandth of a Preferred Share and other capital stock or securities of the Company, if any, issuable
        upon such exercise on the basis of the Exercise Price in effect prior to such adjustment; provided, however, that the Company shall deliver to such holder a due bill or other appropriate instrument evidencing such holder&#8217;s right to receive such
        additional shares (fractional or otherwise) upon the occurrence of the event requiring such adjustment.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">23</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(l)&#160; &#160;&#160; Notwithstanding anything in this Section 11 to the contrary, prior to the Distribution Date, the Company shall be entitled to make such reductions in
        the Exercise Price, in addition to those adjustments expressly required by this Section 11, as and to the extent that it in its sole discretion shall determine to be advisable in order that any (i) consolidation or subdivision of the Preferred
        Shares or Common Stock, (ii) issuance wholly for cash of any Preferred Shares or Common Stock at less than the current market price, (iii) issuance wholly for cash of Preferred Shares or Common Stock or securities which by their terms are
        convertible into or exchangeable for Preferred or Common Stock, (iv) stock dividends or (v) issuance of rights, options or warrants referred to in this Section 11, hereafter made by the Company to holders of its Preferred Shares or Common Stock
        shall not be taxable to such stockholders.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(m)&#160; &#160;&#160; The Company covenants and agrees that, after the Distribution Date, it will not, except as permitted by Sections 23, 24 or 27 hereof, take (or permit
        to be taken) any action if at the time such action is taken it is reasonably foreseeable that such action will diminish substantially or otherwise eliminate the benefits intended to be afforded by the Rights.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(n)&#160; &#160;&#160; In the event the Company shall at any time after the date of this Rights Agreement (A) declare a dividend on the Common Stock payable in shares of
        Common Stock, (B) subdivide the outstanding shares of Common Stock, (C) combine the outstanding Common Stock (by reverse stock split or otherwise) into a smaller number of shares of Common Stock, or (D) issue any shares of its capital stock in a
        reclassification of the shares of Common Stock (including any such reclassification in connection with a consolidation or merger in which the Company is the continuing or surviving corporation), then, in each such event, except as otherwise
        provided in this Section 11(a) and Section 7(e) hereof: (1) each share of Common Stock (or shares of capital stock issued in such reclassification of the Common Stock) outstanding immediately following such time shall have associated with it the
        number of Rights as were associated with one share of Common Stock immediately prior to the occurrence of the event described in clauses (A)-(D) above; (2) the Exercise Price in effect at the time of the record date for such dividend or of the
        effective date of such subdivision, combination or reclassification shall be adjusted so that the Exercise Price thereafter shall equal the result obtained by multiplying the Exercise Price in effect immediately prior to such time by a fraction,
        the numerator of which shall be the total number of shares of Common Stock outstanding immediately prior to the event described in clauses (A)-(D) above, and the denominator of which shall be the total number of shares of Common Stock outstanding
        immediately after such event; <u>provided</u>, <u>however</u>, that in no event shall the consideration to be paid upon the exercise of one Right be less than the aggregate par value of the shares of capital stock of the Company issuable upon
        exercise of such Right; and (3) the number of one one-thousandth of a Preferred Share (or shares of such other capital stock) issuable upon the exercise of each Right outstanding after such event shall equal the number of one one-thousandth of a
        Preferred Share (or shares of such other capital stock) as were issuable with respect to one Right immediately prior to such event.&#160; Each share of Common Stock that shall become outstanding after an adjustment has been made pursuant to this Section
        11(n) shall have associated with it the number of Rights, exercisable at the Exercise Price and for the number of one one-thousandth of a Preferred Share (or shares of such other capital stock) as one share of Common Stock has associated with it
        immediately following the adjustment made pursuant to this Section 11(n).&#160; If an event occurs which would require an adjustment under both this Section 11(n) and Section 11(a)(ii) hereof, the adjustment provided for in this Section 11(n) shall be
        in addition to, and shall be made prior to, any adjustment required pursuant to Section 11(a)(ii) hereof.</div>
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      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">12.&#160; &#160;&#160; <u>Certificate of Adjusted Exercise Price or Number of Shares</u>.&#160; Whenever an adjustment is made or any event affecting the Rights or their
        exercisability (including, without limitation, an event which causes Rights to become null and void) occurs as provided in Sections 11 and 13 hereof, the Company shall promptly (a) prepare a certificate setting forth such adjustment or describing
        such event, and a brief statement of the facts, computations and methodology, to the extent applicable, accounting for any such adjustment, (b) file with the Rights Agent and with each transfer agent for the Preferred Shares a copy of such
        certificate and (c) mail a brief summary thereof to each holder of a Rights Certificate in accordance with Section 26 hereof.&#160; Notwithstanding the foregoing sentence, the failure of the Company to make such certification or give such notice shall
        not affect the validity of such adjustment or the force or effect of the requirement for such adjustment.&#160; The Rights Agent shall be fully protected in relying on any such certificate and on any adjustment or statement contained therein and shall
        have no duty or liability with respect to, and shall not be deemed to have knowledge of any adjustment or any such event unless and until it shall have received such certificate.</div>
      <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">13.&#160; &#160;&#160; <u>Consolidation, Merger or Sale or Transfer of Assets or Earning Power</u>.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(a)&#160; &#160;&#160; In the event that, following a Shares Acquisition Date, directly or indirectly:</div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt; font-size: 12pt;">(i) the Company shall consolidate with, or merge with or into, any other Person (other than a wholly-owned Subsidiary of the Company in a transaction the
        principal purpose of which is to change the state of incorporation of the Company and which complies with Section 11(m) hereof);</div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt; font-size: 12pt;">(ii) any Person shall consolidate with the Company, or merge with or into the Company and the Company shall be the continuing or surviving corporation of such
        consolidation or merger and, in connection with such merger, all or part of the shares of Common Stock shall be changed into or exchanged for stock or other securities of any other person (or the Company); or</div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt; font-size: 12pt;">(iii) the Company shall sell or otherwise transfer (or one or more of its Subsidiaries shall sell or otherwise transfer), in one or more transactions, assets
        or earning power aggregating 50% or more of the assets or earning power of the Company and its Subsidiaries (taken as a whole) to any other Person or Persons (other than the Company or one or more of its wholly owned Subsidiaries in one or more
        transactions, each of which individually (and together) complies with Section 11(m) hereof),</div>
      <div style="text-align: left; margin-left: 72pt; margin-bottom: 12pt; font-size: 12pt;">then, concurrent with and in each such case:</div>
      <div style="text-align: justify; margin-left: 180pt; margin-bottom: 12pt; font-size: 12pt;">(a)&#160; &#160;&#160; each holder of a Right (except as provided in Section 7(e) hereof) shall thereafter have the right to receive, upon the exercise thereof, at a price
        equal to the Total Exercise Price applicable immediately prior to the occurrence of the Section 13 Event in accordance with the terms of this Rights Agreement, such number of validly authorized and</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">25</font></div>
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      <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 12pt; margin-left: 180pt;">issued, fully paid, nonassessable and freely tradeable shares of Common Stock of the Principal Party (as hereinafter defined), free of
        any liens, encumbrances, rights of first refusal or other adverse claims, as shall be equal to the result obtained by dividing such Total Exercise Price by 50% of the Current Per Share Market Price of the shares of Common Stock of such Principal
        Party on the date of consummation of such Section 13 Event, <font style="font-family: 'Times New Roman', Times, serif;"><u>provided</u></font>, <font style="font-family: 'Times New Roman', Times, serif;"><u>however</u></font>, that the Exercise
        Price and the number of shares of Common Stock of such Principal Party so receivable upon exercise of a Right shall be subject to further adjustment as appropriate in accordance with Section 11(e) hereof;</div>
      <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 12pt; margin-left: 180pt;"> <br>
      </div>
      <div style="text-align: justify; margin-left: 180pt; margin-bottom: 12pt; font-size: 12pt;">(b)&#160; &#160;&#160; such Principal Party shall thereafter be liable for, and shall assume, by virtue of such Section 13 Event, all the obligations and duties of the
        Company pursuant to this Rights Agreement;</div>
      <div style="text-align: justify; margin-left: 180pt; margin-bottom: 12pt; font-size: 12pt;">(c)&#160; &#160;&#160; the term &#8220;Company&#8221; shall thereafter be deemed to refer to such Principal Party, it being specifically intended that the provisions of Section 11
        hereof shall apply only to such Principal Party following the first occurrence of a Section 13 Event;</div>
      <div style="text-align: justify; margin-left: 180pt; margin-bottom: 12pt; font-size: 12pt;">(d)&#160; &#160;&#160; such Principal Party shall take such steps (including, but not limited to, the reservation of a sufficient number of its Common Stock) in connection
        with the consummation of any such transaction as may be necessary to ensure that the provisions hereof shall thereafter be applicable, as nearly as reasonably may be, in relation to its shares of Common Stock thereafter deliverable upon the
        exercise of the Rights; and</div>
      <div style="text-align: justify; margin-left: 180pt; margin-bottom: 12pt; font-size: 12pt;">(e)&#160; &#160;&#160; upon the subsequent occurrence of any consolidation, merger, sale or transfer of assets or other extraordinary transaction in respect of such
        Principal Party, each holder of a Right shall thereupon be entitled to receive, upon exercise of a Right and payment of the Total Exercise Price as provided in this Section 13(a), such cash, shares, rights, warrants and other property which such
        holder would have been entitled to receive had such holder, at the time of such transaction, owned the shares of Common Stock of the Principal Party receivable upon the exercise of such Right pursuant to this Section 13(a), and such Principal Party
        shall take such steps (including, but not limited to,</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">26</font></div>
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      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 12pt; margin-left: 180pt;">reservation of shares of stock) as may be necessary to permit the subsequent exercise of the Rights in accordance with the terms hereof
        for such cash, shares, rights, warrants and other property.</div>
      <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 12pt; margin-left: 180pt;"> <br>
      </div>
      <div style="text-align: justify; margin-left: 180pt; margin-bottom: 12pt; font-size: 12pt;">(f)&#160; &#160;&#160; For purposes hereof, the &#8220;earning power&#8221; of the Company and its Subsidiaries shall be determined in good faith by the Board on the basis of the
        operating earnings of each business operated by the Company and its Subsidiaries during the three fiscal years preceding the date of such determination (or, in the case of any business not operated by the Company or any Subsidiary during three full
        fiscal years preceding such date, during the period such business was operated by the Company or any Subsidiary).</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(b)&#160; &#160;&#160; For purposes of this Rights Agreement, the term &#8220;<u>Principal Party</u>&#8221; shall mean:</div>
      <div style="text-align: justify; margin-left: 72pt; font-size: 12pt;">(i) in the case of any transaction described in clause (i) or (ii) of Section 13(a) hereof: (A) the Person that is the issuer of the securities into which the shares of Common
        Stock are converted in such merger or consolidation, or, if there is more than one such issuer, the issuer the shares of Common Stock of which have the greatest aggregate market value of shares outstanding, or (B) if no securities are so issued,
        (x) the Person that is the other party to the merger, if such Person survives said merger, or, if there is more than one such Person, the Person the shares of Common Stock of which have the greatest aggregate market value of shares outstanding or
        (y) if the Person that is the other party to the merger does not survive the merger, the Person that does survive the merger (including the Company if it survives) or (z) the Person resulting from the consolidation; and</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt; font-size: 12pt;">(ii) in the case of any transaction described in clause (iii) of Section13(a) hereof, the Person that is the party receiving the greatest portion of the assets
        or earning power transferred pursuant to such transaction or transactions, or, if more than one Person that is a party to such transaction or transactions receives the same portion of the assets or earning power so transferred and each such portion
        would, were it not for the other equal portions, constitute the greatest portion of the assets or earning power so transferred, or if the Person receiving the greatest portion of the assets or earning power cannot be determined, whichever of such
        Persons is the issuer of shares of Common Stock having the greatest aggregate market value of shares outstanding; <u>provided</u>, <u>however</u>, that in any such case described in the foregoing clause (b)(i) or (b)(ii), if the shares of Common
        Stock of such Person are not at such time or have not been continuously over the preceding 12-month period registered under Section 12 of the Exchange Act, then (1) if such Person is a direct or indirect Subsidiary of another Person the shares of
        Common Stock of</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">27</font></div>
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      </div>
      <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 12pt; margin-left: 72pt;">which are and have been so registered, the term &#8220;Principal Party&#8221; shall refer to such other Person, or (2) if such Person is a
        Subsidiary, directly or indirectly, of more than one Person, the Common Stock of which are and have been so registered, the term &#8220;Principal Party&#8221; shall refer to whichever of such Persons is the issuer of shares of Common Stock having the greatest
        aggregate market value of shares outstanding, or (3) if such Person is owned, directly or indirectly, by a joint venture formed by two or more Persons that are not owned, directly or indirectly by the same Person, the rules set forth in clauses (1)
        and (2) above shall apply to each of the owners having an interest in the venture as if the Person owned by the joint venture was a Subsidiary of both or all of such joint venturers, and the Principal Party in each such case shall bear the
        obligations set forth in this Section 13 in the same ratio as its interest in such Person bears to the total of such interests.</div>
      <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 12pt; margin-left: 72pt;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(c)&#160; &#160;&#160; The Company shall not consummate any Section 13 Event unless the Principal Party shall have a sufficient number of authorized shares of Common Stock
        that have not been issued or reserved for issuance to permit the exercise in full of the Rights in accordance with this Section 13 and unless prior thereto the Company and such issuer shall have executed and delivered to the Rights Agent a
        supplemental agreement confirming that such Principal Party shall, upon consummation of such Section 13 Event, assume this Rights Agreement in accordance with Sections 13(a) and 13(b) hereof, that all rights of first refusal or preemptive rights in
        respect of the issuance of shares of Common Stock of such Principal Party upon exercise of outstanding Rights have been waived, that there are no rights, warrants, instruments or securities outstanding or any agreements or arrangements which, as a
        result of the consummation of such transaction, would eliminate or substantially diminish the benefits intended to be afforded by the Rights and that such transaction shall not result in a default by such Principal Party under this Rights
        Agreement, and further providing that, as soon as practicable after the date of such Section 13 Event, such Principal Party will:</div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt; font-size: 12pt;">(i) prepare and file a registration statement under the Securities Act with respect to the Rights and the securities purchasable upon exercise of the Rights on
        an appropriate form, use its best efforts to cause such registration statement to become effective as soon as practicable after such filing and use its best efforts to cause such registration statement to remain effective (with a prospectus at all
        times meeting the requirements of the Securities Act) until the Expiration Date, and similarly comply with applicable state securities laws;</div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt; font-size: 12pt;">(ii) use its best efforts to list (or continue the listing of) the Rights and the securities purchasable upon exercise of the Rights on a national securities
        exchange or to meet the eligibility requirements for quotation on Nasdaq and list (or continue the listing of) the Rights and the securities purchasable upon exercise of the Rights on Nasdaq; and</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">28</font></div>
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      </div>
      <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt; font-size: 12pt;">(iii) deliver to holders of the Rights historical financial statements for such Principal Party which comply in all respects with the requirements for
        registration on Form F-1 (or any successor form) under the Exchange Act.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">In the event that at any time after the occurrence of a Triggering Event some or all of the Rights shall not have been exercised at the time of a transaction described in this
        Section 13, the Rights which have not theretofore been exercised shall thereafter be exercisable in the manner described in Section 13(a) (without taking into account any prior adjustment required by Section 11(a)(ii)).</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(d)&#160; &#160;&#160; In case the &#8220;Principal Party&#8221; for purposes of Section 13(b) hereof has provision in any of its authorized securities or in its certificate of
        incorporation or by-laws or other instrument governing its corporate affairs, which provision would have the effect of (i) causing such Principal Party to issue (other than to holders of Rights pursuant to Section 13 hereof), in connection with, or
        as a consequence of, the consummation of a Section 13 Event, shares of Common Stock or Equivalent Shares of such Principal Party at less than the then Current Per Share Market Price thereof or securities exercisable for, or convertible into, shares
        of Common Stock or Equivalent Shares of such Principal Party at less than such then Current Per Share Market Price, or (ii) providing for any special payment, tax or similar provision in connection with the issuance of the shares of Common Stock of
        such Principal Party pursuant to the provisions of Section 13 hereof, then, in such event, the Company hereby agrees with each holder of Rights that it shall not consummate any such transaction unless prior thereto the Company and such Principal
        Party shall have executed and delivered to the Rights Agent a supplemental agreement providing that the provision in question of such Principal Party shall have been canceled, waived or amended, or that the authorized securities shall be redeemed,
        so that the applicable provision will have no effect in connection with or as a consequence of, the consummation of the proposed transaction.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(e)&#160; &#160;&#160; The Company covenants and agrees that it shall not, at any time after the Distribution Date, effect or permit to occur any Section 13 Event, if (i) at
        the time or immediately after such Section 13 Event there are any rights, warrants or other instruments or securities outstanding or agreements in effect which would substantially diminish or otherwise eliminate the benefits intended to be afforded
        by the Rights, (ii) prior to, simultaneously with or immediately after such Section 13 Event, the stockholders of the Person who constitutes, or would constitute, the &#8220;Principal Party&#8221; for purposes of Section 13(b) hereof shall have received a
        distribution of Rights previously owned by such Person or any of its Affiliates or Associates or (iii) the form or nature of organization of the Principal Party would preclude or limit the exercisability of the Rights.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(f)&#160; &#160;&#160; The provisions of this Section 13 shall similarly apply to successive mergers or consolidations or sales or other transfers.</div>
      <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">14.&#160; &#160;&#160; <u>Fractional Rights and Fractional Shares</u>.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(a)&#160; &#160;&#160; The Company shall not be required to issue fractions of Rights or to distribute Rights Certificates which evidence fractional Rights.&#160; In lieu of such
        fractional Rights, there shall be paid to the registered holders of the Rights Certificates with regard to which such fractional Rights would otherwise be issuable, an amount in cash equal to the same fraction of the current market value of a whole
        Right.&#160; For the purposes of this Section 14(a), the current market value of a whole Right shall be the closing price of the Rights for the Trading Day immediately prior to the date on which such fractional Rights would have been otherwise issuable,
        as determined pursuant to this Rights Agreement.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(b)&#160; &#160;&#160; The Company shall not be required to issue fractions of Preferred Shares (other than fractions that are integral multiples of one one-thousandth of a
        Preferred Share) upon exercise of the Rights or to distribute certificates which evidence fractional Preferred Shares (other than fractions that are integral multiples of one one-thousandth of a Preferred Share).&#160; Interests in fractions of
        Preferred Shares in integral multiples of one one-thousandth of a Preferred Share may, at the election of the Company, be evidenced by depositary receipts, pursuant to an appropriate agreement between the Company and a depositary selected by it;
        provided, that such agreement shall provide that the holders of such depositary receipts shall have all the rights, privileges and preferences to which they are entitled as beneficial owners of the Preferred Shares represented by such depositary
        receipts.&#160; In lieu of fractional Preferred Shares that are not integral multiples of one one-thousandth of a Preferred Share, the Company shall pay to the registered holders of Rights Certificates at the time such Rights are exercised as herein
        provided an amount in cash equal to the same fraction of the current market value of a Preferred Share.&#160; For purposes of this Section 14(b), the current market value of a Preferred Share shall be one thousand times the closing price of a share of
        Common Stock (as determined pursuant to the terms hereof) for the Trading Day immediately prior to the date of such exercise.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">29</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(c)&#160; &#160;&#160; The Company shall not be required to issue fractions of shares of Common Stock or to distribute certificates which evidence fractional shares of Common
        Stock upon the exercise or exchange of Rights.&#160; In lieu of such fractional shares of Common Stock, the Company shall pay to the registered holders of Rights Certificates at the time such Rights are exercised as herein provided an amount in cash
        equal to the same fraction of the current market value of a share of Common Stock.&#160; For purposes of this Section 14(c), the current market value of a share of Common Stock shall be the closing price of a share of Common Stock (as determined
        pursuant to the terms hereof) for the Trading Day immediately prior to the date of such exercise.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(d)&#160; &#160;&#160; The holder of a Right by the acceptance of the Right expressly waives his or her right to receive any fractional Rights or any fractional shares (other
        than fractions that are integral multiples of one one-thousandth of a Preferred Share) upon exercise of a Right.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(e)&#160; &#160;&#160; Whenever a payment for fractional Rights or fractional Preferred Shares is to be made by the Rights Agent, the Company shall (i) promptly prepare and
        deliver to the Rights Agent a certificate setting forth in reasonable detail the facts related to such payments and the prices and/or formulas utilized in calculating such payments, and (ii) provide sufficient monies to the Rights Agent in the form
        of fully collected funds to make such payments.&#160; The Rights Agent shall be fully protected in relying upon such a certificate and shall have no duty with respect to, and shall not be deemed to have knowledge of, any payment for fractional Rights or
        fractional Preferred Shares under any Section of this Rights Agreement relating to the payment of fractional Rights or fractional Preferred Shares unless and until the Rights Agent shall have received such a certificate and sufficient monies.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">15.&#160; &#160;&#160; <u>Rights of Action</u>.&#160; (a)&#160; &#160;&#160; All rights of action in respect of this Rights Agreement, excepting the rights of action given to the Rights Agent
        hereunder, including Section 18 and Section 20 hereof, are vested in the respective registered holders of the Rights Certificates (and, prior to the Distribution Date, the registered holders of the shares of Common Stock); and any registered holder
        of any Rights Certificate (or, prior to the Distribution Date, of the shares of Common Stock), without the consent of the Rights Agent or of the holder of any other Rights Certificate (or, prior to the Distribution Date, of the shares of Common
        Stock), may, in his or her own behalf and for his or her own benefit, enforce, and may institute and maintain any suit, action or proceeding against the Company to enforce, or otherwise act in respect of, his or her right to exercise the Rights
        evidenced by such Rights Certificate in the manner provided in such Rights Certificate and in this Rights Agreement.&#160; Without limiting the foregoing or any remedies available to the holders of Rights, it is specifically acknowledged that the
        holders of Rights would not have an adequate remedy at law for any breach by the Company of this Rights Agreement and will be entitled to specific performance of the obligations under, and injunctive relief against, actual or threatened violations
        of the obligations of the Company.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">30</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(b)&#160; &#160;&#160; Notwithstanding anything in this Rights Agreement to the contrary, neither the Company nor the Rights Agent shall have any liability to any holder of a
        Right or other Person as a result of its inability to perform any of its obligations under this Rights Agreement by reason of any preliminary or permanent injunction or other order, judgment, decree or ruling (whether interlocutory or final) issued
        by a court or by a governmental, regulatory, self-regulatory or administrative agency or commission, or any statute, rule, regulation or executive order promulgated or enacted by any governmental authority, prohibiting or otherwise restraining
        performance of such obligation; provided, however, that the Company shall use all reasonable efforts to have any such injunction, order, judgment, decree or ruling lifted or otherwise overturned as soon as possible.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">16.&#160; &#160;&#160; <u>Agreement of Rights Holders</u>.&#160; Every holder of a Right, by accepting the same, consents and agrees with the Company and the Rights Agent and
        with every other holder of a Right that:</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(a)&#160; &#160;&#160; prior to the Distribution Date, the Rights will be transferable only in connection with the transfer of the shares of Common Stock;</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(b)&#160; &#160;&#160; after the Distribution Date, the Rights Certificates are transferable only on the registry books of the Rights Agent if surrendered at the office or
        offices of the Rights Agent designated for such purposes, duly endorsed or accompanied by a proper instrument of transfer and with the appropriate forms and certificates fully executed; and</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(c)&#160; &#160;&#160; subject to Sections 6(a) and 7(f) hereof, the Company and the Rights Agent may deem and treat the person in whose name the Rights Certificate (or,
        prior to the Distribution Date, the associated Common Stock certificate or Book Entry Shares, as applicable) is registered as the absolute owner thereof and of the Rights evidenced thereby (notwithstanding any notations of ownership or writing on
        the Rights Certificates or the associated Common Stock certificate or Book Entry Shares, as applicable, made by anyone other than the Company or the Rights Agent) for all purposes whatsoever, and neither the Company nor the Rights Agent shall be
        affected by any notice to the contrary.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">17.&#160; &#160;&#160; <u>Rights Certificate Holder Not Deemed a Stockholder</u>.&#160; No holder, as such, of any Rights Certificate shall be entitled to vote, receive dividends
        or be deemed for any purpose to be the holder of the Preferred Shares or any other securities of the Company which may at any time be issuable on the exercise of the Rights represented thereby, nor shall anything contained herein or in any Rights
        Certificate be construed to confer upon the holder of any Rights Certificate, as such, any of the rights of a stockholder of the Company or any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting
        thereof, or to give or withhold consent to any corporate action, or to receive notice of meetings or other actions affecting stockholders (except as provided in Section 25 hereof), or to receive dividends or subscription rights, or otherwise, until
        the Right or Rights evidenced by such Rights Certificate shall have been exercised in accordance with the provisions hereof.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">31</font></div>
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      <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">18.&#160; &#160;&#160; <u>The Rights Agent</u>.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(a)&#160; &#160;&#160; The Company agrees to pay to the Rights Agent reasonable compensation for all services rendered by it hereunder and, from time to time, on demand of
        the Rights Agent, its reasonable expenses and counsel fees and other disbursements incurred in the preparation, delivery, negotiation, amendment, administration and execution of this Rights Agreement and the exercise and performance of its duties
        hereunder.&#160; The Company also agrees to indemnify the Rights Agent for, and to hold it harmless against, any loss, liability, damage, judgment, fine, penalty, claim, demand, settlement, cost or expense (including, without limitation, the reasonable
        fees and expenses of legal counsel), incurred without gross negligence, bad faith or willful misconduct on the part of the Rights Agent (which gross negligence, bad faith or willful misconduct must be determined by a final, non-appealable order or
        judgment of a court of competent jurisdiction), for any action taken, suffered or omitted to be taken by the Rights Agent in connection with the acceptance, administration, exercise and performance of its duties under this Rights Agreement,
        including the costs and expenses of defending against any claim of liability in the premises.&#160; The costs and expenses incurred in enforcing this right of indemnification shall be paid by the Company.&#160; The provisions of this Section 18 and Section
        20 below shall survive the termination of this Rights Agreement, the exercise or expiration of the Rights and the resignation, replacement or removal of the Rights Agent.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(b)&#160; &#160;&#160; The Rights Agent shall be authorized and protected and shall incur no liability for, or in respect of any action taken, suffered or omitted to be taken
        by it in connection with, its acceptance and administration of this Rights Agreement and the exercise and performance of its duties hereunder, in reliance upon any Rights Certificate or certificate (including in the case of uncertificated shares,
        by notation in book entry accounts reflecting ownership) for the Preferred Shares or shares of Common Stock or for other securities of the Company, instrument of assignment or transfer, power of attorney, endorsement, affidavit, letter, notice,
        direction, consent, certificate, statement or other paper or document believed by it to be genuine and to be signed, executed and, where necessary, verified or acknowledged, by the proper Person or Persons, or otherwise upon the advice of counsel
        as set forth in Section 20 hereof.&#160; The Rights Agent shall not be deemed to have knowledge of any event of which it was supposed to receive notice thereof hereunder, and the Rights Agent shall be fully protected and shall incur no liability for
        failing to take action in connection therewith, unless and until it has received such notice in writing, which shall be sufficiently given or made if sent by facsimile when a confirmation is received by the transmitting person and the transmitting
        person has also made a telephone call in connection therewith to the telephone number specified in Section 26 hereof, or by first-class mail or overnight delivery service, postage prepaid or hand delivery when received.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">32</font></div>
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      </div>
      <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">19.&#160; &#160;&#160; <u>Merger or Consolidation or Change of Name of Rights Agent</u>.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(a)&#160; &#160;&#160; Any Person into which the Rights Agent or any successor Rights Agent may be merged or with which it may be consolidated, or any Person resulting from
        any merger or consolidation to which the Rights Agent or any successor Rights Agent shall be a party, or any Person succeeding to the shareholder services business of the Rights Agent or any successor Rights Agent, shall be the successor to the
        Rights Agent under this Rights Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto; provided, that such Person would be eligible for appointment as a successor Rights Agent under
        Section 21 hereof.&#160; In case at the time such successor Rights Agent shall succeed to the agency created by this Rights Agreement, any of the Rights Certificates shall have been countersigned but not delivered, any such successor Rights Agent may
        adopt the countersignature of the predecessor Rights Agent and deliver such Rights Certificates so countersigned; and in case at that time any of the Rights Certificates shall not have been countersigned, any successor Rights Agent may countersign
        such Rights Certificates either in the name of the predecessor Rights Agent or in the name of the successor Rights Agent; and in all such cases such Rights Certificates shall have the full force provided in the Rights Certificates and in this
        Rights Agreement.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(b)&#160; &#160;&#160; In case at any time the name of the Rights Agent shall be changed and at such time any of the Rights Certificates shall have been countersigned but not
        delivered, the Rights Agent may adopt the countersignature under its prior name and deliver Rights Certificates so countersigned; and in case at that time any of the Rights Certificates shall not have been countersigned, the Rights Agent may
        countersign such Rights Certificates either in its prior name or in its changed name; and in all such cases such Rights Certificates shall have the full force provided in the Rights Certificates and in this Rights Agreement.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">20.&#160; &#160;&#160; <u>Rights and Duties of Rights Agent</u>.&#160; The Rights Agent undertakes to perform only the duties and obligations expressly imposed by this Rights
        Agreement (and no implied duties)&#160; upon the following terms and conditions, by all of which the Company and the holders of Rights Certificates, by their acceptance thereof, shall be bound:</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(a)&#160; &#160;&#160; The Rights Agent may consult with legal counsel (who may be legal counsel for the Company or an employee of the Rights Agent), and the advice or
        opinion of such counsel shall be full and complete authorization and protection to the Rights Agent and the Rights Agent shall incur no liability for or in respect of any action taken, suffered or omitted to be taken by it in accordance with such
        advice or opinion.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">33</font></div>
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      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(b)&#160; &#160;&#160; Whenever in the performance of its duties under this Rights Agreement the Rights Agent shall deem it necessary or desirable that any fact or matter
        (including, without limitation, the identity of any Acquiring Person and the determination of Current Per Share Market Price) be proved or established by the Company prior to taking, suffering or omitting to take any action hereunder, such fact or
        matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by a certificate signed by any one of the Chairman of the Board, the Chief Executive Officer, the President,
        any Vice President, the Chief Financial Officer, the Secretary or any Assistant Secretary of the Company and delivered to the Rights Agent; and such certificate shall be full and complete authorization and protection to the Rights Agent and the
        Rights Agent shall incur no liability for or in respect of any action taken, suffered or omitted to be taken by it under the provisions of this Rights Agreement in reliance upon such certificate.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(c)&#160; &#160;&#160; The Rights Agent shall be liable hereunder to the Company and any other Person only for its own gross negligence, bad faith or willful misconduct
        (which gross negligence, bad faith or willful misconduct must be determined by a final, non-appealable order or judgment of a court of competent jurisdiction).&#160; Anything to the contrary notwithstanding, in no event shall the Rights Agent be liable
        for special, punitive, indirect, consequential or incidental loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Rights Agent has been advised of the likelihood of such loss or damage.&#160; Any liability of
        the Rights Agent under this Rights Agreement will be limited to an amount equal to the product of (1) the annual fees paid by the Company to the Rights Agent hereunder and (2) ten (10).</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(d)&#160; &#160;&#160; The Rights Agent shall not be liable for or by reason of any of the statements of fact or recitals contained in this Rights Agreement or in the Rights
        Certificates (except its countersignature thereof) or be required to verify the same, but all such statements and recitals are and shall be deemed to have been made by the Company only.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(e)&#160; &#160;&#160; The Rights Agent shall not have any liability for or be under any responsibility in respect of the validity of this Rights Agreement or the execution
        and delivery hereof (except the due execution hereof by the Rights Agent) or in respect of the validity or execution of any Rights Certificate (except its countersignature thereof); nor shall it be liable or responsible for any breach by the
        Company of any covenant or condition contained in this Rights Agreement or in any Rights Certificate; nor shall it be liable or responsible for any change in the exercisability of the Rights (including the Rights becoming null and void pursuant to
        Section 11(a)(ii) hereof) or any change or adjustment in the terms of the Rights (including the manner, method or amount thereof) provided for in Sections 3, 11, 13, 23 or 24, or the ascertaining of the existence of facts that would require any
        such change or adjustment (except with respect to the exercise of Rights evidenced by Rights Certificates after receipt by the Rights Agent of a certificate furnished pursuant to Section 12 hereof, upon which the Rights Agent may rely, describing
        such change or adjustment); nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any Preferred Shares to be issued pursuant to this Rights Agreement or any Rights Certificate
        or as to whether any Preferred Shares will, when issued, be validly authorized and issued, fully paid and nonassessable.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">34</font></div>
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      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(f)&#160; &#160;&#160; The Company agrees that it will perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and delivered all such
        further and other acts, instruments and assurances as may reasonably be required by the Rights Agent for the carrying out or performing by the Rights Agent of the provisions of this Rights Agreement.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(g)&#160; &#160;&#160; The Rights Agent is hereby authorized and directed to accept instructions with respect to the performance of its duties hereunder from any one of the
        Chairman of the Board, the Chief Executive Officer, the President, any Vice President, the Chief Financial Officer, the Secretary or any Assistant Secretary of the Company, and to apply to such officers for advice or instructions in connection with
        its duties, and such instructions shall be full authorization and protection to the Rights Agent and the Rights Agent shall not be liable for or in respect of any action taken, suffered or omitted to be taken by it in accordance with instructions
        of any such officer or for any delay in acting while waiting for those instructions.&#160; The Rights Agent shall be fully authorized and protected in relying upon the most recent instructions received by any such officer.&#160; Any application by the Rights
        Agent for written instructions from the Company may, at the option of the Rights Agent, set forth in writing any action proposed to be taken, suffered or omitted to be taken by the Rights Agent under this Rights Agreement and the date on and/or
        after which such action shall be taken or suffered or such omission shall be effective.&#160; The Rights Agent shall not be liable for any action taken or suffered by, or omission of, the Rights Agent in accordance with a proposal included in any such
        application on or after the date specified in such application (which date shall not be less than five (5) Business Days after the date any officer of the Company actually receives such application, unless any such officer shall have consented in
        writing to an earlier date) unless, prior to taking any such action (or the effective date in the case of an omission), the Rights Agent shall have received written instructions in response to such application specifying the action to be taken,
        suffered or omitted to be taken.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(h)&#160; &#160;&#160; The Rights Agent and any stockholder, affiliate, director, officer or employee of the Rights Agent may buy, sell or deal in any of the Rights or other
        securities of the Company or become pecuniarily interested in any transaction in which the Company may be interested, or contract with or lend money to the Company or otherwise act as fully and freely as though it were not Rights Agent under this
        Rights Agreement.&#160; Nothing herein shall preclude the Rights Agent or any such stockholder, affiliate, director, officer or employee from acting in any other capacity for the Company or for any other Person.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(i)&#160; &#160;&#160; The Rights Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself (through its
        directors, officers and employees) or by or through its attorneys or agents, and the Rights Agent shall not be answerable or accountable for any act, default, neglect or misconduct of any such attorneys or agents or for any loss to the Company or
        any other Person resulting from any such act, default, neglect or misconduct, absent gross negligence or bad faith in the selection and continued employment thereof (which gross negligence, willful misconduct or bad faith must be determined by a
        final, non-appealable judgment of a court of competent jurisdiction).</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">35</font></div>
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      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(j)&#160; &#160;&#160; No provision of this Rights Agreement shall require the Rights Agent to expend or risk its own funds or otherwise incur any financial liability in the
        performance of any of its duties hereunder or in the exercise of its rights if it believes that repayment of such funds or adequate indemnification against such risk or liability is not reasonably assured to it.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(k)&#160; &#160;&#160; If, with respect to any Rights Certificate surrendered to the Rights Agent for exercise or transfer, the certificate contained in the form of
        assignment or form of election to purchase, as the case may be, has either not been properly completed or indicates an affirmative response to clause 1 and/or 2 thereof, the Rights Agent shall not take any further action with respect to such
        requested exercise or transfer without first consulting with the Company.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">21.&#160; &#160;&#160; <u>Change of Rights Agent</u>.&#160; The Rights Agent or any successor Rights Agent may resign and be discharged from its duties under this Rights
        Agreement upon thirty (30) days&#8217; written notice to the Company and to each transfer agent of the Preferred Shares and the Common Stock known to the Rights Agent, in the event that the Rights Agent or one of its Affiliates is not also the transfer
        agent for the Company.&#160; In the event the transfer agency relationship in effect between the Company and the Rights Agent terminates, the Rights Agent will be deemed to have resigned automatically and be discharged from its duties under this
        Agreement as of the effective date of such termination, and the Company shall be responsible for sending any required notice.&#160; The Company may remove the Rights Agent or any successor Rights Agent upon written notice to the Rights Agent or
        successor Rights Agent, as the case may be, and to each transfer agent of the Preferred Shares and the Common Stock and to the holders of the Rights Certificates by public announcement or written notice.&#160; If the Rights Agent shall resign or be
        removed or shall otherwise become incapable of acting, the Company shall appoint a successor to the Rights Agent.&#160; If the Company shall fail to make such appointment within a period of thirty (30) days after giving notice of such removal or after
        receiving written notice of such resignation or incapacity by the resigning or incapacitated Rights Agent or by the holder of a Rights Certificate (who shall, with such notice, submit his or her Rights Certificate for inspection by the Company),
        then the registered holder of any Rights Certificate may apply to any court of competent jurisdiction for the appointment of a new Rights Agent.&#160; Any successor Rights Agent, whether appointed by the Company or by such a court, shall be (a) a Person
        organized and doing business under the laws of the United States or of any state of the United States, in good standing, which is authorized under such laws to exercise stock transfer powers and is subject to supervision or examination by federal
        or state authority and which has at the time of its appointment as Rights Agent a combined capital and surplus of at least $50 million or (b) an Affiliate of such a Person.&#160; After appointment, the successor Rights Agent shall be vested with the
        same powers, rights, duties and responsibilities as if it had been originally named as Rights Agent without further act or deed; but the predecessor Rights Agent shall deliver and transfer to the successor Rights Agent any property at the time held
        by it hereunder, and execute and deliver any further assurance, conveyance, act or deed necessary for the purpose.&#160; Not later than the effective date of any such appointment, the Company shall file notice thereof in writing with the predecessor
        Rights Agent and each transfer agent of the Preferred Shares and the Common Stock, and mail a written notice thereof to the registered holders of the Rights Certificates.&#160; Failure to give any notice provided for in this Section 21, however, or any
        defect therein, shall not affect the legality or validity of the resignation or removal of the Rights Agent or the appointment of the successor Rights Agent, as the case may be.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">36</font></div>
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      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">22.&#160; &#160;&#160; <u>Issuance of New Rights Certificates</u>.&#160; Notwithstanding any of the provisions of this Rights Agreement or of the Rights to the contrary, the
        Company may, at its option, issue new Rights Certificates evidencing Rights in such form as may be approved by its Board to reflect any adjustment or change in the Exercise Price and the number or kind or class of shares or other securities or
        property purchasable under the Rights Certificates made in accordance with the provisions of this Rights Agreement.&#160; In addition, in connection with the issuance or sale of shares of Common Stock following the Distribution Date and prior to the
        redemption or expiration of the Rights, the Company (a) shall, with respect to shares of Common Stock so issued or sold pursuant to the exercise of stock options or under any employee plan or arrangement or upon the exercise, conversion or exchange
        of other securities of the Company outstanding at the date hereof or upon the exercise, conversion or exchange of securities hereinafter issued by the Company and (b) may, in any other case, if deemed necessary or appropriate by the Board, issue
        Rights Certificates representing the appropriate number of Rights in connection with such issuance or sale; <u>provided</u>, <u>however</u>, that (i) no such Rights Certificate shall be issued and this sentence shall be null and void ab initio
        if, and to the extent that, such issuance or this sentence would create a significant risk of or result in material adverse tax consequences to the Company or the Person to whom such Rights Certificate would be issued or would create a significant
        risk of or result in such options&#8217; or employee plans&#8217; or arrangements&#8217; failing to qualify for otherwise available special tax treatment and (ii) no such Rights Certificate shall be issued if, and to the extent that, appropriate adjustment shall
        otherwise have been made in lieu of the issuance thereof.</div>
      <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">23.&#160; &#160;&#160; <u>Redemption</u>.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(a)&#160; &#160;&#160; The Company may, at its option and with the approval of the Board, at any time prior to the Close of Business on the earlier of (i) the Distribution
        Date and (ii) the Final Expiration Date, redeem all but not less than all the then outstanding Rights at a redemption price of $0.01 per Right, appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring after
        the date hereof (such redemption price being herein referred to as the &#8220;<u>Redemption Price</u>&#8221;) and the Company may, at its option, pay the Redemption Price either in shares of Common Stock (based on the Current Per Share Market Price thereof at
        the time of redemption) or cash.&#160; Such redemption of the Rights by the Company may be made effective at such time, on such basis and with such conditions as the Board in its sole discretion may establish.&#160; The date on which the Board elects to make
        the redemption effective shall be referred to as the &#8220;<u>Redemption Date</u>&#8221;.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(b)&#160; &#160;&#160; Immediately upon the action of the Board ordering the redemption of the Rights, written notice of which shall have been filed with the Rights Agent,
        and without any further action and without any notice, the right to exercise the Rights shall terminate and the only right thereafter of the holders of Rights shall be to receive the Redemption Price.&#160; The Company shall promptly give public notice
        of any such redemption; <u>provided</u>, <u>however</u>, that the failure to give or any defect in, any such notice shall not affect the legality or validity of such redemption.&#160; Within ten (10) days after the action of the Board ordering the
        redemption of the Rights, the Company shall promptly mail a notice of such redemption to the Rights Agent and the holders of</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">37</font></div>
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      <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">the then outstanding Rights at their last addresses as they appear upon the registry books of the Rights Agent or, prior to the Distribution Date, on the registry books of the
        transfer agent for the Common Stock.&#160; Any notice which is mailed in the manner herein provided shall be deemed given, whether or not the holder receives the notice.&#160; Each such notice of redemption will state the method by which the payment of the
        Redemption Price will be made.&#160; Neither the Company nor any of its Affiliates or Associates may redeem, acquire or purchase for value any Rights at any time in any manner other than that specifically set forth in this Section 23 or in Section 24
        hereof, and other than in connection with the purchase of shares of Common Stock prior to the Distribution Date.</div>
      <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">24.&#160; &#160;&#160; <u>Exchange</u>.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(a)&#160; &#160;&#160; Subject to applicable laws, rules and regulations, and subject to subsection 24(c) below, the Company may, at its option, by action of the Board, at
        any time after the occurrence of a Triggering Event, exchange all or part of the then outstanding and exercisable Rights (which shall not include Rights that have become null and void pursuant to the provisions of Section 7(e) hereof) for shares of
        Common Stock at an exchange ratio of one share of Common Stock per Right, appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring after the date hereof (such exchange ratio being hereinafter referred to as
        the &#8220;<u>Exchange Ratio</u>&#8221;).&#160; Notwithstanding the foregoing, the Board shall not be empowered to effect such exchange at any time after any Person (other than the Company, any Subsidiary of the Company, any employee benefit plan of the Company or
        any such Subsidiary, or any entity holding Common Stock for or pursuant to the terms of any such plan), together with all Affiliates and Associates of such Person, becomes the Beneficial Owner of 50% or more of the Common Stock then outstanding.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(b)&#160; &#160;&#160; Immediately upon the action of the Board ordering the exchange of any Rights pursuant to subsection 24(a) of this Section 24 and without any further
        action and without any notice, the right to exercise such Rights shall terminate and the only right thereafter of a holder of such Rights shall be to receive that number of shares of Common Stock equal to the number of such Rights held by such
        holder multiplied by the Exchange Ratio.&#160; The Company shall give public notice of any such exchange; <u>provided</u>, <u>however</u>, that the failure to give, or any defect in, such notice shall not affect the validity of such exchange.&#160; The
        Company shall promptly mail a notice of any such exchange to all of the holders of such Rights at their last addresses as they appear upon the registry books of the Rights Agent.&#160; Any notice which is mailed in the manner herein provided shall be
        deemed given, whether or not the holder receives the notice.&#160; Each such notice of exchange will state the method by which the exchange of the shares of Common Stock for Rights will be effected and, in the event of any partial exchange, the number
        of Rights which will be exchanged.&#160; Any partial exchange shall be effected pro rata based on the number of Rights (other than Rights which have become null and void pursuant to the provisions of Section 7(e) hereof) held by each holder of Rights.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(c)&#160; &#160;&#160; In the event that there shall not be sufficient shares of Common Stock issued but not outstanding or authorized but unissued to permit any exchange of
        Rights as contemplated in accordance with Section 24(a), the Company shall either take such action as</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">38</font></div>
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      <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">may be necessary to authorize additional shares of Common Stock for issuance upon exchange of the Rights or alternatively, at the option of a majority of the Board, with respect
        to each Right (i) pay cash in an amount equal to the Current Value (as hereinafter defined), in lieu of issuing shares of Common Stock in exchange therefor, or (ii) issue debt or equity securities or a combination thereof, having a value equal to
        the Current Value, in lieu of issuing shares of Common Stock in exchange for each such Right, where the value of such securities shall be determined by a nationally recognized investment banking firm selected by majority vote of the Board, or (iii)
        deliver any combination of cash, property, shares of Common Stock and/or other securities having a value equal to the Current Value in exchange for each Right.&#160; For purposes of this Section 24(c) only, the Current Value shall mean the product of
        the Current Per Share Market Price of shares of Common Stock on the date of the occurrence of the event described above in subparagraph (a), multiplied by the number of shares of Common Stock for which the Right otherwise would be exchangeable if
        there were sufficient shares available.&#160; To the extent that the Company determines that some action need be taken pursuant to clauses (i), (ii) or (iii) of this Section 24(c), the Board may temporarily suspend the exercisability of the Rights for a
        period of up to sixty (60) days following the date on which the event described in Section 24(a) shall have occurred, in order to seek any authorization of additional shares of Common Stock and/or to decide the appropriate form of distribution to
        be made pursuant to the above provision and to determine the value thereof.&#160; In the event of any such suspension, the Company shall issue a public announcement stating that the exercisability of the Rights has been temporarily suspended (with
        prompt written notice thereof, including a copy of such public announcement, to the Rights Agent).</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(d)&#160; &#160;&#160; The Company shall not be required to issue fractions of shares of Common Stock or to distribute certificates which evidence fractional shares of Common
        Stock.&#160; In lieu of such fractional shares of Common Stock, there shall be paid to the registered holders of the Rights Certificates with regard to which such fractional shares of Common Stock would otherwise be issuable, an amount in cash equal to
        the same fraction of the current market value of a whole share of Common Stock (as determined pursuant to the terms hereof).</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(e)&#160; &#160;&#160; The Company may, at its option, by majority vote of the Board, at any time before the Share Acquisition Date, exchange all or part of the then
        outstanding Rights for rights of substantially equivalent value, as determined reasonably and with good faith by the Board, based upon the advice of one or more nationally recognized investment banking firms.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(f)&#160; &#160;&#160; Immediately upon the action of the Board ordering the exchange of any Rights pursuant to subsection 24(e) of this Section 24 and without any further
        action and without any notice, the right to exercise such Rights shall terminate and the only right thereafter of a holder of such Rights shall be to receive that number of rights in exchange therefor as has been determined by the Board in
        accordance with subsection 24(e) above.&#160; The Company shall give public notice of any such exchange; <u>provided</u>, <u>however</u>, that the failure to give, or any defect in, such notice shall not affect the validity of such exchange.&#160; The
        Company shall promptly mail a notice of any such exchange to the Rights Agent and all of the holders of such Rights at their last addresses as they appear upon the registry books of the transfer agent for the shares of Common Stock of the Company.&#160;
        Any notice which is mailed in the manner herein provided shall be deemed given, whether or not the holder receives the notice.&#160; Each such notice of exchange will state the method by which the exchange of the Rights will be effected.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">39</font></div>
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      </div>
      <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">25.&#160; &#160;&#160; <u>Notice of Certain Events</u>.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(a)&#160; &#160;&#160; In case the Company shall propose to effect or permit to occur any Triggering Event or Section 13 Event, the Company shall give notice thereof to the
        Rights Agent and each holder of Rights in accordance with Section 26 hereof at least twenty (20) days prior to occurrence of such Triggering Event or such Section 13 Event.</div>
      <div style="text-align: justify; font-size: 12pt;">&#160;&#160;&#160;&#160;&#160;(b)&#160; &#160;&#160; In case any Triggering Event set forth in Section 11(a)(ii) hereof shall occur, then the Company shall as soon as practicable thereafter give to the Rights Agent and to each holder of a
        Rights Certificate, in accordance with Section 26 hereof, a notice of the occurrence of such event, which notice shall describe such event and the consequences of such event to holders of Rights under Section 11(a)(ii) hereof.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">26.&#160; &#160;&#160; <u>Notices</u>.&#160; Notices or demands authorized by this Rights Agreement to be given or made by the Rights Agent or by the holder of any Rights
        Certificate to or on the Company shall be sufficiently given or made if sent by facsimile when a confirmation is received by the transmitting person, or by first-class mail or overnight delivery service, postage prepaid or hand delivery when
        received and addressed (until another address is filed in writing with the Rights Agent) as follows:</div>
      <div style="text-align: left; margin-left: 90pt; font-size: 12pt;">Performance Shipping Inc.<br>
        Pendelis 16, 175 64 Palaio Faliro</div>
      <div style="text-align: left; margin-left: 90pt; font-size: 12pt;">Athens, Greece<br>
        Attention: Andreas Michalopoulos</div>
      <div style="text-align: left; margin-left: 90pt; font-size: 12pt;">Facsimile: 011 30210 947 0101</div>
      <div><br>
      </div>
      <div style="text-align: left; margin-left: 90pt; font-size: 12pt;">with a copy to:</div>
      <div style="text-align: left; margin-left: 90pt; font-size: 12pt;">Seward &amp; Kissel LLP</div>
      <div style="text-align: left; margin-left: 90pt; font-size: 12pt;">One Battery Park Plaza</div>
      <div style="text-align: left; margin-left: 90pt; font-size: 12pt;">New York, New York 10004</div>
      <div style="text-align: left; margin-left: 90pt; font-size: 12pt;">Attention: Gary J. Wolfe<br>
        Facsimile: 212-480-8421</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-size: 12pt;">Subject to the provisions of Section 21 hereof, any notice or demand authorized by this Rights Agreement to be given or made by the Company or by the holder of any Rights Certificate to or on the
        Rights Agent shall be sufficiently given or made if sent by first-class mail or overnight delivery service, postage prepaid or hand delivery when received and addressed (until another address is filed in writing with the Company) as follows:</div>
      <div><br>
      </div>
      <div style="text-align: left; margin-left: 90pt; font-size: 12pt;">Computershare Inc.</div>
      <div style="text-align: left; margin-left: 90pt; font-size: 12pt;">250 Royall Street</div>
      <div style="text-align: left; margin-left: 90pt; font-size: 12pt;">Canton, MA 02021</div>
      <div style="text-align: left; margin-left: 90pt; font-size: 12pt;">Attention: Client Services</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">40</font></div>
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      <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">Notices or demands authorized by this Rights Agreement to be given or made by the Company or the Rights Agent to the holder of any Rights Certificate shall be sufficiently given
        or made if sent by first-class mail, postage prepaid, addressed to such holder at the address of such holder as shown on the registry books of the Company.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">27.&#160; &#160;&#160; <u>Supplements and Amendments</u>.&#160; Prior to the occurrence of a Distribution Date, the Company may supplement or amend this Rights Agreement in any
        respect without the approval of any holders of Rights.&#160; From and after the occurrence of a Distribution Date, the Company and the Rights Agent may from time to time supplement or amend this Rights Agreement without the approval of any holders of
        Rights in order to (i) cure any ambiguity, (ii) correct or supplement any provision contained herein which may be defective or inconsistent with any other provisions herein, (iii) shorten or lengthen any time period hereunder or (iv) to change or
        supplement the provisions hereunder in any manner that the Company may deem necessary or desirable and that shall not adversely affect the interests of the holders of Rights (other than an Acquiring Person or an Affiliate or Associate of an
        Acquiring Person); provided, this Rights Agreement may not be supplemented or amended to lengthen, pursuant to clause (iii) of this sentence, (A) a time period relating to when the Rights may be redeemed at such time as the Rights are not then
        redeemable or (B) any other time period unless such lengthening is for the purpose of protecting, enhancing or clarifying the rights of, and/or the benefits to, the holders of Rights (other than an Acquiring Person or an Affiliate or Associate of
        an Acquiring Person).&#160; Any such supplement or amendment shall be evidenced by a writing signed by the Company and the Rights Agent.&#160; Upon the delivery of a certificate from an appropriate officer of the Company and, if reasonably requested by the
        Rights Agent, an opinion of counsel, that states that the proposed supplement or amendment is in compliance with the terms of this Section 27, the Rights Agent shall execute such supplement or amendment.&#160; Notwithstanding anything contained in this
        Rights Agreement to the contrary, the Rights Agent may, but shall not be obligated to, enter into any supplement or amendment that affects the Rights Agent&#8217;s own rights, duties, obligations or immunities under this Rights Agreement.&#160; Prior to the
        Distribution Date, the interests of the holders of Rights shall be deemed coincident with the interests of the holders of Common Stock.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">28.&#160; &#160;&#160; <u>Successors</u>.&#160; All the covenants and provisions of this Rights Agreement by or for the benefit of the Company or the Rights Agent shall bind and
        inure to the benefit of their respective successors and assigns hereunder.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">29.&#160; &#160;&#160; <u>Determinations and Actions by the Board, etc</u>.&#160; For all purposes of this Rights Agreement, any calculation of the number of shares of Common
        Stock outstanding at any particular time, including for purposes of determining the particular percentage of such outstanding shares of Common Stock of which any Person is the Beneficial Owner, shall be made in accordance with the last sentence of
        Rule 13d-3(d)(1)(i) of the General Rules and Regulations under the Exchange Act.&#160; The Board shall have the exclusive power and authority to administer this Rights Agreement and to exercise all rights and powers specifically granted to the Board, or
        the Company, or as may be necessary or advisable in the administration of this Rights Agreement, including, without limitation, the right and power to (i) interpret the provisions of this Rights Agreement and (ii) make all determinations deemed
        necessary or advisable for the</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">41</font></div>
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      <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">administration of this Rights Agreement (including a determination to redeem or not redeem the Rights or to amend the Rights Agreement).&#160; All such actions, calculations,
        interpretations and determinations (including, for purposes of clause (y) below, all omissions with respect to the foregoing) which are done or made by the Board in good faith, shall (x) be final, conclusive and binding on the Company, the Rights
        Agent, the holders of the Rights Certificates and all other parties and (y) not subject the Board to any liability to the holders of the Rights.&#160; The Rights Agent is entitled always to assume the Board acted in good faith and shall be fully
        protected and incur no liability in reliance thereon.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">30.&#160; &#160;&#160; <u>Benefits of this Rights Agreement</u>.&#160; Nothing in this Rights Agreement shall be construed to give to any Person other than the Company, the
        Rights Agent and the registered holders of the Rights Certificates (and, prior to the Distribution Date, the shares of Common Stock) any legal or equitable right, remedy or claim under this Rights Agreement; but this Rights Agreement shall be for
        the sole and exclusive benefit of the Company, the Rights Agent and the registered holders of the Rights Certificates (and, prior to the Distribution Date, the shares of Common Stock).</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">31.&#160; &#160;&#160; <u>Severability</u>.&#160; If any term, provision, covenant or restriction of this Rights Agreement is held by a court of competent jurisdiction or other
        authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Rights Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated; <u>provided</u>,
        <u>however</u>, that notwithstanding anything in this Rights Agreement to the contrary, if any such term, provision, covenant or restriction is held by such court or authority to be invalid, void or unenforceable and the Board determines in its
        good faith judgment that severing the invalid language from this Rights Agreement would adversely affect the purpose or effect of this Rights Agreement, the right of redemption set forth in Section 23 hereof shall be reinstated and shall not expire
        until the Close of Business on the tenth Business Day following the date of such determination by the Board; <u>provided further</u>, <u>however</u>, that if any such excluded term, provision, covenant or restriction shall adversely affect the
        rights, immunities, liabilities, duties or obligations of the Rights Agent, the Rights Agent shall be entitled to resign immediately, upon prior written notice to the Company.&#160; Without limiting the foregoing, if any provision requiring a specific
        group of directors to act is held by any court of competent jurisdiction or other authority to be invalid, void or unenforceable, such determination shall then be made by the Board in accordance with applicable law and the Company's Certificate of
        Incorporation and bylaws.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">32.&#160; &#160;&#160; <u>Governing Law</u>.&#160; This Rights Agreement and each Right and each Rights Certificate issued hereunder shall be deemed to be a contract made under
        the laws of the State of New York and for all purposes shall be governed by and construed in accordance with the laws of such State applicable to contracts to be made and performed entirely within such State.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">33.&#160; &#160;&#160; <u>Counterparts</u>.&#160; This Rights Agreement may be executed in any number of counterparts and each of such counterparts shall for all purposes be
        deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.&#160; A signature to this Rights Agreement executed and/or transmitted electronically shall have the same authority, effect, and
        enforceability as an original signature.</div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">42</font></div>
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      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">34.&#160; &#160;&#160; <u>Descriptive Headings</u>.&#160; Descriptive headings of the several Sections of this Rights Agreement are inserted for convenience only and shall not
        control or affect the meaning or construction of any of the provisions hereof.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">35.&#160; &#160;&#160; <u>Force Majeure</u>.&#160; Notwithstanding anything to the contrary contained herein, the Rights Agent shall not be liable for any delays or failures in
        performance resulting from acts beyond its reasonable control including, without limitation, acts of God, epidemics, pandemics, terrorist acts, shortage of supply, breakdowns or malfunctions, interruptions or malfunction of computer facilities, or
        loss of data due to power failures or mechanical difficulties with information storage or retrieval systems, labor difficulties, war, or civil unrest.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">36.&#160; &#160;&#160; <u>Miscellaneous</u>.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(a)&#160; &#160;&#160; The Company acknowledges that the Rights Agent is subject to the customer identification program (&#8220;Customer Identification Program&#8221;) requirements under
        the USA PATRIOT Act and its implementing regulations, and that the Rights Agent must obtain, verify and record information that allows the Rights Agent to identify the Company.&#160; Accordingly, prior to accepting an appointment hereunder, the Rights
        Agent may request information from the Company that will help the Rights Agent to identify the Company, including without limitation the Company&#8217;s physical address, tax identification number, organizational documents, certificate of good standing,
        license to do business, or any other information that the Rights Agent deems necessary.&#160; The Company agrees that the Rights Agent cannot accept an appointment hereunder unless and until the Rights Agent verifies the Company&#8217;s identity in accordance
        with the Customer Identification Program requirements.</div>
      <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;">(b)&#160; &#160;&#160; The Rights Agent has adopted an incentive compensation program designed (i) to facilitate clients gaining access to and being provided with explanations about the full
        range of products and services offered by the Rights Agent and its subsidiaries and (ii) to expand and develop client relationships.&#160; This program may lead to the payment of referral fees and/or bonuses to employees of the Rights Agent or its
        subsidiaries who may have been involved in a referral that resulted in the execution of obtaining of products or services by the Company covered by this Agreement or which may be ancillary or supplemental to such products or services.&#160; Any such
        referral fees or bonuses are funded solely out of fees and commissions payable by the Company under this Rights Agreement or with respect to such ancillary or supplemental products or services. Under no circumstances will the payment of such fees
        and/or bonuses contemplated under this Section 36(b) increase the amount payable by the Company under any other provision of this Rights Agreement.</div>
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      <div style="text-align: center; font-size: 12pt;">[<font style="font-style: italic;">Signature Page Follows</font>]</div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">43</font></div>
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      <div style="text-align: left; text-indent: 36pt; font-size: 12pt;">IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.</div>
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            <td style="width: 38.79%; vertical-align: top;">&#160;</td>
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              <div style="font-size: 12pt; font-weight: bold;">PERFORMANCE SHIPPING INC.</div>
              <div>&#160;</div>
              <div>&#160;</div>
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              <div style="text-indent: -18pt; margin-left: 21.05pt; font-size: 12pt;">By: <u>/s/ Andreas Michalopoulos</u><br>
                Name:&#160; Andreas Michalopoulos<br>
                Title:&#160; &#160; Chief Executive Officer</div>
              <div>&#160;</div>
              <div>&#160;</div>
              <div>&#160;</div>
              <div>&#160;</div>
              <div>&#160;</div>
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              <div style="margin-left: 3.05pt; font-size: 12pt; font-weight: bold;">COMPUTERSHARE INC., </div>
              <div style="margin-left: 3.05pt; font-size: 12pt; font-weight: bold;">as Rights Agent</div>
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              <div>&#160;</div>
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              <div style="text-indent: -18pt; margin-left: 21.05pt; font-size: 12pt;">By: <u>/s/ Dennis V. Moccia</u><br>
                Name: Dennis V. Moccia<br>
                Title: Senior Manager, Contract Operations<br>
              </div>
              <div>&#160;</div>
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      <div style="text-align: center; font-size: 12pt; font-style: italic;">[Signature Page to Stockholders&#8217; Rights Agreement]</div>
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      <div style="margin-bottom: 12pt; font-size: 12pt;"><u>Exhibit A</u></div>
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      <div style="text-align: center; font-size: 12pt;">CERTIFICATE OF DESIGNATIONS OF RIGHTS, PREFERENCES AND PRIVILEGES OF SERIES A PARTICIPATING PREFERRED STOCK OF DIANA CONTAINERSHIPS INC. (SINCE RENAMED PERFORMANCE SHIPPING INC.)</div>
      <div><br>
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      <div style="text-align: justify; font-size: 12pt;">The undersigned, Mr. Anastasios Margaronis and Mr. Ioannis Zafirakis, do hereby certify:</div>
      <div><br>
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      <div style="text-align: justify; font-size: 12pt;">1.&#160; &#160;&#160; That they are the duly elected and acting President and Secretary, respectively, of Diana Containerships Inc., a Marshall Islands corporation (the &#8220;<u>Company</u>&#8221;).</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-size: 12pt;">2.&#160; &#160;&#160; That pursuant to the authority conferred by the Company&#8217;s Amended and Restated Articles of Incorporation, the Company&#8217;s Board of Directors on June 1, 2010 adopted the following resolution
        designating and prescribing the relative rights, preferences and limitations of the Company&#8217;s Series A Participating Preferred Stock:</div>
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      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">RESOLVED, that pursuant to the authority vested in the Board of Directors (the &#8220;<u>Board</u>&#8221;) of the Company by the Amended and Restated Articles of
        Incorporation, the Board does hereby establish a series of preferred stock, par value $0.01 per share, and the designation of certain powers, preferences and other special rights of the shares of such series, and certain qualifications, limitations
        and restrictions thereon, are hereby fixed as follows:</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">Section 1.&#160; &#160;&#160; <u>Designation and Amount</u>.&#160; The shares of such series shall be designated as &#8220;<u>Series A Participating Preferred Stock</u>&#8221;.&#160; The Series A
        Participating Preferred Stock shall have a par value of $0.01 per share, and the number of shares constituting such series shall initially be 1,250,000, which number the Board may from time to time increase or decrease (but not below the number
        then outstanding).</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">Section 2.&#160; &#160;&#160; <u>Proportional Adjustment</u>.&#160; In the event the Company shall at any time after the issuance of any share or shares of Series A Participating
        Preferred Stock (i) declare any dividend on the common stock of the Company par value $0.01 per share (the &#8220;<u>Common Stock</u>&#8221;) payable in shares of Common Stock, (ii) subdivide the outstanding Common Stock or (iii) combine the outstanding Common
        Stock into a smaller number of shares, then in each such case the Company shall simultaneously effect a proportional adjustment to the number of outstanding shares of Series A Participating Preferred Stock.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">Section 3.&#160; &#160;&#160; <u>Dividends and Distributions</u>.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(a)&#160; &#160;&#160; Subject to the prior and superior right of the holders of any shares of any series of preferred stock ranking prior and superior to the shares of
        Series A Participating Preferred Stock with respect to dividends, the holders of shares of Series A Participating Preferred Stock shall be entitled to receive when, as and if declared by the Board out of funds legally available for the purpose,
        quarterly dividends payable in cash on the last day of January,</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">A-1</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">April, July and October in each year (each such date being referred to herein as a &#8220;<u>Quarterly Dividend Payment Date</u>&#8221;), commencing on the first Quarterly Dividend Payment
        Date after the first issuance of a share or fraction of a share of Series A Participating Preferred Stock, in an amount per share (rounded to the nearest cent) equal to 1,000 times the aggregate per share amount of all cash dividends, and 1,000
        times the aggregate per share amount (payable in kind) of all non-cash dividends or other distributions other than a dividend payable in shares of Common Stock or a subdivision of the outstanding shares of Common Stock (by reclassification or
        otherwise), declared on the Common Stock since the immediately preceding Quarterly Dividend Payment Date, or, with respect to the first Quarterly Dividend Payment Date, since the first issuance of any share or fraction of a share of Series A
        Participating Preferred Stock.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(b)&#160; &#160;&#160; The Company shall declare a dividend or distribution on the Series A Participating Preferred Stock as provided in paragraph (a) above immediately after
        it declares a dividend or distribution on the Common Stock (other than a dividend payable in shares of Common Stock).</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(c)&#160; &#160;&#160; Dividends shall begin to accrue on outstanding shares of Series A Participating Preferred Stock from the Quarterly Dividend Payment Date immediately
        preceding the date of issue of such shares of Series A Participating Preferred Stock, unless the date of issue of such shares is prior to the record date for the first Quarterly Dividend Payment Date, in which case dividends on such shares shall
        begin to accrue from the date of issue of such shares, or unless the date of issue is a Quarterly Dividend Payment Date or is a date after the record date for the determination of holders of shares of Series A Participating Preferred Stock entitled
        to receive a quarterly dividend and before such Quarterly Dividend Payment Date, in either of which events such dividends shall begin to accrue from such Quarterly Dividend Payment Date.&#160; Accrued but unpaid dividends shall not bear interest.&#160;
        Dividends paid on the shares of Series A Participating Preferred Stock 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.&#160; The Board may fix a record date for the determination of holders of shares of Series A Participating Preferred Stock 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.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">Section 4.&#160; &#160;&#160; <u>Voting Rights</u>.&#160; The holders of shares of Series A Participating Preferred Stock shall have the following voting rights:</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(a)&#160; &#160;&#160; Each share of Series A Participating Preferred Stock shall entitle the holder thereof to 1,000 votes on all matters submitted to a vote of the
        stockholders of the Company.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(b)&#160; &#160;&#160; Except as otherwise provided herein or by law, the holders of shares of Series A Participating Preferred Stock and the holders of shares of Common
        Stock shall vote together as one class on all matters submitted to a vote of stockholders of the Company.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(c)&#160; &#160;&#160; Except as required by law, holders of Series A Participating Preferred Stock shall have no special voting rights and their consent shall not be
        required (except to the extent they are entitled to vote with holders of Common Stock as set forth herein) for taking any corporate action.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">A-2</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">Section 5.&#160; &#160;&#160; <u>Certain Restrictions</u>.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(a)&#160; &#160;&#160; The Company shall not declare any dividend on, make any distribution on, or redeem or purchase or otherwise acquire for consideration any shares of
        Common Stock after the first issuance of a share or fraction of a share of Series A Participating Preferred Stock unless concurrently therewith it shall declare a dividend on the Series A Participating Preferred Stock as required by Section 3
        hereof.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(b)&#160; &#160;&#160; Whenever quarterly dividends or other dividends or distributions payable on the Series A Participating Preferred Stock as provided in Section 3 are in
        arrears, thereafter and until all accrued and unpaid dividends and distributions, whether or not declared, on shares of Series A Participating Preferred Stock outstanding shall have been paid in full, the Company shall not (i) declare or pay
        dividends on, make any other distributions on, or redeem or purchase or otherwise acquire for consideration any shares of stock ranking junior (either as to dividends or upon liquidation, dissolution or winding up) to the Series A Participating
        Preferred Stock; (ii) declare or pay dividends on, make any other distributions on any shares of stock ranking on a parity (either as to dividends or upon liquidation, dissolution or winding up) with Series A Participating Preferred Stock, except
        dividends paid ratably on the Series A Participating Preferred Stock and all such parity stock on which dividends are payable or in arrears in proportion to the total amounts to which the holders of all such shares are then entitled; (iii) redeem
        or purchase or otherwise acquire for consideration shares of any stock ranking on a parity (either as to dividends or upon liquidation, dissolution or winding up) with the Series A Participating Preferred Stock, provided that the Company&#160; may at
        any time redeem, purchase or otherwise acquire shares of any such parity stock in exchange for shares of any stock of the Company ranking junior (either as to dividends or upon dissolution, liquidation or winding up) to the Series A Participating
        Preferred Stock; (iv) purchase or otherwise acquire for consideration any shares of Series A Participating Preferred Stock, or any shares of stock ranking on a parity with the Series A Participating Preferred Stock, except in accordance with a
        purchase offer made in writing or by publication (as determined by the Board) to all holders of such shares upon such terms as the Board, after consideration of the respective annual dividend rates and other relative rights and preferences of the
        respective series and classes, shall determine in good faith will result in fair and equitable treatment among the respective series or classes.</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">(c)&#160; &#160;&#160; The Company shall not permit any subsidiary of the Company to purchase or otherwise acquire for consideration any shares of stock of the Company unless
        the Company could, under paragraph (a) of this Section 5, purchase or otherwise acquire such shares at such time and in such manner.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">Section 6.&#160; &#160;&#160; <u>Reacquired Shares</u>.&#160; Any shares of Series A Participating Preferred Stock purchased or otherwise acquired by the Company in any manner
        whatsoever shall be retired and canceled promptly after the acquisition thereof.&#160; All such shares shall upon their cancellation become authorized but unissued shares of preferred stock and may be reissued as part of a new series of preferred stock
        to be created by resolution or resolutions of the Board, subject to the conditions and restrictions on issuance set forth herein and, in the Amended and Restated Articles of Incorporation, as then amended.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">A-3</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">Section 7.&#160; &#160;&#160; <u>Liquidation, Dissolution or Winding Up</u>.&#160; Upon any liquidation, dissolution or winding up of the Company, the holders of shares of Series
        A Participating Preferred Stock shall be entitled to receive an aggregate amount per share equal to 1,000 times the aggregate amount to be distributed per share to holders of shares of Common Stock plus an amount equal to any accrued and unpaid
        dividends on such shares of Series A Participating Preferred Stock.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">Section 8.&#160; &#160;&#160; <u>Consolidation, Merger, etc</u>.&#160; In case the Company shall enter into any consolidation, merger, combination or other transaction in which
        the shares of Common Stock are exchanged for or changed into other stock or securities, cash and/or any other property, then in any such case the shares of Series A Participating Preferred Stock shall at the same time be similarly exchanged or
        changed in an amount per share equal to 1,000 times the aggregate amount of stock, securities, cash and/or any other property (payable in kind), as the case may be, into which or for which each share of Common Stock is changed or exchanged.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">Section 9.&#160; &#160;&#160; <u>No Redemption</u>.&#160; The shares of Series A Participating Preferred Stock shall not be redeemable.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">Section 10.&#160; &#160;&#160; <u>Ranking</u>.&#160; The Series A Participating Preferred Stock shall rank junior to all other series of the Company&#8217;s preferred stock as to the
        payment of dividends and the distribution of assets, unless the terms of any such series shall provide otherwise.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">Section 11.&#160; &#160;&#160; <u>Amendment</u>.&#160; The Amended and Restated Articles of Incorporation of the Company shall not be further amended in any manner which would
        materially alter or change the powers, preference or special rights of the Series A Participating Preferred Stock so as to affect them adversely without the affirmative vote of the holders of a majority of the outstanding shares of Series A
        Participating Preferred Stock, voting separately as a class.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">Section 12.&#160; &#160;&#160; <u>Fractional Shares</u>.&#160; Series A Participating Preferred Stock may be issued in fractions of a share which shall entitle the holder, in
        proportion to such holder&#8217;s fractional shares, to exercise voting rights, receive dividends, participate in distributions and to have the benefit of all other rights of holders of Series A Participating Preferred Stock.</div>
      <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">We further declare under penalty of perjury that the matters set forth in the foregoing Certificate of Designation are true and correct of our own knowledge.</div>
      <div style="text-align: left; text-indent: 36pt; font-size: 12pt;">Executed in Athens, Greece on &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;, 2010.</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z78a88eb2128e4d9d97b2c591a8ccfabe">

          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 50%; vertical-align: top;">
              <div>&#160;</div>
              <div style="font-size: 12pt;">________________________________</div>
              <div style="font-size: 12pt;">Anastasios Margaronis</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 50%; vertical-align: top;">
              <div style="font-size: 12pt;">President</div>
              <div style="font-size: 12pt;">________________________________</div>
              <div style="font-size: 12pt;">Ioannis Zafirakis</div>
              <div style="font-size: 12pt;">Secretary</div>
              <div>&#160;</div>
            </td>
          </tr>

      </table>
      <div style="text-align: center; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt; font-style: italic;">[Signature Page to Certificate of Designation]</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">A-4</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <!--PROfilePageNumberReset%Num%1%B-%%-->
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;"><u>Exhibit B</u></div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">FORM OF RIGHTS CERTIFICATE</div>
      <div style="text-align: left; font-size: 12pt;">Certificate No. R- Rights</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-size: 12pt;">NOT EXERCISABLE AFTER DECEMBER 20, 2031, UNLESS EXTENDED PRIOR THERETO BY THE BOARD OF DIRECTORS OF THE COMPANY, OR EARLIER IF REDEMPTION OR EXCHANGE OCCURS. THE RIGHTS ARE SUBJECT TO REDEMPTION AT
        THE OPTION OF THE COMPANY, AT $0.01 PER RIGHT ON THE TERMS SET FORTH IN THE RIGHTS AGREEMENT. UNDER CERTAIN CIRCUMSTANCES, RIGHTS BENEFICIALLY OWNED BY AN ACQUIRING PERSON (AS SUCH TERM IS DEFINED IN THE RIGHTS AGREEMENT) AND ANY SUBSEQUENT HOLDER
        OF SUCH RIGHTS MAY BECOME NULL AND VOID. [IF THE RIGHTS REPRESENTED BY THIS RIGHTS CERTIFICATE ARE OR WERE BENEFICIALLY OWNED BY A PERSON WHO WAS OR BECAME AN ACQUIRING PERSON OR AN AFFILIATE OR ASSOCIATE OF AN ACQUIRING PERSON (AS SUCH TERMS ARE
        DEFINED IN THE RIGHTS AGREEMENT), THIS RIGHTS CERTIFICATE AND THE RIGHTS REPRESENTED HEREBY MAY BECOME NULL AND VOID IN THE CIRCUMSTANCES SPECIFIED IN SECTION 7(e) OF THE RIGHTS AGREEMENT.]<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: center; font-size: 12pt;">RIGHTS CERTIFICATE</div>
      <div><br>
      </div>
      <div style="text-align: center; font-size: 12pt;">PERFORMANCE SHIPPING INC.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;">This certifies that [______________], or registered assigns, is the registered owner of the number of Rights set forth above, each of which entitles the owner thereof, subject to
        the terms, provisions and conditions of the Rights Agreement, dated as of December 20, 2021 (the &#8220;Rights Agreement&#8221;), between Performance Shipping Inc., a Marshall Islands corporation (the &#8220;Company&#8221;), and Computershare Inc., as Rights Agent (the
        &#8220;Rights Agent&#8221;), to purchase from the Company at any time after the Distribution Date (as such term is defined in the Rights Agreement) and prior to 5:00 P.M., New York time, on December 20, 2031 at the office of the Rights Agent, or at the office
        of its successor as Rights Agent, one one-thousandth of a fully paid non-assessable share of Series A Participating Preferred Stock, $0.01 par value per share (the &#8220;Preferred Shares&#8221;), of the Company, at a purchase price of $50.00 per one
        one-thousandth of a Preferred Share (the &#8220;Purchase Price&#8221;), upon presentation and surrender of this Rights Certificate with the Form of Election to Purchase duly executed.&#160; The number of Rights evidenced by this Rights Certificate (and the number
        of one one-thousandths of a Preferred Share which may be</div>
      <br>
      <br>
      <hr noshade="noshade" align="left" style="text-align: left; background-color: #000000; border: 0px; height: 1px; width: 2in; margin-left: 0pt; margin-right: auto; color: #000000;">
      <div style="text-align: left;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>The portion of the legend in brackets shall be inserted only if applicable and shall replace
        the preceding sentence.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">B-1</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">purchased upon exercise hereof) set forth above, and the Purchase Price set forth above, are the number and Purchase Price as of [___________] based on the Preferred Shares as
        constituted at such date.&#160; As provided in the Rights Agreement, the Purchase Price and the number of one one-thousandths of a Preferred Share which may be purchased upon the exercise of the Rights evidenced by this Rights Certificate are subject to
        modification and adjustment upon the happening of certain events.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">This Rights Certificate is subject to all of the terms, covenants and restrictions of the Rights Agreement, which terms, covenants and restrictions are hereby
        incorporated herein by reference and made a part hereof, and to which Rights Agreement reference is hereby made for a full description of the rights, limitations of rights, obligations, duties and immunities hereunder of the Rights Agent, the
        Company and the holders of the Rights Certificates.&#160; Copies of the Rights Agreement are on file at the principal executive offices of the Company.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">This Rights Certificate, with or without other Rights Certificates, upon surrender at the office of the Rights Agent designated for such purpose, may be
        exchanged for another Rights Certificate or Rights Certificates of like tenor and date evidencing Rights entitling the holder to purchase a like aggregate number of Preferred Shares as the Rights evidenced by the Rights Certificate or Rights
        Certificates surrendered shall have entitled such holder to purchase.&#160; If this Rights Certificate shall be exercised in part, the holder shall be entitled to receive upon surrender hereof another Rights Certificate or Rights Certificates for the
        number of whole Rights not exercised.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">Subject to the provisions of the Rights Agreement, the Rights evidenced by this Certificate (i) may be redeemed by the Company at a redemption price of $0.01
        per Right or (ii) may be exchanged in whole or in part for Preferred Shares or shares of the Company&#8217;s Common Stock, par value $0.01 per share.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">No fractional Preferred Shares will be issued upon the exercise of any Right or Rights evidenced hereby (other than fractions which are integral multiples of
        one one-thousandth of a Preferred Share, which may, at the election of the Company, be evidenced by depositary receipts), but in lieu thereof a cash payment will be made, as provided in the Rights Agreement.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">No holder of this Rights Certificate shall be entitled to vote or receive dividends or be deemed for any purpose the holder of the Preferred Shares or of any
        other securities of the Company which may at any time be issuable on the exercise hereof, nor shall anything contained in the Rights Agreement or herein be construed to confer upon the holder hereof, as such, any of the rights of a stockholder of
        the Company or any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any corporate action, or to receive notice of meetings or other actions affecting
        stockholders (except as provided in the Rights Agreement), or to receive dividends or subscription rights, or otherwise, until the Right or Rights evidenced by this Rights Certificate shall have been exercised as provided in the Rights Agreement.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">This Rights Certificate shall not be valid or obligatory for any purpose until it shall have been countersigned by the Rights Agent.</div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;">WITNESS the facsimile signature of the proper officers of the Company and its corporate seal.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-size: 12pt;">Dated as of __________ ___, _____.</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="ze15ab6843a6445d99db6e98cfb6e05b7">

          <tr>
            <td style="width: 52.47%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="font-size: 12pt;">ATTEST:</div>
              <div>&#160;</div>
              <div>&#160;</div>
              <div>&#160;</div>
              <div style="font-size: 12pt;">___________________________________</div>
              <div style="font-size: 12pt;">Name:</div>
              <div style="font-size: 12pt;">Title:</div>
              <div>&#160;</div>
            </td>
            <td style="width: 47.53%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="font-size: 12pt;">PERFORMANCE SHIPPING INC.</div>
              <div>&#160;</div>
              <div>&#160;</div>
              <div style="font-size: 12pt;">By ___________________________________</div>
              <div style="font-size: 12pt;">Name:</div>
              <div style="font-size: 12pt;">Title:</div>
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 52.47%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="font-size: 12pt;">Countersigned:</div>
              <div style="font-size: 12pt;">Computershare Inc., as Rights Agent</div>
              <div style="font-size: 12pt;">By&#160; _______________________________</div>
              <div style="text-align: justify; font-size: 12pt;">Authorized Signature</div>
            </td>
            <td style="width: 47.53%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">B-2</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: center; font-size: 12pt; font-weight: bold;">FORM OF REVERSE SIDE OF RIGHTS CERTIFICATE</div>
      <div><br>
      </div>
      <div style="text-align: center; font-size: 12pt;">FORM OF ASSIGNMENT</div>
      <div><br>
      </div>
      <div style="text-align: center; font-size: 12pt;">(To be executed by the registered holder if such</div>
      <div style="text-align: center; font-size: 12pt;">holder desires to transfer the Rights Certificate.)</div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 12pt;">FOR VALUE RECEIVED</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 468pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
      <div style="text-align: left;"><font style="font-size: 12pt;">hereby sells, assigns and transfers unto</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 468pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
      <div style="text-align: left;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 468pt" id="TRGRRTFtoHTMLTab">&#160;</font><br>
      </div>
      <div style="text-align: center; font-size: 12pt;">(Please print name and address of transferee)</div>
      <div><br>
      </div>
      <div style="text-align: left; font-size: 12pt;">this Rights Certificate, together with all right, title and interest therein, and does hereby irrevocably constitute and appoint <u>__________________</u> Attorney, to transfer the within Rights
        Certificate on the books of the within-named Company, with full power of substitution.</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 12pt;">Dated:</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36.5pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">__________ ___, _____.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 215.5pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 207pt" id="TRGRRTFtoHTMLTab">&#160;</font></font></div>
      <div style="text-align: left; margin-left: 252pt; font-size: 12pt;">Signature</div>
      <div><br>
      </div>
      <div style="text-align: left; font-size: 12pt;">Signature Guaranteed:</div>
      <div><br>
      </div>
      <div style="text-align: left; font-size: 12pt;">Signatures must be guaranteed by a participant in the Securities Transfer Agent Medallion Program, the Stock Exchanges Medallion Program or the New York Stock Exchange, Inc. Medallion Signature Program.</div>
      <div><br>
      </div>
      <div style="text-align: center; margin-bottom: 6pt; font-size: 12pt;"><u>Certificate</u></div>
      <div style="text-align: left; font-size: 12pt;">The undersigned hereby certifies by checking the appropriate boxes that:</div>
      <div><br>
      </div>
      <div style="text-align: left; font-size: 12pt;">(1)&#160; &#160;&#160; this Rights Certificate [ ] is [ ] is not being sold, assigned or transferred by or on behalf of a Person who is or was an Acquiring Person or an Affiliate or Associate of any Acquiring Person
        (as such terms are defined in the Rights Agreement); and</div>
      <div><br>
      </div>
      <div style="text-align: left; font-size: 12pt;">(2)&#160; &#160;&#160; after due inquiry and to the best knowledge of the undersigned, it [ ] did [ ] did not acquire the Rights evidenced by this Rights Certificate from any Person who is, was or subsequently became
        an Acquiring Person or an Affiliate or Associate thereof.</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="zb1ce3041b8654692a4d3f30105a7a2cf">

          <tr>
            <td style="width: 52.09%; vertical-align: top;">
              <div style="font-size: 12pt;">Dated: __________ ___, _____.</div>
            </td>
            <td style="width: 47.91%; vertical-align: top;">
              <div style="font-size: 12pt;">________________________________</div>
            </td>
          </tr>

      </table>
      <div style="text-align: left; margin-left: 252pt; font-size: 12pt;">Signature</div>
      <div style="text-align: left; font-size: 12pt;">Signature Guaranteed:</div>
      <div><br>
      </div>
      <div style="text-align: left; font-size: 12pt;">Signatures must be guaranteed by a participant in a Medallion Signature Guarantee Program at a guarantee level acceptable to the Company's transfer agent.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">B-3</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: center; font-size: 12pt;">FORM OF ELECTION TO PURCHASE</div>
      <div><br>
      </div>
      <div style="text-align: center; font-size: 12pt;">(To be executed by the registered holder if such holder</div>
      <div style="text-align: center; font-size: 12pt;">desires to exercise Rights represented by the Rights Certificate.)</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4eb1abe0e3f347c58a746d905db044ce">

          <tr>
            <td style="width: 36.5pt; vertical-align: top; align: right; font-size: 12pt;">TO:</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt;">PERFORMANCE SHIPPING INC.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: left; font-size: 12pt;">The undersigned hereby irrevocably elects to exercise <u>____________</u> Rights represented by this Rights Certificate to purchase the Preferred Shares issuable upon the exercise of such Rights and
        requests that certificates for such Preferred Shares be issued in the name of and delivered to:</div>
      <div><br>
      </div>
      <div style="text-align: center; font-size: 12pt;"><u>________________________________</u></div>
      <div style="text-align: center; font-size: 12pt;"><u>________________________________</u></div>
      <div style="text-align: center; font-size: 12pt;"><u>________________________________</u></div>
      <div style="text-align: center; text-indent: -108pt; margin-left: 108pt; font-size: 12pt;">(Please print name and address)</div>
      <div style="text-align: center; font-size: 12pt;"><u>________________________________</u></div>
      <div style="text-align: center; font-size: 12pt;">Please insert social security</div>
      <div style="text-align: center; font-size: 12pt;">or other tax identifying number</div>
      <div><br>
      </div>
      <div style="text-align: left; font-size: 12pt;">If such number of Rights shall not be all the Rights evidenced by this Rights Certificate, a new Rights Certificate for the balance remaining of such Rights shall be registered in the name of and
        delivered to:</div>
      <div><br>
      </div>
      <div style="text-align: center; font-size: 12pt;"><u>________________________________</u></div>
      <div style="text-align: center; font-size: 12pt;"><u>________________________________</u></div>
      <div style="text-align: center; font-size: 12pt;"><u>________________________________</u></div>
      <div style="text-align: center; text-indent: -108pt; margin-left: 108pt; font-size: 12pt;">(Please print name and address)</div>
      <div style="text-align: center; font-size: 12pt;"><u>________________________________</u></div>
      <div style="text-align: center; font-size: 12pt;">Please insert social security</div>
      <div style="text-align: center; font-size: 12pt;">or other tax identifying number</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z854e4823de604f2db4ef28a1a4163bed">

          <tr>
            <td style="width: 52.09%; vertical-align: top;">
              <div style="font-size: 12pt;">Dated: __________ ___, _____.</div>
            </td>
            <td style="width: 47.91%; vertical-align: top;">
              <div style="font-size: 12pt;">________________________________</div>
            </td>
          </tr>

      </table>
      <div style="text-align: left; font-size: 12pt;">Signature Guaranteed:</div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 36pt; font-size: 12pt;">Signatures must be guaranteed by a participant in a Medallion Signature Guarantee Program at a guarantee level acceptable to the Company's transfer agent.</div>
      <div><br>
      </div>
      <div style="text-align: center; margin-bottom: 6pt; font-size: 12pt;"><u>Certificate</u></div>
      <div><br>
      </div>
      <div style="text-align: left; font-size: 12pt;">The undersigned hereby certifies by checking the appropriate boxes that:</div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 12pt;">(1)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36.5pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">this Rights Certificate [ ] is [
          ] is not being sold, assigned or transferred by or on behalf of a Person who is or was an Acquiring Person or an Affiliate or Associate of an Acquiring Person (as such terms are defined in the Rights Agreement); and</font></div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 12pt;">(2)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36.5pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">after due inquiry and to the
          best knowledge of the undersigned, it [ ] did [&#160;] did not acquire the Rights evidenced by this Rights Certificate from any Person who is, was or subsequently became an Acquiring Person or an Affiliate or Associate of an Acquiring Person.</font></div>
      <div><br>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="zd9c30f938e61405aa46e89d1190b65a9">

          <tr>
            <td style="width: 52.09%; vertical-align: top;">
              <div style="font-size: 12pt;">Dated: __________ ___, _____.</div>
            </td>
            <td style="width: 47.91%; vertical-align: top;">
              <div style="font-size: 12pt;">________________________________</div>
            </td>
          </tr>

      </table>
      <div style="text-align: left; margin-left: 252pt; font-size: 12pt;">Signature</div>
      <div style="text-align: left; font-size: 12pt;">Signature Guaranteed:</div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 36pt; font-size: 12pt;">Signatures must be guaranteed by a participant in a Medallion Signature Guarantee Program at a guarantee level acceptable to the Company's transfer agent.</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: center; font-size: 12pt;">NOTICE</div>
      <div><br>
      </div>
      <div style="text-align: left; font-size: 12pt;">The signature in the Form of Assignment or Form of Election to Purchase, as the case may be, must conform to the name as written upon the face of this Rights Certificate in every particular, without
        alteration or enlargement or any change whatsoever.</div>
      <div><br>
      </div>
      <div style="text-align: left; font-size: 12pt;">In the event the certification set forth above in the Form of Assignment or the Form of Election to Purchase, as the case may be, is not completed, the Company and the Rights Agent will deem the
        beneficial owner of the Rights evidenced by this Rights Certificate to be an Acquiring Person or an Affiliate or Associate thereof (as defined in the Rights Agreement) and such Assignment or Election to Purchase will not be honored.</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">B-4</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
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      <div><br>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;"><u>Exhibit C</u></div>
      <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-variant: small-caps; font-weight: bold;">SUMMARY OF RIGHTS</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">The Board of Directors (the &#8220;Board&#8221;) of Performance Shipping Inc., (the &#8220;Company&#8221;), authorized and declared a dividend distribution of one right (a &#8220;Right&#8221;)
        for each outstanding share of the common stock of the Company, par value $0.01 per share (the &#8220;Common Stock&#8221;), to stockholders of record at the close of business on December 30, 2021 (the &#8220;Record Date&#8221;). Each Right entitles the registered holder to
        purchase from the Company a unit consisting of one one-thousandth of a share (a &#8220;Unit&#8221;) of Series A Participating Preferred Stock, par value $0.01 per share (the &#8220;Preferred Stock&#8221;), at a purchase price of $50.00 per Unit, subject to adjustment (the
        &#8220;Purchase Price&#8221;). The terms of the Rights are set forth in the stockholders&#8217; rights agreement (the &#8220;Agreement&#8221;) to which this exhibit is a part.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">Initially, the Rights will be attached to all Common Stock certificates (or with respect to uncertificated shares, by notation in book entry accounts
        reflecting ownership) representing shares then outstanding, and no separate rights certificates (&#8220;Rights Certificates&#8221;) will be distributed. Subject to certain exceptions specified in the Agreement, the Rights will separate from the Common Stock
        and a distribution date (a &#8220;Distribution Date&#8221;) will occur upon the earlier of (i) 10 calendar days (or such later date as the Board shall determine) after a person or group of affiliated or associated persons (an &#8220;Acquiring Person&#8221;) has acquired
        beneficial ownership, or obtained the right to acquire for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, and Rule 13d-3 thereunder (or any comparable or successor law or regulation), ten percent (10%) or more of the
        outstanding shares of Common Stock (the &#8220;Stock Acquisition Date&#8221;), or (ii) 10 business days (or such later date as the Board shall determine) after a person or group announces a tender or exchange offer, the consummation of which would result in
        such person or group becoming an Acquiring Person. Under certain circumstances, described in detail in the Agreement, a person or group of affiliated or associated persons, who beneficially own ten percent (10%) or more of the outstanding Common
        Stock, may not be deemed Acquiring Persons.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">Until the Distribution Date: (i) the Rights will be evidenced by the Common Stock certificates (including in the case of uncertificated shares, by notation in
        book entry accounts reflecting ownership) and will be transferred with, and only with, such Common Stock certificates (including in the case of uncertificated shares, by notation in book entry accounts reflecting ownership); (ii) new Common Stock
        certificates issued after the Record Date will contain a notation incorporating the Agreement by reference; and (iii) the surrender or transfer of any certificates of Common Stock outstanding will also constitute the transfer of the Rights
        associated with the Common Stock represented by such certificates.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">As soon as practicable after the Distribution Date, Rights Certificates will be mailed to holders of record of the Common Stock (and in the case of
        uncertificated shares, by notation in book entry accounts reflecting ownership) as of the close of business on the Distribution Date and, thereafter, the separate Rights Certificates alone will represent the Rights. The Rights are not exercisable
        prior to the Distribution Date and will expire on December 20, 2031 (the &#8220;Final Expiration Date&#8221;), unless such date is amended by the Board or the Rights are redeemed or exchanged by the Company.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">C-1</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">In the event that a person or group of affiliated or associated persons becomes an Acquiring Person, each holder of a Right will thereafter have the right to
        receive, upon exercise, Common Stock (or, in certain circumstances, cash, property or other securities of the Company) having a value equal to two times the exercise price of the Right. Notwithstanding any of the foregoing, following the occurrence
        of the event set forth in this paragraph, all Rights that are, or were (under certain circumstances specified in the Agreement), beneficially owned by any Acquiring Person will be null and void. However, Rights are not exercisable following the
        occurrence of the event set forth above until such time as the Rights are no longer redeemable by the Company as set forth below.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">In the event that, at any time following the Stock Acquisition Date, (i) the Company engages in a merger or other business combination transaction in which the
        Company is not the surviving corporation, (ii) the Company engages in a merger or other business combination transaction in which the Company is the surviving corporation and the Common Stock of the Company is changed or exchanged, or (iii) 50% or
        more of the Company&#8217;s assets, cash flow or earning power is sold or transferred, each holder of a Right (except Rights which have previously been voided as set forth above) shall thereafter have the right to receive, upon exercise, common stock of
        the acquiring company having a value equal to two times the exercise price of the Right. The events set forth in this and the preceding paragraph are referred to as &#8220;Triggering Events.&#8221;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">At any time after a person becomes an Acquiring Person and prior to the acquisition by such person or group of fifty percent (50%) or more of the outstanding
        Common Stock, the Board may exchange the Rights (other than Rights owned by such person or group which have become null and void), in whole or in part, at an exchange ratio of one share of Common Stock per Right.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">At any time until ten business days following the Stock Acquisition Date, the Final Expiration Date or such earlier or later date as may be determined by the
        Board in an amendment to the Agreement, the Company may redeem the Rights in whole, but not in part, at a price of $0.01 per Right.&#160; Immediately upon the action of the Board ordering redemption of the Rights, the Rights will terminate and the only
        right of the holders of Rights will be to receive the $0.01 redemption price.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">Until a Right is exercised, the holder thereof, as such, will have no separate rights as a stockholder of the Company, including, without limitation, the right
        to vote or to receive dividends in respect of the Rights.</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <br>
  </div>
  <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">C-2</font></div>
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<DOCUMENT>
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  <head>
    <title></title>
    <!-- Licensed to: Seward & Kissel
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<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 99.1</font><br>
  </div>
  <div> <br>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" id="z5e6a80c183064d62a018552e45197d6d" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 37.8%; vertical-align: top;">&#160;</td>
          <td style="width: 62.2%; vertical-align: top;">
            <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Corporate Contact:</div>
          </td>
        </tr>
        <tr>
          <td style="width: 37.8%; vertical-align: top;">&#160;</td>
          <td style="width: 62.2%; vertical-align: top;">
            <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif;">Andreas Michalopoulos</div>
          </td>
        </tr>
        <tr>
          <td style="width: 37.8%; vertical-align: top;">&#160;</td>
          <td style="width: 62.2%; vertical-align: top;">
            <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif;">Chief Executive Officer, Director and Secretary</div>
          </td>
        </tr>
        <tr>
          <td style="width: 37.8%; vertical-align: top;">&#160;</td>
          <td style="width: 62.2%; vertical-align: top;">
            <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif;">Telephone: +30-216-600-2400</div>
          </td>
        </tr>
        <tr>
          <td style="width: 37.8%; vertical-align: top;">&#160;</td>
          <td style="width: 62.2%; vertical-align: top;">
            <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif;">Email: <font style="color: #0000FF;"><u>amichalopoulos@pshipping.com</u></font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 37.8%; vertical-align: top;">&#160;</td>
          <td style="width: 62.2%; vertical-align: top;">
            <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif;">Website: <font style="color: #0000FF;"><u>www.pshipping.com</u></font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 37.8%; vertical-align: top;">
            <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif;">For Immediate Release</div>
          </td>
          <td style="width: 62.2%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 37.8%; vertical-align: top;">&#160;</td>
          <td style="width: 62.2%; vertical-align: top;">
            <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Investor and Media Relations:</div>
          </td>
        </tr>
        <tr>
          <td style="width: 37.8%; vertical-align: top;">&#160;</td>
          <td style="width: 62.2%; vertical-align: top;">
            <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif;">Edward Nebb</div>
          </td>
        </tr>
        <tr>
          <td style="width: 37.8%; vertical-align: top;">&#160;</td>
          <td style="width: 62.2%; vertical-align: top;">
            <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif;">Comm-Counsellors, LLC</div>
          </td>
        </tr>
        <tr>
          <td style="width: 37.8%; vertical-align: top;">&#160;</td>
          <td style="width: 62.2%; vertical-align: top;">
            <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif;">Telephone: + 1-203-972-8350</div>
          </td>
        </tr>
        <tr>
          <td style="width: 37.8%; vertical-align: top;">&#160;</td>
          <td style="width: 62.2%; vertical-align: top;">
            <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif;">Email: <font style="color: #0000FF;"><u>enebb@optonline.net</u></font></div>
          </td>
        </tr>

    </table>
    <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="text-align: center; line-height: 11.4pt; font-family: 'Times New Roman', serif; font-weight: bold;">PERFORMANCE SHIPPING INC. ADOPTS SHAREHOLDERS&#8217; RIGHTS AGREEMENT</div>
    <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="text-align: justify; line-height: 11.4pt; font-family: 'Times New Roman', serif;">ATHENS, GREECE, December 20, 2021 &#8211; Performance Shipping Inc. (NASDAQ: PSHG), (the &#8220;Company&#8221;), a global shipping company specializing in the
      ownership of tanker vessels, announced today that its Board of Directors has unanimously adopted a shareholders&#8217; rights agreement (the &#8220;Rights Agreement&#8221;) and declared a dividend of one right (the &#8220;Right&#8221;) for each share of the Company&#8217;s common
      stock, par value $0.01 per share (the &#8220;Common Stock&#8221;) held as of December 30, 2021. The Rights Agreement has a term of ten years.</div>
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    </div>
    <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">Pursuant to the Rights Agreement, each Right will entitle the shareholder to buy one one-thousandth of a share of Series A
      participating preferred stock at an exercise price of $50.00.</div>
    <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">Under the Rights Agreement, the rights generally will become exercisable only if a person or group acquires beneficial
      ownership (as defined in the Rights Agreement) of 10% or more of the Company&#8217;s Common Shares in a transaction not approved by its Board of Directors.&#160; In that situation, each holder of a right (other than the acquiring person, whose rights will
      become void and will not be exercisable) will have the right to purchase, upon payment of the exercise price, a number of shares of the Company&#8217;s Common Shares having a then-current market value equal to twice the exercise price.</div>
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    <div style="text-align: justify; line-height: 13.4pt; margin-bottom: 8pt; font-family: 'Times New Roman', serif;">Under the Rights Agreement&#8217;s terms, it will expire on December 20, 2031.</div>
    <div style="text-align: justify; line-height: 13.4pt; margin-bottom: 8pt; font-family: 'Times New Roman', serif;">Additional information about the Rights Agreement is contained in a report on Form 6-K filed by the Company with the U.S.
      Securities and Exchange Commission.</div>
    <div style="text-align: justify; line-height: 11.4pt; font-family: 'Times New Roman', serif; font-weight: bold;">About the Company</div>
    <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="text-align: justify; line-height: 11.4pt; font-family: 'Times New Roman', serif;">Performance Shipping Inc. is a global provider of shipping transportation services through its ownership of Aframax tankers. The Company&#8217;s
      current fleet is employed on spot voyages, time charters, and through pool arrangements.</div>
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    </div>
    <div style="text-align: justify; line-height: 11.4pt; font-family: 'Times New Roman', serif; font-weight: bold;">Cautionary Statement Regarding Forward-Looking Statements</div>
    <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="text-align: justify; line-height: 11.4pt; font-family: 'Times New Roman', serif;">Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995
      provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include, but are&#160; not limited to, statements concerning plans,
      objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.</div>
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    </div>
    <div style="text-align: justify; line-height: 11.4pt; font-family: 'Times New Roman', serif;">The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including
      this cautionary statement in connection with this safe harbor legislation. The words &#8220;believe,&#8221; &#8220;anticipate,&#8221; &#8220;intends,&#8221; &#8220;estimate,&#8221; &#8220;forecast,&#8221; &#8220;project,&#8221; &#8220;plan,&#8221; &#8220;potential,&#8221; &#8220;may,&#8221; &#8220;should,&#8221; &#8220;expect,&#8221; &#8220;pending&#8221; and similar expressions, terms or
      phrases may identify forward-looking statements.</div>
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    </div>
    <div style="text-align: justify; line-height: 11.4pt; font-family: 'Times New Roman', serif;">The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further
      assumptions, including without limitation, our management&#8217;s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made,
      because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations,
      beliefs or projections.</div>
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    </div>
    <div style="text-align: justify; line-height: 11.4pt; font-family: 'Times New Roman', serif;">In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those
      discussed in the forward-looking statements include the strength of world economies, fluctuations in currencies and interest rates, general market conditions, including fluctuations in charter hire rates and vessel values, changes in demand for our
      vessels, changes in the supply of vessels, changes in worldwide oil production and consumption and storage, changes in our operating expenses, including bunker prices, crew costs, dry-docking and insurance costs, our future operating or financial
      results, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political
      conditions, the length and severity of epidemics and pandemics, including the ongoing outbreak of the novel coronavirus (COVID-19) and its impact on the demand for seaborne transportation of petroleum and other types of products, changes in
      governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions or events, including &#8220;trade wars&#8221;, acts by terrorists or
      acts of piracy on ocean-going vessels, potential disruption of shipping routes due to accidents, labor disputes or political events, vessel breakdowns and instances of off-hires and other important factors. Please see our filings with the U.S.
      Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.</div>
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