<SEC-DOCUMENT>0001140361-22-029952.txt : 20220817
<SEC-HEADER>0001140361-22-029952.hdr.sgml : 20220817
<ACCEPTANCE-DATETIME>20220817072024
ACCESSION NUMBER:		0001140361-22-029952
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20220817
DATE AS OF CHANGE:		20220817

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:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-255100
		FILM NUMBER:		221172098

	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>424B3
<SEQUENCE>1
<FILENAME>brhc10040907_424b3.htm
<DESCRIPTION>424B3
<TEXT>
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    <div style="text-align: right; font-weight: bold;">Filed Pursuant to Rule 424(b)(3)</div>
    <div>
      <div>
        <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;">Registration No. 333-255100</div>
      </div>
      <div>
        <div><br>
        </div>
        <div style="color: rgb(0, 0, 0); font-weight: bold;">PROSPECTUS SUPPLEMENT NO. 9</div>
        <div style="color: rgb(0, 0, 0); font-weight: bold;">(TO PROSPECTUS DATED MAY 27, 2022)</div>
        <div><br>
        </div>
      </div>
      <div>
        <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">7,620,000</div>
        <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Units consisting of</div>
        <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Common Shares or</div>
        <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Pre-Funded Warrants to Purchase Common Shares and</div>
        <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Class A Warrants to Purchase Common Shares</div>
        <div style="text-align: center; color: rgb(0, 0, 0);"><img width="356" height="182" src="image0.jpg"> &#8201;</div>
        <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Performance Shipping Inc.</div>
      </div>
      <div>
        <div><br>
        </div>
      </div>
      <div>
        <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">This is a supplement (&#8220;Prospectus Supplement&#8221;) to the prospectus, dated May 27, 2022 (&#8220;Prospectus&#8221;) of Performance Shipping Inc. (the &#8220;Company&#8221;), which forms a part of the
          Company&#8217;s Registration Statement on Form F-1 (Registration No. 333-255100).</div>
      </div>
      <div>
        <div><br>
        </div>
      </div>
      <div>
        <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">On August 17, 2022, the Company filed a Current Report on Form 6-K with the U.S. Securities and Exchange Commission (the &#8220;Commission&#8221;) as set forth below.</div>
      </div>
      <div>
        <div style="text-indent: 36pt;"><font style="color: rgb(0, 0, 0);"> </font><br>
        </div>
      </div>
      <div>
        <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">This Prospectus Supplement should be read in conjunction with, and delivered with, the Prospectus and is qualified by reference to the Prospectus except to the extent that
          the information in this Prospectus Supplement supersedes the information contained in the Prospectus.</div>
      </div>
      <div>
        <div style="text-indent: 36pt;"><font style="color: rgb(0, 0, 0);"> </font><br>
        </div>
      </div>
      <div>
        <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">This Prospectus Supplement is not complete without, and may not be delivered or utilized except in connection with, the Prospectus, including any amendments or supplements to
          it.</div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0); font-weight: bold;">Investing in our securities involves a high degree of risk. See &#8220;<u>Risk Factors</u>&#8221; beginning on page 6 of the Prospectus for a discussion of information
          that should be considered in connection with an investment in our securities.</div>
      </div>
      <div>
        <div><font style="color: rgb(0, 0, 0);"> </font><br>
        </div>
      </div>
      <div>
        <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0); font-weight: bold;">Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this
          prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</div>
      </div>
      <div>
        <div><br>
        </div>
      </div>
      <div>
        <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">The date of this prospectus supplement is August 17, 2022.</div>
        <div><br>
        </div>
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          <div style="text-align: center; font-size: 18pt; font-weight: bold;">FORM 6-K</div>
          <div><br>
          </div>
          <div style="text-align: center; font-size: 14pt;">SECURITIES AND EXCHANGE COMMISSION</div>
          <div style="text-align: center; font-size: 12pt;">Washington, D.C. 20549</div>
          <div style="margin-right: 29.1pt; margin-left: 27.5pt;"> <br>
          </div>
          <div style="text-align: center; font-weight: bold;">Report of Foreign Private Issuer</div>
          <div style="text-align: center; font-weight: bold;">Pursuant to Rule 13a-16 or 15d-16 of</div>
          <div style="text-align: center; font-weight: bold;">the Securities Exchange Act of 1934</div>
          <div><br>
          </div>
          <div style="text-align: center; font-weight: bold;">For the month of August 2022</div>
          <div><br>
          </div>
          <div style="text-align: center;">Commission File Number: 001-35025</div>
          <div style="margin-right: 29.1pt; margin-left: 27.5pt;"> <br>
          </div>
          <div style="text-align: center; font-size: 24pt; font-weight: bold;">PERFORMANCE SHIPPING INC.</div>
          <div style="text-align: center;">(Translation of registrant's name into English)</div>
          <div><br>
          </div>
          <div style="text-align: center; color: rgb(0, 0, 0);">373 Syngrou Avenue</div>
          <div style="text-align: center; color: rgb(0, 0, 0);">175 64 Palaio Faliro</div>
          <div style="text-align: center;">Athens, Greece</div>
          <div style="text-align: center;">(Address of principal executive office)</div>
          <div style="margin-right: 29.1pt; margin-left: 27.5pt;"> <br>
          </div>
          <div>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><br>
          </div>
          <div style="text-align: center; font-weight: bold;">Form 20-F [X] Form 40-F [ ]</div>
          <div><br>
          </div>
          <div>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><br>
          </div>
          <div>Note: 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><br>
          </div>
          <div>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><br>
          </div>
          <div>Note: 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>
          <div><br>
          </div>
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          <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">INFORMATION CONTAINED IN THIS FORM 6-K REPORT</div>
          <div><br>
          </div>
          <div style="text-align: justify; color: rgb(0, 0, 0);">On August 12, 2022, Performance Shipping Inc. (the &#8220;Company&#8221;) entered into a securities purchase agreement with certain unaffiliated institutional investors to purchase 33,333,333 of its
            common shares (the &#8220;Common Shares&#8221;) and 33,333,333 warrants (&#8220;Warrants&#8221;) to purchase Common Shares in a registered direct offering for a purchase price of $0.45 per Common Share and Warrant.</div>
          <div><br>
          </div>
          <div style="text-align: justify; color: rgb(0, 0, 0);">Attached to this report on Form 6-K as Exhibit 4.1 is a copy of the Placement Agency Agreement dated August 12, 2022 between the Company and Maxim Group LLC, as sole placement agent.</div>
          <div><br>
          </div>
          <div style="text-align: justify; color: rgb(0, 0, 0);">Attached to this report on Form 6-K as Exhibit 4.2 is a copy of the form of Securities Purchase Agreement between the Company and the purchasers thereto.</div>
          <div><br>
          </div>
          <div style="text-align: justify; color: rgb(0, 0, 0);">Attached to this report on Form 6-K as Exhibit 4.3 is a copy of the form of the Common Share Purchase Warrant, to be issued to the purchasers under the Securities Purchase Agreement.</div>
          <div><br>
          </div>
          <div style="text-align: justify; color: rgb(0, 0, 0);">Attached to this Report on Form 6-K as Exhibit 5.1 is the opinion of Watson Farley &amp; Williams LLP relating to the legality and validity of the Common Shares and Warrants.</div>
          <div><br>
          </div>
          <div style="text-align: justify; color: rgb(0, 0, 0);">Attached to this Report on Form 6&#8208;K as Exhibit 8.1 is the opinion of Watson Farley &amp; Williams LLP as to certain tax matters.</div>
          <div><br>
          </div>
          <div style="text-align: justify; color: rgb(0, 0, 0);">Attached to this report on Form 6-K as Exhibit 99.1 is a copy of the press release of the Company dated August 12, 2022 titled &#8220;Performance Shipping Inc. Announces Pricing of $15 Million
            Registered Direct Offering.&#8221;</div>
          <div><br>
          </div>
          <div style="text-align: justify; color: rgb(0, 0, 0);">The information contained in this Report on Form 6-K is hereby incorporated by reference into the Company's registration statement on Form F-3 (File No. 333-197740), filed with the U.S.
            Securities and Exchange Commission (the &#8220;SEC&#8221;) with an effective date of August 13, 2014, and the Company&#8217;s registration statement on Form F-3 (File No. 333-237637), filed with the SEC with an effective date of April 23, 2020.</div>
          <div><br>
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          <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">SIGNATURES</div>
          <div><br>
          </div>
          <div style="text-align: justify; color: rgb(0, 0, 0);">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</div>
          <div><br>
          </div>
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              <tr>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
                <td colspan="2" style="vertical-align: top;">
                  <div style="font-weight: bold;">PERFORMANCE SHIPPING INC.</div>
                </td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
                <td colspan="2" style="vertical-align: top;">
                  <div>(Registrant)</div>
                </td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
                <td colspan="2" style="vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">
                  <div>Dated: August 17, 2022</div>
                </td>
                <td colspan="2" style="vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
                <td colspan="2" style="vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
                <td colspan="2" style="vertical-align: top;">
                  <div><u>/s/ Andreas Michalopoulos</u></div>
                </td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
                <td style="width: 3%; vertical-align: top;">
                  <div>By:</div>
                </td>
                <td style="width: 47%; vertical-align: top;">
                  <div>Andreas Michalopoulos</div>
                </td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
                <td colspan="2" style="vertical-align: top;">
                  <div>Chief Executive Officer</div>
                </td>
              </tr>

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              <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 4.1</font><br>
              </div>
              <div>
                <div>&#160;</div>
                <div style="text-align: center; font-weight: bold;"><a name="BigHand_Transcription"></a>PLACEMENT AGENCY AGREEMENT</div>
                <div>&#160;</div>
                <div style="text-align: right;">August 12 2022</div>
                <div><br>
                </div>
                <div>Performance Shipping Inc.</div>
                <div>373 Syngrou Avenue</div>
                <div>175 64 Palaio Faliro</div>
                <div>Athens, Greece</div>
                <div>Attention: Andreas Michalopoulos, Chief Executive Officer</div>
                <div>&#160;</div>
                <div>Dear Mr. Michalopoulos:</div>
                <div>&#160;</div>
                <div style="text-indent: 36pt;">This agreement (the &#8220;<font style="font-weight: bold;">Agreement</font>&#8221;) constitutes the agreement between Maxim Group LLC (the &#8220;<font style="font-weight: bold;">Placement Agent</font>&#8221;) and Performance
                  Shipping Inc., a Republic of the Marshall Islands corporation (the &#8220;<font style="font-weight: bold;">Company</font>&#8221;), pursuant to which the Placement Agent shall serve as the exclusive placement agent for the Company, on a &#8220;reasonable
                  best efforts&#8221; basis, in connection with the proposed placement (the &#8220;<font style="font-weight: bold;">Placement</font>&#8221;) of registered common shares (the &#8220;<font style="font-weight: bold;">Shares</font>&#8221;) of the Company, par value $0.01
                  per share (the &#8220;<font style="font-weight: bold;">Common Stock&#8221;)</font>, and&#160; Warrants ( the &#8220;<font style="font-weight: bold;">Warrants</font>&#8221;) to purchase shares of Common Stock (the shares of Common Stock underlying the Warrants,
                  collectively with the Warrants and the Shares, the &#8220;<font style="font-weight: bold;">Securities</font>&#8221;).&#160; The terms of the Placement and the Securities shall be mutually agreed upon by the Company and the purchasers (each, a &#8220;<font style="font-weight: bold;">Purchaser</font>&#8221; and collectively, the &#8220;<font style="font-weight: bold;">Purchasers</font>&#8221;) and nothing herein constitutes that the Placement Agent would have the power or authority to bind the Company or
                  any Purchaser or an obligation for the Company to issue any Securities or complete the Placement.&#160; This Agreement and the documents executed and delivered by the Company and the Purchasers in connection with the Placement, including but
                  not limited to the Purchase Agreement (as defined below), and the form of the Warrants shall be collectively referred to herein as the &#8220;<font style="font-weight: bold;">Transaction</font>&#160;<font style="font-weight: bold;">Documents</font>.&#8221;&#160;
                  The date of the closing of the Placement shall be referred to herein as the &#8220;<font style="font-weight: bold;">Closing Date</font>.&#8221;&#160; The Company expressly acknowledges and agrees that the Placement Agent&#8217;s obligations hereunder are on a
                  reasonable best efforts basis only and that the execution of this Agreement does not constitute a commitment by the Placement Agent to purchase the Securities and does not ensure the successful placement of the Securities or any portion
                  thereof or the success of the Placement Agent with respect to securing any other financing on behalf of the Company.&#160; With the prior written consent of the Company, the Placement Agent may retain other brokers or dealers to act as
                  sub-agents or selected-dealers on its behalf in connection with the Placement.&#160; The sale of the Securities to any Purchaser will be evidenced by a securities purchase agreement (the &#8220;<font style="font-weight: bold;">Purchase</font>&#160;<font style="font-weight: bold;">Agreement</font>&#8221;) between the Company and such Purchaser in a form reasonably acceptable to the Company and the Placement Agent.&#160; Capitalized terms that are not otherwise defined herein have the meanings
                  given to such terms in the Purchase Agreement.&#160; Prior to the signing of any Purchase Agreement, officers of the Company will be available to answer inquiries from prospective Purchasers.</div>
                <div style="text-indent: 36pt;"> <br>
                </div>
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                <!--PROfilePageNumberReset%Num%2%%%-->
                <div style="text-indent: 36pt;"><font style="color: #010000;"><u>SECTION 1.</u></font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>REPRESENTATIONS AND WARRANTIES OF THE COMPANY; COVENANTS OF THE COMPANY</u>.</div>
                <div>&#160;</div>
                <div style="text-indent: 72pt;"><font style="color: #010000;">A.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Representations of the Company</u>.&#160; Each of the representations and warranties (together with any related disclosure schedules thereto) and covenants made
                  by the Company to the Purchasers in the Purchase Agreement in connection with the Placement is hereby incorporated herein by reference into this Agreement (as though fully restated herein) and is, as of the date of this Agreement and as
                  of the Closing Date, hereby made to, and in favor of, the Placement Agent. In addition to the foregoing, the Company represents and warrants that:</div>
                <div>&#160;</div>
                <div style="text-indent: 108pt;"><font style="color: #010000;">1.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company has prepared and filed with the U.S. Securities and Exchange Commission (the &#8220;<font style="font-weight: bold;">Commission</font>&#8221;) a registration
                  statement on Form F-3 (Registration No. 333-<font style="font-weight: bold; color: #000000;">&#160;</font>237637), and amendments thereto, and related preliminary prospectuses, for the registration under the Securities Act of 1933, as amended
                  (the &#8220;<font style="font-weight: bold;">Securities Act</font>&#8221;), of the Securities which registration statement, as so amended (including post-effective amendments, if any) became effective on April 23, 2020.&#160; At the time of such filing,
                  the Company met the requirements of Form F-3 under the Securities Act. Such registration statement meets the requirements set forth in Rule 415(a)(1)(x) under the Securities Act and complies with said Rule. The Company will file with the
                  Commission pursuant to Rule 424(b) under the Securities Act, and the rules and regulations (the &#8220;<font style="font-weight: bold;">Rules and Regulations</font>&#8221;) of the Commission promulgated thereunder, a supplement to the form of
                  prospectus included in such registration statement relating to the placement of the Securities and the plan of distribution thereof and has advised the Placement Agent of all further information (financial and other) with respect to the
                  Company required to be set forth therein. Such registration statement, including the exhibits thereto, as amended at the date of this Agreement, is hereinafter called the &#8220;<font style="font-weight: bold;">Registration Statement</font>&#8221;;
                  such prospectus in the form in which it appears in the Registration Statement is hereinafter called the &#8220;<font style="font-weight: bold;">Base Prospectus</font>&#8221;; and the supplemented form of prospectus, in the form in which it will be
                  filed with the Commission pursuant to Rule 424(b) (including the Base Prospectus as so supplemented) is hereinafter called the &#8220;<font style="font-weight: bold;">Prospectus Supplement</font>.&#8221; Any reference in this Agreement to the
                  Registration Statement, the Base Prospectus or the Prospectus Supplement shall be deemed to refer to and include the documents incorporated by reference therein (the &#8220;<font style="font-weight: bold;">Incorporated Documents</font>&#8221;)
                  pursuant to Item 6 of Form F-3 which were filed under the Exchange Act on or before the date of this Agreement, or the issue date of the Base Prospectus or the Prospectus Supplement, as the case may be; and any reference in this Agreement
                  to the terms &#8220;amend,&#8221; &#8220;amendment&#8221; or &#8220;supplement&#8221; with respect to the Registration Statement, the Base Prospectus or the Prospectus Supplement shall be deemed to refer to and include the filing of any document under the Exchange Act after
                  the date of this Agreement, or the issue date of the Base Prospectus or the Prospectus Supplement, as the case may be, deemed to be incorporated therein by reference. All references in this Agreement to financial statements and schedules
                  and other information which is &#8220;contained,&#8221; &#8220;included,&#8221; &#8220;described,&#8221; &#8220;referenced,&#8221; &#8220;set forth&#8221; or &#8220;stated&#8221; in the Registration Statement, the Base Prospectus or the Prospectus Supplement (and all other references of like import) shall be
                  deemed to mean and include all such financial statements and schedules and other information which is or is deemed to be incorporated by reference in the Registration Statement, the Base Prospectus or the Prospectus Supplement, as the
                  case may be. No stop order suspending the effectiveness of the Registration Statement or the use of the Base Prospectus or the Prospectus Supplement has been issued, and no proceeding for any such purpose is pending or has been initiated
                  or, to the Company&#8217;s knowledge, is threatened by the Commission. For purposes of this Agreement, &#8220;<font style="font-weight: bold;">free writing prospectus</font>&#8221; has the meaning set forth in Rule 405 under the Securities Act and the &#8220;<font style="font-weight: bold;">Time of Sale Prospectus</font>&#8221; means the preliminary prospectus, if any, together with the free writing prospectuses, if any, used in connection with the Placement, including any documents incorporated by
                  reference therein.</div>
                <div style="text-indent: 108pt;"> <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-size: 8pt; font-weight: normal; font-style: normal;">2</font></div>
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                </div>
                <div style="text-indent: 108pt;"><font style="color: #010000;">2.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Registration Statement (and any further documents to be filed with the Commission) contains all exhibits and schedules as required by the Securities Act.
                  Each of the Registration Statement and any post-effective amendment thereto, at the time it became effective, complied in all material respects with the Securities Act and the Exchange Act and the applicable Rules and Regulations and did
                  not and, as amended or supplemented, if applicable, will not, contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. The
                  Base Prospectus, the Time of Sale Prospectus and the Prospectus Supplement, each as of its respective date, comply in all material respects with the Securities Act and the Exchange Act and the applicable Rules and Regulations. Each of the
                  Base Prospectus, the Time of Sale Prospectus and the Prospectus Supplement, as amended or supplemented, did not and will not contain as of the date thereof any untrue statement of a material fact or omit to state a material fact necessary
                  in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The Incorporated Documents, when they were filed with the Commission, conformed in all material respects to the
                  requirements of the Exchange Act and the applicable Rules and Regulations, and none of such documents, when they were filed with the Commission, contained any untrue statement of a material fact or omitted to state a material fact
                  necessary to make the statements therein (with respect to Incorporated Documents incorporated by reference in the Base Prospectus or Prospectus Supplement), in the light of the circumstances under which they were made not misleading; and
                  any further documents so filed and incorporated by reference in the Base Prospectus, the Time of Sale Prospectus or Prospectus Supplement, when such documents are filed with the Commission, will conform in all material respects to the
                  requirements of the Exchange Act and the applicable Rules and Regulations, as applicable, and will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light
                  of the circumstances under which they were made, not misleading. No post-effective amendment to the Registration Statement reflecting any facts or events arising after the date thereof which represent, individually or in the aggregate, a
                  fundamental change in the information set forth therein is required to be filed with the Commission. There are no documents required to be filed with the Commission in connection with the transaction contemplated hereby that (x) have not
                  been filed as required pursuant to the Securities Act or (y) will not be filed within the requisite time period. There are no contracts or other documents required to be described in the Base Prospectus, the Time of Sale Prospectus or
                  Prospectus Supplement, or to be filed as exhibits or schedules to the Registration Statement, which (x) have not been described or filed as required or (y) will not be filed within the requisite time period.</div>
                <div>&#160;</div>
                <div style="text-indent: 108pt;"><font style="color: #010000;">3.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company is eligible to use free writing prospectuses in connection with the Placement pursuant to Rules 164 and 433 under the Securities Act. Any free
                  writing prospectus that the Company is required to file pursuant to Rule 433(d) under the Securities Act has been, or will be, filed with the Commission in accordance with the requirements of the Securities Act and the applicable rules
                  and regulations of the Commission thereunder. Each free writing prospectus that the Company has filed, or is required to file, pursuant to Rule 433(d) under the Securities Act or that was prepared by or behalf of or used by the Company
                  complies or will comply in all material respects with the requirements of the Securities Act and the applicable rules and regulations of the Commission thereunder. The Company will not, without the prior consent of the Placement Agent,
                  prepare, use or refer to, any free writing prospectus.</div>
                <div style="text-indent: 108pt;"> <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-size: 8pt; font-weight: normal; font-style: normal;">3</font></div>
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                </div>
                <div style="text-indent: 108pt;"><font style="color: #010000;">4.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;There are no affiliations with any FINRA member firm among the Company&#8217;s officers, directors or, to the knowledge of the Company, any ten percent (10.0%) or
                  greater shareholder of the Company, except as set forth in the Registration Statement and the other documents the Company has filed or furnished with the Commission.</div>
                <div>&#160;</div>
                <div style="text-indent: 72pt;"><font style="color: #010000;">B.</font>&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; <u>Covenants of the Company</u>. (a) The Company has delivered, or will as promptly as practicable deliver, to the Placement Agent materially complete
                  conformed copies of the Registration Statement and of each consent and certificate of experts, as applicable, filed as a part thereof, and conformed copies of the Registration Statement (without exhibits), the Base Prospectus, the Time of
                  Sale Prospectus and the Prospectus Supplement, as amended or supplemented, in such quantities and at such places as the Placement Agent reasonably requests. Neither the Company nor any of its directors and officers has distributed and
                  none of them will distribute, prior to the Closing Date, any offering material in connection with the offering and sale of the Securities pursuant to the Placement other than the Base Prospectus, the Time of Sale Prospectus, the
                  Prospectus Supplement, the Registration Statement, copies of the documents incorporated by reference therein and any other materials permitted by the Securities Act. (b) Section 4.12(a) of the Purchase Agreement as in effect on the date
                  hereof may not be amended or waived without the prior written consent of the Placement Agent.</div>
                <div>&#160;</div>
                <div style="text-indent: 36pt;"><font style="color: #010000;"><u>SECTION 2.</u></font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>REPRESENTATIONS OF THE PLACEMENT AGENT</u>. The Placement Agent&#160; represents and warrants that it (i) is a member in good standing of FINRA,
                  (ii) is registered as a broker/dealer under the Exchange Act, (iii) is licensed as a broker/dealer under the laws of the states applicable to the offers and sales of the Securities by such Placement Agent, (iv) is and will be a body
                  corporate validly existing under the laws of its place of incorporation, and (v) has full power and authority to enter into and perform its obligations under this Agreement.&#160; The Placement Agent will immediately notify the Company in
                  writing of any change in its status as such. The Placement Agent covenants that it will use its reasonable best efforts to conduct the Placement hereunder in compliance with the provisions of this Agreement and the requirements of
                  applicable law.</div>
                <div>&#160;</div>
                <div style="text-indent: 36pt;"><font style="color: #010000;"><u>SECTION 3.</u></font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>COMPENSATION</u>.&#160; In consideration of the services to be provided for hereunder, the Company shall pay to the Placement Agent or their
                  respective designees their pro rata portion (based on the Securities placed) of the following compensation with respect to the Securities which they are placing:</div>
                <div>&#160;</div>
                <div style="text-indent: 72pt;"><font style="color: #010000;">A.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;A cash fee (the &#8220;<font style="font-weight: bold;">Cash Fee</font>&#8221;) equal to (i) an aggregate of seven percent (7%) of the aggregate gross proceeds raised in
                  the Placement.&#160;&#160; The Cash Fee shall be paid at the closing of the Placement (the &#8220;<font style="font-weight: bold;">Closing</font>&#8221;).</div>
                <div style="text-indent: 72pt;"> <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-size: 8pt; 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-indent: 72pt;"><font style="color: #010000;">B.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Subject to compliance with FINRA Rule 5110(f)(2)(D), the Company also agrees, in case of Closing of the Placement, to reimburse the Placement Agent for all
                  travel and other out-of-pocket expenses incurred, including the reasonable fees, costs and disbursements of its legal counsel, in an amount not to exceed an aggregate of $40,000 (against invoices provided to the Company).&#160; The Company
                  will reimburse Placement Agent directly upon the Closing of the Placement from the gross proceeds raised in the Placement (if detailed invoices are provided in advance).</div>
                <div>&#160;</div>
                <div style="text-indent: 72pt;"><font style="color: #010000;">C.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; [Intentionally Omitted].</div>
                <div>&#160;</div>
                <div style="text-indent: 72pt;"><font style="color: #010000;">D.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Placement Agent reserves the right to reduce any item of its compensation or adjust the terms thereof as specified herein in the event that a determination
                  shall be made by FINRA to the effect that such Placement Agent&#8217;s aggregate compensation is in excess of FINRA rules or that the terms thereof require adjustment.</div>
                <div>&#160;</div>
                <div style="text-indent: 36pt;"><font style="color: #010000;"><u>SECTION 4.</u></font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>INDEMNIFICATION</u>. The Company agrees to the indemnification and other agreements set forth in the Indemnification Provisions (the &#8220;<font style="font-weight: bold;">Indemnification</font>&#8221;) attached hereto as <u>Addendum A</u>, the provisions of which are incorporated herein by reference and shall survive the termination or expiration of this Agreement.</div>
                <div>&#160;</div>
                <div style="text-indent: 36pt;"><font style="color: #010000;"><u>SECTION 5.</u></font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>ENGAGEMENT TERM</u>. The Placement Agent&#8217;s engagement hereunder shall be until the earlier of (i) the final closing date of the Placement,
                  (ii) the date the Company elects to terminate this Agreement, and (iii) September 30, 2022.&#160; Notwithstanding anything to the contrary contained herein, the provisions concerning confidentiality and indemnification and contribution
                  contained herein and the Company&#8217;s obligations contained in the Indemnification Provisions will survive any expiration or termination of this Agreement. The Placement Agent agrees not to use any confidential information concerning the
                  Company provided to the Placement Agent by the Company for any purposes other than those contemplated under this Agreement.</div>
                <div>&#160;</div>
                <div style="text-indent: 36pt;"><font style="color: #010000;"><u>SECTION 6.</u></font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>PLACEMENT AGENT INFORMATION</u>. The Company agrees that any information or advice rendered by the Placement Agent in connection with this
                  engagement is for the confidential use of the Company only in their evaluation of the Placement and, except as otherwise required by law, the Company will not disclose or otherwise refer to the advice or information in any manner without
                  the Placement Agent&#8217;s prior written consent.</div>
                <div>&#160;</div>
                <div style="text-indent: 36pt;"><font style="color: #010000;"><u>SECTION 7.</u></font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>NO FIDUCIARY RELATIONSHIP</u>. This Agreement does not create, and shall not be construed as creating rights enforceable by any person or
                  entity not a party hereto, except those entitled hereto by virtue of the Indemnification Provisions hereof. The Company acknowledges and agrees that the Placement Agent is not and shall not be construed as a fiduciary of the Company and
                  shall have no duties or liabilities to the equity holders or the creditors of the Company or any other person by virtue of this Agreement or the retention of such Placement Agent hereunder, all of which are hereby expressly waived.</div>
                <div style="text-indent: 36pt;"> <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-size: 8pt; font-weight: normal; font-style: normal;">5</font></div>
                  <div style="page-break-after:always;" id="DSPFPageBreak">
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                </div>
                <div style="text-indent: 36pt;"><font style="color: #010000;"><u>SECTION 8.</u></font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>CLOSING</u>. The obligations of the Placement Agent, and the closing of the sale of the Securities hereunder are subject to the accuracy, when
                  made and on the Closing Date, of the representations and warranties on the part of the Company and its subsidiaries contained herein and in the Purchase Agreement, to the accuracy of the statements of the Company and its subsidiaries made
                  in any certificates pursuant to the provisions hereof, to the performance by the Company and its subsidiaries of their obligations hereunder, and to each of the following additional terms and conditions, except as otherwise disclosed to
                  and acknowledged and waived by the Placement Agent to the Company:</div>
                <div>&#160;</div>
                <div style="text-indent: 72pt;"><font style="color: #010000;">A.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; No stop order suspending the effectiveness of the Registration Statement shall have been issued and no proceedings for that purpose shall have been initiated
                  or threatened by the Commission, and any request for additional information on the part of the Commission (to be included in the Registration Statement, the Base Prospectus, the Prospectus Supplement or otherwise) shall have been complied
                  with to the reasonable satisfaction of the Placement Agent. Any filings required to be made by the Company in connection with the Placement shall have been timely filed with the Commission.</div>
                <div>&#160;</div>
                <div style="text-indent: 72pt;"><font style="color: #010000;">B.</font>&#160;&#160;&#160;&#160;&#160; &#160; &#160;&#160; The Placement Agent shall not have discovered and disclosed to the Company on or prior to the Closing Date that the Registration Statement, the Base
                  Prospectus, the Prospectus Supplement or any amendment or supplement thereto contains an untrue statement of a fact which, in the reasonable opinion of counsel for the Placement Agent, is material or omits to state any fact which, in the
                  reasonable opinion of such counsel, is material and is required to be stated therein or is necessary to make the statements therein not misleading.</div>
                <div>&#160;</div>
                <div style="text-indent: 72pt;"><font style="color: #010000;">C.</font>&#160;&#160;&#160;&#160;&#160; &#160;&#160; &#160; All corporate proceedings and other legal matters incident to the authorization, form, execution, delivery and validity of each of this Agreement, the Shares,
                  the Registration Statement, the Base Prospectus and the Prospectus Supplement and all other legal matters relating to this Agreement and the transactions contemplated hereby shall be reasonably satisfactory in all material respects to
                  counsel for the Placement Agent, and the Company shall have furnished to such counsel all documents and information that they may reasonably request to enable them to pass upon such matters.</div>
                <div>&#160;</div>
                <div style="text-indent: 72pt;"><font style="color: #010000;">D.</font>&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; The Placement Agent shall have received from outside counsel to the Company such counsel&#8217;s written opinions, addressed to the Placement Agent and the
                  Purchasers and dated as of the Closing Date, in form and substance reasonably satisfactory to the Placement Agent.</div>
                <div>&#160;</div>
                <div style="text-indent: 72pt;"><font style="color: #010000;">E.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; On the Closing Date, the Placement Agent shall have received a &#8220;comfort&#8221; letter from Ernst &amp; Young (Hellas) Certified Auditors-Accountants S.A. (the
                  Company&#8217;s independent registered accounting firm) (&#8220;<font style="font-weight: bold;">E&amp;Y</font>&#8221;) as of each such date, addressed to each of the Placement Agent and in form and substance satisfactory in all respects to the Placement
                  Agent and Placement Agent&#8217;s counsel.</div>
                <div>&#160;</div>
                <div style="text-indent: 72pt;"><font style="color: #010000;">F.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; On the Closing Date, Placement Agent shall have received a certificate of the chief financial officer of the Company, dated, as applicable, as of the date of
                  such Closing, to the effect that, as of the date of this Agreement and as of the applicable date, the representations and warranties of the Company contained herein and in the Purchase Agreement were and are accurate in all material
                  respects, except for such changes as are contemplated by this Agreement and except as to representations and warranties that were expressly limited to a state of facts existing at a time prior to the applicable Closing Date, and that, as
                  of the applicable date, the obligations to be performed by the Company hereunder on or prior thereto have been fully performed in all material respects.&#160; Such officer shall also provide a customary certification as to such accounting or
                  financial matters that are included or incorporated by reference in the Registration Statement or the Prospectus Supplement that E&amp;Y is unable to provide assurances on in the letter contemplated by Section 8(E) above.</div>
                <div style="text-indent: 72pt;"> <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-size: 8pt; font-weight: normal; font-style: normal;">6</font></div>
                  <div style="page-break-after:always;" id="DSPFPageBreak">
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                </div>
                <div style="text-indent: 72pt;"><font style="color: #010000;">G.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;On the Closing Date, Placement Agent shall have received a certificate of the Secretary or Chief Executive Officer of the Company, dated, as applicable, as of
                  the date of such Closing, certifying to the organizational documents, good standing in the jurisdiction of incorporation of the Company and board resolutions relating to the Placement of the Securities from the Company.</div>
                <div>&#160;</div>
                <div style="text-indent: 72pt;"><font style="color: #010000;">H.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Neither the Company nor any of its subsidiaries (i) shall have sustained since the date of the latest audited financial statements included or incorporated by
                  reference in the Registration Statement, the Base Prospectus and the Prospectus Supplement, any loss or interference with its business from fire, explosion, flood, terrorist act or other calamity, whether or not covered by insurance, or
                  from any labor dispute or court or governmental action, order or decree, otherwise than as set forth in or contemplated by the Registration Statement, the Base Prospectus and the Prospectus Supplement, (ii) since such date there shall not
                  have been any change in the capital stock or long-term debt of the Company or any of its subsidiaries or any change, or any development involving a prospective change, in or affecting the business, general affairs, management, financial
                  position, shareholders&#8217; equity, results of operations or prospects of the Company and its subsidiaries, otherwise than as set forth in or contemplated by the Registration Statement, the Base Prospectus and the Prospectus Supplement, and
                  (iii) since such date there shall not have been any new or renewed inquiries by the Commission, FINRA or any other regulatory body regarding the Company, the effect of which, in any such case described in clause (i), (ii) or (iii), is, in
                  the judgment of the Placement Agent, so material and adverse as to make it impracticable or inadvisable to proceed with the sale or delivery of the Securities on the terms and in the manner contemplated by the Base Prospectus, Time of
                  Sale Prospectus and Prospectus Supplement.</div>
                <div>&#160;</div>
                <div style="text-indent: 72pt;"><font style="color: #010000;">I.</font>&#160;&#160;&#160;&#160;&#160; &#160;&#160; &#160;&#160; The Common Stock is registered under the Exchange Act and, as of the Closing Date, the Shares shall be listed and admitted and authorized for trading on the
                  Nasdaq Capital Market (the &#8220;<font style="font-weight: bold;">Trading Market</font>&#8221;) or other applicable U.S. national exchange, or an application for such listing shall have been submitted to the Trading Market, and satisfactory evidence
                  of such action shall have been provided to the Placement Agent. The Company shall have taken no action designed to, or likely to have the effect of terminating the registration of the Common Stock under the Exchange Act or delisting or
                  suspending from trading the Common Stock from the Trading Market or other applicable U.S. national exchange, nor, except as disclosed in the Base Prospectus, Time of Sale Prospectus and Prospectus Supplement, has the Company received any
                  information suggesting that the Commission or the Trading Market or other U.S. applicable national exchange is contemplating terminating such registration or listing.</div>
                <div>&#160;</div>
                <div style="text-indent: 72pt;"><font style="color: #010000;">J.</font>&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; &#160; No action shall have been taken and no statute, rule, regulation or order shall have been enacted, adopted or issued by any governmental agency or body which
                  would, as of the Closing Date, prevent the issuance or sale of the Securities or materially and adversely affect or potentially and adversely affect the business or operations of the Company; and no injunction, restraining order or order
                  of any other nature by any federal or state court of competent jurisdiction shall have been issued as of the Closing Date which would prevent the issuance or sale of the Securities or materially and adversely affect or potentially and
                  adversely affect the business or operations of the Company.</div>
                <div style="text-indent: 72pt;"> <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-size: 8pt; font-weight: normal; font-style: normal;">7</font></div>
                  <div style="page-break-after:always;" id="DSPFPageBreak">
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                </div>
                <div style="text-indent: 72pt;"><font style="color: #010000;">K.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company shall have prepared and filed with the Commission a Form 6-K with respect to the Placement, including as an exhibit thereto this Agreement.</div>
                <div>&#160;</div>
                <div style="text-indent: 72pt;"><font style="color: #010000;">L.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company shall have entered into a Purchase Agreement with each of the Purchasers and such agreements shall be in full force and effect and shall contain
                  representations, warranties and covenants of the Company as agreed between the Company and the Purchasers.</div>
                <div>&#160;</div>
                <div style="text-indent: 72pt;"><font style="color: #010000;">M.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;FINRA shall have raised no objection to the fairness and reasonableness of the terms and arrangements of this Agreement. In addition, the Company shall, if
                  requested by the Placement Agent, make or authorize Placement Agent&#8217;s counsel to make on the Company&#8217;s behalf, any filing with the FINRA Corporate Financing Department pursuant to FINRA Rule 5110 with respect to the Placement and pay all
                  filing fees required in connection therewith.</div>
                <div>&#160;</div>
                <div style="text-indent: 72pt;"><font style="color: #010000;">N.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;On the Closing Date, Placement Agent shall have received signed Lock-Up Agreements, addressed to the Placement Agent by each of the Company&#8217;s directors and
                  officers, as of the date of this Agreement.</div>
                <div>&#160;</div>
                <div style="text-indent: 72pt;"><font style="color: #010000;">O.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Prior to the Closing Date, the Company shall have furnished to the Placement Agent such further information, certificates and documents as the Placement Agent
                  may reasonably request.</div>
                <div>&#160;</div>
                <div style="text-indent: 36pt;">If any of the conditions specified in this Section 8 shall not have been fulfilled when and as required by this Agreement, or if any of the certificates, opinions, written statements or letters furnished to
                  the Placement Agent or to Placement Agent&#8217;s counsel pursuant to this Section 8 shall not be reasonably satisfactory in form and substance to the Placement Agent and to Placement Agent&#8217;s counsel, all obligations of the Placement Agent
                  hereunder may be cancelled by the Placement Agent at, or at any time prior to, the consummation of the Closing. Notice of such cancellation shall be given to the Company in writing or orally. Any such oral notice shall be confirmed
                  promptly thereafter in writing.</div>
                <div>&#160;</div>
                <div style="text-indent: 36pt;"><font style="color: #010000;"><u>SECTION 9.</u></font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>[Intentionally Omitted]</u>.</div>
                <div style="text-indent: 36pt;"> <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-size: 8pt; font-weight: normal; font-style: normal;">8</font></div>
                  <div style="page-break-after:always;" id="DSPFPageBreak">
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                </div>
                <div style="text-indent: 36pt;"><font style="color: #010000;"><u>SECTION 10.</u></font>&#160;&#160;&#160;&#160;&#160; <u>GOVERNING LAW; AGENT FOR SERVICE OF PROCESS, ETC</u>. This Agreement will be governed by, and construed in accordance with, the laws of the
                  State of New York applicable to agreements made and to be performed entirely in such State, without regard to the conflicts of laws principles thereof. This Agreement may not be assigned by either party without the prior written consent
                  of the other party. This Agreement shall be binding upon and inure to the benefit of the parties hereto, and their respective successors and permitted assigns. Any right to trial by jury with respect to any dispute arising under this
                  Agreement or any transaction or conduct in connection herewith is waived. Any dispute arising under this Agreement may be brought into the courts of the State of New York or into the federal court located in New York, New York and, by
                  execution and delivery of this Agreement, the Company hereby accepts for itself and in respect of its property, generally and unconditionally, the jurisdiction of aforesaid courts. Each party hereto hereby irrevocably waives personal
                  service of process and consents, to the extent permitted by applicable law, to process being served in any such suit, action or proceeding by delivering a copy thereof via overnight delivery (with evidence of delivery) to such party at
                  the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right
                  to serve process in any manner permitted by law. The Company agrees that a final judgment in any such action, proceeding or counterclaim brought in any such court shall be conclusive and binding upon the Company and may be enforced in any
                  other courts to the jurisdiction of which the Company is or may be subject, by suit upon such judgment.&#160; If either party shall commence an action or proceeding to enforce any provisions of a Transaction Document, then the prevailing party
                  in such action or proceeding shall be reimbursed by the other party for its attorney&#8217;s fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding.&#160; In addition to and
                  without limiting the foregoing, the Company has confirms that it has appointed Watson Farley &amp; Williams LLP, 250 West 55th Street, 31st Floor, New York, New York 10019, as its authorized agent (the &#8220;<font style="font-weight: bold;">Authorized
                    Agent</font>&#8221;) upon whom process may be served in any suit, action or proceeding arising out of or based upon the this Agreement or the Transaction Documents or the transactions contemplated herein which may be instituted in any New
                  York federal or state court, by the Placement Agent, the directors, officers, partners, members, managers, employees and agents of the Placement Agent, and expressly accept the non-exclusive jurisdiction of any such court in respect of
                  any such suit, action or proceeding. The Company hereby represents and warrants that the Authorized Agent has accepted such appointment and has agreed to act as said agent for service of process, and the Company agrees to take any and all
                  action, including the filing of any and all documents that may be necessary to continue such appointment in full force and effect as aforesaid. The Company hereby authorizes and directs the Authorized Agent to accept such service. Service
                  of process upon the Authorized Agent shall be deemed, in every respect, effective service of process upon the Company. If the Authorized Agent shall cease to act as agent for service of process, the Company shall appoint, without
                  unreasonable delay, another such agent in the United States, and notify you of such appointment. Notwithstanding the foregoing, any action arising out of or based upon this Agreement may be instituted by the Placement Agent, the
                  directors, officers, partners, members, managers, employees and agents of the Placement Agent, in any court of competent jurisdiction in the Republic of the Marshall Islands.&#160; This paragraph shall survive any termination of this
                  Agreement, in whole or in part.</div>
                <div>&#160;</div>
                <div style="text-indent: 36pt;"><font style="color: #010000;"><u>SECTION 11.</u></font>&#160;&#160;&#160;&#160;&#160; <u>ENTIRE AGREEMENT/MISC</u>. This Agreement (including the attached Indemnification Provisions) embodies the entire agreement and understanding
                  between the parties hereto, and supersedes all prior agreements and understandings, relating to the subject matter hereof, except for that certain Underwriting Agreement dated May 27, 2022 by and between the Placement Agent and the
                  Company, and the Placement Agent hereby consents to the sale and issuance of Securities in connection with the Placement in accordance with Section 4(i) of such Underwriting Agreement.&#160; If any provision of this Agreement is determined to
                  be invalid or unenforceable in any respect, such determination will not affect such provision in any other respect or any other provision of this Agreement, which will remain in full force and effect. This Agreement may not be amended or
                  otherwise modified or waived except by an instrument in writing signed by both Placement Agent and the Company. The representations, warranties, agreements and covenants contained herein shall survive the closing of the Placement and
                  delivery of the Securities. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each
                  party and delivered to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or a .pdf format file, such signature shall create a
                  valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or .pdf signature page were an original thereof.</div>
                <div style="text-indent: 36pt;"> <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-size: 8pt; font-weight: normal; font-style: normal;">9</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-indent: 36pt;"><font style="color: #010000;"><u>SECTION 12.</u></font>&#160;&#160;&#160;&#160;&#160; <u>CONFIDENTIALITY</u>.&#160; The Placement Agent (i) will keep the Confidential Information (as such term is defined below) confidential and will not
                  (except as required by applicable law or stock exchange requirement, regulation or legal process (&#8220;<font style="font-weight: bold;">Legal Requirement</font>&#8221;), without the Company&#8217;s prior written consent, disclose to any person any
                  Confidential Information, and (ii) will not use any Confidential Information other than in connection with the Placement.&#160; The Placement Agent further agrees, severally and not jointly, to disclose the Confidential Information only to its
                  Representatives (as such term is defined below) who need to know the Confidential Information for the purpose of the Placement, and who are informed by the Placement Agent of the confidential nature of the Confidential Information. The
                  term &#8220;<font style="font-weight: bold;">Confidential Information</font>&#8221; shall mean, all confidential, proprietary and non-public information (whether written, oral or electronic communications) furnished by the Company to a Placement
                  Agent or its Representatives in connection with such Placement Agent&#8217;s evaluation of the Placement. The term &#8220;<font style="font-weight: bold;">Confidential Information</font>&#8221; will not, however, include information which (i) is or becomes
                  publicly available other than as a result of a disclosure by a Placement Agent or its Representatives in violation of this Agreement, (ii) is or becomes available to a Placement Agent or any of its Representatives on a non-confidential
                  basis from a third-party, (iii) is known to a Placement Agent or any of its Representatives prior to disclosure by the Company or any of its Representatives, or (iv) is or has been independently developed by a Placement Agent and/or the
                  Representatives without use of any Confidential Information furnished to it by the Company. The term &#8220;Representatives&#8221; shall mean the Placement Agent&#8217;s directors, board committees, officers, employees, financial advisors, attorneys and
                  accountants. This provision shall be in full force until the earlier of (a) the date that the Confidential Information ceases to be confidential and (b) two years from the date hereof.&#160; Notwithstanding any of the foregoing, in the event
                  that the Placement Agent or any of their respective Representatives are required by Legal Requirement to disclose any of the Confidential Information, such Placement Agent and their respective Representatives will furnish only that
                  portion of the Confidential Information which such Placement Agent or their respective Representative, as applicable, is required to disclose by Legal Requirement as advised by counsel, and will use reasonable efforts to obtain reliable
                  assurance that confidential treatment will be accorded the Confidential Information so disclosed.</div>
                <div>&#160;</div>
                <div style="text-indent: 36pt;"><font style="color: #010000;"><u>SECTION 13.</u></font>&#160;&#160;&#160;&#160;&#160; <u>NOTICES</u>. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and
                  shall be deemed given and effective on the earliest of (a) the date of transmission, if such notice or communication is sent to the email address specified on the signature pages attached hereto prior to 6:30 p.m. (New York City time) on
                  a business day, (b) the next business day after the date of transmission, if such notice or communication is sent to the email address on the signature pages attached hereto on a day that is not a business day or later than 6:30 p.m. (New
                  York City time) on any business day, (c) the third business day following the date of mailing, if sent by U.S. internationally recognized air courier service, or (d) upon actual receipt by the party to whom such notice is required to be
                  given. The address for such notices and communications shall be as set forth on the signature pages hereto.</div>
                <div style="text-indent: 36pt;"> <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-size: 8pt; font-weight: normal; font-style: normal;">10</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-indent: 36pt;"><font style="color: #010000;"><u>SECTION 14.</u></font>&#160;&#160;&#160;&#160;&#160; <u>PRESS ANNOUNCEMENTS</u>. The Company agrees that the Placement Agent shall, from and after any Closing, have the right to reference the
                  Placement and the Placement Agent&#8217; role in connection therewith in the Placement Agent&#8217; marketing materials and on its website and to place advertisements in financial and other newspapers and journals, in each case at its own expense.</div>
                <div>&#160;</div>
                <div style="text-align: center; font-style: italic;">[The remainder of this page has been intentionally left blank.]</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-size: 8pt; font-weight: normal; font-style: normal;">11</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-indent: 36pt;">Please confirm that the foregoing correctly sets forth our agreement by signing and returning to Maxim the enclosed copy of this Agreement.<br>
                  <br>
                </div>
                <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="z5a2d5262202a4d5282acd82d7636cec3">

                    <tr>
                      <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
                      <td rowspan="1" style="width: 50%; vertical-align: top;">
                        <div>Very truly yours,</div>
                      </td>
                    </tr>
                    <tr>
                      <td rowspan="1" colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
                      <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
                    </tr>
                    <tr>
                      <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
                      <td rowspan="1" style="width: 50%; vertical-align: top;">
                        <div style="font-weight: bold;">MAXIM GROUP LLC</div>
                      </td>
                    </tr>
                    <tr>
                      <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
                      <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;&#160;</td>
                    </tr>

                </table>
                <table cellspacing="0" cellpadding="0" border="0" id="z207954257961421190d6a1f202df8880" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

                    <tr>
                      <td colspan="1" style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
                      <td style="width: 3%; vertical-align: top; padding-bottom: 2px;">
                        <div>By:</div>
                      </td>
                      <td style="width: 47%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                        <div>/s/ Clifford A. Teller</div>
                      </td>
                    </tr>

                </table>
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                    <tr>
                      <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
                      <td style="width: 5%; vertical-align: top;">
                        <div>Name:</div>
                      </td>
                      <td style="width: 45%; vertical-align: top;">
                        <div>Clifford A. Teller</div>
                      </td>
                    </tr>
                    <tr>
                      <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
                      <td style="width: 5%; vertical-align: top;">
                        <div>Title:</div>
                      </td>
                      <td style="width: 45%; vertical-align: top;">
                        <div>Co-President</div>
                      </td>
                    </tr>

                </table>
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                    <tr>
                      <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
                      <td rowspan="1" style="vertical-align: top; width: 50%;">
                        <div>Address for notice:</div>
                      </td>
                    </tr>
                    <tr>
                      <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
                      <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;&#160;</td>
                    </tr>
                    <tr>
                      <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
                      <td rowspan="1" style="width: 50%; vertical-align: top;">
                        <div>300 Park Avenue, 16th Floor</div>
                      </td>
                    </tr>
                    <tr>
                      <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
                      <td rowspan="1" style="width: 50%; vertical-align: top;">
                        <div>New York, NY 10022</div>
                      </td>
                    </tr>
                    <tr>
                      <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
                      <td rowspan="1" style="width: 50%; vertical-align: top;">
                        <div>Attention:&#160; Clifford A. Teller</div>
                      </td>
                    </tr>
                    <tr>
                      <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
                      <td rowspan="1" style="width: 50%; vertical-align: top;">
                        <div>Email:&#160; <u>cteller@maximgrp.com</u></div>
                      </td>
                    </tr>

                </table>
                <div>&#160;</div>
                <div>Accepted and Agreed to as of</div>
                <div style="color: rgb(0, 0, 0);">the date first written above:</div>
                <div>&#160;</div>
                <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="z81734974f98f4e7dace80b5ddcb53cd4">

                    <tr>
                      <td colspan="3" rowspan="1" style="vertical-align: top;">
                        <div style="font-weight: bold;">PERFORMANCE SHIPPING INC.</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 3%; vertical-align: top;">&#160;</td>
                      <td colspan="2" style="vertical-align: top;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 3%; vertical-align: top; padding-bottom: 2px;">
                        <div>By:</div>
                      </td>
                      <td style="width: 47%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                        <div>/s/ Andreas Michalopoulos</div>
                      </td>
                      <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
                    </tr>

                </table>
                <table cellspacing="0" cellpadding="0" border="0" id="zf92f7a780cb347c6b4c6ad2f0d9099b4" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

                    <tr>
                      <td style="width: 5%; vertical-align: top;">
                        <div>Name:</div>
                      </td>
                      <td style="vertical-align: top;">
                        <div>Andreas Michalopoulos</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 5%; vertical-align: top;">
                        <div>Title:</div>
                      </td>
                      <td style="vertical-align: top;">
                        <div>Chief Executive Officer</div>
                      </td>
                    </tr>

                </table>
                <div>
                  <div><br>
                  </div>
                </div>
                <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="z972fcd46bf9f4966bfe04e392bff9aec">

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                      <td colspan="1" style="width: 49.89%; vertical-align: top;">
                        <div>Address for notice:</div>
                      </td>
                      <td style="width: 49.89%; vertical-align: top;">
                        <div>Performance Shipping Inc.</div>
                      </td>
                    </tr>
                    <tr>
                      <td colspan="1" style="width: 49.89%; vertical-align: top;">&#160;</td>
                      <td style="width: 49.89%; vertical-align: top;">
                        <div style="color: rgb(0, 0, 0);">Performance Shipping Inc.</div>
                      </td>
                    </tr>
                    <tr>
                      <td colspan="1" style="width: 49.89%; vertical-align: top;">&#160;</td>
                      <td style="width: 49.89%; vertical-align: top;">
                        <div style="color: rgb(0, 0, 0);">373 Syngrou Avenue</div>
                      </td>
                    </tr>
                    <tr>
                      <td colspan="1" style="width: 49.89%; vertical-align: top;">&#160;</td>
                      <td style="width: 49.89%; vertical-align: top;">
                        <div style="color: rgb(0, 0, 0);">175 64 Palaio Faliro</div>
                      </td>
                    </tr>
                    <tr>
                      <td colspan="1" style="width: 49.89%; vertical-align: top;">&#160;</td>
                      <td style="width: 49.89%; vertical-align: top;">
                        <div style="color: rgb(0, 0, 0);">Athens, Greece</div>
                      </td>
                    </tr>
                    <tr>
                      <td colspan="1" style="width: 49.89%; vertical-align: top;">&#160;</td>
                      <td style="width: 49.89%; vertical-align: top;">
                        <div style="color: rgb(0, 0, 0);">Attention: Andreas Michalopoulos, Chief Executive Officer</div>
                      </td>
                    </tr>
                    <tr>
                      <td colspan="1" style="width: 49.89%; vertical-align: top;">&#160;</td>
                      <td style="width: 49.89%; vertical-align: top;">&#160;</td>
                    </tr>
                    <tr>
                      <td colspan="1" style="width: 49.89%; vertical-align: top;">&#160;</td>
                      <td style="width: 49.89%; vertical-align: top;">
                        <div>Email: amichalopoulos@pshipping.com</div>
                      </td>
                    </tr>

                </table>
                <div>&#160;</div>
                <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                  <div style="page-break-after:always;" id="DSPFPageBreak">
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                </div>
                <!--PROfilePageNumberReset%Num%1%A-%%-->
                <div style="text-align: center; font-weight: bold;">ADDENDUM A</div>
                <div>&#160;</div>
                <div style="text-align: center; font-weight: bold;"><u>INDEMNIFICATION PROVISIONS</u></div>
                <div>&#160;</div>
                <div style="text-indent: 36pt;">In connection with the engagement of Maxim Group LLC (the &#8220;Placement Agent&#8221;) by Performance Shipping Inc. (the &#8220;Company&#8221;) pursuant to a placement agency agreement dated as of the date hereof, between the
                  Company and the Placement Agent, as it may be amended from time to time in writing (the &#8220;Agreement&#8221;), the Company hereby agrees as follows:</div>
                <div>&#160;</div>
                <div style="text-indent: 36pt;"><font style="color: #010000;">1.</font>&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; To the extent permitted by law, the Company will indemnify the Placement Agent and its affiliates, directors, officers, employees and controlling persons
                  (within the meaning of Section 15 of the Securities Act of 1933, as amended, or Section 20 of the Securities Exchange Act of 1934) against all losses, claims, damages, expenses and liabilities, as the same are incurred (including the
                  reasonable fees and expenses of counsel), relating to or arising out of its activities hereunder or pursuant to the Agreement, except, with regard to the Placement Agent, to the extent that any losses, claims, damages, expenses or
                  liabilities (or actions in respect thereof) are found in a final judgment (not subject to appeal) by a court of law to have resulted primarily and directly from any indemnitee&#8217;s willful misconduct or gross negligence.</div>
                <div>&#160;</div>
                <div style="text-indent: 36pt;"><font style="color: #010000;">2.</font>&#160;&#160;&#160;&#160; &#160; &#160;&#160;&#160; Promptly after receipt by the Placement Agent of notice of any claim or the commencement of any action or proceeding with respect to which the Placement Agent
                  is entitled to indemnity hereunder, the Placement Agent will notify the Company in writing of such claim or of the commencement of such action or proceeding, and the Company will assume the defense of such action or proceeding and will
                  employ counsel reasonably satisfactory to the Placement Agent and will pay the fees and expenses of such counsel. Notwithstanding the preceding sentence, the Placement Agent will be entitled to employ counsel separate from counsel for the
                  Company and from any other party in such action if counsel for the Placement Agent reasonably determines that it would be inappropriate under the applicable rules of professional responsibility for the same counsel to represent both the
                  Company and the Placement Agent. In such event, the reasonable fees and disbursements of no more than one such separate counsel will be paid by the Company. The Company will have the exclusive right to settle the claim or proceeding
                  provided that the Company will not settle any such claim, action or proceeding without the prior written consent of the Placement Agent, which will not be unreasonably withheld.&#160; The Placement Agent and all other indemnitees shall not
                  settle any claim, action or proceeding without the prior written consent of the Company.</div>
                <div>&#160;</div>
                <div style="text-indent: 36pt;"><font style="color: #010000;">3.</font>&#160;&#160;&#160;&#160; &#160; &#160;&#160;&#160; The Company agrees to notify the Placement Agent promptly of the assertion against it or any other person of any claim or the commencement of any action or
                  proceeding relating to a transaction contemplated by the Agreement.</div>
                <div style="text-indent: 36pt;"> <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-size: 8pt; 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>
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                <!--PROfilePageNumberReset%Num%2%A-%%-->
                <div style="text-indent: 36pt;"><font style="color: #010000;">4.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; If for any reason the foregoing indemnity is unavailable to the Placement Agent or insufficient to hold the Placement Agent harmless, then the Company shall
                  contribute to the amount paid or payable by the Placement Agent, as the case may be, as a result of such losses, claims, damages or liabilities in such proportion as is appropriate to reflect not only the relative benefits received by the
                  Company on the one hand, and the Placement Agent on the other, but also the relative fault of the Company on the one hand and the Placement Agent on the other that resulted in such losses, claims, damages or liabilities, as well as any
                  relevant equitable considerations. The amounts paid or payable by a party in respect of losses, claims, damages and liabilities referred to above shall be deemed to include any legal or other fees and expenses incurred in defending any
                  litigation, proceeding or other action or claim. Notwithstanding the provisions hereof, the Placement Agent&#8217;s share of the liability hereunder shall not be in excess of the amount of fees actually received, or to be received, by the
                  Placement Agent under the Agreement (excluding any amounts received as reimbursement of expenses incurred by the Placement Agent).</div>
                <div>&#160;</div>
                <div style="text-indent: 36pt;"><font style="color: #010000;">5.</font>&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; These Indemnification Provisions shall remain in full force and effect whether or not the transaction contemplated by the Agreement is completed and shall
                  survive the termination of the Agreement, and shall be in addition to any liability that the Company might otherwise have to any indemnified party under the Agreement or otherwise.</div>
                <div> <br>
                </div>
                <div> <br>
                </div>
                <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                  <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">A-2</font></div>
                  <div style="page-break-after: always;" id="DSPFPageBreak">
                    <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
                </div>
                <div>
                  <!--PROfilePageNumberReset%Num%1%%%-->
                  <div>
                    <hr noshade="noshade" align="center" style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">
                    <div>
                      <div style="text-align: right; text-indent: -36pt; margin-left: 36pt; font-weight: bold;"> Exhibit 4.2<br>
                      </div>
                      <div style="text-align: center; text-indent: -36pt; margin-left: 36pt; font-weight: bold;"> <br>
                      </div>
                      <div style="text-align: center; text-indent: -36pt; margin-left: 36pt; font-weight: bold;">SECURITIES PURCHASE AGREEMENT</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt;">This Securities Purchase Agreement (this &#8220;<u>Agreement</u>&#8221;) is dated as of August 12, 2022, between Performance Shipping Inc., a Marshall Islands corporation (the &#8220;<u>Company</u>&#8221;),
                        and each purchaser identified on the signature pages hereto (each, including its successors and assigns, a &#8220;<u>Purchaser</u>&#8221; and collectively the &#8220;<u>Purchasers</u>&#8221;).</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt;">WHEREAS, subject to the terms and conditions set forth in this Agreement and pursuant to an effective registration statement under the Securities Act of 1933, as amended (the &#8220;<u>Securities
                          Act</u>&#8221;), the Company desires to issue and sell to each Purchaser, and each Purchaser, severally and not jointly, desires to purchase from the Company, securities of the Company as more fully described in this Agreement.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt;">NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration the receipt and adequacy of which are hereby
                        acknowledged, the Company and each Purchaser agree as follows:</div>
                      <div>&#160;</div>
                      <div style="text-align: center; font-weight: bold;">ARTICLE I.</div>
                      <div style="text-align: center; font-weight: bold;">DEFINITIONS</div>
                      <div>&#160;</div>
                      <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">1.1</font>&#160;&#160;&#160;&#160;&#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Definitions</u>.&#160; In addition to the terms defined elsewhere in this Agreement, for all purposes
                          of this Agreement, the following terms have the meanings set forth in this Section 1.1:</font></div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Action</u>&#8221; shall have the meaning ascribed to such term in Section 3.1(j).</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Affiliate</u>&#8221; means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with
                        a Person as such terms are used in and construed under Rule 405 under the Securities Act.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Board of Directors</u>&#8221; means the board of directors of the Company.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Business Day</u>&#8221; means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day on which banking
                        institutions in the State of New York are authorized or required by law or other governmental action to close; <u>provided</u>, <u>however</u>, for clarification, commercial banks shall not be deemed to be authorized or required
                        by law to remain closed due to &#8220;stay at home,&#8221; &#8220;shelter-in-place,&#8221; &#8220;non-essential employee&#8221;&#160; or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority
                        so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York generally are open for use by customers on such day.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Buy-In Price</u>&#8221; shall have the meaning ascribed to that term in Section 4.1(d).</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Closing</u>&#8221; means the closing of the purchase and sale of the Securities pursuant to Section 2.1.</div>
                      <div>&#160;</div>
                      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">1</font></div>
                        <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>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Closing Date</u>&#8221; means the Trading Day on which all of the Transaction Documents have been executed and delivered by the applicable parties thereto, and all
                        conditions precedent to (i) the Purchasers&#8217; obligations to pay the Subscription Amount and (ii) the Company&#8217;s obligations to deliver the Securities, in each case, have been satisfied or waived, but in no event later than the second
                        (2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>) Trading Day following the date hereof.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Commission</u>&#8221; means the United States Securities and Exchange Commission.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Common Shares</u>&#8221; means the common shares of the Company, par value $0.01 per share, and any other class of securities into which such securities may
                        hereafter be reclassified or changed.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Common Share Equivalents</u>&#8221; means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire at any time Common
                        Shares, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to
                        receive, Common Shares.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Company Counsel</u>&#8221; means Watson Farley &amp; Williams LLP, with offices located at 250 West 55<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Street, 31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> Floor, New York, New York 10019.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#160;&#8220;<u>Evaluation Date</u>&#8221; shall have the meaning ascribed to such term in Section 3.1(s).</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Exchange Act</u>&#8221; means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.</div>
                      <div><br>
                      </div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Exempt Issuance</u>&#8221; means (i) the issuance (or exercise) of Securities or the filing of any registration statement with respect to the Securities, or any
                        issuance of Common Shares upon the exercise of the Warrants or the Prior Warrants, provided that such securities have not been amended since the date of this Agreement to increase the number of such securities or to decrease the
                        exercise price, exchange price or conversion price of such securities (other than in connection with stock splits or combinations) or to extend the term of such securities, (ii) any grants or issuances of securities, or the filing
                        of a registration statement, related to the Company&#8217;s 2015 Equity Incentive Plan, as amended and restated, or any other incentive compensation plan of the Company in effect at date hereof, or any issuance of securities to directors
                        of, (iii) the issuance by the Company of preferred shares of the Company, including Series C Preferred Shares, as described in the Registration Statement and the Prospectus, to one or more affiliates of the Company or their
                        affiliates, provided that such securities are issued as &#8220;restricted securities&#8221; (as defined in Rule 144) and carry no registration rights that require or permit the filing of any registration statement in connection therewith within
                        90 days following the date of this Agreement, (iv) the issuance by the Company of Common Shares upon the exercise or conversion of securities or loan agreements that are issued and outstanding on the date of this Agreement and are
                        described in (or incorporated by reference in) the Registration Statement, the Prospectus and the Prospectus Supplement, provided that such securities have not been amended since the date of this Agreement to increase the number of
                        such securities or to decrease the exercise price or conversion price of such securities or to extend the term of such securities, or (v) the issuance of Series C Preferred Shares upon conversion of Series B Preferred Shares as
                        described in the Registration Statement and the Prospectus or the filing of any registration statement with respect to such issuance; provided that such securities have not been amended since the date of this Agreement to increase
                        the number of such securities or to decrease the exercise price, exchange price or conversion price of such securities (other than pursuant to the terms of such securities as described in the Registration Statement and the
                        Prospectus as of the date of this Agreement) or to extend the term of such securities.</div>
                      <div>&#160;</div>
                      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">2</font></div>
                        <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>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>FCPA</u>&#8221; means the Foreign Corrupt Practices Act of 1977, as amended.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>GAAP</u>&#8221; shall have the meaning ascribed to such term in Section 3.1(h).</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Indebtedness</u>&#8221; means (x) any liabilities for borrowed money or amounts owed in excess of $50,000 (other than trade accounts payable incurred in the
                        ordinary course of business), (y) all guaranties, endorsements and other contingent obligations in respect of indebtedness of others, whether or not the same are or should be reflected in the Company&#8217;s consolidated balance sheet (or
                        the notes thereto), except guaranties by endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business; and (z) the present value of any lease payments in excess of
                        $50,000 due under leases required to be capitalized in accordance with United States GAAP.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Intellectual Property Rights</u>&#8221; shall have the meaning ascribed to such term in Section 3.1(p).</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#160;&#8220;<u>Liens</u>&#8221; means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Lock-Up Agreement</u>&#8221; means the Lock-Up Agreements entered into by certain directors and officers of the Company</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Loeb</u>&#8221; means Loeb &amp; Loeb LLP, with offices located at 345 Park Avenue, New York, New York 10154.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Material Adverse Effect</u>&#8221; shall have the meaning assigned to such term in Section 3.1(b).</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Material Permits</u>&#8221; shall have the meaning ascribed to such term in Section 3.1(n).</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Per Share Purchase Price</u>&#8221; equals $0.45 subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and other similar
                        transactions of Common Shares that occur after the date of this Agreement.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Person</u>&#8221; means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company,
                        joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Placement Agent</u>&#8221; means Maxim Group LLC.</div>
                      <div>&#160;</div>
                      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">3</font></div>
                        <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>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Placement Agency Agreement</u>&#8221; means the Placement Agency Agreement by and between the Company and the Placement Agent dated the date hereof.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#160;&#8220;<u>Prior Warrants</u>&#8221; means collectively, (i) the class A common share purchase warrants issued by the Company in an underwritten public offering on June 1,
                        2022 and (ii) the common share purchase warrants issued by the Company in a private placement on July 19, 2022.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Proceeding</u>&#8221; means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial proceeding,
                        such as a deposition), whether commenced or threatened.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Prospectus</u>&#8221; means the final prospectus filed for the Registration Statement.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Prospectus Supplement</u>&#8221; means the supplement to the Prospectus complying with Rule 424(b) of the Securities Act that is filed with the Commission and
                        delivered by the Company to each Purchaser at the Closing.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#160;&#8220;<u>Purchaser Party</u>&#8221; shall have the meaning ascribed to such term in Section 4.8.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Registration Statement</u>&#8221; means the effective registration statement on Form F-3 with Commission file No. 333-237637 which registers the sale of the Shares,
                        the Warrants and the Warrant Shares to the Purchasers.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Required Approvals</u>&#8221; shall have the meaning ascribed to such term in Section 3.1(e).</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Rule 144</u>&#8221; means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or
                        any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Rule 424</u>&#8221; means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or
                        any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>SEC Reports</u>&#8221; shall have the meaning ascribed to such term in Section 3.1(h).</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Securities</u>&#8221; means, collectively, the Shares, the Warrants and the Warrant Shares.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Securities Act</u>&#8221; means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#160;&#8220;<u>Shares</u>&#8221; means the Common Shares issued or issuable to each Purchaser pursuant to this Agreement in a number equal to such Purchaser&#8217;s Share Subscription
                        Amount divided by the Per Share Purchase Price.</div>
                      <div>&#160;</div>
                      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">4</font></div>
                        <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>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Short Sales</u>&#8221; means all &#8220;short sales&#8221; as defined in Rule 200 of Regulation SHO under the Exchange Act <font style="color: rgb(0, 0, 0);">(but shall not be
                          deemed to include locating and/or borrowing of borrowable Common Shares)</font>.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Subscription Amount</u>&#8221; means, as to each Purchaser, the aggregate amount to be paid for the Shares and Warrants purchased hereunder as specified below such
                        Purchaser&#8217;s name on the signature page of this Agreement and next to the heading &#8220;Share Subscription Amount&#8221; in United States dollars and in immediately available funds.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Subsidiary</u>&#8221; means any subsidiary of the Company as disclosed in the SEC Reports, and shall, where applicable, also include any direct or indirect
                        subsidiary of the Company formed or acquired after the date hereof.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Trading Day</u>&#8221; means a day on which the principal Trading Market is open for trading.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Trading Market</u>&#8221; means any of the following markets or exchanges on which the Common Shares are listed or quoted for trading on the date in question: the
                        NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange (or any successors to any of the foregoing).</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Transaction Documents</u>&#8221; means this Agreement, the Warrants, the Placement Agency Agreement and any other documents or agreements executed in connection
                        with the transactions contemplated hereunder.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Transfer Agent</u>&#8221; means Computershare Inc., the current transfer agent of the Company, with a mailing address of at 150 Royall Street, Canton, MA 02021, and
                        any successor transfer agent of the Company.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Variable Rate Transaction</u>&#8221; shall have the meaning ascribed to such term in Section 4.12(b).</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>VWAP</u>&#8221; means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Shares are then listed or quoted on
                        a Trading Market, the daily volume weighted average price of a Common Share for such date (or the nearest preceding date) on the Trading Market on which the Common Shares are then listed or quoted as reported by Bloomberg L.P.
                        (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Shares for such date (or the nearest
                        preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Shares are then reported in The Pink Open Market (or a similar
                        organization or agency succeeding to its functions of reporting prices), the most recent bid price per Common Share so reported, or (d) in all other cases, the fair market value of a Common Share as determined by an independent
                        appraiser selected in good faith by the Purchasers of a majority in interest of the Securities then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.</div>
                      <div>&#160;</div>
                      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">5</font></div>
                        <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>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Warrants</u>&#8221; means, collectively, the Common Share purchase warrants delivered to the Purchasers at the Closing in accordance with Section 2.2(a) hereof,
                        which Warrants shall be exercisable immediately at an exercise price of $0.45 per Common Share and have a term of exercise equal to five years from the Closing Date, in the form of <u>Exhibit A</u> attached hereto.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">&#8220;<u>Warrant Shares</u>&#8221; means the Common Shares issuable upon exercise of the Warrants.</div>
                      <div>&#160;</div>
                      <div style="text-align: center; font-weight: bold;">ARTICLE II.</div>
                      <div style="text-align: center; font-weight: bold;">PURCHASE AND SALE</div>
                      <div>&#160;</div>
                      <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">2.1</font>&#160;&#160;&#160;&#160;&#160; &#160; &#160; &#160; &#160; &#160;&#160; &#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Closing</u>.&#160; On the Closing Date, upon the terms and subject to the conditions set forth
                          herein, substantially concurrent with the execution and delivery of this Agreement by the parties hereto, the Company agrees to sell, and the Purchasers, severally and not jointly, agree to purchase, up to an aggregate of
                          $15,000,000<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#160;</sup>of Shares, and Warrants. Each Purchaser&#8217;s Subscription Amount as set forth on the signature page hereto executed by such Purchaser shall
                          be made available for &#8220;Delivery Versus Payment&#8221; (&#8220;<u>DVP</u>&#8221;) settlement with the Company. The Company shall deliver to each Purchaser its respective Shares and Warrants as determined pursuant to Section 2.2(a), and the Company
                          and each Purchaser shall deliver the other items set forth in Section 2.2 deliverable at the Closing. Upon satisfaction of the covenants and conditions set forth in Sections 2.2 and 2.3, the Closing shall occur at the offices of
                          Loeb or such other location as the parties shall mutually agree. Unless otherwise directed by the Placement Agent, settlement of the Shares shall occur via DVP<font style="font-style: italic;">&#160;</font>(i.e., on the Closing Date,
                          the Company shall issue the Shares registered in the Purchasers&#8217; names and addresses and released by the Transfer Agent directly to the account(s) at the Placement Agent identified by each Purchaser; upon receipt of such Shares,
                          the Placement Agent shall promptly electronically deliver such Shares to the applicable Purchaser, and payment therefor shall be made by the Placement Agent (or its clearing firm) by wire transfer to the Company).</font></div>
                      <div>&#160;</div>
                      <div><font style="color: rgb(0, 0, 0);">2.2</font>&#160;&#160;&#160;&#160;&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; &#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Deliveries</u>.</font></div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(0, 0, 0);">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);">On or prior to the Closing Date, the Company shall deliver or cause to be
                          delivered to each Purchaser and the Placement Agent the following:</font></div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; this Agreement duly executed by the Company;</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(ii)&#160;&#160;&#160;&#160;&#160; &#160;&#160; a legal opinion of Company Counsel, including on matters of United States law and Marshall Islands law, in a form satisfactory to the Placement Agent
                        and each Purchaser;</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(iii)&#160;&#160;&#160;&#160; &#160; &#160; a cold comfort letter, addressed to the Placement Agent, from <font style="color: rgb(0, 0, 0);">Ernst &amp; Young (Hellas) Certified
                          Auditors-Accountants S.A. </font>in a form and substance reasonably satisfactory in all respects to the Placement Agent;</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; executed Lock-up Agreements;</div>
                      <div>&#160;</div>
                      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">6</font></div>
                        <div id="DSPFPageBreak" style="page-break-after:always;">
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                      </div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the Company shall have provided each Purchaser with the Company&#8217;s wire instructions, on Company letterhead and executed by the Chief Executive
                        Officer or Chief Financial Officer;</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(vi)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; subject to the last sentence of Section 2.1, a copy of the irrevocable instructions to the Transfer Agent instructing the Transfer Agent to deliver
                        on an expedited basis via The Depository Trust Company Deposit or Withdrawal at Custodian system (&#8220;<u>DWAC</u>&#8221;) Shares equal to such Purchaser&#8217;s Share Subscription Amount divided by the Per Share Purchase Price, registered in the
                        name of such Purchaser;</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(vii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Reserved;</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(viii)&#160;&#160;&#160;&#160;&#160; a Warrant registered in the name of such Purchaser to purchase up to a number of Common Shares equal to 100% of such Purchaser&#8217;s Shares, rounded down
                        to the nearest whole Share, with an exercise price equal to $0.45 per Common Share, subject, in each case, to adjustment therein (provided that ink-original copies of such Warrant certificates may be delivered to the Placement Agent
                        within five Business Days of the Closing Date); and</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(ix)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Prospectus and Prospectus Supplement (which may be delivered in accordance with Rule 172 under the Securities Act).</div>
                      <div>&#160;</div>
                      <div style="text-align: justify;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;On or prior to the Closing Date, each Purchaser shall deliver or cause to be delivered to the Company the following:</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; this Agreement duly executed by such Purchaser; and</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; such Purchaser&#8217;s Subscription Amount, which shall be made available for &#8220;Delivery Versus Payment&#8221; settlement with the Company.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">2.3</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; <font style="color: rgb(0, 0, 0);"><u>Closing Conditions</u>.</font></div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(0, 0, 0);">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);">The obligations of the Company hereunder in connection with the Closing
                          are subject to the following conditions being met:</font></div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse Effect, in all
                        respects) on the Closing Date of the representations and warranties of the Purchasers contained herein (unless as of a specific date therein in which case they shall be accurate as of such date);</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;all obligations, covenants and agreements of each Purchaser required to be performed at or prior to the Closing Date shall have been performed; and</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the delivery by each Purchaser of the items set forth in Section 2.2(b) of this Agreement.</div>
                      <div>&#160;</div>
                      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">7</font></div>
                        <div id="DSPFPageBreak" style="page-break-after:always;">
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                      </div>
                      <div style="text-align: justify;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The respective obligations of the Purchasers hereunder in connection with the Closing are subject to the following conditions being met:</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse Effect, in all
                        respects) when made and on the Closing Date of the representations and warranties of the Company contained herein (unless as of a specific date therein in which case they shall be accurate as of such date);</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;all obligations, covenants and agreements of the Company required to be performed at or prior to the Closing Date shall have been performed;</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the delivery by the Company of the items set forth in Section 2.2(a) of this Agreement;</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; there shall have been no Material Adverse Effect with respect to the Company since the date hereof; and</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;from the date hereof to the Closing Date, trading in the Common Shares shall not have been suspended by the Commission or the Company&#8217;s principal
                        Trading Market, and, at any time prior to the Closing Date, trading in securities generally as reported by Bloomberg L.P. shall not have been suspended or limited, or minimum prices shall not have been established on securities
                        whose trades are reported by such service, or on any Trading Market, nor shall a banking moratorium have been declared either by the United States or New York State authorities nor shall there have occurred any material outbreak or
                        escalation of hostilities or other national or international calamity of such magnitude in its effect on, or any material adverse change in, any financial market which, in each case, in the reasonable judgment of such Purchaser,
                        makes it impracticable or inadvisable to purchase the Securities at the Closing.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">2.4</font>&#160;&#160;&#160;&#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Sales During Pre-Settlement Period</u>.<u>&#160;</u>Notwithstanding anything herein to the contrary,
                          if at any time on or after the time of execution of this Agreement by the Company and an applicable Purchaser, through, and including the time immediately prior to the Closing (the &#8220;<font style="font-weight: bold;">Pre-Settlement
                            Period</font>&#8221;), such Purchaser sells (excluding &#8220;short sales&#8221; as defined in Rule 200 of Regulation SHO) to any Person all, or any portion, of any Common Shares to be issued hereunder to such Purchaser at the Closing
                          (collectively, the &#8220;<font style="font-weight: bold;">Pre-Settlement Common Shares</font>&#8221;), such Purchaser shall, automatically hereunder (without any additional required actions by such Purchaser or the Company), be deemed to be
                          unconditionally bound to purchase, and the Company shall be deemed unconditionally bound to sell, such Pre-Settlement Common Shares to such Purchaser at the Closing; provided, that the Company shall not be required to deliver any
                          Pre-Settlement Common Shares to such Purchaser prior to the Company&#8217;s receipt of the purchase price of such Pre-Settlement Common Shares hereunder; and provided further that the Company hereby acknowledges and agrees that the
                          foregoing shall not constitute a representation or covenant by such Purchaser as to whether or not during the Pre-Settlement Period such Purchaser shall sell any Common Shares to any Person and that any such decision to sell any
                          Common Shares by such Purchaser shall be made, in the sole discretion of such Purchaser, at the time such Purchaser elects to effect any such sale, if any.</font></div>
                      <div>&#160;</div>
                      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">8</font></div>
                        <div id="DSPFPageBreak" style="page-break-after:always;">
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                      </div>
                      <div style="text-align: center; font-weight: bold;">ARTICLE III.</div>
                      <div style="text-align: center; font-weight: bold;">REPRESENTATIONS AND WARRANTIES</div>
                      <div>&#160;</div>
                      <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">3.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Representations and Warranties of the Company</u>.&#160; The Company hereby makes the following
                          representations and warranties to each Purchaser:</font></div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><font style="color: rgb(0, 0, 0);">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Subsidiaries</u>.&#160; The Company owns, directly or indirectly, all of
                          the capital stock or other equity interests of each Subsidiary free and clear of any Liens (except for those arising under any credit facility, financial lease, loan agreement or convertible promissory note (or any related
                          security agreement or pledge agreement) included as part of the Indebtedness (as defined below) to which the Company or any of its Subsidiaries is a party and as is disclosed in the Registration Statement, the Prospectus and the
                          Prospectus Supplement). All of the issued and outstanding shares of capital stock of each Subsidiary are validly issued and are fully paid, non-assessable and free of preemptive and similar rights to subscribe for or purchase
                          securities (other than preemptive and similar rights held by the Company).</font></div>
                      <div>&#160;</div>
                      <div style="text-align: justify;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Organization and Qualification</u>.&#160; The Company and each of the Subsidiaries is an entity duly incorporated or otherwise organized, validly existing and in good standing under the
                        laws of the jurisdiction of its incorporation or organization, with the requisite power and authority to own and use its properties and assets and to carry on its business as currently conducted.&#160; Neither the Company nor any
                        Subsidiary is in violation nor default of any of the provisions of its respective certificate or articles of incorporation, bylaws or other organizational or charter documents.&#160; Each of the Company and the Subsidiaries is duly
                        qualified to conduct business and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary, except
                        where the failure to be so qualified or in good standing, as the case may be, could not have or reasonably be expected to result in: (i) a material adverse effect on the legality, validity or enforceability of any Transaction
                        Document, (ii) a material adverse effect on the results of operations, assets, business, prospects or condition (financial or otherwise) of the Company and the Subsidiaries, taken as a whole, or (iii) a material adverse effect on
                        the Company&#8217;s ability to perform in any material respect on a timely basis its obligations under any Transaction Document (any of (i), (ii) or (iii), a &#8220;<u>Material Adverse Effect</u>&#8221;) and no Proceeding has been instituted in any
                        such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Authorization; Enforcement</u>.&#160; The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by this Agreement and each of
                        the other Transaction Documents and otherwise to carry out its obligations hereunder and thereunder.&#160; The execution and delivery of this Agreement and each of the other Transaction Documents by the Company and the consummation by it
                        of the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of the Company and no further action is required by the Company, the Board of Directors or the Company&#8217;s shareholders
                        in connection herewith or therewith other than in connection with the Required Approvals.&#160; This Agreement and each other Transaction Document to which it is a party has been (or upon delivery will have been) duly executed by the
                        Company and, when delivered in accordance with the terms hereof and thereof, will constitute the valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except (i) as limited by
                        general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors&#8217; rights generally, (ii) as limited by laws relating to the
                        availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.</div>
                      <div>&#160;</div>
                      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">9</font></div>
                        <div id="DSPFPageBreak" style="page-break-after:always;">
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                      </div>
                      <div style="text-align: justify;">(d)&#160;&#160; &#160; &#160;&#160;&#160;&#160; <u>No Conflicts</u>.&#160; The execution, delivery and performance by the Company of this Agreement and the other Transaction Documents to which it is a party, the issuance and sale of the
                        Securities and the consummation by it of the transactions contemplated hereby and thereby do not and will not (i) conflict with or violate any provision of the Company&#8217;s or any Subsidiary&#8217;s certificate or articles of incorporation,
                        bylaws or other organizational or charter documents, or (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, result in the creation of any Lien upon any of
                        the properties or assets of the Company or any Subsidiary, or give to others any rights of termination, amendment, anti-dilution or similar adjustments (except as described in the SEC Reports), acceleration or cancellation (with or
                        without notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing a Company or Subsidiary Indebtedness or otherwise) or other understanding to which the Company or any Subsidiary is a
                        party or by which any property or asset of the Company or any Subsidiary is bound or affected, unless a waiver has been obtained, or (iii) subject to the Required Approvals, conflict with or result in a violation of any law, rule,
                        regulation, order, judgment, injunction, decree or other restriction of any court or <font style="color: rgb(0, 0, 0);">any international, national, state or local regulatory or administrative agencies or bodies (governmental or
                          otherwise, and including any maritime regulatory bodies, collectively, &#8220;<u>Governmental Authorities</u>&#8221;)</font> to which the Company or a Subsidiary is subject (including federal and state securities laws and regulations), or by
                        which any property or asset of the Company or a Subsidiary is bound or affected; except in the case of each of clauses (ii) and (iii), such as could not have or reasonably be expected to result in a Material Adverse Effect, and in
                        each case accounting for waivers granted by the Company&#8217;s contractual counterparties.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Filings, Consents and Approvals</u>.&#160; The Company is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with,
                        any court or other federal, state, local or other Governmental Authority or other Person in connection with the execution, delivery and performance by the Company of the Transaction Documents, other than: (i) the filings required
                        pursuant to Section 4.4 of this Agreement, (ii) the filing with the Commission of the Prospectus Supplement, (iii) notification(s) to each applicable Trading Market for the listing of the Shares and the Warrant Shares for trading
                        thereon, and (iv) the filing of Form D with the Commission and such filings as are required to be made under applicable state securities laws (collectively, the &#8220;<u>Required Approvals</u>&#8221;), and other than those which have already
                        been obtained.</div>
                      <div>&#160;</div>
                      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">10</font></div>
                        <div id="DSPFPageBreak" style="page-break-after:always;">
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                      </div>
                      <div style="text-align: justify;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Issuance of the Securities; Registration</u>.&#160; The Securities are duly authorized and, when issued and paid for in accordance with the applicable Transaction Documents, will be duly
                        and validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the Company.&#160; The Warrant Shares, when issued in accordance with the terms of the Warrants, will be validly issued, fully paid and
                        nonassessable, free and clear of all Liens imposed by the Company.&#160; The Company has reserved from its duly authorized capital stock the maximum number of Common Shares issuable pursuant to this Agreement and the Warrants.. The
                        Company has prepared and filed the Registration Statement in conformity with the requirements of the Securities Act, which became effective on April 23, 2020 (the &#8220;<u>Effective Date</u>&#8221;), including the Prospectus and such
                        amendments and supplements thereto as may have been required to the date of this Agreement. The Registration Statement is effective under the Securities Act and no stop order preventing or suspending the effectiveness of the
                        Registration Statement or suspending or preventing the use of the Prospectus and/or the Prospectus Supplement has been issued by the Commission and no proceedings for that purpose have been instituted or, to the knowledge of the
                        Company, are threatened by the Commission. The Company, if required by the rules and regulations of the Commission, shall file the Prospectus with the Commission pursuant to Rule 424(b). At the time the Registration Statement and
                        any amendments thereto became effective, at the date of this Agreement and at the Closing Date, the Registration Statement and any amendments thereto conformed and will conform in all material respects to the requirements of the
                        Securities Act and did not and will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading; and the Prospectus
                        and any amendments or supplements thereto, including without limitation, the Prospectus Supplement, at the time the Prospectus or any such amendment or supplement thereto was issued and at the Closing Date, conformed and will
                        conform in all material respects to the requirements of the Securities Act and did not and will not contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein,
                        in the light of the circumstances under which they were made, not misleading. The Company was at the time of the filing of the Registration Statement eligible to use Form F-3. The Company is eligible to use Form F-3 under the
                        Securities Act and it meets the transaction requirements of General Instruction I.B.1 of Form F-3.</div>
                      <div>&#160;</div>
                      <div>(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Capitalization</u>.&#160; As of the date hereof, the Company has 27,395,030 Common Shares and 793,657 shares of Series B Convertible Cumulative Perpetual Preferred Stock issued and outstanding. Other than as reflected
                        in the SEC Reports, the Company has not issued any capital stock since its most recently filed periodic or annual report under the Exchange Act, other than pursuant to the exercise of employee stock options under the Company&#8217;s stock
                        option plans, the issuance of Common Shares to employees, directors or consultants, and pursuant to the conversion and/or exercise of Common Share Equivalents or loan facilities outstanding as of the date of the most recently filed
                        periodic or annual report under the Exchange Act, or as otherwise disclosed to the public in the SEC Reports. No Person has any right of first refusal, preemptive right, right of participation, or any similar right to participate in
                        the transactions contemplated by the Transaction Documents that has not been waived.&#160; Except as a result of the purchase and sale of the Securities or disclosed in its SEC Reports, there are no outstanding options, warrants, scrip
                        rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations convertible into or exercisable or exchangeable for, or giving any Person any right to subscribe for or
                        acquire, any Common Shares or the capital stock of any Subsidiary, or contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to issue additional Common Shares or Common
                        Share Equivalents or capital stock of any Subsidiary. The issuance and sale of the Securities will not obligate the Company or any Subsidiary to issue Common Shares or other securities to any Person (other than the Purchasers).
                        Except as disclosed in the SEC Reports, there are no outstanding securities or instruments of the Company or any Subsidiary with any provision that adjusts the exercise, conversion, exchange or reset price under any of such
                        securities as a result of the issuance and sale of the Securities. Except as disclosed in the SEC Reports, there are no outstanding securities or instruments of the Company or any Subsidiary that contain any securities redemption or
                        similar provisions, and there are no contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to redeem a security of the Company or such Subsidiary. The Company does not
                        have any stock appreciation rights or &#8220;phantom stock&#8221; plans or agreements or any similar plan or agreement. All of the outstanding shares of capital stock of the Company are duly authorized, validly issued, fully paid and
                        nonassessable, have been issued in compliance with all federal and state securities laws, and none of such outstanding shares was issued in violation of any preemptive rights or similar rights to subscribe for or purchase
                        securities.&#160; No further approval or authorization of any shareholder or the Board of Directors is required for the issuance and sale of the Securities.&#160; There are no shareholders agreements, voting agreements or other similar
                        agreements with respect to the Company&#8217;s capital stock to which the Company is a party or, to the knowledge of the Company, between or among any of the Company&#8217;s shareholders.</div>
                      <div>&#160;</div>
                      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">11</font></div>
                        <div id="DSPFPageBreak" style="page-break-after:always;">
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                      </div>
                      <div style="text-align: justify;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>SEC Reports; Financial Statements</u>.&#160; The Company has filed all reports, schedules, forms, statements and other documents required to be filed by the Company under the Securities Act
                        and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the two years preceding the date hereof (or such shorter period as the Company was required by law or regulation to file such material) (the foregoing
                        materials, including the exhibits thereto and documents incorporated by reference therein, together with the Registration Statement, Prospectus and the Prospectus Supplement, being collectively referred to herein as the &#8220;<u>SEC
                          Reports</u>&#8221;) on a timely basis or has received a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration of any such extension.&#160; As of their respective dates, the SEC Reports complied in
                        all material respects with the requirements of the Securities Act and the Exchange Act, as applicable, and none of the SEC Reports, when filed, contained any untrue statement of a material fact or omitted to state a material fact
                        required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The Company has never been an issuer subject to Rule 144(i) under the
                        Securities Act. The financial statements of the Company included in the SEC Reports comply in all material respects with applicable accounting requirements and the rules and regulations of the Commission with respect thereto as in
                        effect at the time of filing.&#160; Such financial statements have been prepared in accordance with United States Generally Accepted Accounting Principles applied on a consistent basis during the periods involved (&#8220;<u>GAAP</u>&#8221;), except
                        as may be otherwise specified in such financial statements or the notes thereto and except that unaudited financial statements may not contain all footnotes required by GAAP, and fairly present in all material respects the financial
                        position of the Company and its consolidated Subsidiaries as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial,
                        year-end audit adjustments. T<font style="color: rgb(0, 0, 0);">he Company is a &#8220;foreign private issuer&#8221; as defined in Rule 405 of the Securities Act.</font></div>
                      <div>&#160;</div>
                      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">12</font></div>
                        <div id="DSPFPageBreak" style="page-break-after:always;">
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                      </div>
                      <div style="text-align: justify;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Material Changes; Undisclosed Events, Liabilities or Developments</u>.&#160; Since the date of the latest audited financial statements included within the SEC Reports, (i) there has been no
                        event, occurrence or development that has had or that could reasonably be expected to result in a Material Adverse Effect, (ii) the Company has not incurred any liabilities (contingent or otherwise) other than (A) trade payables and
                        accrued expenses incurred in the ordinary course of business consistent with past practice and (B) liabilities not required to be reflected in the Company&#8217;s financial statements pursuant to GAAP or disclosed in filings made with the
                        Commission, (iii) the Company has not altered its method of accounting, (iv) the Company has not declared or made any dividend or distribution of cash or other property to its shareholders or purchased, redeemed or made any
                        agreements to purchase or redeem any shares of its capital stock and (v) the Company has not issued any equity securities to any officer, director or Affiliate, except the issuance of preferred stock to an affiliate of the Chief
                        Executive Officer and the issuance of shares to directors for their service as directors. The Company does not have pending before the Commission any request for confidential treatment of information.&#160; Except for the issuance of the
                        Securities contemplated by this Agreement, no event, liability, fact, circumstance, occurrence or development has occurred or exists or is reasonably expected to occur or exist with respect to the Company or its Subsidiaries or
                        their respective businesses, prospects, properties, operations, assets or financial condition that would be required to be disclosed by the Company under applicable securities laws at the time this representation is made or deemed
                        made that has not been publicly disclosed prior to such date.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify;">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Litigation</u>.&#160; There is no action, suit, inquiry, notice of violation, proceeding or investigation pending or, to the knowledge of the Company, threatened against or affecting the
                        Company, any Subsidiary or any of their respective properties before or by any court, arbitrator or Governmental Authority (collectively, an &#8220;<u>Action</u>&#8221;) which (i) adversely affects or challenges the legality, validity or
                        enforceability of any of the Transaction Documents or the Securities or (ii) could, if there were an unfavorable decision, have or reasonably be expected to result in a Material Adverse Effect.&#160; Neither the Company nor any
                        Subsidiary, nor any director or officer thereof, is or has been the subject of any Action involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty.&#160; There has not
                        been, and to the knowledge of the Company, there is not pending or contemplated, any investigation by the Commission involving the Company or any current or former director or officer of the Company.&#160; The Commission has not issued
                        any stop order or other order suspending the effectiveness of any registration statement filed by the Company or any Subsidiary under the Exchange Act or the Securities Act.</div>
                      <div>&#160;</div>
                      <div>(k)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Labor Relations</u>.&#160; No labor dispute exists or, to the knowledge of the Company, is imminent with respect to any of the employees of the Company, which could reasonably be expected to result in a Material
                        Adverse Effect.&#160; None of the Company&#8217;s or its Subsidiaries&#8217; employees is a member of a union that relates to such employee&#8217;s relationship with the Company or such Subsidiary, and neither the Company nor any of its Subsidiaries is a
                        party to a collective bargaining agreement, and the Company and its Subsidiaries believe that their relationships with their employees are good.&#160; To the knowledge of the Company, no executive officer of the Company or any
                        Subsidiary, is, or is now expected to be, in violation of any material term of any employment contract, confidentiality, disclosure or proprietary information agreement or non-competition agreement, or any other contract or
                        agreement or any restrictive covenant in favor of any third party, and the continued employment of each such executive officer does not subject the Company or any of its Subsidiaries to any liability with respect to any of the
                        foregoing matters that would reasonably be expected to have a Material Adverse Effect.&#160; The Company and its Subsidiaries are in compliance with all U.S. federal, state, local and foreign laws and regulations relating to employment
                        and employment practices, terms and conditions of employment and wages and hours, except where the failure to be in compliance could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.</div>
                      <div>&#160;</div>
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                        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">13</font></div>
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                      </div>
                      <div style="text-align: justify;">(l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Compliance</u>.&#160; Neither the Company nor any Subsidiary: (i) is in default under or in violation of (and no event has occurred that has not been waived that, with notice or lapse of
                        time or both, would result in a default by the Company or any Subsidiary under), nor has the Company or any Subsidiary received notice of a claim that it is in default under or that it is in violation of, any indenture, loan or
                        credit agreement or any other agreement or instrument to which it is a party or by which it or any of its properties is bound, except in each case as disclosed in the Registration Statement (ii) is in violation of any judgment,
                        decree or order of any court, arbitrator or other Governmental Authority or (iii) is or has been in violation of any statute, rule, ordinance or regulation of any Governmental Authority, including without limitation all foreign,
                        federal, state and local laws relating to taxes, environmental protection, occupational health and safety, product quality and safety and employment and labor matters, except in each case as could not reasonably be expected to
                        result in a Material Adverse Effect, and in each case accounting for waivers granted by the Company&#8217;s contractual counterparties.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify;">(m)&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Compliance with Environmental Laws</u>. Except as disclosed in the </font>Registration Statement, Prospectus and the Prospectus Supplement<font style="color: rgb(0, 0, 0);">, (i) neither the Company nor any of its Subsidiaries is in violation of any applicable international, national, state or local convention, law, regulation, order, Material Permit or other requirement
                          relating to pollution or protection of human health or safety (as they relate to exposure to Materials of Environmental Concern (as defined below)) or protection of the environment (including, without limitation, ambient air,
                          surface water, groundwater, land surface or subsurface strata) or protection of natural resources, including without limitation, conventions, laws or regulations relating to emissions, discharges, releases or threatened releases
                          of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous substances, petroleum and petroleum products (collectively, &#8220;<u>Materials of Environmental Concern</u>&#8221;), or otherwise relating to the manufacture,
                          processing, distribution, use, treatment, storage, disposal, transport or handling of Materials of Environmental Concern (collectively, &#8220;<u>Environmental Laws</u>&#8221;), nor has the Company or any Subsidiary received any written
                          communication, whether from a Governmental Authority, citizens group, employee or otherwise, that alleges that the Company or any such Subsidiary is in violation of any Environmental Law or Material Permit required pursuant to
                          Environmental Law; except, in each case, as does not or would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect; (ii) there is no claim, action or cause of action filed with a court or
                          Governmental Authority and no investigation, or other action with respect to which the Company or any Subsidiary has received written notice alleging potential liability for investigatory costs, cleanup costs, governmental
                          response costs, natural resources damages, property damages, personal injuries, attorneys&#8217; fees or penalties arising out of, based on or resulting from the presence, or release into the environment, of any Material of
                          Environmental Concern at any location owned, leased or operated by the Company or any Subsidiary, now or in the past, or from any vessel owned, leased or operated by the Company or any Subsidiary, now or in the past (collectively,
                          &#8220;<u>Environmental Claim</u>&#8221;), pending or, to the knowledge of the Company, threatened against the Company or any Subsidiary or any person or entity whose liability for any Environmental Claim the Company or any Subsidiary has
                          retained or assumed either contractually or by operation of law, except as does not or would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect; (iii) to the knowledge of the Company,
                          there are no past or present actions, activities, circumstances, conditions, events or incidents, including, without limitation, the release, emission, discharge, presence or disposal of any Material of Environmental Concern, that
                          reasonably would be expected to result in a violation of any Environmental Law, require expenditures to be incurred pursuant to Environmental Law, or form the basis of an Environmental Claim against the Company, any Subsidiary or
                          against any person or entity whose liability for any Environmental Claim the Company or any Subsidiary has retained or assumed either contractually or by operation of law, except as does not or would not reasonably be expected,
                          individually or in the aggregate, to have a Material Adverse Effect (for the avoidance of doubt, the operation of vessels in the ordinary course of business shall not be deemed, by itself, an action, activity, circumstance or
                          condition set forth in this clause (iii)); and (iv) none of the Company or any Subsidiary is subject to any pending proceeding under Environmental Law to which a Governmental Authority is a party and which the Company reasonably
                          believes is likely to result in monetary sanctions of US$100,000 or more.&#160; The Company has reasonably concluded that associated costs and liabilities arising under Environmental Laws and resulting from the business, operations or
                          properties of the Company or any Subsidiary does not or would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, except as set forth in or contemplated in the </font>Registration
                        Statement, Prospectus and the Prospectus Supplement<font style="color: rgb(0, 0, 0);">.</font></div>
                      <div>&#160;</div>
                      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">14</font></div>
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                      </div>
                      <div style="text-align: justify;">(n)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Regulatory Permits</u>.&#160; The Company and the Subsidiaries possess all certificates, licenses, authorizations and permits issued by the appropriate federal, state, local or
                        international regulatory authorities (governmental or otherwise) necessary to conduct their respective businesses as described in the SEC Reports, except where the failure to possess such permits could not reasonably be expected to
                        result in a Material Adverse Effect (&#8220;<u>Material Permits</u>&#8221;), and neither the Company nor any Subsidiary has received any notice of proceedings relating to the revocation or modification of any Material Permit.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify;">(o)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Title to Assets</u>.&#160; Except as disclosed in SEC Reports, the Company and the Subsidiaries have good and marketable title in fee simple to all real property owned by them and good and
                        marketable title in all personal property owned by them that is material to the business of the Company and the Subsidiaries, in each case free and clear of all Liens, except for (i) Liens arising under any credit facility,
                        financial lease, loan agreement or convertible promissory note (or any related security agreement or pledge agreement) included as part of the Indebtedness to which the Company or any of its Subsidiaries is a party and as is
                        disclosed in the Registration Statement, the Prospectus and the Prospectus Supplement), (ii) Liens as do not materially affect the value of such property and do not materially interfere with the use made and proposed to be made of
                        such property by the Company and the Subsidiaries and (ii) Liens for the payment of federal, state or other taxes, for which appropriate reserves have been made therefor in accordance with GAAP and, the payment of which is neither
                        delinquent nor subject to penalties.&#160; Any real property and facilities held under lease by the Company and the Subsidiaries are held by them under valid, subsisting and enforceable leases with which the Company and the Subsidiaries
                        are in compliance, except as disclosed in SEC Reports.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify;">(p)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Intellectual Property</u>.&#160; The Company and the Subsidiaries have, or have rights to use, all patents, patent applications, trademarks, trademark applications, service marks, trade
                        names, trade secrets, inventions, copyrights, licenses and other intellectual property rights and similar rights necessary or required for use in connection with their respective businesses as described in the SEC Reports and which
                        the failure to so have could have a Material Adverse Effect (collectively, the &#8220;<u>Intellectual Property Rights</u>&#8221;).&#160; None of, and neither the Company nor any Subsidiary has received a notice (written or otherwise) that any of,
                        the Intellectual Property Rights has expired, terminated or been abandoned, or is expected to expire or terminate or be abandoned, within two (2) years from the date of this Agreement.&#160; Neither the Company nor any Subsidiary has
                        received, since the date of the latest audited financial statements included within the SEC Reports, a written notice of a claim or otherwise has any knowledge that the Intellectual Property Rights violate or infringe upon the
                        rights of any Person, except as could not have or reasonably be expected to not have a Material Adverse Effect.&#160; To the knowledge of the Company, all such Intellectual Property Rights are enforceable and there is no existing
                        infringement by another Person of any of the Intellectual Property Rights.&#160; The Company and its Subsidiaries have taken reasonable security measures to protect the secrecy, confidentiality and value of all of their intellectual
                        properties, except where failure to do so could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.</div>
                      <div>&#160;</div>
                      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">15</font></div>
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                      </div>
                      <div style="text-align: justify;">(q)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Insurance</u>.&#160; The Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and
                        customary in the businesses in which the Company and the Subsidiaries are engaged, including, but not limited to, directors and officers insurance coverage at least equal to the aggregate Subscription Amount.&#160; Neither the Company
                        nor any Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its
                        business without a significant increase in cost.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify;">(r)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Transactions With Affiliates and Employees</u>.&#160; Except as disclosed in the <u>SEC Reports</u>, none of the officers or directors of the Company or any Subsidiary and, to the
                        knowledge of the Company, none of the employees of the Company or any Subsidiary is presently a party to any transaction with the Company or any Subsidiary (other than for services as employees, officers and directors), including
                        any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or personal property to or from, providing for the borrowing of money from or lending of money to or
                        otherwise requiring payments to or from any officer, director or such employee or, to the knowledge of the Company, any entity in which any officer, director, or any such employee has a substantial interest or is an officer,
                        director, trustee, shareholder, member or partner, in each case in excess of $120,000 other than for (i) payment of salary or consulting fees or director fees and shares for services rendered, (ii) reimbursement for expenses
                        incurred on behalf of the Company and (iii) other employee benefits, including stock option agreements under any stock option plan of the Company.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify;">(s)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Sarbanes-Oxley; Internal Accounting Controls</u>.&#160; The Company and the Subsidiaries are in material compliance with any and all applicable requirements of the Sarbanes-Oxley Act of
                        2002 that are effective as of the date hereof, and any and all applicable rules and regulations promulgated by the Commission thereunder that are effective as of the date hereof and as of the Closing Date.&#160; <font style="color: rgb(0, 0, 0);">The Company and the Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance that: (i) transactions are executed in accordance with management&#8217;s general or specific
                          authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with </font>GAAP<font style="color: rgb(0, 0, 0);"> and to maintain asset accountability, (iii) access to
                          assets is permitted only in accordance with management&#8217;s general or specific authorization, and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is
                          taken with respect to any differences. The Company and the Subsidiaries have established disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company and the Subsidiaries and
                          designed such disclosure controls and procedures to ensure that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported, within
                          the time periods specified in the Commission&#8217;s rules and forms.&#160; The Company&#8217;s certifying officers have evaluated the effectiveness of the disclosure controls and procedures of the Company and the Subsidiaries as of the end of the
                          period covered by the most recently filed annual report under the Exchange Act (such date, the &#8220;<u>Evaluation Date</u>&#8221;).&#160; The Company presented in its most recently filed annual report under the Exchange Act the conclusions of
                          the certifying officers about the effectiveness of the disclosure controls and procedures based on their evaluations as of the Evaluation Date.&#160; Since the Evaluation Date, there have been no changes in the internal control over
                          financial reporting (as such term is defined in the Exchange Act) of the Company and its Subsidiaries that have materially affected, or is reasonably likely to materially affect, the internal control over financial reporting of
                          the Company and its Subsidiaries.</font></div>
                      <div>&#160;</div>
                      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">16</font></div>
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                      </div>
                      <div style="text-align: justify;">(t)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Certain Fees</u>.&#160; Other than the compensation payable to the Placement Agent pursuant to the terms of the Placement Agency Agreement and as set forth in the Prospectus Supplement
                        relating to the placement of the Securities, no brokerage or finder&#8217;s fees or commissions are or will be payable by the Company or any Subsidiary to any broker, financial advisor or consultant, finder, placement agent, investment
                        banker, bank or other Person with respect to the transactions contemplated by the Transaction Documents. The Purchasers shall have no obligation with respect to any fees or with respect to any claims made by or on behalf of other
                        Persons for fees of a type contemplated in this Section that may be due in connection with the transactions contemplated by the Transaction Documents.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify;">(u)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Investment Company</u>. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Securities, will not be or be an Affiliate of, an &#8220;investment
                        company&#8221; within the meaning of the Investment Company Act of 1940, as amended.&#160; The Company shall conduct its business in a manner so that it will not become an &#8220;investment company&#8221; subject to registration under the Investment
                        Company Act of 1940, as amended.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Registration Rights</u>.&#160; Except as disclosed in the Registration Statement or in the SEC Reports or pursuant to this Agreement, no person has any right to cause the Company or any
                        Subsidiary to effect the registration under the Securities Act of any securities of the Company or any Subsidiary.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify;">(w)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Listing and Maintenance Requirements</u>.&#160; The Common Shares are registered pursuant to Section 12(b) or 12(g) of the Exchange Act, and the Company has taken no action designed to, or
                        which to its knowledge is likely to have the effect of, terminating the registration of the Common Shares under the Exchange Act nor has the Company received any notification that the Commission is contemplating terminating such
                        registration.&#160; Except as disclosed in the <font style="color: rgb(0, 0, 0);">Registration Statement</font>, the Company has not, in the 12 months preceding the date hereof, received notice from any Trading Market on which the
                        Common Shares are or have been listed or quoted to the effect that the Company is not in compliance with the listing or maintenance requirements of such Trading Market. The Common Shares are currently eligible for electronic
                        transfer through the Depository Trust Company or another established clearing corporation and the Company is current in payment of the fees to the Depository Trust Company (or such other established clearing corporation) in
                        connection with such electronic transfer.</div>
                      <div>&#160;</div>
                      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">17</font></div>
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                      </div>
                      <div style="text-align: justify;">(x)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Reserved</u>.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify;">(y)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Disclosure</u>.&#160; Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, the Company confirms that neither it nor any
                        other Person acting on its behalf has provided any of the Purchasers or their agents or counsel with any information that it believes constitutes or might constitute material, non-public information which is not otherwise disclosed
                        in the Prospectus Supplement.&#160;&#160; The Company understands and confirms that the Purchasers will rely on the foregoing representation in effecting transactions in securities of the Company.&#160; All of the disclosure furnished by or on
                        behalf of the Company to the Purchasers regarding the Company and its Subsidiaries, their respective businesses and the transactions contemplated hereby, including the Disclosure Schedules to this Agreement, is true and correct and
                        does not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made therein, in light of the circumstances under which they were made, not misleading. The press
                        releases disseminated by the Company during the twelve months preceding the date of this Agreement taken as a whole do not contain any untrue statement of a material fact or omit to state a material fact required to be stated
                        therein or necessary in order to make the statements therein, in light of the circumstances under which they were made and when made, not misleading.&#160; The Company acknowledges and agrees that no Purchaser makes or has made any
                        representations or warranties with respect to the transactions contemplated hereby other than those specifically set forth in Section 3.2 hereof.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify;">(z)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>No Integrated Offering</u>. Assuming the accuracy of the Purchasers&#8217; representations and warranties set forth in Section 3.2, neither the Company, nor any of its Affiliates, nor any
                        Person acting on its or their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause this offering of the Securities to be
                        integrated with prior offerings by the Company for purposes of any applicable shareholder approval provisions of any Trading Market on which any of the securities of the Company are listed or designated.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify;">(aa)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Tax Status</u>.&#160; Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect, the Company and its
                        Subsidiaries each (i) has made or filed all United States federal, state and local income and all foreign income and franchise tax returns, reports and declarations required by any jurisdiction to which it is subject, (ii) has paid
                        all taxes and other governmental assessments and charges that are material in amount, shown or determined to be due on such returns, reports and declarations and (iii) has set aside on its books provision reasonably adequate for the
                        payment of all material taxes for periods subsequent to the periods to which such returns, reports or declarations apply.&#160; There are no unpaid taxes in any material amount claimed to be due by the taxing authority of any
                        jurisdiction, and the officers of the Company or of any Subsidiary know of no basis for any such claim.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify;">(bb)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Foreign Corrupt Practices</u>.&#160; Neither the Company nor any Subsidiary, nor to the knowledge of the Company or any Subsidiary, any agent or other person acting on behalf of the Company
                        or any Subsidiary, has (i) directly or indirectly, used any funds for contributions, gifts, entertainment or other expenses related to foreign or domestic political activity, in each case, in violation of the FCPA or any other
                        anti-corruption law applicable to such party, (ii) made any payment to foreign or domestic government officials or employees or to any foreign or domestic political parties or campaigns from corporate funds, in each case, in
                        violation of the FCPA or any other anti-corruption law applicable to such party, (iii) failed to disclose fully any contribution made by the Company or any Subsidiary (or made by any person acting on its behalf of which the Company
                        is aware) which is in violation of the FCPA or any other anti-corruption law applicable to such party, or (iv) violated in any material respect any provision of FCPA.</div>
                      <div>&#160;</div>
                      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">18</font></div>
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                      </div>
                      <div style="text-align: justify;">(cc)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Accountants</u>.&#160; The Company&#8217;s registered independent accounting firm is <font style="color: rgb(0, 0, 0);">Ernst &amp; Young (Hellas) Certified Auditors-Accountants S.A</font>.&#160; To
                        the knowledge and belief of the Company, such accounting firm (i) is a registered public accounting firm as required by the Exchange Act and (ii) shall express its opinion with respect to the financial statements to be included in
                        the Company&#8217;s Annual Report for the fiscal year ending December 31, 2022.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify;">(dd)&#160;&#160;&#160;&#160;&#160;&#160; <u>Acknowledgment Regarding Purchasers&#8217; Purchase of Securities</u>.&#160; The Company acknowledges and agrees that each of the Purchasers is acting solely in the capacity of an arm&#8217;s length
                        purchaser with respect to the Transaction Documents and the transactions contemplated thereby.&#160; The Company further acknowledges that no Purchaser is acting as a financial advisor or fiduciary of the Company (or in any similar
                        capacity) with respect to the Transaction Documents and the transactions contemplated thereby and any advice given by any Purchaser or any of their respective representatives or agents in connection with the Transaction Documents
                        and the transactions contemplated thereby is merely incidental to the Purchasers&#8217; purchase of the Securities.&#160; The Company further represents to each Purchaser that the Company&#8217;s decision to enter into this Agreement and the other
                        Transaction Documents has been based solely on the independent evaluation of the transactions contemplated hereby by the Company and its representatives.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify;">(ee)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Acknowledgement Regarding Purchaser&#8217;s Trading Activity</u>.&#160; Anything in this Agreement or elsewhere herein to the contrary notwithstanding (except
                          for Sections 3.2(f) and 4.14 hereof), it is understood and acknowledged by the Company that: (i) none of the Purchasers has been asked by the Company to agree, nor has any Purchaser agreed, to desist from purchasing or selling,
                          long and/or short, securities of the Company, or &#8220;derivative&#8221; securities based on securities issued by the Company or to hold the Securities for any specified term; (ii) past or future open market or other transactions by any
                          Purchaser, specifically including, without limitation, Short Sales or &#8220;derivative&#8221; transactions, before or after the closing of this or future private placement transactions, may negatively impact the market price of the Company&#8217;s
                          publicly-traded securities; (iii) any Purchaser, and counter-parties in &#8220;derivative&#8221; transactions to which any such Purchaser is a party, directly or indirectly, presently may have a &#8220;short&#8221; position in the </font>Common Shares<font style="color: rgb(0, 0, 0);">, and (iv) each Purchaser shall not be deemed to have any affiliation with or control over any arm&#8217;s length counter-party in any &#8220;derivative&#8221; transaction.&#160; </font>The Company further understands and
                        acknowledges that (y) one or more Purchasers may engage in hedging activities at various times during the period that the Securities are outstanding, including, without limitation, during the periods that the value of the Warrant
                        Shares&#160; deliverable with respect to Securities are being determined, and (z) such hedging activities (if any) could reduce the value of the existing shareholders&#8217; equity interests in the Company at and after the time that the
                        hedging activities are being conducted.&#160; The Company acknowledges that such aforementioned hedging activities do not constitute a breach of any of the Transaction Documents.</div>
                      <div>&#160;</div>
                      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">19</font></div>
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                      </div>
                      <div style="text-align: justify;">(ff)&#160;&#160;&#160;&#160;&#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; &#160;&#160; <u>Regulation M Compliance</u>.&#160; The Company has not, and to its knowledge no one acting on its behalf has, (i) taken, directly or indirectly, any action designed to cause
                        or to result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of any of the Securities, (ii) sold, bid for, purchased, or, paid any compensation for soliciting
                        purchases of, any of the Securities, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company, other than, in the case of clauses (ii) and (iii),
                        compensation paid to the Company&#8217;s placement agent in connection with the placement of the Securities.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify;">(gg)&#160;&#160;&#160;&#160;&#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; &#160;&#160; <u>Maritime Matters</u>.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; margin-left: 36pt; text-indent: 36pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);">Each of the vessels described in the </font>Registration Statement, Prospectus and the Prospectus Supplement<font style="color: rgb(0, 0, 0);"> as being owned by the Company or any Subsidiary (&#8220;<u>Owned Vessels</u>&#8221;) has been duly and validly registered in the name of the owner of such Owned Vessel as disclosed in the </font>Registration
                        Statement, Prospectus and the Prospectus Supplement<font style="color: rgb(0, 0, 0);"> under the laws and regulations and flag of the nation of its registration; no other action is necessary to establish and perfect such entity&#8217;s
                          title to and interest in any of the Owned Vessels as against any third party; and each Owned Vessel is owned directly by such entity free and clear of all liens, claims, security interests or other encumbrances, except such as are
                          described in the </font>Registration Statement, Prospectus and the Prospectus Supplement<font style="color: rgb(0, 0, 0);">.&#160; Each such entity has good title to the applicable Owned Vessel, free and clear of all mortgages,
                          pledges, liens, security interests and claims and all defects of title of record except for maritime liens incurred in the ordinary course and those liens arising under any Indebtedness, each as disclosed in the </font>Registration
                        Statement, Prospectus and the Prospectus Supplement<font style="color: rgb(0, 0, 0);">.</font></div>
                      <div style="margin-left: 36pt; text-indent: 36pt;">&#160;</div>
                      <div style="text-align: justify; margin-left: 36pt; text-indent: 36pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);">Each of the Owned Vessels is in good standing with respect to the payment of past and current taxes, fees and
                          other amounts payable under the laws of the jurisdiction in which it is registered, except for any failure which would not result in a Material Adverse Effect.</font></div>
                      <div style="margin-left: 36pt; text-indent: 36pt;">&#160;</div>
                      <div style="text-align: justify; margin-left: 36pt; text-indent: 36pt;">(iii)&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);">Each of the vessels described in the Registration Statement, the General Disclosure Package and the Prospectus as
                          being owned or bareboat chartered by the Company or any Subsidiary as described therein (&#8220;<u>Operated Vessels</u>&#8221;) is operated in compliance with the rules, codes of practice, conventions, protocols, guidelines or similar
                          requirements or restrictions imposed, published or promulgated by any Governmental Authority, with moral jurisdiction over, or classification society or insurer applicable to the respective Operated Vessel (collectively, &#8220;<u>Maritime
                            Guidelines</u>&#8221;) and all applicable international, national, state and local conventions, laws, regulations, orders, Governmental Licenses and other requirements (including, without limitation, all Environmental Laws), in each
                          case as in effect on the date hereof, except where such failure to be in compliance is not resulting or would not reasonably be expected to result in a Material Adverse Effect. The Company and each applicable Subsidiary are
                          qualified to own or lease, as the case may be, and operate such Operated Vessels under all applicable international, national, state and local conventions, laws, regulations, orders, Material Permits and other requirements
                          (including, without limitation, all Environmental Laws) and Maritime Guidelines, including the laws, regulations and orders of each such vessel&#8217;s flag state, in each case as in effect on the date hereof, except where such failure
                          to be so qualified is not resulting or would not reasonably be expected to result in a Material Adverse Effect.</font></div>
                      <div>&#160;</div>
                      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">20</font></div>
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                      </div>
                      <div style="text-align: justify; margin-left: 36pt; text-indent: 36pt;">(iv)&#160;&#160; &#160;&#160; <font style="color: rgb(0, 0, 0);">Each of the Operated Vessels is classed by a classification society which is a full member of the International
                          Association of Classification Societies and such Operated Vessels are in class with valid class and trading certificates, without any overdue recommendations, in each case based on the classification and certification requirements
                          in effect on the date hereof.</font></div>
                      <div style="margin-left: 36pt; text-indent: 36pt;">&#160;</div>
                      <div style="text-align: justify; margin-left: 36pt; text-indent: 36pt;">(v)&#160;&#160; &#160; &#160;&#160; <font style="color: rgb(0, 0, 0);">Except as disclosed in the Registration Statement, neither the Company nor any Subsidiary is a party to any binding
                          memorandum, option, agreement or instrument pursuant to which it has contracted to purchase, sell or build any shipping vessels.</font></div>
                      <div>&#160;</div>
                      <div style="text-align: justify;">(hh)&#160;&#160;&#160;&#160; &#160; &#160; &#160; &#160;&#160; &#160;&#160;&#160; <u>Office of Foreign Assets Control</u>.&#160; Neither the Company nor any Subsidiary nor, to the Company's knowledge, any director, officer, agent, employee or affiliate of the
                        Company&#160; or any Subsidiary is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (&#8220;<u>OFAC</u>&#8221;).</div>
                      <div>&#160;</div>
                      <div style="text-align: justify;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; <u>Money Laundering</u>.&#160; The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance with applicable financial record-keeping
                        and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, applicable money laundering statutes and applicable rules and regulations thereunder (collectively, the &#8220;<u>Money Laundering Laws</u>&#8221;),
                        and no Action or Proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any Subsidiary with respect to the Money Laundering Laws is pending or, to the knowledge of the
                        Company or any Subsidiary, threatened.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify;">(jj)&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; <font style="color: rgb(0, 0, 0);"><u>PFIC Status</u>.&#160; The Company did not qualify as a &#8220;passive foreign investment company&#8221; within the meaning of Section 1297 of the
                          United States Internal Revenue Code of 1986, as amended, for its most recently completed taxable year, if any.</font></div>
                      <div>&#160;</div>
                      <div style="text-align: justify;">(kk)&#160;&#160;&#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; &#160;&#160;&#160;&#160; <u>Solvency</u>. Based on the consolidated financial condition of the Company as of the Closing Date, after giving effect to the receipt by the Company of the proceeds from
                        the sale of the Securities hereunder, (i) the fair saleable value of the Company&#8217;s assets exceeds the amount that will be required to be paid on or in respect of the Company&#8217;s existing debts and other liabilities (including known
                        contingent liabilities) as they mature, (ii) the Company&#8217;s assets do not constitute unreasonably small capital to carry on its business as now conducted and as proposed to be conducted including its capital needs taking into account
                        the particular capital requirements of the business conducted by the Company, consolidated and projected capital requirements and capital availability thereof, and (iii) the current cash flow of the Company, together with the
                        proceeds the Company would receive, were it to liquidate all of its assets, after taking into account all anticipated uses of the cash, would be sufficient to pay all amounts on or in respect of its liabilities when such amounts are
                        required to be paid. The Company does not intend to incur debts beyond its ability to pay such debts as they mature (taking into account the timing and amounts of cash to be payable on or in respect of its debt). The Company has no
                        knowledge of any facts or circumstances which lead it to believe that it will file for reorganization or liquidation under the bankruptcy or reorganization laws of any jurisdiction within one year from the Closing Date.</div>
                      <div>&#160;</div>
                      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">21</font></div>
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                      </div>
                      <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">3.2</font>&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; <font style="color: rgb(0, 0, 0);"><u>Representations and Warranties of the Purchasers</u>.&#160; Each Purchaser, for itself and for no
                          other Purchaser, hereby represents and warrants as of the date hereof and as of the Closing Date to the Company as follows (unless as of a specific date therein, in which case they shall be accurate as of such date):</font></div>
                      <div>&#160;</div>
                      <div style="text-align: justify; margin-left: 36pt; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Organization; Authority</u>.&#160; Such Purchaser is either an individual
                          or an entity duly incorporated or formed, validly existing and in good standing under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership, limited liability company or similar
                          power and authority to enter into and to consummate the transactions contemplated by the Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of the Transaction
                          Documents and performance by such Purchaser of the transactions contemplated by the Transaction Documents have been duly authorized by all necessary corporate, partnership, limited liability company or similar action, as
                          applicable, on the part of such Purchaser.&#160; Each Transaction Document to which it is a party has been duly executed by such Purchaser, and when delivered by such Purchaser in accordance with the terms hereof, will constitute the
                          valid and legally binding obligation of such Purchaser, enforceable against it in accordance with its terms, except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium
                          and other laws of general application affecting enforcement of creditors&#8217; rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii)
                          insofar as indemnification and contribution provisions may be limited by applicable law.</font></div>
                      <div style="margin-left: 36pt; text-indent: 36pt;">&#160;</div>
                      <div style="text-align: justify; margin-left: 36pt; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">(b)</font>&#160;&#160; &#160; &#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Understandings or Arrangements</u>.&#160; Such Purchaser is acquiring the
                          Securities as principal for its own account and has no direct or indirect arrangement or understandings with any other persons to distribute or regarding the distribution of such Securities (this representation and warranty not
                          limiting such Purchaser&#8217;s right to sell the Securities pursuant to the Registration Statement or otherwise in compliance with applicable federal and state securities laws).&#160; Such Purchaser is acquiring the Securities hereunder in
                          the ordinary course of its business.</font></div>
                      <div style="margin-left: 36pt; text-indent: 36pt;">&#160;</div>
                      <div style="text-align: justify; margin-left: 36pt; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">(c)</font>&#160;&#160;&#160; &#160; &#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Purchaser Status</u>.&#160; At the time such Purchaser was offered the
                          Securities, it was, and as of the date hereof it is, and on each date on which it exercises any Warrants, it will be an &#8220;accredited investor&#8221; as defined in Rule 501(a)(1), (a)(2), (a)(3), or (a)(7) under the Securities Act.</font></div>
                      <div style="margin-left: 36pt; text-indent: 36pt;">&#160;</div>
                      <div style="text-align: justify; margin-left: 36pt; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Experience of Such Purchaser</u>.&#160; Such Purchaser, either alone or
                          together with its representatives, has such knowledge, sophistication and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the Securities, and has
                          so evaluated the merits and risks of such investment.&#160; Such Purchaser is able to bear the economic risk of an investment in the Securities and, at the present time, is able to afford a complete loss of such investment.</font></div>
                      <div>&#160;</div>
                      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">22</font></div>
                        <div id="DSPFPageBreak" style="page-break-after:always;">
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                      </div>
                      <div style="text-align: justify; margin-left: 36pt; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">(e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Access to Information</u>. Such Purchaser acknowledges that it has
                          had the opportunity to review the Transaction Documents (including all exhibits and schedules thereto) and the SEC Reports and has been afforded, (i) the opportunity to ask such questions as it has deemed necessary of, and to
                          receive answers from, representatives of the Company concerning the terms and conditions of the offering of the Securities and the merits and risks of investing in the Securities; (ii) access to information about the Company and
                          its financial condition, results of operations, business, properties, management and prospects sufficient to enable it to evaluate its investment; and (iii) the opportunity to obtain such additional information that the Company
                          possesses or can acquire without unreasonable effort or expense that is necessary to make an informed investment decision with respect to the investment.&#160; Such Purchaser acknowledges and agrees that neither the Placement Agent nor
                          any Affiliate of the Placement Agent has provided such Purchaser with any information or advice with respect to the Securities nor is such information or advice necessary or desired.&#160; Neither the Placement Agent nor any Affiliate
                          has made or makes any representation as to the Company or the quality of the Securities and the Placement Agent and any Affiliate may have acquired non-public information with respect to the Company which such Purchaser agrees
                          need not be provided to it.&#160; In connection with the issuance of the Securities to such Purchaser, neither the Placement Agent nor any of its Affiliates has acted as a financial advisor or fiduciary to such Purchaser.</font></div>
                      <div style="margin-left: 36pt; text-indent: 36pt;">&#160;</div>
                      <div style="text-align: justify; margin-left: 36pt; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">(f)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Certain Transactions and Confidentiality</u>.&#160; Other than
                          consummating the transactions contemplated hereunder, such Purchaser has not, nor has any Person acting on behalf of or pursuant to any understanding with such Purchaser, directly or indirectly executed any purchases or sales,
                          including Short Sales, of the securities of the Company during the period commencing as of the time that the Company or any other Person representing the Company first contacted such Purchaser regarding the transactions
                          contemplated hereunder and ending immediately prior to the execution hereof.&#160; Notwithstanding the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage separate
                          portions of such Purchaser&#8217;s assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing other portions of such Purchaser&#8217;s assets, the representation set forth
                          above shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase the Securities covered by this Agreement.&#160; Other than to other Persons party to this
                          Agreement or to such Purchaser&#8217;s representatives, including, without limitation, its officers, directors, partners, legal and other advisors, employees, agents and Affiliates, such Purchaser has maintained the confidentiality of
                          all disclosures made to it in connection with this transaction (including the existence and terms of this transaction). Notwithstanding the foregoing, for the avoidance of doubt, nothing contained herein shall constitute a
                          representation or warranty, or preclude any actions, with respect to locating or borrowing shares to borrow in order to effect Short Sales or similar transactions in the future.</font></div>
                      <div>&#160;</div>
                      <div style="text-align: justify;">The Company acknowledges and agrees that the representations contained in this Section 3.2 shall not modify, amend or affect such Purchaser&#8217;s right to rely on the Company&#8217;s representations and
                        warranties contained in this Agreement or any representations and warranties contained in any other Transaction Document or any other document or instrument executed and/or delivered in connection with this Agreement or the
                        consummation of the transactions contemplated hereby.&#160; Notwithstanding the foregoing, for the avoidance of doubt, nothing contained herein shall constitute a representation or warranty, or preclude any actions, with respect to
                        locating or borrowing shares in order to effect Short Sales or similar transactions in the future.</div>
                      <div>&#160;</div>
                      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">23</font></div>
                        <div id="DSPFPageBreak" style="page-break-after:always;">
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                      </div>
                      <div style="text-align: center; font-weight: bold;">ARTICLE IV.</div>
                      <div style="text-align: center; font-weight: bold;">OTHER AGREEMENTS OF THE PARTIES</div>
                      <div style="text-align: center; font-weight: bold;"> <br>
                      </div>
                      <div><font style="color: rgb(0, 0, 0);">4.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u> Legends</u>.<u> The Securities shall be issued free of any restrictive legends (except if at the time of exercise of Warrants there is
                            no effective registration statement registering, or the prospectus contained therein is not available for the issuance of Warrant Shares and the Holder does not utilize cashless exercise).</u></font></div>
                      <div>&#160;</div>
                      <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">4.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Furnishing of Information</u>.</font></div>
                      <div>&#160;</div>
                      <div style="text-align: justify;">Until the earlier of the time that (i) no Purchaser owns Securities or (ii) all of the Warrants have expired, the Company covenants to timely file (or obtain extensions in respect thereof and file
                        within the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to the Exchange Act even if the Company is not then subject to the reporting requirements of the Exchange Act.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">4.3</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Integration</u>.&#160; The Company shall not sell, offer for sale or solicit offers to buy or otherwise
                          negotiate in respect of any security (as defined in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Securities for purposes of the rules and regulations of any Trading Market such that it
                          would require shareholder approval prior to the closing of such other transaction unless shareholder approval is obtained before the closing of such subsequent transaction.</font></div>
                      <div>&#160;</div>
                      <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">4.4</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Securities Laws Disclosure; Publicity</u>.&#160; The Company shall (a) by </font>9:25<font style="color: rgb(0, 0, 0);"> a.m. (New York City time) on August 12, 2022 issue a press release disclosing the material terms of the transactions contemplated hereby, and (b) file a Form 6-K, including the Transaction Documents as exhibits thereto,
                          with the Commission within the time required by the Exchange Act.&#160; From and after the issuance of such press release, the Company represents to the Purchasers that it shall have publicly disclosed all material, non-public
                          information delivered to any of the Purchasers by the Company or any of its Subsidiaries, or any of their respective officers, directors, employees, Affiliates or agents in connection with the transactions contemplated by the
                          Transaction Documents.&#160; In addition, effective upon the issuance of such press release, the Company acknowledges and agrees that any and all confidentiality or similar obligations under any agreement, whether written or oral,
                          between the Company, any of its Subsidiaries or any of their respective officers, directors, agents, employees or Affiliates on the one hand, and any of the Purchasers or any of their Affiliates on the other hand, shall terminate
                          and be of no further force and effect. The Company understands and confirms that each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company. The Company and each Purchaser
                          shall consult with each other in issuing any other press releases with respect to the transactions contemplated hereby, and neither the Company nor any Purchaser shall issue any such press release nor otherwise make any such
                          public statement without the prior consent of the Company, with respect to any press release of any Purchaser, or without the prior consent of each Purchaser, with respect to any press release of the Company, which consent shall
                          not unreasonably be withheld or delayed, except if such disclosure is required by law, in which case the disclosing party shall promptly provide the other party with prior notice of such public statement or communication.&#160;
                          Notwithstanding the foregoing, the Company shall not publicly disclose the name of any Purchaser, or include the name of any Purchaser in any filing with the Commission or any regulatory agency or Trading Market, without the prior
                          written consent of such Purchaser, except (a) the filing of final Transaction Documents with the Commission and (b) to the extent such disclosure is required by law, regulation or Trading Market or FINRA rules or regulations, in
                          which case the Company shall provide the Purchasers with prior notice of such disclosure permitted under this clause (b), except disclosures in reliance on a Schedule 13G or Schedule 13D filed with the Commission</font>.</div>
                      <div>&#160;</div>
                      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">24</font></div>
                        <div id="DSPFPageBreak" style="page-break-after:always;">
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                      </div>
                      <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">4.5</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Reserved</u>.</font></div>
                      <div>&#160;</div>
                      <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">4.6</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Non-Public Information</u>.&#160; Except with respect to the material terms and conditions of the transactions
                          contemplated by the Transaction Documents, which shall be disclosed pursuant to Section 4.4, the Company covenants and agrees that neither it, nor any other Person acting on its behalf will provide any Purchaser or its agents or
                          counsel with any information that constitutes, or the Company reasonably believes constitutes, material non-public information, unless prior thereto such Purchaser shall have consented to the receipt of such information and agreed
                          with the Company to keep such information confidential.&#160; The Company understands and confirms that each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company.&#160; To the extent
                          that the Company, any of its Subsdiaries, or any of their respective officers, directors, agents, employees or Affiliates delivers any material, non-public information to a Purchaser without such Purchaser&#8217;s consent, the Company
                          hereby covenants and agrees that such Purchaser shall not have any duty of confidentiality to the Company, any of its Subsidiaries, or any of their respective officers, directors, agents, employees or Affiliates, or a duty to the
                          Company, any of its Subsidiaries or any of their respective officers, directors, agents, employees or Affiliates not to trade on the basis of, such material, non-public information, provided that the Purchaser shall remain subject
                          to applicable law. To the extent that any notice provided pursuant to any Transaction Document constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously
                          file such notice with the Commission pursuant to a Form 6-K.&#160; The Company understands and confirms that each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company.</font></div>
                      <div>&#160;</div>
                      <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">4.7</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);"><u>Use of Proceeds</u>.&#160; The Company shall use the net proceeds from the sale of the Securities in the manner
                          specified in the Prospectus Supplement and shall not use such proceeds in violation of FCPA or OFAC regulations.</font></div>
                      <div>&#160;</div>
                      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">25</font></div>
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                      </div>
                      <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">4.8</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Indemnification of Purchasers</u>.&#160; Subject to the provisions of this Section 4.8, the Company will
                          indemnify and hold each Purchaser and its directors, officers, shareholders, members, partners, employees and agents (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack
                          of such title or any other title), each Person who controls such Purchaser (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, shareholders, agents, members,
                          partners or employees (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title) of such controlling persons (each, a &#8220;<u>Purchaser Party</u>&#8221;)
                          harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all judgments, amounts paid in settlements, court costs and reasonable attorneys&#8217; fees and costs of
                          investigation that any such Purchaser Party may suffer or incur as a result of or relating to (a) any breach of any of the representations, warranties, covenants or agreements made by the Company in this Agreement or in the other
                          Transaction Documents, or (b) any action instituted against the Purchaser Parties in any capacity, or any of them or their respective Affiliates, by any shareholder of the Company who is not an Affiliate of such Purchaser Party,
                          with respect to any of the transactions contemplated by the Transaction Documents (unless such action is solely based upon a material breach of such Purchaser Party&#8217;s representations, warranties or covenants under the Transaction
                          Documents or any agreements or understandings such Purchaser Party may have with any such shareholder or any violations by such Purchaser Party of state or federal securities laws or any conduct by such Purchaser Party which is
                          finally judicially determined to constitute fraud, gross negligence or willful misconduct) the Company will indemnify each Purchaser Party, to the fullest extent permitted by applicable law, from and against any and all losses,
                          claims, damages, liabilities, costs (including, without limitation, reasonable attorneys&#8217; fees) and expenses, as incurred, arising out of or relating to (i) any untrue or alleged untrue statement of a material fact contained in
                          such registration statement, any prospectus or any form of prospectus or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact
                          required to be stated therein or necessary to make the statements therein (in the case of any prospectus or supplement thereto, in the light of the circumstances under which they were made) not misleading, except to the extent,
                          but only to the extent, that such untrue statements or omissions are based solely upon information regarding such Purchaser Party furnished in writing to the Company by such Purchaser Party expressly for use therein, or (ii) any
                          violation or alleged violation by the Company of the Securities Act, the Exchange Act or any state securities law, or any rule or regulation thereunder in connection therewith.&#160; If any action shall be brought against any Purchaser
                          Party in respect of which indemnity may be sought pursuant to this Agreement, such Purchaser Party shall promptly notify the Company in writing, and the Company shall have the right to assume the defense thereof with counsel of
                          its own choosing reasonably acceptable to the Purchaser Party.&#160; Any Purchaser Party shall have the right to employ separate counsel in any such action and participate in the defense thereof, but the fees and expenses of such
                          counsel shall be at the expense of such Purchaser Party except to the extent that (x) the employment thereof has been specifically authorized by the Company in writing, (y) the Company has failed after a reasonable period of time
                          to assume such defense and to employ counsel or (z) in such action there is, in the reasonable opinion of counsel, a material conflict on any material issue between the position of the Company and the position of such Purchaser
                          Party, in which case the Company shall be responsible for the reasonable fees and expenses of no more than one such separate counsel.&#160; The Company will not be liable to any Purchaser Party under this Agreement (1) for any
                          settlement by a Purchaser Party effected without the Company&#8217;s prior written consent, which shall not be unreasonably withheld or delayed; or (2) to the extent, but only to the extent that a loss, claim, damage or liability is
                          attributable to any Purchaser Party&#8217;s breach of any of the representations, warranties, covenants or agreements made by such Purchaser Party in this Agreement or in the other Transaction Documents. The indemnification required by
                          this Section 4.8 shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or are incurred. The indemnity agreements contained herein shall be in
                          addition to any cause of action or similar right of any Purchaser Party against the Company or others and any liabilities the Company may be subject to pursuant to law.</font></div>
                      <div>&#160;</div>
                      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">26</font></div>
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                      </div>
                      <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">4.9</font>&#160;&#160;&#160; &#160; &#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Reservation of Common Shares</u>. As of the date hereof, the Company has reserved and the Company shall
                          continue to reserve and keep available at all times, free of preemptive rights, a sufficient number of Common Shares for the purpose of enabling the Company to issue Shares pursuant to this Agreement, Warrant Shares pursuant to
                          any exercise of the Warrants..</font></div>
                      <div>&#160;</div>
                      <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">4.10</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>L</u><u>isting of Common Shares</u> The Company hereby agrees to use commercially reasonable efforts to
                          maintain the listing or quotation of the Common Shares on the Trading Market on which it is currently listed, and concurrently with the Closing, the Company shall have applied to list or quote all of the Shares, the Warrant Shares
                          on such Trading Market and promptly to secure the listing of all of the Shares and the Warrant Shares on such Trading Market. The Company further agrees, if the Company applies to have the Common Shares traded on any other Trading
                          Market, it will then include in such application all of the Shares and the Warrant Shares and will take such other action as is necessary to cause all of the Shares, and the Warrant Shares to be listed or quoted on such other
                          Trading Market as promptly as possible. The Company will take all action reasonably necessary to continue the listing and trading of its Common Shares on a Trading Market and will comply in all respects with the Company&#8217;s
                          reporting, filing and other obligations under the bylaws or rules of the Trading Market. The Company agrees to maintain the eligibility of the Common Shares for electronic transfer through the Depository Trust Company or another
                          established clearing corporation, including, without limitation, by timely payment of fees to the Depository Trust Company or such other established clearing corporation in connection with such electronic transfer.</font></div>
                      <div>&#160;</div>
                      <div><font style="color: rgb(0, 0, 0);">4.11</font>&#160;&#160;&#160;&#160;&#160; &#160; <font style="color: rgb(0, 0, 0);"><u>[Reserved]</u></font></div>
                      <div>&#160;</div>
                      <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">4.12</font>&#160;&#160;&#160;&#160;&#160; &#160; <font style="color: rgb(0, 0, 0);"><u>Subsequent Equity Sales</u>.</font></div>
                      <div>&#160;</div>
                      <div style="text-align: justify;"><font style="font-style: italic;">(a) </font>From the date hereof until the date which is ninety (90) days after the Closing Date, neither the Company nor any Subsidiary shall issue, enter into any
                        agreement to issue or announce the issuance or proposed issuance of any Common Shares or Common Share Equivalents, other than the Securities, or file any registration statement (other than any post-effective amendment to any
                        currently effective registration statement of the Company which does not register any additional securities); provided, however, that this Section 4.12 shall not apply to Exempt Issuances.</div>
                      <div>&#160;</div>
                      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">27</font></div>
                        <div id="DSPFPageBreak" style="page-break-after:always;">
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                      </div>
                      <div style="text-align: justify; color: rgb(0, 0, 0);">(b) From the date hereof until the date which is ninety (90) days after the Closing Date, the Company shall be prohibited from effecting or entering into an agreement to effect a
                        Variable Rate Transaction. &#8220;Variable Rate Transaction&#8221; means a transaction entered into after the date hereof in which the Company (i) issues or sells any debt or equity securities that are convertible into, exchangeable or
                        exercisable for, or include the right to receive, additional Common Shares either (A) at a conversion price, exercise price or exchange rate or other price that is based upon, and/or varies with, the trading prices of or quotations
                        for the Common Shares at any time after the initial issuance of such debt or equity securities or (B) with a conversion, exercise or exchange price that is subject to being reset upon the occurrence of specified or contingent events
                        directly or indirectly related to the trading prices of or quotations for the Common Shares, provided that such an issuance or sale shall not be deemed to constitute a Variable Rate Transaction solely because such securities provide
                        for customary adjustments to the terms of conversion, exchange or exercise to account for stock dividends and splits, rights offerings, distributions, fundamental transactions and similar transactions or (ii) enters into, or effects
                        a transaction under, any agreement, including, but not limited to, an equity line of credit, whereby the Company may issue securities at a future determined price that is based upon and/or varies with the trading prices of or
                        quotations for the Common Shares. Any Purchaser shall be entitled to obtain injunctive relief against the Company to preclude any such issuance, which remedy shall be in addition to any right to collect damages.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; color: rgb(0, 0, 0);">(c) Notwithstanding the foregoing, this Section 4.12 shall not apply in respect of an Exempt Issuance, except that no Variable Rate Transaction shall be an Exempt Issuance other
                        than as described in (iii) of the definition of Exempt Issuance.</div>
                      <div>&#160;</div>
                      <div><font style="color: rgb(0, 0, 0);">4.13</font>&#160;&#160;&#160;&#160;&#160; &#160; <font style="color: rgb(0, 0, 0);"><u>Reserved.</u></font></div>
                      <div>&#160;</div>
                      <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">4.14</font>&#160;&#160;&#160;&#160; &#160; <font style="color: rgb(0, 0, 0);"><u>Certain Transactions and Confidentiality</u>. Each Purchaser, severally and not jointly with the other
                          Purchasers, covenants that neither it nor any Affiliate acting on its behalf or pursuant to any understanding with it will execute any purchases or sales, including Short Sales of any of the Company&#8217;s securities during the period
                          commencing with the execution of this Agreement and ending at such time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.4.</font>&#160; <font style="color: rgb(0, 0, 0);">Each Purchaser, severally and not jointly with the other Purchasers, covenants that until such time as the transactions contemplated by this Agreement are publicly disclosed by the Company pursuant to
                          the initial press release as described in Section 4.4, such Purchaser will maintain the confidentiality of the existence and terms of this transaction and any confidential information provided to such Purchaser.&#160; N</font>otwithstanding
                        the foregoing and notwithstanding anything contained in this Agreement to the contrary, the Company expressly acknowledges and agrees that (i) no Purchaser makes any representation, warranty or covenant hereby that it will not
                        engage in effecting transactions in any securities of the Company after the time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.4,
                        (ii) no Purchaser shall be restricted or prohibited from effecting any transactions in any securities of the Company in accordance with applicable securities laws from and after the time that the transactions contemplated by this
                        Agreement are first publicly announced pursuant to the initial press release as described in Section 4.4 and (iii) no Purchaser shall have any duty of confidentiality or duty not to trade in the securities of the Company to the
                        Company, any of its Subsidiaries or any of their respective officers, directors, employees, Affiliates or agents after the issuance of the initial press release as described in Section 4.4.&#160; <font style="color: rgb(0, 0, 0);">Notwithstanding
                          the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Purchaser&#8217;s assets and the portfolio managers have no direct knowledge of
                          the investment decisions made by the portfolio managers managing other portions of such Purchaser&#8217;s assets, the covenant set forth above shall only apply with respect to the portion of assets managed by the portfolio manager that
                          made the investment decision to purchase the Securities covered by this Agreement.</font></div>
                      <div>&#160;</div>
                      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">28</font></div>
                        <div id="DSPFPageBreak" style="page-break-after:always;">
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                      </div>
                      <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">4.15</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Exercise Procedures</u>.&#160; The form of Notice of Exercise included in the Warrants&#160; set forth the totality of the procedures
                        required of the Purchasers in order to exercise the Warrants.&#160; No additional legal opinion, other information or instructions shall be required of the Purchasers to exercise their Warrants.&#160; Without limiting the preceding sentences,
                        no ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise form be required in order to exercise the Warrants.&#160; The Company shall
                        honor exercises of the Warrants and shall deliver Warrant Shares, in accordance with the terms, conditions and time periods set forth in the Transaction Documents.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">4.16</font>&#160;&#160;&#160; &#160;&#160; <font style="color: rgb(0, 0, 0);"><u>QEF Election</u>.&#160; If the Company determines or otherwise becomes aware that it is a Passive Foreign
                          Investment Company (PFIC) for any taxable year, upon request of any U.S. Purchaser at any time and from time to time, the Company will promptly provide the information necessary for such U.S. Purchaser to make a Qualified Electing
                          Fund (QEF) Election with respect to the Company and will use reasonable best efforts to cause each direct and indirect subsidiary that the Company controls that is a PFIC to provide such information with respect to such
                          Subsidiary.</font></div>
                      <div>&#160;</div>
                      <div style="text-align: center; font-weight: bold;">ARTICLE V.</div>
                      <div style="text-align: center; font-weight: bold;">MISCELLANEOUS</div>
                      <div>&#160;</div>
                      <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">5.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; &#160; &#160; &#160; &#160; <font style="color: rgb(0, 0, 0);"><u>Termination</u>.&#160; This Agreement may be terminated by any Purchaser, as to such Purchaser&#8217;s
                          obligations hereunder only and without any effect whatsoever on the obligations between the Company and the other Purchasers, by written notice to the other parties, if the Closing has not been consummated on or before the fifth
                          (5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) Trading Day following the date hereof; <u>provided</u>, <u>however</u>, that no such termination will affect the right of any party to sue
                          for any breach by any other party (or parties).</font></div>
                      <div>&#160;</div>
                      <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">5.2</font>&#160;&#160;&#160;&#160;&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Fees and Expenses</u>.&#160; Except as expressly set forth in the Transaction Documents to the
                          contrary, each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and
                          performance of this<u>&#160;</u>Agreement.&#160; The Company shall pay all Transfer Agent fees (including, without limitation, any fees required for same-day processing of any instruction letter delivered by the Company and any exercise
                          notice delivered by a Purchaser), stamp taxes and other taxes and duties levied in connection with the delivery of any Securities to the Purchasers.</font></div>
                      <div>&#160;</div>
                      <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">5.3</font>&#160;&#160;&#160;&#160;&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; &#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Entire Agreement</u>.&#160; The Transaction Documents, together with the exhibits and schedules
                          thereto, the Prospectus and the Prospectus Supplement, contain the entire understanding of the parties with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, oral or written,
                          with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.</font></div>
                      <div>&#160;</div>
                      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">29</font></div>
                        <div id="DSPFPageBreak" style="page-break-after:always;">
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                      </div>
                      <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">5.4</font>&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; <font style="color: rgb(0, 0, 0);"><u>Notices</u>.&#160; Any and all notices or other communications or deliveries required or permitted
                          to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of: (a) the time of transmission, if such notice or communication is delivered via facsimile or email attachment at the facsimile
                          number or email address as set forth on the signature pages attached hereto at or prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the time of transmission, if such notice or communication
                          is delivered via facsimile or email attachment at the facsimile number or email address as set forth on the signature pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any
                          Trading Day, (c) the second (2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>) Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service or (d)
                          upon actual receipt by the party to whom such notice is required to be given.&#160; The address for such notices and communications shall be as set forth on the signature pages attached hereto. To the extent that any notice provided
                          pursuant to any Transaction Document constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current
                          Report on Form 6-K.</font></div>
                      <div>&#160;</div>
                      <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">5.5</font>&#160;&#160;&#160;&#160;&#160; &#160; &#160; &#160; &#160; &#160;&#160; &#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Amendments; Waivers</u>.&#160; No provision of this Agreement may be waived, modified, supplemented
                          or amended except in a written instrument signed, in the case of an amendment, by the Company and Purchasers which purchased at least 50.1% in interest of the Shares based on the initial Subscription Amounts hereunder (or, prior
                          to the Closing, the Company and each Purchaser) or, in the case of a waiver, by the party against whom enforcement of any such waived provision is sought, provided that if any amendment, modification or waiver disproportionately
                          and adversely impacts a Purchaser (or group of Purchasers), the consent of such disproportionately impacted Purchaser (or group of Purchasers) shall also be required. No waiver of any default with respect to any provision,
                          condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or
                          omission of any party to exercise any right hereunder in any manner impair the exercise of any such right. Any proposed amendment or waiver that disproportionately, materially and adversely affects the rights and obligations of
                          any Purchaser relative to the comparable rights and obligations of the other Purchasers shall require the prior written consent of such adversely affected Purchaser. Any amendment effected in accordance with this Section 5.5 shall
                          be binding upon each Purchaser and holder of Securities and the Company.</font></div>
                      <div>&#160;</div>
                      <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">5.6</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Headings</u>.&#160; The headings herein are for convenience only, do not constitute a part of this Agreement and
                          shall not be deemed to limit or affect any of the provisions hereof.</font></div>
                      <div>&#160;</div>
                      <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">5.7</font>&#160;&#160;&#160;&#160;&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Successors and Assigns</u>.&#160; This Agreement shall be binding upon and inure to the benefit of
                          the parties and their successors and permitted assigns.&#160; The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of each Purchaser (other than by merger).&#160; Any Purchaser
                          may assign any or all of its rights under this Agreement to any Person to whom such Purchaser assigns or transfers any Securities, provided that such transferee agrees in writing to be bound, with respect to the transferred
                          Securities, by the provisions of the Transaction Documents that apply to the &#8220;Purchasers.&#8221;</font></div>
                      <div>&#160;<br>
                      </div>
                      <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">5.8</font>&#160;&#160;&#160;&#160; &#160; &#160; &#160; &#160; &#160;&#160; &#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Third-Party Beneficiaries</u>.&#160; The Placement Agent shall be the third party beneficiary of the
                          representations and warranties of the Company in Section 3.1 and the representations and warranties of the Purchasers in Section 3.2. This Agreement is intended for the benefit of the parties hereto and their respective successors
                          and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, except as otherwise set forth in Section 4.8, this Section 5.8 and/or the Placement Agency Agreement.</font></div>
                      <div>&#160;</div>
                      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">30</font></div>
                        <div id="DSPFPageBreak" style="page-break-after:always;">
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                      </div>
                      <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">5.9</font>&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; &#160; <font style="color: rgb(0, 0, 0);"><u>Governing Law; Venue; Agent for Service of Process</u>.&#160; All questions concerning the
                          construction, validity, enforcement and interpretation of the Transaction Documents shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of
                          conflicts of law thereof.&#160; Each party agrees that all legal Proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether
                          brought against a party hereto or its respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New
                          York.&#160; Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection
                          herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any Action or
                          Proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such Action or Proceeding is improper or is an inconvenient venue for such Proceeding.&#160; Each party hereby irrevocably waives
                          personal service of process and, to the extent permitted by law, consents to process being served in any such Action or Proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of
                          delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof.&#160; Nothing contained herein shall be
                          deemed to limit in any way any right to serve process in any other manner permitted by law.&#160; If any party shall commence an Action or Proceeding to enforce any provisions of the Transaction Documents, then, in addition to the
                          obligations of the Company under Section 4.8, the prevailing party in such Action or Proceeding shall be reimbursed by the non-prevailing party for its reasonable attorneys&#8217; fees and other costs and expenses incurred with the
                          investigation, preparation and prosecution of such Action or Proceeding.&#160; The Company hereby irrevocably designates and appoints Watson Farley &amp; Williams LLP, 250 West 55th Street, 31st Floor, New York, New York 10019 (the &#8220;<u>Process
                            Agent</u>&#8221;) as its authorized agent upon whom process may be served in any claim brought against the Company, it being understood that the designation and appointment of the Process Agent as such authorized agent shall become
                          effective immediately without any further action on the part of the Company. The Company represents to each Purchaser that it has notified the Process Agent of such designation and appointment and that the Process Agent has
                          accepted the same.&#160; The Company hereby irrevocably authorizes and directs the Process Agent to accept such service.&#160; The provisions of this Section 5.9 shall survive any termination of this Agreement, in whole or in part.</font></div>
                      <div>&#160;</div>
                      <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">5.10</font>&#160;&#160;&#160;&#160;&#160; &#160; <font style="color: rgb(0, 0, 0);"><u>Survival</u>.&#160; The representations and warranties contained herein shall survive the Closing and the
                          delivery of the Securities.</font></div>
                      <div>&#160;</div>
                      <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">5.11</font>&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Execution</u>.&#160; This Agreement may be executed in two or more counterparts, all of which when taken together
                          shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to each other party, it being understood that the parties need not sign the same
                          counterpart.&#160; In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a &#8220;.pdf&#8221; format data file or by electronic signature, such signature shall create a valid and binding obligation of the
                          party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or &#8220;.pdf&#8221; signature page or electronic signature<font style="font-weight: bold;">&#160;</font>were an original thereof.</font></div>
                      <div>&#160;</div>
                      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">31</font></div>
                        <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>
                      <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">5.12</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Severability</u>.&#160; If any term, provision, covenant or restriction of this Agreement is held by a court of
                          competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected,
                          impaired or invalidated, and the parties hereto shall use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term,
                          provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such
                          that may be hereafter declared invalid, illegal, void or unenforceable.</font></div>
                      <div>&#160;</div>
                      <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">5.13</font>&#160;&#160;&#160;&#160;&#160; &#160; <font style="color: rgb(0, 0, 0);"><u>Rescission and Withdrawal Right</u>.&#160; Notwithstanding anything to the contrary contained in (and without
                          limiting any similar provisions of) any of the other Transaction Documents, whenever any Purchaser exercises a right, election, demand or option under a Transaction Document and the Company does not timely perform its related
                          obligations within the periods therein provided, then such Purchaser may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant notice, demand or election in whole or in part
                          without prejudice to its future actions and rights; <u>provided</u>, <u>however</u>, that in the case of a rescission of an exercise of a Warrant the applicable Purchaser shall be required to return any Common Shares subject to
                          any such rescinded exercise notice concurrently with the return to such Purchaser of the aggregate exercise price paid to the Company for such shares and the restoration of such Purchaser&#8217;s right to acquire such shares pursuant to
                          such Purchaser&#8217;s Warrant (including, issuance of a replacement warrant certificate evidencing such restored right).</font></div>
                      <div>&#160;</div>
                      <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">5.14</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Replacement of Securities</u>.&#160; If any certificate or instrument evidencing any Securities is mutilated,
                          lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation), or in lieu of and substitution therefor, a new certificate or
                          instrument, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction.&#160; The applicant for a new certificate or instrument under such circumstances shall also pay any reasonable
                          third-party costs (including customary indemnity) associated with the issuance of such replacement Securities.</font></div>
                      <div>&#160;</div>
                      <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">5.15</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Remedies</u>.&#160; In addition to being entitled to exercise all rights provided herein or granted by law,
                          including recovery of damages, each of the Purchasers and the Company will be entitled to specific performance under the Transaction Documents.&#160; The parties agree that monetary damages may not be adequate compensation for any loss
                          incurred by reason of any breach of obligations contained in the Transaction Documents and hereby agree to waive and not to assert in any Action for specific performance of any such obligation the defense that a remedy at law
                          would be adequate.</font></div>
                      <div>&#160;</div>
                      <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">5.16</font>&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Payment Set Aside</u>.&#160; To the extent that the Company makes a payment or payments to any Purchaser pursuant
                          to any Transaction Document or a Purchaser enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or exercise or any part thereof are subsequently invalidated, declared to be
                          fraudulent or preferential, set aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other Person under any law (including, without limitation,
                          any bankruptcy law, state or federal law, common law or equitable cause of action), then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued in
                          full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.</font></div>
                      <div>&#160;</div>
                      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">32</font></div>
                        <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>
                      <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">5.17</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Independent Nature of Purchasers&#8217; Obligations and Rights</u>.&#160; The obligations of each Purchaser under any
                          Transaction Document are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance or non-performance of the obligations of any other Purchaser under
                          any Transaction Document.&#160; Nothing contained herein or in any other Transaction Document, and no action taken by any Purchaser pursuant hereto or thereto, shall be deemed to constitute the Purchasers as a partnership, an
                          association, a joint venture or any other kind of entity, or create a presumption that the Purchasers are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by the
                          Transaction Documents.&#160; Each Purchaser shall be entitled to independently protect and enforce its rights including, without limitation, the rights arising out of this Agreement or out of the other Transaction Documents, and it
                          shall not be necessary for any other Purchaser to be joined as an additional party in any Proceeding for such purpose.&#160; Each Purchaser has been represented by its own separate legal counsel in its review and negotiation of the
                          Transaction Documents.&#160; For reasons of administrative convenience only, each Purchaser and its respective counsel have chosen to communicate with the Company through Loeb.&#160; Loeb does not represent any of the Purchasers and only
                          represents the Placement Agent.&#160; The Company has elected to provide all Purchasers with the same terms and Transaction Documents for the convenience of the Company and not because it was required or requested to do so by any of
                          the Purchasers.&#160; It is expressly understood and agreed that each provision contained in this Agreement and in each other Transaction Document is between the Company and a Purchaser, solely, and not between the Company and the
                          Purchasers collectively and not between and among the Purchasers.</font></div>
                      <div>&#160;</div>
                      <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">5.18</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Liquidated Damages</u>.&#160; The Company&#8217;s obligations to pay any partial liquidated damages or other amounts
                          owing under the Transaction Documents is a continuing obligation of the Company and shall not terminate until all unpaid partial liquidated damages and other amounts have been paid notwithstanding the fact that the instrument or
                          security pursuant to which such partial liquidated damages or other amounts are due and payable shall have been canceled.</font></div>
                      <div>&#160;</div>
                      <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">5.19</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; &#160; &#160; &#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><font style="color: rgb(0, 0, 0);"><u>Saturdays, Sundays, Holidays, etc.</u></font>If the last or
                          appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business Day.</font></div>
                      <div>&#160;</div>
                      <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">5.20</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);"><u>Construction</u>. The parties agree that each of them and/or their respective counsel have
                          reviewed and had an opportunity to revise the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the
                          interpretation of the Transaction Documents or any amendments thereto. In addition, each and every reference to share prices and Common Shares in any Transaction Document shall be subject to adjustment for reverse and forward
                          stock splits, stock dividends, stock combinations and other similar transactions of the Common Shares that occur after the date of this Agreement.&#160; All references herein to matters disclosed within filings made by the Company with
                          the Commission shall be construed to include documents incorporated by</font></div>
                      <div>&#160;</div>
                      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">33</font></div>
                        <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>
                      <div style="text-align: justify; color: rgb(0, 0, 0);">reference into such filings.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">5.21</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; &#160; &#160;&#160; <font style="color: rgb(0, 0, 0);"><font style="font-weight: bold;"><u>WAIVER OF JURY TRIAL</u>.&#160; <u>IN ANY ACTION, SUIT, OR
                              PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY AND
                              EXPRESSLY WAIVES FOREVER TRIAL BY JURY.</u></font></font></div>
                      <div>&#160;</div>
                      <div style="text-align: center; font-style: italic;">(Signature Pages Follow)</div>
                      <div>&#160;</div>
                      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">34</font></div>
                        <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>
                      <div style="text-align: justify; text-indent: 36pt;">IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated
                        above.</div>
                      <div>&#160;</div>
                      <table cellspacing="0" cellpadding="0" border="0" id="zef086e366d9d43d59e405c4c119384d0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                          <tr>
                            <td style="vertical-align: top;" colspan="3">
                              <div style="font-weight: bold;">PERFORMANCE SHIPPING INC.</div>
                            </td>
                            <td style="width: 50%; vertical-align: top;">
                              <div style="font-size: 12pt;"><u><font style="font-size: 10pt;">Address for Notice:</font></u></div>
                            </td>
                          </tr>
                          <tr>
                            <td style="vertical-align: top;" colspan="3">&#160;</td>
                            <td style="width: 50%; vertical-align: top;">
                              <div style="color: rgb(0, 0, 0);">373 Syngrou Avenue</div>
                            </td>
                          </tr>
                          <tr>
                            <td style="vertical-align: top;" colspan="3">&#160;</td>
                            <td style="width: 50%; vertical-align: top;">
                              <div style="color: rgb(0, 0, 0);">175 64 Palaio Faliro</div>
                            </td>
                          </tr>
                          <tr>
                            <td style="vertical-align: top;" colspan="3">&#160;</td>
                            <td style="width: 50%; vertical-align: top;">
                              <div style="color: rgb(0, 0, 0);">Athens, Greece</div>
                            </td>
                          </tr>
                          <tr>
                            <td style="vertical-align: top;" colspan="3">&#160;</td>
                            <td style="width: 50%; vertical-align: top;">
                              <div style="color: rgb(0, 0, 0);">Attention: Chief Executive Officer</div>
                            </td>
                          </tr>
                          <tr>
                            <td style="width: 3%; vertical-align: top; padding-bottom: 2px;">
                              <div>By:</div>
                            </td>
                            <td style="width: 44%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                            <td style="width: 3%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
                            <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">
                              <div>E-Mail: amichalopoulos@pshipping.com</div>
                            </td>
                          </tr>
                          <tr>
                            <td style="width: 3%; vertical-align: top;">&#160;</td>
                            <td style="vertical-align: top;" colspan="2">
                              <div>Name:</div>
                            </td>
                            <td style="width: 50%; vertical-align: top;">&#160;</td>
                          </tr>
                          <tr>
                            <td style="width: 3%; vertical-align: top;">&#160;</td>
                            <td style="vertical-align: top;" colspan="2">
                              <div>Title:</div>
                            </td>
                            <td style="width: 50%; vertical-align: top;">&#160;</td>
                          </tr>
                          <tr>
                            <td style="vertical-align: top;" colspan="3">&#160;</td>
                            <td style="width: 50%; vertical-align: top;">&#160;</td>
                          </tr>
                          <tr>
                            <td style="vertical-align: top;" colspan="3">
                              <div>With a copy to (which shall not constitute notice):</div>
                            </td>
                            <td style="width: 50%; vertical-align: top;">&#160;</td>
                          </tr>
                          <tr>
                            <td style="vertical-align: top;" colspan="3">&#160;</td>
                            <td style="width: 50%; vertical-align: top;">&#160;</td>
                          </tr>
                          <tr>
                            <td style="vertical-align: top;" colspan="3">
                              <div>Watson Farley &amp; Williams LLP</div>
                            </td>
                            <td style="width: 50%; vertical-align: top;">&#160;</td>
                          </tr>
                          <tr>
                            <td style="vertical-align: top;" colspan="3">
                              <div>250 West 55th Street, 31st Floor</div>
                            </td>
                            <td style="width: 50%; vertical-align: top;">&#160;</td>
                          </tr>
                          <tr>
                            <td style="vertical-align: top;" colspan="3">
                              <div>New York, New York 10019</div>
                            </td>
                            <td style="width: 50%; vertical-align: top;">&#160;</td>
                          </tr>
                          <tr>
                            <td style="vertical-align: top;" colspan="3">
                              <div>Attention: Will Vogel</div>
                            </td>
                            <td style="width: 50%; vertical-align: top;">&#160;</td>
                          </tr>
                          <tr>
                            <td style="vertical-align: top;" colspan="3">
                              <div>Email: wvogel@wfw.com</div>
                            </td>
                            <td style="width: 50%; vertical-align: top;">&#160;</td>
                          </tr>

                      </table>
                      <div><br>
                      </div>
                      <div style="text-align: center;">[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK</div>
                      <div style="text-align: center;">SIGNATURE PAGE FOR PURCHASER FOLLOWS]</div>
                      <div style="text-align: center;"> <br>
                      </div>
                      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                        <div id="DSPFPageBreak" style="page-break-after:always;">
                          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
                      </div>
                      <div style="text-align: center;">[PURCHASER SIGNATURE PAGES TO PERFORMANCE SHIPPING INC. SECURITIES PURCHASE AGREEMENT]</div>
                      <div><br>
                      </div>
                      <div style="text-align: justify; text-indent: 36pt;">IN WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated
                        above.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify;">Name of Purchaser: ________________________________________________________</div>
                      <div style="text-align: justify; font-size: 12pt;"><font style="font-size: 10pt; font-style: italic;"> <br>
                        </font></div>
                      <div style="text-align: justify; font-size: 12pt;"><font style="font-size: 10pt; font-style: italic;">Signature of Authorized Signatory of Purchaser</font><font style="font-size: 10pt;">: _________________________________</font></div>
                      <div style="text-align: justify;"> <br>
                      </div>
                      <div style="text-align: justify;">Name of Authorized Signatory: _______________________________________________</div>
                      <div style="text-align: justify;"> <br>
                      </div>
                      <div style="text-align: justify;">Title of Authorized Signatory: ________________________________________________</div>
                      <div style="text-align: justify;"> <br>
                      </div>
                      <div style="text-align: justify;">Email Address of Authorized Signatory:_________________________________________</div>
                      <div> <br>
                      </div>
                      <div>Facsimile Number of Authorized Signatory: __________________________________________</div>
                      <div> <br>
                      </div>
                      <div>Address for Notice to Purchaser:</div>
                      <div> <br>
                      </div>
                      <div><br>
                      </div>
                      <div>Address for Delivery of Warrants to Purchaser (if not same as address for notice):</div>
                      <div><br>
                      </div>
                      <div>DWAC for Shares:</div>
                      <div><br>
                      </div>
                      <div>Share Subscription Amount: $_________________</div>
                      <div><br>
                      </div>
                      <div>Number of Shares: _________________</div>
                      <div><br>
                      </div>
                      <div>Warrant Shares: __________________</div>
                      <div><br>
                      </div>
                      <div>EIN Number: _______________________</div>
                      <br>
                    </div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="page-break-after: always;" id="DSPFPageBreak">
                        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
                    </div>
                    <div>
                      <div>
                        <hr noshade="noshade" align="center" style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">
                        <div style="text-align: right;"><font style="font-weight: bold;"> Exhibit 4.3</font><br>
                        </div>
                        <div>
                          <div style="text-align: center; font-weight: bold;">FORM OF COMMON SHARE PURCHASE WARRANT</div>
                          <div>&#160;</div>
                          <div style="text-align: center; font-weight: bold;">PERFORMANCE SHIPPING INC.</div>
                          <div>&#160;</div>
                          <div style="text-align: justify;">
                            <table cellspacing="0" cellpadding="0" border="0" id="za3d210b19d5b4a41bfd772d0672ccca5" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;">

                                <tr>
                                  <td style="width: 50%;">
                                    <div>Warrant Shares: [&#160;&#160; ] </div>
                                  </td>
                                  <td style="width: 50%;">
                                    <div style="text-align: right;">Issue Date: August 16, 2022</div>
                                  </td>
                                </tr>

                            </table>
                          </div>
                          <div style="text-align: justify;"> <br>
                          </div>
                          <div style="text-align: justify; text-indent: 36pt;">THIS COMMON SHARE PURCHASE WARRANT (the &#8220;<u>Warrant</u>&#8221;) certifies that, for value received, or its assigns (the &#8220;<u>Holder</u>&#8221;) is entitled, upon the terms and subject to the
                            limitations on exercise and the conditions hereinafter set forth, at any time on or after the Issue Date and on or prior to 5:00 p.m. (New York City time) on August 16, 2027 (the &#8220;<u>Termination Date</u>&#8221;) but not thereafter, to
                            subscribe for and purchase from Performance Shipping Inc., a Marshall Islands corporation (the &#8220;<u>Compan</u>y&#8221;), up to Common Shares (as subject to adjustment hereunder, the &#8220;<u>Warrant Shares</u>&#8221;). The purchase price of one
                            Common Share under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 36pt;"><font style="color: #010000;">Section 1.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Definitions</u>. In addition to the terms defined elsewhere in this Warrant, the following terms have the meanings
                            indicated in this Section 1. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Securities Purchase Agreement (the &#8220;Purchase Agreement&#8221;), dated August 12, 2022, among the
                            Company and the purchasers signatory thereto.</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Affiliate</font>&#8221;<font style="font-weight: bold;">&#160;</font>means any Person that, directly or indirectly through one or more intermediaries,
                            controls or is controlled by or is under common control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Bid Price</font>&#8221;<font style="font-weight: bold;">&#160;</font>means, for any date, the price determined by the first of the following clauses that
                            applies: (a) if the Common Shares are then listed or quoted on a Trading Market, the bid price of the Common Shares for the time in question (or the nearest preceding date) on the Trading Market on which the Common Shares are
                            then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price
                            of the Common Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Shares are
                            then reported on the Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Share so reported, or (d) in all other cases, the
                            fair market value of a Common Share as determined by an independent appraiser selected in good faith by the holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees
                            and expenses of which shall be paid by the Company.</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Business Day</font>&#8221;<font style="font-weight: bold;">&#160;</font>means any day other than Saturday, Sunday or other day on which commercial banks
                            in The City of New York are authorized or required by law to remain closed; <u>provided</u>, <u>however,</u> for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to
                            &#8220;stay at home&#8221;, &#8220;shelter-in-place&#8221;, &#8220;non-essential employee&#8221; or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic
                            funds transfer systems (including for wire transfers) of commercial banks in The City of New York generally are open for use by customers on such day.</div>
                          <div style="text-align: justify; text-indent: 36pt;"> <br>
                          </div>
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                          <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Commission</font>&#8221;<font style="font-weight: bold;">&#160;</font>means the United States Securities and Exchange Commission.</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Common Shares</font>&#8221;<font style="font-weight: bold;">&#160;</font>means the common shares of the Company, par value $0.01 per share, and any other
                            class of securities into which such securities may hereafter be reclassified or changed.</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Common Share Equivalents</font>&#8221;<font style="font-weight: bold;">&#160;</font>means any securities of the Company or the Subsidiaries which would
                            entitle the holder thereof to acquire at any time Common Shares, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or exercisable or
                            exchangeable for, or otherwise entitles the holder thereof to receive, Common Shares.</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Exchange Act</font>&#8221; means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Excluded Issuance</font>&#8221; means (i) the issuance (or exercise) of Securities or the filing of any registration statement with respect to the
                            Securities, or any issuance of Common Shares upon the exercise of the Warrants or the Prior Warrants, provided that such securities have not been amended since the date of the Purchase Agreement to increase the number of such
                            securities or to decrease the exercise price, exchange price or conversion price of such securities (other than in connection with stock splits or combinations) or to extend the term of such securities, (ii) any grants or
                            issuances of securities, or the filing of a registration statement, related to the Company&#8217;s 2015 Equity Incentive Plan, as amended and restated, or any other incentive compensation plan of the Company in effect at date hereof,
                            or any issuance of securities to directors of, (iii) the issuance by the Company of Common Shares upon the exercise or conversion of securities or loan agreements that are issued and outstanding on the date of the Purchase
                            Agreement and are described in (or incorporated by reference in) the Registration Statement, the Prospectus and the Prospectus Supplement, provided that such securities have not been amended since the date of the Purchase
                            Agreement to increase the number of such securities or to decrease the exercise price or conversion price of such securities or to extend the term of such securities, or (iv) the issuance of Series C Preferred Shares upon
                            conversion of Series B Preferred Shares as described in the Registration Statement and the Prospectus<a name="z_Hlk108985509"></a>; provided that such securities have not been amended since the date of the Purchase Agreement to
                            increase the number of such securities or to decrease the exercise price, exchange price or conversion price of such securities (other than in connection with stock splits or combinations) or to extend the term of such
                            securities.</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Person</font>&#8221;<font style="font-weight: bold;">&#160;</font>means an individual or corporation, partnership, trust, incorporated or unincorporated
                            association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Registration Statement</font>&#8221;<font style="font-weight: bold;">&#160;</font>means the Company&#8217;s registration statement on Form F-3 (File No.
                            333-237637).</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Securities Act</font>&#8221;<font style="font-weight: bold;">&#160;</font>means the Securities Act of 1933, as amended, and the rules and regulations
                            promulgated thereunder.</div>
                          <div style="text-align: justify; text-indent: 36pt;"> <br>
                          </div>
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                          <div style="text-align: justify; text-indent: 36pt;">&#160;&#8220;<font style="font-weight: bold;">Subsidiary</font>&#8221;<font style="font-weight: bold;">&#160;</font>means any subsidiary of the Company, which is actively engaged in a trade or
                            business, and shall, where applicable, also include any direct or indirect subsidiary of the Company formed or acquired after the date hereof.</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Trading Day</font>&#8221;<font style="font-weight: bold;">&#160;</font>means a day on which the Common Shares are traded on a Trading Market. &#8220;<font style="font-weight: bold;">Trading Market</font>&#8221; means any of the following markets or exchanges on which the Common Shares are listed or quoted for trading on the date in question: the NYSE American, the Nasdaq Capital
                            Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock Exchange (or any successors to any of the foregoing).</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Transfer Agent</font>&#8221;<font style="font-weight: bold;">&#160;</font>means Computershare Inc. or its affiliate with offices located at 150 Royall
                            Street, Canton, MA 02021, and any successor transfer agent of the Company.</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">VWAP</font>&#8221;<font style="font-weight: bold;">&#160;</font>means, for any date, the price determined by the first of the following clauses that
                            applies: (a) if the Common Shares are then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Shares for such date (or the nearest preceding date) on the Trading Market on which the
                            Common Shares are then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume
                            weighted average price of the Common Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for
                            the Common Shares are then reported on the Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per Common Share so reported, or (d) in all other
                            cases, the fair market value of a Common Share as determined by an independent appraiser selected in good faith by the holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company,
                            the fees and expenses of which shall be paid by the Company.</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 36pt;">&#160;&#8220;<font style="font-weight: bold;">Warrants</font>&#8221;<font style="font-weight: bold;">&#160;</font>means this Warrant and other Common Share purchase warrants issued by the Company
                            pursuant to the Purchase Agreement.</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 36pt;"><font style="color: #010000;">Section 2.</font>&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; &#160; <u>Exercise</u>.</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 72pt;"><font style="color: #000000;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Exercise of Warrant</u>. Subject to the provisions of Section 2(e) herein, exercise of the purchase rights represented by
                            this Warrant may be made, in whole or in part, at any time or times on or after the Issue Date and on or before the Termination Date by delivery to the Company of a duly executed PDF copy submitted by e-mail (or e-mail
                            attachment) of the Notice of Exercise in the form annexed hereto (the &#8220;<u>Notice of Exercise</u>&#8221;<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">-</sup>). Within the earlier of (i) two (2) Trading Days
                            and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the
                            Warrant Shares specified in the applicable Notice of Exercise by wire transfer or by certified or official bank check in United States dollars unless the cashless exercise procedure specified in Section 2(c) below is specified
                            in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding
                            anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been
                            exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within five (5) Trading Days of the date on which the final Notice of Exercise is delivered to the Company. Partial
                            exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall lower the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the
                            applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any
                            Notice of Exercise within one (1) Business Day of receipt of such notice. <font style="font-weight: bold;">The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of
                              this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.</font></div>
                          <div style="text-align: justify; text-indent: 72pt;"><font style="font-weight: bold;"> <br>
                            </font></div>
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                          <div style="text-align: justify; text-indent: 72pt;"><font style="color: #000000;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Exercise Price</u>. The exercise price per Common Share under this Warrant shall be $0.45, subject to adjustment hereunder
                            (the &#8220;<u>Exercise Price</u>&#8221;).</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 72pt;"><font style="color: #000000;">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Cashless Exercise</u>. If at any time after the Issue Date there is no effective registration statement registering, or no
                            current&#160; prospectus available for the issuance&#160; of the Warrant Shares by the Holder then this Warrant may also be exercised, in whole or in part, at such time by means of a &#8220;cashless exercise&#8221; in which the Holder shall be
                            entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where</div>
                          <div>&#160;</div>
                          <div style="text-align: justify;">(A)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; = as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered
                            pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of &#8220;regular trading hours&#8221; (as defined in Rule 600(b) of
                            Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or
                            (z) the Bid Price of the Common Shares on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder&#8217;s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during
                            &#8220;regular trading hours&#8221; on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of &#8220;regular trading hours&#8221; on a Trading Day) pursuant to Section 2(a) hereof or (iii) the
                            VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of &#8220;regular
                            trading hours&#8221; on such Trading Day;</div>
                          <div>&#160;</div>
                          <div style="text-align: justify;">(B)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;= the Exercise Price of this Warrant, as adjusted hereunder; and</div>
                          <div>&#160;</div>
                          <div style="text-align: justify;">(X) = the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a
                            cashless exercise.</div>
                          <div style="text-align: justify;"> <br>
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                          <div style="text-align: justify; text-indent: 36pt;">If Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act the Warrant Shares
                            shall take on the registered characteristics of the Warrants being exercised. The Company agrees not to take any position contrary to this Section 2(c). Without limiting the cashless exercise provision set forth in this Section
                            2(c), the liquidated damages provision in Section 2(d)(i) or the buy-in provision in Section 2(d)(iv), there is no circumstance that would require the Company to net-cash settle this Warrant.</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 36pt;">Notwithstanding anything herein to the contrary, on the Termination Date, this Warrant shall be automatically exercised via cashless exercise pursuant to this Section 2(c).</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 72pt;"><font style="color: #000000;">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Mechanics of Exercise</u>.</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 108pt;"><font style="color: #010000;">(i)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Delivery of Warrant Shares Upon Exercise</u>. The Company shall cause the Warrant Shares purchased hereunder to be
                            transmitted by the Transfer Agent to the Holder by crediting the account of the Holder&#8217;s or its designee&#8217;s balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (&#8220;<u>DWAC</u>&#8221;)
                            if the Company is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares by the Holder or (B) this Warrant is being exercised via cashless
                            exercise, and otherwise by physical delivery of a certificate, registered in the Company&#8217;s share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to
                            such exercise to the address specified by the Holder in the Notice of Exercise by the date that is the earliest of (i) two (2) Trading Days after the delivery to the Company of the Notice of Exercise, provided that payment of
                            the aggregate Exercise Price (other than in the instance of a cashless exercise) is received by the Company one (1) Trading Day prior to such second Trading Day after the delivery of the Notice of Exercise, (ii) one (1) Trading
                            Day after delivery of the aggregate Exercise Price to the Company and (iii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise, provided that payment
                            of the aggregate Exercise Price (other than in the instance of a cashless exercise) is received by the Company one (1) Trading Day prior to such number of Trading Days comprising the Standard Settlement Period after the delivery
                            of the Notice of Exercise (such date, the &#8220;<u>Warrant Share Delivery Date</u>&#8221;) . Upon delivery of the Notice of Exercise, the Holder shall be deemed, solely for purposes of Regulation SHO of the Securities Act, to have become
                            the holder of record of such Warrant Shares, irrespective of the date of delivery of such Warrant Shares, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within
                            the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise. If the Company fails for any reason (other than failure of the
                            Holder to timely deliver the aggregate Exercise Price, unless the Warrant is validly exercised by means of a cashless exercise) to deliver or cause the delivery to the Holder the Warrant Shares subject to a Notice of Exercise by
                            the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Shares on the
                            date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery
                            Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and
                            exercisable. As used herein, &#8220;<u>Standard Settlement Period</u>&#8221; means the standard settlement period, expressed in a number of Trading Days, on the Company&#8217;s primary Trading Market with respect to the Common Shares as in effect
                            on the date of delivery of the Notice of Exercise..</div>
                          <div style="text-align: justify; text-indent: 108pt;"> <br>
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                          <div style="text-align: justify; text-indent: 108pt;"><font style="color: #010000;">(ii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Delivery of New Warrants Upon Exercise</u>. If this Warrant shall have been exercised in part, the Company shall, at the
                            request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant
                            Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant.</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 108pt;"><font style="color: #010000;">(iii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Rescission Ri</u>g<u>hts</u>. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant
                            Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 108pt;"><font style="color: #010000;">(iv)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise</u>. In addition to any other rights
                            available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions of Section 2(d)(i) above pursuant to an exercise on or before the Warrant
                            Share Delivery Date (other than as a result of failure of the Holder to timely deliver the aggregate Exercise Price, unless the Warrant is validly exercised by means of a cashless exercise), and if after such date the Holder is
                            required by its broker to purchase (in an open market transaction or otherwise) or the Holder&#8217;s brokerage firm otherwise purchases, Common Shares to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the
                            Holder anticipated receiving upon such exercise (a &#8220;Buy-In&#8221;), then the Company shall (A) provided that such price set forth in (y)(2) of this clause (A) is on market terms, pay in cash to the Holder the amount, if any, by which
                            (x) the Holder&#8217;s total purchase price (including brokerage commissions, if any) for the Common Shares so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to
                            deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion
                            of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of Common Shares that would have been
                            issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Shares having a total purchase price of $11,000 to cover a Buy-In with respect to an
                            attempted exercise of this Warrant to purchase Common Shares with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required
                            to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing
                            herein shall limit a Holder&#8217;s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the
                            Company&#8217;s failure to timely deliver Common Shares upon exercise of the Warrant as required pursuant to the terms hereof.</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 108pt;"><font style="color: #010000;">(v)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>No Fractional Shares or Scrip</u>. No fractional shares or scrip representing fractional shares shall be issued upon the
                            exercise of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall round down to the nearest whole share.</div>
                          <div style="text-align: justify; text-indent: 108pt;"> <br>
                          </div>
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                          <div style="text-align: justify; text-indent: 108pt;"><font style="color: #010000;">(vi)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Char</u>ges<u>. Taxes and Expenses</u>. Issuance of Warrant Shares shall be made without charge to the Holder for any
                            issue or transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant Shares shall be issued in the name of the Holder
                            or in such name or names as may be directed by the Holder; <u>provided, however,</u> that in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise
                            shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental
                            thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company (or another established clearing corporation performing similar
                            functions) required for same-day electronic delivery of the Warrant Shares.</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 108pt;"><font style="color: #010000;">(vii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Closin</u>g <u>of Books</u>. The Company will not close its shareholder books or records in any manner which prevents
                            the timely exercise of this Warrant, pursuant to the terms hereof.</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 72pt;"><font style="color: #000000;">(e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Holder&#8217;s Exercise Limitations</u>. The Company shall not effect any exercise of this Warrant, and a Holder shall not have
                            the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder
                            (together with the Holder&#8217;s Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder&#8217;s Affiliates (such Persons, &#8220;<u>Attribution Parties</u>&#8221;)), would beneficially own in excess of the
                            Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of Common Shares beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number of
                            Common Shares issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of Common Shares which would be issuable upon (i) exercise of the remaining, nonexercised
                            portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company
                            (including, without limitation, any other Common Share Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or
                            Attribution Parties. For purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by
                            the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in
                            accordance therewith. To the extent that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any
                            Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder&#8217;s determination
                            of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject to the
                            Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination, and a submission of a Notice of Exercise shall be deemed a representation and warranty by the
                            Holder of the foregoing determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated
                            thereunder. For purposes of this Section 2(e), in determining the number of outstanding Common Shares, a Holder may rely on the number of outstanding Common Shares as reflected in (A) the Company&#8217;s most recent periodic or annual
                            report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth the number of Common Shares
                            outstanding. Upon the written or oral request of a Holder, the Company shall within one Trading Day confirm orally and in writing to the Holder the number of Common Shares then outstanding. In any case, the number of outstanding
                            Common Shares shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date as of which such
                            number of outstanding Common Shares was reported. The &#8220;<u>Beneficial Ownership Limitation</u>&#8221; shall be 4.99% (or, upon election by the Holder prior to the issuance of any Warrants, 9.99%) of the number of the Common Shares
                            outstanding immediately after giving effect to the issuance of Common Shares issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions
                            of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of the Common Shares outstanding immediately after giving effect to the issuance of Common Shares upon exercise of
                            this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> day after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the
                            terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary
                            or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.<br>
                            <br>
                          </div>
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                          <div style="text-align: justify; text-indent: 36pt;"><font style="color: #010000;">Section 3.</font>&#160;&#160;&#160;&#160; &#160;&#160; &#160;&#160;&#160; <u>Certain Adjustments</u>.</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 72pt;"><font style="color: #000000;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Stock Dividends and Splits</u>. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or
                            otherwise makes a distribution or distributions on its Common Shares or any other equity or equity equivalent securities payable in Common Shares (which, for avoidance of doubt, shall not include any Common Shares issued by the
                            Company upon exercise of this Warrant), (ii) subdivides outstanding Common Shares into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding Common Shares into a smaller number of shares
                            or (iv) issues by reclassification of the Common Shares any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of Common
                            Shares (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of Common Shares outstanding immediately after such event, and the number of shares issuable
                            upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately
                            after the record date for the determination of shareholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or
                            re-classification.</div>
                          <div>&#160;</div>
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                          <div style="text-align: justify; text-indent: 72pt;"><font style="color: #000000;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Adjustment Upon Issuance of Common Shares</u>. If and whenever on or after the date of this Warrant the Company grants issues
                            or sells (or enters into any agreement to grant, issue or sell), or in accordance with this Section 3(b) is deemed to have granted, issued or sold, any Common Shares (including the issuance or sale of Common Shares owned or held
                            by or for the account of the Company), including, without limitation, pursuant to an equity line of credit or &#8220;at-the-market&#8221; offering, but excluding any <font style="color: #000000;">securities issued in (or issuable on
                              conversion, exercise or exchange of any securities issued in) an Excluded Issuance</font><a name="z_BPDCD_4"></a><font style="color: #000000;"> or any transaction resulting in another adjustment under this Section 3, for a
                              consideration per share&#160; (the &#8220;New Issuance Price&#8221;) less than a price equal to the Exercise Price in effect immediately prior to such granting, issuance or sale or deemed granting issuance or sale </font>(such Exercise Price
                            then in effect is referred to herein as the &#8220;Applicable Price&#8221;) (the foregoing a &#8220;Dilutive Issuance&#8221;), then immediately after such Dilutive Issuance, the Exercise Price then in effect shall be reduced to an amount equal to the
                            New Issuance Price, provided that the Exercise Price may not be reduced pursuant to this Section 3(b) below $0.11 (such minimum Exercise Price to be adjusted for any stock splits, reverse stock splits or stock dividends),
                            provided that if such Dilutive Issuance is below the minimum Exercise Price, the Exercise Price shall remain the minimum Exercise Price. For all purposes of the foregoing (including, without limitation, determining the adjusted
                            Exercise Price and the New Issuance Price under this Section 3(b)), the following shall be applicable:</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 108pt;">(i) <u>Issuance of Options</u>. If the Company in any manner grants, issues or sells any Options (or enters into any agreement to grant, issue or sell) and the lowest price
                            per share for which one Common Share is at any time issuable upon the exercise of any such Option or upon conversion, exercise or exchange of any Convertible Securities issuable upon exercise of any such Option or otherwise
                            pursuant to the terms thereof is less than the Applicable Price, then such Common Share shall be deemed to be outstanding and to have been issued and sold by the Company at the time of the granting or sale of such Option for
                            such price per share. For purposes of this Section 3(b)(i), the &#8220;lowest price per share for which one Common Share is at any time issuable upon the exercise of any such Options or upon conversion, exercise or exchange of any
                            Convertible Securities issuable upon exercise of any such Option or otherwise pursuant to the terms thereof&#8221; shall be equal to (1) the lower of (x) the sum of the lowest amounts of consideration (if any) received or receivable
                            by the Company with respect to any one Common Share upon the granting or sale of such Option, upon exercise of such Option and upon conversion, exercise or exchange of any Convertible Security issuable upon exercise of such
                            Option or otherwise pursuant to the terms thereof and (y) the lowest exercise price set forth in such Option for which one Common Share is issuable (or may become issuable assuming all possible market conditions) upon the
                            exercise of any such Options or upon conversion, exercise or exchange of any Convertible Securities issuable upon exercise of any such Option or otherwise pursuant to the terms thereof minus (2) the sum of all amounts paid or
                            payable to the holder of such Option (or any other Person) upon the granting, issuance or sale of such Option, upon exercise of such Option and upon conversion, exercise or exchange of any Convertible Security issuable upon
                            exercise of such Option or otherwise pursuant to the terms thereof plus the value of any other consideration received or receivable by, or benefit conferred on, the holder of such Option (or any other Person). Except as
                            contemplated below, no further adjustment of the Exercise Price shall be made upon the actual issuance of such Common Shares or of such Convertible Securities upon the exercise of such Options or otherwise pursuant to the terms
                            of or upon the actual issuance of such Common Shares upon conversion, exercise or exchange of such Convertible Securities.</div>
                          <div style="text-align: justify; text-indent: 135pt; margin-left: 9pt;"> <br>
                          </div>
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                            <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">9</font></div>
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                          <div style="text-align: justify; text-indent: 108pt;">(ii) <u>Issuance of Convertible Securities</u>. If the Company in any manner issues or sells (or enters into any agreement to issue or sell) any Convertible Securities and the
                            lowest price per share for which one Common Share is at any time issuable upon the conversion, exercise or exchange thereof or otherwise pursuant to the terms thereof is less than the Applicable Price, then such Common Share
                            shall be deemed to be outstanding and to have been issued and sold by the Company at the time of the issuance or sale (or the time of execution of such agreement to issue or sell, as applicable) of such Convertible Securities
                            for such price per share. For the purposes of this Section 3(b)(ii), the &#8220;lowest price per share for which one Common Share is at any time issuable upon the conversion, exercise or exchange thereof or otherwise pursuant to the
                            terms thereof&#8221; shall be equal to (1) the lower of (x) the sum of the lowest amounts of consideration (if any) received or receivable by the Company with respect to one Common Share upon the issuance or sale (or pursuant to the
                            agreement to issue or sell, as applicable) of the Convertible Security and upon conversion, exercise or exchange of such Convertible Security or otherwise pursuant to the terms thereof and (y) the lowest conversion price set
                            forth in such Convertible Security for which one Common Share is issuable (or may become issuable assuming all possible market conditions) upon conversion, exercise or exchange thereof or otherwise pursuant to the terms thereof
                            minus (2) the sum of all amounts paid or payable to the holder of such Convertible Security (or any other Person) upon the issuance or sale (or pursuant to the agreement to issue or sell, as applicable) of such Convertible
                            Security plus the value of any other consideration received or receivable by, or benefit conferred on, the holder of such Convertible Security (or any other Person). Except as contemplated below, no further adjustment of the
                            Exercise Price shall be made upon the actual issuance of such Common Shares upon conversion, exercise or exchange of such Convertible Securities or otherwise pursuant to the terms thereof, and if any such issuance or sale of
                            such Convertible Securities is made upon exercise of any Options for which adjustment of this Warrant has been or is to be made pursuant to other provisions of this Section 3(b), except as contemplated below, no further
                            adjustment of the Exercise Price shall be made by reason of such issuance or sale.</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 108pt;">(iii) <u>Change in Option Price or Rate of Conversion</u>. If the purchase or exercise price provided for in any Options, the additional consideration, if any, payable upon
                            the issue, conversion, exercise or exchange of any Convertible Securities, or the rate at which any Convertible Securities are convertible into or exercisable or exchangeable for Common Shares increases or decreases at any time
                            (other than proportional changes in conversion or exercise prices, as applicable, in connection with an event referred to in Section 3(a)), the Exercise Price in effect at the time of such increase or decrease shall be adjusted
                            to the Exercise Price which would have been in effect at such time had such Options or Convertible Securities provided for such increased or decreased purchase price, additional consideration or increased or decreased conversion
                            rate, as the case may be, at the time initially granted, issued or sold. For purposes of this Section 3(b)(iii), if the terms of any Option or Convertible Security (including, without limitation, any Option or Convertible
                            Security that was outstanding as of the Purchase Agreement) are increased or decreased in the manner described in the immediately preceding sentence, then such Option or Convertible Security and the Common Shares deemed issuable
                            upon exercise, conversion or exchange thereof shall be deemed to have been issued as of the date of such increase or decrease. No adjustment pursuant to this Section 3(b) shall be made if such adjustment would result in an
                            increase of the Exercise Price then in effect.</div>
                          <div style="text-align: justify; text-indent: 85.5pt; margin-left: 22.5pt;"> <br>
                          </div>
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                            <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">10</font></div>
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                          <div style="text-align: justify; text-indent: 108pt;">(iv) <u>Calculation of Consideration Received</u>. If any Option and/or Convertible Security and/or Adjustment Right is issued in connection with the issuance or sale or
                            deemed issuance or sale of any other securities of the Company (as determined by the Holder, the &#8220;Primary Security&#8221;, and such Option and/or Convertible Security and/or Adjustment Right, the &#8220;Secondary Securities&#8221; and together
                            with the Primary Security, each a &#8220;Unit&#8221;), together comprising one integrated transaction, the aggregate consideration per Common Share with respect to such Primary Security shall be deemed to be the lower of (x) the purchase
                            price of such Unit, (y) if such Primary Security is an Option and/or Convertible Security, the lowest price per share for which one Common Share is at any time issuable upon the exercise or conversion of the Primary Security in
                            accordance with Sections 3(b)(i) or 3(b)(ii) above and (z) the lowest VWAP of the Common Shares on any Trading Day during the five (5) Trading Day period (the &#8220;Adjustment Period&#8221;) immediately following the public announcement of
                            such Dilutive Issuance (for the avoidance of doubt, if such public announcement is released prior to the opening of the principal Trading Market of the Common Shares on a Trading Day, such Trading Day shall be the first Trading
                            Day in such five Trading Day period and if this Warrant is exercised, on any given Exercise Date during any such Adjustment Period, solely with respect to such portion of this Warrant converted on such applicable Exercise Date,
                            such applicable Adjustment Period shall be deemed to have ended on, and included, the Trading Day immediately prior to such Exercise Date). If any Common Shares, Options or Convertible Securities are issued or sold or deemed to
                            have been issued or sold for cash, the consideration received therefor will be deemed to be the net amount of consideration received by the Company therefor. If any Common Shares, Options or Convertible Securities are issued or
                            sold for a consideration other than cash, the amount of such consideration received by the Company will be the fair value of such consideration, except where such consideration consists of publicly traded securities, in which
                            case the amount of consideration received by the Company for such securities will be the arithmetic average of the VWAPs of such security for each of the five (5) Trading Days immediately preceding the date of receipt. If any
                            Common Shares, Options or Convertible Securities are issued to the owners of the non-surviving entity in connection with any merger in which the Company is the surviving entity, the amount of consideration therefor will be
                            deemed to be the fair value of such portion of the net assets and business of the non-surviving entity as is attributable to such Common Shares, Options or Convertible Securities (as the case may be). The fair value of any
                            consideration other than cash or publicly traded securities will be determined jointly by the Company and the Holders of a majority in interest of the Warrants then outstanding. If such parties are unable to reach agreement
                            within ten (10) days after the occurrence of an event requiring valuation (the &#8220;Valuation Event&#8221;), the fair value of such consideration will be determined within five (5) Trading Days after the tenth (10th) day following such
                            Valuation Event by an independent, reputable appraiser jointly selected by the Company and the Holders of a majority in interest of the Warrants then outstanding. The determination of such appraiser shall be final and binding
                            upon all parties absent manifest error and the fees and expenses of such appraiser shall be borne by the Company.</div>
                          <div style="text-align: justify; text-indent: 108pt;"> <br>
                          </div>
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                            <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">11</font></div>
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                          <div style="text-align: justify; text-indent: 72pt;">(v) <u>Defined Terms</u>.&#160; For purposes of this Section 3(b), the following capitalized terms shall have the following meanings: (a) &#8220;Adjustment Right&#8221; means any right granted
                            with respect to any securities issued in connection with, or with respect to, any issuance or sale (or deemed issuance or sale in accordance with Section 3) of Common Shares (other than rights of the type described in Section
                            3(d) and 3(e) hereof) that could result in a decrease in the net consideration received by the Company in connection with, or with respect to, such securities (including, without limitation, any cash settlement rights, cash
                            adjustment or other similar rights); (b) &#8220;Convertible Securities&#8221; means any shares or other security (other than Options) that is at any time and under any circumstances, directly or indirectly, convertible into, exercisable or
                            exchangeable for, or which otherwise entitles the holder thereof to acquire, any Common Shares and (c) &#8220;Options&#8221; means any rights, warrants or options to subscribe for or purchase Common Shares or Convertible Securities.</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 72pt;">&#160;(vi) Notwithstanding the foregoing, this Section 3(b) shall not apply in respect of an Excluded Issuance.</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 72pt;"><font style="color: #000000;">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Subsequent Ri</u>g<u>hts Offerin</u>gs. In addition to any adjustments pursuant to Section 3(a) and 3(b) above, if at any
                            time the Company grants, issues or sells any Common Share Equivalents or rights to purchase stock, warrants, securities or other property pro rata to all record holders of any class of Common Shares (the &#8220;<u>Purchase Ri</u>g<u>hts</u>&#8221;),
                            then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of Common Shares acquirable
                            upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the
                            grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of Common Shares are to be determined for the grant, issue or sale of such Purchase Rights <u>(provided,
                              however</u>, that, to the extent that the Holder&#8217;s right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate
                            in such Purchase Right to such extent (or beneficial ownership of such Common Shares as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such
                            time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 72pt;"><font style="color: #000000;">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Pro Rata Distributions</u>. During such time as this Warrant is outstanding, if the Company shall declare or make any
                            dividend or other distribution of its assets (or rights to acquire its assets) pro rata to all holders of Common Shares, by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or
                            other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) except to the extent an adjustment was already made pursuant to
                            Section 3(a) (a &#8220;<u>Distribution</u>&#8221;), then the Exercise Price shall be decreased, effective immediately after the effective date of such Distribution, by the amount of cash and/or the fair market value (as determined by the
                            Company&#8217;s Board of Directors, in good faith) of any securities or other assets paid on each Common Share in respect of such Distribution in order that subsequent thereto upon exercise of the Warrants the Holder may obtain the
                            equivalent benefit of such Distribution.</div>
                          <div style="text-align: justify; text-indent: 72pt;"> <br>
                          </div>
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                            <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">12</font></div>
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                          <div style="text-align: justify; text-indent: 72pt;"><font style="color: #000000;">(e)</font>&#160;&#160; &#160; &#160;&#160;&#160; <u>Fundamental Transaction.</u> If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in
                            one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company (and all of its Subsidiaries, taken as a whole), directly or indirectly, effects any sale, lease,
                            license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer
                            (whether by the Company or another Person) is completed pursuant to which holders of Common Shares are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the
                            holders of 50% or more of the outstanding Common Shares, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Shares or any
                            compulsory share exchange pursuant to which the Common Shares are effectively converted into or exchanged for other securities, cash or property, or (v) other than a transaction with Aliki Paliou or Mango Shipping Corp. or their
                            associated or affiliated persons that does not result in the delisting of the Common Shares from the Trading Market, the termination of the Company&#8217;s reporting obligations under the Exchange Act or effect any additional
                            transaction contained in Sections 3(e)(i), (ii), (iii), or (iv), the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including,
                            without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding Common
                            Shares (each a &#8220;<u>Fundamental Transaction</u>&#8221;), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise
                            immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of Common Shares of the successor or
                            acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the &#8220;<u>Alternate Consideration</u>&#8221;) receivable as a result of such Fundamental Transaction by a holder of the
                            number of Common Shares for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such
                            exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one Common Share in such
                            Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If
                            holders of Common Shares are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon
                            any exercise of this Warrant following such Fundamental Transaction. Notwithstanding anything to the contrary, in the event of a Fundamental Transaction, the Company or any Successor Entity (as defined below) shall, at the
                            Holder&#8217;s option, exercisable at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction (or, if later, the date of the public announcement of the applicable Fundamental Transaction),
                            purchase this Warrant from the Holder by paying to the Holder an amount of cash equal to the Black Scholes Value (as defined below) of the remaining unexercised portion of this Warrant on the date of the consummation of such
                            Fundamental Transaction. &#8220;<u>Black Scholes Value</u>&#8221; means the value of this Warrant based on the Black-Scholes Option Pricing Model obtained from the &#8220;OV&#8221; function on Bloomberg, L.P. (&#8220;<u>Bloomber</u>g&#8221;) determined as of the
                            day of consummation of the applicable Fundamental Transaction for pricing purposes and reflecting (A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the time between the date of the
                            public announcement of the applicable contemplated Fundamental Transaction and the Termination Date, (B) an expected volatility equal to the greater of 100% and the 30 day volatility obtained from the HVT function on Bloomberg
                            (determined utilizing a 365 day annualization factor) as of the Trading Day immediately following the public announcement of the applicable contemplated Fundamental Transaction, (C) the underlying price per share used in such
                            calculation shall be the greater of (i) the sum of the price per share being offered in cash, if any, plus the value of any non-cash consideration, if any, being offered in such Fundamental Transaction and (ii) the greater of
                            (x) the last VWAP immediately prior to the public announcement of such contemplated Fundamental Transaction and (y) the last VWAP immediately prior to the consummation of such Fundamental Transaction, (D) a remaining option time
                            equal to the time between the date of the public announcement of the applicable contemplated Fundamental Transaction and the Termination Date and (E) a zero cost of borrow. The payment of the Black Scholes Value will be made by
                            wire transfer of immediately available funds within five Business Days of the Holder&#8217;s election (or, if later, on the effective date of the Fundamental Transaction). The Company shall cause any successor entity in a Fundamental
                            Transaction in which the Company is not the survivor (the &#8220;<u>Successor Entit</u>y&#8221;) to assume in writing all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 3(e) pursuant
                            to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holders holding Warrants to purchase at least a majority of the Common Shares underlying the then outstanding Warrants
                            (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument
                            substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the Common Shares acquirable
                            and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to
                            such shares of capital stock (but taking into account the relative value of the Common Shares pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and
                            such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the
                            Holders holding Warrants to purchase at least a majority of the Common Shares underlying the then outstanding Warrants. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be
                            substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant referring to the &#8220;Company&#8221; shall refer instead to the Successor Entity), and may exercise every right and power of
                            the Company and shall assume all of the obligations of the Company under this Warrant with the same effect as if such Successor Entity had been named as the Company herein.</div>
                          <div>&#160;</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-size: 8pt; font-weight: normal; font-style: normal;">13</font></div>
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                          <div style="text-align: justify; text-indent: 72pt;"><font style="color: #000000;">(f)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Calculations</u>. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share,
                            as the case may be. For purposes of this Section 3, the number of Common Shares deemed to be issued and outstanding as of a given date shall be the sum of the number of Common Shares (excluding treasury shares, if any) issued
                            and outstanding.</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 72pt;"><font style="color: #000000;">(g)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Notice to Holder</u>.</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 108pt;"><font style="color: #010000;">(i)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Ad</u>j<u>ustment to Exercise Price</u>. Whenever the Exercise Price is adjusted pursuant to any provision of this Section
                            3, the Company shall promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief
                            statement of the facts requiring such adjustment.</div>
                          <div style="text-align: justify; text-indent: 108pt;"> <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-size: 8pt; font-weight: normal; font-style: normal;">14</font></div>
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                          </div>
                          <div style="text-align: justify; text-indent: 108pt;"><font style="color: #010000;">(ii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Notice to Allow Exercise by Holder</u>. If (A) the Company shall declare a special nonrecurring Distribution including a
                            special dividend on or a redemption of the Common Shares, (B) the Company shall authorize the granting to all holders of the Common Shares rights or warrants to subscribe for or purchase any shares of capital stock of any class
                            or of any rights, (C) the approval of any shareholders of the Company shall be required in connection with any reclassification of the Common Shares, any consolidation or merger to which the Company (and its Subsidiaries, taken
                            as a whole) is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Shares are converted into other securities, cash or property, or (D) the
                            Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile or email to the Holder at its
                            last facsimile number or email address as it shall appear upon the Warrant Register of the Company, at least 10 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date
                            on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Shares of record to be entitled
                            to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or
                            close, and the date as of which it is expected that holders of the Common Shares of record shall be entitled to exchange their Common Shares for securities, cash or other property deliverable upon such reclassification,
                            consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be
                            specified in such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file
                            such notice with the Commission pursuant to a Current Report on Form 6-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event
                            triggering such notice except as may otherwise be expressly set forth herein.</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 72pt;"><font style="color: #000000;">(h)</font>&#160;&#160; &#160; &#160;&#160;&#160; <u>Voluntary Ad</u>j<u>ustment by Compan</u>y. Subject to the rules and regulations of the Trading Market, the Company may at
                            any time during the term of this Warrant reduce the then current Exercise Price to any amount and for any period of time deemed appropriate by the board of directors of the Company, provided that the Exercise Price may not be
                            reduced pursuant to this Section 3(h) below $0.11 (such minimum Exercise Price to be adjusted for any stock splits, reverse stock splits or stock dividends).</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 36pt;"><font style="color: #010000;">Section 4.</font>&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; &#160; <u>Transfer of Warrant</u>.</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 72pt;"><font style="color: #000000;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Transferabilit</u>y. This Warrant and all rights hereunder are transferable, in whole or in part, upon surrender of this
                            Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds
                            sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or
                            assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this
                            Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in
                            which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to the Company assigning this Warrant in full. The Warrant, if properly
                            assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.</div>
                          <div style="text-align: justify; text-indent: 72pt;"> <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-size: 8pt; font-weight: normal; font-style: normal;">15</font></div>
                            <div style="page-break-after:always;" id="DSPFPageBreak">
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                          </div>
                          <div style="text-align: justify; text-indent: 72pt;"><font style="color: #000000;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>New Warrants</u>. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid
                            office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to
                            any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such
                            notice. All Warrants issued on transfers or exchanges shall be dated the Issue Date and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 72pt;"><font style="color: #000000;">(c)</font>&#160;&#160;&#160;&#160;&#160; &#160; <u>Warrant Re</u>g<u>ister</u>. The Company shall register this Warrant, upon records to be maintained by the Company for that
                            purpose (the &#8220;Warrant Register&#8221;), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise
                            hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary..</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 36pt;"><font style="color: #010000;">Section 5.</font>&#160;&#160;&#160;&#160;&#160; &#160;&#160; &#160;&#160; <u>Miscellaneous</u>.</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 72pt;"><font style="color: #000000;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160; &#160; <u>No Ri</u>g<u>hts as Shareholder Until Exercise</u>: <u>No Settlement in Cash</u>. This Warrant does not entitle the Holder
                            to any voting rights, dividends or other rights as a shareholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3. Without limiting any rights of a Holder to
                            receive Warrant Shares on a &#8220;cashless exercise&#8221; pursuant to Section 2(c) or to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv) herein, in no event shall the Company be required to net cash settle an
                            exercise of this Warrant.</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 72pt;"><font style="color: #000000;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Loss, Theft, Destruction or Mutilation of Warrant</u>. The Company covenants that upon receipt by the Company of an affidavit
                            of loss reasonably satisfactory to the Company evidencing the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of
                            indemnity or security reasonably satisfactory to it or its agent (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if
                            mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 72pt;"><font style="color: #000000;">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Saturdays, Sundays, Holidays, etc</u>. If the last or appointed day for the taking of any action or the expiration of any
                            right required or granted herein shall not be a Trading Day, then, such action may be taken or such right may be exercised on the next succeeding Trading Day.</div>
                          <div style="text-align: justify; text-indent: 72pt;"> <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-size: 8pt; font-weight: normal; font-style: normal;">16</font></div>
                            <div style="page-break-after:always;" id="DSPFPageBreak">
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                          </div>
                          <div style="text-align: justify; text-indent: 72pt;"><font style="color: #000000;">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Authorized Shares</u>.</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 36pt;">The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Shares a sufficient number of shares to provide
                            for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged
                            with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be
                            issued as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Shares may be listed. The Company covenants that all Warrant Shares which may be
                            issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized,
                            validly issued, fully paid and nonassessable and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such
                            issue).</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 36pt;">Except and to the extent as waived or consented to by the holders of a majority of the then outstanding Warrants (based on the number of Warrant Shares underlying such Warrants)
                            which are not beneficially owned by Affiliates of the Company, the Company shall not by any action, including, without limitation, amending its articles of incorporation or through any reorganization, transfer of assets,
                            consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist
                            in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment; provided, however, that no
                            modification of the terms (including but not limited to the adjustments described in Section 3) upon which the Warrants are exercisable or the rights of holders of Warrants to receive liquidated damages or other payments in cash
                            from the Company or reducing the percentage required for consent to modification of this Warrant may be made without the consent of the Holder of each outstanding Warrant affected thereby. Without limiting the generality of the
                            foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary
                            or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such
                            authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 36pt;">Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall
                            obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof.</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 72pt;"><font style="color: #000000;">(e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Governing Law</u>. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall
                            be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof.</div>
                          <div style="text-align: justify; text-indent: 72pt;"> <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-size: 8pt; font-weight: normal; font-style: normal;">17</font></div>
                            <div style="page-break-after:always;" id="DSPFPageBreak">
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                          </div>
                          <div style="text-align: justify; text-indent: 72pt;"><font style="color: #000000;">(f)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Jurisdiction: Agent for Process</u>. Each party agrees that all legal proceedings concerning the interpretations,
                            enforcement and defense of the transactions contemplated by this Warrant (whether brought against a party hereto or their respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be
                            commenced exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough
                            of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or
                            proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably
                            waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such
                            party at the address in effect for notices to it under this Warrant and agrees that, subject to applicable law, such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein
                            shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If either party shall commence an action, suit or proceeding to enforce any provisions of this Warrant, the prevailing party in
                            such action, suit or proceeding shall be reimbursed by the other party for their reasonable attorneys&#8217; fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding.
                            Notwithstanding the foregoing, nothing in this paragraph shall limit or restrict the federal district court and the state court in which a Holder may bring a claim under the federal securities laws. The Company hereby
                            irrevocably designates and appoints Watson Farley &amp; Williams LLP, 250 West 55th Street, 31st Floor, New York, New York 10019 (the &#8220;Process Agent&#8221;) as its authorized agent upon whom process may be served in any claim brought
                            against the Company, it being understood that the designation and appointment of the Process Agent as such authorized agent shall become effective immediately without any further action on the part of the Company. The Company
                            represents to each Purchaser that it has notified the Process Agent of such designation and appointment and that the Process Agent has accepted the same. The Company hereby irrevocably authorizes and directs the Process Agent to
                            accept such service.</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 72pt;"><font style="color: #000000;">(g)</font>&#160;&#160;&#160;&#160;&#160;&#160; <u>Restrictions</u>. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not
                            registered and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 72pt;"><font style="color: #000000;">(h)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Nonwaiver and Expenses</u>. No course of dealing or any delay or failure to exercise any right hereunder on the part of
                            Holder shall operate as a waiver of such right or otherwise prejudice the Holder&#8217;s rights, powers or remedies. Without limiting any other provision of this Warrant, if the Company willfully and knowingly fails to comply with any
                            provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable
                            attorneys&#8217; fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 72pt;"><font style="color: #000000;">(i)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Notices</u>. Any and all notices or other communications or deliveries to be provided by the Holders hereunder including,
                            without limitation, any Notice of Exercise, shall be in writing and delivered personally, by facsimile, e-mail&#160; or sent by a nationally recognized overnight courier service, addressed to:</div>
                          <div style="text-align: justify; text-indent: 72pt;"> <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-size: 8pt; font-weight: normal; font-style: normal;">18</font></div>
                            <div style="page-break-after:always;" id="DSPFPageBreak">
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                          </div>
                          <div style="text-align: justify;"><u>If to the Company</u></div>
                          <div>&#160;</div>
                          <div>Performance Shipping Inc.</div>
                          <div style="color: #000000;">373 Syngrou Avenue</div>
                          <div style="color: #000000;">175 64 Palaio Faliro</div>
                          <div>Athens, Greece</div>
                          <div>Tel:</div>
                          <div>Email</div>
                          <div>Facsimile:</div>
                          <div>Attn: Chief Executive Officer</div>
                          <div>&#160;</div>
                          <div style="text-align: justify;">or such other facsimile number, email address or address as the Company may specify for such purposes by notice to the Holders. Any and all notices or other communications or deliveries to be
                            provided by the Company hereunder shall be in writing and delivered personally, by facsimile or e-mail, or sent by a nationally recognized overnight courier service addressed to each Holder at the facsimile number, e- mail
                            address or address of such Holder appearing on the books of the Company. Any notice or other communication or deliveries hereunder shall be deemed given and effective on the earliest of (a) the time of transmission, if such
                            notice or communication is delivered via facsimile at the facsimile number or e-mail attachment at the email address set forth on the signature pages attached hereto at or prior to 5:30 p.m. (New York City time) on a Trading
                            Day, (b) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number or e-mail attachment at the e-mail address as set forth on the signature pages
                            attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (c) the second (2nd) Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight
                            courier service or (d) upon actual receipt by the party to whom such notice is required to be given. To the extent that any notice provided hereunder constitutes, or contains, material, non-public information regarding the
                            Company or any Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 6-K.</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 72pt;"><font style="color: #000000;">(j)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Limitation of Liabilit</u>y. No provision hereof, in the absence of any affirmative action by the Holder to exercise this
                            Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Common Share or as a shareholder of the
                            Company, whether such liability is asserted by the Company or by creditors of the Company.</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 72pt;"><font style="color: #000000;">(k)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Remedies</u>. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of
                            damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions
                            of this Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.</div>
                          <div style="text-align: justify; text-indent: 72pt;"> <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-size: 8pt; font-weight: normal; font-style: normal;">19</font></div>
                            <div style="page-break-after:always;" id="DSPFPageBreak">
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                          </div>
                          <div style="text-align: justify; text-indent: 72pt;"><font style="color: #000000;">(l)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Successors and Assi</u>gns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced
                            hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit
                            of any Holder from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares.</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 72pt;"><font style="color: #000000;">(m)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Amendment</u>. This Warrant may be modified or amended (or the provisions hereof waived) with the written consent of the
                            Company and the Holder.</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 72pt;"><font style="color: #000000;">(n)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Severabilit</u>y. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective
                            and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without
                            invalidating the remainder of such provisions or the remaining provisions of this Warrant.</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 72pt;"><font style="color: #000000;">(o)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Headin</u>gs. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be
                            deemed a part of this Warrant.</div>
                          <div>&#160;</div>
                          <div style="text-align: center;">********************</div>
                          <div>&#160;</div>
                          <div style="text-align: center;">(Signature Page Follows)</div>
                          <div style="text-align: center;"> <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-size: 8pt; font-weight: normal; font-style: normal;">20</font></div>
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                          </div>
                          <!--PROfilePageNumberReset%Num%21%%%-->
                          <div style="text-align: justify; text-indent: 36pt;">IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.</div>
                          <div style="text-align: justify; text-indent: 36pt;"> <br>
                          </div>
                          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="z5c2a3e6931fb45faa2ec97adf5c0e6e6">

                              <tr>
                                <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
                                <td style="vertical-align: top; width: 50%;">
                                  <div style="text-align: justify; font-weight: bold;">PERFORMANCE SHIPPING INC.</div>
                                </td>
                              </tr>
                              <tr>
                                <td rowspan="1" colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
                                <td rowspan="1" style="vertical-align: top; width: 50%;">&#160;</td>
                              </tr>

                          </table>
                          <table cellspacing="0" cellpadding="0" border="0" id="zece760d82ac24fba87f2cc72f0be7201" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

                              <tr>
                                <td colspan="1" style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
                                <td style="width: 3%; vertical-align: top; padding-bottom: 2px;">
                                  <div style="text-align: justify;">By:</div>
                                </td>
                                <td style="width: 47%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                              </tr>

                          </table>
                          <table cellspacing="0" cellpadding="0" border="0" id="z232de05405364b338bdf8bbacc9fd117" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

                              <tr>
                                <td colspan="1" style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
                                <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
                                  <div style="text-align: justify;">Name:</div>
                                </td>
                                <td style="width: 45%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                              </tr>
                              <tr>
                                <td colspan="1" style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
                                <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
                                  <div style="text-align: justify;">Title:</div>
                                </td>
                                <td style="width: 45%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                              </tr>

                          </table>
                          <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-size: 8pt; font-weight: normal; font-style: normal;">21</font></div>
                            <div style="page-break-after:always;" id="DSPFPageBreak">
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                          </div>
                          <div style="text-align: center; font-weight: bold;">&#160;NOTICE OF EXERCISE</div>
                          <div>&#160;</div>
                          <div style="text-align: justify;">TO:&#160;&#160;&#160;&#160;&#160;&#160;&#160; PERFORMANCE SHIPPING INC.</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 36pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160; The undersigned hereby elects to purchase Warrant Shares of the Company pursuant to the terms of the attached Warrant (only required if exercised in full), and
                            tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 36pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Payment shall take the form of (check applicable box):</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 72pt;">[&#160;&#160; ]&#160; wire transfer or certified or official bank check in lawful money of the United States; or</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 72pt;">[&#160;&#160; ] if permitted under subsection 2(c), the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to
                            exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c).</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 36pt;">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 36pt;">The Warrant Shares shall be delivered to the following DWAC Account Number:</div>
                          <div>&#160;</div>
                          <div style="text-align: justify;">DTC number:</div>
                          <div>&#160;</div>
                          <div style="text-align: justify;">Account name:</div>
                          <div>&#160;</div>
                          <div style="text-align: justify;">Account number:</div>
                          <div>&#160;</div>
                          <div style="text-align: justify;">Name of Investing Entity:</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; font-style: italic;">Signature of Authorized Signatory of</div>
                          <div style="text-align: justify; font-style: italic;">Investing Entity:</div>
                          <div>&#160;</div>
                          <div style="text-align: justify;">Name of Authorized Signatory:</div>
                          <div>&#160;</div>
                          <div style="text-align: justify;">Title of Authorized Signatory:</div>
                          <div>&#160;</div>
                          <div style="text-align: justify;">Date:</div>
                          <div>&#160;</div>
                          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                            <div style="page-break-after:always;" id="DSPFPageBreak">
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                          </div>
                          <div style="text-align: center; font-weight: bold;">ASSIGNMENT FORM</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; font-style: italic;">(To assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)</div>
                          <div>&#160;</div>
                          <div style="text-align: justify; text-indent: 36pt;">FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to</div>
                          <div>&#160;</div>
                          <div>
                            <div style="text-align: justify;">
                              <table cellspacing="0" cellpadding="0" border="0" id="zd7b734e32a8049ea82e19a6ce3ac1bdd" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;">

                                  <tr>
                                    <td style="width: 50%; padding-bottom: 2px;">Name: </td>
                                    <td style="width: 50%; border-bottom: 2px solid rgb(0, 0, 0);">
                                      <div>&#160;</div>
                                    </td>
                                  </tr>
                                  <tr>
                                    <td style="width: 50.00%;"><br>
                                    </td>
                                    <td style="width: 50.00%;">
                                      <div style="text-align: justify; text-indent: -216pt; margin-left: 216pt;">(Please Print)</div>
                                    </td>
                                  </tr>
                                  <tr>
                                    <td rowspan="1" style="width: 50%;">&#160;</td>
                                    <td rowspan="1" style="width: 50%;">&#160;</td>
                                  </tr>
                                  <tr>
                                    <td style="width: 50%; padding-bottom: 2px;">Address: </td>
                                    <td style="width: 50%; border-bottom: 2px solid rgb(0, 0, 0);"><br>
                                    </td>
                                  </tr>
                                  <tr>
                                    <td style="width: 50%;"><br>
                                    </td>
                                    <td style="width: 50%;">
                                      <div style="text-align: justify; text-indent: -216pt; margin-left: 216pt;">(Please Print)</div>
                                    </td>
                                  </tr>

                              </table>
                            </div>
                            <div style="text-align: justify;"><br>
                            </div>
                          </div>
                          <div style="text-align: justify;">
                            <table cellspacing="0" cellpadding="0" border="0" id="zaa2130689a774132be6984f8314926a1" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;">

                                <tr>
                                  <td colspan="5" rowspan="1">
                                    <div style="text-align: justify;">Phone Number:</div>
                                  </td>
                                </tr>
                                <tr>
                                  <td colspan="5" rowspan="1"><br>
                                  </td>
                                </tr>
                                <tr>
                                  <td colspan="5" rowspan="1">
                                    <div style="text-align: justify;">Email Address:</div>
                                  </td>
                                </tr>
                                <tr>
                                  <td colspan="5" rowspan="1">&#160;&#160;</td>
                                </tr>
                                <tr>
                                  <td style="width: 5%; padding-bottom: 2px;">
                                    <div style="text-align: justify;">Dated:<br>
                                    </div>
                                  </td>
                                  <td style="width: 15%; border-bottom: 2px solid rgb(0, 0, 0);">
                                    <div>&#160;</div>
                                  </td>
                                  <td style="width: 1%; padding-bottom: 2px; text-align: center;">,<br>
                                  </td>
                                  <td style="width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                                  <td style="width: 74%; padding-bottom: 2px;">&#160;</td>
                                </tr>
                                <tr>
                                  <td colspan="5" rowspan="1">&#160;&#160;</td>
                                </tr>
                                <tr>
                                  <td colspan="5" rowspan="1">
                                    <div style="text-align: justify;">Holder&#8217;s Signature:</div>
                                  </td>
                                </tr>
                                <tr>
                                  <td colspan="5" rowspan="1">&#160;&#160;</td>
                                </tr>
                                <tr>
                                  <td colspan="5" rowspan="1">
                                    <div style="text-align: justify;">Holder&#8217;s Address:</div>
                                  </td>
                                </tr>

                            </table>
                          </div>
                          <br>
                        </div>
                      </div>
                    </div>
                  </div>
                </div>
              </div>
            </div>
          </div>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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        <div>
          <div>
            <hr noshade="noshade" align="center" style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">
            <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 5.1</font><br>
            </div>
            <div><br>
            </div>
            <div style="text-align: center;"><img src="image00006.jpg"></div>
            <div>
              <div> <br>
              </div>
              <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zb64519b77c4047f09a1c9ed19dd61d0e">

                  <tr>
                    <td style="width: 50%; vertical-align: top;">&#160;</td>
                    <td style="width: 50%; vertical-align: top;">
                      <div style="text-align: justify; color: rgb(0, 0, 0);"><br>
                      </div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 50%; vertical-align: top;">
                      <div style="text-align: justify; color: rgb(0, 0, 0);">Performance Shipping Inc.</div>
                      <div style="text-align: justify; color: rgb(0, 0, 0);">373 Syngrou Avenue</div>
                      <div style="text-align: justify; color: rgb(0, 0, 0);">175 64 Palaio Faliro</div>
                      <div style="text-align: justify; color: rgb(0, 0, 0);">Athens, Greece</div>
                    </td>
                    <td style="width: 50%; vertical-align: top;">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 50%; vertical-align: top;">&#160;</td>
                    <td style="width: 50%; vertical-align: top;">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 50%; vertical-align: top;">
                      <div style="text-align: justify; color: rgb(0, 0, 0);">Our Reference CARP/38016.50000/US/80835820v3</div>
                    </td>
                    <td style="width: 50%; vertical-align: top;">&#160;</td>
                  </tr>

              </table>
              <div><br>
              </div>
              <div style="text-align: justify;"><a name="z_Hlk42889008"></a><font style="color: rgb(0, 0, 0);">August </font>16<font style="color: rgb(0, 0, 0);">, 2022</font></div>
              <div>&#160;</div>
              <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold;"><a name="bmkpartnerlist"></a><a name="TxtDear"></a>Performance Shipping Inc.: Exhibit 5.1 Opinion</div>
              <div><br>
              </div>
              <div style="text-align: justify; color: rgb(0, 0, 0);">Ladies and Gentlemen:<a name="Salutation"></a></div>
              <div>&#160;</div>
              <div style="text-align: justify;"><a name="bmkStart"></a><a name="z_Hlk43932039"></a><font style="color: rgb(0, 0, 0);">We have acted as counsel to Performance Shipping Inc., a Marshall Islands corporation (the &#8220;</font><font style="font-weight: bold; color: rgb(0, 0, 0);">Company</font><font style="color: rgb(0, 0, 0);">&#8221;), in connection with the issuance and sale by the Company of </font>33,333,333<font style="color: rgb(0, 0, 0);"> shares (the &#8220;</font><font style="font-weight: bold; color: rgb(0, 0, 0);">Shares</font><font style="color: rgb(0, 0, 0);">&#8221;) of the Company&#8217;s common stock, par value $0.01 per share (the &#8220;</font><font style="font-weight: bold; color: rgb(0, 0, 0);">Common Shares</font><font style="color: rgb(0, 0, 0);">&#8221;), and 33,333,333 warrants (the &#8220;</font><font style="font-weight: bold; color: rgb(0, 0, 0);">Warrants</font><font style="color: rgb(0, 0, 0);">&#8221;) to purchase one Common Shares, (the Common Shares issuable
                  upon exercise of the Warrants, the &#8220;</font><font style="font-weight: bold; color: rgb(0, 0, 0);">Warrant Shares</font><font style="color: rgb(0, 0, 0);">&#8221;; the Shares, Warrants, and Warrant Shares together, the &#8220;</font><font style="font-weight: bold; color: rgb(0, 0, 0);">Securities</font><font style="color: rgb(0, 0, 0);">&#8221;). The Securities are being issued and sold pursuant to the Company&#8217;s Registration Statement on Form F-3 (333-237637) filed April 17,
                  2020, as thereafter amended or supplemented, and declared effective on April 23, 2020 (the &#8220;</font><font style="font-weight: bold; color: rgb(0, 0, 0);">Registration Statement</font><font style="color: rgb(0, 0, 0);">&#8221;), the prospectus
                  dated April 17, 2020, as thereafter amended or supplemented (the &#8220;</font><font style="font-weight: bold; color: rgb(0, 0, 0);">Base Prospectus</font><font style="color: rgb(0, 0, 0);">&#8221;), and the prospectus supplement to the Base
                  Prospectus dated August 12, 2022 (the &#8220;</font><font style="font-weight: bold; color: rgb(0, 0, 0);">Prospectus Supplement</font><font style="color: rgb(0, 0, 0);">&#8221;).</font></div>
              <div><br>
              </div>
              <div style="text-align: justify; color: #000000;">As such counsel, we have examined originals or copies (certified or otherwise identified to our satisfaction) of the following documents:</div>
              <div><br>
              </div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0ef21feb3dee4164ac0b4690a4be9162">

                  <tr>
                    <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(a)</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div style="color: rgb(0, 0, 0);">the Registration Statement, the Base Prospectus, and the Prospectus Supplement;</div>
                    </td>
                  </tr>

              </table>
              <div style="text-align: justify; margin-left: 36pt;"><br>
              </div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf30056bc8f6847608499463da1c34a55">

                  <tr>
                    <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(b)</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div style="color: rgb(0, 0, 0);">the securities purchase agreement (the &#8220;<font style="font-weight: bold;">Purchase Agreement</font>&#8221;) dated August 12, 2022 made between the Company and the purchasers named therein relating to the
                        issuance and sale of the Securities;</div>
                    </td>
                  </tr>

              </table>
              <div><br>
              </div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8db3d18662ba4320b8fc00f23487390f">

                  <tr>
                    <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(c)</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div style="color: rgb(0, 0, 0);">the Company&#8217;s amended and restated articles of incorporation (the &#8220;<font style="font-weight: bold;">Articles</font>&#8221;) and amended and restated bylaws (the &#8220;<font style="font-weight: bold;">Bylaws</font>&#8221;);

                        and</div>
                    </td>
                  </tr>

              </table>
              <div>&#160;</div>
              <div style="text-align: center;"><img src="image00003.jpg"><br>
                <br>
              </div>
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                        <td style="width: 50.00%;">
                          <div style="font-size: 8pt;">&#160;</div>
                        </td>
                        <td style="width: 50.00%;">
                          <div style="font-size: 8pt;">
                            <div style="text-align: right; color: rgb(0, 0, 0);">Page <font id="DSPFPageNumber">2</font></div>
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              <div style="text-align: center;"><img src="image00007.jpg"></div>
              <div><br>
              </div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z38b28011c0254191a8e3bd79b1e7c6dc">

                  <tr>
                    <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(d)</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div style="color: #000000;">such other papers, documents, agreements, certificates of public officials and certificates of representatives of the Company as we have deemed relevant and necessary as the basis for the opinions
                        hereafter expressed.</div>
                    </td>
                  </tr>

              </table>
              <div><br>
              </div>
              <div style="text-align: justify; color: #000000;">In such examination, we have assumed (a) the legal competence or capacity of persons or entities (other than the Company) to complete the execution of documents, (b) the genuineness of all
                signatures and the authenticity of all documents submitted to us as originals, (c) the conformity to original documents of all documents submitted to us as conformed or photostatic copies, (d) that the documents reviewed by us in connection
                with the rendering of the opinions set forth herein are true, correct and complete, and (e) the truthfulness of each statement as to all factual matters contained in any document or certificate encompassed within the due diligence review
                undertaken by us. As to matters of fact material to this opinion that have not been independently established, we have relied upon the representations and certificates of officers or representatives of the Company and of public officials,
                in each case as we have deemed relevant and appropriate. We have not independently verified the facts so relied on.</div>
              <div>&#160;</div>
              <div style="text-align: justify; color: #000000;">In rendering this opinion, we have also assumed:</div>
              <div>&#160;</div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb668254dc8c64869b83664f9d86c1f85">

                  <tr>
                    <td style="width: 18pt;"><br>
                    </td>
                    <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(i)</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div style="color: #000000;">that the issuance and sale of the Securities complies in all respects with the terms, conditions, and restrictions set forth in the Base Prospectus and the Prospectus Supplement and all of the instruments
                        and other documents relating thereto or executed in connection therewith;</div>
                    </td>
                  </tr>

              </table>
              <div>&#160;</div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc899ffe9af884a56a171a809ec5b4c3a">

                  <tr>
                    <td style="width: 18pt;"><br>
                    </td>
                    <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(ii)</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div style="color: #000000;">that the Purchase Agreement will have been duly and validly authorized by the parties thereto (other than the Company), and executed and delivered by the parties thereto; and</div>
                    </td>
                  </tr>

              </table>
              <div>&#160;</div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z245656c122c0411b959586d4173e50c5">

                  <tr>
                    <td style="width: 18pt;"><br>
                    </td>
                    <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(iii)</td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div style="color: #000000;">the validity and enforceability of the Purchase Agreement against the parties thereto;</div>
                    </td>
                  </tr>

              </table>
              <div>&#160;</div>
              <div style="text-align: justify; color: #000000;">We have assumed that the Company will, at the time of any issuance of Warrant Shares, have a sufficient number of authorized but unissued shares of common stock pursuant to its Articles to so
                issue the relevant number of Warrant Shares. We have also assumed that, at or prior to the time of the delivery of any of the Warrant Shares, there will not have occurred any change in the law or the facts affecting the validity of the
                Warrant Shares.</div>
              <div>&#160;</div>
              <div style="text-align: justify; color: #000000;">This opinion letter is limited to Marshall Islands law and the laws of the State of New York, each as in effect as of the date hereof. We expressly disclaim any responsibility to advise of any
                development or circumstance of any kind, including any change of law or fact that may occur after the date of this opinion letter that might affect the opinion expressed herein.</div>
              <div>&#160;</div>
              <div style="text-align: justify; color: #000000;">Based on the foregoing and having regard to legal considerations which we deem relevant, we are of the opinion that Based on the foregoing and having regard to legal considerations which we
                deem relevant, we are of the opinion that (a) the Securities have been duly authorized by the Company; (b) when the Shares are issued and delivered upon receipt of payment therefor by the Company in accordance with the terms of the Purchase
                Agreement, the Registration Statement, the Base Prospectus, and the Prospectus Supplement, the Shares will be validly issued, fully paid and nonassessable; (c) when the Warrant Shares are issued and delivered in accordance with the terms of
                the Warrants, the Warrant Shares will be validly issued, fully paid and non-assessable; and (d) when the Warrants are issued and delivered as contemplated in the Prospectus and the Prospectus Supplement, the Warrants will constitute valid
                and legally binding obligations of the Company in accordance with their terms, except as the enforcement thereof (i) may be limited by any applicable bankruptcy, insolvency, reorganization, fraudulent conveyance, fraudulent transfer,
                fraudulent obligation, moratorium or other similar laws affecting generally the enforceability of creditors&#8217; rights and remedies or the collection of debtor&#8217;s obligations from time to time in effect, and (ii) is subject to general
                principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law, including the application of principles of good faith, fair dealing, course of dealing, course of performance, commercial
                reasonableness, materiality, unconscionability and conflict with public policy and other similar principles, or other law relating to or affecting creditors&#8217; rights generally and general principles of equity.</div>
              <div>&#160;</div>
              <div> </div>
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                          <div style="font-size: 8pt;">&#160;</div>
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                </div>
              </div>
              <div style="text-align: center;"><img src="image00007.jpg"></div>
              <div><br>
              </div>
              <div style="text-align: justify; color: #000000;">We consent to the filing of this opinion as an exhibit to a Current Report on Form 6-K, the discussion of this opinion in the Registration Statement, and the references to our firm in the Base
                Prospectus and the Prospectus Supplement. In giving this consent, we do not hereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, and the rules and
                regulations thereunder (the &#8220;<font style="font-weight: bold;">Securities Act</font>&#8221;), nor do we admit that we are experts with respect to any part of the Registration Statement within the meaning of the term &#8220;expert&#8221; as used in the
                Securities Act.</div>
              <div>&#160;</div>
              <div style="text-align: justify; margin-right: 4.8pt; color: #000000;">Very truly yours,</div>
              <div>&#160;</div>
              <div style="text-align: justify; margin-right: 4.8pt; color: #000000; font-weight: bold;">Watson Farley &amp; Williams LLP</div>
              <div style="text-align: justify; margin-right: 4.8pt; color: #000000; font-weight: bold;"> <br>
              </div>
              <div style="text-align: justify; margin-right: 4.8pt; color: #000000; font-weight: bold;">
                <div style="text-align: left; font-weight: normal;"><font style="font-style: italic;">/s/ Watson Farley &amp; Williams LLP</font></div>
              </div>
            </div>
            <div><br>
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                <div>
                  <div style="text-align: right;"> <font style="font-weight: bold;">Exhibit 8.1</font><br>
                  </div>
                  <div style="text-align: center;"><font style="font-weight: bold;"> </font><br>
                    <img src="image00002.jpg"></div>
                  <div> <br>
                  </div>
                  <table cellspacing="0" cellpadding="0" border="0" id="zf99de14db5214173809d1538c5e1129d" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                      <tr>
                        <td style="width: 50%; vertical-align: top;">
                          <div style="text-align: justify;">Performance Shipping Inc.</div>
                          <div style="text-align: justify;">373 Syngrou Avenue</div>
                          <div style="text-align: justify;">175 64 Palaio Faliro</div>
                          <div style="text-align: justify;">Athens, Greece</div>
                        </td>
                        <td style="width: 50%; vertical-align: top;">
                          <div style="text-align: right; margin-right: 1.7pt;">]</div>
                        </td>
                      </tr>

                  </table>
                  <div style="text-align: justify;"><a name="Date"></a><br>
                  </div>
                  <div style="text-align: justify; color: rgb(0, 0, 0);"><a name="directDial"></a>August 16, 2022</div>
                  <div><br>
                  </div>
                  <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold;"><a name="bmkpartnerlist"></a><a name="TxtDear"></a>Performance Shipping Inc.: Exhibit 8.1 Opinion</div>
                  <div><br>
                  </div>
                  <div style="text-align: justify;"><a name="YoursFaithfully"></a>To Whom It May Concern:</div>
                  <div><br>
                  </div>
                  <div style="text-align: justify;"><a name="z_Hlk43932039"></a><font style="color: rgb(0, 0, 0);">We have acted as counsel to Performance Shipping Inc., a Marshall Islands corporation (the &#8220;</font><font style="font-weight: bold; color: rgb(0, 0, 0);">Company</font><font style="color: rgb(0, 0, 0);">&#8221;), in connection with the issuance and sale by the Company of an aggregate of </font>33,333,333<font style="color: rgb(0, 0, 0);"> shares of the Company&#8217;s common stock,
                      par value $0.01 per share (the &#8220;</font><font style="font-weight: bold; color: rgb(0, 0, 0);">Common</font><font style="color: rgb(0, 0, 0);">&#160;</font><font style="font-weight: bold; color: rgb(0, 0, 0);">Shares</font><font style="color: rgb(0, 0, 0);">&#8221;), and warrants&#160; to purchase an aggregate of up to 33,333,333 of our common shares (the &#8220;</font><font style="font-weight: bold; color: rgb(0, 0, 0);">Warrants</font><font style="color: rgb(0, 0, 0);">&#8221;,
                      and together with Common Shares, the &#8220;</font><font style="font-weight: bold; color: rgb(0, 0, 0);">Securities</font><font style="color: rgb(0, 0, 0);">&#8221;). The Securities are being issued and sold pursuant to the Company&#8217;s Registration
                      Statement on Form F-3 (333-237637) filed April 17, 2020, as thereafter amended or supplemented, and declared effective on April 23, 2020 (the &#8220;</font><font style="font-weight: bold; color: rgb(0, 0, 0);">Registration Statement</font><font style="color: rgb(0, 0, 0);">&#8221;), the prospectus dated April 23, 2020, as thereafter amended or supplemented (the &#8220;</font><font style="font-weight: bold; color: rgb(0, 0, 0);">Base Prospectus</font><font style="color: rgb(0, 0, 0);">&#8221;),
                      and the prospectus supplement to the Base Prospectus dated August 12, 2022 (the &#8220;</font><font style="font-weight: bold; color: rgb(0, 0, 0);">Prospectus Supplement</font><font style="color: rgb(0, 0, 0);">&#8221;).</font></div>
                  <div><br>
                  </div>
                  <div style="text-align: justify; color: rgb(0, 0, 0);">As such counsel, we have examined originals or copies (certified or otherwise identified to our satisfaction) of the following documents:</div>
                  <div><br>
                  </div>
                  <table cellspacing="0" cellpadding="0" id="z89578fec3faf4b30a4bf229d04f8249f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                      <tr>
                        <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(a)</td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div style="color: rgb(0, 0, 0);">the Registration Statement, the Base Prospectus, and the Prospectus Supplement;</div>
                        </td>
                      </tr>

                  </table>
                  <div style="text-align: justify; margin-left: 36pt;"><br>
                  </div>
                  <table cellspacing="0" cellpadding="0" id="ze221d13431f1410096810efa20530d50" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                      <tr>
                        <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(b)</td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div style="color: rgb(0, 0, 0);">the securities purchase agreement (the &#8220;<font style="font-weight: bold;">Purchase Agreement</font>&#8221;) dated August 12, 2022 made between the Company and the purchasers named therein relating to the
                            issuance and sale of the Common Shares;</div>
                        </td>
                      </tr>

                  </table>
                  <div><br>
                  </div>
                  <table cellspacing="0" cellpadding="0" id="zd42054f9be8c4178a30d4bdc7e3fdabb" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                      <tr>
                        <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(c)</td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div style="color: rgb(0, 0, 0);">the Company&#8217;s amended and restated articles of incorporation and amended and restated bylaws;</div>
                        </td>
                      </tr>

                  </table>
                  <div>&#160;</div>
                  <table cellspacing="0" cellpadding="0" id="zf8e67b5242634530a81be909bfbf1a85" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                      <tr>
                        <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(d)</td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div style="color: #000000;">the Company&#8217;s annual report (the &#8220;<font style="font-weight: bold;">Annual Report</font>&#8221;) on Form 20-F for the fiscal year ended December 31, 2021 and filed March 11, 2022, which is incorporated by
                            reference into the Prospectus Supplement; and</div>
                        </td>
                      </tr>

                  </table>
                  <div> <br>
                  </div>
                  <div> <br>
                  </div>
                  <div style="text-align: center;">&#160;<img src="image00003.jpg">
                    <div><br>
                    </div>
                  </div>
                  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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                      <table cellspacing="0" cellpadding="0" border="0" id="z3ec9712f1c434553889193231ada1d26" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;">

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                              <div style="font-size: 8pt;">&#160;</div>
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                    </div>
                  </div>
                  <table cellspacing="0" cellpadding="0" id="zeb41a965e5ce4ea19f295090edd145c2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                      <tr>
                        <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">(e)</td>
                        <td style="width: auto; vertical-align: top; text-align: justify;">
                          <div style="color: #000000;">such other papers, documents, agreements, certificates of public officials and certificates of representatives of the Company as we have deemed relevant and necessary as the basis for the opinions
                            hereafter expressed.</div>
                        </td>
                      </tr>

                  </table>
                  <div>&#160;</div>
                  <div style="text-align: justify;">In such examination, we have assumed (a) the legal competence or capacity of persons or entities (other than the Company) to complete the execution of documents, (b) the genuineness of all signatures and
                    the authenticity of all documents submitted to us as originals, (c) the conformity to original documents of all documents submitted to us as conformed or photostatic copies, (d) that the documents reviewed by us in connection with the
                    rendering of the opinions set forth herein are true, correct and complete, and (e) the truthfulness of each statement as to all factual matters contained in any document or certificate encompassed within the due diligence review
                    undertaken by us. As to matters of fact material to this opinion that have not been independently established, we have relied upon the representations and certificates of officers or representatives of the Company and of public
                    officials, in each case as we have deemed relevant and appropriate. We have not independently verified the facts so relied on.</div>
                  <div><br>
                  </div>
                  <div style="text-align: justify;">We have reviewed the discussion set forth in the Annual Report under the caption &#8220;Tax Considerations&#8212;United States Federal Income Tax Consequences&#8212;United States Federal Income Taxation of U.S. Holders.&#8221;&#160;
                    Based on the representations, covenants, assumptions, conditions and qualifications described in such section, and taking into account the fact that the discussions set forth in such section do not purport to discuss all possible U.S.
                    federal income tax consequences of the ownership and disposition of the Common Shares, and subject to the qualifications, limitations and assumptions set forth herein, we confirm that the discussions set forth in such section, to the
                    extent they constitute summaries of law or legal conclusions, unless otherwise noted, constitute our opinion with respect to the material U.S. federal income tax consequences of the ownership and disposition of the Common Shares, as of
                    the date of the Registration Statement, and accurately state our views as to the tax matters discussed therein (except for the representations and statements of fact of the Company included under such caption, as to which we express no
                    opinion). We express no opinion as to any U.S. federal income tax consequences other than the opinion set forth above. Except as set forth in the paragraph below concerning Marshall Islands tax considerations, we express no opinion with
                    respect to tax consequences under any state, local, or non-U.S. tax law.</div>
                  <div><br>
                  </div>
                  <div style="text-align: justify;">We have reviewed the discussion set forth in the Annual Report under the caption &#8220;Tax Considerations&#8212;Marshall Islands Tax Consequences.&#8221;&#160; Based on the facts as set forth in the Annual Report, Registration
                    Statement and the Prospectus, and having regard to legal considerations which we deem relevant, and subject to the qualifications, limitations and assumptions set forth herein, we confirm that the statements in such discussion, to the
                    extent they constitute legal conclusions, unless otherwise noted, are the opinion of Watson Farley &amp; Williams LLP with respect to Marshall Islands tax consequences as of the date of the Prospectus (except for the representations and
                    statements of fact of the Company included under such caption, as to which we express no opinion).</div>
                  <div><br>
                  </div>
                  <div style="text-align: justify;">Our opinions and the tax discussion as set forth in the Annual Report are based on the current provisions of the Internal Revenue Code of 1986, as amended, the Treasury Regulations promulgated thereunder,
                    published pronouncements of the Internal Revenue Service which may be cited or used as precedents and case law, and the law of the Republic of the Marshall Islands as in effect on the date hereof, any of which may be changed at any time
                    with retroactive effect. This opinion is expressed as of the date hereof, and we are under no obligation to supplement or revise our opinion to reflect any legal developments or factual matters arising subsequent to the date hereof or
                    the impact of any information, document, certificate, record, statement, representation, covenant, or assumption relied upon herein that becomes incorrect or untrue.</div>
                  <div style="text-align: justify;"> <br>
                  </div>
                  <div style="text-align: justify;"> </div>
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                    </div>
                  </div>
                  <div style="text-align: justify;">We consent to the filing of this opinion as an exhibit to a Current Report on Form 6-K, the discussion of this opinion in the Registration Statement and to the references to our firm in the Registration
                    Statement and the Prospectus.&#160; In giving this consent, we do not hereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act, or the rules and regulations promulgated thereunder,
                    nor do we admit that we are experts with respect to any part of the Registration Statement within the meaning of the term &#8220;expert&#8221; as used in the Securities Act.</div>
                  <div><br>
                  </div>
                  <div style="text-align: justify; color: #000000;">Very truly yours,<a name="Sender"></a></div>
                  <div><br>
                  </div>
                  <div style="text-align: justify; color: #000000; font-weight: bold;">Watson Farley &amp; Williams LLP<a name="senderPosition"></a><a name="email"></a></div>
                  <div><br>
                  </div>
                  <div style="text-align: justify; color: #000000; font-style: italic;">/s/ Watson Farley &amp; Williams LLP</div>
                  <div><br>
                  </div>
                </div>
              </div>
            </div>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="page-break-after: always;" id="DSPFPageBreak">
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          <div>
            <div>
              <hr noshade="noshade" align="center" style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">
              <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" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="z947da06b247e438dad7d8bed458fec5b">

                    <tr>
                      <td style="width: 50%; vertical-align: top;">&#160;</td>
                      <td style="width: 50%; vertical-align: top;">
                        <div style="font-style: italic; font-weight: bold;">Corporate Contact:</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 50%; vertical-align: top;">&#160;</td>
                      <td style="width: 50%; vertical-align: top;">
                        <div>Andreas Michalopoulos</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 50%; vertical-align: top;">&#160;</td>
                      <td style="width: 50%; vertical-align: top;">
                        <div>Chief Executive Officer, Director and Secretary</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 50%; vertical-align: top;">&#160;</td>
                      <td style="width: 50%; vertical-align: top;">
                        <div>Telephone: +30-216-600-2400</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 50%; vertical-align: top;">&#160;</td>
                      <td style="width: 50%; vertical-align: top;">
                        <div>Email: <u>amichalopoulos@pshipping.com</u></div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 50%; vertical-align: top;">&#160;</td>
                      <td style="width: 50%; vertical-align: top;">
                        <div style="text-align: justify;">Website: <u>www.pshipping.com</u></div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 50%; vertical-align: top;">
                        <div>For Immediate Release</div>
                      </td>
                      <td style="width: 50%; vertical-align: top;">&#160;</td>
                    </tr>
                    <tr>
                      <td style="width: 50%; vertical-align: top;">&#160;</td>
                      <td style="width: 50%; vertical-align: top;">
                        <div style="font-style: italic; font-weight: bold;">Investor and Media Relations:</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 50%; vertical-align: top;">&#160;</td>
                      <td style="width: 50%; vertical-align: top;">
                        <div>Edward Nebb</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 50%; vertical-align: top;">&#160;</td>
                      <td style="width: 50%; vertical-align: top;">
                        <div>Comm-Counsellors, LLC</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 50%; vertical-align: top;">&#160;</td>
                      <td style="width: 50%; vertical-align: top;">
                        <div>Telephone: + 1-203-972-8350</div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 50%; vertical-align: top;">&#160;</td>
                      <td style="width: 50%; vertical-align: top;">
                        <div>Email: <u>enebb@optonline.net</u></div>
                      </td>
                    </tr>

                </table>
                <div><br>
                </div>
                <div style="text-align: center; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">PERFORMANCE SHIPPING INC. ANNOUNCES PRICING OF $15</font><font style="font-size: 10pt;">&#160;<font style="font-weight: bold;">MILLION REGISTERED
                      DIRECT OFFERING</font></font></div>
                <div>&#160;</div>
                <div style="text-align: justify;">ATHENS, Greece, August 12, 2022 -- Performance Shipping Inc. (NASDAQ: PSHG) (&#8220;we&#8221; or the &#8220;Company&#8221;), a global shipping company specializing in the ownership of tanker vessels, announced today that it has
                  entered into a securities purchase agreement (the &#8220;Agreement&#8221;) with several institutional investors to purchase approximately 33,333,333 of its common shares and warrants to purchase 33,333,333 common shares at a purchase price of $0.45
                  per common share and accompanying warrant in a registered direct offering (the &#8220;Offering&#8221;). The warrants will be immediately exercisable, will expire five years from the date of issuance, and will have an initial exercise price of $0.45
                  per common share. The gross proceeds to the Company from the Offering are estimated to be approximately $15.0 million before deducting the placement agent&#8217;s fees and other Offering expenses.</div>
                <div>&#160;</div>
                <div style="text-align: justify;">Maxim Group LLC is acting as the sole placement agent in connection with the Offering. The Offering is expected to close on or about August 16, 2022, subject to the satisfaction of customary closing
                  conditions.</div>
                <div>&#160;</div>
                <div style="text-align: justify;">The securities described above are being offered pursuant to the Company&#8217;s shelf registration statement on Form F-3 (File No. 333-237637), which was declared effective by the U.S. Securities and Exchange
                  Commission (the "SEC") on April 23, 2020. The Offering will be made only by means of a prospectus supplement that forms a part of such registration statement. A prospectus supplement relating to the securities will be filed by the Company
                  with the SEC. When available, copies of the prospectus supplement relating to the Offering, together with the accompanying prospectus, can be obtained at the SEC's website at www.sec.gov or from Maxim Group LLC, 300 Park Avenue, New York,
                  NY 10022, Attention: Syndicate Department, or via email at syndicate@maximgrp.com or telephone at (212) 895-3745.</div>
                <div>&#160;</div>
                <div style="text-align: justify;">This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sales of these securities in any jurisdiction in which such offer, solicitation or sale
                  would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.</div>
                <div><br>
                </div>
                <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                  <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; font-weight: bold;">About the Company</div>
                <div>&#160;</div>
                <div style="text-align: justify;">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, through pool
                  arrangements and on time charters.</div>
                <div><br>
                </div>
                <div style="text-align: justify; font-weight: bold;">Cautionary Statement Regarding Forward-Looking Statements</div>
                <div><br>
                </div>
                <div style="text-align: justify;">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 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>
                <div><br>
                </div>
                <div style="text-align: justify;">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;will,&#8221; &#8220;may,&#8221; &#8220;should,&#8221; &#8220;expect,&#8221; &#8220;targets,&#8221; &#8220;likely,&#8221; &#8220;would,&#8221; &#8220;could,&#8221; &#8220;seeks,&#8221; &#8220;continue,&#8221;
                  &#8220;possible,&#8221; &#8220;might,&#8221; &#8220;pending&#8221; and similar expressions, terms or phrases may identify forward-looking statements.</div>
                <div><br>
                </div>
                <div style="text-align: justify;">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>
                <div><br>
                </div>
                <div style="text-align: justify;">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, but are not
                  limited to: the strength of world economies, fluctuations in currencies and interest rates, general market conditions, including fluctuations in charter rates and vessel values, changes in demand in the tanker shipping industry, 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, drydocking 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;, armed
                  conflicts including the war in Ukraine, the imposition of new international sanctions, 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>
                <div><br>
                </div>
                <div><br>
                </div>
                <div>
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